Arithmetic Scale A scaling technique where equal distances on a chart are used to represent equal numeric intervals. On an arithmetic scale, for example, the distance between 0 and 5 is exactly the same as the distance between 5 and 10, 10 and 15, and so on, so that equal percentage changes are not represented comparably.

Cash & Other Category A mutual fund asset allocation category that includes net cash, short-term securities, and any other securities (such as options) not included in other asset <\h>allocation categories.

Earnings Per Share (EPS) The figure is calculated by dividing net income net of preferred dividends by a weighted average of total shares outstanding for the period. The EPS for a fund is the dollar weighted average of the underlying securities aggregated to the fund level.

Ex-Dividend Date The day that a fund’s Board of Directors declares the amount of income or capital gain to be distributed to shareholders and deducts that amount from the fund’s net asset value.

Expense Ratio Annual percentage of a fund’s assets that is paid out in expenses. Expenses include management fees and all fees associated with the fund’s daily operations.

Logarithmic Scale To represent fund total return over time, we use logarithmic scaling for Mutual Fund Guide charts. It is a scaling technique where equal distances are used to represent equal percentage intervals. For financial time series, only the y-axis is scaled logarithmically, so the vertical linear distance for a 100% increase, for example, is the same any place on the chart, whether the rise is from 5 to 10 or 20 to 40. A logarithmic scale allows for more accurate visual comparison of percentage changes than an arithmetic chart.

Management Fee Money paid by a mutual fund to its investment manager or advisor for overseeing the portfolio. A management fee is usually between one-half and one percent of the fund’s net asset value.

Market Indices

Barclays Capital 1-6 Year Municipal Bond Index is a market value-weighted index of investment-grade fixed-rate municipal bonds with maturities between one and six years.

Barclays Capital 1-17 Year Municipal Bond Index is a market value-weighted index of investment-grade fixed-rate municipal bonds with maturities between one and 17 years.

Barclays Capital 3+ Year Municipal Bond Index is a market value-weighted index of investment-grade fixed-rate municipal bonds with maturities of three years or more.

Barclays Capital 3+ Year Non-AMT Municipal Bond Index is a market value-weighted index of investment-grade fixed-rate Non-Alternative Minimum Tax (AMT) municipal bonds with maturities of three years or more.

Barclays Capital 6 Month Swap Index is a principal-weighted index of swaps with 6-month maturities.

Barclays Capital 75% U.S. Government/25% U.S. MBS Blend is a composite of unmanaged indexes combining the total returns of the Barclays Capital U.S. Government Bond Index and Barclays Capital U.S. MBS Index. The index weightings of the composite index are: Barclays Capital U.S. Government Bond Index, 75% and Barclays Capital U.S. MBS, 25%.

Barclays Capital Arizona 4+ Year Enhanced Municipal Bond Index is a market value-weighted index of Arizona investment-grade fixed-rate municipal bonds with maturities of four years or more.

Barclays Capital California 1-7 Year Non-AMT Municipal Bond Index is a market value-weighted index of investment-grade fixed-rate non-Alternative Minimum Tax (AMT) California municipal bonds with maturities between one and seven years.

Barclays Capital California Enhanced Municipal Bond Index is a market value-weighted index of California investment-grade fixed-rate municipal bonds with maturities of one year or more.

Barclays Capital Connecticut 4+ Year Enhanced Municipal Bond Index is a market value-weighted index of Connecticut investment-grade fixed-rate municipal bonds with maturities of four years or more.

Barclays Capital GNMA Index is a market value-weighted index of mortgage-backed pass-through securities of the Government National Mortgage Association (GNMA).

Barclays Capital Maryland 4+ Year Enhanced Municipal Bond Index is a market value-weighted index of Maryland investment-grade fixed-rate municipal bonds with maturities of four years or more.

Barclays Capital Massachusetts 3+ Year Enhanced Municipal Bond Index is a market value-weighted index of Massachusetts investment-grade fixed-rate municipal bonds with maturities of three years or more.

Barclays Capital Michigan Enhanced Municipal Bond Index is a market value-weighted index of Michigan investment-grade fixed-rate municipal bonds with maturities of one year or more.

