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Fixed Income Analysis Report
Report Generated: 01/03/2018 10:42 AM
Fidelity Brokerage Services LLC, Member NYSE,
SIPC, 900 Salem Street Smithfield, RI 02917
623712.19.0 211073982
700422.1.4
SAMPLE FOR ILLUSTRATION PURPOSES ONLY
TABLE OF CONTENTS
Fixed Income Analysis Report Overview................................3
Bond & CD Positions Overview..............................................4
Bond Fund Positions Overview............................................14
Cash Flow Calculations Overview.........................................16
Bonds & CDs............................................................17
Bonds, CDs, & Bond Funds......................................28
Bond Funds..............................................................30
Bond & CD Analytics Overview............................................32
Bond Fund Analytics Overview............................................45
Bond & CD Interest Rate Sensitivity Illustrator Overview......56
Bond Fund Interest Rate Sensitivity Illustrator Overview......66
Glossary Of Terms................................................................69
Fixed Income Analysis Report
01/03/2018 10:42 AM
Page 3 of 71
Fixed Income Analysis Report Overview
Unless otherwise specifically stated, all position holdings data, including account balances, are gathered from brokerage accounts that you own, as
well as authorized accounts and position holdings held outside of Fidelity you have identified for analysis. This report only includes your holdings in
the accounts selected and identified on Fidelity.com’s Fixed Income Analysis tool’s Position page as “Existing Portfolio (Fidelity & Outside)”. Only
the Interest Rate Sensitivity portion of this report includes any positions you identified as hypothetical.
This report should not be substituted for, or considered, your account statement and is provided for educational purposes only. You should not rely
on this report as the primary basis for your investment or tax-planning decisions. Please consult your most recent Fidelity account statement for
information regarding your account balances, positions, and transactions.
Fidelity reports data as of the most recent closing price. Fidelity is not able to verify the accuracy, timeliness or completeness of the position data
reflected for positions that are held outside of Fidelity.
If there are any terms referenced in this analysis that are unfamiliar to you, please refer to Important Information section at the end of this report or
visit Fixed Income Analysis tool’s Help/Glossary at Fidelity.com.
IMPORTANT: If you have any unsettled trades pending in any of the accounts identified for analysis as of the date this report was generated,
account balances, holdings data and analytical information presented in this report may be materially impacted and, depending on the size
and scope of such unsettled trades, rendered unreliable.
Fixed Income Analysis Report
01/03/2018 10:42 AM
Page 4 of 71
Bond & CD Positions Overview
The table included on the following pages displays bond and CD positions held at Fidelity and outside positions sorted by maturity. Additional information in
the table includes applicable call dates, Moody’s and S&P ratings, acquisition information for open lots, adjusted cost basis, and duration.
The value of your holdings in your accounts may change from day to day, and you should always ensure that you have the most up-to-date information before
investing. Fidelity reports data as of the most recent closing price. Fidelity is not able to verify the accuracy, timeliness or completeness of the position data
reflected for positions that are held outside of Fidelity.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This
effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for
both issuers and counterparties.
If there are any terms referenced in this analysis that are unfamiliar to you, please refer to the Glossary of Terms at the end of this report. For additional
information, visit the Fixed Income Analysis Help/Glossary at Fidelity.com.
Fixed Income Analysis Report
01/03/2018 10:42 AM
Page 5 of 71
Positions: Bonds & CDs (continued)
Ratings
1
Open Lot Detail
CUSIP Description Maturity Call Date Coupon Moody's
2
S&P
3
Acquisition
Date
Acquisition
Yield Quantity
Total
Position
Quantity
Estimated
Yield
Duration
(years)
Most
Recent
Price Most Recent Value
Adjusted
Cost Basis Account Product Type
06426WWX6
BANK OF
CHINA NEW
YORK CITY BR
CD
1.40000%
03/20/2018
03/20/2018 n/a 1.400 -- -- 12/18/2017 +1.40 1,000 1,000 1.33
0.20
100.013 $1,000.13 1000.00 Outside CD
71644EAH5
PETRO-CDA
NOTE CALL
MAKE WHOLE
6.05000%
05/15/2018
05/15/2018 n/a 6.050 WR NR n/a n/a n/a 50,000 1.77
n/a
101.530 $50,765.00 0.00 Outside Corporate
20825CAN4
CONOCOPHI
LLIPS
NOTE CALL
MAKE WHOLE
5.20000%
05/15/2018
05/15/2018 n/a 5.200 WR NR n/a n/a n/a 25,000 0.00
n/a
n/a $0.00 0.00 Outside Corporate
20825CAN4
CONOCOPHI
LLIPS
NOTE CALL
MAKE WHOLE
5.20000%
05/15/2018
05/15/2018 n/a 5.200 WR NR n/a n/a n/a 10 0.00
n/a
n/a $0.00 0.00 Outside Corporate
06426WWY4
BANK OF
CHINA NEW
YORK CITY BR
CD
1.50000%
06/20/2018
06/20/2018 n/a 1.500 -- -- 12/18/2017 +1.50 1,000 1,000 1.50
0.45
100.001 $1,000.01 1000.00 Outside CD
967243N36
WICHITA
KANS GO BDS
SER 778A
04.25000%
09/01/2018
09/01/2018 03/01/2018 4.250 AA1 AA+ n/a n/a n/a 30 1.48
0.08
100.213 $30.06 0.00 Outside Municipal
1 Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion
about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit
enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See
Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.
2 Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the
lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--".
3 S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a
lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The
McGraw-Hill Companies, Inc.
Fixed Income Analysis Report
01/03/2018 10:42 AM
Page 6 of 71
Positions: Bonds & CDs (continued)
Ratings
1
Open Lot Detail
CUSIP Description Maturity Call Date Coupon Moody's
2
S&P
3
Acquisition
Date
Acquisition
Yield Quantity
Total
Position
Quantity
Estimated
Yield
Duration
(years)
Most
Recent
Price Most Recent Value
Adjusted
Cost Basis Account Product Type
912828RP7
UNITED
STATES
TREAS NTS
NOTE
1.75000%
10/31/2018
10/31/2018 n/a 1.750 AAA -- 09/09/2013 +1.75 1,000 1,000 1.78
0.81
99.981 $999.81 999.84 Outside Treasury
20451PTR7
COMPASS BK
BIRMINGHAM
ALA CD
1.70000%
12/14/2018
12/14/2018 n/a 1.700 -- -- 12/13/2017 +1.70 1,000 1,000 1.69
0.93
100.007 $1,000.07 1000.00 Outside CD
224399AS4
CRANE CO
NOTE CALL
MAKE WHOLE
2.75000%
12/15/2018
12/15/2018 n/a 2.750 BAA2 BBB 10/27/2017 +1.71 1,000 1,000 2.30
0.93
100.417 $1,004.17 1009.86 Outside Corporate
912828SH4
UNITED
STATES
TREAS NTS
NOTE
1.37500%
02/28/2019
02/28/2019 n/a 1.375 AAA -- n/a n/a n/a 1,000 1.88
1.13
99.438 $994.38 0.00 Outside Treasury
742651DQ2
PRIVATE EXPT
FDG CORP
NOTE
1.45000%
08/15/2019
08/15/2019 n/a 1.450 AAA NR 09/25/2017 +1.59 2,000 2,000 2.05
1.57
99.061 $1,981.22 1994.80 Outside Corporate
1 Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion
about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit
enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See
Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.
2 Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the
lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--".
3 S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a
lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The
McGraw-Hill Companies, Inc.
Fixed Income Analysis Report
01/03/2018 10:42 AM
Page 7 of 71
Positions: Bonds & CDs (continued)
Ratings
1
Open Lot Detail
CUSIP Description Maturity Call Date Coupon Moody's
2
S&P
3
Acquisition
Date
Acquisition
Yield Quantity
Total
Position
Quantity
Estimated
Yield
Duration
(years)
Most
Recent
Price Most Recent Value
Adjusted
Cost Basis Account Product Type
478712MG4
JOHNSON
CNTY KANS
UNI SCH DIST
NO 232
03.50000%
09/01/2019G
O REF BDS
SER. 2008
09/01/2019 03/01/2018 3.500 AA2 -- n/a n/a n/a 100 1.79
0.08
100.131 $100.13 0.00 Outside Municipal
478740PU1
JOHNSON
CNTY KANS
UNI SCH DIST
NO 512
04.00000%
10/01/2019SH
AWNEE
MISSION GO
SCH BDS SER.
2007-A
10/01/2019 n/a 4.000 AAA -- n/a n/a n/a 100 0.00
n/a
n/a $0.00 0.00 Outside Municipal
5628943N3
MANHATTAN
KANS GO
REF BDS
SER.2009-D
03.25000%
11/01/2019
11/01/2019 n/a 3.250 AA2 AA n/a n/a n/a 100 1.62
1.76
102.909 $102.90 0.00 Outside Municipal
939648AB7
WASHINGTO
N PG LP
NOTE CALL
MAKE
WHOLE3.8500
0%
04/01/2020
04/01/2020 03/02/2020 3.850 BAA3 BBB- n/a n/a n/a 1,000 3.74
2.03
100.214 $1,002.14 0.00 Outside Corporate
1 Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion
about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit
enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See
Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.
2 Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the
lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--".
3 S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a
lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The
McGraw-Hill Companies, Inc.
Fixed Income Analysis Report
01/03/2018 10:42 AM
Page 8 of 71
Positions: Bonds & CDs (continued)
Ratings
1
Open Lot Detail
CUSIP Description Maturity Call Date Coupon Moody's
2
S&P
3
Acquisition
Date
Acquisition
Yield Quantity
Total
Position
Quantity
Estimated
Yield
Duration
(years)
Most
Recent
Price Most Recent Value
Adjusted
Cost Basis Account Product Type
88059EMX9
TENNESSEE
VALLEY
AUTH FED BE
0.00000%
07/15/2020
GEN INT
07/15/2020 n/a 0.000 -- -- 09/09/2013 +2.82 1,000 1,000 2.33
2.50
94.304 $943.04 931.57 Outside Agency
313490CE2
FEDERAL
JUDICIARY
OFF BLDG
TRT
0.00000%
08/15/2020
ZERO CTF
08/15/2020 n/a 0.000 -- -- n/a n/a n/a 3,000 2.43
2.58
93.888 $2,816.64 0.00 Outside Agency
313490CE2
FEDERAL
JUDICIARY
OFF BLDG
TRT
0.00000%
08/15/2020
ZERO CTF
08/15/2020 n/a 0.000 -- -- 09/09/2013 +2.72 2,000 2,000 2.43
2.58
93.888 $1,877.76 1658.46 Outside Agency
94974BGR5
WELLS
FARGO CO
MTN BE
2.55000%
12/07/2020
12/07/2020 n/a 2.550 A2 A 04/14/2016 +1.64 1,000 1,000 2.43
2.80
100.331 $1,003.31 1025.97 Outside Corporate
574192S50
MARYLAND
ST GO BDS
SER.2009C
05.00000%
03/01/2021
03/01/2021 03/01/2019 5.000 AAA AAA n/a n/a n/a 1,000 1.45
1.11
104.049 $1,040.49 0.00 Outside Municipal
1 Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion
about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit
enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See
Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.
