Principal Strategic Asset Management Balanced Fund Class A

  • Symbol: SABPX
  • No Transaction Fee No Transaction Fee 1
  • This fund is now available NTF (No Transaction Fee) and offered load-waived through FidelityThis fund is now available NTF (No Transaction Fee) and offered load-waived through Fidelity
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Summary

Morningstar® Snapshot*

AS OF 08/31/2014; MORNINGSTAR CATEGORY: Moderate Allocation
Returns 2 out of 5, Below Average Returns
LOWAVGHIGH
Expenses 4 out of 5, Above Average Fees
LOWAVGHIGH
Risk of this Category Category Risk Rating:5, where 1 is Lower and 10 is Higher
LOWERHIGHER

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

Performance

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AS OF 8/31/2014
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
YTD (Daily)* +3.92% 1 Yr +15.78% 3 Yr +12.20% 5 Yr +11.41% 10 Yr +7.00%
*AS OF 9/30/2014; Value is cumulative

Hypothetical Growth of $10,000

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AS OF 08/31/2014; MORNINGSTAR CATEGORY: Moderate Allocation
Shows growth of hypothetical $10,000 investment in Principal Strategic Asset Management Balanced Fund Class A compared to ,Moderate Allocation over the selected time period
Principal Strategic Asset Management Balanced Fund Class A
Moderate Allocation

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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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Todd A. Jablonski since 1/1/2010 Jill R. Cuniff since 1/1/2010 Charlie D. Averill since 1/1/2010

Fund Overview

Objective

The investment seeks to provide a high level of total return (consisting of reinvestment of income and capital appreciation), consistent with a moderate degree of principal risk.

Strategy

The fund operates as a fund of funds. It: (1) Generally invests between 40% and 80% of its assets in fixed-income funds, and less than 40% in any one fixed-income fund; (2) Generally invests between 20% and 60% of its assets in equity funds, and less than 30% in any one equity fund; (3) Generally invests less than 20% of its assets in specialty funds, and less than 20% in any one specialty fund. The fund may temporarily exceed these applicable percentage ranges for short periods.

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.

Additional Disclosures

A mutual fund registered under Principal Funds Inc, and managed by Principal Management Corp. 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 Moderate Allocation
Fund Inception 7/25/1996
NAV
9/30/2014
$16.13
Glossary definition opens in new window.Exp Ratio (Gross)
4/30/2014
1.36%
($13.60 per $1000)
Glossary definition opens in new window.Exp Ratio (Net)
4/30/2014
1.36%
($13.60 per $1000)
Load 5.50%
Minimum to Invest 5 $2,500.00
Turnover Rate
10/31/2013
16.9%
Glossary definition opens in new window.Portfolio Net Assets ($M)
8/31/2014
$4,948.68
Glossary definition opens in new window.Share Class Net Assets ($M)
8/31/2014
$2,099.94
12 Month Low-High
8/31/2014
$14.78 - $16.51

Fixed Income Characteristics

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30-Day Yield 6
1.22%
8/31/2014

Asset Allocation

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AS OF 8/31/2014; MORNINGSTAR CATEGORY: Moderate Allocation
Asset Allocation
Fund
Cash 3.47%
Convertibles 0.32%
Domestic Bond 25.63%
Preferred Stock 0.89%
Foreign Bond 4.56%
Foreign Stock 15.12%
Others 0.44%
Domestic Stock 49.57%

Quarter-End Average Annual Total Returns

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AS OF 6/30/2014; FUND INCEPTION 7/25/1996 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.36% AS OF 4/30/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Principal Strategic Asset Management Balanced Fund Class A 16.22% 9.97% 13.10% 6.76% --
Principal Strategic Asset Management Balanced Fund Class A  (Load Adjusted) 9.83% 7.91% 11.83% 6.16% 7.35%
Glossary definition opens in new window.After Taxes on Distributions
Principal Strategic Asset Management Balanced Fund Class A  (Load Adjusted) 8.64% 7.00% 10.92% 5.04% 5.85%
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Principal Strategic Asset Management Balanced Fund Class A  (Load Adjusted) 5.84% 5.77% 9.04% 4.52% 5.40%

Please note: This fund is offered load-waived through Fidelity's NTF program.

