Putnam High Yield Advantage Fund Class A

  • Symbol: PHYIX
  • No Transaction Fee No Transaction Fee 1
  • Information
    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 11/30/2014; MORNINGSTAR CATEGORY: High Yield Bond
Returns 2 out of 5, Below Average Returns
LOWAVGHIGH
Expenses 3 out of 5, Average Fees
LOWAVGHIGH
Risk of this Category Category Risk Rating:5, 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 11/30/2014
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
YTD (Daily)* -0.22% 1 Yr +3.79% 3 Yr +9.26% 5 Yr +8.83% 10 Yr +7.30%
*AS OF 12/15/2014; Value is cumulative

Hypothetical Growth of $10,000

 3, 4 More Information
AS OF 11/30/2014; MORNINGSTAR CATEGORY: High Yield Bond
Shows growth of hypothetical $10,000 investment in Putnam High Yield Advantage Fund Class A compared to JPM Devlpd HY (TR),High Yield Bond over the selected time period
Putnam High Yield Advantage Fund Class A
High Yield Bond

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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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Robert L. Salvin since 12/31/2005 Norman P. Boucher since 9/1/2005 Paul D. Scanlon since 12/31/2002

Fund Overview

Objective

The investment seeks high current income, and capital appreciation is a secondary consideration.

Strategy

The fund invests mainly in bonds that are obligations of U.S. companies, are below investment-grade in quality (sometimes referred to as "junk bonds"), and have intermediate- to long-term maturities (three years or longer). The adviser may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. The fund may also invest in other debt instruments, including loans.

Risk

The fund may invest in lower-quality debt securities that involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. 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. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. 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 Putnam High Yield Advantage Fund, and managed by Putnam Investment Management, LLC. 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 High Yield Bond
Fund Inception 3/25/1986
NAV
12/16/2014
$5.86
Glossary definition opens in new window.Exp Ratio (Gross)
3/30/2014
1.04%
($10.40 per $1000)
Glossary definition opens in new window.Exp Ratio (Net)
3/30/2014
1.04%
($10.40 per $1000)
Load 4.00%
Minimum to Invest 5 $2,500.00
Turnover Rate
11/30/2013
49%
Glossary definition opens in new window.Portfolio Net Assets ($M)
11/30/2014
$906.47
Glossary definition opens in new window.Share Class Net Assets ($M)
11/30/2014
$530.18
12 Month Low-High
11/30/2014
$6.07 - $6.36

Fixed Income Characteristics

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30-Day Yield 6
4.50%
11/30/2014

Top 10 Holdings

 7 More Information
AS OF 9/30/2014
Top 10 Holdings
Intelsat Luxembourg S A 7.75% 0.72%
Hca 6.5% 0.63%
Linn Engy 6.25% 0.53%
Mtr Gaming Grp 11.5% 0.53%
Petrobakken Engy 144A 8.625% 0.53%
Ceridian Hcm Hldg 144A 11% 0.52%
Halcon Res 8.875% 0.52%
Royal Bank 1 SFR 0.51%
Amer Axle & Mfg 7.75% 0.51%
Landrys 144A 9.375% 0.50%
% of Total Portfolio 5.51%
Total # of holdings: 609 as of 9/30/2014

Quarter-End Average Annual Total Returns

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AS OF 9/30/2014; FUND INCEPTION 3/25/1986 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.04% AS OF 3/30/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Putnam High Yield Advantage Fund Class A 6.14% 10.30% 9.34% 7.59% 7.72%
Putnam High Yield Advantage Fund Class A  (Load Adjusted) 1.89% 8.81% 8.45% 7.15% 7.56%
JPM Devlpd HY (TR) 7.66% 11.43% -- -- --
High Yield Bond 6.00% 9.98% 9.39% 6.93% --
Glossary definition opens in new window.After Taxes on Distributions
Putnam High Yield Advantage Fund Class A  (Load Adjusted) -0.42% 6.19% 5.78% 4.42% 3.86%
High Yield Bond 2.17% 6.98% 6.49% 4.13% --
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Putnam High Yield Advantage Fund Class A  (Load Adjusted) 1.06% 5.68% 5.47% 4.41% 4.12%
High Yield Bond 2.89% 6.41% 6.13% 4.23% --