2 Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the
lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--".
3 S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a
lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The
McGraw-Hill Companies, Inc.
Fixed Income Analysis Report
01/03/2018 10:42 AM
Page 9 of 71
Positions: Bonds & CDs (continued)
Ratings
1
Open Lot Detail
CUSIP Description Maturity Call Date Coupon Moody's
2
S&P
3
Acquisition
Date
Acquisition
Yield Quantity
Total
Position
Quantity
Estimated
Yield
Duration
(years)
Most
Recent
Price Most Recent Value
Adjusted
Cost Basis Account Product Type
48542K4C0
KANSAS ST
DEV FIN
AUTH REV
REV BDS
03.40000%
05/01/2022UN
IVERSITY OF
KANSASSER.
2010K-1
05/01/2022 05/01/2020 3.400 AA2 AA- n/a n/a n/a 200 1.82
2.22
103.579 $207.15 0.00 Outside Municipal
9128282S8
UNITED
STATES
TREAS NTS
NOTE
1.62500%
08/31/2022
08/31/2022 n/a 1.625 AAA -- 09/01/2017 +1.71 1,000 1,000 2.23
4.42
97.359 $973.59 996.17 Outside Treasury
794770DH7
SALINA KANS
HOSP REVREF
IMPT BDS
SALINA
05.00000%
10/01/2022RE
GL HLTH CTR
SER. 2006
10/01/2022 n/a 5.000 WR NR n/a n/a n/a 100 0.00
n/a
n/a $0.00 0.00 Outside Municipal
34540TDZ2
FORD MOTOR
CREDIT
COMPANY
MTN
3.50000%
12/20/2022
12/20/2022 06/20/2018 3.500 BAA2 BBB 09/09/2013 +3.84 1,000 1,000 3.76
4.50
98.849 $988.49 974.00 Outside Corporate
1 Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion
about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit
enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See
Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.
2 Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the
lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--".
3 S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a
lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The
McGraw-Hill Companies, Inc.
Fixed Income Analysis Report
01/03/2018 10:42 AM
Page 10 of 71
Positions: Bonds & CDs (continued)
Ratings
1
Open Lot Detail
CUSIP Description Maturity Call Date Coupon Moody's
2
S&P
3
Acquisition
Date
Acquisition
Yield Quantity
Total
Position
Quantity
Estimated
Yield
Duration
(years)
Most
Recent
Price Most Recent Value
Adjusted
Cost Basis Account Product Type
34540TDZ2
FORD MOTOR
CREDIT
COMPANY
MTN
3.50000%
12/20/2022
12/20/2022 06/20/2018 3.500 BAA2 BBB n/a n/a n/a 1,000 3.76
4.50
98.849 $988.49 1009.53 Outside Corporate
485429GF5
KANSAS ST
DEV FIN
AUTH REV
REV BDS
03.62500%
05/01/2023UN
IVERSITY OF
KANSASGERT
RUDE
SELLARDS
PEARSON
HALL SER.
05/01/2023 05/01/2021 3.625 AA2 AA- n/a n/a n/a 100 2.01
3.12
105.173 $105.17 0.00 Outside Municipal
05620PDJ9
BABYLON N Y
TAXABLE PUB
IMPT BDS
04.25000%
09/01/2024SE
R.2013
09/01/2024 n/a 4.250 AAA AA+ 09/09/2013 +4.24 10,000 10,000 3.17
5.73
106.408 $10,640.80 10009.80 Outside Municipal
1 Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion
about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit
enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See
Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.
2 Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the
lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--".
3 S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a
lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The
McGraw-Hill Companies, Inc.
Fixed Income Analysis Report
01/03/2018 10:42 AM
Page 11 of 71
Positions: Bonds & CDs (continued)
Ratings
1
Open Lot Detail
CUSIP Description Maturity Call Date Coupon Moody's
2
S&P
3
Acquisition
Date
Acquisition
Yield Quantity
Total
Position
Quantity
Estimated
Yield
Duration
(years)
Most
Recent
Price Most Recent Value
Adjusted
Cost Basis Account Product Type
845040HT4
SOUTHWEST
HIGHER ED
AUTH INC
TEX REV
REV03.50000
%
10/01/2024BD
S SOUTHERN
METHODIST
UNIV SER.
2010
10/01/2024 10/01/2020 3.500 AA3 AA- n/a n/a n/a 100 1.69
2.59
104.827 $104.82 0.00 Outside Municipal
794811KN8
SALINA KANS
WTR
&SEWREV
WTR AND
SWR SYS
04.12500%
10/01/2025RE
V BDS SER.
2011
10/01/2025 10/01/2019 4.125 AA3 -- n/a n/a n/a 100 1.90
1.66
103.792 $103.79 0.00 Outside Municipal
008770PV5
AIKEN CNTY S
C CONS SCH
DIST GO BDS
SER.05.00000
%
03/01/202620
16 A
03/01/2026 n/a 5.000 AA1 AA n/a n/a n/a 90,000 1.97
6.79
122.730 $110,457.00 0.00 Outside Municipal
890568VT2
TOPEKA
KANS GO
IMPT AND
REF BDS
03.75000%
08/15/2026SE
R.2011-A
08/15/2026 n/a 3.750 AA3 AA n/a n/a n/a 100 0.00
n/a
n/a $0.00 0.00 Outside Municipal
1 Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion
about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit
enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See
Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.
2 Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the
lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--".
3 S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a
lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The
McGraw-Hill Companies, Inc.
Fixed Income Analysis Report
01/03/2018 10:42 AM
Page 12 of 71
Positions: Bonds & CDs (continued)
Ratings
1
Open Lot Detail
CUSIP Description Maturity Call Date Coupon Moody's
2
S&P
3
Acquisition
Date
Acquisition
Yield Quantity
Total
Position
Quantity
Estimated
Yield
Duration
(years)
Most
Recent
Price Most Recent Value
Adjusted
Cost Basis Account Product Type
485429KG8
KANSAS ST
DEV FIN
AUTH REV
REV BDS
03.75000%
05/01/2027ST
ATE OF KS
PROJS SER.
2011-B
05/01/2027 05/01/2020 3.750 AA3 A+ n/a n/a n/a 100 2.36
2.21
103.113 $103.11 0.00 Outside Municipal
13063CW97
CALIFORNIA
ST GO
VARPURP BDS
05.00000%
09/01/2027
09/01/2027 09/01/2026 5.000 AA3 AA- 04/06/2017 +2.47 5,000 5,000 2.05
7.14
123.292 $6,164.60 5983.41 Outside Municipal
485429EY6
KANSAS ST
DEV FIN
AUTH REV
ATHLETIC
05.00000%
07/01/2029FA
CS REV BDS
KANSAS ST
UNIV
SER.2011-A-1
07/01/2029 n/a 5.000 A1 A- n/a n/a n/a 100 0.00
n/a
n/a $0.00 0.00 Outside Municipal
36290SYJ4
GOVT NATL
MTG ASSN
POOL
#616413
5.00000%
05/15/2034
05/15/2034 n/a 5.000 NR NR 11/10/2014 n/a 7,871 685 0.00
n/a
108.064 n/a 721.04 Outside Agency
1 Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion
about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit
enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See
Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.
2 Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the
lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--".
3 S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a
lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The
McGraw-Hill Companies, Inc.
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Positions: Bonds & CDs (continued)
Ratings
1
Open Lot Detail
CUSIP Description Maturity Call Date Coupon Moody's
2
S&P
3
Acquisition
Date
Acquisition
Yield Quantity
Total
Position
Quantity
Estimated
Yield
Duration
(years)
Most
Recent
Price Most Recent Value
Adjusted
Cost Basis Account Product Type
3138WEPN3
FEDL NATL
MTG ASSN
POOL
#AS4928
3.50000%
05/01/2045
05/01/2045 n/a 3.500 NR NR n/a n/a n/a 1,986 0.00
n/a
102.596 $2,037.32 0.00 Outside Agency
1 Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion
about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit
enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See
Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.
2 Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the
lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--".
3 S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a
lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The
McGraw-Hill Companies, Inc.
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Bond Fund Positions Overview
The table included on the following pages displays bond fund positions held at Fidelity and outside positions sorted by symbol. Additional
information in the table includes the most recent value, 30 day yield, and duration.
The value of your holdings in your accounts may change from day to day, and you should always ensure that you have the most up-to-date
information before investing. Fidelity reports data as of the most recent closing price. Fidelity is not able to verify the accuracy, timeliness or
completeness of the position data reflected for positions that are held outside of Fidelity.
Mutual Funds, including Bond 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 4 p.m.) and prices are generally available between 5 p.m. and 6 p.m.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice
versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk and
credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses
caused by price volatility by holding them until maturity is not possible.
If there are any terms referenced in this analysis that are unfamiliar to you, please refer to the Glossary of Terms at the end of this report. For
additional information, visit the Fixed Income Analysis Help/Glossary at Fidelity.com.
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Positions: Bond Funds (continued)
Symbol Description QTY NAV 30 Day Yield ¹
30 Day Yield
As of Date Estimated Total Market Value
Duration
(years) Account Product Type
FHIGX FIDELITY MUNICIPAL INCOME 150.000 13.120 2.18 12/31/2017 $1,968.00 6.82 Outside Bond Fund - Fidelity
FNMIX FIDELITY NEW MARKETSINCOME 250.000 16.230 4.42 12/31/2017 $4,057.50 6.52 Outside Bond Fund - Fidelity
FTABX FIDELITY TAX-FREE BOND 1,000.000 11.580 2.25 12/31/2017 $11,580.00 6.68 Outside Bond Fund - Fidelity
FTBFX FIDELITY TOTAL BOND 2,245.000 10.620 2.43 12/31/2017 $23,841.90 5.43 Outside Bond Fund - Fidelity
FTBFX FIDELITY TOTAL BOND 500.000 10.620 2.43 12/31/2017 $5,310.00 5.43 Outside Bond Fund - Fidelity
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information.