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 8/31/2014; FUND INCEPTION 7/25/1996
1 Yr 3 Yr 5 Yr 10 Yr Life
Principal Strategic Asset Management Balanced Fund Class A 15.78% 12.20% 11.41% 7.00% 7.67%
Principal Strategic Asset Management Balanced Fund Class A  (Load Adjusted) 9.41% 10.11% 10.16% 6.39% 7.33%
Moderate Allocation 15.49% 11.87% 10.96% 6.70% --
Rank in Morningstar Category 49% 48% 37% 36% --
# of Funds in Morningstar Category 848 739 653 423 --

Please note: This fund is offered load-waived through Fidelity's NTF program.

Yield

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8/31/2014
30-Day Yield 6 1.22%

Hypothetical Growth of $10,000

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AS OF 08/31/2014; MORNINGSTAR CATEGORY: Moderate Allocation
Principal Strategic Asset Management Balanced Fund Class A
Moderate Allocation
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
This Fund 9.23% 5.21% 10.36% 8.25% -26.38% 24.05% 13.10% 0.54% 12.28% 17.10% 6.16%
Category 8.86% 5.13% 11.29% 5.99% -28.00% 24.13% 11.83% -0.11% 11.72% 16.48% 6.40%
+/- Category 0.37% 0.08% -0.93% 2.26% 1.62% -0.08% 1.27% 0.65% 0.56% 0.62% -0.24%

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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 6/30/2014; FUND INCEPTION 7/25/1996 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.36% AS OF 4/30/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Principal Strategic Asset Management Balanced Fund Class A 16.22% 9.97% 13.10% 6.76% --
Principal Strategic Asset Management Balanced Fund Class A  (Load Adjusted) 9.83% 7.91% 11.83% 6.16% 7.35%
Glossary definition opens in new window.After Taxes on Distributions
Principal Strategic Asset Management Balanced Fund Class A  (Load Adjusted) 8.64% 7.00% 10.92% 5.04% 5.85%
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Principal Strategic Asset Management Balanced Fund Class A  (Load Adjusted) 5.84% 5.77% 9.04% 4.52% 5.40%

Please note: This fund is offered load-waived through Fidelity's NTF program.

Read more about after-tax returns.

Cumulative Total Returns

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AS OF 8/31/2014
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
Principal Strategic Asset Management Balanced Fund Class A 3.92% 6.16% 2.55% 2.68% 4.36%
Principal Strategic Asset Management Balanced Fund Class A  (Load Adjusted) -- 0.32% -3.09% -2.97% -1.38%
Moderate Allocation -- 6.40% 2.40% 2.45% 4.79%
*AS OF 9/30/2014

Please note: This fund is offered load-waived through Fidelity's NTF program.

Fund Risk and Return

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AS OF 8/31/2014; MORNINGSTAR CATEGORY: Moderate Allocation
Risk of this Category Category Risk Rating:5, where 1 is Lower and 10 is Higher
LOWERHIGHER

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.

Volatility Measures

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Sharpe Ratio 1.42
AS OF 8/31/2014

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 8.36
AS OF 8/31/2014

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

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Current year's data as of: 8/31/2014
Year Total Returns Capital Gains Dividends Glossary definition opens in new window.Share Class Net Assets ($M)
2014 6.16% -- -- $2,099.94
2013 17.10% -- -- $1,948.25
2012 12.28% -- -- $1,658.75
2011 0.54% -- -- --
2010 13.10% -- -- --
2009 24.05% -- -- --
2008 -26.38% -- -- --
2007 8.25% -- -- $2,443.50
2006 10.36% -- -- $2,409.10
2005 5.21% -- -- $2,219.30

