Fidelity Advisor Corporate Bond Fund
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PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021
Fidelity Advisor® Corporate
Bond Fund
Key Takeaways MARKET RECAP
• For the semiannual reporting period ending February 28, 2021, the The Bloomberg Barclays U.S. Aggregate
fund's Class I shares returned -0.25%, modestly outpacing, net of fees, Bond Index returned -1.55% for the six
the -0.47% result of the benchmark, the Bloomberg Barclays U.S. months ending February 28, 2021,
hampered by rising long-term market
Credit Bond Index.
rates. Many investors preferred the
potential for higher returns in riskier
• Despite rising inflation expectations, the corporate credit market markets, as the worst economic fears
continued to recover from the COVID-19-driven sell-off early in 2020 related to the spread of COVID-19
as spreads tightened. receded by period end. Taxable bonds
benefited from the U.S. Federal
• Security selection among investment-grade corporates and Reserve's aggressive and prompt
moderately greater-than-benchmark credit risk helped the fund response to the risk of economic
outperform the benchmark. contraction and dysfunction in the credit
markets. In March 2020, the central bank
• Picks within the industrials sector added the most value, led by lowered the fed funds rate, purchased
selections in energy and transportation. Within financials, favorable taxable bonds and launched lending
overall positioning among insurance companies and real estate facilities, while Congress passed historic
investment trusts (REITs) also notably aided fund performance. fiscal stimulus. This led to increased
market liquidity and a return of new
corporate issuance. The Fed continued to
• Outside of corporate credit, underweighting government-related purchase U.S. Treasury bonds and
categories included in the benchmark provided a further boost to mortgage-backed securities, and kept
relative performance, as they lagged corporate bonds. policy rates near zero. In February 2021,
yields rose notably because a $1.9 trillion
• Conversely, a small non-benchmark allocation to U.S. Treasuries, COVID-relief bill offered hopes for a
along with a modest cash position, hurt the fund's relative result. broad economic recovery but led to
rising inflation expectations. Within the
• On October 1, 2020, Jay Small assumed co-management Bloomberg Barclays index, corporate
responsibilities for the fund, joining David Prothro, Matthew Bartlett bonds returned -0.31%, handily topping
and Ben Tarlow. the -3.43% result of U.S. Treasuries.
Securitized sectors, meanwhile, returned
• As of February 28, the fund's portfolio management team has a -0.40%, with commercial mortgage-
backed securities adding 0.16%. Outside
positive view of the market's fundamental environment. They're also
the index, U.S. corporate high-yield
largely constructive on the supply/demand backdrop, although
bonds rose 6.09% and Treasury Inflation-
interest rate volatility is a potential swing factor.
Protected Securities (TIPS) roughly broke
even.
Not FDIC Insured • May Lose Value • No Bank Guarantee
PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021
Q&A
An interview with Co-Portfolio
Managers David Prothro and Matthew
Bartlett
David Prothro Matthew Bartlett
Co-Manager Co-Manager
Q: Matt, how did the fund perform for the six
months ending February 28, 2021
Fund Facts
M.B. The fund's Class I shares returned -0.25%, modestly
Trading Symbol: FCBIX outpacing, net of fees, the -0.47% result of the benchmark,
the Bloomberg Barclays U.S. Credit Bond Index. The fund
Start Date: May 04, 2010
slightly trailed its Lipper peer group average.
Size (in millions): $3,559.07 Looking a bit longer term, the fund gained 3.40% the past 12
months, outperforming the benchmark and about in line with
the peer group average.
Investment Approach Q: What was the investment environment like
for corporate bonds the past six months
• Fidelity Advisor® Corporate Bond Fund is a credit-
focused bond strategy that seeks a high level of current M.B. The corporate credit market continued to recover from
income. the COVID-19-driven sell-off that occurred from late
• Benchmarked against the Bloomberg Barclays U.S. February through March 2020. The average yield spread of
Credit Bond Index, the fund seeks to deliver competitive the fund's benchmark tightened modestly during the
risk-adjusted performance commensurate with investor semiannual period, moving back toward the level it had
expectations of a primarily investment-grade corporate reached prior to the market downturn. Bond prices rise as
bond fund. spreads tighten and fall as spreads widen.
• Utilizing a team-based investment process, the fund In light of this spread tightening, we trimmed the fund's
relies on experienced portfolio managers, research overall credit risk in the fall. We did this by keeping a slightly
analysts and traders. We concentrate on areas where we greater proportion of fund assets in cash and U.S. Treasuries,
believe we can repeatedly add value, including asset partly by taking profits on certain positions that had
allocation, sector and security selection, yield-curve performed well.
positioning and opportunistic trading.