Barclays Capital Minnesota Enhanced Municipal Bond Index is a market value-weighted index of Minnesota investment-grade fixed-rate municipal bonds with maturities of one year or more.

Barclays Capital Municipal Bond Index is a market value-weighted index of investment-grade municipal bonds with maturities of one year or more.

Barclays Capital New Jersey Enhanced Modified Municipal Bond Index is a market value-weighted index of New Jersey fixed-rate investment-grade municipal bonds, including Port Authority of New York and New Jersey bonds, with maturities of one year or more. Tobacco bonds are capped at 2% of the index.

Barclays Capital New York 4+ Year Enhanced Municipal Bond Index is a market value-weighted index of New York fixed-rate investment-grade municipal bonds with maturities of four years or more.

Barclays Capital Ohio 4+ Year Enhanced Modified 2% Tobacco Municipal Bond Index is a market value-weighted index of Ohio fixed-rate investment-grade municipal bonds with maturities of four years or more. Tobacco bonds are capped at 2% of the index.

Barclays Capital Pennsylvania Enhanced Municipal Bond Index is a market value-weighted index of Pennsylvania investment-grade fixed-rate municipal bonds with maturities of one year or more.

Barclays Capital U.S. 1-3 Year Government/Credit Bond Index is a market value-weighted index of investment-grade fixed-rate debt securities with maturities from one to three years from the U.S. Treasury, U.S. Government-Related, and U.S. Corporate Indices.

Barclays Capital U.S. 1-5 Year Treasury Bond Index is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities between one and five years.

Barclays Capital U.S. 3 Month Treasury Bellwether Index is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of 3 months, excluding zero coupon strips.

Barclays Capital U.S. 5-10 Year Treasury Bond Index is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities between five and ten years.

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.

Barclays Capital U.S. Government Bond Index is a market value-weighted index of U.S. Government fixed-rate debt issues with maturities of one year or more.

Barclays Capital U.S. Intermediate Government Bond Index is a market value-weighted index of U.S. Government fixed-rate debt issues with maturities between one and 10 years.

Barclays Capital U.S. Intermediate Government/Credit Bond Index is a market value-weighted index of investment-grade fixed-rate debt securities with maturities from one up to (but not including) ten years from the U.S. Treasury, U.S. Government-Related, and U.S. Corporate Indices.

Barclays Capital U.S. Long Treasury Index is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of ten years or more.

Barclays Capital U.S. MBS Index is a market value-weighted index of fixed-rate securities that represent interests in pools of mortgage loans with original terms of 15 and 30 years that are issued by the Government National Mortgage Association (GNMA), the Federal National Mortgage Association (FNMA), and the Federal Home Loan Mortgage Corp. (FHLMC), and balloon mortgages with fixed-rate coupons.

Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) is a market value-weighted index that tracks inflation-protected securities issued by the U.S. Treasury. The principal of a TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price Index.

Barclays Capital U.S. Universal Bond Index represents the union of the Barclays Capital U.S. Aggregate Bond Index, the Barclays Capital U.S. Corporate High-Yield Bond Index, the Barclays Capital 144-A Bond Index, the Barclays Capital Eurodollar Index, the Barclays Capital U.S. Emerging Markets Bond Index, and the non-ERISA portion of the Barclays Capital U.S. CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Barclays Capital U.S. Emerging Markets Bond Index.

BofA Merrill Lynch All U.S. Convertibles Index is a market capitalization-weighted index of domestic U.S. corporate convertible securities including mandatory convertible preferreds.

BofA Merrill Lynch All U.S. Convertibles Index ex Traditional Convertible Preferreds is a market capitalization-weighted index of domestic U.S. corporate convertible securities excluding all traditional convertible preferreds.

BofA Merrill Lynch BB U.S. High Yield Constrained Index is a modified market capitalization-weighted index of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have an average rating (based on Moody’s, S&P and Fitch) between BB1 and BB3, inclusive, 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. The index contains all securities of The BofA Merrill Lynch BB U.S. High Yield Index but caps issuer exposure at 2%.

