Building a Portfolio for any Weather

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Workplace Education Series
Building a Portfolio for any Weather
[presenter name]
[date]
The Retirement Savings Series
Workplace Education Series
Part 1: Getting on the Right Path with Your Workplace Savings
–
Understand the many advantages of saving at the workplace
–
Find money in your paycheck to save for the future
–
Create a budget and manage your debt
–
Simplify your finances for easier account management
–
Set goals and develop a plan to reach them
Part 2: Building a Portfolio for any Weather
–
Determine how much savings you may need for retirement
–
Understand investment types and how to balance potential risk vs. reward
–
Manage your investment strategy to meet your long-term goals
–
Become more confident about making investment decisions
 A Tool to Help: Visit Fidelity’s e-Learning catalog at
http://e-learning.fidelity.com.
2
Building a portfolio for any weather
Workplace Education Series
Get more out of
your retirement
savings
Today’s agenda:
– Principles of asset allocation
and diversification
– Characteristics of key asset
classes
– How to develop an investment
strategy to help you reach your
financial goals
– Steps to put your plan in motion
3
Make smarter
investment
decisions
4
Make smarter investment decisions
Workplace Education Series
Asset allocation +
diversification =
your investment mix
Combining them skillfully can help you
– Reduce portfolio risk and volatility
– Match your investment strategy
to your time horizon, financial
situation, and risk tolerance
– Tap into market opportunities
– Avoid the pitfalls of market timing
5
Neither diversification nor asset allocation ensures
a profit or guarantees against loss.
Make smarter investment decisions
Workplace Education Series
Asset allocation = combining
different investment types
Stocks
(equities)
Bonds
(fixed income)
Cash
(short-term)
Up to 91.5% of variations in returns can be attributed to asset allocation.*
6
* Source: "Determinants of Portfolio Performance," Brinson, Hood and Beebower, Financial Analysts Journal, JulyAugust 1986, and "Determinants of Performance II: An Update," Brinson, Singer and Beebower, Financial Analysts
Journal, May-June 1991. This represents a landmark study which has not been refuted and which stands today as a
valid, widely accepted theory.
Make smarter investment decisions
Workplace Education Series
Investment types
Investment risk
Inflation risk
7
Short-term investments
Bonds
– Relatively stable value
– Potential to pay interest
– Lower risk, lower potential
return
– Potential to pay interest
– Moderate risk, moderate
potential return
Stocks
– Long-term growth potential
– Value can go up and down
– Higher risk, higher
potential return
Make smarter investment decisions
Workplace Education Series
Diversification = spreading out
investments within investment types
Diversification
Mutual Funds
Spread out your investments
within investment types
Include a variety of stocks
and/or bonds
Stocks
(equities)
Bonds
(fixed income)
Stock
Fund
Cash
(short-term)
8
Neither diversification nor asset allocation ensures a profit or guarantees against loss.
Bond
Fund
Cash
(short-term)
Make smarter investment decisions
Workplace Education Series
Diversify within asset classes
to help moderate risk
Domestic Stock
Large
Growth
Value
Blend
Large-cap
Growth
Large-cap
Value
Large-cap
Blend
Short-term
International
Country/
Regional
Diversified
U.S. Government
Funds
Money Market
Funds
Banks
Government
Fixed Income
Mid
Small
Mid-cap
Growth
Mid-cap
Value
Mid-cap
Blend
Small-cap
Growth
Small-cap
Value
Small-cap
Blend
Corporate
Municipal
Government
High Yield
Other Financial Institutions
StyleMap® depictions of mutual fund characteristics produced using data and calculations provided by Morningstar, Inc. StyleMaps estimate characteristics of a fund's equity holdings
over two dimensions: market capitalization and valuation.
Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which are magnified in emerging markets. These risks are particularly
significant for funds that focus on a single country or region.
In general, the bond market is volatile and bonds entail interest-rate risk (As interest rates rise, bond prices usually fall, and vice versa). This effect is usually pronounced for longerterm securities. Bonds also entail the risk of issuer default, issuer credit risk, and inflation risk. Lower-quality debt securities generally offer higher yields, but also involve greater risk
of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
9
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds
seek to preserve the value of your investment at $1 per share, it is possible to lose money by investing in these funds. Unlike mutual funds, most
CDs and U.S. Treasuries offer a fixed rate of return and guarantee payment of principal if held to maturity. Unlike most bank products such as CDs, money
market mutual funds are not FDIC insured.