Read it carefully.
1 A standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the
30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of
the fund's expenses. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield." Please visit Fidelity.com Mutual Fund Research to view the additional performance data including
quarter-end returns and month-end yields (unsubsidized/subsidized).
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Cash Flow Calculations Overview
The cash flow calculation illustrations on the following pages display historical and hypothetical future income for bond, CD, and bond fund positions held at
Fidelity and outside positions, including:
· Standard Cash Flow, Moody’s Credit Ratings, S&P Credit Ratings, Events, and Taxability for Bonds and CDs.
· Fixed Income Illustrator for Bonds, CDs, and Bond Funds.
· Bond Fund Income Illustrator for Bond Funds.
Unless otherwise specifically stated, all position holdings data, including account balances, are gathered from Fidelity brokerage accounts that you own,
authorized accounts, and positions held outside of Fidelity you identified for analysis. You may have holdings in other accounts that are not included in this
report. This report does not include any positions you identified as hypothetical.
The value of your holdings in your accounts may change from day to day, and you should always ensure that you have the most up-to-date information before
investing. Fidelity reports data as of the most recent closing price. Fidelity is not able to verify the accuracy, timeliness or completeness of the position data
reflected for positions that are held outside of Fidelity.
If there are any terms referenced in this analysis that are unfamiliar to you, please refer to the Glossary of Terms at the end of this report. For additional
information, visit the Fixed Income Analysis Help/Glossary at Fidelity.com.
IMPORTANT: If you have unsettled trades pending in any of the accounts identified on this page as of the date this report was generated, the
account balances, holdings data and analytical information presented in this report may be materially impacted and, depending on the size and scope
of such unsettled trades, rendered unreliable.
Fixed Income Analysis Report
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Cash Flow Calculations: Bonds & CDs
This table represents historical payments of interest and return of principal and hypothetical future income for bond and CD positions.
In addition to standard cash distributions, please find on the following pages, alternate views by credit ratings, events that can impact payments until maturity,
and taxability.
NOTICE: The report does not include positions you identified as hypothetical. The calculations displayed may differ from those displayed in the online
calculator, which includes hypothetical positions.
Cash Distribution (Estimated Interest & Principal) – Standard
Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ
significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s).
Year 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Interest $7,701.23 $5,432.37 $5,341.57 $5,293.31 $5,290.00 $5,193.45 $5,191.64 $4,766.64 $2,512.52 $256.88
Principal $80,040.00 $4,300.00 $8,100.00 $0.00 $3,300.00 $100.00 $10,000.00 $100.00 $90,100.00 $5,100.00
Total $87,741.23 $9,732.37 $13,441.57 $5,293.31 $8,590.00 $5,293.45 $15,191.64 $4,866.64 $92,612.52 $5,356.88
Year 2028 2029
Interest $5.00 $5.00
Principal $0.00 $100.00
Total $5.00 $105.00
Fixed Income Analysis Report
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Cash Flow Calculations: Bonds & CDs (continued)
Cash distribution by credit rating helps identify where income and principal payments could be subject to increased credit risk. The credit rating categories
displayed in the chart represent both the main rating and its increments combined to provide the amounts displayed.
NOTICE: The report does not include positions you identified as hypothetical. The calculations displayed may differ from those displayed in the online
calculator, which includes hypothetical positions.
Cash Distribution (Estimated Principal & Interest) – Moody's Credit Rating
Year AAA AA A
BAA BA B CAA CA C Other Total
2018
Int. $555.49 $4,783.60 $30.50 $136.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,195.64
$7,701.23
Prin. $1,000.00 $30.00 $0.00 $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $78,010.00
$80,040.00
2019
Int. $506.05 $4,782.32 $30.50 $108.50 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00
$5,432.37
Prin. $4,100.00 $200.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$4,300.00
2020
Int. $441.26 $4,775.56 $30.50 $89.25 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00
$5,341.57
Prin. $0.00 $100.00 $1,000.00 $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6,000.00
$8,100.00
Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., AAA for best quality bonds, BAA for a lower quality than AAA, etc.). A rating of BAA3 is
the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as “--" and included in the column titled “Other.”
Moody's ratings ("Ratings") are proprietary to Moody's or its affiliates and are protected by copyright and other intellectual property laws. Ratings are licensed to Licensee by Moody's. Moody's® is a
registered trademark of Moody's Investors Service, Inc.
RATINGS MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR
SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR
WRITTEN CONSENT.
Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s
opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based
on any credit enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement
features. See Bond Details for more detailed credit rating information.
Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly
from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s).
Fixed Income Analysis Report
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Year AAA AA A
BAA BA B CAA CA C Other Total
2021
Int. $441.25 $4,772.06 $5.00 $70.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00
$5,293.31
Prin. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00
2022
Int. $441.34 $4,768.66 $5.00 $70.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00
$5,290.00
Prin. $1,000.00 $200.00 $0.00 $2,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00
$3,300.00
2023
Int. $425.00 $4,763.45 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$5,193.45
Prin. $0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$100.00
2024
Int. $425.00 $4,761.64 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$5,191.64
Prin. $10,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$10,000.00
2025
Int. $0.00 $4,761.64 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$4,766.64
Prin. $0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$100.00
2026
Int. $0.00 $2,507.52 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$2,512.52
Prin. $0.00 $90,100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$90,100.00
2027
Int. $0.00 $251.88 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$256.88
Prin. $0.00 $5,100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$5,100.00
Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., AAA for best quality bonds, BAA for a lower quality than AAA, etc.). A rating of BAA3 is
the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as “--" and included in the column titled “Other.”
Moody's ratings ("Ratings") are proprietary to Moody's or its affiliates and are protected by copyright and other intellectual property laws. Ratings are licensed to Licensee by Moody's. Moody's® is a
registered trademark of Moody's Investors Service, Inc.
RATINGS MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR
SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR
WRITTEN CONSENT.
Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s
opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based
on any credit enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement
features. See Bond Details for more detailed credit rating information.
Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly
from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s).
Fixed Income Analysis Report
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Page 20 of 71
Year AAA AA A
BAA BA B CAA CA C Other Total
2028
Int. $0.00 $0.00 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$5.00
Prin. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00
2029
Int. $0.00 $0.00 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$5.00
Prin. $0.00 $0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$100.00
Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., AAA for best quality bonds, BAA for a lower quality than AAA, etc.). A rating of BAA3 is
the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as “--" and included in the column titled “Other.”
Moody's ratings ("Ratings") are proprietary to Moody's or its affiliates and are protected by copyright and other intellectual property laws. Ratings are licensed to Licensee by Moody's. Moody's® is a
registered trademark of Moody's Investors Service, Inc.
RATINGS MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR
SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR
WRITTEN CONSENT.
Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s
opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based
on any credit enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement
features. See Bond Details for more detailed credit rating information.
Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly
from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s).
Fixed Income Analysis Report
01/03/2018 10:42 AM
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Cash Flow Calculations: Bonds & CDs (continued)
Cash distribution by credit rating helps identify where income and principal payments could be subject to increased credit risk. The credit rating categories
displayed in the chart represent the letter rating and any modifiers (+/- for S&P credit ratings) to provide the amounts displayed.
NOTICE: The report does not include positions you identified as hypothetical. The calculations displayed may differ from those displayed in the online
calculator, which includes hypothetical positions.
Cash Distribution (Estimated Interest & Principal) – S&P Credit Rating
Year AAA AA A BBB BB B CCC CC C Other Total
2018
Int.
$50.00 $5,197.22 $34.26 $136.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,283.75 $7,701.23
Prin.
$0.00 $30.00 $0.00 $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $79,010.00 $80,040.00
2019
Int.
$25.00 $5,195.94 $34.26 $108.50 $0.00 $0.00 $0.00 $0.00 $0.00 $68.67 $5,432.37
Prin.
$1,000.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3,200.00 $4,300.00
2020
Int.
$0.00 $5,192.68 $34.26 $89.25 $0.00 $0.00 $0.00 $0.00 $0.00 $25.38 $5,341.57
Prin.
$0.00 $100.00 $1,000.00 $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6,000.00 $8,100.00
S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a
lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as “--" and included in the column titled “Other.”
S&P is a registered service mark of The McGraw-Hill Companies, Inc. Ratings information from Standard & Poor's (“S&P”) may not be reproduced. S&P credit ratings are statements of opinion and are
not statements of fact or recommendations to purchase, hold, or sell securities, nor do they address the suitability of securities for investment purposes, and should not be relied on as investment
advice. S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for errors or omissions (negligent or otherwise). S&P
gives no express or implied warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose or use. S&P shall not be liable for any direct, indirect, incidental,
exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of ratings.
Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion
about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit
enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See
Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.
Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly
from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions paes(s).
Fixed Income Analysis Report
01/03/2018 10:42 AM
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Year AAA AA A BBB BB B CCC CC C Other Total
2021
Int.
$0.00 $5,189.18 $8.76 $70.00 $0.00 $0.00 $0.00 $0.00 $0.00 $25.37 $5,293.31
Prin.
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
2022
Int.
$0.00 $5,185.78 $8.76 $70.00 $0.00 $0.00 $0.00 $0.00 $0.00 $25.46 $5,290.00
Prin.
$0.00 $200.00 $0.00 $2,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,100.00 $3,300.00
2023
Int.
$0.00 $5,180.57 $8.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.12 $5,193.45
Prin.
$0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00
2024
Int.
$0.00 $5,178.76 $8.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.12 $5,191.64
Prin.
$0.00 $10,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10,000.00
2025
Int.
$0.00 $4,753.76 $8.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.12 $4,766.64
Prin.
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00 $100.00
2026
Int.
$0.00 $2,503.76 $8.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,512.52
Prin.
$0.00 $90,100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $90,100.00
2027
Int.
$0.00 $250.00 $6.88 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $256.88
Prin.
$0.00 $5,000.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5,100.00
2028
Int.
$0.00 $0.00 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00
Prin.
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a
lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as “--" and included in the column titled “Other.”
S&P is a registered service mark of The McGraw-Hill Companies, Inc. Ratings information from Standard & Poor's (“S&P”) may not be reproduced. S&P credit ratings are statements of opinion and are
not statements of fact or recommendations to purchase, hold, or sell securities, nor do they address the suitability of securities for investment purposes, and should not be relied on as investment
advice. S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for errors or omissions (negligent or otherwise). S&P
gives no express or implied warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose or use. S&P shall not be liable for any direct, indirect, incidental,
exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of ratings.
Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion
about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit
enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See
Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.
Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly
from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions paes(s).
Fixed Income Analysis Report
01/03/2018 10:42 AM
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Year AAA AA A BBB BB B CCC CC C Other Total
2029
Int.
$0.00 $0.00 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00
Prin.
$0.00 $0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00
S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a
lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as “--" and included in the column titled “Other.”
S&P is a registered service mark of The McGraw-Hill Companies, Inc. Ratings information from Standard & Poor's (“S&P”) may not be reproduced. S&P credit ratings are statements of opinion and are
not statements of fact or recommendations to purchase, hold, or sell securities, nor do they address the suitability of securities for investment purposes, and should not be relied on as investment
advice. S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for errors or omissions (negligent or otherwise). S&P
gives no express or implied warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose or use. S&P shall not be liable for any direct, indirect, incidental,
exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of ratings.
Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion
about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit
enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See
Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.
Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly
from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions paes(s).
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Cash Flow Calculations: Bonds & CDs (continued)
The Event Cash Flow Table represents the potential impact of issuer events on estimated income payments. This table represents the impact to the portfolio
should the nearest possible event be triggered for each considered security. Events include calls, puts, sinking funds, and pre-refunding. To view details about
the event types that make up the Cash Flow Reduced Due to Events column, please see the Fixed Income Analysis tool on Fidelity.com (Portfolio Summary,
Select Action/Fixed Income Analysis) and view the Events chart under the Cash Flow Calculations tab.
NOTICE: The report does not include positions you identified as hypothetical. The calculations displayed may differ from those displayed in the online
calculator, which includes hypothetical positions.
Cash Distribution (Estimated Interest & Principal) - Events
Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ
significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s).
2018 2019 2020 2021 2022
Standard
Cash Flow
Cash Flow
Reduced due to
Events
Standard
Cash Flow
Cash Flow
Reduced due to
Events
Standard
Cash Flow
Cash Flow
Reduced due to
Events
Standard
Cash Flow
Cash Flow
Reduced due to
Events
Standard
Cash Flow
Cash Flow
Reduced due to
Events
Int. $7,701.23 $397.69 $5,432.37 $335.30 $5,341.57 $278.55 $5,293.31 $251.81 $5,290.00 $250.00
Prin. $80,040.00 $2,130.00 $4,300.00 $1,100.00 $8,100.00 $1,400.00 $0.00 $100.00 $3,300.00 $0.00
Total $87,741.23 $2,527.69 $9,732.37 $1,435.30 $13,441.57 $1,678.55 $5,293.31 $351.81 $8,590.00 $250.00
2023 2024 2025 2026 2027
Standard
Cash Flow
Cash Flow
Reduced due to
Events
Standard
Cash Flow
Cash Flow
Reduced due to
Events
Standard
Cash Flow
Cash Flow
Reduced due to
Events
Standard
Cash Flow
Cash Flow
Reduced due to
Events
Standard
Cash Flow
Cash Flow
Reduced due to
Events
Int. $5,193.45 $250.00 $5,191.64 $250.00 $4,766.64 $250.00 $2,512.52 $250.00 $256.88 $0.00
Prin. $100.00 $0.00 $10,000.00 $0.00 $100.00 $0.00 $90,100.00 $5,000.00 $5,100.00 $0.00
Total $5,293.45 $250.00 $15,191.64 $250.00 $4,866.64 $250.00 $92,612.52 $5,250.00 $5,356.88 $0.00
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Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ
significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s).
2028 2029
Standard
Cash Flow
Cash Flow
Reduced due to
Events
Standard
Cash Flow
Cash Flow
Reduced due to
Events
Int. $5.00 $0.00 $5.00 $0.00
Prin. $0.00 $0.00 $100.00 $0.00
Total $5.00 $0.00 $105.00 $0.00
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Cash Flow Calculations: Bonds & CDs (continued)
The Taxability table represents the percentage of bond and CD positions that are federally taxable or tax exempt. Corporate bonds,
agency/government-sponsored enterprise (GSE) bonds, U.S. Treasury bonds and CDs are categorized as taxable because their interest is not exempt from
federal income tax. Interest income generated by tax-exempt municipal bonds is generally expected to be exempt from federal income taxes and, if the bonds
are held by an investor residing in the state of issuance, state and local income taxes. Such interest income may be subject to federal and/or state alternative
minimum taxes.
NOTICE: The report does not include positions you identified as hypothetical. The calculations displayed may differ from those displayed in the online
calculator, which includes hypothetical positions.
Cash Distribution (Estimated Interest & Principal) - Taxability
Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ
significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s).
2018 2019 2020 2021 2022
Tax
Status
Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest
Taxable $80,010.00 $2,853.63 $3,000.00 $611.05 $8,000.00 $556.01 $0.00 $511.25 $3,000.00 $511.34
Tax
Exempt
$30.00 $4,847.60 $1,300.00 $4,821.32 $100.00 $4,785.56 $0.00 $4,782.06 $300.00 $4,778.66
Total $80,040.00 $7,701.23 $4,300.00 $5,432.37 $8,100.00 $5,341.57 $0.00 $5,293.31 $3,300.00 $5,290.00
2023 2024 2025 2026 2027
Tax
Status
Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest
Taxable $0.00 $425.00 $10,000.00 $425.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Tax
Exempt
$100.00 $4,768.45 $0.00 $4,766.64 $100.00 $4,766.64 $90,100.00 $2,512.52 $5,100.00 $256.88
Total $100.00 $5,193.45 $10,000.00 $5,191.64 $100.00 $4,766.64 $90,100.00 $2,512.52 $5,100.00 $256.88
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Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ
significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s).
2028 2029
Tax
Status
Principal Interest Principal Interest
Taxable $0.00 $0.00 $0.00 $0.00
Tax
Exempt
$0.00 $5.00 $100.00 $5.00
Total $0.00 $5.00 $100.00 $5.00
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Cash Flow Calculations: Bonds, CDs, & Bond Funds
Fixed Income Illustrator combines Bond & CD historical distributions and hypothetical future income with Bond Fund historical distributions and the calculation
type you selected to illustrate hypothetical future annual income for your fixed income portfolio.
Previous month’s income is based on actual fund distributions for your bond funds held in Fidelity brokerage accounts. Income calculations for the current
month until the end of the year are illustrated using your selected calculation type, either 30-Day Yield, Indicated Annual Dividend (IAD), or Custom Yield. This
selection was applied and calculated for your bond funds held at Fidelity and those which you identified as outside. If you selected to use the 30-day yield or
IAD, the bond fund's specific 30-day yield or IAD for the current month will be applied for current month through the end of the calendar year. If you entered
a custom yield, it will be applied to all bond funds for the current month through the end of the calendar year. See below for additional information about
which positions are included in this illustration.
NOTICE: The report does not include positions you identified as hypothetical. The calculations displayed may differ from those displayed in the online
calculator, which includes hypothetical positions.
Fixed Income Illustrator – All Product Types (Bonds, CDs, & Bond Funds)
Selected calculation type for bond fund hypothetical portfolio income¹: IAD
Other Calculation types that were available for illustration: 30 day Yield, Custom Yield
Historical Distributions Hypothetical Future Income Hypothetical Annual Income
Bonds & CDs (Current calendar Year: Principal & Interest)
$0.00
4
$87,741.23
5
$87,741.23
Bond Funds (Current Calendar Year)
$0.00
2
$1,364.52
3
$1,364.52
Totals
$0.00 $89,105.75 $89,105.75
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information.
Read it carefully.
The Fixed Income Illustrator is an educational calculator and should not be relied upon for making financial decisions. Actual income may differ significantly from the amounts displayed.
Future income calculations are hypothetical illustrations based on mathematical concepts and there are circumstances in which cash flow calculations will not be performed for specific securities listed
on the Positions page(s).
Numerous factors make the cash flows uncertain, including the calculation type you select to illustrate hypothetical future bond fund portfolio income. The illustrations are based on the following
assumptions:
• Distributions will be equally distributed throughout the period in accordance with the issuer's stated distribution schedule; and
• Fixed income position holdings and market values will remain constant throughout the period.
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1 Select calculation type for bond fund hypothetical portfolio income illustration:
• Custom Yield - Select Custom Yield to calculate hypothetical future income for your bond fund portfolio using any entered yield value. Your custom yield will be applied equally across all bond
fund positions.
• 30-Day Yield - Select 30-Day Yield to calculate hypothetical future income for your bond fund portfolio using a standard yield calculation developed by the Securities and Exchange Commission for
bond funds. 30-Day Yield is calculated for each bond fund by dividing the net investment income per share earned by each fund during the 30-day period by the maximum offering price per share
on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of each fund's expenses. The yield does not necessarily
reflect income actually distributed by each bond fund to its shareholders and does not take into account capital gains or losses. The calculator will use the most recent 30-Day Yield available to
Fidelity for each bond fund position. Please refer to the Portfolio Positions page for additional 30-Day Yield information.
• Indicated Annual Dividend (IAD) - Select Indicated Annual Dividend to calculate hypothetical future income for your bond fund portfolio using a historical methodology based on the accumulated
regular cash dividends paid by each bond fund during the previous 12 months. Historical performance is no guarantee of future results. IADs are sourced from third-party vendors believed to be
reliable, but no assurance can be made as to accuracy. This third-party data may not be promptly updated to reflect various corporate actions (for example, when an issuer has missed a scheduled
dividend payment, announced changes to a payment schedule, or declared a stock split) and, as a result, income may be overstated. If an IAD is not available for a particular bond fund,
hypothetical future income may be understated. Please refer to your current Fidelity account statement for additional IAD information.
2 Historical bond fund distribution information only includes dividends and capital gains received from bond funds held in Fidelity accounts and not from bond funds held in non-Fidelity accounts or
hypothetical positions you have identified for analysis. Reinvested distributions are excluded from the historical distributions displayed above.
3 Hypothetical future bond fund income for the current month to the end of the calendar year includes all position types (bond funds held in Fidelity accounts and bond funds held in non-Fidelity
accounts and hypothetical positions you have identified for analysis).
4 Historical bond and certificate of deposit (CD) distribution information includes principal and interest for all position types (bonds and CDs held in Fidelity accounts and bonds and CDs held in
non-Fidelity accounts and hypothetical positions you have identified for analysis).
5 Future bond and CD income illustration for the current month through the end of the calendar year includes all position types (bonds and CDs held in Fidelity accounts and bonds and CDs held in
non-Fidelity accounts and hypothetical positions you have identified for analysis) and uses each security's coupon rate.
