Rydex NASDAQ-100 ® 2X Strategy Fund - H-Class

  • Symbol: RYVYX
  • No Transaction Fee No Transaction Fee 1
  • This fund is an inverse and/or leveraged mutual fund. Click here for more details on the risks associated with these types of funds.This fund is an inverse and/or leveraged mutual fund. Click here for more details on the risks associated with these types of funds.
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Summary

Morningstar® Snapshot*

AS OF 10/31/2014; MORNINGSTAR CATEGORY: Trading-Leveraged Equity
Overall Rating Not available
Not Available
Returns Not available
Not Available
Expenses 3 out of 5, Average Fees
LOWAVGHIGH
Risk of this Category Category Risk Rating:10, 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

 2 More Information
AS OF 10/31/2014
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
YTD (Daily)* +40.43% 1 Yr +49.05% 3 Yr +43.10% 5 Yr +39.77% 10 Yr +14.82%
*AS OF 11/25/2014; Value is cumulative

Hypothetical Growth of $10,000

 3, 4 More Information
AS OF 10/31/2014; MORNINGSTAR CATEGORY: Trading-Leveraged Equity
Shows growth of hypothetical $10,000 investment in Rydex NASDAQ-100 ® 2X Strategy Fund - H-Class compared to Russell 1000 Growth,Trading-Leveraged Equity over the selected time period
Rydex NASDAQ-100 ® 2X Strategy Fund - H-Class
Trading-Leveraged Equity

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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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Ryan A. Harder since 3/14/2008 Michael J. Dellapa since 5/1/2006 Michael P. Byrum since 5/1/2005

Fund Overview

Objective

The Rydex NASDAQ-100 ® 2X Strategy Fund is an aggressive growth leveraged index mutual fund that seeks daily investment results for short-term trading. The Fund seeks to provide investment results that match the performance of a specific benchmark on a daily basis. The Fund's current benchmark is 200% of the daily performance of the NASDAQ-100 Index®.

Strategy

Unlike a traditional index fund, the Fund employs as its investment strategy a program of investing in leveraged derivative instruments, which primarily consist of equity index swaps, futures contracts, and options on securities, futures contracts, and stock indices. Equity index swaps and futures and options contracts enable the Fund to pursue its objective without investing directly in the securities included in the underlying index, or in the same proportion that those securities are represented in the underlying index. The Fund also may invest in American Depositary Receipts ("ADRs") to gain exposure to the underlying index. Under normal circumstances, the Fund will invest at least 80% of its net assets in financial instruments with economic characteristics that should perform similarly to the securities of companies included in the underlying index. On a day-to-day basis, the Fund may hold U.S. Government securities or cash equivalents to collateralize its derivative positions. The Fund also may purchase common stock of companies that are generally within the capitalization range of the NASDAQ-100 Index ®. Investing in derivatives may involve the use of leverage, which can increase market exposure and magnify investment risk.

Risk

If the Fund meets its objective, the value of the Fund's shares will tend to increase on a daily basis by 200% of any increase in the value of the benchmark index. When the value of the benchmark index declines, the value of the Fund's shares should also decrease on a daily basis by 200% of any decrease in the value of the benchmark index (e.g., if the value of the benchmark index goes down by 5%, the value of the Fund's shares should go down by 10% on that day). It is important to understand that because the Fund has a daily performance objective, the Fund's performance is unlikely to track the performance of the NASDAQ 100 ® Index over any longer time periods. There are several reasons for this, but one important element is the effect of compounding on the daily returns. The deviation between the NASDAQ 100 ® Index and the Fund can be particularly pronounced in volatile markets with wide daily price swings. Even when the index does not go up or down significantly over a period of time, the value of the Fund can diverge significantly from the multiple of the index if there has been volatility during the period. However, if the index moves in the same direction each day over any period, the Fund may do better than the target multiple. 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. Share price and returns will vary. For additional information on the fund and what it may invest in, you should consult the prospectus for the Fund.

Additional Disclosures

Managed by PADCO Advisors, Inc., which operates under the name Rydex Investments. This fund description was derived from the prospectus for the Fund.

The NASDAQ-100 Index includes 100 of the largest non-financial companies listed on the NASDAQ Stock Market based on market capitalization.

Details

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Morningstar Category Trading-Leveraged Equity
Fund Inception 5/24/2000
NAV
11/25/2014
$378.64
Glossary definition opens in new window.Exp Ratio (Gross)
8/1/2014
1.77%
($17.70 per $1000)
Glossary definition opens in new window.Exp Ratio (Net)
8/1/2014
1.77%
($17.70 per $1000)
Minimum to Invest 5 $2,500.00
Turnover Rate
3/31/2014
346%
Glossary definition opens in new window.Portfolio Net Assets ($M)
10/31/2014
$454.46
Glossary definition opens in new window.Share Class Net Assets ($M)
10/31/2014
$416.02
12 Month Low-High
10/31/2014
$246.59 - $355.21

