Morgan Stanley Global Strategist

  • Trading Symbol: FPRPC
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Morningstar® Snapshot*

AS OF 7/31/2016; MORNINGSTAR CATEGORY: TACTICAL ALLOCATION
Returns 3 out of 5, Average 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 7/31/2016
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
FPRPC +5.93% -0.21% +2.37% +4.07% +2.49%
*AS OF 8/30/2016; Value is cumulative

Hypothetical Growth of $10,000

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AS OF 07/31/2016; 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and the principal value of a variable annuity will fluctuate; therefore, you may have a gain or loss when money is withdrawn or received.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.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
This Fund -- 14.30% -44.76% 32.20% 5.42% -3.92% 13.56% 15.66% 1.90% -6.63% 5.42%
Benchmark 20.95% 11.66% -42.19% 34.63% 12.67% -7.35% 16.13% 22.80% 4.16% -2.36% 5.59%
Category 8.64% 5.30% -32.79% 24.80% 3.21% -5.15% 6.66% 6.76% 2.89% -6.30% 5.88%
+/- Benchmark -- 2.64% -2.57% -2.43% -7.25% 3.43% -2.57% -7.14% -2.26% -4.27% -0.17%
+/- Category -- 9.00% -11.97% 7.40% 2.21% 1.23% 6.90% 8.90% -0.99% -0.33% -0.46%

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. 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 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
Unit Value
$12.27
8/30/2016
4/29/2016
Net Assets ($M)
$12.59
7/31/2016
12 Month Low-High
$10.83 - $12.23
7/31/2016

Top 10 Holdings

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AS OF 6/30/2016
Top 10 Holdings
Euro-Bund Future Sep16 Xeur 20160908 10.27%
S+p500 Emini Fut Sep16 Xcme 20160916 7.07%
Us 10yr Note (Cbt)sep16 Xcbt 20160921 5.54%
Mini Msci Emg Mkt Sep16 Ifus 20160916 4.39%
Smi4g5cq5 Irs Usd R F 1.61000 Ii5499770160503 Ccpvanilla 4.38%
Smi4g5cq5 Irs Usd P V 03mlibor Ii5502570160503 Ccpvanilla 4.29%
Bmi4cadp9 Irs Usd P F 1.73000 Ii8790030160309 Ccpvanilla 3.61%
US Treasury Note 3.57%
Bmi4cadp9 Irs Usd R V 03mlibor Ii8787380160309 Ccpvanilla 3.50%
Us 2yr Note (Cbt) Sep16 Xcbt 20160930 2.85%
% of Total Portfolio 49.47%
Total # of holdings: 1309 as of 6/30/2016

Quarter-End Average Annual Total Returns

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AS OF 6/30/2016; *SUBACCOUNT INCEPTION 5/1/2006 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.47% AS OF 4/29/2016
1 Yr 3 Yr 5 Yr 10 Yr Life*
Morgan Stanley Global Strategist -2.51% 2.60% 3.35% 2.24% 1.69%
MSCI AC World (N) -3.73% 6.03% 5.38% 4.26% --
Tactical Allocation -2.72% 2.09% 2.00% 3.21% --

© 2016 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.