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Cash Flow Calculations: Bond Funds
The Bond Fund Income Illustrator table shows the historical distributions and hypothetical future income of bond funds held within your portfolio.
Previous month’s income is based on actual fund distributions for your bond funds held in Fidelity brokerage accounts. Income calculations for the current
month until the end of the year are illustrated using your selected calculation type, either 30-Day Yield, Indicated Annual Dividend (IAD), or Custom Yield. This
selection was applied and calculated for your bond funds held at Fidelity and those which you identified as outside. If you selected to use the 30-day yield or
IAD, the bond fund's specific 30-day yield or IAD for the current month will be applied for current month through the end of the calendar year. If you entered
a custom yield, it will be applied to all bond funds for the current month through the end of the calendar year. See below for additional information about
which positions are included in this illustration.
NOTICE: The report does not include positions you identified as hypothetical. The calculations displayed may differ from those displayed in the online
calculator, which includes hypothetical positions.
Bond Fund Income Illustrator – Bond Funds
Selected calculation type for bond fund hypothetical portfolio income¹: Indicated Annual Dividend(IAD)
Other Calculation types that were available for illustration: 30-Day Yield, Custom Yield
Month
Historical Distributions
2
(Fidelity held positions only)
Hypothetical Future Income
3
(All position types)
Total Income
(Distributions + Hypothetical)
January 2018 -- $113.71 $113.71
February 2018 -- $113.71 $113.71
March 2018 -- $113.71 $113.71
April 2018 -- $113.71 $113.71
May 2018 -- $113.71 $113.71
June 2018 -- $113.71 $113.71
July 2018 -- $113.71 $113.71
August 2018 -- $113.71 $113.71
September 2018 -- $113.71 $113.71
October 2018 -- $113.71 $113.71
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November 2018 -- $113.71 $113.71
December 2018 -- $113.71 $113.71
Total 2018 $0.00 $1,364.52 $1,364.52
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this
information. Read it carefully.
The Bond Fund Income Illustrator is an educational calculator and should not be relied upon for making financial decisions. Actual income may differ significantly from the amounts displayed.
Future income calculations are hypothetical illustrations based on mathematical concepts and there are circumstances in which cash flow calculations will not be performed for specific securities
listed on the Positions page(s).
Numerous factors make the cash flows uncertain, including the calculation type you select to illustrate hypothetical future bond fund portfolio income. The illustrations are based on the
following assumptions:
• Distributions will be equally distributed throughout the period in accordance with the issuer’s stated distribution schedule; and
• Fixed income position holdings and market values will remain constant throughout the period.
1 Select calculation type for bond fund hypothetical portfolio income illustration:
• Custom Yield - Select Custom Yield to calculate hypothetical future income for your bond fund portfolio using any entered yield value. Your custom yield will be applied equally
across all bond fund positions.
• 30-Day Yield - Select 30-Day Yield to calculate hypothetical future income for your bond fund portfolio using a standard yield calculation developed by the Securities and
Exchange Commission for bond funds. 30-Day Yield is calculated for each bond fund by dividing the net investment income per share earned by each fund during the 30-day
period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the
deduction of each fund's expenses. The yield does not necessarily reflect income actually distributed by each bond fund to its shareholders and does not take into account capital
gains or losses. The calculator will use the most recent 30-Day Yield available to Fidelity for each bond fund position. Please refer to the Portfolio Positions page for additional
30-Day Yield information.
• Indicated Annual Dividend (IAD) - Select Indicated Annual Dividend to calculate hypothetical future income for your bond fund portfolio using a historical methodology based on
the accumulated regular cash dividends paid by each bond fund during the previous 12 months. Historical performance is no guarantee of future results. IADs are sourced from
third-party vendors believed to be reliable, but no assurance can be made as to accuracy. This third-party data may not be promptly updated to reflect various corporate actions
(for example, when an issuer has missed a scheduled dividend payment, announced changes to a payment schedule, or declared a stock split) and, as a result, income may be
overstated. If an IAD is not available for a particular bond fund, hypothetical future income may be understated. Please refer to your current Fidelity account statement for
additional IAD information.
2 Historical bond fund distribution information only includes dividends and capital gains received from bond funds held in Fidelity accounts and not from bond funds held in non-Fidelity
accounts you identified. Reinvested distributions are excluded from the historical distributions displayed above.
3 Hypothetical future bond fund income for the current month to the end of the calendar year includes bond funds held in Fidelity accounts and bond funds held in non-Fidelity accounts you
identified for analysis.
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Bond & CD Analytics Overview
Analytics can help identify different types of risk or diversification opportunities. The charts included on the following pages display bond & CD positions held at
Fidelity and outside positions aggregated by: Taxability; Bond Type; Credit Rating; Alternative Minimum Tax (AMT, Municipal Bonds Only); Income Source
(Municipal Bonds Only); Sector Exposure (Corporate Bonds Only); Duration (years); Underlying Ratings (Municipal Bonds Only); State Exposure (Municipal Bonds
Only); and Issuer Concentration. The Other analytic bar chart category is displayed as the 10th category when more than 10 unique categories exist or when
position data is not available or is unknown.
Unless otherwise specifically stated, portfolio characteristics presented in this analysis (including bond type; taxability; credit rating; alternative minimum tax;
income source; sector exposure; duration, state exposure; issuer concentration; and underlying ratings (Municipal Bonds Only) are derived from data from third
parties. Fidelity cannot guarantee the accuracy or timeliness of data obtained from third parties. Data is of the most recent date available, which may not be as
of the same date as your account data.
If there are any terms referenced in this analysis that are unfamiliar to you, please refer to the Glossary of Terms at the end of this report. For additional
information, visit the Fixed Income Analysis Help/Glossary at Fidelity.com.
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Taxability
Analytics: Bonds & CDs (continued)
This chart shows the percentage of income from bond and CD positions that are either federally taxable or exempt from federal taxation.
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
Taxable
Tax-Exempt
52.46%
47.54%
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Bond Type
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
Analytics: Bonds & CDs (continued)
This chart shows bond and CD positions by the following categories: corporate, municipal, agency/government-sponsored enterprise (GSE), U.S.
Treasury, and CD.
57.15%
36.50%
3.71%
1.32%
1.31%
Treasury
CD
Agency
Corporate
Municipal
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Moody's Credit Ratings S&P Credit Ratings
Analytics: Bonds & CDs (continued)
These charts show bond and CD positions by the distribution of the long-term Moody's and S&P credit ratings. Positions that are not rated will appear as “NR”.
Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected below are typically the "long-term" rating, which
reflects the rating agency's opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features,
such as bond insurance. If a municipal security's rating is based on any credit enhancement features, the rating agency may also assign an "underlying" rating
expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details on Fidelity.com for more
detailed credit rating information including underlying ratings.
Other
WR
NR
BAA3
BAA2
A2
AA3
AA2
AA1
AAA
7.38%
48.74%
0.23%
2.90%
0.44%
1.32%
0.44%
1.23%
33.47%
3.85%
Other
NR
BBB-
BBB
A
A+
AA-
AA
AA+
AAA
0.46%
4.71%
48.82%
2.90%
0.05%
0.44%
1.32%
0.44%
35.57%
5.30%
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is
the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as “NR".
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Moody's ratings ("Ratings") are proprietary to Moody's or its affiliates and are protected by copyright and other intellectual property laws. Ratings are licensed to Licensee by Moody's.
RATINGS MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR
SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR
WRITTEN CONSENT.
S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A-
is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as “NR".
S&P is a registered service mark of The McGraw-Hill Companies, Inc.
Ratings information from Standard & Poor's (“S&P”) may not be reproduced. S&P credit ratings are statements of opinion and are not statements of fact or recommendations to purchase, hold, or
sell securities, nor do they address the suitability of securities for investment purposes, and should not be relied on as investment advice. S&P does not guarantee the accuracy, completeness,
timeliness or availability of any information, including ratings, and is not responsible for errors or omissions (negligent or otherwise). S&P gives no express or implied warranties, including but not
limited to any warranties of merchantability or fitness for a particular purpose or use. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or
consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of ratings.
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Alternative Minimum Tax (AMT, Municipal Bonds Only)
Analytics: Bonds & CDs (continued)
This chart shows the percentage of municipal positions that are expected to generate interest income subject to federal AMT.
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
100.00%
Non-AMT
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Income Source (Municipal Bonds Only)
All Municipals
Income Source (Municipal Bonds Only)
Revenue Bonds
Analytics: Bonds & CDs (continued)
This chart shows the percentages of municipal bond positions that are categorized as General Obligation or Revenue bonds. Also shown is a breakdown for all
revenue bonds by income source and the specific types of projects associated with the bond's revenue stream.
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
Revenue
General Oblig... 99.36%
0.64%
Hospitals
Government
Utilities
Education 62.76%
12.60%
12.51%
12.14%
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Sector Exposure (Corporate Bonds Only)
Analytics: Bonds & CDs (continued)
This chart shows the percentage of corporate bonds positions classified by various sectors representing the industries in which the companies issuing the bonds
operate. Sector refers to the area of the economy from which the bond issuer derives its main sources of revenue.
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
Finance (bank)
Steel
Auto
Finance (non-...
Other Industr...
Petroleum
61.35%
30.23%
3.61%
2.39%
1.21%
1.21%
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Underlying Ratings (Municipal Bonds Only) Moody's Underlying Ratings (Municipal Bonds Only) S&P
Analytics: Bonds & CDs (continued)
These charts show the percentages of municipal bond positions based on underlying ratings. Bond ratings are provided by Moody's and S&P which indicate
each organization's assessment of the relative credit quality of a municipal bond issue on its own merits, without the impact of the credit quality of a bond
insurer. Positions that are not rated will appear as “NR”.
Multiple ratings may be assigned to a municipal security by a single rating agency. Typically, a bond will receive a "long-term" rating, which reflects the rating
agency's opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond
insurance or other forms of third party guarantee or support. Further, if the municipal security's rating is based on any credit enhancement features, the rating
agency may also assign an "underlying" rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement
features.
WR
A1
AA3
AA2
AA1
AAA
0.80%
8.24%
85.65%
5.00%
0.15%
0.15%
Other
100.00%
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is
the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as “NR".
Fixed Income Analysis Report
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Moody's ratings ("Ratings") are proprietary to Moody's or its affiliates and are protected by copyright and other intellectual property laws. Ratings are licensed to Licensee by Moody's.
RATINGS MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR
SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR
WRITTEN CONSENT.
S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A-
is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as “NR".
S&P is a registered service mark of The McGraw-Hill Companies, Inc.