Workplace Education Series
Make smarter investment decisions
The case for diversification
Winners and losers rotate over time
2003
2004
2005
2006
2007
2008
2009
2010
Large stocks
28.7%
10.9%
4.9%
15.8%
5.5%
-37.0%
26.5%
15.1%
Foreign stocks
39.2%
20.7%
14.0%
26.9%
11.6%
-43.1%
32.5%
8.2%
Small stocks
47.3%
18.3%
4.6%
18.4%
-1.6%
-33.8%
27.2%
26.9%
Bonds
4.1%
4.3%
2.4%
4.3%
7.0%
5.2%
5.9%
6.5%
High-yield
bonds
28.2%
10.9%
2.7%
11.8%
2.2%
-26.4%
57.5%
15.2%
Short-term
Investments
1.0%
1.2%
3.0%
4.8%
4.7%
1.7%
0.1%
0.1%
Bottom annual performer (all figures represent total annual returns)
Top annual performer (all figures represent total annual returns)
10
Source: Strategic Advisers, 2011. Past performance is no guarantee of future results. Large stocks as measured by S&P 500 ®; foreign
stocks as measured by MSCI EAFE®; small stocks as measured by Russell 2000®; bonds as measured by Barclays Capital
U.S. Aggregate Bond Index; high-yield bonds as measured by the Merrill Lynch High Yield Master II Index, which measures the
performance of the non-investment-grade U.S. domestic bond market; short-term as measured by the U.S. 30-day T-bill.
Make smarter investment decisions
Workplace Education Series
Diversification
rules of thumb
– Invest in stock funds with varying
investment strategies
– Mix domestic and international
stock funds
– Keep less than 25% of your
money in a single stock fund
– Select a limited number of stock
funds to keep tracking simple
– Diversify among bond funds with
varying maturities
 A Tool to Help: To help ensure your investment
mix is still consistent with your unique situation,
use Portfolio Review.
11
Determine your
investment
approach
12
Determine your investment approach
Workplace Education Series
Finding the right
mix depends on
– Your tolerance for risk
– Your time horizon
– Your financial situation
13
Determine your investment approach
Workplace Education Series
The risk of inflation
2000
2010
% rise in price
Loaf of bread1
$.99
$1.39
40%
One dozen eggs1
$.96
$1.79
87%
$24,946
$36,993
48%
College education2
 What to Do: Make sure you consider investments with the
potential to outpace inflation.
14
1
US Dept. of Labor, Bureau of Labor Statistics, 2010.
2
Costs are based on a four-year private education: Annual Survey of Colleges, The College Board, New York, 2010.
Determine your investment approach
Workplace Education Series
Investment risk
How $100 grew over 50 years
Stocks $10,459
(1961 – 2010)
Bonds $2,981
Short-term
investments $1,308
1961
2010
Inflation $737
$100
1961
15
2010
Data Source: Ibbotson Associates, 2011 (1961–2010). Past performance is no guarantee of future results. The asset class (index) returns
reflect the reinvestment of dividends and other earnings. This chart is for illustrative purposes only and does not represent actual or future
performance of any investment option. It is not possible to invest directly in a market index. Stocks are represented by the Standard and
Poor’s 500 Index (S&P 500® Index). The S&P 500® Index is a market capitalization-weighted index of 500 common stocks chosen for market
size, liquidity, and industry group representation to represent U.S. equity performance. Bonds are represented by the U.S. Intermediate
Government Bond Index, which is an unmanaged index that includes the reinvestment of interest income. Short-term instruments are
represented by U.S. Treasury bills, which are backed by the full faith and credit of the U.S. government. Inflation is represented by the
Consumer Price Index (CPI), is a widely recognized measure of inflation, calculated by the U.S. government. Stock prices
are more volatile than those of other securities. Government bonds and corporate bonds have more moderate short-term
price fluctuations than stocks but provide lower potential long-term returns. U.S. Treasury bills maintain a stable value
(if held to maturity), but returns are only slightly above the inflation rate.
Determine your investment approach
Workplace Education Series
Time is on your side
Average annual increase/return: 1961 – 2010
9.7%
7.0%
4.1%
Inflation
16
5.3%
Short-Term
Investments
Bonds
Domestic Stocks
Data Source: Ibbotson Associates 2011. This chart represents the average annual return percentage for the investment categories shown for
the 50-year period of 1961–2010. Past performance is no guarantee of future results. Returns include the reinvestment of dividends and
other earnings. This chart is for illustrative purposes only and does not represent actual or implied performance of any investment option.
