Morgan Stanley Global Tactical Asset Allocation

  • Trading Symbol: FPRPC
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Morningstar® Snapshot*

AS OF 6/30/2014; 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

*All data provided by Morningstar. Please click on each indicator above to learn more about comparison groups and methodology.

Expense data not reported by Morningstar.

Performance

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AS OF 6/30/2014
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr Life
FPRPC +5.19% +15.98% +8.18% +11.28% +3.01%
*AS OF 7/23/2014; Value is cumulative
SUBACCOUNT INCEPTION 5/1/2006

Hypothetical Growth of $10,000

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AS OF 06/30/2014; MORNINGSTAR CATEGORY: TACTICAL ALLOCATION
Shows growth of hypothetical $10,000 investment in Morgan Stanley Global Tactical Asset Allocation 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and the principal value of a variable annuity will fluctuate; therefore, you may have a gain or loss when money is withdrawn or received.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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Cyril Berteaux since 8/1/2011 Mark Bavoso since 9/16/2010

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
$12.80
7/23/2014
Turnover Rate
168%
12/31/2013
Net Assets ($M)
$17.71
6/30/2014
12 Month Low-High
$11.01 - $12.80
6/30/2014

Top 10 Holdings

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AS OF 3/31/2014
Top 10 Holdings
Euro Stoxx 50 Jun14 Xeur 20140620 4.71%
Mini Msci Emg Mkt Jun14 Xnli 20140620 3.89%
Euro-Bund Future Jun14 Xeur 20140606 3.70%
Us 10yr Note (Cbt)jun14 Xcbt 20140619 06/19/2014 3.31%
SPDR S&P 500 2.92%
S+p500 Emini Fut Jun14 Xcme 20140620 2.58%
1258115 Trs Usd P E Ndrufbt Index 2.38%
1258115 Trs Usd R V 03mlibor Ndrufbt Index -22bps 2.26%
Us 10yr Note (Cbt)jun14 Xcbt 20140619 06/19/2014 1.93%
1258845 Trs Usd P E Gscbmhg8 Index 1.54%
% of Total Portfolio 29.21%
Total # of holdings: 1521 as of 3/31/2014

Quarter-End Average Annual Total Returns

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AS OF 6/30/2014; *SUBACCOUNT INCEPTION 5/1/2006 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.33% AS OF 5/1/2014
1 Yr 3 Yr 5 Yr 10 Yr Life*
Morgan Stanley Global Tactical Asset Allocation 15.98% 8.18% 11.28% -- 3.01%

© 2012 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.