December, 2015 Re: Changes to the Central Michigan University 403(b) Plan Central Michigan University is committed to periodically reviewing the Central Michigan University 403(b) Plan (the Plan) to make sure it continues to help you meet your retirement and financial goals. Among the things considered are the range of investment options available through the Plan, investment option performance and value, and whether the Plan gives you access to services that complement your account. As a result of a recent review, Central Michigan University has decided to make the following changes to the 403(b) Plan s investment lineup. The changes described on the following pages will take place without any action required on your part. However, if you are not satisfied with how your current investment elections will be modified, you will have the opportunity to make changes. Go to the What Do I Need to Do? Sections to learn more. Sincerely, Fidelity Investments
CHANGES TO THE Central Michigan University 403(b) Plan Share Class Changes When the market closes (generally 4 p.m. Eastern time) on January 15, 2016, the share class of several investment options offered through the Central Michigan University 403(b) Plan will change. As a result, the fund codes, ticker symbols, and expense ratios will change. The new share class will offer you the same investment strategy and risk, but the overall expenses will be lower. See the following chart for details. The transfer of balances will appear as an exchange on your account history and quarterly statement. You may also receive a prospectus as a result of this transaction. Central Michigan University understands that the fees and expenses of the investments you select have an impact on the overall returns of your portfolio. Therefore, we are pleased to offer the new share class, which has a lower expense ratio than the prior share class. Old Share Class Fidelity Balanced Fund Fund Code: 00304 Ticker Symbol: FBALX Expense Ratio: 0.56% Fidelity Blue Chip Growth Fund Fund Code: 00312 Ticker Symbol: FBGRX Expense Ratio: 0.89% Fidelity Capital Appreciation Fund Fund Code: 00307 Ticker Symbol: FDCAX Expense Ratio: 0.82% Fidelity Contrafund Fund Code: 00022 Ticker Symbol: FCNTX Fidelity Disciplined Equity Fund Fund Code: 00315 Ticker Symbol: FDEQX Expense Ratio: 0.50% Fidelity Diversified International Fund Fund Code: 00325 Ticker Symbol: FDIVX Expense Ratio: 0.91% Fidelity Dividend Growth Fund Fund Code: 00330 Ticker Symbol: FDGFX Expense Ratio: 0.69% New Share Class Fidelity Balanced Fund - Class K Fund Code: 02077 Ticker Symbol: FBAKX Expense Ratio: 0.46% Fidelity Blue Chip Growth Fund - Class K Fund Code: 02078 Ticker Symbol: FBGKX Expense Ratio: 0.78% Fidelity Capital Appreciation Fund - Class K Fund Code: 02079 Ticker Symbol: FCAKX Expense Ratio: 0.70% Fidelity Contrafund - Class K Fund Code: 02080 Ticker Symbol: FCNKX Expense Ratio: 0.54% Fidelity Disciplined Equity Fund - Class K Fund Code: 02081 Ticker Symbol: FDEKX Expense Ratio: 0.39% Fidelity Diversified International Fund - Class K Fund Code: 02082 Ticker Symbol: FDIKX Expense Ratio: 0.78% Fidelity Dividend Growth Fund - Class K Fund Code: 02083 Ticker Symbol: FDGKX
