Highland Small-Cap Equity Fund Class C

  • Symbol: HSZCX
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Summary

Morningstar® Snapshot*

AS OF 10/31/2014; MORNINGSTAR CATEGORY: Small Growth
Returns 3 out of 5, Average Returns
LOWAVGHIGH
Expenses 5 out of 5, High Fees
LOWAVGHIGH
Risk of this Category Category Risk Rating:7, 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 10/31/2014
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
YTD (Daily)* +4.33% 1 Yr +7.17% 3 Yr +15.67% 5 Yr +16.52% 10 Yr +7.89%
*AS OF 11/26/2014; Value is cumulative

Hypothetical Growth of $10,000

 3, 4 More Information
AS OF 10/31/2014; MORNINGSTAR CATEGORY: Small Growth
Shows growth of hypothetical $10,000 investment in Highland Small-Cap Equity Fund Class C compared to Russell 2000,Small Growth over the selected time period
Highland Small-Cap Equity Fund Class C
Small Growth

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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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Marc Shapiro since 3/6/2012

Fund Overview

Objective

The investment seeks long-term growth of capital.

Strategy

The fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in equity securities, such as common and preferred stocks, of small-cap companies, plus borrowing for investment purposes. The fund uses an investment strategy that combines growth, value and core investment management styles.

Risk

The securities of smaller, less well-known companies can be more volatile than those of larger companies. Growth stocks can perform differently from the market as a whole and can be more volatile than other types of stocks. 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 Highland Funds II, and managed by Highland Capital Management Fund Advisors, L.P. 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 Small Growth
Fund Inception 9/30/1998
Share Class Inception 9/30/1999
NAV
11/26/2014
$12.77
Glossary definition opens in new window.Exp Ratio (Gross)
2/1/2014
2.66%
($26.60 per $1000)
Glossary definition opens in new window.Exp Ratio (Net)
2/1/2014
1.95%
($19.50 per $1000)
Deferred Load 1.00%
Minimum to Invest 5 $2,500.00
Turnover Rate
9/30/2013
64%
Glossary definition opens in new window.Portfolio Net Assets ($M)
10/31/2014
$39.90
Glossary definition opens in new window.Share Class Net Assets ($M)
10/31/2014
$3.23
12 Month Low-High
10/31/2014
$11.45 - $13.18

Top 10 Holdings

 6 More Information
AS OF 6/30/2014
Top 10 Holdings
Raymond James Financial Inc 2.18%
Old Dominion Freight Lines 2.17%
Packaging Corp of America 2.17%
Jarden Corp 2.16%
Genesee & Wyoming Inc Class A 2.12%
SM Energy Co 2.10%
LKQ Corp 2.04%
Mednax Inc 2.01%
HCC Insurance Holdings Inc 1.93%
BioMed Realty Trust Inc 1.90%
% of Total Portfolio 20.77%
Total # of holdings: 86 as of 6/30/2014

Quarter-End Average Annual Total Returns

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AS OF 9/30/2014; FUND INCEPTION 9/30/1998 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
2.66% AS OF 2/1/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Highland Small-Cap Equity Fund Class C 6.23% 18.80% 14.40% 7.52% 8.38%
Highland Small-Cap Equity Fund Class C  (Load Adjusted) 5.25% 18.80% 14.40% 7.52% 8.38%
Glossary definition opens in new window.After Taxes on Distributions
Highland Small-Cap Equity Fund Class C  (Load Adjusted) 3.21% 17.51% 13.65% 5.83% 6.43%
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Highland Small-Cap Equity Fund Class C  (Load Adjusted) 4.65% 15.00% 11.68% 5.90% 6.34%

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

 7, 3, 2 More Information
AS OF 10/31/2014; FUND INCEPTION 9/30/1998
1 Yr 3 Yr 5 Yr 10 Yr Life
Highland Small-Cap Equity Fund Class C 7.17% 15.67% 16.52% 7.89% 8.68%
Highland Small-Cap Equity Fund Class C  (Load Adjusted) 6.19% 15.67% 16.52% 7.89% 8.68%
Russell 2000 8.06% 18.18% 17.39% 8.67% 8.34%
Small Growth 5.86% 16.62% 17.42% 8.93% --
Rank in Morningstar Category 35% 70% 67% 78% --
# of Funds in Morningstar Category 721 649 574 382 --

