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07.31 Fidelity Leveraged Company Stock Fund Retail PRO-03 | Fidelity® Leveraged Company Stock Fund
<p style="font: bold 20pt Arial, Helvetica, sans-serif;">Fund Summary</p><p style="font: normal 12pt Arial, Helvetica, sans-serif;"><b>Fund/Class</b>:<br/><b>Fidelity® Leveraged Company Stock Fund</b>/Fidelity® Leveraged Company Stock Fund</p>
<font style="font: bold 16pt Arial, Helvetica, sans-serif;">Investment Objective</font>

The fund seeks capital appreciation.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Fee Table</b></font>

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

<p style="font: bold 11pt Arial, sans-serif; margin-bottom: 0px;">Shareholder fees</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px"></p>
Shareholder Fees {- Fidelity® Leveraged Company Stock Fund}
07.31 Fidelity Leveraged Company Stock Fund Retail PRO-03
Fidelity® Leveraged Company Stock Fund
USD ($)
(fees paid directly from your investment) none
<p style="font: bold 11pt Arial, sans-serif; margin-bottom: 0px;">Annual Operating Expenses</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">(expenses that you pay each year as a % of the value of your investment)</p>
Annual Operating Expenses {- Fidelity® Leveraged Company Stock Fund}
07.31 Fidelity Leveraged Company Stock Fund Retail PRO-03
Fidelity® Leveraged Company Stock Fund
Fidelity Leveraged Company Stock Fund-Retail Class
Management fee 0.59%
Distribution and/or Service (12b-1) fees none
Other expenses 0.19%
Total annual operating expenses 0.78%

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:

<p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Sell All Shares</p>
Expense Example {- Fidelity® Leveraged Company Stock Fund}
07.31 Fidelity Leveraged Company Stock Fund Retail PRO-03
Fidelity® Leveraged Company Stock Fund
Fidelity Leveraged Company Stock Fund-Retail Class
USD ($)
1 year $ 80
3 years 249
5 years 433
10 years $ 966
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Portfolio Turnover</b></font>

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 67% of the average value of its portfolio.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Principal Investment Strategies</b></font>
  • Normally investing at least 80% of assets in stocks.
  • Normally investing primarily in common stocks of leveraged companies (companies that issue lower-quality debt and other companies with leveraged capital structures).
  • Potentially investing in lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds).
  • Investing in domestic and foreign issuers.
  • Investing in either "growth" stocks or "value" stocks or both.
  • Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Principal Investment Risks</b></font>
  • 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, including different market sectors, and different types of securities can react differently to these developments.
  • Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
  • Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
  • Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.
  • Highly Leveraged Company Exposure. Leverage can magnify the impact of adverse issuer, political, regulatory, market, or economic developments on a company.

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.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Performance</b></font>

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.

Visit www.fidelity.com for more recent performance information.

<p style="font:bold 11pt Arial, sans-serif; margin-bottom: 0px;">Year-by-Year Returns</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Calendar Years</p>
Bar Chart
During the periods shown in the chart:ReturnsQuarter ended
Highest Quarter Return38.14%June 30, 2009
Lowest Quarter Return-37.27%December 31, 2008
Year-to-Date Return2.33%June 30, 2018
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Average Annual Returns</b></font>

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, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan).

For the periods ended December 31, 2017

Average Annual Total Returns{- Fidelity® Leveraged Company Stock Fund} - 07.31 Fidelity Leveraged Company Stock Fund Retail PRO-03 - Fidelity® Leveraged Company Stock Fund
Past 1 year
Past 5 years
Past 10 years
Fidelity Leveraged Company Stock Fund-Retail Class | Return Before Taxes 21.02% 11.71% 6.11%
Fidelity Leveraged Company Stock Fund-Retail Class | After Taxes on Distributions 16.01% 9.12% 4.79%
Fidelity Leveraged Company Stock Fund-Retail Class | After Taxes on Distributions and Sales 15.54% 9.02% 4.73%
S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 21.83% 15.79% 8.50%
Credit Suisse Leveraged Equity Index(reflects no deduction for fees, expenses, or taxes) 12.88% 8.93% 3.78%