Oppenheimer SteelPath MLP Alpha Fund Class A

  • Symbol: MLPAX
  • 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 05/31/2015; MORNINGSTAR CATEGORY: Energy Limited Partnership
Returns 2 out of 5, Below Average Returns
LOWAVGHIGH
Expenses 3 out of 5, Average Fees
LOWAVGHIGH
Risk of this Category Category Risk Rating:8, where 1 is Lower and 10 is Higher
LOWERHIGHER

*Data provided by Morningstar.

Performance

 2 More Information
AS OF 5/31/2015
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr Life
YTD (Daily)* -4.31% 1 Yr -3.19% 3 Yr +12.17% 5 Yr +10.79% Life of Fund +10.14%
*AS OF 6/29/2015; Value is cumulative

Hypothetical Growth of $10,000

 3, 4 More Information
AS OF 05/31/2015; MORNINGSTAR CATEGORY: Energy Limited Partnership
Shows growth of hypothetical $10,000 investment in Oppenheimer SteelPath MLP Alpha Fund Class A compared to S&P 500,Alerian Infra MLP Idx,Energy Limited Partnership over the selected time period
Oppenheimer SteelPath MLP Alpha Fund Class A
Energy Limited Partnership

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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)

More Information
Brian D. Watson since 3/30/2010 Stuart Cartner since 3/30/2010

Fund Overview

Objective

The investment seeks total return.

Strategy

Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of master limited partnerships ("MLPs"). It principally invests in a concentrated portfolio of approximately twenty MLPs that primarily derive their revenue from businesses involved in the gathering, transporting, processing, treating, terminalling, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products or coal ("Midstream MLPs"). The fund is non-diversified.

Risk

The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations. Funds categorized as Energy Limited Partnership (ELP) Funds may invest in Master Limited Partnerships (MLPs). Many MLPs are concentrated in the energy infrastructure sector. Sector funds can be more volatile because of their narrow concentration in a specific industry or sector. MLPs are sensitive to interest rate changes, and consequently, as interest rates rise, the price of ELP Funds may decline (and vice versa). MLPs may be relatively illiquid, which can negatively impact their sale and may subject Funds to a significant loss.

Funds organized as Subchapter "C" Corporations (Corporate ELP Funds) are subject to US federal income tax at the corporate tax rate (currently as high as 35%) as well as state and local income taxes, and the amounts available for distribution by a Corporate ELP Fund to its shareholders will be reduced by these entity-level taxes. This could result in a reduction of the investment's value.

Corporate ELP Funds accrue deferred income taxes for future tax liabilities associated with their underlying investments. These deferred tax liabilities are reflected in the daily NAVs of a Corporate ELP Fund, and consequently, the Fund's after-tax performance could differ significantly from its underlying assets, even if the pre-tax performance is closely tracked. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available.

Additional Disclosures

A mutual fund registered under SteelPath MLP Funds Trust, and managed by OFI SteelPath, Inc. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

Details

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Morningstar Category Energy Limited Partnership
Fund Inception 3/30/2010
NAV
6/29/2015
$11.50
Glossary definition opens in new window.Exp Ratio (Gross)
3/30/2015
7.03%
($70.30 per $1000)
Glossary definition opens in new window.Exp Ratio (Net)
3/30/2015
6.91%
($69.10 per $1000)
Load 5.75%
Minimum to Invest 5 $2,500.00
Turnover Rate
11/30/2014
17%
Glossary definition opens in new window.Portfolio Net Assets ($M)
5/31/2015
$5,085.91
Glossary definition opens in new window.Share Class Net Assets ($M)
5/31/2015
$1,756.24
12 Month Low-High
5/31/2015
$11.54 - $13.83

Top 10 Holdings

 6 More Information
AS OF 3/31/2015
Top 10 Holdings
Enterprise Products Partners LP 8.48%
Energy Transfer Equity LP 7.64%
Magellan Midstream Partners, L.P. 7.52%
Sunoco Logistics Partners LP 7.29%
Plains All American Pipeline LP 6.86%
TC Pipelines LP 5.76%
Regency Energy Partners LP 5.15%
Buckeye Partners LP 4.89%
Williams Partners LP 4.76%
MarkWest Energy Partners LP 4.16%
% of Total Portfolio 62.52%
Total # of holdings: 32 as of 3/31/2015