Hypothetical Growth of $10,000

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AS OF 10/31/2014; MORNINGSTAR CATEGORY: Small Growth
Highland Small-Cap Equity Fund Class C
Small Growth
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
This Fund 14.39% 8.35% 12.18% 1.13% -38.23% 29.34% 25.81% 2.18% 12.68% 31.57% 3.43%
Benchmark 18.33% 4.55% 18.37% -1.57% -33.79% 27.17% 26.85% -4.18% 16.35% 38.82% 1.90%
Category 12.41% 6.02% 10.81% 7.59% -41.55% 35.46% 26.98% -3.55% 13.15% 40.91% -0.07%
+/- Benchmark -3.94% 3.80% -6.19% 2.70% -4.44% 2.17% -1.04% 6.36% -3.67% -7.25% 1.53%
+/- Category 1.98% 2.33% 1.37% -6.46% 3.32% -6.12% -1.17% 5.73% -0.47% -9.34% 3.50%

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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

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AS OF 9/30/2014; FUND INCEPTION 9/30/1998 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
2.66% AS OF 2/1/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Highland Small-Cap Equity Fund Class C 6.23% 18.80% 14.40% 7.52% 8.38%
Highland Small-Cap Equity Fund Class C  (Load Adjusted) 5.25% 18.80% 14.40% 7.52% 8.38%
Glossary definition opens in new window.After Taxes on Distributions
Highland Small-Cap Equity Fund Class C  (Load Adjusted) 3.21% 17.51% 13.65% 5.83% 6.43%
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Highland Small-Cap Equity Fund Class C  (Load Adjusted) 4.65% 15.00% 11.68% 5.90% 6.34%

Read more about after-tax returns.

Cumulative Total Returns

 2 More Information
AS OF 10/31/2014
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
Highland Small-Cap Equity Fund Class C 4.33% 3.43% 4.98% 3.09% 5.59%
Highland Small-Cap Equity Fund Class C  (Load Adjusted) -- 2.43% 3.98% 2.09% 4.59%
Russell 2000 -- 1.90% 6.59% 5.11% 4.83%
Small Growth -- -0.07% 5.25% 5.14% 5.08%
*AS OF 11/26/2014

Fund Risk and Return

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AS OF 10/31/2014; MORNINGSTAR CATEGORY: Small Growth
Risk of this Category Category Risk Rating:7, where 1 is Lower and 10 is Higher
LOWERHIGHER

Risk

The securities of smaller, less well-known companies can be more volatile than those of larger companies. Growth stocks can perform differently from the market as a whole and can be more volatile than other types of stocks. 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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Sharpe Ratio 1.38
AS OF 10/31/2014

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 11.02
AS OF 10/31/2014

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: 10/31/2014
Year Total Returns Capital Gains Dividends Glossary definition opens in new window.Share Class Net Assets ($M)
2014 3.43% -- -- $3.23
2013 31.57% -- -- $3.50
2012 12.68% -- -- $2.91
2011 2.18% -- -- --
2010 25.81% -- -- --
2009 29.34% -- -- --
2008 -38.23% -- -- --
2007 1.13% -- -- --
2006 12.18% -- -- --
2005 8.35% -- -- --

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 10/31/2014; MORNINGSTAR CATEGORY: Small Growth
Overall
3 out of 5 stars
Out of 649 funds
3 Yr
3 out of 5 stars
Out of 649 funds
5 Yr
3 out of 5 stars
Out of 574 funds
10 Yr
3 out of 5 stars
Out of 382 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 Small Growth category tracked by Morningstar was 649 for the 3 year period and Overall Ranking; 574 for the 5 year period; and 382 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 10/31/2014; LIPPER PEER GROUP: Small-Cap
1 Yr
#770 out of 1,386 funds
5 Yr
#636 out of 1,085 funds
10 Yr
#550 out of 737 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 Small Growth
Industrials 20.67% 19.87%
Technology 19.24% 23.97%
Consumer Cyclical 15.48% 15.61%
Healthcare 13.71% 14.35%
Financial Services 12.88% 8.62%
Energy 5.51% 5.22%
Real Estate 5.50% 2.98%
Basic Materials 3.61% 4.37%
Utilities 1.73% 0.48%
Consumer Defensive 1.68% 3.96%
Communication Services 0.00% 0.54%