Stocks are represented by the Standard & Poor’s 500 Index (S&P 500®). The S&P 500® is a market capitalization–weighted index of 500
common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. Bonds are
represented by the U.S. Intermediate Government Bond Index, which is an unmanaged index that includes the reinvestment of interest
income. Short-term instruments are represented by U.S. Treasury bills, which are backed by the full faith and credit of the U.S. government.
Inflation is represented by the Consumer Price Index (CPI), is a widely recognized measure of inflation, calculated by the U.S. government.
Stock prices are more volatile than those of other securities. Government bonds and corporate bonds have more moderate
short-term price fluctuation than stocks but provide lower potential long-term returns. U.S. Treasury bills maintain a stable
value (if held to maturity), but returns are generally only slightly above the inflation rate. You cannot invest directly in an index.
Determine your investment approach
Workplace Education Series
Retirement time frame
Retirement
Older
– More conservative
– More bonds/cash
Younger
– More aggressive
– More stock funds
17
Determine your investment approach
Workplace Education Series
Advantages of time
Historical annual return of stocks: 1926 – 2010
Benchmark: S&P 500®
162.9%
36.1%
-17.4%
21.4%
-4.9%
18.3%
1.9%
-67.6%
1-year
holding
period
18
5-year
holding
period
10-year
holding
period
20-year
holding
period
This chart is for illustrative purposes only and does not represent actual or future performance of any specific investment option.
Past performance is no guarantee of future results.
Source: Ibbotson Associates 2011.
The S&P 500® Index is a market capitalization–weighted index of 500 common stocks chosen for market size, liquidity, and
industry group representation to represent U.S. equity performance.
Indices are unmanaged and you cannot invest directly in an index.
Determine your investment approach
Workplace Education Series
Finding the right mix
Conservative
Balanced
Growth
14%
6%
50%
30%
40%
35%
25%
15%
49%
5%
21%
10% 15%
Aggressive
Growth
25%
60%
Annual Return %
Average
Best 12-month
Worst 12-month
Best 5-year
Worst 5-year
6.06
31.06
-17.67
17.24
-0.37
Domestic Stock
7.96
76.57
-40.64
23.14
-6.18
Foreign Stock
8.91
109.55
-52.92
27.27
-10.43
Bond
9.54
136.07
-60.78
31.91
-13.78
Short-term Investments
 A Tool to Help: To help ensure your investment mix is still consistent with
your unique situation, use Portfolio Review.
Data Source: Ibbotson Associates, 2011 (1926–2010). Past performance is no guarantee of future results. Returns include the reinvestment of dividends and other earnings. This chart is for illustrative purposes
only and does not represent actual or implied performance of any investment option. Stocks are represented by the Standard & Poor’s 500 Index (S&P 500®). The S&P 500® Index is a market capitalization–
weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. Bonds are represented by the U.S. Intermediate Government Bond
Index, which is an unmanaged index that includes the reinvestment of interest income. Short-term instruments are represented by U.S. Treasury bills, which are backed by the full faith and credit of the U.S.
government. It is not possible to invest directly in an index. Stock prices are more volatile than those of other securities. Government bonds and corporate bonds have more moderate short-term price fluctuation
than stocks but provide lower potential long-term returns. U.S. Treasury bills maintain a stable value (if held to maturity), but returns are generally only slightly above the inflation rate. Foreign Stocks are
represented by the Morgan Stanley Capital International Europe, Australasia, Far East Index for the period from 1970 to the last calendar year. Foreign Stocks prior to 1970 are represented by the S&P 500®.The
purpose of the target asset mixes is to show how target asset mixes may be created with different risk and return characteristics to help meet a participant’s goals. You should choose your own investments based
on your particular objectives and situation. Remember that you may change how your account is invested. Be sure to review your decisions periodically to make sure they are still consistent with your goals.
You should also consider any investments you may have outside the plan when making your investment choices.
19
These target asset mixes were developed by Strategic Advisers, Inc., a registered investment adviser and Fidelity Investments company, based on the needs of a
typical retirement plan participant.
Reviewing
your plan’s
investment
options
20
Workplace Education Series
Choosing your investments:
hands-on or hands-off?
