Fidelity® Leveraged Company Stock Fund
Class/Ticker
Fidelity Leveraged Company Stock Fund/FLVCX
In this summary prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this summary prospectus.
Summary Prospectus
September 29, 2014
Fund/Class:
Fidelity® Leveraged Company Stock Fund/Fidelity Leveraged Company Stock Fund
The fund seeks capital appreciation.
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
Shareholder fees |
|
||||||
Redemption fee on shares held less than 90 days (as a % of amount redeemed) |
1.50% |
Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)
Management fee |
0.60% |
Distribution and/or Service (12b-1) fees |
None |
Other expenses |
0.19% |
Total annual operating expenses |
0.79% |
This example helps compare the cost of investing in the fund with the cost of investing in other 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:
1 year |
$ 81 |
3 years |
$ 252 |
5 years |
$ 439 |
10 years |
$ 978 |
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 10% of the average value of its portfolio.
Summary Prospectus
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 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 and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the Additional Index Information section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Summary Prospectus
Fund Summary - continued
Visit www.fidelity.com for updated return information.
Calendar Years |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
|
24.46% |
17.47% |
17.57% |
17.90% |
-54.53% |
59.56% |
24.51% |
-10.62% |
28.82% |
35.11% |
During the periods shown in the chart: |
Returns |
Quarter ended |
Highest Quarter Return |
38.14% |
June 30, 2009 |
Lowest Quarter Return |
-37.27% |
December 31, 2008 |
Year-to-Date Return |
7.17% |
June 30, 2014 |
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. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement.
Summary Prospectus
For the periods ended |
Past 1 |
Past 5 |
Past 10 |
Fidelity Leveraged Company Stock Fund |
|
|
|
Return Before Taxes |
35.11% |
25.32% |
11.03% |
Return After Taxes on Distributions |
34.90% |
25.18% |
10.58% |
Return After Taxes on Distributions and Sale of Fund Shares |
20.03% |
20.99% |
9.11% |
S&P 500® Index |
32.39% |
17.94% |
7.41% |
Credit Suisse Leveraged Equity Index |
33.84% |
22.17% |
7.50% |
Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.
Thomas Soviero (portfolio manager) has managed the fund since July 2003.
You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:
Internet www.fidelity.com |
|
Phone Fidelity Automated Service Telephone (FAST®) 1-800-544-5555 To reach a Fidelity representative 1-800-544-6666 |
|
|
|
Additional purchases: Fidelity Investments |
Redemptions: Fidelity Investments |
TDD - Service for the Deaf and Hearing Impaired 1-800-544-0118 |
The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is received in proper form.
The price to sell one share is its NAV, minus the short-term redemption fee, if applicable. Shares will be sold at the NAV next calculated after an order is received in proper form, minus the short-term redemption fee, if applicable.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
Summary Prospectus
Fund Summary - continued
Initial Purchase Minimum |
$10,000 |
For Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs |
$2,500 |
For Fidelity Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts |
$500 |
The fund may waive or lower purchase minimums in other circumstances.
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).
The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. We will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-800-544-8544. We will begin sending individual copies to you within 30 days of receiving your call.
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity, Fidelity Investments & Pyramid Design, and FAST are registered service marks of FMR LLC. © 2014 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.915421.104 LSF-SUM-0914
Fidelity® Leveraged Company Stock Fund
Class/Ticker
K/FLCKX
Summary Prospectus
September 29, 2014
Fund/Class:
Fidelity® Leveraged Company Stock Fund/K
The fund seeks capital appreciation.
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
Shareholder fees |
|||||||
Redemption fee on shares held less than 90 days (as a % of amount redeemed) |
1.50% |
Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)
Management fee |
0.60% |
Distribution and/or Service (12b-1) fees |
None |
Other expenses |
0.07% |
Total annual operating expenses |
0.67% |
This example helps compare the cost of investing in the fund with the cost of investing in other 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:
1 year |
$ 68 |
3 years |
$ 214 |
5 years |
$ 373 |
10 years |
$ 835 |
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 10% of the average value of its portfolio.
