American Century Investments Value Fund Institutional Class

  • Symbol: AVLIX
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Summary

Morningstar® Snapshot*

AS OF 09/30/2014; MORNINGSTAR CATEGORY: Large Value
Returns 3 out of 5, Average Returns
LOWAVGHIGH
Expenses 2 out of 5, Below Average Fees
LOWAVGHIGH
Risk of this Category Category Risk Rating:6, where 1 is Lower and 10 is Higher
LOWERHIGHER

*Data provided by Morningstar. Please click on the indicator above to learn more about comparison groups and methodology.

Performance

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AS OF 9/30/2014
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
YTD (Daily)* +9.14% 1 Yr +18.48% 3 Yr +22.68% 5 Yr +14.76% 10 Yr +7.86%
*AS OF 10/29/2014; Value is cumulative

Hypothetical Growth of $10,000

 3, 4 More Information
AS OF 09/30/2014; MORNINGSTAR CATEGORY: Large Value
Shows growth of hypothetical $10,000 investment in American Century Investments Value Fund Institutional Class compared to Russell 3000 Value,S&P 500,Large Value over the selected time period
American Century Investments Value Fund Institutional Class
Large Value

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The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Fund Manager(s)

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Brian Woglom since 4/30/2014 Kevin Toney since 12/31/2003 Michael Liss since 6/30/1998 Phillip N. Davidson since 9/1/1993

Fund Overview

Objective

The investment seeks long-term capital appreciation; income is a secondary consideration.

Strategy

In selecting stocks for the fund, the portfolio managers look for companies of all sizes whose stock price may not reflect the company's value. The managers attempt to purchase the stocks of these undervalued companies and hold each stock until the price has increased to, or is higher than, a level the managers believe more accurately reflects the fair value of the company. The fund may invest a portion of its assets in foreign securities when these securities meet the portfolio managers' standards of selection.

Risk

Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. 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. Additional risk information for this product may be found in the prospectus or other product materials, if available.

Additional Disclosures

A mutual fund registered under American Century Capital Portfolios Inc, and managed by American Century Inv Mgt, Inc. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

Details

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Morningstar Category Large Value
Fund Inception 9/1/1993
Share Class Inception 7/31/1997
NAV
10/29/2014
$8.88
Glossary definition opens in new window.Exp Ratio (Gross)
8/1/2014
0.78%
($7.80 per $1000)
Glossary definition opens in new window.Exp Ratio (Net)
8/1/2014
0.78%
($7.80 per $1000)
Transaction Fee (Online) 1 $49.95
Minimum to Invest 5 $5,000,000.00
Turnover Rate
9/30/2014
36.5%
Glossary definition opens in new window.Portfolio Net Assets ($M)
9/30/2014
$3,613.30
Glossary definition opens in new window.Share Class Net Assets ($M)
9/30/2014
$1,161.59
12 Month Low-High
9/30/2014
$7.50 - $9.08

Fixed Income Characteristics

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30-Day Yield 6
1.68%
9/30/2014

Top 10 Holdings

 7 More Information
AS OF 6/30/2014
Top 10 Holdings
Exxon Mobil Corporation 4.00%
Chevron Corp 3.18%
General Electric Co 3.01%
Pfizer Inc 2.85%
Procter & Gamble Co 2.73%
Wells Fargo & Co 2.70%
JPMorgan Chase & Co 2.53%
Republic Services Inc Class A 2.28%
Northern Trust Corp 2.07%
Johnson & Johnson 1.97%
% of Total Portfolio 27.31%
Total # of holdings: 137 as of 6/30/2014

Quarter-End Average Annual Total Returns

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AS OF 9/30/2014; FUND INCEPTION 9/1/1993 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
0.78% AS OF 8/1/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
American Century Investments Value Fund Institutional Class 18.48% 22.68% 14.76% 7.86% 7.99%
Glossary definition opens in new window.After Taxes on Distributions
American Century Investments Value Fund Institutional Class 17.59% 21.87% 14.02% 6.01% 5.69%
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
American Century Investments Value Fund Institutional Class 10.44% 17.65% 11.55% 5.59% 5.39%

Read more about after-tax returns.

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

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.

