Quarterly Holdings Report
for
Fidelity® Leveraged Company Stock Fund
April 30, 2019
Schedule of Investments April 30, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.8% | |||
| Shares | Value (000s) | ||
| COMMUNICATION SERVICES - 11.5% | |||
| Interactive Media & Services - 3.9% | |||
| Alphabet, Inc. Class A (a) | 55,000 | $65,943 | |
| Facebook, Inc. Class A (a) | 140,000 | 27,076 | |
| 93,019 | |||
| Media - 5.6% | |||
| Altice U.S.A., Inc. Class A | 1,829,600 | 43,105 | |
| Comcast Corp. Class A | 878,300 | 38,232 | |
| Discovery Communications, Inc. Class A (a)(b) | 543,000 | 16,779 | |
| Nexstar Broadcasting Group, Inc. Class A | 305,898 | 35,805 | |
| 133,921 | |||
| Wireless Telecommunication Services - 2.0% | |||
| T-Mobile U.S., Inc. (a) | 653,000 | 47,662 | |
| TOTAL COMMUNICATION SERVICES | 274,602 | ||
| CONSUMER DISCRETIONARY - 16.1% | |||
| Hotels, Restaurants & Leisure - 9.9% | |||
| Boyd Gaming Corp. | 2,264,500 | 65,172 | |
| Eldorado Resorts, Inc. (a) | 1,659,380 | 81,924 | |
| International Game Technology PLC (b) | 637,400 | 9,325 | |
| Penn National Gaming, Inc. (a) | 1,067,700 | 23,137 | |
| Red Rock Resorts, Inc. | 715,947 | 19,316 | |
| Royal Caribbean Cruises Ltd. | 214,400 | 25,930 | |
| Studio City International Holdings Ltd. ADR (b) | 695,700 | 11,966 | |
| 236,770 | |||
| Household Durables - 0.5% | |||
| Tempur Sealy International, Inc. (a) | 192,400 | 11,813 | |
| Internet & Direct Marketing Retail - 5.7% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 445,600 | 82,691 | |
| Amazon.com, Inc. (a) | 28,300 | 54,521 | |
| 137,212 | |||
| TOTAL CONSUMER DISCRETIONARY | 385,795 | ||
| CONSUMER STAPLES - 2.6% | |||
| Food Products - 2.6% | |||
| Darling International, Inc. (a) | 526,083 | 11,474 | |
| JBS SA | 10,119,700 | 51,023 | |
| 62,497 | |||
| ENERGY - 4.1% | |||
| Oil, Gas & Consumable Fuels - 4.1% | |||
| Cheniere Energy, Inc. (a) | 412,040 | 26,515 | |
| Diamondback Energy, Inc. | 266,400 | 28,342 | |
| MEG Energy Corp. (a) | 1,067,700 | 4,750 | |
| Parsley Energy, Inc. Class A (a) | 677,000 | 13,513 | |
| Pioneer Natural Resources Co. | 145,200 | 24,170 | |
| 97,290 | |||
| FINANCIALS - 4.4% | |||
| Banks - 1.8% | |||
| Bank of America Corp. | 652,399 | 19,950 | |
| JPMorgan Chase & Co. | 199,700 | 23,175 | |
| 43,125 | |||
| Consumer Finance - 2.6% | |||
| American Express Co. | 328,100 | 38,463 | |
| OneMain Holdings, Inc. | 720,800 | 24,486 | |
| 62,949 | |||
| TOTAL FINANCIALS | 106,074 | ||
| HEALTH CARE - 8.8% | |||
| Biotechnology - 1.3% | |||
| Alexion Pharmaceuticals, Inc. (a) | 134,100 | 18,255 | |
| Regeneron Pharmaceuticals, Inc. (a) | 38,600 | 13,245 | |
| 31,500 | |||
| Health Care Providers & Services - 3.4% | |||
| Cigna Corp. | 113,300 | 17,997 | |
| Humana, Inc. | 67,900 | 17,342 | |
| Tenet Healthcare Corp. (a) | 691,500 | 15,144 | |
| UnitedHealth Group, Inc. | 133,500 | 31,115 | |
| 81,598 | |||
| Life Sciences Tools & Services - 3.2% | |||
| IQVIA Holdings, Inc. (a) | 370,100 | 51,407 | |
| Thermo Fisher Scientific, Inc. | 87,700 | 24,332 | |
| 75,739 | |||
| Pharmaceuticals - 0.9% | |||
| Jazz Pharmaceuticals PLC (a) | 166,400 | 21,594 | |
| TOTAL HEALTH CARE | 210,431 | ||
| INDUSTRIALS - 11.4% | |||
| Aerospace & Defense - 1.1% | |||
| TransDigm Group, Inc. (a) | 52,300 | 25,236 | |
| Airlines - 3.8% | |||
| Air Canada (a) | 3,009,700 | 72,249 | |
| Delta Air Lines, Inc. | 335,100 | 19,533 | |
| 91,782 | |||
| Commercial Services & Supplies - 0.0% | |||