Summary Prospectus
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 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 and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the Additional Index Information section of the prospectus. Past performance is not an indication of future performance.
Summary Prospectus
Fund Summary - continued
Visit www.401k.com and log in for updated return information.
Calendar Years |
|
|
|
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|
|
|
|
59.89% |
24.76% |
-10.49% |
29.04% |
35.26% |
During the periods shown in the chart: |
Returns |
Quarter ended |
Highest Quarter Return |
38.22% |
June 30, 2009 |
Lowest Quarter Return |
-26.59% |
September 30, 2011 |
Year-to-Date Return |
7.23% |
June 30, 2014 |
For the periods ended |
Past 1 |
Past 5 |
Life of |
Class K |
35.26% |
25.52% |
5.39% A |
S&P 500® Index |
32.39% |
17.94% |
7.56% A |
Credit Suisse Leveraged Equity Index |
33.84% |
22.17% |
4.17% B |
A From May 9, 2008.
B From May 30, 2008 (first date following the fund's commencement for which the life of class return is available).
Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.
Summary Prospectus
Thomas Soviero (portfolio manager) has managed the fund since July 2003.
Shares generally are available only to employer-sponsored retirement plans (including profit sharing, 401(k), 403(b), 457(b), and similar plans) for which Fidelity provides recordkeeping services or that already have a qualifying investment in the fund. Plan participants may purchase shares only if shares are eligible for sale and available through their plan. You may buy or sell shares in various ways:
Internet www.401k.com |
|
Phone For Individual Accounts (investing through a retirement plan sponsor or other institution), refer to your plan materials or contact that institution directly. |
|
For Retirement Plan Level Accounts: Corporate Clients 1-800-962-1375 "Not for Profit" Clients 1-800-343-0860 |
|
|
|
Redemptions: |
|
|
Overnight Express: |
TDD - Service for the Deaf and Hearing Impaired 1-800-544-0118 |
The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.
The price to sell one share is its NAV, minus the short-term redemption fee, if applicable. Shares will be sold at the NAV next calculated after an order is received in proper form, minus the short-term redemption fee, if applicable.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
There is no purchase minimum for Class K shares.
