Fidelity Financial Trust – ‘497K1’ on 11/23/98

As of:  Monday, 11/23/98   ·   Accession #:  708191-98-16   ·   File #:  2-79910

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Profile of an Open-End Management Investment Company   —   Rule 497(k)(1)(i)
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 497K1       Profile of an Open-End Management Investment          20±    85K 
                          Company                                                


F  U  N  D    P  R  O  F  I  L  E                                               
EDGAR Submission type: 497K1                                                    
Filed pursuant to Rule 497(k)(1)(i)                                             
FIDELITY                                                                        
RETIREMENT GROWTH                                                               
FUND                                                                            

FIDELITY RETIREMENT GROWTH FUND                                                 

[DATE]                                                                          

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                                                                
Insert item Code number. FRE-profile-1198                                       
Investment Summary                                                              
INVESTMENT OBJECTIVE. Retirement Growth Fund seeks capital                      
appreciation.                                                                   
PRINCIPAL INVESTMENT STRATEGIES. Fidelity Management & Research                 
Company (FMR)'s principal investment strategies include:                        
(small solid bullet) Investing primarily in common stocks.                      
(small solid bullet) Investing in domestic and foreign issuers.                 
(small solid bullet) Investing in either "growth" stocks or "value"             
stocks or both.                                                                 
(small solid bullet) Using fundamental analysis of each issuer's                
financial condition and industry position and market and economic               
conditions to select investments.                                               
(small solid bullet) Realizing capital gains without considering the            
tax consequences to shareholders.                                               
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.                                             
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 could be worth more or              
less than what you paid for them.                                               
Additional information about the fund's investments is available in             
the fund's annual and semi-annual reports to shareholders. In the               
fund's annual and semi-annual reports, you will find a discussion of            
the market conditions and investment strategies that significantly              
affected the fund's performance during the period covered by the                
report. You may obtain a free copy of the fund's annual or semi-annual          
report by calling 1-800-544-8888.                                               
Performance                                                                     
The following information illustrates the changes in the fund's                 
performance from year to year and compares the fund's performance to            
the performance of a market index and similar funds over various                
periods of time.                                                                
Returns are based on past results and are not an indication of future           
performance.                                                                    
YEAR-BY-YEAR RETURNS                                                            

                                                                [Download Table]

                                                                             
RETIREMENT GROWTH                                                            

CALENDAR YEARS     1989  1990  1991  1992  1993  1994  1995  1996  1997  1998

                   %     %     %     %     %     %     %     %     %     %   


PERCENTAGE (%)                                                                  
ROW: 1, COL: 1, VALUE: NIL                                                      
ROW: 2, COL: 1, VALUE: NIL                                                      
ROW: 3, COL: 1, VALUE: NIL                                                      
ROW: 4, COL: 1, VALUE: NIL                                                      
ROW: 5, COL: 1, VALUE: NIL                                                      
ROW: 6, COL: 1, VALUE: NIL                                                      
ROW: 7, COL: 1, VALUE: NIL                                                      
ROW: 8, COL: 1, VALUE: NIL                                                      
ROW: 9, COL: 1, VALUE: NIL                                                      
ROW: 10, COL: 1, VALUE: NIL                                                     

DURING THE PERIODS SHOWN IN THE CHART FOR RETIREMENT GROWTH, THE                
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING [CALENDAR                  
QUARTER], [YEAR]) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER          
ENDING [CALENDAR QUARTER], [YEAR]).                                             
AVERAGE ANNUAL RETURNS                                                          
FOR THE PERIODS ENDED DECEMBER 31, 1998  PAST    PAST     PAST                  
                           1 YEAR  5 YEARS  10 YEARS