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 08/31/2014; MORNINGSTAR CATEGORY: Moderate Allocation
Overall
3 out of 5 stars
Out of 739 funds
3 Yr
2 out of 5 stars
Out of 739 funds
5 Yr
3 out of 5 stars
Out of 653 funds
10 Yr
3 out of 5 stars
Out of 423 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 Moderate Allocation category tracked by Morningstar was 739 for the 3 year period and Overall Ranking; 653 for the 5 year period; and 423 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 8/31/2014; LIPPER PEER GROUP: Balanced
1 Yr
#423 out of 684 funds
5 Yr
#243 out of 597 funds
10 Yr
#143 out of 364 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 8/31/2014
Portfolio Weight Moderate Allocation
Financial Services 18.96% 16.37%
Technology 14.30% 14.04%
Healthcare 12.50% 12.92%
Industrials 11.04% 11.85%
Consumer Cyclical 10.97% 11.63%
Energy 10.39% 10.10%
Consumer Defensive 6.34% 8.59%
Real Estate 4.95% 3.03%
Basic Materials 4.69% 4.54%
Utilities 3.19% 3.06%
Communication Services 2.68% 3.86%

Portfolio Diversification (Bonds)

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AS OF 8/31/2014
Portfolio Weight Moderate Allocation
Future/Forward 0.03% 4.06%
Municipal Taxable 0.00% 0.41%
Non-Agency Residential Mortgage-Backed 1.98% 1.39%
Bank Loan 0.95% 0.57%
Swap 0.45% 0.19%
Government Related 6.08% 5.34%
Convertible 0.17% 1.01%
Agency Mortgage-Backed 25.59% 8.03%
Option/Warrant 0.00% 0.00%
Municipal Tax-Exempt 0.00% 0.57%
Cash & Equivalents 18.19% 21.35%
Preferred Stock 1.70% 0.60%
Government 7.25% 22.21%
Commercial Mortgage-Backed 1.62% 6.32%
Corporate Bond 31.75% 26.31%
Covered Bond 0.00% 0.01%
Asset-Backed 4.22% 1.66%

Asset Allocation

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AS OF 8/31/2014; MORNINGSTAR CATEGORY: Moderate Allocation
Fund Category Average
Cash 3.47% 8.06%
Convertibles 0.32% 0.83%
Domestic Bond 25.63% 26.96%
Preferred Stock 0.89% 0.58%
Foreign Bond 4.56% 4.67%
Foreign Stock 15.12% 14.32%
Others 0.44% 0.84%
Domestic Stock 49.57% 43.73%

Top 10 Holdings

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AS OF 8/31/2014

Credit Quality

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AS OF 7/31/2014
AAA 42.87%
AA 9.46%
A 8.01%
BBB 23.23%
BB 6.01%
B 6.46%
Below B 2.99%
Not Rated 0.98%

Fixed Income Characteristics

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30-Day Yield 6
1.22%
8/31/2014

Equity StyleMap®*

AS OF 8/31/2014
Capitalization
LG current
MD
SM
Value Blend Growth
Style
Current
Historical

Large Blend

Invest in companies with market values greater than $10 billion. These funds invest in a combination of growth and value-oriented stocks.

*65.5%  Fund Assets Covered

Fixed Income StyleMap®*

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AS OF 8/31/2014
Credit Quality
High
Med
Low current
Ltd Mod Ext
Interest Rate Sensitivity
Current
Historical

Low Quality Moderate Sensitivity

Hold securities with a low asset-weighted average credit rating and a moderate sensitivity to interest rate changes as defined by the fund's effective duration, both according to Morningstar's rating system.

