Q1 2009 Market UpdateQ1 2009 Market Update · Baltic Dry Index & Commodity Prices (2002 - 2009) 450...

April 2009

M k A l i R h & Ed iA unit of Fidelity Management & Research Co.

Market Analysis, Research & Education

Q1 2009 Market UpdateQ1 2009 Market UpdateThe Market Analysis, Research and Education (MARE) group, a unit of Fidelity Management& Research Co. (FMRCo.), provides timely analysis on developments in the financial markets.

Topics

Market Summaryy

Economy / Macro Backdrop

Quarterly Theme: Government Stimulus and Implications

U.S. Equity Markets

International Equity Markets

Fixed Income Markets

Long-Term Investing Concepts

Fidelity Management & Research Co.2

g g p

Q1 2009 Market Summary

After calamitous ‘08, global economy and credit markets still rocky in Q1● Global trade plunged; government stimulus efforts expanded dramatically● Global trade plunged; government stimulus efforts expanded dramatically● New programs to re-start credit markets; Fed announced unprecedented bond purchases● Commodity prices stabilized; deflation fears eased some● Incipient signs the pace of decline in U.S. economic activity may have slowed in some areas

U.S. stocks sank to new lows, then recovered some losses● Most categories finished in negative territory, but tech and growth stocks fared best● Corporate profits plummeted; valuations lowest in at least two decades● Financials suffered worst declines though led during March rally● Financials suffered worst declines, though led during March rally

Foreign stock markets also declined, though mixed results by country● Emerging markets posted small gains; developed countries registered steep losses● Stronger U S dollar hurt returns; valuations at historically low levels● Stronger U.S. dollar hurt returns; valuations at historically low levels

Fixed-income markets remained volatile, but some positive results● Municipal bonds, high-yield corporates and TIPS rebounded after tough 2008

Hi h d b d tl fl t i t t t th i ld


● High-grade bonds mostly flat as interest rates rose across the yield curve

Q1 2009: Major Factors That Affected the U.S. Market

Positive Neutral Negative

Monetary Policy

Fiscal Policy Geopolitics

Economic Activity

Credit Crisis

Valuations

Inflation

Energy Prices Corporate Earnings


Economy / Macro Backdrop

Savings Rate Increased as Wealth Plummeted

Personal Savings Rate & Household Net Worth(1957 - 2008)

10%

15%

20%

e

0%

5%

0%

r-Yea

r Cha

nge

-10%

-5%

Year

-ove

r

Personal Savings Rate

-20%

-15%

1957

1959

1961

1963

1965

1967

1969

1971

1973

1975

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

g

Change in Household Net Worth

2008


Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

1

Q1-

2

Q1-

2

Q1-

2

Q1-

2

Source: The Conference Board, Federal Reserve Board, Haver Analytics, FMRCo (MARE) as of 12/31/2008.

Q4-

2

Unemployment and Consumer Spending Worse – But Deteriorating at a Slower Rate?

100%nge

4%

Annual Change in Jobless Claims & Consumer Spending(2006-2009)

60%

80%

100%

age

YoY*

Cha

n

2%

3%

4%

e Yo

Y* C

hang

e

0%

20%

40%

4-W

eek

Ave

ra

0%

1%

2%

on E

xpen

ditu

re

Change in Initial Jobless ClaimsChange in Personal Consumption Expenditures

-40%

-20%

0%

bles

s C

laim

s,

2%

-1%

0%

nal C

onsu

mpt

io

-80%

-60%

an-0

6

ar-0

6

ay-0

6

Jul-0

6

ep-0

6

ov-0

6

an-0

7

ar-0

7

ay-0

7

Jul-0

7

ep-0

7

ov-0

7

an-0

8

ar-0

8

ay-0

8

Jul-0

8

ep-0

8

ov-0

8

an-0

9

ar-0

9Initi

al J

ob

-3%

-2%

Pers

on


* YoY = Year-over-Year. Source: Department of Labor, Bureau of Labor Statistics, Haver Analytics, FMRCo (MARE) as of 3/31/09.

Ja M Ma J Se No Ja M Ma J Se No Ja M Ma J Se No Ja M

Signs of Hope in Housing? Affordability Up, Supply Did Not Get Worse

12 2400

)

Housing Supply & New Home Building Permits(1999 - 2009)

10

11

12

y H

omes

2000

2200

2400

g Pe

rmit

(000

s

7

8

9

f Sin

gle-

Fam

ily

1400

1600

1800

ed b

y B

uild

ing

4

5

6

nths

' Sup

ply

o

800

1000

1200

Uni

ts A

utho

riz

2

3

an-9

9

ug-9

9

ar-0

0

ct-0

0

ay-0

1

ec-0

1

ul-0

2

b-03

p-03

pr-0

4

ov-0

4

n-05

an-0

6

ug-0

6

ar-0

7

ct-0

7

ay-0

8

ec-0

8

Mon

400

600

Hou

sing

UMonths' Supply of Single-Family HomesNew Housing Permits

b-09


Ja Au

Ma

Oc

Ma

De Ju Fe Se Ap

No Ju J a Au

Ma

Oc

Ma

De

Source: National Association of Realtors, Census Bureau, Haver Analytics, FMRCo (MARE) as of 2/28/2009.