Fidelity Emerging Markets Fund Fund Code: 00322 Ticker Symbol: FEMKX Expense Ratio: 1.07% Fidelity Equity Dividend Income Fund Fund Code: 00319 Ticker Symbol: FEQTX Expense Ratio: 0.63% Fidelity Equity-Income Fund Fund Code: 00023 Ticker Symbol: FEQIX Expense Ratio: 0.69% Fidelity Export and Multinational Fund Fund Code: 00332 Ticker Symbol: FEXPX Expense Ratio: 0.77% Fidelity Fund Fund Code: 00003 Ticker Symbol: FFIDX Expense Ratio: 0.52% Fidelity Growth & Income Portfolio Fund Code: 00027 Ticker Symbol: FGRIX Expense Ratio:0.67% Fidelity Growth Company Fund Fund Code: 00025 Ticker Symbol: FDGRX Expense Ratio: 0.82% Fidelity Growth Discovery Fund Fund Code: 00339 Ticker Symbol: FDSVX Expense Ratio: 0.77% Fidelity Growth Strategies Fund Fund Code: 00324 Ticker Symbol: FDEGX Expense Ratio: 0.72% Fidelity Independence Fund Fund Code: 00073 Ticker Symbol: FDFFX Expense Ratio: 0.73% Expense Ratio: 0.57% Fidelity Emerging Markets Fund - Class K Fund Code: 02084 Ticker Symbol: FKEMX Expense Ratio: 0.86% Fidelity Equity Dividend Income Fund - C lass K Fund Code: 02086 Ticker Symbol: FETKX Expense Ratio: 0.52% Fidelity Equity-Income Fund - Class K Fund Code: 02085 Ticker Symbol: FEIKX Expense Ratio: 0.58% Fidelity Export and Multinational Fund - Class K Fund Code: 02087 Ticker Symbol: FEXKX Fidelity Fund - Class K Fund Code: 02088 Ticker Symbol: FFDKX Expense Ratio: 0.41% Fidelity Growth & Income Portfolio - Class K Fund Code: 02089 Ticker Symbol: FGIKX Expense Ratio: 0.55% Fidelity Growth Company Fund - Class K Fund Code: 02090 Ticker Symbol: FGCKX Expense Ratio: 0.71% Fidelity Growth Discovery Fund - Class K Fund Code: 02091 Ticker Symbol: FGDKX Fidelity Growth Strategies Fund - Class K Fund Code: 02076 Ticker Symbol: FAGKX Expense Ratio: 0.53% Fidelity Independence Fund - Class K Fund Code: 02092 Ticker Symbol: FDFKX Fidelity International Discovery Fund Fund Code: 00305 Fidelity International Discovery Fund - Class K
Ticker Symbol: FIGRX Expense Ratio: 0.91% Fidelity Leveraged Company Stock Fund Fund Code: 00122 Ticker Symbol: FLVCX Expense Ratio: 0.79% Fidelity Low-Priced Stock Fund Fund Code: 00316 Ticker Symbol: FLPSX Expense Ratio: 0.79% Fidelity Magellan Fund Fund Code: 00021 Ticker Symbol: FMAGX Expense Ratio: 0.70% Fidelity Mid-Cap Stock Fund Fund Code: 00337 Ticker Symbol: FMCSX Expense Ratio: 0.76% Fidelity OTC Portfolio Fund Code: 00093 Ticker Symbol: FOCPX Expense Ratio: 0.83% Fidelity Overseas Fund Fund Code: 00094 Ticker Symbol: FOSFX Expense Ratio: 1.02% Fidelity Puritan Fund Fund Code: 00004 Ticker Symbol: FPURX Expense Ratio: 0.56% Fidelity Stock Selector All Cap Fund Fund Code: 00320 Ticker Symbol: FDSSX Expense Ratio: 0.67% Fidelity Value Discovery Fund Fund Code: 00832 Ticker Symbol: FVDFX Expense Ratio: 0.84% Fidelity Value Fund Fund Code: 00039 Ticker Symbol: FDVLX Expense Ratio: 0.76% Fund Code: 02093 Ticker Symbol: FIDKX Expense Ratio: 0.78% Fidelity Leveraged Company Stock Fund - Class K Fund Code: 02094 Ticker Symbol: FLCKX Expense Ratio: 0.67% Fidelity Low-Priced Stock Fund - Class K Fund Code: 02095 Ticker Symbol: FLPKX Expense Ratio: 0.69% Fidelity Magellan Fund - Class K Fund Code: 02096 Ticker Symbol: FMGKX Expense Ratio: 0.60% Fidelity Mid-Cap Stock Fund - Class K Fund Code: 02097 Ticker Symbol: FKMCX Fidelity OTC Portfolio - Class K Fund Code: 02098 Ticker Symbol: FOCKX Expense Ratio: 0.72% Fidelity Overseas Fund - Class K Fund Code: 02099 Ticker Symbol: FOSKX Expense Ratio: 0.88% Fidelity Puritan Fund - Class K Fund Code: 02100 Ticker Symbol: FPUKX Expense Ratio: 0.46% Fidelity Stock Selector All Cap Fund - Class K Fund Code: 02101 Ticker Symbol: FSSKX Expense Ratio: 0.58% Fidelity Value Discovery Fund - Class K Fund Code: 02103 Ticker Symbol: FVDKX Expense Ratio: 0.71% Fidelity Value Fund - Class K Fund Code: 02102 Ticker Symbol: FVLKX Expense Ratio: 0.65%