BofA Merrill Lynch DRD Eligible Preferred Securities Index is a market capitalization-weighted index of fixed rate U.S. dollar denominated preferred securities issued in the U.S. domestic market. It is a subset of the BofA Merrill Lynch Fixed Rate Preferred Securities Index. Qualifying securities must have an 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 be issued as public securities or through a 144a filing, must be issued in $25, $50, or $100 par/liquidation preference increments, must have at least one year until final maturity, must have a fixed coupon or dividend schedule and must have a minimum amount outstanding of $100 million.

BofA Merrill Lynch U.S. High Yield Index is a market capitalization-weighted index of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. 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.

BofA Merrill Lynch U.S. High Yield Constrained Index is a modified market capitalization-weighted index of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. 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. The index contains all securities of The BofA Merrill Lynch U.S. High Yield Index but caps issuer exposure at 2%.

BofA Merrill Lynch U.S. Real Estate Index is a market capitalization-weighted index of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market by Real Estate issuers. It is a subset of The BofA Merrill Lynch U.S. Corporate Index. Qualifying securities must have an 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 a minimum amount outstanding of $250 million.

Credit Suisse Leveraged Equity Index is a market value-weighted index designed to represent securities of the investable universe of the U.S. dollar-denominated public equity of issuers in the high yield debt market.

Dow Jones U.S. Completion Total Stock Market Index is a full market capitalization-weighted index of all equity securities of U.S. headquartered companies with readily available price data, except those included in the Standard & Poor’s 500 Index (S&P 500).

Dow Jones U.S. Select Real Estate Securities Index is a float-adjusted market capitalization-weighted index of publicly traded real estate securities such as real estate investment trusts (REITs) and real estate operating companies (REOCs).

Dow Jones U.S. Total Stock Market Index is a float-adjusted market capitalization-weighted index of all equity securities of U.S. headquartered companies with readily available price data.

Fidelity Asset Manager 20% Composite Index is a hypothetical combination of unmanaged indices that combines the total returns of the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, the Barclays Capital U.S. Aggregate Bond Index and the Barclays Capital U.S. 3 Month Treasury Bellwether Index, weighted according to the fund’s neutral mix.

Fidelity Asset Manager 30% Composite Index is a hypothetical combination of unmanaged indices that combines the total returns of the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, the Barclays Capital U.S. Aggregate Bond Index and the Barclays Capital U.S. 3 Month Treasury Bellwether Index, weighted according to the fund’s neutral mix.

Fidelity Asset Manager 40% Composite Index is a hypothetical combination of unmanaged indices that combines the total returns of the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, the Barclays Capital U.S. Aggregate Bond Index and the Barclays Capital U.S. 3 Month Treasury Bellwether Index, weighted according to the fund’s neutral mix.

Fidelity Asset Manager 50% Composite Index is a hypothetical combination of unmanaged indices that combines the total returns of the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, the Barclays Capital U.S. Aggregate Bond Index and the Barclays Capital U.S. 3 Month Treasury Bellwether Index, weighted according to the fund’s neutral mix.

Fidelity Asset Manager 60% Composite Index is a hypothetical combination of unmanaged indices that combines the total returns of the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, the Barclays Capital U.S. Aggregate Bond Index and the Barclays Capital U.S. 3 Month Treasury Bellwether Index, weighted according to the fund’s neutral mix.

Fidelity Asset Manager 70% Composite Index is a hypothetical combination of unmanaged indices that combines the total returns of the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, the Barclays Capital U.S. Aggregate Bond Index and the Barclays Capital U.S. 3 Month Treasury Bellwether Index, weighted according to the fund’s neutral mix.

Fidelity Asset Manager 85% Composite Index is a hypothetical combination of unmanaged indices that combines the total returns of the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index and the Barclays Capital U.S. Aggregate Bond Index, weighted according to the fund’s neutral mix.

Fidelity Balanced Hybrid Composite Index is a hypothetical combination of unmanaged indices. The composite index combines the total returns of the Russell 3000 Value Index and the Russell 3000 Index for periods prior to October 1, 2008 and the S&P 500 Index beginning October 1, 2008 and the Barclays Capital U.S. Aggregate Bond Index.