Fe

Manufacturing: Slower Rate of Contraction

90 80

Capacity Utilization & Manufacturing New Orders(1979 - 2009)

85

of C

apac

ity)

60

70

and/

cont

ract

)

80

Util

izat

ion

(% o

40

50

ex (+

/- 50

exp

a

70

75

trial

Cap

acity

20

30

ew O

rder

s In

de

U.S. RecessionsCapacity Utilization

65

n-79

c-79

v-80

ct-8

1p-

82g-

83ul

-84

n-85

y-86

pr-8

7r-

88b-

89n-

90c-

90v-

91ct

-92

p-93

g-94

ul-9

5n-

96y-

97pr

-98

r-99

b-00

n-01

c-01

v-02

ct-0

3p-

04g-

05ul

-06

n-07

y-08

pr-0

9

Indu

s

0

10

ISM

NeCapacity Utilization

ISM Mfg New Orders Index

ar-0

9


Jan

Dec

Nov Oc

Sep

Aug Ju Jun

May Ap

Ma

Feb

Jan

Dec

Nov Oc

Sep

Aug Ju Jun

May Ap

Ma

Feb

Jan

Dec

Nov Oc

Sep

Aug Ju Jun

May Ap

Recessions defined by National Bureau of Economic Research. Source: Institute for Supply Management, Federal Reserve Board, Haver Analytics, FMRCo (MARE) as of 3/31/2009.

Ma

Massive Financial Deleveraging Continued

$2,000

Acquisition of Financial Assets by ABS Issuers & Brokers (1989-2008)

$1,000

$1,500

g)

$0

$500

ons

(4-Q

tr A

vg

-$1,000

-$500Bill

io

-$1,500

89 -

Q4

90 -

Q4

91 -

Q4

92 -

Q4

93 -

Q4

94 -

Q4

95 -

Q4

96 -

Q4

97 -

Q4

98 -

Q4

99 -

Q4

00 -

Q4

01 -

Q4

02 -

Q4

03 -

Q4

04 -

Q4

05 -

Q4

06 -

Q4

07 -

Q4

08 -

Q4


19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20

ABS – Asset-Backed Securities. Source: Federal Reserve Board Flow of Funds, Haver Analytics, FMRCo (MARE) as of 12/31/2008.

After Collapse in Q4, Global Trade & Commodities Stabilized at Low Level

500 12000

Baltic Dry Index & Commodity Prices(2002 - 2009)

450

500

dex

Leve

l

10000

12000

CRB Spot Commodity Price IndexBaltic Exchange Dry Index

350

400

odity

Pric

e In

d

6000

8000

ry In

dex

Leve

l

250

300

B S

pot C

omm

o

2000

4000

Bal

tic D

r

200

250

an-0

2

ul-0

2

an-0

3

ul-0

3

an-0

4

ul-0

4

an-0

5

ul-0

5

an-0

6

ul-0

6

an-0

7

ul-0

7

an-0

8

ul-0

8

an-0

9

CR

B

0

2000

ar-0

9


Source: Institute for Supply Management, Federal Reserve Board, Haver Analytics, FMRCo (MARE) as of 3/31/2009.

Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju JaMa

Quarterly Theme: Government Stimulus & ImplicationsGovernment Stimulus & Implications

Unprecedented Size of Q1 Policy Stimulus

Cost of Major Government InitiativesStatus

Public-Private Investment Program (PPIP)

Term Asset-Backed Securities Loan Facility(TALF)

Fed Purchase of Agency / MBS Debt Began November 2008, increased March 2009

Implementation began March 2009

Details announced March 2009, not

Fed Purchase of Treasuries

Stimulus Legislation

Public Private Investment Program (PPIP)yet implemented

Approved February 2009

Began March 2009, ongoing

Louisiana Purchase

Savings & Loan Crisis

Korean War

$0

$200

$400

$600

$800

$1,0

00

$1,2

00

$1,4

00

$1,6

00

Marshall Plan

Louisiana Purchase


Source: Bianco Research, FMRCo (MARE) as of 3/20/2009.

$ $ $ $

Amount in 2009 Dollars (Billions)

Will Stimulus Work?

Major

Complexity of implementation (TALF, PPIP)

Major Challenges

Uncertainty about bank policy (nationalization?)Uncertainty about execution / effectivenessFiscal impactFiscal impactInflationary impact


Fiscal Implications: Largest Deficit Since WWII

45

U.S. Federal Budget, Receipts, and Outlays(1930 - 2009)

25

35

5

15

of G

DP

-15

-5

%

-35

-25

30 34 38 42 46 50 54 58 62 66 70 74 78 82 86 90 94 98 02 06

Surplus/Deficit Receipts Outlays

e)


Source: Office of Management and Budget, Haver Analytics, FMRCo (MARE) as of 2/26/2009.

193

193

193

194

194

195

195

195

196

196

197

197

197

198

198

199

199

199

200

200

2009

(

Foreign Financing Critical to Outlook for Interest Rates, Dollar

Holders of U.S. Treasuries(1996-2008)

70%

50%

60%

70%

urie

s

40%

50%

xist

ing

Trea

su % Official (Fed)% Foreign (total)% U.S. Private

20%

30%

wne

rshi

p of

Ex

0%

10%

-96

-96

-97

-97

-98

-98

-99

-99

-00

-00

-01

-01

-02

-02

-03

-03

-04

-04

-05

-05

-06

-06

-07

-07

-08

-08

Ow


Source: Federal Reserve Board, FMRCo (MARE) as of 12/31/2008.

Q2-

Q4-

Q2-

Q4-

Q2-

Q4-

Q2-

Q4-

Q2-

Q4-

Q2-

Q4-

Q2-

Q4-

Q2-

Q4-

Q2-

Q4-

Q2-

Q4-

Q2-

Q4-

Q2-

Q4-

Q2-

Q4-

Inflation: None Now, But Expectations Rose

3.0%

Inflation Expectations (TIPS Breakeven Rate)(2008-2009)

2.5%

tion

Rat

e

1.5%

2.0%

ear S

pot I

nfla

0.5%

1.0%

mpl

ied

10-Y

e

0.0%

an-0

8

eb-0

8

Mar

-08

Apr

-08

ay-0

8

un-0

8

Jul-0

8

Aug

-08

ep-0

8

Oct

-08

Nov

-08

Dec

-08

an-0

9

eb-0

9

Mar

-09

Im


Implied 10-year spot inflation rate is the 10-year Treasury yield at constant maturity minus the 10-year TIPS yield at constant maturity, and is the implied annual inflation rate over the next 10 years. Source: Haver Analytics, Federal Reserve Board, FMRCo (MARE) as of 3/31/2009.