Performance & Risk

Average Annual Total Returns

 8, 3, 2 More Information
AS OF 9/30/2014; FUND INCEPTION 9/1/1993
1 Yr 3 Yr 5 Yr 10 Yr Life
American Century Investments Value Fund Institutional Class 18.48% 22.68% 14.76% 7.86% 7.99%
Russell 3000 Value 17.66% 23.67% 15.08% 7.79% 7.28%
S&P 500 19.73% 22.99% 15.70% 8.11% 6.25%
Large Value 16.35% 21.41% 13.69% 7.19% --
Rank in Morningstar Category 18% 36% 25% 30% --
# of Funds in Morningstar Category 1259 1092 966 635 --

Yield

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9/30/2014
30-Day Yield 6 1.68%

Hypothetical Growth of $10,000

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AS OF 09/30/2014; MORNINGSTAR CATEGORY: Large Value
American Century Investments Value Fund Institutional Class
Large Value
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
This Fund 14.57% 5.09% 18.89% -5.00% -26.67% 19.66% 13.63% 0.97% 14.75% 31.31% 8.77%
Benchmark 16.94% 6.85% 22.34% -1.01% -36.25% 19.76% 16.23% -0.10% 17.55% 32.69% 7.01%
Benchmark-2 10.88% 4.91% 15.79% 5.49% -37.00% 26.46% 15.06% 2.11% 16.00% 32.39% 8.34%
Category 12.97% 5.95% 18.15% 1.42% -37.09% 24.13% 13.66% -0.75% 14.57% 31.21% 6.38%
+/- Benchmark -2.37% -1.76% -3.45% -3.99% 9.58% -0.10% -2.60% 1.07% -2.80% -1.38% 1.76%
+/- Benchmark-2 3.69% 0.18% 3.10% -10.49% 10.33% -6.80% -1.43% -1.14% -1.25% -1.08% 0.43%
+/- Category 1.60% -0.86% 0.74% -6.42% 10.42% -4.47% -0.03% 1.72% 0.18% 0.10% 2.39%

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The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Quarter-End Average Annual Total Returns

 3, 2 More Information
AS OF 9/30/2014; FUND INCEPTION 9/1/1993 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
0.78% AS OF 8/1/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
American Century Investments Value Fund Institutional Class 18.48% 22.68% 14.76% 7.86% 7.99%
Glossary definition opens in new window.After Taxes on Distributions
American Century Investments Value Fund Institutional Class 17.59% 21.87% 14.02% 6.01% 5.69%
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
American Century Investments Value Fund Institutional Class 10.44% 17.65% 11.55% 5.59% 5.39%

Read more about after-tax returns.

Cumulative Total Returns

 2 More Information
AS OF 9/30/2014
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
American Century Investments Value Fund Institutional Class 9.14% 8.77% -1.99% 0.10% 5.52%
Russell 3000 Value -- 7.01% -2.43% -0.87% 3.97%
S&P 500 -- 8.34% -1.40% 1.13% 6.42%
Large Value -- 6.38% -2.17% -0.55% 3.97%
*AS OF 10/29/2014

Fund Risk and Return

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AS OF 9/30/2014; MORNINGSTAR CATEGORY: Large Value
Risk of this Category Category Risk Rating:6, where 1 is Lower and 10 is Higher
LOWERHIGHER

Risk

Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. 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. Additional risk information for this product may be found in the prospectus or other product materials, if available.

Volatility Measures

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Beta 0.90
AS OF 9/30/2014

A measure of a portfolio's sensitivity to market movements (as represented by a benchmark index). The benchmark index, such as the S&P 500 or EAFE index, has a beta of 1.0. A beta of more (less) than 1.0 indicates that a fund's historical returns have fluctuated more (less) than the benchmark index. Beta is a more reliable measure of volatility when used in combination with a high R2 which indicates a high correlation between the movements in a fund's returns and movements in a benchmark index.

R2 0.98
AS OF 9/30/2014

A measurement of how closely the portfolio's performance correlates with the performance of a benchmark index, such as the S&P 500. R2 is a proportion which ranges between 0.00 and 1.00. An R2 of 1.00 indicates perfect correlation to the benchmark index, that is, all of the portfolio's fluctuations are explained by performance fluctuations of the index, while an R2 of 0.00 indicates no correlation. Therefore, the lower the R2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R2 value of less than 0.5 indicates that the Annualized Alpha and Beta are not reliable performance statistics.

Sharpe Ratio 2.07
AS OF 9/30/2014

The Sharpe ratio is a measure of historical adjusted performance calculated by dividing the fund's excess returns (fund's average monthly returns minus the average monthly return of the Salomon Smith Barney 3-Month T-Bill Index) by the standard deviation of those returns. The higher the ratio, the better the fund's return per unit of risk.

Standard Deviation 10.19
AS OF 9/30/2014

Statistical measure of how much a return varies over an extended period of time. The more variable the returns, the larger the standard deviation. Investors may examine historical standard deviation in conjunction with historical returns to decide whether an investment's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how an investment actually performed, but it does indicate the volatility of its returns over time. Standard deviation is annualized. The returns used for this calculation are not load-adjusted.

Volatility measures are based on the variability of historical returns of the portfolio. In the case of annuity funds, this is before the effect of annuity charges. Relative Volatility, Beta, and R2 compare a portfolio's total return to those of a relevant market, represented by the benchmark index. Standard Deviation is calculated independent of an index.