– Do you want to make your own investment decisions?
– Are you comfortable building your own portfolio?
– Do you have the time to actively manage your investments?
Hands-on
Hands-off
Lifecycle Funds*
Let us guide you
Do it yourself
Provide an automatic
investment mix that becomes
continually more conservative
as time goes on. Just pick
the fund with the year that’s
closest to the year you
plan to retire.
Use our investment guidance
tool, Portfolio Review®**, to
identify a target investment
mix, receive a model portfolio
suggestion, and easily
implement your strategy.
Access Fidelity’s research
resources, and utilize our fund
selection tools to build your
own portfolio.
*Lifecycle funds are designed for investors expecting to retire around the year indicated in each fund’s name. The investment risk of each
lifecycle fund changes over time as its asset allocation changes. Lifecycle funds are subject to the volatility of the financial markets, including
equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and
foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates.
**Portfolio Review is an educational tool.
Guidance 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.
Neither diversification nor asset allocation ensures a profit or guarantees against loss.
Fidelity Freedom K® Funds
Workplace Education Series
A Family of Funds
Fidelity Freedom K®
Income Fund
Fidelity Freedom K®
2000 Fund
12%
15%
5%
15%
5%
27%
28%
36%
40%
40%
40%
Fidelity Freedom K®
2015 Fund
13%
Fidelity Freedom K®
2025 Fund
Fidelity Freedom K®
2030 Fund
37%
13%
42%
50%
Fidelity Freedom K®
2040 Fund
17%
52%
Fidelity Freedom K®
2045 Fund
Fidelity Freedom K®
2050 Fund
Domestic Equity Funds
23%
60%
62%
International Equity Funds
Fidelity Freedom K®
2055 Fund
10%
13%
15%
61%
22%
19%
19%
18%
15%
18%
28%
29%
31%
37%
40%
Fidelity Freedom K®
2035 Fund
Less than 1%
6%
10%
40%
10%
35%
40%
Fidelity Freedom K®
2020 Fund
22%
Fidelity Freedom K®
2010 Fund
Fidelity Freedom K®
2005 Fund
24%
23%
64%
Bond Funds
66%
Short-Term Funds
The percentages represent anticipated target asset allocation as of March 31, 2012. Target asset allocations may appear equal due to rounding. Allocation percentages
may not add up to 100% due to rounding and/or cash balances.
Fidelity Freedom K® Funds are designed for investors expecting to retire around the year indicated in each fund's name. Except for the Fidelity Freedom K® Income
Fund, the funds' asset allocation strategy becomes increasingly conservative as it approaches the target date and beyond. Ultimately, they are expected to merge with
the Fidelity Freedom K® Income Fund. The investment risk of each Fidelity Freedom K ® Fund changes over time as its asset allocation changes. They are subject to the
volatility of the financial markets, including equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in highyield, small-cap, commodity-linked, and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates.
Strategic Advisers, Inc., a subsidiary of FMR LLC, manages the Fidelity Freedom K ® Funds.
527860.7.0
Workplace Education Series
Investment Spectrum
Investment options to right have potentially
less inflation risk and more investment risk
Investment options to left have potentially more
inflation risk and less investment risk
Money Market
(or Short Term
if not a reg. MM)
Fidelity® Money
Market Trust
Retirement
Money Market
Portfolio
Domestic
Equities
Bond
PIMCO Total
Return Fund
Institutional Class
International/
Global Equity
Large Value
MFS Value Fund
Class R4
Large Blend
Spartan® Total
Market Index Fund Institutional Class
Large Growth
Fidelity®
Contrafund® - Class
K
Mid Value
Ridge Worth Mid-Cap
Value Equity Fund
Class I
Mid Blend
Spartan® Extended
Market Index Fund Fidelity Advantage
Class
Mid Growth
Prudential Jennison
Mid Cap Growth
Fund Class Z
Small Value
Heartland Value Plus
Fund Class
Institutional
Specialty
Company
Stock
Diversified
Harbor
International
Fund
Institutional
Class
Emerging
Markets
Oppenheimer
Developing
Markets Fund
Class Y
An investment in a money market fund is not insured or guaranteed by the FDIC or any other
government agency. Although money market funds seek to preserve the value of your investment at $1
per share, it is possible to lose money by investing in these funds. >
This spectrum, with the exception of the Domestic Equity category, is based on Fidelity’s analysis of the characteristics of the general investment
categories and not on the actual investment options and their holdings, which can change frequently. Investment options in the Domestic Equity
category are based on the options’ Morningstar categories as of 4/5/2012. Morningstar categories are based on a fund’s style as measured by its
underlying portfolio holdings over the past three years and may change at any time. These style categorizations do not represent the investment
options’ objectives and do not predict the investment options’ future styles. Investment options are listed in alphabetical order within each
investment category. Risk associated with the investment options can vary significantly within each particular investment category, and the
relative risk of categories may change under certain economic conditions. For a more
complete discussion of risk associated with the mutual fund options, please read the prospectuses before making
your investment decision. The spectrum does not represent actual or implied performance.