J F M A M J J A S O N D J F M

Gold Benefited from Uncertain Financial and Inflation Outlook

$2,500

Inflation-Adjusted & Nominal Gold Prices(1975 - 2009)

$2,000Gold Bullion Price

$1 000

$1,500

d Pr

ice

($/o

z) Inflation-adjusted Gold Bullion Price

$500

$1,000

Gol

d

$0

an-7

5

an-7

7

an-7

9

an-8

1

an-8

3

an-8

5

an-8

7

an-8

9

an-9

1

an-9

3

an-9

5

an-9

7

an-9

9

an-0

1

an-0

3

an-0

5

an-0

7

an-0

9ar

-09


Gold price inflation-adjusted to 2009 dollars using the Consumer Price Index. Gold prices represented by London Gold Bullion, PM Fix (US$/Troy oz). Source: Haver Analytics, FMRCo (MARE) as of 3/31/2009.

Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja M

U.S. Equity Markets

U.S. Equity Performance: Slide Continued But Some Performance Differentiation

-2%

0%

-4.5%

-2.8%

8%

-6%

-4%

Ret

urn

(%)

-11.0%-12%

-10%

-8%

1 20

09 T

otal

R

-15.0%

17 0%-18%

-16%

-14%Q1

-32.3% -34.4% -38.1% -37.5% -42.1%1-Year Return

-17.0%-18%NASDAQ Russell 3000

GrowthS&P 500 Russell 2000 Russell 3000

Value


Source: FMRCo as of 3/31/2009. Past performance is no guarantee of future results. You cannot invest directly in an index. Please refer to the appendix for important index information.

Style and Cap Performance: Growth Led the Pack

Value Blend Growth

Large-42.4% -38.3% -34.3%

-10.5% -4.1%-16.8%

Mid Cap 42 5% 40 8% 39 6%

-9.0%-14.7% -3.4%1 Y

Q1 2009

Legend

Mid Cap -42.5% -40.8% -39.6%

-15.0%-19.6% -9.7%

1-Year

Small -38.9% -37.5% -36.4%


Past performance does not guarantee future results. You cannot invest directly in an index. Data as of 3/31/09. The above styles are represented by the following indexes: Large-cap value – Russell 1000® Value; Large-cap blend, Russell 1000®; Large-cap growth – Russell 1000® Growth; Mid-cap value – Russell Mid-Cap® Value; Mid-cap blend – Russell Mid-Cap®; Mid-cap growth – Russell Mid-Cap® Growth; Small-cap value – Russell 2000® Value; Small-cap blend – Russell 2000®; Small-cap growth – Russell 2000® Growth. Please refer to the appendix for important index information.

Sector Performance: A Tale of Two Quarters

42.3%40%

60%Jan 1 - Mar 9 Mar 9 - Mar 31

9.3%20.7% 18.1%22.1%

14.8%10.0%

23.3%11.8%16.2%

23.1%

0%

20%

40%

etur

n (%

)

-24.6%35 2%

-19.1%-22.3%-18.7%-25.5%

-17.7%-20.0%-20.4%-13.6%

40%

-20%

0%

Tota

l Re

-50.0%

-35.2%

-60%

-40%

Tech

eria

ls

ecom

vice

s

Car

e

mer

onar

y

umer

ples

tiliti

es

nerg

y

stria

ls

ncia

ls

P 50

0de

x

Info

Mat

e

Tele

Serv

Hea

lth

Con

suD

iscr

etio

Con

sSt

ap Ut En

Indu

s

Fina

n

S&P In

4.3% -2.0% -7.1% -8.0% -8.1% -10.5% -10.8% -11.6% -20.9% -28.8% -11.0%Q1 Return


Source: FMRCo (MARE) as of 3/31/09. Past performance is no guarantee of future results. Investing in sectors may be more volatile than diversifying across many industries. You cannot invest directly in an index. Sector returns represented by S&P 500 sectors. Please refer to the appendix for important index information.

Sector Leadership in New Bull Markets

U.S. Equity Sector Total Return During Beginning Stages of Bull Markets (1960-2008)*

# of 12-MonthSector 3-Month

Return6-Month Return

9-Month Return

12-Month Return

# of 12 Month Returns Above

S&P 500Consumer Discretionary 10.3% 25.0% 39.5% 44.5% 8 out of 8

Financials 15 2% 25 7% 39 7% 41 0% 6 out of 8Financials 15.2% 25.7% 39.7% 41.0% 6 out of 8

Consumer Staples 10.5% 22.8% 32.2% 35.6% 5 out of 8

Energy 10.8% 19.1% 28.8% 32.2% 4 out of 8

Information Technology 12.9% 29.9% 39.7% 44.9% 4 out of 8

Industrials 9.9% 23.0% 35.2% 38.8% 4 out of 8

Materials 11.0% 21.4% 33.3% 35.5% 4 out of 8

Health Care 12.0% 24.7% 33.9% 34.7% 3 out of 8

Telecom 13.2% 19.1% 25.5% 22.0% 2 out of 8

Utilities 9.9% 17.2% 25.3% 26.5% 1 out of 8

Small Caps 9.1% 26.5% 44.0% 50.8% 7 out of 8

S&P 500® 11.0% 21.6% 31.6% 34.1% -


* Performance above represent average returns for periods shown during eight bull markets from 1960-2008. Orange text shows average sector returns greater than the S&P 500 Index.Past performance is no guarantee of future results. Sector performance represented by the market-cap-weighted returns of the 3000- largest U.S. stocks by market capitalization, grouped by GICS sector. Small-cap performance represented by Ibbotson Associates (IA) Small-Cap Index from 1960-1978, Russell 2000® Index from 1979-2008. Source: Haver Analytics, FMRCo (MARE) as of 12/31/08.

