The French presidency is based on a semi-presidential system where both a president and a prime minister are active participants in the day-to-day administration of the state. France's president appoints a prime minister, who then forms a government.
The Portfolio Management Rating is the same as our Stock Rating except that we incorporate Asset Allocation in the Portfolio Management Rating. The Total Annual Costs Rating captures the all-in cost of being in a fund over a 3-yr holding period, the average holding period of all mutual fund investors.
FCBFX's top five holdings account for 8.3% of the fund's portfolio are Fidelity Central Investment Portfolios, Verizon Communications, JPMorgan Chase, JP Morgan Chase Bank and Barclays Bank. Unlike DEECX, this fund holds corporate bonds with shorter maturities, and its average duration is 6.9 years.