Fidelity Value Strategies Fund Fund Code: 00014 Ticker Symbol: FSLSX Expense Ratio: 0.69% Expense ratio information as of November 5, 2015. Fidelity Value Strategies Fund - Class K Fund Code: 02104 Ticker Symbol: FVSKX Expense Ratio: 0.53% Fidelity Diversified International Fund: There is a short-term redemption fee of 1.00% for fee eligible shares held less than 30 days. Fidelity Emerging Markets Fund: There is a short-term redemption fee of 1.50% for fee eligible shares held less than 90 days. Fidelity Export and Multinational Fund: There is a short-term redemption fee of 0.75% for fee eligible shares held less than 30 days. Fidelity Growth Strategies Fund: There is a short-term redemption fee of 1.50% for fee eligible shares held less than 90 days. Fidelity International Discovery Fund: There is a short-term redemption fee of 1.00% for fee eligible shares held less than 30 days. Fidelity Leveraged Company Stock Fund: There is a short-term redemption fee of 1.50% for fee eligible shares held less than 90 days. Fidelity Low-Priced Stock Fund: There is a short-term redemption fee of 1.50% for fee eligible shares held less than 90 days. Fidelity Mid-Cap Stock Fund: There is a short-term redemption fee of 0.75% for fee eligible shares held less than 30 days. Fidelity Overseas Fund: There is a short-term redemption fee of 1.00% for fee eligible shares held less than 30 days. Fidelity Diversified International Fund - Class K: There is a short-term redemption fee of 1.00% for fee eligible shares held less than 30 days. Fidelity Emerging Markets Fund - Class K: There is a short-term redemption fee of 1.50% for fee eligible shares held less than 90 days. Fidelity Export and Multinational Fund - Class K: There is a short-term redemption fee of 0.75% for fee eligible shares held less than 30 days. Fidelity Growth Strategies Fund - Class K: There is a short-term redemption fee of 1.50% for fee eligible shares held less than 90 days. Fidelity International Discovery Fund - Class K: There is a short-term redemption fee of 1.00% for fee eligible shares held less than 30 days. Fidelity Leveraged Company Stock Fund - Class K: There is a short-term redemption fee of 1.50% for fee eligible shares held less than 90 days. Fidelity Low-Priced Stock Fund - Class K: There is a short-term redemption fee of 1.50% for fee eligible shares held less than 90 days. Fidelity Mid-Cap Stock Fund - Class K: There is a short-term redemption fee of 0.75% for fee eligible shares held less than 30 days. Fidelity Overseas Fund - Class K: There is a short-term redemption fee of 1.00% for fee eligible shares held less than 30 days. A short-term trading fee will not be charged as part of this reallocation, but existing short-term trading fee periods (if any) will move from the transferring fund to the new fund. If you request a change either before or after the transition without satisfying the required holding period, you may incur a short-term trading fee What Do I Need to Do? You do not need to do anything. However, if you would like to request changes to your account, obtain additional information, or find answers to questions, log on to Fidelity NetBenefits at www.netbenefits.com or call 800-343-0860 Monday through Friday, between 8:00 a.m. and Midnight Eastern