Distributions by the fund to tax-advantaged retirement plan accounts are not taxable currently (but you may be taxed later, upon withdrawal of your investment from such account).
The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2014 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.915420.105 LSF-K-SUM-0914
MKV.\]'P/$M3#?.,`-)CSGL>]%%EN\D@#X.5LS[+$58_MF;\WO4&1_7#3!'O3!'P3"(!3"(23"(C3"(T3" M)%3")63")G3")X3"*)3"*:3"*K3MPBO$PBS4PBWDPB[TPB\$PS`4PS&T/G9R MIW1:*Z(IJCU:0[)8IZ,ZHB"Z%#*DPR\"(NS)FJ;1OH]*()YIII:R(0+Z'8RJ MPT+TI(:X*@4AGF!"1)_PEF(R0?_Y)S$Q&HU[HAJJ*CT*D#CL*(`1%3TTQ%#< M(Z[RII'JJ6JQQ*J!%@!)1;.1I7@2'T<"'+NY/R42$*$A1%'4Q15K%:C*'BI) M%.CA1%RTH'QAIU-9G")!(7B**`D1Q/$@JHD*JUVD1I&Q*["IQFST-3?2QF[T CQF\$QW`4QW$DQW(TQW-$QW14QW5DQW9TQW>$QWCLH(```#L_ ` end
3@8-CP5X:U+1WU;5M?N+2XU[5[@2W4EH&$21HNV*-0>H5<\D`G=@EL9/64
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!7G_Q=U:XMO"]OH&G301ZEXBNTTN(RR`;4D.';;@DK@A"0./,!ZXS
MZ!7D^MVVL^,/C#/:Z/J/]F+X:T]0M[+:I-Y-S<88E$+C=NB^7+!@-K8`)5J`
M/0+&STOP7X2CMXSY&F:5:$NY3)V(I+.P4
MYQ@/H\T/VONLTKW M`J,5ETFI?GY3FKIB5@ZW]SRLQ6M]=;)>Y1CV+8`2E)S(G*(_O6BO0'FG871Q MHD9O%"@NWM.D)XT.#9^821O*4I83B]]1=L4UCK;2F"7,5M54FAQE^8J6,Y6? M/AL:0P7*:XB._*?DC+K4F.;IHBB%:E0]U+",/F^-@JG+O`3:OM1M]7BSI![1 MB,C`EH;474P-RQ4'Y<*L8B^@5!T33L_*."D*;E^9-&M>,YK^UG<-4*I_!:SS MCH8N7O8FDH%%;&)-6EC#,%8Z(3NL8B4[6]M:WOP5N<(4[ M7.(6U[C'16YRE;M ZU\5N=K6[7>YVU[O?!6]XQ3M> M\I;7O.=%;WK5NU[VMM>][X5O?.4[7_KB%H?W!<`!ZKM?_J+R`/ ]O&/4\QD,@\7 MAU%6\I&R'),NHV?+*[MRE8]LY)#L6,X2L3.1R[SGW2*YS2<^":!-<@#]!J#" M*_XQQ/";Y<$4X+\'`#1!GFR>0BMD`$^&]+/`[+9-\]G3M9UTFF'"Z(00``"1 M5C%#VGQG3<=81S0>,WGB7.F"A-I:L0Z`K>-LK3`G^M._#BR4'=WI7"M$UZ(6 M''YI#6 0DB]G:USZW MN;T\[G+^ISLEA];SMN7-[2N3^K_,3K6BSTV0/+_9W>;),KA936V#HAO,TVZW M>E8=[GDW?+%8MFNKLPWO?6M9U`B/=;_3G?"2,#K%J,9QLEFL<>XLV^$GKR>R MA^WD`'1Y(1,F]4`HGLY_(U9/&^$ /9#@#)<4YTKOL2UT*G7;>I#I%C%WKK7\?Z0K3. MGIF+>NW#BW;7Y>[+4*_Y:Y$6C]GQBW>@Q]SI=%:QW@5>D2XF.*=/?6&^#^3M!Q7PTA4_=:!K&. \6'7\\ZK;6U:(_[PG'\UDE'B=]3W7H\JKCR06\]N*T, < M)S_G\98YN0T-E!/SWO?7YR'26R]QS8N 1`S&HPQBNQ!.PR$/0_@E`]"T0^!@0X MS'BR@ZBP'HLXA&C!TEN_#K1!RXH $PSB4PSFDPSJTPSO$PSS4PSWDPS[TPS^$+S12&$") MK,@8GX\XQ,Q(J!,"*+-Z%T"$Q`JAG^X(#E&)&T9L*:0*FXCB-;="*I4BJT@4 MQ?@HGX\IPB8!$:Q(Q3$"H%141;Z"Q;+1*HG*%T<4"A/1"Y:R1$?BIU'T142T MQ4PDGUH,G8RQ%)ZJ13<[QJ;!&.E9J&&I'G\1.DM4G./8Q5_$QJO)'>^QQD6A ME6\$HVZ,'BK2'A_ZD&)YQ%IA*)_JF&H\JE#,QGB<&21'FT1\6B1VB\QWWD DQW[TQW\
3@8-CP5X:U+1WU;5M?N+2XU[5[@2W4EH&$21HNV*-0>H5<\D`G=@EL9/64
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!7G_Q=U:XMO"]OH&G301ZEXBNTTN(RR`;4D.';;@DK@A"0./,!ZXS
MZ!7D^MVVL^,/C#/:Z/J/]F+X:T]0M[+:I-Y-S<88E$+C=NB^7+!@-K8`)5J`
M/0+&STOP7X2CMXSY&F:5:$NY3)V(I+.P4