RETIREMENT GROWTH                         %       %        %                    

S&P 500                                   %       %        %                    

LIPPER CAPITAL APPRECIATION               %       %        %                    
FUNDS AVERAGE                                                                   

If FMR had not reimbursed certain fund expenses during these periods,           
the fund's total returns would have been lower.                                 
Standard & Poor's 500 Index (S&P 500(registered trademark)) is a                
market capitalization-weighted index of common stocks.                          
Lipper Capital Appreciation Funds Average reflects the performance              
(excluding sales charges) of mutual funds with similar objectives.              
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 for Retirement Growth are based on            
historical expenses, adjusted to reflect current fees.] The annual              
fund operating expenses provided below for Retirement Growth are                
higher than the expenses actually paid by the fund as a result of               
expense reimbursements [and] the payment or reduction of certain                
expenses] during the period.] The annual fund operating expenses                
provided below for Retirement Growth are based on historical                    
expenses.]                                                                      
SHAREHOLDER FEES (PAID BY THE INVESTOR)                                         
SALES CHARGE (LOAD) ON PURCHASES                            NONE                
AND REINVESTED DISTRIBUTIONS                                                    

DEFERRED SALES CHARGE (LOAD) ON REDEMPTIONS                 NONE                

ANNUAL ACCOUNT MAINTENANCE FEE (FOR ACCOUNTS UNDER $2,500)  $12.00              

FUND OPERATING EXPENSES (PAID BY THE FUND)                                      
MANAGEMENT FEE                         %                                        

DISTRIBUTION AND SERVICE(12B-1) FEE    NONE                                     

OTHER EXPENSES                         %                                        

TOTAL ANNUAL FUND OPERATING EXPENSESB  %                                        

B Effective [month/day/year],] FMR has voluntarily agreed to reimburse          
the fund to the extent that [[the management fee][,/and][12b-1                  
fee][,/and][other expenses][and] total operating expenses (excluding            
interest, taxes, brokerage commissions[,/and] extraordinary                     
expenses[,and 12b-1 fees])], as a percentage of [its/their respective]          
average net assets, exceed __%]. [This/These] arrangements[s] will              
remain in effect through [month/day/year]/[This/These] arrangements[s]          
can be terminated by FMR at any time.]                                          
A portion of the brokerage commissions that the fund pays is used to            
reduce the fund's expenses. In addition, the fund has entered into              
arrangements with its custodian and transfer agent whereby credits              
realized as a result of uninvested cash balances are used to reduce             
custodian and transfer agent expenses. Including these reductions, the          
total fund operating expenses, after reimbursement, would have been             
__% for Retirement Growth.                                                      
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:                                                                      
1 YEAR    $                                                                     

3 YEARS   $                                                                     

5 YEARS   $                                                                     

10 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 $2,500 ($500 for certain                 
retirement accounts), the minimum additional purchase amount is $250            
($250 for certain retirement accounts), and the minimum balance amount          
is $2,000 ($500 for certain retirement accounts).                               
If you buy 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 sell 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.                                                                           
Distributions and Taxes                                                         
The fund normally pays dividends and capital gains distributions in             
January 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.                                                                      
Fund Management                                                                 
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             
the 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 the fund.                                                                   
J. Fergus Shiel is Vice President and manager of Retirement Growth,             
which he has managed since June 1996. Since joining Fidelity in 1989,           
Mr. Shiel has worked as an analyst, portfolio assistant and manager.            
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, Fidelity Investments and TouchTone Xpress are registered              
trademarks of FMR Corp.                                                         

F  U  N  D    P  R  O  F  I  L  E                                               
EDGAR Submission type: 497K1                                                    
Filed pursuant to Rule 497(k)(1)(i)                                             
Fidelity                                                                        
EQUITY-INCOME II                                                                
FUND                                                                            

[DATE______________]                                                            