Top 10 Holdings

 6 More Information
AS OF 10/31/2014
Top 10 Holdings
Apple Inc 12.64%
Microsoft Corp 7.56%
Google Inc 3.70%
Gilead Sciences Inc 3.31%
Intel Corp 3.29%
Facebook Inc Class A 3.28%
Google Inc Class A 3.14%
Amazon.com Inc 2.76%
Qualcomm Inc 2.57%
Cisco Systems Inc 2.45%
% of Total Portfolio 44.70%
Total # of holdings: 111 as of 10/31/2014

Quarter-End Average Annual Total Returns

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AS OF 9/30/2014; FUND INCEPTION 5/24/2000 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.77% AS OF 8/1/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Rydex NASDAQ-100 ® 2X Strategy Fund - H-Class 56.16% 50.15% 36.64% 15.38% -8.08%
Glossary definition opens in new window.After Taxes on Distributions
Rydex NASDAQ-100 ® 2X Strategy Fund - H-Class 53.63% 49.33% 36.20% 15.17% -8.24%
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Rydex NASDAQ-100 ® 2X Strategy Fund - H-Class 32.95% 40.90% 30.88% 13.00% -5.23%

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 5/24/2000
1 Yr 3 Yr 5 Yr 10 Yr Life
Rydex NASDAQ-100 ® 2X Strategy Fund - H-Class 49.05% 43.10% 39.77% 14.82% -7.73%
Russell 1000 Growth 17.11% 19.30% 17.43% 9.05% 2.57%
Trading-Leveraged Equity 17.95% 23.73% 19.92% 6.55% --
Rank in Morningstar Category 4% 6% 5% 7% --
# of Funds in Morningstar Category 105 105 101 80 --

Hypothetical Growth of $10,000

 3, 4 More Information
AS OF 10/31/2014; MORNINGSTAR CATEGORY: Trading-Leveraged Equity
Rydex NASDAQ-100 ® 2X Strategy Fund - H-Class
Trading-Leveraged Equity
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
This Fund 14.69% -3.05% 5.29% 29.04% -72.76% 118.55% 36.46% -0.90% 33.98% 80.18% 31.74%
Benchmark 6.30% 5.26% 9.07% 11.81% -38.44% 37.21% 16.71% 2.64% 15.26% 33.48% 10.73%
Category -- -- -- -- -- -- -- -- -- 46.91% 9.84%
+/- Benchmark 8.39% -8.31% -3.78% 17.23% -34.32% 81.34% 19.75% -3.54% 18.72% 46.70% 21.01%
+/- Category -- -- -- -- -- -- -- -- -- 33.27% 21.90%

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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 5/24/2000 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.77% AS OF 8/1/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Rydex NASDAQ-100 ® 2X Strategy Fund - H-Class 56.16% 50.15% 36.64% 15.38% -8.08%
Glossary definition opens in new window.After Taxes on Distributions
Rydex NASDAQ-100 ® 2X Strategy Fund - H-Class 53.63% 49.33% 36.20% 15.17% -8.24%
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Rydex NASDAQ-100 ® 2X Strategy Fund - H-Class 32.95% 40.90% 30.88% 13.00% -5.23%

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
Rydex NASDAQ-100 ® 2X Strategy Fund - H-Class 40.43% 31.74% 4.82% 13.38% 33.61%
Russell 1000 Growth -- 10.73% 2.64% 5.78% 9.50%
Trading-Leveraged Equity -- 9.84% 3.76% 4.14% 10.92%
*AS OF 11/25/2014

Fund Risk and Return

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AS OF 10/31/2014; MORNINGSTAR CATEGORY: Trading-Leveraged Equity
Return of this Fund within Morningstar Category Not available
Not Available
Risk of this Fund within Morningstar Category Not available
Not Available
Risk of this Category Category Risk Rating:10, where 1 is Lower and 10 is Higher
LOWERHIGHER

Risk

If the Fund meets its objective, the value of the Fund's shares will tend to increase on a daily basis by 200% of any increase in the value of the benchmark index. When the value of the benchmark index declines, the value of the Fund's shares should also decrease on a daily basis by 200% of any decrease in the value of the benchmark index (e.g., if the value of the benchmark index goes down by 5%, the value of the Fund's shares should go down by 10% on that day). It is important to understand that because the Fund has a daily performance objective, the Fund's performance is unlikely to track the performance of the NASDAQ 100 ® Index over any longer time periods. There are several reasons for this, but one important element is the effect of compounding on the daily returns. The deviation between the NASDAQ 100 ® Index and the Fund can be particularly pronounced in volatile markets with wide daily price swings. Even when the index does not go up or down significantly over a period of time, the value of the Fund can diverge significantly from the multiple of the index if there has been volatility during the period. However, if the index moves in the same direction each day over any period, the Fund may do better than the target multiple. 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. Share price and returns will vary. For additional information on the fund and what it may invest in, you should consult the prospectus for the Fund.

