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PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2020
Fidelity® Leveraged Company
Stock Fund
Key Takeaways MARKET RECAP
• For the fiscal year ending July 31, 2020, the fund's Retail Class shares The S&P 500® index gained 11.96% for
gained 3.24%, topping the 2.04% advance of the Russell Midcap® the 12 months ending July 31, 2020, in
Index, the primary benchmark since October 1, 2019. what was a bumpy ride for U.S. equity
investors, marked by a steep but brief
decline due to the early-2020 outbreak
• On October 1, 2019, the fund's primary benchmark changed from the and spread of the coronavirus, followed
S&P 500® index to the Russell Midcap® Index. Additionally, the fund's by a historic rebound. Declared a
supplemental benchmark changed from the Credit Suisse Leveraged pandemic on March 11, the COVID-19
Equity Index to the Fidelity U.S. Leveraged Stock Index. crisis and containment efforts caused
broad contraction in economic activity,
• The fund ended 2019 with a strong three-month stretch and topped along with extreme uncertainty, volatility
the benchmark by 5.06 percentage points for the calendar year, but and dislocation in financial markets. By
the coronavirus pandemic and containment efforts snapped mid-March, U.S. stocks entered bear-
performance momentum in early 2020. Reversing course, the fund market territory less than a month after
fared well versus the benchmark from April through July. hitting an all-time high and extending the
longest-running bull market in American
• Against this volatile backdrop, Co-Managers Mark Notkin and Brian history. Stocks slid in late February, after
Chang – the latter of whom assumed co-management responsibilities a surge in COVID-19 cases outside China.
The sudden downtrend continued in
on October 1, 2019 – stayed true to their investment approach and, as
March (-12%), capping the index's worst
always, tried to be opportunistic as market dynamics shifted.
quarter since 2008. A historically rapid
and expansive U.S. monetary/fiscal-
• The fund's outperformance of the benchmark the past 12 months was policy response provided a partial offset
driven by sector positioning, led by a sizable overweighting in the to the economic disruption and fueled a
information technology category, particularly within the software & sharp uptrend. Aggressive support for
services industry. financial markets by the U.S. Federal
Reserve, plans for reopening the
• The top individual contributors were three sizable non-benchmark economy and improving infection data
holdings from the software & services industry: publishing software boosted stocks in April (+13%) and May
developer Adobe (+48%), software and cloud firm Microsoft (+52%) (+5%). In June and July, the index gained
and online payment processor PayPal Holdings (+77%). amid progress on potential treatments
and signs of an early recovery in
• Conversely, security selection was a notable detractor this period, with economic activity. For the full 12 months,
growth stocks widely topped value, while
the transportation industry standing out, especially a sizable non-
large-caps handily bested smaller-caps.
benchmark stake in Air Canada (-67%).
The information technology sector
(+39%) led the way, followed by
• Looking ahead, Mark believes the sustainability of the market rally will consumer discretionary (+22%). In
be driven by corporate fundamentals and determined largely by the contrast, energy (-38%) fell hard along
ability to control the virus as states loosen restrictions and reopen. with the price of crude oil.
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF JULY 31, 2020
Q&A
An interview with Co-Portfolio
Manager Mark Notkin
Mark Notkin Q: Mark, how did the fund perform for the fiscal
Co-Manager year ending July 31, 2020
The fund's Retail Class shares gained 3.24% the past 12
Fund Facts months, outpacing the 2.04% advance of the Russell Midcap®
Trading Symbol: FLVCX Index, the primary benchmark since October 1, 2019, and
topping the peer group average by a notably wider margin.
Start Date: December 19, 2000
We ended 2019 with a strong three-month stretch and
Size (in millions): $1,916.98 topped the benchmark by 5.06 percentage points for the full
year, but our momentum was snapped in early 2020, as the
outbreak and spread of the coronavirus emerged as a public
health emergency that had a major influence on financial
markets. Reversing course, we fared well versus the
Investment Approach benchmark from April through July, as stocks were boosted
by improved trends in the spread of COVID-19, early
• Fidelity® Leveraged Company Stock Fund is a domestic
movement on reopening the economy, and market
equity strategy focused on investing in companies with a
momentum spurred by government policy responses and
high level of outstanding debt, or leverage.
progress on potential treatments.