Ratings information from Standard & Poor's (“S&P”) may not be reproduced. S&P credit ratings are statements of opinion and are not statements of fact or recommendations to purchase, hold, or
sell securities, nor do they address the suitability of securities for investment purposes, and should not be relied on as investment advice. S&P does not guarantee the accuracy, completeness,
timeliness or availability of any information, including ratings, and is not responsible for errors or omissions (negligent or otherwise). S&P gives no express or implied warranties, including but not
limited to any warranties of merchantability or fitness for a particular purpose or use. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or
consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of ratings.
Fixed Income Analysis Report
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State Exposure (Municipal Bonds Only)
Analytics: Bonds & CDs (continued)
This chart shows the percentage of municipal bond positions according to their state of origin.
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
85.26%
8.21%
4.76%
0.89%
0.80%
0.08%
TX
MD
KS
CA
NY
SC
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Duration (years)
Analytics: Bonds & CDs (continued)
This chart shows bond and CD positions aggregated by duration ranges. When duration data is not available for specific positions, those positions will be
included in the bar labeled “Unknown.”
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
0 - 6
Unknown
7 - 13
51.45%
34.83%
13.72%
Fixed Income Analysis Report
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Issuer Concentration
for Agencies
Issuer Concentration
for Corporate Bonds
Issuer Concentration
for CD's
Analytics: Bonds & CDs (continued)
This chart shows bond and CD positions by issuer concentration and product type. For Corporate, Agency/GSE and CDs, this chart identifies the top issuers for
each type.
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
Washington Pg Lp
Wells Fargo Co M
Crane Co
Ford Motor Credi
Private Expt Fdg
Conocophillips
Petro-cda
61.35%
30.23%
2.39%
2.39%
1.21%
1.21%
1.21%
Compass Bk
Bank Of China Ne
66.67%
33.33%
55.79%
24.21%
11.21%
8.80%
Govt Natl Mtg As
Tennessee Valley
Fedl Natl Mtg As
Federal Judiciar
Fixed Income Analysis Report
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Bond Fund Analytics Overview
Analytics help identify different types of risk or diversification opportunities. The charts included on the following pages display bond fund positions held at
Fidelity and outside positions aggregated by: Credit Quality; Duration (years); Overall Morningstar
TM
Rating; Taxability; US vs. Foreign Exposure; Country
Diversification, Portfolio Diversification; Income Source; Alternative Minimum Tax (AMT); and Revenue Source Diversification (Fidelity Funds Only). The Other
analytic bar chart category is displayed as the 10th category when more than 10 unique categories exist or when position data is not available or is unknown.
The exception to this is the Credit Quality chart for Bond Funds. This chart has an Unknown category instead of Other because that is the primary type of
uncategorized data.
Unless otherwise specifically stated, portfolio characteristics presented in this analysis (including credit quality, taxability, duration, U.S. v. foreign exposure,
country diversification, income source, revenue source diversification, portfolio diversification, and alternative minimum tax) are derived from data from FMR,
LLC for Fidelity Mutual Funds, including Bond Funds, and from third parties for non-Fidelity funds. Fidelity cannot guarantee the accuracy or timeliness of data
obtained from third parties. Data is of the most recent date available, which may not be as of the same date as your account data.
If there are any terms referenced in this analysis that are unfamiliar to you, please refer to the Glossary of Terms at the end of this report. For additional
information, visit the Fixed Income Analysis Help/Glossary at Fidelity.com.
IMPORTANT: If you have unsettled trades pending in any of the accounts identified on this page as of the date this report was generated, the account
balances, holdings data and analytical information presented in this report may be materially impacted and, depending on the size and scope of such
unsettled trades, rendered unreliable.
Fixed Income Analysis Report
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Credit Quality
All Bond Funds
This chart shows a breakdown of credit ratings for the underlying bond holdings of your bond fund positions. Fund managers are asked to consider ratings
provided by all rating organizations for underlying bond holdings of the fund and map those ratings which are represented by S&P letter rating
classifications/symbology. All short term ratings are reflected in a short term category on the chart. For further information on the source and methodology of
this data, please visit the Positions tab of the Fixed Income Analysis tool on Fidelity.com. Click on the bond fund symbol and then click on the Composition tab.
Cash & Net Ot...
Not Rated/Not...
Short-Term Rated
CCC & Below
B
BB
BBB
A
AA
AAA
U.S. Government
35.20%
2.64%
13.58%
15.63%
15.65%
7.15%
4.99%
1.33%
0.00%
1.15%
2.68%
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
Fixed Income Analysis Report
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Individual credit ratings assigned to the underlying holdings of each fund are reported by the Investment Manager of each bond fund. For further information on the source and methodology of this
data, please visit the Positions tab of the Fixed Income Analysis tool on Fidelity.com. Click on the bond fund symbol and then click on the Composition tab.
S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA isbest quality, A-
is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade.
S&P is a registered service mark of The McGraw-Hill Companies, Inc.
Ratings information from S&P may not be reproduced. S&P credit ratings are statements of opinion and are not statements of fact or recommendations to purchase, hold, or sell securities, nor do
they address the suitability of securities for investment purposes, and should not be relied on as investment advice. S&P does not guarantee the accuracy, completeness, timeliness or availability of
any information, including ratings, and is not responsible for errors or omissions (negligent or otherwise). S&P gives no express or implied warranties, including but not limited to any warranties of
merchantability or fitness for a particular purpose or use. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs,
expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of ratings.
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Duration (years)
Analytics: Bond Funds (continued)
All Bond Funds
This chart shows bond fund positions aggregated by duration ranges. When duration data is not available for specific positions, those positions will be included
in the bar labeled “Unknown."
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
62.35%
37.65%
6+
3.5 - 6
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Analytics: Bond Funds (continued)
All Bond Funds
This chart shows bond fund positions aggregated by Overall Morningstar
TM
Rating. Individual Morningstar ratings are assigned to each fund. For further
information about the comparison groups and methodology of this data, please visit the Positions tab of the Fixed Income Analysis tool on Fidelity.com and
click on the bond fund symbol.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this
information. Read it carefully.
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
Overall Morningstar
TM
Rating - as of 12/31/2016
***
****
95.79%
4.21%
Fixed Income Analysis Report
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****Overall Rating
Positions
Morningstar Category Overall Rating
Funds In Category
3 Year Rating
(Funds in Category)
5 year Rating
(Funds in Category)
10 Year Rating
(Funds in Category)
Amount
FIDELITY TOTAL
BOND
Intermediate-Term Bond 869
*****
(869)
****
(759)
****
(541)
$23,841.90
FIDELITY TAX-FREE
BOND
Muni National Long 142
***
(142)
****
(132)
****
(106)
$11,580.00
FIDELITY TOTAL
BOND
Intermediate-Term Bond 869
*****
(869)
****
(759)
****
(541)
$5,310.00
FIDELITY NEW
MARKETSINCOME
Emerging Markets Bond 222
****
(222)
****
(120)
****
(47)
$4,057.50
**** OverallRatingTotal 95.79%
***Overall Rating
Positions
Morningstar Category Overall Rating
Funds In Category
3 Year Rating
(Funds in Category)
5 year Rating
(Funds in Category)
10 Year Rating
(Funds in Category)
Amount
FIDELITY MUNICIPAL
INCOME
Muni National Long 140 ***
(140)
****
(131)
***
(104)
$1,968.00
***OverallRatingTotal 4.21%
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this
information. Read it carefully.
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
The Overall Morningstar™ 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 Rating metrics. For
each fund with at least a three-year history, Morningstar calculates a Morningstar™ Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly
performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the
funds in an investment category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share
class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)
© 2013 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 mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning
applicable loads, fees and expenses.
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Taxability
Analytics: Bond Funds (continued)
All Bond Funds
This chart shows bond funds by percentage of your positions that are federally taxable or tax exempt. Corporate bonds, agency/government-sponsored
enterprise (GSE) bonds, U.S. Treasury bonds, and brokered CDs are categorized as taxable because their interest is not exempt from federal income tax. Most
municipal bonds are categorized as federally tax exempt because their interest is generally exempt from federal income tax (though this interest may be subject
to federal and/or state alternative minimum taxes).
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
Tax-Exempt
Taxable 71.02%
28.98%
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U.S. vs. Foreign Exposure Country Diversification
Analytics: Bond Funds (continued)
Taxable Bond Funds
These charts shows bond fund positions by the percentage of bond fund assets invested in securities from issuers domiciled in the U.S or abroad.
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
80.18%
19.82%
Other
Lebanon
Argentina
Ukraine
Turkey
Netherlands
United Kingdom
Brazil
Mexico
United States
80.42%
2.75%
1.64%
1.47%
1.11%
0.84%
0.75%
0.64%
0.57%
9.79%
Foreign
U.S.
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Portfolio Diversification
Analytics: Bond Funds (continued)
Taxable Bond Funds
The Portfolio Diversification chart shows the bond fund positions by percentage of bond fund assets invested in securities from issuers in each industry and
sector category. Portfolio Diversification is the makeup of fund's portfolio expressed in terms of asset allocation and industry and sector diversification.
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
Other
ABS
Cash
CMOs
Other Governm...
CMBS
Non-U.S. Gove...
MBS Pass-Through
Corporate
U.S. Government
35.60%
29.78%
12.22%
2.70%
1.83%
1.81%
1.63%
1.60%
1.12%
11.72%
Fixed Income Analysis Report
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Income Source
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information.
Read it carefully.
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
Analytics: Bond Funds (continued)
Municipal Bond Funds
The Income Source chart shows bond fund positions by the makeup of the municipal bond fund portfolio expressed in terms of asset allocation and the types of
municipal bonds held within the portfolio. Income Source data is only available for Fidelity bond funds. All non-Fidelity bond funds will grouped into a
non-Fidelity funds category to show the percentage of bonds fund in your portfolio in which the Income Source information is not available. The Revenue source
diversification chart represents the holdings you selected for analysis by revenue sources across the municipal bond portfolio.
Other
Higher Education
Special Tax
Pre-Refunded
Water & Sewer
Electric & Gas
State Obligat...
Transportation
Local Obligat...
Health Care
Revenue Source Diversification (Fidelity Funds Only)
17.92%
16.54%
15.61%
14.82%
7.93%
6.52%
5.68%
5.55%
4.67%
4.76%
Cash & Net Ot...
General Oblig...
Revenue Bonds
60.83%
36.95%
2.23%
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Alternative Minimum Tax (AMT)
Analytics: Bond Funds (continued)
Municipal Bond Funds
This chart shows municipal bond fund positions that are expected to generate interest income subject to federal AMT.
Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
AMT
Non-AMT
97.79%
2.21%
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Bond & CD Interest Rate Sensitivity Illustrator Overview
The Interest Rate Sensitivity Illustrator models the potential impact of interest rate changes on both the value of your individual fixed income positions and your
overall portfolio. Duration is a measure that helps estimate the amount the price of a bond will rise or fall in response to changes in interest rates. Although
expressed in years, duration is often explained as an estimate of the percentage a bond’s price will fluctuate in response to a 100-basis-point change in interest
rates. Bonds with higher duration have greater sensitivity to changes in interest rates and will generally experience a more significant drop in value as interest
rates rise.
The Option-Adjusted Duration (OAD) calculation is used when bonds have embedded options, such as puts and calls. It accounts for the fact that the bond's
embedded options may change the expected cash flows of the bond.
If there are any terms referenced in this analysis that are unfamiliar to you, please refer to the Glossary of Terms at the end of this report. For additional
information, visit the Fixed Income Analysis Help/Glossary at Fidelity.com.
The Interest Rate Sensitivity Illustrator as provided by Fidelity is educational in nature, is not individualized, and is not intended to serve as the primary or sole
basis for your investment or tax-planning decisions.
Unless otherwise specifically stated, all position holdings data, including account balances, are gathered from brokerage accounts that you own, as well as
authorized accounts, position holdings held outside of Fidelity and hypothetical positions you have identified for analysis. Fidelity reports data as of the most
recent closing price. Fidelity is not able to verify the accuracy, timeliness or completeness of the position data reflected for positions that are Hypothetical or
Held Outside of Fidelity.
Fixed Income Analysis Report
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Interest Rate Sensitivity Illustrator is for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
$0 $18,721 $37,443 $56,164 $74,885 $93,607 $112,328 $131,049 $149,771
Interest Rate Sensitivity Illustrator: Bonds & CDs
The Interest Rate Sensitivity Illustrator models the potential impact of interest rate changes on both the value of your individual fixed income positions and your
overall portfolio. Positions with unknown or no duration will not be displayed and excluded from tool results.
Interest Rate Increase/Decrease: 1.00%
Your Portfolio Value by Duration 0-6 years 7-13 years 14-19 years 20-25 years
$140,641.36
$149,770.59
Most
Recent
Value
Duration
Adjusted
Value
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Interest Rate Sensitivity Illustrator: Bonds & CDs
This chart displays bond and cd position information, along with their option adjusted duration. When an interest rate increase or decrease is input into the
Interest Sensitivity Illustrator, the duration adjusted value and adjusted value difference will populate.
NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.
Interest Rate Increase/Decrease: 1.00%
0-6 years 7-13 years 14-19 years 20-25 years
CUSIP Description Maturity
1
Coupon
Estimated
Yield Quantity Most Recent Price
Duration
(Years)
Most Recent
Value
Estimated
Duration
Adjusted
Value
Estimated
Adjusted
Value
Difference Account Product Type
13063CW97
CALIFORNIA
ST GO
VARPURP
BDS
05.00000%
09/01/2027
09/01/2027 5.00 2.05 5,000 123.292
7.221
$6,164.60 $5,719.45 -$445.15 Outside Municipal
008770PV5
AIKEN CNTY
S C CONS
SCH DIST GO
BDS
SER.05.00000
%
03/01/202620
16 A
03/01/2026 5.00 1.97 90,000 122.730
6.845
$110,457.00 $102,896.22 -$7,560.78 Outside Municipal
05620PDJ9
BABYLON N
Y TAXABLE
PUB IMPT
BDS
04.25000%
09/01/2024SE
R.2013
09/01/2024 4.25 3.17 10,000 106.408
5.757
$10,640.80 $10,028.21 -$612.59 Outside Municipal
Fixed Income Analysis Report
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Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)
NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.
Interest Rate Increase/Decrease: 1.00%
0-6 years 7-13 years 14-19 years 20-25 years
CUSIP Description Maturity
1
Coupon
Estimated
Yield Quantity Most Recent Price
Duration
(Years)
Most Recent
Value
Estimated
Duration
Adjusted
Value
Estimated
Adjusted
Value
Difference Account Product Type
3138WEPN3
FEDL NATL
MTG ASSN
POOL
#AS4928
3.50000%
05/01/2045
05/01/2045 3.50 0.00 1,986 102.596
4.516
$2,037.32 $1,945.31 -$92.01 Outside Agency
9128282S8
UNITED
STATES
TREAS NTS
NOTE
1.62500%
08/31/2022
08/31/2022 1.63 2.23 1,000 97.359
4.442
$973.59 $930.34 -$43.25 Outside Treasury
34540TDZ2
FORD
MOTOR
CREDIT
COMPANY
MTN
3.50000%
12/20/2022
12/20/2022 3.50 3.76 1,000 98.849
3.920
$988.49 $949.74 -$38.75 Outside Corporate
34540TDZ2
FORD
MOTOR
CREDIT
COMPANY
MTN
3.50000%
12/20/2022
12/20/2022 3.50 3.76 1,000 98.849
3.920
$988.49 $949.74 -$38.75 Outside Corporate
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Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)
NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.
Interest Rate Increase/Decrease: 1.00%
0-6 years 7-13 years 14-19 years 20-25 years
CUSIP Description Maturity
1
Coupon
Estimated
Yield Quantity Most Recent Price
Duration
(Years)
Most Recent
Value
Estimated
Duration
Adjusted
Value
Estimated
Adjusted
Value
Difference Account Product Type
485429GF5
KANSAS ST
DEV FIN
AUTH REV
REV BDS
03.62500%
05/01/2023U
NIVERSITY
OF
KANSASGER
TRUDE
SELLARDS
PEARSON
HALL SER.
05/01/2023 3.63 2.01 100 105.173
3.128
$105.17 $101.88 -$3.29 Outside Municipal
94974BGR5
WELLS
FARGO CO
MTN BE
2.55000%
12/07/2020
12/07/2020 2.55 2.43 1,000 100.331
2.800
$1,003.31 $975.22 -$28.09 Outside Corporate
485429KG8
KANSAS ST
DEV FIN
AUTH REV
REV BDS
03.75000%
05/01/2027ST
ATE OF KS
PROJS SER.
2011-B
05/01/2027 3.75 2.36 100 103.113
2.656
$103.11 $100.37 -$2.74 Outside Municipal
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Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)
NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.
Interest Rate Increase/Decrease: 1.00%
0-6 years 7-13 years 14-19 years 20-25 years
CUSIP Description Maturity
1
Coupon
Estimated
Yield Quantity Most Recent Price
Duration
(Years)
Most Recent
Value
Estimated
Duration
Adjusted
Value
Estimated
Adjusted
Value
Difference Account Product Type
845040HT4
SOUTHWEST
HIGHER ED
AUTH INC
TEX REV
REV03.50000
%
10/01/2024B
DS
SOUTHERN
METHODIST
UNIV SER.
2010
10/01/2024 3.50 1.69 100 104.827
2.596
$104.82 $102.10 -$2.72 Outside Municipal
313490CE2
FEDERAL
JUDICIARY
OFF BLDG
TRT
0.00000%
08/15/2020
ZERO CTF
08/15/2020 0.00 2.43 3,000 93.888
2.586
$2,816.64 $2,743.80 -$72.84 Outside Agency
313490CE2
FEDERAL
JUDICIARY
OFF BLDG
TRT
0.00000%
08/15/2020
ZERO CTF
08/15/2020 0.00 2.43 2,000 93.888
2.586
$1,877.76 $1,829.20 -$48.56 Outside Agency
Fixed Income Analysis Report
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Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)
NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.
Interest Rate Increase/Decrease: 1.00%
0-6 years 7-13 years 14-19 years 20-25 years
CUSIP Description Maturity
1
Coupon
Estimated
Yield Quantity Most Recent Price
Duration
(Years)
Most Recent
Value
Estimated
Duration
Adjusted
Value
Estimated
Adjusted
Value
Difference Account Product Type
88059EMX9
TENNESSEE
VALLEY
AUTH FED
BE
0.00000%
07/15/2020
GEN INT
07/15/2020 0.00 2.33 1,000 94.304
2.504
$943.04 $919.43 -$23.61 Outside Agency
48542K4C0
KANSAS ST
DEV FIN
AUTH REV
REV BDS
03.40000%
05/01/2022U
NIVERSITY
OF
KANSASSER.
2010K-1
05/01/2022 3.40 1.82 200 103.579
2.223
$207.15 $202.55 -$4.60 Outside Municipal
939648AB7
WASHINGTO
N PG LP
NOTE CALL
MAKE
WHOLE3.850
00%
04/01/2020
04/01/2020 3.85 3.75 1,000 100.214
2.053
$1,002.14 $981.57 -$20.57 Outside Corporate
5628943N3
MANHATTA
N KANS GO
REF BDS
SER.2009-D
03.25000%
11/01/2019
11/01/2019 3.25 1.62 100 102.909
1.761
$102.90 $101.09 -$1.81 Outside Municipal
Fixed Income Analysis Report
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Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)
NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.
Interest Rate Increase/Decrease: 1.00%
0-6 years 7-13 years 14-19 years 20-25 years
CUSIP Description Maturity
1
Coupon
Estimated
Yield Quantity Most Recent Price
Duration
(Years)
Most Recent
Value
Estimated
Duration
Adjusted
Value
Estimated
Adjusted
Value
Difference Account Product Type
794811KN8
SALINA
KANS WTR
&SEWREV
WTR AND
SWR SYS
04.12500%
10/01/2025R
EV BDS SER.
2011
10/01/2025 4.13 1.90 100 103.792
1.665
$103.79 $102.06 -$1.73 Outside Municipal
742651DQ2
PRIVATE
EXPT FDG
CORP NOTE
1.45000%
08/15/2019
08/15/2019 1.45 2.05 2,000 99.061
1.574
$1,981.22 $1,950.04 -$31.18 Outside Corporate
912828SH4
UNITED
STATES
TREAS NTS
NOTE
1.37500%
02/28/2019
02/28/2019 1.38 1.88 1,000 99.438
1.134
$994.38 $983.10 -$11.28 Outside Treasury
574192S50
MARYLAND
ST GO BDS
SER.2009C
05.00000%
03/01/2021
03/01/2021 5.00 1.45 1,000 104.049
1.112
$1,040.49 $1,028.92 -$11.57 Outside Municipal
20451PTR7
COMPASS
BK
BIRMINGHA
M ALA CD
1.70000%
12/14/2018
12/14/2018 1.70 1.69 1,000 100.007
0.932
$1,000.07 $990.75 -$9.32 Outside CD
Fixed Income Analysis Report
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Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)
NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.