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 11/30/2014; FUND INCEPTION 3/25/1986
1 Yr 3 Yr 5 Yr 10 Yr Life
Putnam High Yield Advantage Fund Class A 3.79% 9.26% 8.83% 7.30% 7.69%
Putnam High Yield Advantage Fund Class A  (Load Adjusted) -0.36% 7.79% 7.95% 6.86% 7.53%
JPM Devlpd HY (TR) 4.55% 10.18% -- -- --
High Yield Bond 3.39% 8.82% 8.85% 6.64% --
Rank in Morningstar Category 43% 39% 53% 23% --
# of Funds in Morningstar Category 737 576 504 350 --

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

Yield

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11/30/2014
30-Day Yield 6 4.50%

Hypothetical Growth of $10,000

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AS OF 11/30/2014; MORNINGSTAR CATEGORY: High Yield Bond
Putnam High Yield Advantage Fund Class A
High Yield Bond
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
This Fund 11.29% 3.25% 12.11% 3.44% -24.22% 48.32% 13.34% 3.15% 15.11% 6.81% 3.34%
Benchmark -- -- -- -- -- -- 14.86% 6.59% 15.67% 8.44% 3.87%
Category 9.99% 2.59% 10.14% 1.47% -26.41% 46.70% 14.24% 2.83% 14.67% 6.90% 2.83%
+/- Benchmark -- -- -- -- -- -- -1.52% -3.44% -0.56% -1.63% -0.53%
+/- Category 1.30% 0.66% 1.97% 1.97% 2.19% 1.62% -0.90% 0.32% 0.44% -0.09% 0.51%

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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 3/25/1986 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.04% AS OF 3/30/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Putnam High Yield Advantage Fund Class A 6.14% 10.30% 9.34% 7.59% 7.72%
Putnam High Yield Advantage Fund Class A  (Load Adjusted) 1.89% 8.81% 8.45% 7.15% 7.56%
JPM Devlpd HY (TR) 7.66% 11.43% -- -- --
High Yield Bond 6.00% 9.98% 9.39% 6.93% --
Glossary definition opens in new window.After Taxes on Distributions
Putnam High Yield Advantage Fund Class A  (Load Adjusted) -0.42% 6.19% 5.78% 4.42% 3.86%
High Yield Bond 2.17% 6.98% 6.49% 4.13% --
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Putnam High Yield Advantage Fund Class A  (Load Adjusted) 1.06% 5.68% 5.47% 4.41% 4.12%
High Yield Bond 2.89% 6.41% 6.13% 4.23% --

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 11/30/2014
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
Putnam High Yield Advantage Fund Class A -0.22% 3.34% -0.70% -1.73% -0.78%
Putnam High Yield Advantage Fund Class A  (Load Adjusted) -- -0.80% -4.67% -5.67% -4.75%
JPM Devlpd HY (TR) -- 3.87% -0.85% -1.98% -0.97%
High Yield Bond -- 2.83% -0.66% -1.90% -1.13%
*AS OF 12/15/2014

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

Fund Risk and Return

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AS OF 11/30/2014; MORNINGSTAR CATEGORY: High Yield Bond
Risk of this Category Category Risk Rating:5, where 1 is Lower and 10 is Higher
LOWERHIGHER

Risk

The fund may invest in lower-quality debt securities that involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. 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. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. 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 2.03
AS OF 11/30/2014

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 4.40
AS OF 11/30/2014

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

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Current year's data as of: 11/30/2014
Year Total Returns Capital Gains Dividends Glossary definition opens in new window.Share Class Net Assets ($M)
2014 3.34% -- -- $530.18
2013 6.81% -- -- $562.29
2012 15.11% -- -- $721.50
2011 3.15% -- -- $536.36
2010 13.34% -- -- $538.88
2009 48.32% -- -- $511.43
2008 -24.22% -- -- $297.66
2007 3.44% -- -- $374.10
2006 12.11% -- -- $433.90
2005 3.25% -- -- --

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

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. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

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 11/30/2014; MORNINGSTAR CATEGORY: High Yield Bond
Overall
3 out of 5 stars
Out of 576 funds
3 Yr
2 out of 5 stars
Out of 576 funds
5 Yr
2 out of 5 stars
Out of 504 funds
10 Yr
3 out of 5 stars
Out of 350 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 High Yield Bond category tracked by Morningstar was 576 for the 3 year period and Overall Ranking; 504 for the 5 year period; and 350 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 11/30/2014; LIPPER PEER GROUP: High Yield
1 Yr
#266 out of 618 funds
5 Yr
#222 out of 418 funds
10 Yr
#68 out of 281 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

Portfolio Diversification (Bonds)