• We apply an opportunistic investment approach that
allows the manager to move across the market- Q: What was your investment strategy, and how
capitalization and credit-quality spectrums, resulting in
sector allocations that may differ significantly from the did it play out the past 12 months
fund's benchmark. Co-Manager Brian Chang and I stayed true to our investment
• In particular, we seek companies with attractive approach and, as always, tried to be opportunistic as market
valuations, strong competitive positioning and dynamics shifted and opportunities emerged. We like
management teams that can prudently use free cash companies with secular growth prospects, competitive
flow to grow shareholder value and reduce leverage advantages, low capital intensity and a solid management
over the intermediate term. team. Such firms often exhibit high margins, a healthy return
on capital and attractive free-cash-conversion ratios. We look
• We strive to uncover these companies through in-depth
fundamental value and credit analysis of the entire for situations where we think growth is underpriced or risk
capital structure, working in concert with Fidelity's high- has been overly discounted.
income and global research teams, with the goal of The past 12 months, against an unusual and volatile
producing favorable risk-adjusted returns over time. backdrop, the fund's outperformance of the benchmark was
driven by sector positioning, led by a sizable overweighting
in the information technology category, particularly within
the software & services industry. Relative performance also
benefited from our decision to largely avoid real estate and
energy, as well as underweight the financials sector.
This positioning reflected our bottom-up analysis of
industries, which is a huge driver of corporate fundamentals
for individual stocks. As an example, technology, with its
many secular tailwinds, exhibited strong earnings, while the
group's relative insensitivity to macro factors provides some
protection in the event of an economic slowdown. Our
favorite technology themes include cloud computing,
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 JULY 31, 2020
electronic payments, digital advertising and marketing, e- staying power in these challenging times for the industry and
commerce, and the Internet of Things, all of which our belief that unprecedented global resources could result
accelerated in recent months amid the pandemic. In in the timely development of a coronavirus vaccine.
addition, tech was one of few segments to offer growth in an
It hurt to hold a sizable position in the stock of Caesars
environment marked by low economic expansion.
Entertainment (-30%), a regional gaming company that in
In contrast, energy was held back by a collapse in demand July merged with Eldorado Resorts – a significant fund
due to the coronavirus. This was exacerbated by higher holding at the time. Each completely shut down its casinos as
supply resulting from a spat between Russia and Saudi part of the nationwide virus-containment effort. While this
Arabia. Financials also has been a tough sector, with was painful in the short term, we are remaining patient and
extremely low interest rates pressuring net interest margin believe the newly combined company and other casino
for banks and loan demand never fully recovering from the operators can hang on for a relatively long time, even if social
Great Recession of 2008–09. Lastly, real estate looked distancing and consumer reticence restrict foot traffic for a
overvalued to us, especially real estate investment trusts while. In our view, gaming tends to be a steady, "sticky"
(REITs) and other securities that traded on yield. business and is not influenced by tariffs and trade. In
Furthermore, I believe we are now in a pandemic-related addition, we see limited competition, with states not issuing
downtrend for commercial real estate, due to an increasing a lot of new licenses.
number of people working from home.
Among consumer staples stocks, it hurt to hold Brazil's JBS,
the world's largest meatpacking company. Our sizable non-
Q: Which individual positions helped most benchmark position in the stock returned about -35% the
Our top contributors were three sizable non-benchmark past 12 months, despite the firm's fundamentals remaining
holdings from the software & services industry: publishing favorable, as we see it.
software developer Adobe (+48%), software and cloud- I'll also note that the fund's foreign holdings detracted
computing firm Microsoft (+52%) and online payment overall, due in part to currency fluctuation.