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                                                                
[Insert item Code number ]EII-profile-1198                                      
Investment Summary                                                              
INVESTMENT OBJECTIVE. Equity-Income II seeks reasonable income. The             
fund will also consider the potential for capital appreciation. The             
fund looks for a yield that exceeds the composite yield on the                  
securities comprising the Standard & Poor's 500 Index (S&P                      
500(Registered trademark)).                                                     
PRINCIPAL INVESTMENT STRATEGIES.  Fidelity Management & Research                
Company (FMR)'s principal investment strategies include:                        
(small solid bullet) Investing at least 65% of total assets in                  
income-producing equity securities.                                             
(small solid bullet) Investing in domestic and foreign issuers.                 
(small solid bullet) Potentially investing in other types of equity             
securities and debt securities including lower-quality debt                     
securities.                                                                     
(small solid bullet) Emphasizing  stocks that have more "value"                 
characteristics than "growth" characteristics.                                  
(small solid bullet) Using fundamental analysis of each issuer's                
financial condition and industry position and market and economic               
conditions to select investments.                                               
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) INTEREST RATE CHANGES. Interest rate increases             
can cause the price of a debt security to decrease.                             
(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.  Lower-quality debt securities              
(those of less than investment-grade quality) can be more volatile due          
to increased sensitivity to adverse issuer, political, regulatory,              
market or economic developments.                                                
(small solid bullet) "VALUE" INVESTING. "Value" stocks can perform              
differently than the market as a whole and other types of stocks and            
can continue to be undervalued by the market for long periods of time.          
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 could be worth more or              
less than what you paid for them.                                               
Additional information about the fund's investments is available in             
the fund's annual and semi-annual reports to shareholders.  In the              
fund's annual and semi-annual reports, you will find a discussion of            
the market conditions and investment strategies that significantly              
affected the fund's performance during the period covered by the                
report.  You may obtain a free copy of the fund's annual or                     
semi-annual report by calling 1-800-544-8888.                                   
Performance                                                                     
The following information illustrates the changes in the fund's                 
performance from year to year and compares the fund's performance to            
the performance of a market index and similar funds over various                
periods of time. Returns are based on past results and are not an               
indication of future performance.                                               
YEAR-BY-YEAR RETURNS                                                            

                                                                [Download Table]

                                                                           
EQUITY-INCOME II                                                           

CALENDAR YEARS               1991  1992  1993  1994  1995  1996  1997  1998

                             %     %     %     %     %     %     %     %   


PERCENTAGE (%)                                                                  
ROW: 1, COL: 1, VALUE: NIL                                                      
ROW: 2, COL: 1, VALUE: NIL                                                      
ROW: 3, COL: 1, VALUE: NIL                                                      
ROW: 4, COL: 1, VALUE: NIL                                                      
ROW: 5, COL: 1, VALUE: NIL                                                      
ROW: 6, COL: 1, VALUE: NIL                                                      
ROW: 7, COL: 1, VALUE: NIL                                                      
ROW: 8, COL: 1, VALUE: NIL                                                      
ROW: 9, COL: 1, VALUE: NIL                                                      
ROW: 10, COL: 1, VALUE: NIL                                                     
DURING THE PERIODS SHOWN IN THE CHART FOR EQUITY-INCOME II, THE                 
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING,____)                      
AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING____).               
AVERAGE ANNUAL RETURNS                                                          
FOR THE PERIODS ENDED SEPTEMBER 30, 1998  PAST 1  PAST 5  LIFE OF FUND A        
                 YEAR    YEARS

EQUITY-INCOME II                           %       %       %                    

S&P 500                                    %       %       %                    

EQUITY INCOME FUNDS AVERAGE                %       %       %                    

A FROM JANUARY 1, 1991.                                                         
The S&P 500 is a market capitalization-weighted index of common                 
stocks.                                                                         
The Lipper Equity Income Funds Average reflects the performance                 
(excluding sales charges) of mutual funds with similar objectives.              
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 historical expenses,             
adjusted to reflect current fees.] [The annual fund operating expenses          
provided below are higher than the expenses actually paid by the fund           
as a result of the payment or reduction of certain expenses during the          
period.] [The annual fund operating expenses provided below are based           
on historical expenses.]                                                        
SHAREHOLDER FEES (PAID BY THE INVESTOR)                                         
SALES CHARGE (LOAD) ON PURCHASES                            NONE                
AND REINVESTED DISTRIBUTIONS                                                    

DEFERRED SALES CHARGE (LOAD) ON REDEMPTIONS                 NONE                

ANNUAL ACCOUNT MAINTENANCE FEE (FOR ACCOUNTS UNDER $2,500)  $12.00              

FUND OPERATING EXPENSES (PAID BY THE FUND)                                      
MANAGEMENT FEE                         %                                        