During this time, we considered the potential risk of a second
• Robust governance and risk management – consisting of virus wave slowing progress toward the U.S. economy
extensive quantitative modeling, formal and informal reopening. Uncertainty about U.S. elections and additional
portfolio reviews, and proprietary tools – support the fiscal stimulus that would be forthcoming also influenced our
identification of both opportunities and risks.
outlook. However, progress toward a COVID-19 vaccine and
eventual agreement on another round of government
support for the economy overshadowed these risks.
Additionally, strong demand from international investors,
aided by reduced U.S.-dollar hedging costs, provided an
important source of market support.
Within the market, the industry groups that did best were
those that underperformed most in the spring 2020 market
downdraft, as well as those that stood to benefit substantially
from an economic recovery. These included airlines and
aircraft lease-finance companies, energy pipeline operators,
real estate investment trusts (REITs), and producers of basic
materials.
2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021
From a credit-rating perspective, bonds rated BBB Given that there is still strong demand due to the lack of yield
outperformed higher-rated securities. This reflected the globally, reduced supply could lift prices for existing bonds.
relative attractiveness of BBB valuations, optimism about the Overall, we believe reduced bond issuance should be
strength of the recovery in 2021, and demand from overseas positive for the market's technical backdrop.
buyers for higher yields.
Looking ahead, we have two primary concerns: valuation and
inflation expectations.
Q: Turning to you, David, what notably aided
It appears that significant anticipated good news has been
relative performance
priced in by the market. As of period end, corporate spreads
D.P. Despite us trimming risk, the fund still had modestly had tightened considerably, making corporate bond
greater credit exposure than its benchmark for the six valuations less attractive.
months, and this positioning helped on a relative basis.
On the inflation front, we think the U.S. Federal Reserve will
At the total portfolio level, bond selection added the most view any uptick in inflation as transitory, and won't be quick
value versus the benchmark, while sector positioning had a to raise its policy interest rate. In the intermediate term,
neutral impact. however, expectations for strong economic growth,
combined with fiscal and monetary stimulus and rising
Within the industrials sector, bond picks in energy
government debt, increases the risk of an inflationary
contributed notably. Several high-yield energy issuers stood
uptrend. The recent jump in longer-term U.S. Treasury yields
out to the upside, including Occidental Petroleum, Western
reflects increased investor concern about the potential for
Gas and Cenovus Energy.
higher inflation. Bond yields rise as prices fall.
Selection in transportation also meaningfully contributed, led
In the near term, interest rate volatility could dampen
by Southwest Airlines and American Airlines, as well as
investor enthusiasm for investment-grade bonds. However,
Avolon Holdings, an aircraft lease-finance company.
over time, we think higher yields will be attractive to
A sizable underweighting in the technology group provided insurance companies and pension funds as they seek to
an additional boost within industrials. match funding needs with long-term liabilities.
Within financials, selection and overweightings in insurance In addition to institutional demand, there continues to be
companies and REITs aided the fund's relative result. substantial demand from international investors. U.S.
Notable contributors included Pacific Life, American investment-grade corporate bonds are still more attractive to
International Group (AIG), Ventas and Tanger Factory Outlet foreign investors compared with those from Europe or the
Centers. Ventas and Tanger are REITs specializing in health U.K., after adjusting for foreign-exchange hedging costs.
care facilities and shopping centers, respectively. Bond With billions of dollars of non-U.S. debt producing negative
choices among banks modestly contributed. returns after taking inflation into account, more foreign
investors have turned to the U.S. investment-grade market.
Outside of corporate credit, underweighting government-
related categories included in the benchmark proved Within this environment, as of February 28, the fund's overall
advantageous, as they lagged corporate bonds. credit risk remained modestly greater than that of the
benchmark. We continue to favor select BBB issuers that we
Q: What about relative detractors believe give the fund the potential to outpace the
benchmark. We plan to maintain a modest allocation to
D.P. An out-of-benchmark allocation to U.S. Treasuries, specific high-yield issuers that we believe offer attractive risk-
along with a modest cash stake – both of which were held for return characteristics. ■
hedging and liquidity purposes – dampened performance
versus the benchmark this period.
Q: Matt, what is the team's near-term outlook
M.B. As the economy reopens amid the proliferation of
COVID-19 vaccines, we believe growth in gross domestic
product will be robust, particularly in the second and third
quarters of 2021. Also, we're anticipating a strong recovery in
corporate earnings growth.
From a supply-and-demand standpoint, new issuance of
corporate bonds in 2020 achieved a record of $1.7 trillion.