processor PayPal Holdings (+77%). It also helped to hold an
overweighting in EPAM Systems (+52%), a global provider of
Q: Mark, what is your outlook as of July 31
software engineering and IT consulting services that has
grown amid insatiable demand from companies looking to The recent rebound in financial markets, beginning around
spend on cloud and e-commerce infrastructure. March 23, has been largely driven by unprecedented
Adobe and Microsoft, our two largest period-end holdings, monetary and fiscal stimulus of around $6 trillion year to
were driven by the companies' strong earnings growth, as date. This has propelled interest rates to a range of 50 to 70
well as more-recent tailwinds related to higher demand for basis points and created a major underpin to the rally –
their products and services to help those working remotely. driving investors to stocks and justifying higher
PayPal benefited from a wide range of businesses looking to price/earnings (P/E) multiples. The sustainability of these low
grow their online digital platforms, strength in e-commerce rates is critical to maintain current valuations, but the Fed has
and the ongoing transition from cash to credit. telegraphed that it intends to maintain rates for two years, or
perhaps longer. Further, the enormous slack we now have in
In consumer discretionary, Tesla is by far the leader in the the global economy – labor, manufacturing and natural
production of electric vehicles (EVs), and investors rewarded resources – will most likely keep inflation low and provide the
its shares the past 12 months. I foresee continued growth in Fed the cover it needs to maintain ultra-low rates.
the EV category, which took a long time to get traction and
still represents a small portion of the overall auto market. In However, I believe the ability to sustain the rally ultimately
addition, we think Tesla's solar business has a bright future. will be driven by corporate fundamentals and the shape of
Tesla, a non-benchmark stock, gained roughly 55% for the the economic recovery from here. While always challenging,
fund after we established a position in February. predicting the macro outlook is particularly difficult, and will
be determined largely by the ability to control the virus as
Q: What hurt most states loosen restrictions and schools and offices
reopen. Also critical is the pace of drug development, either
Security selection was a notable detractor this period, with in the form of therapeutics to mitigate symptoms or a vaccine
the transportation industry standing out, especially a sizable to prevent individuals from contracting the virus
non-benchmark stake in Air Canada (-67%). The pandemic is altogether. The effort to develop drugs is unlike anything we
the story here, of course, as it upended the entire airline have ever seen, in terms of the number of companies
industry, which struggled with fixed costs and significantly involved, the dollars invested, and regulatory fast-tracking at
reduced demand, especially for international routes. We the U.S. Food and Drug Administration and other regulatory
maintained our investment in Air Canada, based on the agencies around the world. This gives me some optimism
company's superior balance sheet, our favorable view of its that therapeutics could come by year-end or early 2021. ■
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 JULY 31, 2020
Mark Notkin on his reaction to
coronavirus-related market volatility:
"Financial markets have rallied sharply off the late-
March bottom through July 31. The Russell Midcap®
Index gained 55% in this time frame, following an
early-2020 decline of roughly 30%. Amid this
extreme volatility, and given the swiftness of these
market shifts, we made only minor tactical moves
within the portfolio, sticking with stocks we liked
and maintaining a major overweighting in tech and
the largest underweightings in the financials, real
estate and industrials sectors.
"In materials, I added positions in some value-
oriented stocks that I believe were oversold due to
the pandemic. These opportunistic investments
included WestRock, First Quantum Minerals, CF
Industries Holdings and Berry Global Group. I also
boosted exposure to health care stocks by
establishing new positions in drugmakers
Regeneron Pharmaceuticals and Bristol-Myers
Squibb, as well as Bausch Health and Charles River
Laboratories. Conversely, I sold some holdings
within industrials, most notably Delta Air and
TransDigm Group, primarily due to valuation, and
Lyft, as I lost patience in the ride-sharing service's
ability to scale to profitability.
"It's important to point out that, until a COVID-19
vaccine and treatments are brought to market, the
predictability across different sectors is unusually
diverse. On the one hand, there are many tech
companies that have held up quite well, as working,
shopping, eating and entertaining at home is
accelerating already-strong secular trends. At the
other end of the spectrum are several 'ground zero'
industries, including restaurants, entertainment and
travel, among others. In these groups, the pace is far
more uncertain, and a return to pre-pandemic levels
is unlikely without a vaccine.
"Lastly, the coronavirus prompted us to take a fresh
look at companies that may see higher demand in a
longer-term – or perhaps permanent – work-from-
home environment. This includes software makers
and cloud-computing firms, where the fund already
had notable exposure. Looking ahead, Brian and I
will continue to balance risk in the fund, seeking
exposure to secular 'winners' while also aiming to
be opportunistic within more-challenged sectors."