First Ever Earnings Loss for S&P 500

$2

S&P 500 Earnings Per Share(1935 - 2008)

$10

$15

$20

$25

e

-$5

$0

$5

$10

gs P

er S

hare

-$20

-$15

-$10

Earn

ing

-$30

-$25

-193

5

-193

9

-194

3

-194

7

-195

1

-195

5

-195

9

-196

3

-196

7

-197

1

-197

5

-197

9

-198

3

-198

7

-199

1

-199

5

-199

9

-200

3

-200

7-2

008


Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Q1

Source: Standard and Poor’s, Haver Analytics, FMRCo (MARE) as of 12/31/2008.

Q4-

U.S. Stock Market’s P/E Ratio Below Recent and Long-Term Averages

40

S&P 500 Normalized P/E Ratio(1930 – 2009)

30

35

20

25

P/E

Rat

io

Avg: 17.2

Avg: 24.9

5

10

15P

14.0

0

5

1930

1933

1936

1939

1942

1945

1948

1951

1954

1957

1960

1963

1966

1969

1972

1975

1978

1981

1984

1987

1990

1993

1996

1999

2002

2005

2008

2009


Normalized P/E Ratio uses 5-year average annual reported earnings. December 2008 P/E level incorporates Standard & Poor’s earnings estimates. Recessions defined by National Bureau of Economic Research. Source: Standard & Poor’s, National Bureau of Economic Research, Haver Analytics, FMRCo (MARE) as of 3/31/09.

U.S. Recession Normalized P/E Ratio 1930-2008 Average 1988-2008 Average

Bear Market: Worst Since Great Depression

0%

Magnitude and Duration of Bear Markets (S&P 500)(1926 - 2009)

-20%

-10%

0%

1990 1966 1956-57

-50%

-40%

-30%

age

Dec

line

1987

1961-62

1968-70

1973-74

1980-82

2000-02

1946-49

80%

-70%

-60%

Perc

enta

2007-09

2000 02

1937-42

-100%

-90%

-80%

0 10 20 30 40 50 60 70

1929-32


0 10 20 30 40 50 60 70Duration in Months

Chart concept from The Leuthold Group. Source: Ibbotson, FMRCo (MARE) as of 3/31/2009.

Bull Markets: Biggest Returns Occurred Early

Average Share of Performance in Early Stages of Bull Markets(1930-2008)

17 9%

12.3%

3 M th

1 Month

Mar

ket

14%

18%

26.6%

17.9%

6 Months

3 Months

sed

in B

ull M

26%

32%

41.5%

33.4%

12 Months

9 Months

Tim

e Pa

ss

45%

0% 100%Share of Bull Market Returns ExperiencedRemaining Bull Market

Average Return Over Period

LEG

END


Stock market performance represented by S&P 500® Index using daily data. Source: Bloomberg, FMRCo (MARE) as of 3/17/2009. Past performance is no guarantee of future results. You cannot invest directly in an index. See appendix for important index information.

REITs: New Era of Volatility Continued as Stocks Cratered and Yields Soared

8.0Quarterly Total Return (%)

Date S&P 500 REITs Difference

REIT Yield Spread(1994-2009)

5.0

6.0

7.0

asur

y Yi

eld

Yield Spread (%)

Average Spread Since 94

Date S&P 500 REITs Difference

Q1 2007 0.6 3.5 2.8

Q2 2007 6.3 -9.0 -15.3

2.0

3.0

4.0

d - 1

0-Ye

ar T

rea

Q3 2007 2.0 2.6 0.6

Q4 2007 -3.3 -12.7 -9.3

Q1 2008 9 4 1 4 10 8

-1.0

0.0

1.0

REI

T Yi

eldQ1 2008 -9.4 1.4 10.8

Q2 2008 -2.7 -4.9 -2.2

Q3 2008 -8.4 5.6 14.0-2.0

Dec

-94

Dec

-96

Dec

-98

Dec

-00

Dec

-02

Dec

-04

Dec

-06

Dec

-08

Changes in real estate values or economic conditions can have a positive or negative effect

Q4 2008 -21.9 -38.8 -16.9

Q1 2009 -11.0 -31.9 -20.9 Mar

-09


Changes in real estate values or economic conditions can have a positive or negative effect on issuers in the real estate industry.

REIT: Real Estate Investment Trust. REITs represented by North America REIT (NAREIT®)

Equity-Only Index; Spread is REIT yield minus 10-year Treasury yield. Source: FMRCo (MARE) as of 3/31/2009.

Past performance is no guarantee of future results. REIT: Real Estate Investment Trust; REIT performance represented by NAREIT Equity-Only Index. See appendix for important index information. Source: FMRCo (MARE) as of 3/31/2009.

International Equity Markets

Foreign Equity Performance: Emerging Markets Sole Source of Relief

1.0%0%

2%)

-6%

-4%

-2%

Ret

urn

(%)

-9.5%

14%

-12%

-10%

-8%

200

9 To

tal

-16.6%

-14.5%-13.9%

-18%

-16%

-14%

Emerging Markets MSCI EAFE Small MSCI EAFE Europe Japan

Q1

-46.9% -48.7% -46.2% -49.6%1-Year USD Return -35.9%

Caps

-36.5% -40.0% -36.5% -36.8%1-Year LC Return -36.4%


Note: All returns are gross in U.S. dollars unless otherwise noted. Past performance is no guarantee of future results. LC – Local currency. The above returns are represented by: Europe – MSCI® Europe; Japan – MSCI® Japan; Emerging Markets – MSCI® EM Index.You cannot invest directly in an index. Please refer to the appendix for important index information. Source: FactSet, FMRCo (MARE) as of 3/31/09.