Your New Investment Options Beginning January 15, 2016, the following investment options will be added to the investment lineup. Please see the Investment Option Descriptions section of this letter for more details. Fidelity Freedom K 2005 Fund Fidelity Freedom K 2010 Fund Fidelity Freedom K 2015 Fund Fidelity Freedom K 2020 Fund Fidelity Freedom K 2025 Fund Fidelity Freedom K 2030 Fund Fidelity Freedom K 2035 Fund Fidelity Freedom K 2040 Fund Fidelity Freedom K 2045 Fund Fidelity Freedom K 2050 Fund Fidelity Freedom K 2055 Fund Fidelity Freedom K 2060 Fund Fidelity Freedom K Income Fund Investment Options Being Removed When the market closes (generally 4p.m. Eastern time) on January 15, 2016, several investment options offered through the Plan will no longer be available. As a result, all existing balances and future contributions will be transferred to the new investment options. See the following chart for details. The transfer of balances will appear as an exchange on your account history and quarterly statement. You may also receive a prospectus as a result of this transaction. Old Investment Options Fidelity Freedom 2005 Fund Expense Ratio: 0.56% Fidelity Freedom 2010 Fund Expense Ratio: 0.60% Fidelity Freedom 2015 Fund Expense Ratio: 0.63% Fidelity Freedom 2020 Fund Expense Ratio: 0.66% New Investment Options Fidelity Freedom K 2005 Fund Expense Ratio: 0.49% Fidelity Freedom K 2010 Fund Expense Ratio: 0.52% Fidelity Freedom K 2015 Fund Expense Ratio: 0.55% Fidelity Freedom K 2020 Fund Expense Ratio: 0.57% Fidelity Freedom 2025 Fund Fidelity Freedom K 2025 Fund
Expense Ratio: 0.70% Expense Ratio: 0.60% Fidelity Freedom 2030 Fund Expense Ratio: 0.74% Fidelity Freedom 2035 Fund Expense Ratio: 0.75% Fidelity Freedom 2040 Fund Expense Ratio: 0.75% Fidelity Freedom 2045 Fund Expense Ratio: 0.75% Fidelity Freedom 2050 Fund Expense Ratio: 0.75% Fidelity Freedom 2055 Fund Expense Ratio: 0.75% Fidelity Freedom 2060 Fund Expense Ratio: 0.76% Fidelity Freedom Income Fund Expense Ratio: 0.49% Fidelity Event Driven Opportunities Fund Expense Ratio: 1.18% Fidelity Global Strategies Fund Expense Ratio: 1.07% Fidelity Short Duration High Income Fund Expense Ratio: 1.00% Strategic Advisers Core Income Multi-Manager Fund Expense Ratio: 1.01% Strategic Advisers Core Multi- Manager Fund Expense Ratio: 1.14% Strategic Advisers Emerging Markets Fund of Funds Expense Ratio: 2.21% Strategic Advisers Growth Multi- Manager Fund Expense Ratio: 0.87% Strategic Advisers International Multi-Manager Fund Expense Ratio: 1.15% Manager 2005 Fund Expense Ratio: 0.72% Fidelity Freedom K 2030 Fund Expense Ratio: 0.63% Fidelity Freedom K 2035 Fund Fidelity Freedom K 2040 Fund Fidelity Freedom K 2045 Fund Fidelity Freedom K 2050 Fund Fidelity Freedom K 2055 Fund Fidelity Freedom K 2060 Fund Fidelity Freedom K Income Fund Expense Ratio: 0.43%
Manager 2010 Fund Expense Ratio: 0.77% Manager 2015 Fund Expense Ratio: 0.86% Manager 2020 Fund Expense Ratio: 0.88% Manager 2025 Fund Expense Ratio: 0.97% Manager 2030 Fund Expense Ratio: 1.01% Manager 2035 Fund Expense Ratio: 1.10% Manager 2040 Fund Expense Ratio: 1.15% Manager 2045 Fund Expense Ratio: 1.17% Manager 2050 Fund Expense Ratio: 1.12% Manager 2055 Fund Expense Ratio: 1.18% Manager 2060 Fund Expense Ratio: 1.07% Manager Income Fund Expense Ratio: 0.62% Strategic Advisers Small-Mid Cap Multi-Manager Fund Expense Ratio: 1.39% Expense ratio information as of November 5, 2015. Fidelity Short Duration High Income Fund: There is a short-term redemption fee of 1.00% for fee eligible shares held less than 90 days. Strategic Advisers Emerging Markets Fund of Funds: There is a short-term redemption fee of 1.50% for fee eligible shares held less than 90 days.
