Morgan Stanley Global Strategist

  • Trading Symbol: FPRPC
  • Information
    Prior to May 1, 2015, the Morgan Stanley Global Strategist Fund was known as the Morgan Stanley Global Tactical Asset Allocation Fund.Prior to May 1, 2015, the Morgan Stanley Global Strategist Fund was known as the Morgan Stanley Global Tactical Asset Allocation Fund.
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Morningstar® Snapshot*

AS OF 5/31/2015; MORNINGSTAR CATEGORY: TACTICAL ALLOCATION
Returns 5 out of 5, High Returns
LOW AVG HIGH
Risk of this Category Category Risk Rating:6, where 1 is Lower and 10 is Higher
LOWER HIGHER

*Data provided by Morningstar.

Performance

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AS OF 5/31/2015
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr Life
FPRPC -0.22% -1.33% +9.90% +9.47% +2.46%
*AS OF 6/26/2015; Value is cumulative
SUBACCOUNT INCEPTION 5/1/2006

Hypothetical Growth of $10,000

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AS OF 05/31/2015; MORNINGSTAR CATEGORY: TACTICAL ALLOCATION
Shows growth of hypothetical $10,000 investment in Morgan Stanley Global Strategist fund over the selected time period

The chart illustrates the performance of a hypothetical $10,000 investment made in the fund ten years ago or on commencement of operations (whichever is later). Figures include reinvestment of capital gains and dividends, and reflect the effects of the annual annuity charge and the underlying fund's expenses. Figures do not reflect the effects of any applicable redemption fees, maintenance charges, or surrender fees, which would lower these figures. This chart is not intended to imply any future performance of the fund.

The performance data featured represents past performance, which is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate; therefore, you may have a gain or loss when money is withdrawn or received. Fund performance fluctuates and currently may be significantly higher or lower than stated.

Fund Manager(s)

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Mark A. Bavoso since 9/16/2010 Cyril Moull-Berteaux since 8/1/2011

Fund Overview

Objective

The investment seeks total return.

Strategy

The fund seeks to achieve total return by investing in a blend of equity and fixed income securities of U.S. and non-U.S. issuers. In seeking to achieve this investment objective, it will implement a global tactical approach to achieving total return, and to control risk and volatility. The fund may invest in real estate investment trusts ("REITs") and mortgage-related or mortgage-backed securities. It may also invest in restricted and illiquid securities. The fund may invest a portion of its assets in below investment grade fixed income securities (commonly known as "junk bonds") and repurchase agreements.

Risk

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Additional risk information for this product may be found in the prospectus or other product materials, if available.

Details

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Morningstar Category
Tactical Allocation
Subaccount Inception
5/1/2006
Unit Value
$12.37
6/26/2015
Turnover Rate
82%
12/31/2014
Net Assets ($M)
$15.79
5/31/2015
12 Month Low-High
$12.06 - $12.83
5/31/2015

Top 10 Holdings

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AS OF 3/31/2015
Top 10 Holdings
Bmi2wcma0 Irs Usd R F .91500 Ii8656860150304 Ccp 6.54%
Bmi2wcma0 Irs Usd P V 03mlibor Ii8654160150304 Ccp 6.52%
Bmi2s3ja9 Irs Gbp R V 06mlibor Ii9401920150127 Ccp 6.40%
Bmi2s3ja9 Irs Gbp P F .86150 Ii9404130150127 Ccp 6.40%
Euro Stoxx 50 Jun15 Xeur 20150619 6.37%
Bmi2s3j19 Irs Usd R F .73903 Ii1620210150127 Ccp 6.21%
Bmi2s3j19 Irs Usd P V 03mlibor Ii1618540150127 Ccp 6.21%
Mini Msci Emg Mkt Jun15 Ifus 20150619 5.45%
Bmi2xyrs7 Irs Usd P F 1.28170 5.15%
Bmi2xyrs7 Irs Usd R V 03mlibor 5.12%
% of Total Portfolio 60.37%
Total # of holdings: 1481 as of 3/31/2015

Quarter-End Average Annual Total Returns

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AS OF 3/31/2015; *SUBACCOUNT INCEPTION 5/1/2006 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.43% AS OF 5/1/2015
1 Yr 3 Yr 5 Yr 10 Yr Life*
Morgan Stanley Global Strategist 0.02% 7.35% 6.22% -- 2.46%
MSCI AC World (N) 5.42% 10.75% 8.99% 6.44% --
Tactical Allocation 3.18% 4.04% 4.08% 3.65% --

© 2015 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.