Q1 2009 Country Returns: More Return Differentiation Across the Globe

Q1 2009 Total Return (%)Local U.S.$

Q1 2009 Total Return (%)Local U S $

Developed Europe (11) (14)

U.K. (10) (11)France (12) (16)Germany (16) (19)

Local U.S.$EMEA 1 (4)Russia 5 6Israel 17 6Hungary (14) (29)

Germany (16) (19)

Q1 2009 Total Return (%)Local U.S.$

Latin America 4 5Chile 4 14

Q1 2009 Total Return (%) Local U.S.$

Asia Pacific (4) (9)China 1 1

Brazil 11 13Mexico (12) (14)

South Korea 10 0India 3 (2)


Local = Local currency returns. US$ = US Dollar ($) returns. Parentheses denote negative returns.Sources: MSCI®, FactSet, FMRCo (MARE) as of 3/31/09. EMEA = Europe, Middle East, & Africa. Dev Europe = MSCI® Europe Index. Asia Pacific = MSCI AC Asia Pacific Index. All country/region returns are gross MSCI® country/region indexes, in USD ($) unless otherwise noted. Past performance is no guarantee of future results. You cannot invest directly in an index. Please refer to the appendix for important index information.

U.S. Dollar Strengthened During Q1

0.90 130

nger

Foreign Exchange Rates - Euro & Yen(2005-2009)

Q1

0.80

0.85

115

120

125

.S. D

olla

r Str

on

Q1

0.70

0.75

uros

per

US$

105

110

115

en p

er U

S$

U

0 60

0.65

Eu

95

100

Ye

Euro/US$Yen/US$

olla

r Wea

ker

0.55

0.60

an-0

5

ar-0

5

ay-0

5

ul-0

5

ep-0

5

ov-0

5

an-0

6

ar-0

6

ay-0

6

ul-0

6

ep-0

6

ov-0

6

an-0

7

ar-0

7

ay-0

7

ul-0

7

ep-0

7

ov-0

7

an-0

8

ar-0

8

ay-0

8

ul-0

8

ep-0

8

ov-0

8

an-0

9

ar-0

9

85

90

U.S

. Do


Source: Federal Reserve Board, Haver Analytics, FMRCo (MARE) as of 3/31/09.

Ja M Ma J S e No Ja M Ma J S e No Ja M Ma J S e No Ja M Ma J S e No Ja M

Foreign Stock Valuations Remained Low

50

Current P/E (3/09)

Long-Term Avg.

P/E Ratio(1989-2009)

35

40

45

Rat

io

Emerging Markets Foreign Developed

Emerging Markets 9.1 16.3

Foreign Developed 10.8 19.7Average P/E ratios calculated from inception of each index. EM – 1988-2009; For. Dev. – 1972-2009.

20

25

30

35

Earn

ings

(P/E

)

5

10

15

20

Pric

e-to

-E

0

5

Mar

-89

Mar

-90

Mar

-91

Mar

-92

Mar

-93

Mar

-94

Mar

-95

Mar

-96

Mar

-97

Mar

-98

Mar

-99

Mar

-00

Mar

-01

Mar

-02

Mar

-03

Mar

-04

Mar

-05

Mar

-06

Mar

-07

Mar

-08

Mar

-09


Past performance is no guarantee of future results. You cannot invest directly in an index. Please refer to the appendix for important index information. Price-to-earnings ratio (P/E): The price of a stock divided by its earnings per share. Also known as the “multiple,” the P/E ratio gives investors an idea of how much they are paying for a company’s earnings power. Foreign Developed: MSCI EAFE Index, Emerging Markets: MSCI EM Index. Source: FactSet, FMRCo (MARE) as of 3/31/09.

Global GDP: Developing Countries Expected to Lead

Estimated GDP Growth(2009-2010)

8%6.1%

3%4%

4%

6%

8%

wth

2008 2009 2010

1.1% 0.9%

-0.7%

0.2% 0.1%

-0.2%-2%

0%

2%

l GD

P G

row

-2.6%-3.2%

-5.8%-6%

-4%

-2%

Rea

l

-8%

U.S. Euro Area Japan EmergingEconomies


Note: 2008 figures are estimates, 2009-10 figures are projections. Source: International Monetary Fund as of 3/13/09.

Fixed Income

Fixed Income Markets: Mixed Bag

7.6% 7.2%8%

10%

%)

7.2%5.5% 5.0%

4.2%

2.2%4%

6%

8%

otal

Ret

urn

(%

0.1%

-0.1%-1.3% -1.8%-2%

0%

2%

Q1

2009

To

-4%

AB

S

vera

ged

Loan TI

PS

gh Y

ield

unic

ipal

MB

S

Age

ncy

reas

ury

Cre

dit

greg

ate

Lev L

Hig Mu A

Tr Agg

1-Year Return -4.3% -19.0% 3.1%8.1% -5.2%2.3%-20.3% 7.5%5.8%-2.0%


Source: FMRCo (MARE) as of 3/31/09. BC: Barclays Capital® Note: The above sectors are represented by the following indexes: Treasury – BC Treasury Index; Aggregate – BC Aggregate Bond Index; Agency – BC US Agency Index; Mortgage Backed Securities (MBS) – BC MBS Index; Asset Backed Securities (ABS) – BC ABS Index; Credit – BC Credit Bond Index; High Yield – ML® US High Yield Master II Index; Municipal – BC Municipal Bond Index; TIPS – BC US TIPS Index; Leveraged Loan – Credit Suisse® Leveraged Loan Index. Past performance is no guarantee of future results. You cannot invest directly in an index. Please refer to the appendix for important index information.

Investment-Grade and High-Yield Corporate Bond Spreads Stayed Elevated Investment-Grade and High-Yield Corporate Bond Spreads

(1990-2009)2000

p)

600

1400

1600

1800

Inde

x O

AS

(b

400

500

dex

OA

S (b

p)High Yield HY AverageInvestment GradeIG Average

800

1000

1200

Yiel

d M

aste

r II

300

400

US

Cre

dit I

nd

400

600

800

l Lyn

ch H

igh

Y

100

200

rcla

ys C

apita

l

0

200

an-9

0

an-9

2

an-9

4

an-9

6

an-9

8

an-0

0

an-0

2

an-0

4

an-0

6

an-0

8

Mer

rill

0

Bar

Mar

-09


Past performance is no guarantee of future results. You cannot invest directly in an index. Please refer to the appendix for important index information.Source: Merrill Lynch®, Barclays Capital, FMRCo (MARE) as of 3/31/09. High Yield represented by Merrill Lynch High Yield Master II Index; Investment Grade represented by Barclays Capital Credit Bond Index. Spread is index Option-Adjusted Spread (OAS).