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 JULY 31, 2020
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 91.40% 99.43% -8.03% 3.61%
International Equities 7.16% 0.57% 6.59% -2.31%
Developed Markets 3.77% 0.14% 3.63% -2.62%
Emerging Markets 3.39% 0.43% 2.96% 0.31%
Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets 1.44% 0.00% 1.44% -1.30%
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.
"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.
MARKET-SEGMENT DIVERSIFICATION
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
Information Technology 37.22% 19.43% 17.79% 1.26%
Health Care 13.08% 13.27% -0.19% -2.00%
Consumer Discretionary 12.86% 11.08% 1.78% 0.31%
Communication Services 12.27% 4.45% 7.82% 1.59%
Industrials 8.50% 14.87% -6.37% -3.46%
Utilities 4.18% 6.02% -1.84% 1.40%
Materials 3.98% 5.00% -1.02% 2.06%
Consumer Staples 3.14% 4.46% -1.32% -1.00%
Financials 3.03% 11.19% -8.16% -0.86%
Energy 0.29% 2.79% -2.50% 0.49%
Real Estate 0.00% 7.44% -7.44% 1.50%
Other 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 JULY 31, 2020
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Adobe, Inc. Information Technology 4.30% 3.26%
Microsoft Corp. Information Technology 3.95% 3.12%
T-Mobile U.S., Inc. Communication Services 3.66% 2.28%
PayPal Holdings, Inc. Information Technology 3.16% 1.56%
IQVIA Holdings, Inc. Health Care 3.06% 2.54%
Global Payments, Inc. Information Technology 3.04% 2.83%
Caesars Entertainment, Inc. Consumer Discretionary 3.00% 4.38%
Alphabet, Inc. Class A Communication Services 2.77% 2.31%
Lam Research Corp. Information Technology 2.61% 1.97%
EPAM Systems, Inc. Information Technology 2.58% 2.30%
10 Largest Holdings as a % of Net Assets 32.13% 30.46%
Total Number of Holdings 68 74
The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings
do not include money market investments.
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending July 31, 2020 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Leveraged Company Stock Fund
-3.44% -4.78% 3.24% 5.29% 4.93% 10.13%
Gross Expense Ratio: 0.78%2
Fidelity U.S. Leveraged Stock Linked Index -4.20% -5.26% -1.84% -0.34% 1.44% 6.47%
Russell MidCap Index -3.01% -3.79% 2.04% 7.30% 7.83% 12.21%
S&P 500 Index 2.42% 2.38% 11.96% 12.01% 11.49% 13.84%
Morningstar Fund Mid-Cap Blend -6.32% -8.11% -2.53% 3.71% 4.88% 9.88%
% Rank in Morningstar Category (1% = Best) -- -- 15% 32% 58% 47%
# of Funds in Morningstar Category -- -- 413 372 299 218
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 12/19/2000.
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 Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance,
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 Q&A document for most-recent calendar-
quarter performance.
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 JULY 31, 2020
Definitions and Important Information
RANKING INFORMATION
Information provided in this document is for informational and © 2020 Morningstar, Inc. All rights reserved. The Morningstar
educational purposes only. To the extent any investment information information contained herein: (1) is proprietary to Morningstar
in this material is deemed to be a recommendation, it is not meant to and/or its content providers; (2) may not be copied or
be impartial investment advice or advice in a fiduciary capacity and is redistributed; and (3) is not warranted to be accurate, complete or
not intended to be used as a primary basis for you or your client's timely. Neither Morningstar nor its content providers are
investment decisions. Fidelity, and its representatives may have a responsible for any damages or losses arising from any use of this
conflict of interest in the products or services mentioned in this information. Fidelity does not review the Morningstar data and, for
material because they have a financial interest in, and receive mutual fund performance, you should check the fund's current
compensation, directly or indirectly, in connection with the prospectus for the most up-to-date information concerning
management, distribution and/or servicing of these products or applicable loads, fees and expenses.
services including Fidelity funds, certain third-party funds and % Rank in Morningstar Category is the fund's total-return
products, and certain investment services. percentile rank relative to all funds that have the same Morningstar
Category. The highest (or most favorable) percentile rank is 1 and
FUND RISKS the lowest (or least favorable) percentile rank is 100. The top-
Stock markets, especially foreign markets, are volatile and can performing fund in a category will always receive a rank of 1%. %
decline significantly in response to adverse issuer, political, Rank in Morningstar Category is based on total returns which
regulatory, market, or economic developments. Foreign securities include reinvested dividends and capital gains, if any, and exclude
are subject to interest rate, currency exchange rate, economic, and sales charges. Multiple share classes of a fund have a common
political risks. Fixed income investments entail interest rate risk (as portfolio but impose different expense structures.