We think new issuance is likely to substantially decline this
year.
3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021
Matt Bartlett expands on the team's
fundamental and technical outlook:
"As of February 28, the average spread investors
demanded to hold investment-grade corporate
bonds over U.S. Treasuries was 0.89 percentage
points. This was down from 0.96 percentage points
at the end of 2020 and the narrowest gap since
January 2020.
"While we anticipate an improving fundamental
environment for corporates over the course of 2021
and believe that technical factors could remain
supportive, our enthusiasm is tempered by the low
starting point for spreads.
"At the current level, we believe there is only
modest room for further spread compression.
"After a decade of inflation largely running below
the Fed's 2% target, policymakers last year decided
to end their longstanding strategy of preemptively
lifting interest rates to head off higher inflation.
Instead, the central bank now seeks inflation
moderately above 2% 'for some time' to
compensate for the past shortfall before it will
consider raising rates.
"Officials haven't said exactly how long they would
allow inflation to run above 2%, or how high they
would allow it to rise. But their median forecast now
shows annual inflation accelerating to 2.4% in the
fourth quarter of 2021, up from their December
projection of 1.8%, and remaining at or slightly
above 2% through 2023.
"By signaling last August that it wanted inflation to
rise modestly above its 2% target, the Fed revealed
how the global central-bank principle of inflation
targeting, widely adopted over the last 25 years,
might have outlived its usefulness in a world of
lower interest rates. According to Fed Chair Jerome
Powell, the revamp is designed to address the
possibility of a long-term economic environment of
low interest rates, low inflation, relatively low
productivity and slow growth.
"The Fed reiterated its plan to continue buying at
least $120 billion a month of Treasury debt and
mortgage-backed securities until substantial further
progress is made in the recovery."
4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021
MARKET-SEGMENT DIVERSIFICATION
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
U.S. Treasury 2.23% 0.00% 2.23% -3.44%
U.S. Agency 0.00% 0.06% -0.06% 0.02%
Other Government Related (U.S. & Non-U.S.) 1.13% 14.65% -13.52% -0.52%
Corporate 92.10% 85.28% 6.82% 4.23%
MBS Pass-Through 0.00% 0.01% -0.01% 0.00%
ABS 0.07% 0.00% 0.07% 0.00%
CMBS 0.00% 0.00% 0.00% 0.00%
CMOs 0.00% 0.00% 0.00% 0.00%
Cash 4.36% 0.00% 4.36% -0.14%
Net Other Assets 0.11% 0.00% 0.11% -0.15%
Futures, Options & Swaps 0.00% 0.00% 0.00% 0.00%
Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of
the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future
settlement, Net Other Assets can be a negative number.
CREDIT-SECTOR DIVERSIFICATION
Relative Change
From Six Months
Sector Portfolio Weight Index Weight Relative Weight Ago
Industrial 55.57% 61.47% -5.90% -1.38%
Banking 23.50% 21.04% 2.46% 0.68%
Financial Institutions ex Banking 13.82% 9.52% 4.30% 0.63%
Utility 7.11% 7.97% -0.86% 0.07%
Other Industry 0.00% 0.00% 0.00% 0.00%
5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021
WEIGHTED AVERAGE MATURITY
Six Months Ago
Years 10.8 10.5
This is a weighted average of all maturities held in the fund.
DURATION
Six Months Ago
Years 8.1 8.1
CREDIT-QUALITY DIVERSIFICATION
Relative Change
From Six Months
Credit Quality Portfolio Weight Index Weight Relative Weight Ago
U.S. Government 2.23% 0.01% 2.22% -3.44%
AAA 0.22% 7.79% -7.57% -0.81%
AA 2.54% 14.54% -12.00% -0.31%
A 32.78% 41.31% -8.53% -0.10%
BBB 53.45% 36.34% 17.11% 3.48%
BB 4.31% 0.01% 4.30% 1.45%
B 0.00% 0.00% 0.00% 0.00%
CCC & Below 0.00% 0.00% 0.00% 0.00%
Short-Term Rated 0.00% 0.00% 0.00% 0.00%
Not Rated/Not Available 0.00% 0.00% 0.00% 0.02%
Cash & Net Other Assets 4.47% 0.00% 4.47% -0.29%
Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any
of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for
future settlement, Net Other Assets can be a negative number.
Credit ratings for a rated issuer or security are categorized using the highest credit rating among the following three Nationally Recognized Statistical
Rating Organizations ("NRSRO"): Moody's Investors Service (Moody's); Standard & Poor's Rating Services (S&P); or Fitch, Inc. Securities that are not
rated by any of these three NRSRO's (e.g. equity securities) are categorized as Not Rated. All U.S. government securities are included in the U.S.