J J J J J J J J J J M

Divergence in Investment-Grade Corporate Bonds

Yield Spreads Over Treasuries by Type of Corporate Issuer(2008-2009)

8

7

8

FinancialsIndustrialsUtilities

5

6

d (%

Poi

nts)

3

4

Spre

ad

2

Jul-0

8

Aug

-08

Sep-

08

Oct

-08

Nov

-08

Dec

-08

Jan-

09

Feb-

09

Mar

-09


Financials, industrials, and utilities corporate sector yield spreads included of the BC Credit Bond Index shown. The financials, industrials, and utilities sectors are the three corporate sector classifications included in the corporate component of the BC Credit Bond Index. You cannot invest directly in an index. See appendix for important index information. Source: Barclays Capital, FMRCo (MARE) as of 3/31/2009.

A S N D J F M

High-Yield Bonds: Prices Implied a Record-High Level of Defaults

Historical & Implied U.S. High Yield Default Rates(1988-2009)

36.6%

30%

35%

40%

19.3%20%

25%

faul

t Rat

e

4.8%

13.0%

5.7%5%

10%

15%Def

0%

Historical Average(1988-2008)

Historical Peak(June 1991)

Moody's DefaultRate as of March

2009

Mar 2009 ImpliedDefault Rate (20%

Assumed Recovery

Mar 2009 ImpliedDefault Rate (40%

Assumed Recovery


Implied default rates calculated using Merrill Lynch High Yield Master II Index characteristics as of 3/31/09. Source: Merrill Lynch, Moody's, FMRCo (MARE) as of 3/31/09.

2009 Assumed RecoveryRate)

Assumed RecoveryRate)

Muni Bonds: Superior Yields Relative to Treasuries

Municipal vs. Treasury Bond Yields(March 2009)

8%

6%

7%

8%

Muni Bond Tax-Equivalent YieldMuni Bond YieldTreasury Bond Yield

4%

5%

Yiel

d

Treasury Bond Yield

2%

3%

Y

0%

1%

2-Yr Treasuries 2-Yr Munis 10-Yr Treasuries 10-Yr Munis 30-Yr Treasuries 30-Yr Munis


Tax-equivalent yield calculated using top federal income tax rate (35%). Source: Municipal Market Data - Thomson Financial Services, Bloomberg, FMRCo (MARE) as of 3/31/09.

2 Yr Treasuries 2 Yr Munis 10 Yr Treasuries 10 Yr Munis 30 Yr Treasuries 30 Yr Munis

Long-Term Investing Concepts

Large Cash Hoard Remained on the Sidelines

45%

Money Market Assets as % of U.S. Stock Market Capitalization(1996-2009)

35%

40%

Cap

25%

30%

YSE

Mar

ket

15%

20%% o

f NY

10%

an-9

6ul

-96

an-9

7ul

-97

an-9

8ul

-98

an-9

9ul

-99

an-0

0ul

-00

an-0

1ul

-01

an-0

2ul

-02

an-0

3ul

-03

an-0

4ul

-04

an-0

5ul

-05

an-0

6ul

-06

an-0

7ul

-07

an-0

8ul

-08

an-0

9


U.S. stock market capitalization represented by New York Stock Exchange market capitalization. Source: Haver Analytics, ICI, World Federation of Exchanges, FMRCo (MARE) as of 1/31/09.

Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja

Inflation: There is No (Risk) Free Lunch

Cash & Treasury Yields vs. Historical Inflation

3.5%

2.7%

3.1%

2.5%

3.0%

1.5%

2.0%

2.5%

Yiel

d

0 5%

1.0%

1.5%

0.1%0.0%

0.5%

March 2009 Cash Yield March 2009 10-Year TreasuryBond Yield

Historical Inflation Rate


Source: Ibbotson, FMRCo (MARE) as of 3/31/2009. You cannot invest directly in an index. See appendix for important index definitions. Cash – 30 Day U.S. Treasury Bill; Inflation – Ibbotson Associates SBBI U.S. Inflation.

Bond Yield

Stock Market: Worst Decades Often A Harbinger of Better Returns

25S&P 500 Average Annual 10-Year Performance

(1935-2009)

15

20

5

10

al R

etur

n (%

)

-5

0Tota

Date Subsequent 10-Year Annualized Return

1-Year Prior to Low 8.7%1939 Low 9 2%

-15

-10

35 40 45 50 55 60 65 70 75 80 85 90 95 00 05 09

1939 Low 9.2%1-Year After Low 12.1%1-Year Prior to Low 9.5%1974 Low 15.2%1-Year After Low 13.5%


Source: Ibbotson, FMRCo (MARE) as of 3/31/2009. Past performance is no guarantee of future results. You cannot invest directly in an index. Please refer to the appendix for important index information.