Investing for
the long term
24
Investing for the long term
Workplace Education Series
Make sure your portfolio
stays on target
Monitor and adjust your portfolio over time
Stocks
Bonds
Cash
 What to Do: myPlan® Monitor can help you check and revise your
asset allocation.
25
Investing for the long term
Workplace Education Series
Why rebalancing is so important
How an investment mix can change over time
5%
14%
25%
3%
2%
23%
12%
49%
72%
21%
December 1989
U.S. Stocks
26
13%
December 1999
International Stocks
Bonds
61%
December 2009
Short-term investments
Source: Fidelity Strategic Advisers, 2009. U.S. stocks are measured by S&P 500®; foreign stocks are measured
by MSCI EAFE®; bonds are measured by the U.S. Intermediate Government Bond Index; short-term is
measured by the U.S. 30-day T-bill. You may not invest directly in an index.
Investing for the long term
Workplace Education Series
How rebalancing is done
Static rebalancing
Current
portfolio
Change
+/-
Stocks
70%
74%
-4%
Bonds
25%
21%
+4%
Short-term investments
5%
5%
None
100%
100%
TOTAL
Tactical rebalancing
Target
portfolio
Current
portfolio
Change
+/-
Stocks
70% (+/- 5%)
74%
None
Bonds
25% (+/- 5%)
21%
None
Short-term investments
5% (+/- 5%)
5%
None
100%
100%
TOTAL
27
Target
portfolio
For illustrative purposes only.
Investing for the long term
Workplace Education Series
Rebalancing
techniques
There are several ways to get your
money back where you want it
– Change the way future
contributions are directed
– Exchange your current account
balances
– Move small amounts of money
at a time
 What to Do: Fidelity suggests you monitor
your portfolio’s performance at least once
a year.
28
Workplace Education Series
Investing for the long term
Regular investing is one of the
most important things you can do
$300K
The importance of regular investing
Potential
Savings
$255,203
$200K
$153,122
$100K
$51,041
$0K
Years
5
Monthly contributions
29
10
$100
15
$300
20
$500
These hypothetical examples assume a beginning plan account balance of $0; pretax contributions of $500, $300, and $100 every month
for 20 years; and an effective annual rate of return of 7%. The ending values do not reflect taxes, fees, or inflation. If they did, amounts
would be lower. Earnings and pretax contributions are subject to taxes when withdrawn. Distributions before age 59½ may also
be subject to a 10% penalty. Contribution amounts are subject to IRS and Plan limits. This example is for illustrative purposes
only and does not represent the performance of any security. Individuals may earn more or less than this example. Investing
on a regular basis does not ensure a profit or guarantee against a loss in a declining market.
Stay on track
30
Stay on track
Workplace Education Series
Make sure you are
properly invested
– Determine an appropriate
investment mix
– Determine your investment style
– Select investment options that fit
your target investment mix and
investment style
– Review and adjust your
investment mix as needed
– Simplify your finances by
consolidating accounts
 What to Do: Visit NetBenefits® and use
31
our online guidance tools.
Stay on track
Workplace Education Series
Avoid common pitfalls
– Chasing “hot” performance
– Trying to time the market
– Emotional panic selling
– Avoiding the market
– Investing without sufficient research and understanding
– Viewing investing as a one-time task
32
Stay on track
Workplace Education Series
We’re here to help

Visit NetBenefits®
www.mysavingsatwork.com/duke


Call your plan’s toll-free number to speak
with a representative familiar with the
features of your Plan.
Schedule a complimentary
one-on-one guidance consultation
Call 800.642.7131
Click getguidance.fidelity.com
Although consultations are one on one, guidance 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.