Fidelity China Region Fund Linked Index links the returns of the Hang Seng Index from the commencement of the fund on November 1, 1995 through August 31, 2000 and the MSCI Golden Dragon Plus Index from September 1, 2000 until May 31, 2007, and the MSCI Golden Dragon Index beginning June 1, 2007. The Fidelity China Region Fund Linked Index is designed to represent the equity markets of Hong Kong through August 31, 2000 and the equity markets of China, Taiwan and Hong Kong beginning September 1, 2000.

Fidelity Dynamic Strategies Composite Index is a hypothetical combination of unmanaged indices. The composite index combines the total returns of the Standard & Poor’s 500 Index, the Barclays Capital U.S. Aggregate Bond Index, and the Barclays Capital U.S. 3 Month Treasury Bellwether Index, weighted according to the fund’s neutral mix.

Fidelity Four-in-One Composite Index is a hypothetical combination of unmanaged indices that combines the total returns of the S&P 500 Index, the Dow Jones U.S. Completion Total Stock Market Index, the Barclays Capital U.S. Aggregate Bond Index and the MSCI EAFE (Europe, Australasia, Far East) Index, weighted according to the fund’s neutral mix.

Fidelity Freedom 2000 Composite Index is a hypothetical combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, the Barclays Capital U.S. Aggregate Bond Index, and the Barclays Capital U.S. 3 Month Treasury Bellwether Index. The index weightings are adjusted monthly to reflect the fund’s changing asset allocations.

Fidelity Freedom 2005 Composite Index is a hypothetical combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, the Barclays Capital U.S. Aggregate Bond Index, and the Barclays Capital U.S. 3 Month Treasury Bellwether Index. The index weightings are adjusted monthly to reflect the fund’s changing asset allocations.

Fidelity Freedom 2010 Composite Index is a hypothetical combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, the Barclays Capital U.S. Aggregate Bond Index, and the Barclays Capital U.S. 3 Month Treasury Bellwether Index. The index weightings are adjusted monthly to reflect the fund’s changing asset allocations.

Fidelity Freedom 2015 Composite Index is a hypothetical combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, the Barclays Capital U.S. Aggregate Bond Index, and the Barclays Capital U.S. 3 Month Treasury Bellwether Index. The index weightings are adjusted monthly to reflect the fund’s changing asset allocations.

Fidelity Freedom 2020 Composite Index is a hypothetical combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, the Barclays Capital U.S. Aggregate Bond Index, and the Barclays Capital U.S. 3 Month Treasury Bellwether Index. The index weightings are adjusted monthly to reflect the fund’s changing asset allocations.

Fidelity Freedom 2025 Composite Index is a hypothetical combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, and the Barclays Capital U.S. Aggregate Bond Index. The index weightings are adjusted monthly to reflect the fund’s changing asset allocations.

Fidelity Freedom 2030 Composite Index is a hypothetical combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, and the Barclays Capital U.S. Aggregate Bond Index. The index weightings are adjusted monthly to reflect the fund’s changing asset allocations.

Fidelity Freedom 2035 Composite Index is a hypothetical combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, and the Barclays Capital U.S. Aggregate Bond Index. The index weightings are adjusted monthly to reflect the fund’s changing asset allocations.

Fidelity Freedom 2040 Composite Index is a hypothetical combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, and the Barclays Capital U.S. Aggregate Bond Index. The index weightings are adjusted monthly to reflect the fund’s changing asset allocations.

Fidelity Freedom 2045 Composite Index is a hypothetical combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, and the Barclays Capital U.S. Aggregate Bond Index. The index weightings are adjusted monthly to reflect the fund’s changing asset allocations.

Fidelity Freedom 2050 Composite Index is a hypothetical combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, and the Barclays Capital U.S. Aggregate Bond Index. The index weightings are adjusted monthly to reflect the fund’s changing asset allocations.

Fidelity Freedom Income Composite Index is a hypothetical combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI EAFE (Europe, Australasia, Far East) Index, the Barclays Capital U.S. Aggregate Bond Index, and the Barclays Capital U.S. 3 Month Treasury Bellwether Index.

Fidelity Global Balanced Composite Index is a hypothetical combination of unmanaged indices, combining the total returns of the MSCI World (MSCI) Index and the Citigroup World Govt. Bond Index using a weighting of 60% to 40%, respectively.