193

194

194

195

195

196

196

197

197

198

198

199

199

200

200

200

After Tough Year for Diversification, More Performance Differentiation in Q1

2008 Total Return (%) Asset Class Q1 09 Total Return (%)

2008 vs. Q1 2009 Performance

4

-1

Municipal Bonds

Treasury Bonds

-2

14

Municipal Bonds

Treasury Bonds

-15

5

-2

Small Cap U.S. Stocks

High Yield Corporate Bonds

Investment-Grade Corporate Bonds

-34

-26

-3

Small Cap U.S. Stocks

High-Yield Corporate Bonds

Investment-Grade Corporate Bonds

-32

-11

Real Estate Stocks

Large Cap U.S. Stocks

p

-38

-37

Real Estate Stocks

Large Cap U.S. Stocks

p

1

-14

Emerging-Market Stocks

Foreign Developed-Country Stocks

-53

-43

Emerging-Market Stocks

Foreign Developed-Country Stocks


Source: FMRCo (MARE) as of 3/31/09. You cannot invest directly in an index. See appendix for important index information. Asset classes represented by the following indices: Treasury Bonds – BC Treasury Index; Investment-Grade Corporate Bonds – BC Credit Index; Municipal Bonds – BC Municipal Index; High Yield Bonds – Merrill Lynch High Yield Master II Index; Small Cap U.S. Stocks – Ibbotson U.S. Small Cap Stock Index from 1926-1979, Russell 2000 Index 1980-2008; Large Cap U.S. Stocks – S&P 500; Real Estate Stocks – NAREIT Equity Only Index; Foreign Developed-Country Stocks – MSCI EAFE Index; Emerging Markets Stocks – MSCI EM Index.

Appendix: Important Information

Views and opinions expressed are as of March 31, 2009 and may change based on market and other conditions.

Investment decisions should be based on an individual’s own goals, time horizon, and tolerance for risk.

Past performance is no guarantee of future results.

Investing involves risk.

Diversification does not ensure a profit or guarantee against loss.

All indices are unmanaged and performance of the indices include reinvestment of dividends and interest income, unless otherwise noted, are not illustrative of any particular investment and an investment cannot be made in any index.

Although bonds generally present less short-term risk and volatility than stocks, bonds do contain interest rate risk (as interest rate rise, bond prices usually fall and vice versa) and the risk of default, or the risk that an issuer will be unable to make income or principal payments. Additionally, bonds and short-term investments entail greater inflation risk, or the risk that the return of an investment will not keep up with increases in the prices of goods and services, than stocks.

Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets.

The municipal market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Interest rate increases can cause the price of a debt security to decrease. A portion of the dividends you receive may be subject to federal, state, or local income tax or may be subject to the federal alternative minimum taxsubject to the federal alternative minimum tax.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions, domestically and abroad.

The Russell 1000® Index is a market capitalization-weighted index of larger company stocks. The Russell 1000 Value and Growth indexes are market capitalization-weighted indexes of larger value and larger growth companies, respectively. The Russell 2000® Index is a market capitalization-weighted index of smaller company stocks. The Russell 2000 Value and Growth indexes are market capitalization-weighted indexes of smaller value and smaller growth companies, respectively. The Russell Mid-cap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. The Russell Mid-cap Value Index measures the performance of the 800 smallest companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The Russell Mid-cap p p p g pGrowth Index measures the performance of the 800 smallest companies in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values.

The Russell 3000 Index offers investors access to the broad U.S. equity universe representing approximately 98% of the U.S. market. The Russell 3000 is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 3000®

Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000 Value Index is an unmanaged index and measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Ibbotson Associates SBBI U.S. Inflation – An inflationary indicator based on the Consumer Price Index (CPI) that measures the change in the cost of a fixed basket of products and services including housing electricity food and transportation CPI values reflect mid month price levels thus Ibbotson Associates estimates the most current month by taking the


services, including housing, electricity, food, and transportation. CPI values reflect mid-month price levels, thus Ibbotson Associates estimates the most current month by taking the average rate of the previous two months to match month-end asset class returns. The Ibbotson Small Cap Stock Index is a custom index designed to measure the performance of US Small Cap Stocks.


The Morgan Stanley Capital InternationalSM (MSCI®) Europe, Australasia, Far East Index (EAFE), an unmanaged market capitalization-weighted index, is designed to represent the performance of developed stock markets outside the United States and Canada. MSCI Europe Index is a market capitalization weighted index of over 550 stocks traded in 14 European markets. The MSCI® Emerging Markets (EM) Free Index is a market capitalization weighted index of over 850 stocks traded in 22 world markets.

MSCI Japan Index is an unmanaged index of over 317 foreign stock prices and reflects the common stock prices of the index companies translated into U S dollars assumingMSCI Japan Index is an unmanaged index of over 317 foreign stock prices, and reflects the common stock prices of the index companies translated into U.S. dollars, assuming reinvestment of all dividends paid by the index stocks net of any applicable foreign taxes. The Morgan Stanley Capital International AC Asia Pacific Free Index (MSCI AP) is an unmanaged index generally representative of developed and emerging markets in the Asia/Pacific region, including Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, Sri Lanka, Taiwan and Thailand. MSCI United Kingdom Index – a free float-adjusted market capitalization index that is designed to measure equity market performance in the United Kingdom. MSCI France Index – a free float-adjusted market capitalization index that is designed to measure equity market performance in Ireland. MSCI France Index – a free float-adjusted market capitalization index that is designed to measure equity market performance in Germany. MSCI Chile Index – a free float-adjusted market capitalization index that is designed to measure equity market performance in Chile. MSCI Mexico Index – a free float-adjusted market capitalization index that is designed to measure equity market performance in Mexico. MSCI Brazil Index – a free float-adjusted market capitalization index that is designed to measure equity market performance in Brazil MSCI Russia Index a free float adjusted market capitalization index that is designed to measure equity market performance into measure equity market performance in Brazil. MSCI Russia Index – a free float-adjusted market capitalization index that is designed to measure equity market performance in Israel. MSCI Korea Index – a free float-adjusted market capitalization index that is designed to measure equity market performance in South Korea. MSCI Israel Index – a free float-adjusted market capitalization index that is designed to measure equity market performance in South Africa. MSCI India Index – a free float-adjusted market capitalization index that is designed to measure equity market performance in India. MSCI China Index – a free float-adjusted market capitalization index that is designed to measure equity market performance in China. MSCI Hungary Index – a free float-adjusted market capitalization index that is designed to measure equity market performance in Hungary.

