Before investing in any mutual fund or exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, offering circular or, if available, a summary prospectus containing this information. Read it carefully.
Past performance is no guarantee of future results.
1. As of March 31, 2014 the S&P 500 Index had a P/E of 17.1, slightly above the average P/E since 1926 of 15.1.
2. From 1970 to 1980, a period of high and rising inflation and yields, bonds delivered an average real return of –1.1%, while stocks produced a positive average return of 0.2%. Stocks represented by the total return of the S&P 500® Index, and bonds by the Barclays Aggregate Index from 1976 to 1980 and by a composite of the IA SBBI Intermediate-Term Government Bond Index (67%) and the IA SBBI Long-Term Corporate Bond Index (33%) before that. Source: Robert Schiller, Morningstar EnCorr, Fidelity Investments (AART).
Indexes are unmanaged. It is not possible to invest directly in an index.
The S&P 500® Index is an unmanaged, market capitalization–weighted index of common stocks and a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by Fidelity Distributors Corporation and its affiliates.
Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. These risks are particularly significant for investments that focus on a single country or region.
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