Quarter-End Average Annual Total Returns

 3, 2 More Information
AS OF 3/31/2015; FUND INCEPTION 3/30/2010 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
7.03% AS OF 3/30/2015
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Oppenheimer SteelPath MLP Alpha Fund Class A -0.36% 9.58% 9.97% -- 9.97%
Oppenheimer SteelPath MLP Alpha Fund Class A  (Load Adjusted) -6.09% 7.43% 8.67% -- 8.67%
S&P 500 12.73% 16.11% 14.47% 8.01% 14.38%
Alerian Infra MLP Idx 0.47% 10.24% 14.93% -- 15.03%
Energy Limited Partnership 2.68% 9.82% 9.47% -- --
Glossary definition opens in new window.After Taxes on Distributions
Oppenheimer SteelPath MLP Alpha Fund Class A  (Load Adjusted) -7.27% 6.12% 7.06% -- 7.06%
Energy Limited Partnership -0.45% 7.32% 7.36% -- --
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Oppenheimer SteelPath MLP Alpha Fund Class A  (Load Adjusted) -2.38% 5.81% 6.56% -- 6.56%
Energy Limited Partnership 1.13% 6.73% 6.90% -- --

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

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

2015 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 5/31/2015; FUND INCEPTION 3/30/2010
1 Yr 3 Yr 5 Yr 10 Yr Life
Oppenheimer SteelPath MLP Alpha Fund Class A -3.19% 12.17% 10.79% -- 10.14%
Oppenheimer SteelPath MLP Alpha Fund Class A  (Load Adjusted) -8.75% 9.98% 9.49% -- 8.89%
S&P 500 11.81% 19.67% 16.54% 8.12% 14.37%
Alerian Infra MLP Idx -3.75% 13.66% 16.09% -- 15.14%
Energy Limited Partnership -1.57% 12.33% 10.48% -- --
Rank in Morningstar Category 66% 39% 62% -- --
# of Funds in Morningstar Category 90 40 10 -- --

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

Hypothetical Growth of $10,000

 3, 4 More Information
AS OF 05/31/2015; MORNINGSTAR CATEGORY: Energy Limited Partnership
Oppenheimer SteelPath MLP Alpha Fund Class A
Energy Limited Partnership
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
This Fund -- -- -- -- -- -- 5.92% 4.36% 23.16% 6.81% 0.02%
Benchmark 4.91% 15.79% 5.49% -37.00% 26.46% 15.06% 2.11% 16.00% 32.39% 13.69% 3.23%
Benchmark-2 -- -- -- -- -- 34.98% 16.99% 4.21% 29.48% 7.61% -2.44%
Category -- -- -- -- -- -- 6.64% 4.09% 23.24% 7.93% 0.97%
+/- Benchmark -- -- -- -- -- -- 3.81% -11.64% -9.23% -6.88% -3.21%
+/- Benchmark-2 -- -- -- -- -- -- -11.07% 0.15% -6.32% -0.80% 2.46%
+/- Category -- -- -- -- -- -- -0.72% 0.27% -0.08% -1.12% -0.95%

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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 3/31/2015; FUND INCEPTION 3/30/2010 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
7.03% AS OF 3/30/2015
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Oppenheimer SteelPath MLP Alpha Fund Class A -0.36% 9.58% 9.97% -- 9.97%
Oppenheimer SteelPath MLP Alpha Fund Class A  (Load Adjusted) -6.09% 7.43% 8.67% -- 8.67%
S&P 500 12.73% 16.11% 14.47% 8.01% 14.38%
Alerian Infra MLP Idx 0.47% 10.24% 14.93% -- 15.03%
Energy Limited Partnership 2.68% 9.82% 9.47% -- --
Glossary definition opens in new window.After Taxes on Distributions
Oppenheimer SteelPath MLP Alpha Fund Class A  (Load Adjusted) -7.27% 6.12% 7.06% -- 7.06%
Energy Limited Partnership -0.45% 7.32% 7.36% -- --
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Oppenheimer SteelPath MLP Alpha Fund Class A  (Load Adjusted) -2.38% 5.81% 6.56% -- 6.56%
Energy Limited Partnership 1.13% 6.73% 6.90% -- --

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

Cumulative Total Returns

 2 More Information
AS OF 5/31/2015
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
Oppenheimer SteelPath MLP Alpha Fund Class A -4.31% 0.02% -1.53% -0.08% -3.49%
Oppenheimer SteelPath MLP Alpha Fund Class A  (Load Adjusted) -- -5.73% -7.19% -5.82% -9.04%
S&P 500 -- 3.23% 1.29% 0.64% 2.97%
Alerian Infra MLP Idx -- -2.44% -2.88% -1.34% -7.07%
Energy Limited Partnership -- 0.97% -2.01% 0.48% -2.43%
*AS OF 6/29/2015