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AS OF 9/30/2014
Portfolio Weight High Yield Bond
Bank Loan 1.86% 2.56%
Commercial Mortgage-Backed 0.63% 0.52%
Asset-Backed 0.00% 0.58%
Covered Bond 0.00% 0.00%
Option/Warrant 0.00% 0.00%
Preferred Stock 0.00% 0.26%
Agency Mortgage-Backed 0.00% 0.25%
Municipal Tax-Exempt 0.00% 0.00%
Municipal Taxable 0.00% 0.03%
Future/Forward 1.28% 0.01%
Cash & Equivalents 3.61% 5.18%
Corporate Bond 86.41% 81.25%
Non-Agency Residential Mortgage-Backed 0.00% 0.39%
Swap 0.00% 1.87%
Convertible 1.81% 0.86%
Government 4.27% 5.82%
Government Related 0.12% 0.42%

Asset Allocation

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AS OF 9/30/2014; MORNINGSTAR CATEGORY: High Yield Bond
Fund Category Average
Cash 3.56% 3.26%
Convertibles 0.35% 0.88%
Domestic Bond 75.16% 71.28%
Preferred Stock 0.34% 0.83%
Foreign Bond 17.00% 22.73%
Foreign Stock 0.00% 0.16%
Others 3.59% 0.06%
Domestic Stock 0.00% 0.81%

Top 10 Holdings

 7 More Information
AS OF 9/30/2014
Intelsat Luxembourg S A 7.75% 0.72%
Hca 6.5% 0.63%
Linn Engy 6.25% 0.53%
Mtr Gaming Grp 11.5% 0.53%
Petrobakken Engy 144A 8.625% 0.53%
Ceridian Hcm Hldg 144A 11% 0.52%
Halcon Res 8.875% 0.52%
Royal Bank 1 SFR 0.51%
Amer Axle & Mfg 7.75% 0.51%
Landrys 144A 9.375% 0.50%
% of Total Portfolio 5.51%
Total # of holdings: 609 as of 9/30/2014

Credit Quality

 7 More Information
AS OF 9/30/2014
AAA 0.00%
AA 0.00%
A 0.47%
BBB 4.11%
BB 47.36%
B 35.17%
Below B 12.11%
Not Rated 0.78%

Fixed Income Characteristics

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30-Day Yield 6
4.50%
11/30/2014

Fixed Income StyleMap®*

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AS OF 9/30/2014
Credit Quality
High
Med
Low current
Ltd Mod Ext
Interest Rate Sensitivity
Current
Historical

Low Quality Limited Sensitivity

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

*92.51%  Fund Assets Covered

Country Diversification

 7 More Information
AS OF 9/30/2014
Bermuda
0.44%
Canada
6.24%
Cayman Islands
0.67%
France
0.99%
United States
81.57%
Japan
0.43%
Luxembourg
4.73%
Netherlands
1.05%
United Kingdom
1.95%
Ireland
0.34%

Fund Facts

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Fiscal Year End
November
Fund Inception
3/25/1986
Fund Symbol
PHYIX
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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1.04%
($10.40 per $1000)
3/30/2014
1.04%
($10.40 per $1000)
3/30/2014
Distribution and/or service fee(12b-1) Fees
0.25%
Loads
Front End Load
4.00%
Front-End Load Schedule
$0.00 - $49,999.00
4.00%
$50,000.00 - $99,999.00
4.00%
$100,000.00 - $249,999.00
3.25%
$250,000.00 - $499,999.00
2.50%
$500,000.00 - $3,999,999.00
0.00%
$4,000,000.00 - $999,999,998.99
0.00%
Rights of Accumulation Rules
Roll-up Level
Family
Valuation Method
Better of Market Value or Cost
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 11/30/2014
NAV
$5.86
12/16/2014
12 Month Low-High
$6.07 - $6.36
Monthly Low-High
$6.09 - $6.19
On 11/30/2014
$6.11

Price History By Month

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Actual Values: Nov. 2014 to Nov. 2013

Close Low High
Nov $6.11 $6.09 $6.19
Oct $6.18 $6.07 $6.19
Sep $6.14 $6.12 $6.30
Aug $6.30 $6.21 $6.30
Jul $6.24 $6.24 $6.35
Jun $6.35 $6.33 $6.36
May $6.32 $6.30 $6.33
Apr $6.29 $6.28 $6.30
Mar $6.29 $6.26 $6.30
Feb $6.29 $6.20 $6.29
Jan $6.21 $6.21 $6.26
Dec $6.20 $6.18 $6.21
Nov $6.20 $6.17 $6.20

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.