Fidelity Growth Discovery Fund Linked Index represents the performance of the S&P 500 Index, prior to February 1, 2007 when the fund operated under certain different investment policies and the Russell 3000 Growth Index, beginning February 1, 2007.

Fidelity Japan Smaller Companies Fund Linked Index represents the performance of the Russell/Nomura Small Cap Index from the commencement of the Japan Smaller Companies Fund until December 31, 2008 and the Russell/Nomura Mid-Small Cap Index beginning January 1, 2009.

Fidelity Puritan Composite Index is a hypothetical combination of unmanaged indices. The composite index combines the total returns of the Russell 3000 Value Index for periods prior to July 1, 2008 and the S&P 500 Index beginning July 1, 2008 and the Barclays Capital U.S. Aggregate Bond Index.

Fidelity Real Estate Income Composite Index is a hypothetical combination of unmanaged indexes. The Fidelity Real Estate Income Composite Index combines the total returns of The BofA Merrill Lynch U.S. Real Estate Index, the MSCI REIT Preferred Index, and the FTSE NAREIT All REIT Index. The index weightings of the composite index are: 40% The BofA Merrill Lynch U.S. Real Estate Index, 40% MSCI REIT Preferred Index and 20% FTSE NAREIT All REIT Index.

Fidelity Strategic Dividend & Income Composite Index is a hypothetical representation of the performance of the fund’s unmanaged indexes. The following indexes are used to calculate the Fidelity Strategic Dividend & Income Composite Index: Russell 3000 Value Index, National Association of Real Estate Investment Trusts (NAREIT) Equity REIT Index, BofA Merrill Lynch All U.S. Convertibles Index ex Traditional Convertible Preferreds, and BofA Merrill Lynch DRD Eligible Preferred Securities Index.

Fidelity Strategic Income Composite Index is a hypothetical combination of unmanaged indices. The composite index combines the total returns of the JPMorgan Emerging Markets Bond Index Global, the Barclays Capital U.S. Government Bond Index, the BofA Merrill Lynch U.S. High Yield Constrained Index and the Citigroup Non-US Group of 7 Index weighted according to the fund’s neutral mix, currently 40% high yield, 30% U.S. Government and investment-grade, 15% foreign developed markets, and 15% emerging markets.

Fidelity Strategic Real Return Composite Index is a hypothetical combination of the following unmanaged indices: the Dow Jones - UBS Commodity Index Total Return, the Standard & Poor’s/Loan Syndications and Trading Association Leveraged Performing Loan Index, the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), the Dow Jones U.S. Select Real Estate Securities Index, and the BofA Merrill Lynch U.S. Real Estate Index.

Fidelity Trend Fund Linked Index represents the performance of the S&P 500 Index, prior to February 1, 2007 when the fund operated under certain investment policies, and the Russell 1000 Growth Index, beginning February 1, 2007.

FTSE Capped Nordic Index is a modified market capitalization-weighted index designed to measure the performance of the investable equity markets of Denmark, Finland, Norway, and Sweden. Constituent weights are capped semi-annually by FTSE to enforce issuer diversification constraints. Returns shown for the FTSE Capped Nordic Index for periods prior to October 1, 2009 (its inception date) are returns of the uncapped FTSE Nordic Index.

FTSE EPRA/NAREIT Developed Real Estate ex North America Index is a free float-adjusted market capitalization-weighted index of all eligible developed market real estate stocks world-wide excluding North America.

JPMorgan Emerging Markets Bond Index Global (EMBI Global) is a market value-weighted index of U.S. dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by emerging markets’ sovereign and quasi-sovereign entities.

Morgan Stanley Capital International All Country (MSCI AC) Far East ex Japan Index is a market capitalization weighted index that is designed to measure the investable equity market performance for global investors of the Far East, excluding Japan.

Morgan Stanley Capital International All Country (MSCI AC) Pacific Index is a market capitalization weighted index that is designed to measure the investable equity market performance for global investor of the developed and emerging markets in the Pacific region.

