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Fund Information
manager: Bill McCrea
trasaction code: Foreign exchange trading system
start date: February 4, 2003
Size (millions): $4,658.62
Morningstar Category: Fund moderate allocation
Equity markets, especially foreign markets, are highly volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. Fixed income investments involve interest rate risk (bond prices generally decline as interest rates rise), issuer default risk, issuer credit risk and inflation risk. Foreign securities are subject to interest rate, exchange rate, economic and political risks. Lower quality bonds are more volatile and have a greater risk of default than higher quality bonds.
Changes in real estate values or economic downturns could have a material adverse effect on real estate issuers. The value of securities of real estate issuers could be affected by changes in real estate values and rental income, property taxes, interest rates, taxes and regulatory requirements, and the management skills and creditworthiness of the issuer.
Definitions and Important Information
The information and presentation provided in this document are for informational and educational purposes only and are not a recommendation to take any specific action or course of action, nor is it an offer or solicitation to buy or sell any security or service. This is not investment advice. Fidelity does not provide legal or tax advice.
Before making any investment decision, you should consult your own professional advisor and consider all specific facts and circumstances of your individual situation. Fidelity and its representatives may have a conflict of interest with respect to the products or services mentioned in these materials because they have a financial interest in and receive compensation, directly or indirectly, for managing, distributing and/or servicing these products or services, including Fidelity funds, certain third-party funds and products and certain investment services.
feature
period A measure of the sensitivity of a security’s price to changes in interest rates. Duration differs from maturity in that duration considers the security’s interest payments in addition to the time until maturity and, when applicable, certain maturity shortening features (such as demand features, interest rate resets, and call options). Longer-duration securities are generally more sensitive to changes in interest rates than shorter-duration securities. Funds with longer average durations are generally more sensitive to changes in interest rates than funds with shorter average durations.
30-Day SEC Return Is a standard rate of return calculation established by the U.S. Securities and Exchange Commission for bond funds. The rate of return is calculated by dividing the net investment income per share over a 30-day period by the highest issue price per share on the last day of that period. The rate of return figure reflects dividends and interest earned during the 30-day period after deducting fund expenses. It is sometimes called the “SEC 30-day rate of return” or the “standardized rate of return.”
30-Day SEC Restated Yield It is the fund’s 30-day rate of return at the end of the month (without applicable exemptions or compensation).
net asset value The dollar value of one share of the fund; it is calculated by subtracting total liabilities from the fund’s total assets and dividing the amount by the total number of shares outstanding.
Important Fund Information
The relative positioning data presented in this commentary is based on the fund’s primary benchmark (index), unless a secondary benchmark is provided to evaluate performance.
index
It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividend and interest income unless otherwise stated.
FID Real Estate Income Composite Index A custom combination of the following unmanaged indices: Bloomberg US CMBS ex-AAA ex-Agency Guaranteed Index, Bloomberg US CMBS ex AAA Index, FTSE NAREIT – All REITs, ICE BofA US Real Estate Index, MSCI REIT
Priority Index. For periods prior to June 3, 2024, its composition is different.
ICE BofA U.S. High Yield Bond Constrained Index Is a modified market capitalization-weighted index of U.S. dollar-denominated below-investment grade corporate bonds issued publicly in the U.S. domestic market. Eligible securities must be rated below investment grade (based on an average of Moody’s, S&P, and Fitch). The risk country of eligible issuers must be a FX-G10 member country, a Western European country, or a territory of the U.S. or a Western European country. FX-G10 includes all Eurozone members, the U.S., Japan, the United Kingdom, Canada, Australia, New Zealand, Switzerland, Norway, and Sweden. In addition, eligible securities must have a final maturity of at least one year, a fixed coupon schedule, and an outstanding par value of at least $100 million. Defaulted securities are not included. The index includes all securities in the ICE BofA U.S. High Yield Index, but limits issuer exposure to 2%.
S&P 500 It is a market capitalization-weighted index of 500 common stocks selected based on market size, liquidity, and industry group representation to represent U.S. equity performance.
Bloomberg U.S. Aggregate Bond Index Is a broad, market-cap-weighted benchmark that measures the performance of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index’s sectors include Treasury bonds, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-through bonds), ABS and CMBS.
FTSE NAREIT All REIT Index is a market capitalization-weighted index designed to measure the performance of all tax-qualified real estate investment trusts (REITs) listed on the New York Stock Exchange, NYSE MKT LLC or the Nasdaq National Market List.
MSCI REIT Preferred Index An index weighted by preferred stock market capitalization of U.S. equities and certain exchange-traded perpetual preferred securities issued by U.S. hybrid real estate investment trusts (REITS).
ICE BofA U.S. Real Estate Index Is a market capitalization-weighted index of investment-grade U.S. dollar-denominated corporate bonds issued publicly in the U.S. domestic market by real estate issuers. It is a subset of the ICE BofA U.S. Corporate Bond Index. Eligible securities must have an investment-grade rating (based on an average of Moody’s, Standard & Poor’s, and Fitch) and an investment-grade risk country rating. In addition, eligible securities must have a final maturity of at least one year.
Bloomberg US CMBS ex AAA Index It is a subset of the Bloomberg U.S. CMBS Index, which includes commercial mortgage-backed securities (CMBS) rated AA to BBB- inclusive. The quality rating for each security is taken as the middle value if the bond is rated by all three agencies (Moody’s, Fitch and Standard & Poor’s); if the bond is rated by only two agencies, it is taken as the lower value.
Market segment weights
Market segment weights are intended only to illustrate examples of industries or sectors in which the Fund may invest and do not represent the Fund’s current or future investments. They should not be construed or used as a recommendation of any industry or sector.
Ranking Information
© 2024 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 guaranteed to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses resulting from any use of this information. Fidelity does not review Morningstar data, and for mutual fund performance, you should review the fund’s most recent prospectus for the most up-to-date information on applicable fees, charges, and expenses.
The Morningstar % in Category Rank is a fund’s total return percentile ranking relative to all funds with the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The best performing fund in a category will always receive a rank of 1%. The Morningstar % in Category Rank is based on total return, which includes reinvested dividends and capital gains (if any), but excludes sales charges.
Before investing in any mutual fund, carefully consider the investment objectives, risks, charges and expenses. For this and other information, call or write Fidelity to obtain a free prospectus or summary prospectus, if available. Read carefully before investing.
Past performance is no guarantee of future results.
The opinions expressed are as of the end of the period indicated and do not necessarily represent the opinions of Fidelity. Opinions may change at any time based on market or other conditions, and Fidelity disclaims any responsibility to update such opinions. These opinions are not intended to be investment advice and, because Fidelity funds base investment decisions on a variety of factors, they are not an indication of trading intent for any Fidelity fund. The securities mentioned are not necessarily holdings of the portfolio managers or FMR LLC investments. References to specific company securities should not be considered recommendations or investment advice.
Diversification does not ensure a profit nor does it guarantee against losses.
S&P 500 is a registered service mark of Standard & Poor’s Financial Services LLC.
Other third-party marks that appear herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or its affiliates.
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© 2024 FMR LLC. All rights reserved.
Not insured by NCUA or NCUSIF. May lose value. Not credit union guaranteed.
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