DISTRIBUTION AND SERVICE (12B-1) FEE   NONE                                     

OTHER EXPENSES                         %                                        

TOTAL ANNUAL FUND OPERATING EXPENSES   %                                        

[A portion of the brokerage commissions that the fund pays is used to           
reduce the fund's expenses. In addition, the fund has entered into              
arrangements with its custodian and transfer agent whereby credits              
realized as a result of uninvested cash balances are used to reduce             
custodian and transfer agent expenses. Including these reductions, the          
total fund operating expenses, would have been __%.]                            
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:                                                                      
1 YEAR    $                                                                     

3 YEARS   $                                                                     

5 YEARS   $                                                                     

10 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 $2,500 ($500 for certain                 
retirement accounts), the minimum additional purchase amount is $250,           
and the minimum balance amount is $2,000 ($500 for certain retirement           
accounts).                                                                      
If you buy through an investment professional or through a retirement           
account, certain 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 sell 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.                                                                           
Distributions and Taxes                                                         
The fund normally pays dividends in March, June, September, and                 
December and pays capital gains distributions in January 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.                                                                      
Fund Management                                                                 
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             
the 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 the fund.                                                                   
Bettina Doulton is Vice President and manager of Equity Income II,              
which she has managed since December 1996. She also manages another             
Fidelity fund.  Since joining Fidelity in 1986, Ms. Doulton has worked          
as a research assistant,  analyst and manager                                   
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, Fidelity Investments & (Pyramid) Design, and TouchTone                
Xpress are registered trademarks of FMR Corp.                                   
The third party marks appearing above are the marks of their                    
respective owners.                                                              

F  U  N  D    P  R  O  F  I  L  E                                               
EDGAR Submission type: 497K1                                                    
Filed pursuant to Rule 497(k)(1)(i)                                             
Fidelity                                                                        
CONVERTIBLE SECURITIES                                                          
FUND                                                                            

[DATE]                                                                          

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                                                                
[Item Code number]  CVS-profile-1198                                            
Investment Summary                                                              
INVESTMENT OBJECTIVE. Convertible Securities Fund seeks high total              
return through a combination of current income and capital                      
appreciation.                                                                   
PRINCIPAL INVESTMENT STRATEGIES. Fidelity Management & Research                 
Company (FMR)'s principal investment strategies include:                        
(small solid bullet) Investing at least 65% of total assets in                  
convertible securities (a convertible security performs more like a             
stock when the underlying share price is high and more like a bond              
when the underlying share price is low).                                        
(small solid bullet) Potentially investing in other types of                    
securities, including common stocks.                                            
(small solid bullet) Investing in domestic and foreign issuers.                 
(small solid bullet) Using fundamental analysis of  each issuer's               
financial condition and industry position and market and economic               
conditions to select investments.                                               

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) INTEREST RATE CHANGES. Interest rate increases             
can cause the price of a debt security to decrease.                             
(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.  Lower-quality debt securities              
(those of less than investment-grade quality) can be more volatile due          
to increased sensitivity to adverse issuer, political, regulatory,              
market or economic developments.                                                

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 could be worth more or              
less than what you paid for them.                                               
Additional information about the fund's investments is available in             
the fund's annual and semi-annual reports to shareholders.  In the              
fund's annual and semi-annual reports, you will find a discussion of            
the market conditions and investment strategies that significantly              
affected the fund's performance during the period covered by the                
report.  You may obtain a free copy of the fund's annual or                     
semi-annual report by calling 1-800-544-8888.                                   
Performance                                                                     
The following information illustrates the changes in the fund's                 
performance from year to year and compares the fund's performance to            
the performance of a market index and similar funds over various                
periods of time. Returns are based on past results and are not an               
indication of future performance.                                               
YEAR-BY-YEAR RETURNS                                                            

                                                        [Enlarge/Download Table]