Morgan Stanley Capital International All Country World Index (MSCI ACWI) is a market capitalization weighted index that is designed to measure the investable equity market performance for global investors of developed and emerging markets.

Morgan Stanley Capital International All Country World (MSCI ACWI) Commodity Producers Sector Capped Index is a <\n>market capitalization-weighted index that is designed to measure the investable equity market performance of stocks of commodity producers in equal weighted sectors including energy, metals, and agriculture. Index returns are adjusted for tax <\n>withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts.

Morgan Stanley Capital International All Country World (MSCI ACWI) ex USA Index is a market capitalization weighted index that is designed to measure the investable equity market performance for global investors of developed and emerging markets, excluding the United States.

Morgan Stanley Capital International Emerging Markets (MSCI EM) Index is a market capitalization-weighted index that is designed to measure the investable equity market performance for global investors of emerging markets.

Morgan Stanley Capital International Emerging Markets (MSCI EM) Europe, Middle East and Africa Index is a market capitalization-weighted index that is designed to measure the investable equity market performance for global investors in the emerging market countries of Europe, the Middle East & Africa.

Morgan Stanley Capital International Emerging Markets (MSCI EM) Latin America Index is a market capitalization weighted index that is designed to measure the investable equity market performance for global investors of emerging markets in Latin America.

Morgan Stanley Capital International (MSCI) Europe Index is a market capitalization-weighted index that is designed to measure the investable equity market performance for global investors of the developed markets in Europe.

Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is a market capitalization-weighted index that is designed to measure the investable equity market performance for global investors in developed markets, excluding the U.S. & Canada.

Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Growth Index is a market capitalization-weighted index that is designed to measure the investable equity market performance of growth stocks for global investors in developed markets, excluding the U.S. & Canada.

Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Small Cap Index is a market capitalization-weighted index that is designed to measure the investable equity market performance of small cap stocks for global investors in developed markets, excluding the U.S. & Canada.

Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Value Index is a market capitalization-weighted index that is designed to measure the investable equity market performance of value stocks for global investors in developed markets, excluding the U.S. & Canada.

Morgan Stanley Capital International (MSCI) Golden Dragon Index is a market capitalization-weighted index designed to represent the performance of the equity markets of Hong Kong, Taiwan, and China.

Morgan Stanley Capital International (MSCI) U.S. IM Aerospace & Defense 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Aerospace & Defense companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Banks 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Banks in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Biotechnology 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Biotechnology companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Capital Goods 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Capital Goods companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Capital Markets 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Capital Markets companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Chemicals 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Chemicals companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Construction & Housing Custom 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Construction & Housing Custom companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Consumer Discretionary 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Consumer Discretionary companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Consumer Services 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Consumer Services companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Consumer Staples 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Consumer Staples companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Energy 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Energy companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Energy Equipment & Services 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Energy Equipment & Services companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Financials 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Financials companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Health Care 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Health Care companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Health Care Equipment & Supplies 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Health Care Equipment & Supplies companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Health Care Providers & Services 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Health Care Providers & Services companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Industrials 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Industrials companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Information Technology 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Information Technology companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Insurance 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Insurance companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM IT Services 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of IT Services companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI US Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Materials 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Media companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Media 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Media companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Retailing 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Retailing companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Semiconductors & Semiconductor Equipment 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Semiconductors & Semiconductor Equipment companies in the MSCI US Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 Indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Software & Services 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Software & Services companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Telecommunications Services 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Telecommunications Services companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Thrifts & Mortgage Finance 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Thrifts & Mortgage Finance companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Transportation 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Transportation companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) U.S. IM Utilities 25/50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Utilities companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 indexes.

Morgan Stanley Capital International (MSCI) World Index is a market capitalization weighted index that is designed to measure the investable equity market performance for global investors of developed markets.

Nasdaq Composite Index is a market capitalization-weighted index that is designed to represent the performance of NASDAQ stocks.

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.

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.

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.

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.

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 value-oriented characteristics.

Russell 3000 Growth Index is a market capitalization-weighted index of those stocks of the 3,000 largest U.S. domiciled companies that exhibit growth-oriented characteristics.

Russell 3000 Utilities Index is a market capitalization-weighted index of utility stocks in the Russell 3000 Index.