Historical Fund Performance

 2 More Information
Current year's data as of: 9/30/2014
Year Total Returns Capital Gains Dividends Glossary definition opens in new window.Share Class Net Assets ($M)
2014 8.77% -- -- $1,161.59
2013 31.31% -- -- $562.25
2012 14.75% -- -- $136.55
2011 0.97% -- -- $236.84
2010 13.63% -- -- $214.45
2009 19.66% -- -- $139.21
2008 -26.67% -- -- $152.87
2007 -5.00% -- -- $328.50
2006 18.89% -- -- $263.20
2005 5.09% -- -- $303.40

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

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.

Ratings

Morningstar Ratings

AS OF 09/30/2014; MORNINGSTAR CATEGORY: Large Value
Overall
4 out of 5 stars
Out of 1,092 funds
3 Yr
4 out of 5 stars
Out of 1,092 funds
5 Yr
4 out of 5 stars
Out of 966 funds
10 Yr
4 out of 5 stars
Out of 635 funds

An overall rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Metrics as of the date stated. The number of funds in the Large Value category tracked by Morningstar was 1092 for the 3 year period and Overall Ranking; 966 for the 5 year period; and 635 for the 10 year period. Please click on the question mark above for additional Morningstar information.

Past performance is no guarantee of future results.

Lipper Ranking

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AS OF 9/30/2014; LIPPER PEER GROUP: Growth & Income
1 Yr
#253 out of 2,292 funds
5 Yr
#286 out of 1,559 funds
10 Yr
#214 out of 716 funds

The fund is ranked based on total return. Each fund is ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund's sales load, if applicable. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

Past performance is no guarantee of future results.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

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.

Composition

Major Market Sectors for Equities

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AS OF 6/30/2014
Portfolio Weight Large Value
Financial Services 20.98% 20.67%
Energy 16.19% 12.73%
Healthcare 14.21% 13.06%
Industrials 11.14% 10.47%
Technology 10.79% 11.15%
Consumer Defensive 8.99% 9.59%
Utilities 5.25% 4.86%
Consumer Cyclical 5.14% 8.15%
Real Estate 2.85% 1.71%
Communication Services 2.64% 4.58%
Basic Materials 1.85% 3.03%

Asset Allocation

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AS OF 6/30/2014; MORNINGSTAR CATEGORY: Large Value
Fund Category Average
Cash 2.60% 2.05%
Convertibles 0.00% 0.20%
Domestic Bond 0.00% 0.25%
Preferred Stock 0.00% 0.36%
Foreign Bond 0.00% 0.02%
Foreign Stock 7.87% 7.00%
Others 0.34% 0.08%
Domestic Stock 89.18% 90.04%

Top 10 Holdings

 7 More Information
AS OF 6/30/2014
Exxon Mobil Corporation 4.00%
Chevron Corp 3.18%
General Electric Co 3.01%
Pfizer Inc 2.85%
Procter & Gamble Co 2.73%
Wells Fargo & Co 2.70%
JPMorgan Chase & Co 2.53%
Republic Services Inc Class A 2.28%
Northern Trust Corp 2.07%
Johnson & Johnson 1.97%
% of Total Portfolio 27.31%
Total # of holdings: 137 as of 6/30/2014

Fixed Income Characteristics

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30-Day Yield 6
1.68%
9/30/2014

Equity StyleMap®*

AS OF 6/30/2014
Capitalization
LG current
MD
SM
Value Blend Growth
Style
Current
Historical

Large Value

Invest in companies with market values greater than $10 billion that fund managers believe have been undervalued by the market. Value can be determined by a variety of measures, including price-to-earnings ratio, price-to-book ratio, or dividend yield.

*97.04%  Fund Assets Covered

Regional Diversification

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AS OF 6/30/2014
Africa
0.00%
Asia - Developed
0.00%
Asia - Emerging
0.00%
Australasia
0.00%
Canada
2.09%
Europe - Emerging
0.00%
United States
91.89%
Eurozone
3.65%
Japan
0.87%
Latin America
0.00%
Middle East
0.41%
United Kingdom
0.44%
Europe - ex Euro
0.65%

Please note Regional Diversification information is based on the equity components only.

Country Diversification

 7 More Information
AS OF 6/30/2014
Canada
2.08%
France
1.81%
Israel
0.41%
United States
91.89%
Netherlands
1.83%
Switzerland
0.65%
United Kingdom
0.44%
Japan
0.88%

Fund Facts

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Fiscal Year End
March
Fund Inception
9/1/1993
Share Class Inception
7/31/1997
Fund Symbol
AVLIX
Order Cutoff Time
04:00 PM EST

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

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.

Fees and Distributions

Expenses & Fees

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Transaction Fee (Online) 1
$49.95

You can receive a prospectus from Fidelity by mail

See prospectus for more information on Fees, Expenses & Loads.