Asset Allocation

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AS OF 6/30/2014; MORNINGSTAR CATEGORY: Small Growth
Fund Category Average
Cash 2.03% 2.44%
Convertibles 0.00% 0.00%
Domestic Bond 0.00% 0.01%
Preferred Stock 0.00% 0.00%
Foreign Bond 0.00% 0.02%
Foreign Stock 2.76% 3.94%
Others 0.00% 0.08%
Domestic Stock 95.21% 93.50%

Top 10 Holdings

 6 More Information
AS OF 6/30/2014
Raymond James Financial Inc 2.18%
Old Dominion Freight Lines 2.17%
Packaging Corp of America 2.17%
Jarden Corp 2.16%
Genesee & Wyoming Inc Class A 2.12%
SM Energy Co 2.10%
LKQ Corp 2.04%
Mednax Inc 2.01%
HCC Insurance Holdings Inc 1.93%
BioMed Realty Trust Inc 1.90%
% of Total Portfolio 20.77%
Total # of holdings: 86 as of 6/30/2014

Equity StyleMap®*

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

Small Growth

Invest in companies with a market value below $2 billion that fund managers believe are poised for growth. Growth can be based on a variety of factors, such as revenue or earnings growth. Growth funds are typically focused on generating capital gains rather than income.

*96.93%  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
0.54%
Europe - Emerging
0.00%
United States
97.18%
Eurozone
1.73%
Japan
0.00%
Latin America
0.00%
Middle East
0.00%
United Kingdom
0.55%
Europe - ex Euro
0.00%

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

Country Diversification

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AS OF 6/30/2014
Canada
0.54%
United States
97.17%
United Kingdom
0.55%
Ireland
1.74%

Fund Facts

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Fiscal Year End
September
Fund Inception
9/30/1998
Share Class Inception
9/30/1999
Fund Symbol
HSZCX
Order Cutoff Time
01:00 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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1.95%
($19.50 per $1000)
2/1/2014
Distribution and/or service fee(12b-1) Fees
1.00%
Deferred Loads
Deferred Load (CDSC)
1.00%
Back-End Load Schedule
1  year
1.00%

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
$2,500.00
Additional Investment
$250.00
Initial IRA Investment
$2,500.00
Additional IRA Investment
$250.00
Initial Group Retirement Investment 5
$500.00
Additional Group Retirement Investment
$250.00

Features

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Simple IRA
no

Pricing

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AS OF 10/31/2014
NAV
$12.77
11/26/2014
12 Month Low-High
$11.45 - $13.18
Monthly Low-High
$11.45 - $12.66
On 10/31/2014
$12.66

Price History By Month

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Actual Values: Oct. 2014 to Oct. 2013

Close Low High
Oct $12.66 $11.45 $12.66
Sep $12.06 $12.06 $12.76
Aug $12.71 $12.15 $12.72
Jul $12.28 $12.28 $13.02
Jun $12.84 $12.22 $12.84
May $12.23 $11.87 $12.29
Apr $11.99 $11.77 $12.49
Mar $12.29 $12.08 $12.50
Feb $12.32 $11.51 $12.32
Jan $11.89 $11.79 $12.29
Dec $12.24 $12.03 $13.08
Nov $13.13 $12.64 $13.18
Oct $12.85 $12.12 $13.02

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. 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.

7. 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.

8. Expense caps and waivers are limits that the fund company has placed on the level of the expenses borne by the fund until 1/31/2016 and indicates the maximum level of expenses (with certain exceptions) that the fund would be paying until that time. After the expiration date, the expense cap and/or waiver may be terminated or revised, which may lower the fund's yield and return.

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.