                                                                                       
CONVERTIBLE SECURITIES FUND                                                            

CALENDAR YEARS               1989  1990  1991  1992  1993  1994  1995  1996  1997  1998

                             %     %     %     %     %     %     %     %     %     %   


PERCENTAGE (%)                                                                  
ROW: 1, COL: 1, VALUE: NIL                                                      
ROW: 2, COL: 1, VALUE: NIL                                                      
ROW: 3, COL: 1, VALUE: NIL                                                      
ROW: 4, COL: 1, VALUE: NIL                                                      
ROW: 5, COL: 1, VALUE: NIL                                                      
ROW: 6, COL: 1, VALUE: NIL                                                      
ROW: 7, COL: 1, VALUE: NIL                                                      
ROW: 8, COL: 1, VALUE: NIL                                                      
ROW: 9, COL: 1, VALUE: NIL                                                      
ROW: 10, COL: 1, VALUE: NIL                                                     
DURING THE PERIODS SHOWN IN THE CHART FOR CONVERTIBLE SECURITIES, THE           
HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING                            
___, 19__) AND THE LOWEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING          
____, 19__ ).                                                                   
AVERAGE ANNUAL RETURNS                                                          
FOR THE PERIODS ENDED ____, 19__                PAST 1  PAST 5  PAST 10         
                                     YEAR    YEARS   YEARS

CONVERTIBLE SECURITIES FUND                      %       %       %              

MERRILL LYNCH ALL CONVERTIBLE SECURITIES INDEX   %       %       %              

LIPPER CONVERTIBLE SECURITIES FUNDS   AVERAGE    %       %       %              

[If FMR had not reimbursed certain fund expenses during these periods,          
the fund's total returns would have been lower.]                                
Merrill Lynch All Convertible Securities Index is a                             
market-capitalization weighted index of domestic and corporate                  
convertible securities. To be included in the index, bonds and                  
preferred stocks must be convertible only to common stock and have a            
market value or original par value of at least $50 million.                     
Lipper Convertible Securities Funds Average reflects the performance            
(excluding sales charges) of mutual funds with similar objectives.              
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 for Convertible Securities are                
higher than the expenses actually paid by the fund as the result of             
the payment or reduction of certain expenses during the period.] [The           
annual fund operating expenses provided below for Convertible                   
Securities are based on historical expenses.]                                   
SHAREHOLDER FEES (PAID BY THE INVESTOR)                                         
SALES CHARGE (LOAD) ON PURCHASES                            NONE                
AND REINVESTED DISTRIBUTIONS                                                    

DEFERRED SALES CHARGE (LOAD) ON REDEMPTIONS                 NONE                

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 portion of the brokerage commissions that the fund pays is used to           
reduce the fund's expenses. In addition, the fund has entered into              
arrangements with its custodian and transfer agent whereby credits              
realized as a result of uninvested cash balances are used to reduce             
custodian and transfer agent expenses. Including these reductions, the          
total fund operating expenses would have been __% .]                            
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:                                                                      
1 YEAR    $                                                                     

3 YEARS   $                                                                     

5 YEARS   $                                                                     

10 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 $2,500 ($500 for certain                 
retirement accounts), the minimum additional purchase amount is $250,           
and the minimum balance amount is $2,000 ($500 for certain retirement           
accounts).                                                                      
If you buy 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 sell 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.                                                                           
Distributions and Taxes                                                         
The fund normally pays dividends and capital gains distributions in             
January 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.                                                                      
Fund Management                                                                 
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             
the 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 the fund.                                                                   
David Felman is Vice President and manager of Convertible Securities,           
which he has managed since July 1997. Mr. Felman joined Fidelity as an          
analyst in 1993, after receiving a master of arts degree from Harvard           
University. Previously, he received an MBA from the Stern School of             
Business at New York University in 1991.                                        
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, FIDELITY INVESTMENTS & (PYRAMID) DESIGN, FIDELITY                     
INVESTMENTS AND TOUCHTONE XPRESS ARE REGISTERED TRADEMARKS OF FMR               
CORP.                                                                           
THE THIRD PARTY MARKS APPEARING ABOVE ARE THE MARKS OF THEIR                    
RESPECTIVE OWNERS.                                                              
====================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.                                 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘497K1’ Filing		Date		Other Filings
		12/31/98		13F-E,  13F-E/A
Filed on:		11/23/98		485APOS
		9/30/98		13F-E
				List all Filings