Government category. The table information is based on the combined investments of the fund and its pro-rata share of any investments in other
Fidelity funds.
6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending February 28, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Advisor Corporate Bond Fund - Class I
-0.25% -2.86% 3.40% 7.05% 6.35% 5.50%
Gross Expense Ratio: 0.50%2
Bloomberg Barclays U.S. Credit Bond Index -0.47% -2.90% 2.36% 6.62% 5.53% 5.00%
Lipper Corporate Debt BBB-Rated Funds Classification -0.01% -2.59% 3.44% 6.57% 5.67% 5.03%
Morningstar Fund Corporate Bond 0.50% -2.43% 3.84% 6.40% 5.75% 4.98%
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 05/04/2010.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance 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 stated. Performance shown is that of the
fund's Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus.
Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class
performance, visit institutional.fidelity.com or 401k.com. 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. Please see the last page(s) of this document for most-recent
calendar-quarter performance.
DIVIDENDS AND YIELD: Fiscal Periods ending February 28, 2021
Past One Month Past Six Months Past One Year
30-Day SEC Yield 1.51% -- --
30-Day SEC Restated Yield -- -- --
Average Share Price $12.71 $12.82 $12.61
Dividends Per Share 2.32¢ 15.23¢ 31.57¢
Fiscal period represents the fund's semiannual or annual review period.
7 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021
Definitions and Important Information Relative positioning data presented in this commentary is based on
the fund's primary benchmark (index) unless a secondary benchmark
is provided to assess performance.
Information provided in this document is for informational and
educational purposes only. To the extent any investment information
in this material is deemed to be a recommendation, it is not meant to INDICES
be impartial investment advice or advice in a fiduciary capacity and is
It is not possible to invest directly in an index. All indices represented
not intended to be used as a primary basis for you or your client's
are unmanaged. All indices include reinvestment of dividends and
investment decisions. Fidelity, and its representatives may have a
interest income unless otherwise noted.
conflict of interest in the products or services mentioned in this
material because they have a financial interest in, and receive Bloomberg Barclays U.S. Credit Bond Index is a market-value-
compensation, directly or indirectly, in connection with the weighted index of investment-grade corporate fixed-rate debt issues
management, distribution and/or servicing of these products or with maturities of one year or more.
services including Fidelity funds, certain third-party funds and
Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based,
products, and certain investment services.
market-value-weighted benchmark that measures the performance
of the investment grade, U.S. dollar-denominated, fixed-rate taxable
DIVIDENDS AND YIELD
bond market. Sectors in the index include Treasuries, government-
30-Day SEC Restated Yield is the fund's 30-day yield without related and corporate securities, MBS (agency fixed-rate and hybrid
applicable waivers or reimbursements, stated as of month-end. ARM pass-throughs), ABS and CMBS.
30-day SEC Yield is a standard yield calculation developed by the
Securities and Exchange Commission for bond funds. The yield is LIPPER INFORMATION
calculated by dividing the net investment income per share earned
Lipper Averages are averages of the performance of all mutual
during the 30-day period by the maximum offering price per share
funds within their respective investment classification category.
on the last day of the period. The yield figure reflects the dividends
The number of funds in each category periodically changes.
and interest earned during the 30-day period, after the deduction of
Lipper, a Refinitiv company, is a nationally recognized organization
the fund's expenses. It is sometimes referred to as "SEC 30-Day
that ranks the performance of mutual funds.
Yield" or "standardized yield".
Dividends per share show the income paid by the fund for a set MORNINGSTAR INFORMATION
period of time. If you annualize this number, you can compare the © 2021 Morningstar, Inc. All rights reserved. The Morningstar
fund's income over different periods. 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
DURATION
timely. Neither Morningstar nor its content providers are
Duration is a measure of a security's price sensitivity to changes in responsible for any damages or losses arising from any use of this
interest rates. Duration differs from maturity in that it considers a information. Fidelity does not review the Morningstar data and, for
security's interest payments in addition to the amount of time until mutual fund performance, you should check the fund's current
the security reaches maturity, and also takes into account certain prospectus for the most up-to-date information concerning
maturity shortening features (e.g., demand features, interest rate applicable loads, fees and expenses.
resets, and call options) when applicable. Securities with longer
durations generally tend to be more sensitive to interest rate
changes than securities with shorter durations. A fund with a longer SECTOR WEIGHTS
average duration generally can be expected to be more sensitive to Sector weights illustrate examples of market segments in which the
interest rate changes than a fund with a shorter average duration. fund may invest, and may not be representative of the fund's
current or future investments. They should not be construed or
used as a recommendation for any subset of the market.