*30.51%  Fund Assets Covered

Regional Diversification

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AS OF 8/31/2014
Africa
0.44%
Asia - Developed
2.47%
Asia - Emerging
2.03%
Australasia
0.87%
Canada
3.54%
Europe - Emerging
0.25%
United States
76.76%
Eurozone
3.64%
Japan
2.57%
Latin America
1.03%
Middle East
0.30%
United Kingdom
3.16%
Europe - ex Euro
2.94%

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

Country Diversification

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AS OF 8/31/2014
Australia
0.68%
Canada
3.09%
China
0.71%
France
0.92%
United States
80.80%
South Korea
0.64%
Switzerland
1.17%
Taiwan
0.78%
United Kingdom
2.64%
Japan
1.84%

Fund Facts

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Fiscal Year End
October
Fund Inception
7/25/1996
Fund Symbol
SABPX
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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1.36%
($13.60 per $1000)
4/30/2014
1.36%
($13.60 per $1000)
4/30/2014
Distribution and/or service fee(12b-1) Fees
0.25%
Loads
Front End Load
5.50%
Front-End Load Schedule
$0.00 - $49,999.00
5.50%
$50,000.00 - $99,999.00
4.75%
$100,000.00 - $249,999.00
3.75%
$250,000.00 - $499,999.00
3.00%
$500,000.00 - $999,999.00
2.00%
$1,000,000.00 - $4,999,999.00
0.00%
$5,000,000.00 - $999,999,999.99
0.00%
Rights of Accumulation Rules
Roll-up Level
Family
Valuation Method
Market Value
Householding Level
Household
Price Valuation Method
NAV

Please note: This fund is offered load-waived through Fidelity's NTF program.

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
yes

Pricing

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AS OF 8/31/2014
NAV
$16.13
9/30/2014
12 Month Low-High
$14.78 - $16.51
Monthly Low-High
$15.98 - $16.51
On 8/31/2014
$16.51

Price History By Month

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Actual Values: Aug. 2014 to Aug. 2013

Close Low High
Aug $16.51 $15.98 $16.51
Jul $16.10 $16.10 $16.47
Jun $16.37 $16.11 $16.39
May $16.11 $15.80 $16.11
Apr $15.84 $15.52 $15.95
Mar $15.84 $15.72 $15.97
Feb $15.88 $15.10 $15.88
Jan $15.32 $15.28 $15.67
Dec $15.61 $15.52 $15.78
Nov $15.81 $15.48 $15.82
Oct $15.60 $15.02 $15.71
Sep $15.16 $14.78 $15.36
Aug $14.73 $14.73 $15.18

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. No Transaction Fee funds are available without paying a transaction fee. No Transaction Fee funds will also be offered without a load or on a load waived basis. However, the fund may charge a short term trading fee or a redemption fee. Other fees and expenses, including those which apply to a continued investment in the fund, are described in the fund's current prospectus. Fidelity Brokerage Services LLC ("FBS"), or its affiliates, may receive compensation in connection with the purchase and/or the ongoing maintenance of positions in certain No Transaction Fee mutual funds in your account. FBS may also receive compensation for such things as systems development necessary to establish a fund on its systems, a fund's attendance at events for FBS's clients and/or representatives, and opportunities for the fund to promote its products and services. This compensation may take the form of sales loads and 12b-1 fees described in the prospectus and/or additional compensation paid by the fund, its investment adviser or an affiliate. Additional information about the source(s) and amount(s) of this compensation as well as any other remuneration received by FBS or its affiliates will be furnished upon request.

Fidelity will charge a short term trading fee each time you sell or exchange shares of FundsNetwork No Transaction Fee (NTF) funds held less than 60 days (short-term trade). Money market funds, funds redeemed through the Personal Withdrawal Service, and shares purchased through dividend reinvestment are not subject to this short-term trading fee. As well, Fidelity reserves the right to exempt other funds from this fee, such as funds designed to achieve their stated objective on a short-term basis. The short-term trading fee will be based on the fee scheduled detailed in the Understanding Fidelity's FundsNetwork Fees section. Please be aware that certain FundsNetwork funds may be subject to separate and additional redemption fees imposed by the particular fund. Please refer to that fund's current prospectus for details.

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.