Strategic Advisers International Multi-Manager Fund: There is a short-term redemption fee of 1.00% for fee eligible shares held less than 30 days. Strategic Advisers Small-Mid Cap Multi-Manager Fund: There is a short-term redemption fee of 1.50% for fee eligible shares held less than 90 days. A short-term trading fee will not be charged as part of this reallocation. However, if you request a change either before or after the transition without satisfying the required holding period, you may incur a short-term trading fee. Fidelity Freedom K Funds are an institutional series of Fidelity target date retirement mutual funds with a lower expense ratio than the Fidelity Freedom Funds. They have the same management team and investment objectives and invest in the same underlying funds as the Fidelity Freedom Funds, but often invest in a different share class. What Do I Need to Do? If you are satisfied with how your current investment elections will be modified, as shown previously, no action is required on your part. Central Michigan University has worked carefully to move the existing balances and future contributions to investment options that it believes have the most similar investment objectives. However, if you do not want these changes to take place, you must contact Fidelity Investments and complete a change of investments. Log on to Fidelity NetBenefits at www.netbenefits.com/atwork or call 800-343-0860 Monday through Friday, between 8:30 a.m. - 8:00 p.m. Eastern Central Michigan University Default Fund If you have not already made an investment election decision, we encourage you to review the investment options available to you. However, if no elections are made, Central Michigan University has directed Fidelity to invest your future contributions in a Fidelity Freedom K Fund based on your current age and assuming a retirement age of 65. Simply find your date of birth range in the following chart to determine which Fidelity Freedom K Fund your contributions will be directed to. Date of Birth* Fidelity Freedom K Funds Retirement Date Range If no date of birth on file or invalid date of birth on file at Fidelity Fidelity Freedom K Income Fund N/A 1/1/1900-12/31/1937 Fidelity Freedom K Income Fund 1900-2002 1/1/1938-12/31/1942 Fidelity Freedom K 2005 Fund 2003-2007 1/1/1943-12/31/1947 Fidelity Freedom K 2010 Fund 2008-2012 1/1/1948-12/31/1952 Fidelity Freedom K 2015 Fund 2013-2017 1/1/1953-12/31/1957 Fidelity Freedom K 2020 Fund 2018-2022 1/1/1958-12/31/1962 Fidelity Freedom K 2025 Fund 2023-2027 1/1/1963-12/31/1967 Fidelity Freedom K 2030 Fund 2028-2032 1/1/1968-12/31/1972 Fidelity Freedom K 2035 Fund 2033-2037 1/1/1973-12/31/1977 Fidelity Freedom K 2040 Fund 2038-2042 1/1/1978-12/31/1982 Fidelity Freedom K 2045 Fund 2043-2047 1/1/1983-12/31/1987 Fidelity Freedom K 2050 Fund 2048-2052 1/1/1988-12/31/1992 Fidelity Freedom K 2055 Fund 2053-2057 1/1/1993-12/31/2099 Fidelity Freedom K 2060 Fund 2058-2062 *Date of birth ranges were selected by your Plan Sponsor.
Important Note if You Use Automatic Rebalance If you are currently using the Automatic Rebalance feature offered through your Plan, you need to update your rebalance elections given the changes to the Plan lineup on January 15, 2016, if you want to continue using Automatic Rebalance. Fidelity is not able to adjust your rebalance elections to reflect the upcoming plan-directed fund reallocation changes. As a result, your Automatic Rebalance elections will not occur as scheduled if you have a current investment option that will no longer be offered. If you have questions or need assistance with the Automatic Rebalance feature, log on to Fidelity NetBenefits at www.netbenefits.com or call 800-343-0860, Monday through Friday, between 8:00 a.m. and Midnight Eastern Go Paperless Tired of mailbox clutter? You can significantly reduce paper mail by providing us your email address and updating your mail preferences to electronic delivery. Log on to Fidelity NetBenefits at www.netbenefits.com and go to Your Profile. Investment Option Descriptions Fidelity Freedom K 2005 Fund UAC3 FFKVX Gross Expense Ratio: 0.49% as of 05/28/2015 Short-term Redemption Fee Note: None Someone who is seeking an investment option intended for people in or very near retirement and who is willing to accept the volatility of diversified investments in the market.