Interest Rate Increase/Decrease: 1.00%
0-6 years 7-13 years 14-19 years 20-25 years
CUSIP Description Maturity
1
Coupon
Estimated
Yield Quantity Most Recent Price
Duration
(Years)
Most Recent
Value
Estimated
Duration
Adjusted
Value
Estimated
Adjusted
Value
Difference Account Product Type
224399AS4
CRANE CO
NOTE CALL
MAKE
WHOLE
2.75000%
12/15/2018
12/15/2018 2.75 2.30 1,000 100.417
0.928
$1,004.17 $994.85 -$9.32 Outside Corporate
912828RP7
UNITED
STATES
TREAS NTS
NOTE
1.75000%
10/31/2018
10/31/2018 1.75 1.78 1,000 99.981
0.810
$999.81 $991.71 -$8.10 Outside Treasury
06426WWY4
BANK OF
CHINA NEW
YORK CITY
BR CD
1.50000%
06/20/2018
06/20/2018 1.50 1.50 1,000 100.001
0.451
$1,000.01 $995.50 -$4.51 Outside CD
06426WWX6
BANK OF
CHINA NEW
YORK CITY
BR CD
1.40000%
03/20/2018
03/20/2018 1.40 1.34 1,000 100.013
0.201
$1,000.13 $998.12 -$2.01 Outside CD
967243N36
WICHITA
KANS GO
BDS SER
778A
04.25000%
09/01/2018
09/01/2018 4.25 1.48 30 100.213
0.077
$30.06 $30.04 -$0.02 Outside Municipal
Fixed Income Analysis Report
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Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)
NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.
Interest Rate Increase/Decrease: 1.00%
0-6 years 7-13 years 14-19 years 20-25 years
CUSIP Description Maturity
1
Coupon
Estimated
Yield Quantity Most Recent Price
Duration
(Years)
Most Recent
Value
Estimated
Duration
Adjusted
Value
Estimated
Adjusted
Value
Difference Account Product Type
478712MG4
JOHNSON
CNTY KANS
UNI SCH
DIST NO 232
03.50000%
09/01/2019G
O REF BDS
SER. 2008
09/01/2019 3.50 1.79 100 100.131
0.077
$100.13 $100.05 -$0.08 Outside Municipal
Total
6.10 $149,770.59 $140,641.36 -$9,129.23
1
Dates in bold indicate maturity date within 30 days or less.
S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality,
A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of
The McGraw-Hill Companies, Inc.
Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). Non-rated positions will
display as "--".
Interest Rate Sensitivity Illustrator is for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
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Bond Fund Interest Rate Sensitivity Illustrator Overview
Interest rate changes impact bond funds differently than bonds and CDs. A bond fund’s duration is based on the weighted aggregate durations of all the
underlying fixed-income holdings of the fund. When interest rates move, the values of the underlying holdings may change at different rates. Estimating the
impact of rate changes may be even less reliable when the shift is large. For this reason, the tool limits the interest rate change modeled to +/- 1%.
In addition, some fund managers manage a fund to a specific duration. So when interest rates move, the manager may make adjustments to the portfolio in
order to maintain a constant duration.
The interest Rate sensitivity Illustrator as provided by Fidelity is educational in nature, is not individualized, and is not intended to serve as the primary or sole
basis for your investment or tax-planning decisions.
Unless otherwise specifically state, all position holdings data, including account balances, are gathered from brokerage accounts that you own, as well as
authorized accounts, position holdings held outside of Fidelity and hypothetical positions you have identified for analysis. Fidelity reports data as of the most
recent closing price. Fidelity is not able to verify the accuracy, timeliness or completeness of the position data reflected for positions that are Hypothetical or
Held Outside of Fidelity.
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Interest Rate Sensitivity Illustrator: Bond Funds
The Interest Rate Sensitivity Illustrator for Bond Funds allows you to model how a 1% move in interest rates could impact a fund's net asset value. Since
changes in interest rates impact bond funds differently than individual bonds and CDs, estimates of price sensitivity may be less accurate the larger the shift
in interest rates.
To estimate how a change in interest rates can affect the share price of a bond fund, multiply the fund's duration by the rate change. For example, if a fund's
average duration is 2.5 years, a 1% rise in interest rates would lead to an estimated 2.5% decline in the share price, while a 1% decline in rates would cause
the share price to increase by an estimated 2.5%.
The Bond Fund Interest Rate Sensitivity Illustrator also allows you to hypothetically add or remove funds from your portfolio to see the estimated impact on
the portfolio's Weighted Average Duration and value within the 1% rate change limit. By adding or removing bond funds, the Weighted Average Duration
for the portfolio changes, as does the Estimated Portfolio Value.
To decrease the Weighted Average Duration, you can either remove funds with a high duration, or replace a high duration fund with a fund that has a lower
duration.
Your Bond Fund Positions
Est. Value If Interest Rates Move:
Symbol
Description
Product Type Account Quantity
NAV
Duration
(Yrs)
Most Recent
Value +1%
-1%
FHIGX
FIDELITY
MUNICIPAL
INCOME
Bond Fund -
Fidelity
Outside 150 13.120 6.820 $1,968.00
$1,833.78
(-$134.22)
$2,102.22
($134.22)
FTABX
FIDELITY TAX-FREE
BOND
Bond Fund -
Fidelity
Outside 1,000 11.580 6.680 $11,580.00
$10,806.46
(-$773.54)
$12,353.54
($773.54)
FNMIX
FIDELITY NEW
MARKETSINCOME
Bond Fund -
Fidelity
Outside 250 16.230 6.520 $4,057.50
$3,792.95
(-$264.55)
$4,322.05
($264.55)
FTBFX
FIDELITY TOTAL
BOND
Bond Fund -
Fidelity
Outside 2,245 10.620 5.430 $23,841.90
$22,547.28
(-$1,294.62)
$25,136.52
($1,294.62)
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Interest Rate Sensitivity Illustrator: Bond Funds (continued)
Your Bond Fund Positions
Est. Value If Interest Rates Move:
Symbol
Description
Product Type Account Quantity
NAV
Duration
(Yrs)
Most Recent
Value +1%
-1%
FTBFX
FIDELITY TOTAL
BOND
Bond Fund -
Fidelity
Outside 500 10.620 5.430 $5,310.00
$5,021.67
(-$288.33)
$5,598.33
($288.33)
Interest Rate Sensitivity Illustrator is for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.
Interest Rate Sensitivity Illustrator: Bond Funds
Totals
Est. Value If Interest Rates Move:
Duration (yrs) Most Recent Value
+1% -1%
Bond Funds 5.893 $46,757.40 $44,002.14
(-$2,755.26)
$49,512.66
($2,755.26)
Hypothetical Adjustments -- -- --
--
--
Bond Funds and Hypothetical Adjustments 5.893 $46,757.40 $44,002.14
(-$2,755.26)
$49,512.66
($2,755.26)
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30 Day Yield
A standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by
dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the
last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction
of the fund's expenses. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield."
Acquisition Date and Yield The purchase date and yield when the security was acquired.
Adjusted Cost Basis The net cost of a security including any broker's fees or commissions adjusted for various tax-related items.
Call Date The next scheduled date when a bond may be redeemed by the issuer before the scheduled maturity.
Coupon A bond's annual interest rate, expressed as a percentage of the bond's face value.
Credit Quality An indication of the overall credit worthiness of a bond, bond fund or portfolio.
Credit Rating An opinion issued by an organization (such as Moody's or S&P) of the general credit worthiness of a bond issuer or specific
obligation of the issuer.
Duration In general terms, duration is the number of years required to recover the cost of a bond, considering the present value of all
interest and principal payments. Duration is expressed as a number of years from the bond's purchase date. In general, the
greater the bond's duration, the more sensitive its market price is likely to be to future interest rate changes.
Estimated Yield An approximation of a bond's annualized rate of return based on the most recent third-party price provided for the bond.
Federal Alternative Minimum
Tax (AMT)
An alternate form of federal income taxation created to ensure that high-income individuals, corporations, trusts, and estates
pay at least some minimum amount of tax, regardless of deductions, credits or exemptions.
Income Source (Municipal
bonds)
Identifies the source from which funds, including bond proceeds and other available funds, are derived and the application or
use of such funds in connection with the issuance of municipal securities.
Indicated Annual Dividend (IAD) An estimate of a security’s dividend payments for the next 12 months calculated based on prior and/or declared dividends for
that security. IADs are sourced from third party vendors and are derived using either a historical methodology (HM) or a
projected methodology (PM), depending on available information. The PM annualizes the most recent regular cash dividend.
The HM accumulates the regular cash dividends paid over the past twelve months. If there is less than one year of dividend
history, the accumulated dividends are annualized.
Investment Grade The term "investment grade" indicates that a bond has a relatively low risk of default and has a rating of BBB-/Baa3 or higher.
Glossary Of Terms
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Maturity
The date on which the principal amount of a fixed-income security is scheduled to become due and payable, typically along
with any final coupon payment.
Net Asset Value (NAV)
The dollar value of one share of a fund determined by taking the total assets of a fund, subtracting the total liabilities, and
dividing by the total number of shares in the fund.
Non-Investment Grade
The term "non-investment grade" indicates that a bond has a relatively higher risk of default than investment grade bonds.
Bonds rated BB+/Ba1 or below are considered non-investment grade.
Open Lot The individual acquisitions or purchases that comprise the total of an open investment position.
Option Adjusted Duration
For bonds with embedded options (for example callable or puttable bonds), the duration measure must be adjusted to account
for the fact that the bond’s embedded options may change the expected cash flows of the bond. For example, if a bond is
called, interest payments cease and principal is returned earlier than the bond’s maturity. The option-adjusted measure of
duration is referred to as Option Adjusted Duration (OAD).
Underlying Ratings Typically, a municipal security will receive a “long-term” rating, which reflects the rating agency’s opinion about the overall risk
of default, taking into account the effect of any credit enhancement features, such as bond insurance or other forms of third
party guarantee or support. If the municipal security’s rating is based on any credit enhancement features, the rating agency
may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any
credit enhancement features.
Unsettled Trades An unsettled trade is a trade for which payment has not been exchanged for delivery of securities. Settlement times vary
depending on the type of security.
Weighted Average Portfolio
Duration
An average in which each bond/CD or fund’s duration is assigned a weighting based on the quantity of the position. These
weightings determine the relative importance of each duration on the average.