| Novus Holdings Ltd. | 46,866 | 13 | |
| Machinery - 1.9% | |||
| Allison Transmission Holdings, Inc. | 510,200 | 23,908 | |
| Ingersoll-Rand PLC | 169,800 | 20,819 | |
| 44,727 | |||
| Marine - 0.0% | |||
| Genco Shipping & Trading Ltd. (a) | 831 | 8 | |
| Road & Rail - 0.7% | |||
| Lyft, Inc. | 316,764 | 17,048 | |
| Trading Companies & Distributors - 3.9% | |||
| Air Lease Corp. Class A | 290,920 | 11,218 | |
| HD Supply Holdings, Inc. (a) | 1,016,300 | 46,435 | |
| United Rentals, Inc. (a) | 248,100 | 34,962 | |
| 92,615 | |||
| TOTAL INDUSTRIALS | 271,429 | ||
| INFORMATION TECHNOLOGY - 29.6% | |||
| Electronic Equipment & Components - 2.0% | |||
| CDW Corp. | 205,900 | 21,743 | |
| Dell Technologies, Inc. (a) | 377,700 | 25,461 | |
| 47,204 | |||
| IT Services - 11.9% | |||
| EPAM Systems, Inc. (a) | 302,100 | 54,185 | |
| First Data Corp. Class A (a) | 1,383,200 | 35,770 | |
| Global Payments, Inc. | 441,800 | 64,534 | |
| MasterCard, Inc. Class A | 169,400 | 43,068 | |
| PayPal Holdings, Inc. (a) | 430,100 | 48,502 | |
| Visa, Inc. Class A | 232,000 | 38,148 | |
| 284,207 | |||
| Semiconductors & Semiconductor Equipment - 8.0% | |||
| Broadcom, Inc. | 41,000 | 13,054 | |
| Lam Research Corp. | 146,100 | 30,306 | |
| Marvell Technology Group Ltd. | 539,300 | 13,493 | |
| Microchip Technology, Inc. (b) | 622,000 | 62,132 | |
| Micron Technology, Inc. (a) | 292,900 | 12,319 | |
| ON Semiconductor Corp. (a) | 1,788,000 | 41,231 | |
| Skyworks Solutions, Inc. | 206,600 | 18,218 | |
| 190,753 | |||
| Software - 7.7% | |||
| Adobe, Inc. (a) | 206,800 | 59,817 | |
| Microsoft Corp. | 254,000 | 33,172 | |
| SS&C Technologies Holdings, Inc. | 804,400 | 54,426 | |
| Symantec Corp. | 708,900 | 17,162 | |
| VMware, Inc. Class A | 97,100 | 19,821 | |
| 184,398 | |||
| TOTAL INFORMATION TECHNOLOGY | 706,562 | ||
| MATERIALS - 4.1% | |||
| Chemicals - 3.1% | |||
| DowDuPont, Inc. | 693,821 | 26,677 | |
| Olin Corp. | 51,068 | 1,108 | |
| The Chemours Co. LLC | 943,100 | 33,961 | |
| Trinseo SA | 119,217 | 5,359 | |
| Westlake Chemical Corp. | 84,765 | 5,912 | |
| 73,017 | |||
| Containers & Packaging - 0.9% | |||
| Crown Holdings, Inc. (a) | 372,400 | 21,648 | |
| Metals & Mining - 0.1% | |||
| First Quantum Minerals Ltd. | 299,200 | 3,160 | |
| TOTAL MATERIALS | 97,825 | ||
| REAL ESTATE - 1.3% | |||
| Equity Real Estate Investment Trusts (REITs) - 1.3% | |||
| Crown Castle International Corp. | 244,300 | 30,728 | |
| UTILITIES - 3.9% | |||
| Electric Utilities - 2.5% | |||
| Vistra Energy Corp. | 2,173,665 | 59,232 | |
| Independent Power and Renewable Electricity Producers - 1.4% | |||
| NRG Energy, Inc. | 837,200 | 34,468 | |
| TOTAL UTILITIES | 93,700 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $1,832,725) | 2,336,933 | ||
| Money Market Funds - 3.4% | |||
| Fidelity Cash Central Fund, 2.49% (c) | 56,055,386 | 56,067 | |
| Fidelity Securities Lending Cash Central Fund 2.49% (c)(d) | 24,427,818 | 24,430 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $80,493) | 80,497 | ||
| TOTAL INVESTMENT IN SECURITIES - 101.2% | |||
| (Cost $1,913,218) | 2,417,430 | ||
| NET OTHER ASSETS (LIABILITIES) - (1.2)% | (27,669) | ||
| NET ASSETS - 100% | $2,389,761 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| (Amounts in thousands) | |
| Fidelity Cash Central Fund | $1,052 |
| Fidelity Securities Lending Cash Central Fund | 128 |
| Total | $1,180 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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