Russell 3000 Value Index is a market capitalization-weighted index of those stocks of the 3,000 largest U.S. domiciled companies that exhibit value-oriented characteristics.

Russell Midcap Index is a market capitalization-weighted index of medium-capitalization U.S. company stocks.

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.

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.

Russell Top 200 Index is a market capitalization-weighted index of the stocks of the 200 largest companies in the Russell 3000 Index. Russell 3000 Index is a market capitalization-weighted index of stocks of the 3,000 largest U.S. domiciled companies.

Russell/Nomura Mid-Small Index is a market capitalization-weighted index of common stocks domiciled in Japan. This index measures the performance of medium and small companies that represent approximately 50% of the total market capitalization of the largest investable Japanese securities.

Standard & Poor’s (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.

Standard & Poor’s (S&P) Custom Air Transportation Index is a modified market capitalization-weighted index of stocks designed to measure the performance of companies engaged in the regional, national, and international movement of passengers, mail, and freight via aircraft. These companies are identified by S&P based on the specific policies of the fund.

Standard & Poor’s (S&P) S&P Custom Automobiles & Components Index is a modified market capitalization-weighted index of stocks designed to measure the performance of companies engaged in the manufacture, marketing or sale of automobiles, trucks, specialty vehicles, parts, tires, and related services. These companies are identified by S&P based on the specific policies of the fund.

Standard & Poor’s (S&P) S&P Custom Communications Equipment Index is a modified market capitalization-weighted index of stocks designed to measure the performance of companies engaged in the development, manufacture or sale of communications equipment. These companies are identified by S&P based on the specific policies of the fund.

Standard & Poor’s (S&P) S&P Custom Computers & Peripherals Index is a modified market capitalization-weighted index of stocks designed to measure the performance of companies engaged in research, design, development, manufacture or distribution of products, processes, or services that relate to currently available or experimental hardware technology within the computer industry. These companies are identified by S&P based on the specific policies of the fund.

Standard & Poor’s (S&P) Custom Natural Gas Index is a modified market capitalization-weighted index of stocks designed to measure the performance of companies engaged in the production, transmission, and distribution of natural gas, and involved in the exploration of potential natural gas resources, as well as those companies that provide services and equipment to natural gas producers, refineries, cogeneration facilities, converters, and distributors. These companies are identified by S&P based on the specific policies of the fund

Standard & Poor’s (S&P) S&P Custom Pharmaceuticals Index is a modified market capitalization-weighted index of stocks designed to measure the performance of companies engaged in the research, development, manufacture, sale, or distribution of pharmaceuticals and drugs of all types. These companies are identified by S&P based on the specific policies of the fund.

Standard & Poor’s (S&P) Custom Wireless Index is a modified market capitalization-weighted index of stocks designed to measure the performance of companies engaged in activities relating to wireless communications services or products. These companies are identified by S&P based on the specific policies of the fund.

Standard & Poor’s (S&P) Global Broad Market Index (BMI) Gold Index is a market capitalization-weighted index of stocks designed to measure the performance of companies that produce gold and related products, including companies that mine or process gold and the South African finance houses which primarily invest in, but do not operate, gold mines.

Standard & Poor’s (S&P) Loan Syndications and Trading Association Leveraged Performing Loan Index is a market value-weighted index designed to represent the performance of U.S. dollar-denominated institutional leveraged performing loan portfolios (excluding loans in payment default) using current market weightings, spreads and interest payments.

Standard & Poor’s (S&P) MidCap 400 Index is a market capitalization-weighted index of 400 medium-capitalization domestic stocks, chosen for market size, liquidity, and industry group representation.

Standard & Poor’s (S&P) North American Natural Resources Sector Index is a modified capitalization-weighted index of U.S. traded stocks designed to measure the performance of companies in the natural resources sector.

Standard & Poor’s (S&P)/TSX Composite Index is a market capitalization-weighted index of stocks traded in the Canadian market.

Tokyo Stock Exchange Stock Price Index (TOPIX) is a market capitalization-weighted index of the largest and better established stocks traded on the Tokyo Stock Exchange.