interest rates rise bond prices usually fall), the risk of issuer default,
issuer credit risk and inflation risk. Leverage can magnify the impact
of adverse issuer, political, regulatory, market, or economic RELATIVE WEIGHTS
developments on a company. In the event of bankruptcy, a Relative weights represents the % of fund assets in a particular
company's creditors take precedence over the company's market segment, asset class or credit quality relative to the
stockholders. Although the companies that the fund invests in may benchmark. A positive number represents an overweight, and a
be highly leveraged, the fund itself does not use leverage as an negative number is an underweight. The fund's benchmark is listed
investment strategy. immediately under the fund name in the Performance Summary.
IMPORTANT FUND INFORMATION
Relative positioning data presented in this commentary is based on
the fund's primary benchmark (index).
INDICES
It is not possible to invest directly in an index. All indices represented
are unmanaged. All indices include reinvestment of dividends and
interest income unless otherwise noted.
S&P 500 is a market-capitalization-weighted index of 500 common
stocks chosen for market size, liquidity, and industry group
representation to represent U.S. equity performance.
Russell Midcap Index is a market-capitalization-weighted index
designed to measure the performance of the mid-cap segment of
the U.S. equity market. It contains approximately 800 of the smallest
securities iin the Russell 1000 Index.
Fidelity U.S. Leveraged Stock Linked Index represents the
performance of the Fidelity U.S. Leveraged Stock Index since
10/1/2019, and the Credit Suisse Leveraged Equity Index prior to
that date.
MARKET-SEGMENT WEIGHTS
Market-segment weights illustrate examples of sectors or
industries in which the 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
sector or industry.
7 |PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2020 Manager Facts School. Mark Notkin is a portfolio manager in the High 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. Notkin co-manages Fidelity Capital & Income Fund, Fidelity Advisor High Income Advantage Fund, Fidelity and Fidelity Advisor Leveraged Company Stock Funds, and the U.S. high-yield sub-portfolios of Fidelity and Fidelity Advisor Strategic Income Funds and Fidelity VIP Strategic Income Portfolio. Prior to assuming his current management responsibilities, Mr. Notkin managed Fidelity VIP High Income Portfolio as well as other high-yield portfolios beginning in 1996. Before joining Fidelity in 1994 as a high-yield analyst, Mr. Notkin was an assistant to the chief financial officer at Sunbeam-Oster Company, Inc. Previously, he worked as an assistant vice president of corporate finance at Bank of Boston and as a credit analyst at Fleet Financial Group. He has been in the financial industry since 1988. Mr. Notkin earned his bachelor of science degree in mechanical engineering from the University of Massachusetts at Amherst and his master of business administration degree from Boston University Brian Chang is a portfolio manager in the High 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. Chang co-manages Fidelity Capital & Income Fund, Fidelity Advisor High Income Advantage Fund, Fidelity and Fidelity Advisor Leveraged Company Stock Funds, and the U.S. high-yield sub-portfolios of Fidelity and Fidelity Advisor Strategic Income Funds and Fidelity VIP Strategic Income Portfolio. He is also the co-manager on the preferred sleeve of Fidelity Strategic Dividend and Income Fund and the State of Massachusetts Pension HY account (PRIM). Prior to assuming his current responsibilities, Mr. Chang was a research analyst in the High Income division. As an analyst, Mr. Chang covered sectors including aerospace and defense, airlines, cable, services, technology, telecom, and trucking. Mr. Chang earned his bachelor of arts degree in mathematical methods in the social sciences and a bachelor of arts degree in economics from Northwestern University. He also earned his master of business administration from Columbia Business 8 | 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, 2020 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Leveraged Company Stock Fund
0.89% 4.78% 3.58% 10.47%
Gross Expense Ratio: 0.78%2
1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/19/2000.
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 Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance,
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.
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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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715692.12.0
as recommendations or investment advice.
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