See the Understanding Fees section and the fund prospectus for more information on Fees, Expenses & Loads.

Minimums

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Initial Investment
$5,000,000.00
Additional Investment
$250.00
Initial IRA Investment
$5,000,000.00
Additional IRA Investment
$250.00
Initial Group Retirement Investment 5
$5,000,000.00
Additional Group Retirement Investment
$250.00

Features

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Simple IRA
no

Pricing

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AS OF 9/30/2014
NAV
$8.88
10/29/2014
12 Month Low-High
$7.50 - $9.08
Monthly Low-High
$8.84 - $9.08
On 9/30/2014
$8.85

Price History By Month

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Actual Values: Sep. 2014 to Sep. 2013

Close Low High
Sep $8.85 $8.84 $9.08
Aug $9.07 $8.67 $9.07
Jul $8.74 $8.74 $8.96
Jun $8.88 $8.70 $8.90
May $8.69 $8.46 $8.69
Apr $8.55 $8.29 $8.55
Mar $8.47 $8.20 $8.47
Feb $8.25 $7.79 $8.25
Jan $7.95 $7.95 $8.23
Dec $8.23 $7.96 $8.23
Nov $8.10 $7.88 $8.13
Oct $7.90 $7.50 $7.96
Sep $7.60 $7.48 $7.78

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

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.

1. Transaction Fee:

A transaction fee is similar to a brokerage fee or commission which you pay when you buy or sell a stock. For some funds available through Fidelity you are required to pay a transaction fee. However, you will not pay a sales load on Transaction Fee (TF) funds. You will only be charged a transaction fee when you buy a FundsNetwork TF fund, not when you sell one. All other fees and expenses described in a fund's prospectus still apply. You can choose to buy or sell shares directly from the fund itself or its principal underwriter or distributor without paying a transaction fee to Fidelity.

Online Transaction Fees: $49.95 for most funds. Certain funds will have a transaction fee of $75. To identify any applicable transaction fees associated with the purchase of a given fund, please refer to the "Fees and Distributions" tab.

Fidelity Automated Service Telephone (FAST): 25% off representative-assisted rates, Maximum: $187.50, Minimum:$75
Representative-Assisted: 0.75% of principal, Maximum: $250, Minimum: $100
Automatic Investment: $5 per transaction, after the initial investment.

Sales load:

A sales charge added to the price of the fund. Funds have different sales charge structures, including front-end loads, back-end loads (deferred), and no loads. Sales loads can either be charged when a fund is purchased, commonly known as a front-end load, or when a fund is sold, known as a deferred load. Not all funds charge a load. Refer to the Loads, Expense and Minimums section of the fund's prospectus for details on these amounts. Although no load funds do not have a front-end or deferred load, they may incur other fees, such as a 12b-1 fee.

2. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumulative if the fund is less than one year old. Total returns do not reflect the fund's [%] sales charge. If sales charges were included, total returns would have been lower.

3. The Morningstar Category Average is the average return for the peer group based on the returns of each individual fund within the group, for the period shown. This average assumes reinvestment of dividends.

4. This chart illustrates the performance of a hypothetical $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is later). The inception date used for products with underlying funds, or multiple shares classes, or are offered as a separate account, strategy or sub account, may be the inception date of the underlying fund, the earliest share class of the product, or the date composite performance for the product was first made available. The product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. It is not possible to invest in an index. Past performance is no guarantee of future results. This chart is not intended to imply any future performance of the investment product.

5. Initial minimum investments into group retirement accounts such as Fidelity Simplified Employee Pension-IRA, Keogh, Self-Employed 401(k), and Non-Fidelity Prototype Retirement accounts are $500 or higher. Additional investments into Regular, IRA, and Group accounts are $250 or higher.

6. A standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield".

7. Any holdings, asset allocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. Some breakdowns may be intentionally limited to a particular asset class or other subset of the fund's entire portfolio, particularly in multi-asset class funds where the attributes of the equity and fixed income portions are different.

Under the asset allocation section, international (or foreign) assets may be reported differently depending on how an investment options reports its holdings. Some do not report international (or foreign) holdings here, but instead report them in a "Regional Diversification" section. Some report them in this section as an to the equity, bond and other allocation shown. Others report international (or foreign) holding as a subset of the equity and bond allocations shown. If the allocation without the foreign component (or round to) 100%, then international (or foreign) is a subset of the equity and bond percentage shown.

8. Percent Rank in Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. % Rank in Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided by Morningstar, Inc. and data on non-mutual fund products is provided by the product's investment manager, trustee or issuer or the plan sponsor whose plan is offering the product to participants. Although Fidelity believes the data gathered from these third-party sources is reliable, it does not review such information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any use of this third-party information.

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fidelity for a free prospectus and, if available, summary prospectus containing this information. Read it carefully.