FUND RISKS
In general the bond market is volatile, and bond funds entail interest
rate risk. (As interest rates rise, bond prices usually fall, and vice WEIGHTED AVERAGE MATURITY
versa. This effect is usually more pronounced for longer-term Weighted average maturity (WAM) can be used as a measure of
securities.) Bond funds also entail the risk of issuer or counterparty sensitivity to interest rate changes and market changes. Generally,
default, issuer credit risk, and inflation risk. The fund may invest in the longer the maturity, the greater the sensitivity to such changes.
lower-quality debt securities that involve greater risk of default or WAM is based on the dollar-weighted average length of time until
price changes due to potential changes in the credit quality of the principal payments must be paid. Depending on the types of
issuer. Foreign securities are subject to interest rate, currency- securities held in a fund, certain maturity shortening devices (e.g.,
exchange-rate, economic, and political risks. Investments in demand features, interest rate resets, and call options) may be
mortgage securities are subject to the risk that principal will be taken into account when calculating the WAM.
repaid prior to maturity. As a result, when interest rates decline,
gains may be reduced, and when interest rates rise, losses may be
greater. Leverage can increase market exposure, magnify investment
risks, and cause losses to be realized more quickly.
IMPORTANT FUND INFORMATION
8 |PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021
Manager Facts Mr. Bartlett earned his bachelor of business administration
degree in finance from James Madison University and his master
David Prothro is a portfolio manager in the Fixed Income of business administration degree in finance from Loyola
division at Fidelity Investments. Fidelity Investments is a leading University.
provider of investment management, retirement planning,
portfolio guidance, brokerage, benefits outsourcing, and other
financial products and services to institutions, financial
intermediaries, and individuals.
In this role, Mr. Prothro co-manages Fidelity and Advisor
Corporate Bond Fund, Fidelity and Advisor Limited Term Bond
Fund, Fidelity Corporate Bond ETF, Fidelity Limited Term Bond
ETF, and various institutional portfolios for U.S. and non-U.S.
investors. Previously, Mr. Prothro managed Fidelity Advisor
Stable Value Portfolio.
Prior to assuming his current role in 2000, Mr. Prothro was a
research analyst in the Fixed Income division.
Before joining Fidelity in 1991, he worked as an assistant vice
president at Texas Commerce Bank-Austin. He has been in the
financial industry since 1985.
Mr. Prothro earned his bachelor of science degree in economics
from Wake Forest University and his master of business
administration degree in finance from the University of Texas at
Austin. He is also a CFA® charterholder.
Matthew Bartlett is a portfolio manager in the Fixed Income
division at Fidelity Investments. Fidelity Investments is a leading
provider of investment management, retirement planning,
portfolio guidance, brokerage, benefits outsourcing, and other
financial products and services to institutions, financial
intermediaries, and individuals.
In this role, Mr. Bartlett is a member of the bond division's
Credit/Liability Driven Investments Team. Additionally, he
manages Fidelity Corporate Bond ETF, as well as Fidelity and
Fidelity Advisor Corporate Bond Funds, and Fidelity and Fidelity
Advisor Global Credit Funds.
Prior to assuming his current position, Mr. Bartlett was managing
director of research. In this capacity, he was responsible for
managing a team of credit analysts covering companies in a
diverse range of industries including utilities, energy,
telecommunications, technology, consumer and manufacturing.
Previously, Mr. Bartlett was a fixed income research analyst
covering the telecommunication, media and entertainment
sectors.
Before joining Fidelity in December 2005, Mr. Bartlett was a sell-
side principal and senior research analyst at Bank of America.
Previously, he was a sell-side research analyst covering health
care, telecommunications and media for Alex Brown & Sons,
and a buy-side fixed income credit analyst for Aegon Investment
Management. He has been in the financial industry since 1992.
9 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PERFORMANCE SUMMARY: Annualized
Quarter ending June 30, 2021 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Advisor Corporate Bond Fund - Class I
3.16% 7.84% 5.26% 5.39%
Gross Expense Ratio: 0.50%2
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 05/04/2010.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance 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 stated. Performance shown is that of the
fund's Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus.
Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class
performance, visit institutional.fidelity.com or 401k.com. 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.
Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar
the investment objectives, risks, charges, and expenses. For quarter.
this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial
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respective owners.
Past performance is no guarantee of future results.
All other marks appearing herein are registered or unregistered
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