Value Line Composite Index (used in the Fund Performance Summary) is comprised of approximately 1,700 stocks and is an arithmetic average of the daily price percentage change in each stock covering both large- and small-capitalization companies.

Mil Rate An expression of the daily rate of per-share income earned in a bond or money market fund.

Moving Average The average price of a mutual fund calculated periodically over some designated period of time and plotted on a chart against actual price. The effect of a moving average is to minimize short-term price fluctuations and highlight long-term price fluctuations. A long-term moving average is the average of each week’s closing adjusted NAV for the past 13 and 39 weeks. The long-term moving average chart shows the weekly average for the past two years and four months for the domestic and international equity funds. The Select funds have an additional short-term moving average chart that shows the daily average for the past three months. A short-term moving average is the average of each day’s closing adjusted NAV for the past 13 and 39 weeks.

Price Book Ratio (PB) The price of a security at the close of the last day in the period divided by a company’s shareholders’ equity per share. The P/B ratio for a fund is the weighted average of the individual securities’ P/B ratios.

Price Earnings Ratio (PE) The price of a security at the close of the last day in the period divided by its last 12 months’ reported primary earnings per share (EPS). The P/E ratio for a fund is the weighted average of the individual securities’ P/E ratios.

Turnover Rate Frequency of trading of assets in a portfolio, expressed as a percentage. Although there are many other things to consider, a high turnover rate and heavy trading can result in high transaction costs. Every time securities are bought and sold, the fund must pay commissions.

Weighted Average Maturity Used to describe the average time to maturity of bonds or other debt instruments in which a bond fund invests, weighted in proportion to the dollar value. For example, a bond fund with 50% of its assets invested in bonds that mature in five years and 50% of its assets invested in bonds that mature in six years has a weighted average maturity of <\n>5.5 years.

Risk

Alpha A risk-adjusted performance measure. A positive (negative) alpha indicates stronger (poorer) fund performance than predicted by the fund’s level of risk (measured by beta). Alpha and beta are more reliable measures when used in combination with a high R2 which indicates a high correlation between the movements in a fund’s returns and movements in a benchmark index. Alpha is annualized.

Beta A measure of a portfolio’s sensitivity to market movements (as represented by a benchmark index). The benchmark index, such as the S&P 500 or EAFE index, has a beta of 1.0. A beta of more (less) than 1.0 indicates that a fund’s historical returns have fluctuated more (less) than the benchmark index.

Beta is a more reliable measure of volatility when used in combination with a high R2 which indicates a high correlation between the movements in a fund’s returns and movements in a benchmark index.

R2 A measurement of how closely the portfolio’s performance correlates with the performance of a benchmark index, such as the S&P 500®. R2 is a proportion which ranges between 0.00 and 1.00. An R2 of 1.00 indicates perfect correlation to the benchmark index, that is, all of the portfolio’s fluctuations are explained by performance fluctuations of the index, while an R2 of 0.00 indicates no correlation. Therefore, the lower the R2, the more the fund’s performance is affected by factors other than the market as measured by that benchmark index. See Volatility Measures and Beta.

Return Per Unit of Risk (RUR) A ratio that compares the fund’s annualized average monthly no-load total return over a historical 36-month period to the average standard deviation of those returns. Standard deviation is a volatility statistic that <\n>measures the range of a fund’s return over time <\m> the higher the deviation, the higher the volatility. RUR attempts to show the relationship between the fund’s historical return and the risk associated with the generation of that return. For example, an RUR of 1.00 means that for every percentage point of volatility there has been one percentage point of return. The higher the ratio, the better the fund’s risk adjusted performance.

Standard Deviation A statistical measurement of the dispersion of a fund’s return over a specified time period. Fidelity calculates standard deviations by comparing a fund’s monthly returns to its average monthly return over a 36-month period, and then annualizes the number. Investors may examine historical standard deviation in conjunction with historical returns to decide whether a fund’s volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how the fund actually performed, but merely indicates the volatility of its returns over time.

Volatility Measures Volatility measures the variability of historical returns. Relative Volatility, Beta, and R2 compare a portfolio’s total return to those of a relevant market, represented by the benchmark index. Standard Deviation is calculated independent of an index.