Volatility Measures

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Beta 2.22
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 0.88
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 1.62
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 24.11
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

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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 31.74% -- -- $416.02
2013 80.18% -- -- $451.61
2012 33.98% -- -- $141.45
2011 -0.90% -- -- $114.04
2010 36.46% -- -- $234.77
2009 118.55% -- -- $197.63
2008 -72.76% -- -- $129.69
2007 29.04% -- -- $384.70
2006 5.29% -- -- $300.60
2005 -3.05% -- -- $562.70

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

Lipper Ranking

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AS OF 10/31/2014; LIPPER PEER GROUP: Equity Leverage
1 Yr
#20 out of 173 funds
5 Yr
#12 out of 131 funds
10 Yr
#5 out of 71 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 10/31/2014
Portfolio Weight
Technology 57.80%
Healthcare 15.07%
Consumer Cyclical 13.05%
Communication Services 5.80%
Consumer Defensive 4.73%
Industrials 3.22%
Basic Materials 0.35%
Energy 0.00%
Financial Services 0.00%
Real Estate 0.00%
Utilities 0.00%

Portfolio Diversification (Bonds)

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AS OF 10/31/2014
Portfolio Weight Trading-Leveraged Equity
Commercial Mortgage-Backed 0.00% 0.00%
Bank Loan 0.00% 0.00%
Future/Forward 0.00% 0.00%
Government Related 0.00% 0.00%
Government 0.00% 0.00%
Corporate Bond 0.00% 0.06%
Agency Mortgage-Backed 0.00% 0.00%
Non-Agency Residential Mortgage-Backed 0.00% 0.00%
Option/Warrant 0.00% 0.00%
Municipal Taxable 0.00% 0.00%
Covered Bond 0.00% 0.00%
Convertible 0.00% 0.00%
Preferred Stock 0.00% 0.02%
Swap 0.00% 0.00%
Municipal Tax-Exempt 0.00% 0.00%
Asset-Backed 0.00% 0.00%
Cash & Equivalents 100.00% 99.92%

Asset Allocation

 6 More Information
AS OF 10/31/2014; MORNINGSTAR CATEGORY: Trading-Leveraged Equity
Fund Category Average
Cash 7.51% -117.51%
Convertibles 0.00% 0.00%
Domestic Bond 0.00% 0.00%
Preferred Stock 0.00% 0.03%
Foreign Bond 0.00% 0.00%
Foreign Stock 3.12% 129.14%
Others 1.00% 14.00%
Domestic Stock 88.37% 74.34%

Top 10 Holdings

 6 More Information
AS OF 10/31/2014
Apple Inc 12.64%
Microsoft Corp 7.56%
Google Inc 3.70%
Gilead Sciences Inc 3.31%
Intel Corp 3.29%
Facebook Inc Class A 3.28%
Google Inc Class A 3.14%
Amazon.com Inc 2.76%
Qualcomm Inc 2.57%
Cisco Systems Inc 2.45%
% of Total Portfolio 44.70%
Total # of holdings: 111 as of 10/31/2014

Equity StyleMap®*

AS OF 10/31/2014
Capitalization
LG current
MD
SM
Value Blend Growth
Style
Current
Historical

Large Growth

Invest in companies with market values greater than $10 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.

*89.64%  Fund Assets Covered

Regional Diversification

 6 More Information
AS OF 10/31/2014
Africa
0.00%
Asia - Developed
0.00%
Asia - Emerging
1.42%
Australasia
0.00%
Canada
0.21%
Europe - Emerging
0.00%
United States
96.85%
Eurozone
0.58%
Japan
0.00%
Latin America
0.00%
Middle East
0.30%
United Kingdom
0.57%
Europe - ex Euro
0.06%

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

Country Diversification

 6 More Information
AS OF 10/31/2014
Canada
0.21%
China
1.42%
Israel
0.31%
United States
96.84%
Switzerland
0.07%
United Kingdom
0.57%
Netherlands
0.58%

Fund Facts

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Fiscal Year End
March
Fund Inception
5/24/2000
Fund Symbol
RYVYX
Order Cutoff Time
03:55 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

More Information
1.77%
($17.70 per $1000)
8/1/2014
Distribution and/or service fee(12b-1) Fees
0.25%

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
$1,000.00
Additional Group Retirement Investment
$250.00

Features

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Simple IRA
yes

Pricing

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AS OF 10/31/2014
NAV
$378.64
11/25/2014
12 Month Low-High
$246.59 - $355.21
Monthly Low-High
$291.83 - $355.21
On 10/31/2014
$355.21

Price History By Month

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Actual Values: Oct. 2014 to Oct. 2013

Close Low High
Oct $355.21 $291.83 $355.21
Sep $338.87 $331.83 $348.18
Aug $345.11 $308.13 $345.11
Jul $313.28 $309.41 $328.77
Jun $307.15 $288.75 $307.15
May $289.72 $260.12 $289.72
Apr $265.86 $246.59 $279.82
Mar $269.18 $264.31 $290.24
Feb $285.06 $246.60 $285.70
Jan $258.55 $250.79 $274.66
Dec $269.62 $249.85 $277.54
Nov $273.22 $247.61 $273.22
Oct $255.71 $221.85 $257.85

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. 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.

Please note that investors should only purchase an inverse and/or leveraged mutual fund if they understand, and are prepared to take on, the increased risks associated with these types of funds.

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.