33
Important information
Workplace Education Series
S&P 500® Index. The S&P 500® Index is a registered mark of Standard & Poors Financial Services LLC. S&P 500 Index is a market
capitalization–weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent
U.S. equity performance.
Dow Jones Industrial AverageSM. Dow Jones Industrial Average, published by Dow Jones & Company, is a price-weighted index that
serves as a measure of the entire U.S. market. The index comprises 30 actively traded stocks, covering such diverse industries as
financial services, retail, entertainment, and consumer goods.
The NASDAQ Composite® Index. The NASDAQ Composite® Index is a market capitalization-weighted index that is designed to
represent the performance of NASDAQ stocks.
Dow Jones Wilshire 5000®. The Dow Jones Wilshire 5000® is an unmanaged market capitalization-weighted index of approximately
7,000 U.S. equity securities.
MSCI EAFE Index®. The Morgan Stanley Capital International Europe, Australasia, Far East Index (EAFE) is a market capitalizationweighted index that is designed to measure the investable equity market performance for global investors in developed markets,
excluding the U.S. & Canada. The EAFE Index is a registered service mark of Morgan Stanley and has been licensed for use by FMR
LLC.
Barclays Capital U.S.® Aggregate Bond Index. The Barclays Capital U.S. Aggregate Bond Index is a market value–weighted index of
investment–grade fixed–rate debt issues, including government, corporate, asset–backed, and mortgage–backed securities, with
maturities of one year or more.
The BofA Merrill Lynch US High Yield Index. The BofA Merrill Lynch US High Yield Index is a market capitalization–weighted index
of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must
have a below investment grade rating (based on an average of Moody’s, S&P and Fitch) and an investment grade rated country of risk.
In addition, qualifying securities must have at least one year remaining to final maturity, a fixed coupon schedule and at least $100
million in outstanding face value. Defaulted securities are excluded.
Citigroup Money Market 3-Month T-Bill Total Rate of Return Index. An unmanaged index that consists of the last 3-month U.S.
Treasury bill issues and is calculated using monthly return equivalents of yield averages which are not marked to market.
34
Important information
Workplace Education Series
30 Day T-Bill Index measures the annual total return of a short-term obligation that is not interest-bearing (it is purchased at a
discount); can be traded on a discount basis for 91 days.
The Russell 1000® Index is a market capitalization-weighted index of 1,000 large U.S. domiciled company stocks.
The Russell 1000 Value Index is a market capitalization-weighted index of those stocks of the 1,000 largest U.S. domiciled companies
that exhibit value–oriented characteristics.
The Russell 1000 Growth Index is a market capitalization-weighted index of those stocks of the 1,000 largest U.S. domiciled
companies that exhibit growth-oriented characteristics.
The Russell Midcap® Index is a market capitalization-weighted index of medium-capitalization U.S. company stocks.
The Russell Midcap® Value Index is a market capitalization-weighted index of the smallest 800 companies included in the Russell
1000 Index that exhibit value-oriented characteristics. The Russell 1000 Index is comprised of the 1,000 largest U.S. domiciled
companies.
The Russell Midcap® Growth Index is a market capitalization-weighted index of the smallest 800 companies included in the Russell
1000 Index that exhibit growth-oriented characteristics. The Russell 1000 Index is comprised of the 1,000 largest U.S. domiciled
companies.
The Russell 2000® Index is a market capitalization-weighted index of the stocks of the 2,000 smallest companies included in the 3,000
largest U.S. domiciled companies.
The Russell 2000® Value Index is a market capitalization-weighted index of the stocks of the 2,000 smallest companies included in the
Russell 3000® Value Index. The Russell 3000 Value Index comprises the 3,000 largest U.S. domiciled companies that exhibit valueoriented characteristics.
The Russell 2000® Growth Index is a market capitalization-weighted index of the stocks of the 2,000 smallest companies included in
the Russell 3000® Growth Index. The Russell 3000 Growth Index comprises the 3,000 largest U.S. domiciled companies that exhibit
growth-oriented characteristics.
35
Important information
Workplace Education Series
Before investing in any mutual fund, please carefully consider the investment objectives, risks,
charges, and expenses. For this and other information, contact Fidelity for a free prospectus
or, if available, a summary prospectus. Read it carefully before you invest.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain
or lose money.
The investment options available through the plan reserve the right to modify or withdraw the exchange privilege.
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© 2011 FMR LLC. All rights reserved.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
539819.33.0
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