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

Fund Risk and Return

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AS OF 5/31/2015; MORNINGSTAR CATEGORY: Energy Limited Partnership
Risk of this Category Category Risk Rating:8, where 1 is Lower and 10 is Higher
LOWERHIGHER

Risk

The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations. Funds categorized as Energy Limited Partnership (ELP) Funds may invest in Master Limited Partnerships (MLPs). Many MLPs are concentrated in the energy infrastructure sector. Sector funds can be more volatile because of their narrow concentration in a specific industry or sector. MLPs are sensitive to interest rate changes, and consequently, as interest rates rise, the price of ELP Funds may decline (and vice versa). MLPs may be relatively illiquid, which can negatively impact their sale and may subject Funds to a significant loss.

Funds organized as Subchapter "C" Corporations (Corporate ELP Funds) are subject to US federal income tax at the corporate tax rate (currently as high as 35%) as well as state and local income taxes, and the amounts available for distribution by a Corporate ELP Fund to its shareholders will be reduced by these entity-level taxes. This could result in a reduction of the investment's value.

Corporate ELP Funds accrue deferred income taxes for future tax liabilities associated with their underlying investments. These deferred tax liabilities are reflected in the daily NAVs of a Corporate ELP Fund, and consequently, the Fund's after-tax performance could differ significantly from its underlying assets, even if the pre-tax performance is closely tracked. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available.

Volatility Measures

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Beta 0.54
AS OF 3/31/2015

A measure of a portfolio's sensitivity to market movements (as represented by a benchmark index). The benchmark 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 0.30
AS OF 3/31/2015

A measurement of how closely the portfolio's performance correlates with the performance of the fund's primary benchmark index or equivalent. 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 1.31
AS OF 5/31/2015

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 9.06
AS OF 5/31/2015

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.

Historical Fund Performance

 2 More Information
Current year's data as of: 5/31/2015
Year Total Returns Capital Gains Dividends Glossary definition opens in new window.Share Class Net Assets ($M)
2015 0.02% -- $0.3446 $1,756.24
2014 6.81% -- $0.6892 $1,843.27
2013 23.16% -- $0.6892 $1,232.18
2012 4.36% -- -- $209.50
2011 5.92% -- -- --

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

2015 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 05/31/2015; MORNINGSTAR CATEGORY: Energy Limited Partnership
Overall
2 out of 5 stars
Out of 40 funds
3 Yr
2 out of 5 stars
Out of 40 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 Energy Limited Partnership category tracked by Morningstar was 40 for the 3 year period and Overall Ranking; 10 for the 5 year period; and 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 5/31/2015; LIPPER PEER GROUP: Energy MLP Funds
1 Yr
#54 out of 93 funds
5 Yr
#8 out of 10 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.

2015 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

 6
AS OF 3/31/2015
Portfolio Weight
Energy 100.00%
Basic Materials 0.00%
Communication Services 0.00%
Consumer Cyclical 0.00%
Consumer Defensive 0.00%
Financial Services 0.00%
Healthcare 0.00%
Industrials 0.00%
Real Estate 0.00%
Technology 0.00%
Utilities 0.00%

Portfolio Diversification

 6 More Information
AS OF 3/31/2015
Portfolio Weight
Municipal Tax-Exempt 0.00%
Bank Loan 0.00%
Non-Agency Residential Mortgage-Backed 0.00%
Option/Warrant 0.00%
Preferred Stock 0.00%
Government Related 0.00%
Government 0.00%
Future/Forward 0.00%
Covered Bond 0.00%
Corporate Bond 0.00%
Convertible 0.00%
Commercial Mortgage-Backed 0.00%
Cash & Equivalents 100.00%
Swap 0.00%
Asset-Backed 0.00%
Agency Mortgage-Backed 0.00%
Municipal Taxable 0.00%

Asset Allocation

 6 More Information
AS OF 3/31/2015
Fund
Cash 1.68%
Convertibles 0.00%
Domestic Bond 0.00%
Preferred Stock 0.00%
Foreign Bond 0.00%
Foreign Stock 1.77%
Others -4.98%
Domestic Stock 101.53%

Top 10 Holdings

 6 More Information
AS OF 3/31/2015
Enterprise Products Partners LP 8.48%
Energy Transfer Equity LP 7.64%
Magellan Midstream Partners, L.P. 7.52%
Sunoco Logistics Partners LP 7.29%
Plains All American Pipeline LP 6.86%
TC Pipelines LP 5.76%
Regency Energy Partners LP 5.15%
Buckeye Partners LP 4.89%
Williams Partners LP 4.76%
MarkWest Energy Partners LP 4.16%
% of Total Portfolio 62.52%
Total # of holdings: 32 as of 3/31/2015

Equity StyleMap®*

 8
AS OF 3/31/2015
Capitalization
LG
MD current
SM
Value Blend Growth
Style
Current
Historical

Mid-Cap Blend

Invest in companies with market values between $2 billion and $10 billion. These funds invest in a combination of growth and value-oriented stocks.