The MSCI AC World Index is a free float-adjusted market capitalization index designed to measure equity market performance in the global developed and emerging markets. The index is comprised of 49 developed and emerging-market country indices. The MSCI EAFE Small Cap Index currently consists of the following 21 developed-market countries: Australia Austria Belgium Denmark Finland France Germany Greece Hong Kong Ireland Italy Japan Netherlands New Zealand Norway Portugal Singapore SpainAustralia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and United Kingdom. This index aims to capture 40% of the full market capitalization of the eligible small cap universe of companies of each country by industry. This is a range of 200-1500 billion USD. MSCI then free float-adjusts the included companies.

The MSCI EM (Emerging Markets) Latin America Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in Latin America. The MSCI EM Latin America Index consists of the following six emerging-market country indices: Argentina, Brazil, Chile, Colombia, Mexico, and Peru.

The MSCI EM (Emerging Markets) Europe, Middle East and Africa (EMEA) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the emerging market countries of Europe the Middle East & Africa The MSCI EM EMEA Index consists of the following 10 emerging market country indices:performance in the emerging-market countries of Europe, the Middle East & Africa. The MSCI EM EMEA Index consists of the following 10 emerging-market country indices: Czech Republic, Hungary, Poland, Russia, Turkey, Israel, Jordan, Egypt, Morocco and South Africa.

MSCI® Europe Index - a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of September 2002, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

The Commodity Research Bureau (CRB) Spot Commodity Index is an unweighted geometric mean measure of price movements of 22 commodities.



The NASDAQ Composite® Index is an unmanaged market capitalization-weighted index that is designed to represent the performance of the National Market System.

Barclays Capital® (BC) U.S. Treasury Index—an index which covers public obligations of the U.S. Treasury with a remaining maturity of one year or more. The BC Aggregate Bond Index is an unmanaged market value weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year. BC U.S. Credit Index—Publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. BC U.S. Agency Index— Publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government. BC Asset-Backed Securities Index—The ABS component of the Aggregate index, including credit/charge cards, autos, home equity loans, utilities and manufactured housing. The BC Credit Bond Index includes all publicly issued, fixed-rate, non-convertible investment grade corporate debt; the index is composed of both U.S. and Brady bonds. The BC MBS Index covers agency mortgage-backed pass-through securities (both fixed-rate and hybrid ARMs) issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The BC U.S. Municipal Bond Index covers the USD-denominated long term tax exempt bond market with four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. BC TIPS Index represents an unmanaged market index made up of U.S. Treasury Inflation Linked Index securities. The BC Government Bond Index is an unmanaged market value-weighted index of U.S. Government and government agency securities (other than mortgage securities) with maturities of one year or more. The BC Securitized Bond Index—covers the ABS, MBS, and CMBS (commercial mortgage-backed securities) portions of the Aggregate Index. The BC U.S. Corporate High-Yield Index covers the USD-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. BC U.S. Investment-Grade Corporate Index—Publicly issued U.S. corporate bonds that meet the specified maturity, liquidity, and quality requirements to be considered investment-grade. To qualify, bonds must be SEC-registered.

Credit Suisse First Boston Leveraged Loan Index: An unmanaged index that tracks the performance of senior floating rate bank loans.

The Merrill Lynch High-Yield Bond Master II Index is an unmanaged index that tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.

Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

CPI – Consumer Price Index. An inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food, and transportation. The CPI is published monthly.

Changes in real estate values or economic conditions can have a positive or negative effect on issuers in the real estate industry, which may affect your investment.

NAREIT Equity-Only Index. The unmanaged National Association of Real Estate Investment Trusts (NAREIT) Equity Index is a market-value-weighted index based upon the last closing price of the month for tax-qualified REITs listed on the NYSE.

The S&P/Case-Shiller® Home Price Indices are designed to be a reliable and consistent benchmark of housing prices in the United States. Their purpose is to measure the average change in home prices in a particular geographic market. They are calculated monthly and cover 20 major metropolitan areas (Metropolitan Statistical Areas or MSAs), which are also aggregated to form two composites – one comprising 10 of the metro areas, the other comprising all 20.



The S&P 500®, a market capitalization-weighted index of common stocks, is a registered service mark of the McGraw-Hill Companies, Inc. and has been licensed for use by Fidelity Distributors Corporationlicensed for use by Fidelity Distributors Corporation.

The following is a definition of the S&P 500 sectors: Consumer Discretionary – Companies that tend to be the most sensitive to economic cycles. Consumer Staples – Companies whose businesses are less sensitive to economic cycles. Energy – Companies whose businesses are dominated by either of the following activities: The construction or provision of oil rigs, drilling equipment and other energy-related service and equipment, including seismic data collection. The exploration, production, market, refining and/or transportation of oil and gas products, coal and consumable fuels. Financials – Companies involved in activities such as banking, consumer finance, investment banking and brokerage, asset management, insurance and investments, and real estate, including REITs Health Care – Companies in two main industry groups: Health care equipment suppliers manufacturers and providers of health careincluding REITs. Health Care – Companies in two main industry groups: Health care equipment suppliers, manufacturers, and providers of health care services; and companies involved in research development, production and marketing of pharmaceuticals and biotechnology products. Industrials –Companies whose businesses manufacture and distribute capital goods, provide commercial services and supplies, provide transportation services. Information Technology – Companies in technology software & services, and technology hardware & equipment. Materials – Companies that are engaged in a wide range of commodity-related manufacturing. Telecommunication Services – Companies that provide communications services primarily through a fixed line, cellular, wireless, high bandwidth and/or fiber-optic cable network. Utilities – Companies considered electric, gas or water utilities, or companies that operate as independent producers and/or distributors of power.

Brokerage products and services and workplace savings plan products and services offered directly to investors and plan sponsorsprovided by Fidelity Brokerage Services, Member NYSE, SIPC, 300 Puritan Way, Marlborough, MA 01752.


Investment and workplace savings plan products and services distributed through investment professionals provided by FidelityInvestments Institutional Services Company, Inc., 82 Devonshire Street, Boston, MA 02109. 521269.1.0

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