*103.3%  Fund Assets Covered

Regional Diversification

 9, 6 More Information
AS OF 3/31/2015
Africa
0.00%
Asia - Developed
0.00%
Asia - Emerging
0.00%
Australasia
0.00%
Canada
0.00%
Europe - Emerging
0.00%
United States
98.28%
Eurozone
0.00%
Japan
0.00%
Latin America
0.00%
Middle East
0.00%
United Kingdom
1.72%
Europe - ex Euro
0.00%

Country Diversification

 6 More Information
AS OF 3/31/2015
United States
98.29%
United Kingdom
1.71%

Fund Facts

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Fiscal Year End
November
Fund Inception
3/30/2010
Fund Symbol
MLPAX
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

2015 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
7.03%
($70.30 per $1000)
3/30/2015
6.91%
($69.10 per $1000)
3/30/2015
Distribution and/or service fee(12b-1) Fees
0.25%
Loads
Front End Load
5.75%
Front-End Load Schedule
$0.00 - $24,999.00
5.75%
$25,000.00 - $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
2.50%
$500,000.00 - $999,999.00
2.00%
$1,000,000.00 - $999,999,999.99
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.

See 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

More Information
Simple IRA
no

Distribution

Dividend History

Date Per Share Amount Reinvestment Price
5/06/15 $0.1723 $12.13
2/06/15 $0.1723 $12.22
11/06/14 $0.1723 $12.92
8/07/14 $0.1723 $13.09

Pricing

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AS OF 5/31/2015
NAV
$11.50
6/29/2015
12 Month Low-High
$11.54 - $13.83
Monthly Low-High
$12.02 - $12.41
On 5/31/2015
$12.02

Price History By Month

More Information

Actual Values: May. 2015 to May. 2014

Close Low High
May $12.02 $12.02 $12.41
Apr $12.38 $11.89 $12.38
Mar $11.90 $11.60 $12.13
Feb $12.20 $12.01 $12.40
Jan $12.13 $11.54 $12.53
Dec $12.36 $11.68 $12.80
Nov $12.81 $12.81 $13.35
Oct $13.12 $12.23 $13.55
Sep $13.69 $13.46 $13.83
Aug $13.83 $13.09 $13.83
Jul $13.30 $13.30 $13.69
Jun $13.65 $13.15 $13.65
May $13.11 $12.89 $13.12

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.

2015 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, receives compensation in connection with (i) access to, purchase or redemption of, and/or maintenance of positions in mutual funds and other investment products ("funds"), (ii) platform infrastructure needed to support such funds as well as additional compensation for shareholder services, platform infrastructure support and maintenance, and other programs and/or (iii) 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.

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

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

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

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

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

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

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

8. StyleMap depictions of mutual fund characteristics are produced using data and calculations provided by Morningstar, Inc. StyleMapsSM estimate characteristics of a fund's equity holdings over two dimensions: market capitalization and valuation. The percentage of fund assets represented by these holdings is indicated beside each StyleMap. Current StyleMap characteristics are calculated each time Morningstar receives updated portfolio holdings from a fund and are denoted with a dot. Historical StyleMap characteristics are calculated for the shorter of either the past 3 years or the life of the fund, and are represented by the shading of the box(es) previously occupied by the dot. StyleMap characteristics represent an approximate profile of the fund's equity holdings (e.g., domestic stocks, foreign stocks, and American Depositary Receipts), are based on historical data, and are not predictive of the fund's future investments. Although the data are gathered from reliable sources, accuracy and completeness cannot be guaranteed.

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

10. Expense caps and waivers are limits that the fund company has placed on the level of the expenses borne by the fund until 3/29/2016 and indicates the maximum level of expenses (with certain exceptions) that the fund would be paying until that time. After the expiration date, the expense cap and/or waiver may be terminated or revised, which may lower the fund's yield and return.

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

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