Fidelity Freedom K 2010 Fund UAC4 FFKCX Gross Expense Ratio: 0.52% as of 05/28/2015 Short-term Redemption Fee Note: None Someone who is seeking an investment option intended for people in or very near retirement and who is willing to accept the volatility of diversified investments in the market. Fidelity Freedom K 2015 Fund UAC5 FKVFX Gross Expense Ratio: 0.55% as of 05/28/2015
Short-term Redemption Fee Note: None Someone who is seeking an investment option intended for people in or very near retirement and who is willing to accept the volatility of diversified investments in the market. Fidelity Freedom K 2020 Fund UAC6 FFKDX Gross Expense Ratio: 0.57% as of 05/28/2015
Short-term Redemption Fee Note: None Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Fidelity Freedom K 2025 Fund UAC7 FKTWX Gross Expense Ratio: 0.6% as of 05/28/2015 Short-term Redemption Fee Note: None Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Fidelity Freedom K 2030 Fund UAC8 FFKEX
Gross Expense Ratio: 0.63% as of 05/28/2015 Short-term Redemption Fee Note: None Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Fidelity Freedom K 2035 Fund 2179, UAC9 FKTHX Gross as of 05/28/2015
Short-term Redemption Fee Note: None Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Fidelity Freedom K 2040 Fund UAD0 FFKFX Gross as of 05/28/2015 Short-term Redemption Fee Note: None Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets.
Fidelity Freedom K 2045 Fund UAD1 FFKGX Gross as of 05/28/2015 Short-term Redemption Fee Note: None Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Fidelity Freedom K 2050 Fund UAD2 FFKHX Gross as of 05/28/2015
Short-term Redemption Fee Note: None Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Fidelity Freedom K 2055 Fund 2332, UAD3 FDENX Gross as of 05/28/2015 Short-term Redemption Fee Note: None Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets.
Fidelity Freedom K 2060 Fund 2713, UD13 FDKNX Gross as of 05/28/2015 Short-term Redemption Fee Note: None Someone who is seeking an investment option that gradually becomes more conservative over time and who is willing to accept the volatility of the markets. Fidelity Freedom K Income Fund UAC1 FFKAX Gross Expense Ratio: 0.43% as of 05/28/2015 Seeks high current income and, as a secondary objective, capital appreciation. Investing in a combination of Fidelity domestic equity funds, international equity funds (developed and emerging markets), bond funds, and short-term funds (underlying Fidelity funds). Allocating assets among underlying Fidelity funds according to a stable "neutral" asset allocation strategy of approximately 17% in domestic equity funds, 7% in international equity funds, 46% in bond funds, and 30% in short-term funds. Through an active asset allocation
Short-term Redemption Fee Note: strategy, the Adviser may increase or decrease neutral asset class exposures by up to 10 percentage points for equity (includes domestic and international equity funds), bond and shortterm funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The Adviser may also make active asset allocations within other asset classes (including commodities, high yield debt, floating rate debt, real estate debt, inflationprotected debt, and emerging markets debt) from 0% to 10% individually but no more than 25% in aggregate within those other asset classes. The fund is subject to risks resulting from the asset allocation decisions of the Investment Adviser. Pursuant to the Adviser's ability to use an active asset allocation strategy, investors may be subject to a different risk profile compared to the fund's neutral asset allocation strategy shown in its glide path. The fund is subject to the volatility of the financial markets, including that of equity and fixed income investments. Fixed income investments entail issuer default and credit risk, inflation risk, and interest rate risk (as interest rates rise, bond prices usually fall and vice versa). This effect is usually more pronounced for longer-term securities. No target date fund is considered a complete retirement program and there is no guarantee and single fund will provide sufficient retirement income at or through retirement. Principal invested is not guaranteed at any time, including at or after the funds' target dates. None Someone who is seeking an investment option intended for people in retirement and who is willing to accept the volatility of diversified investments in the market. one investment option and looking primarily for the potential for income and, secondarily, for share-price appreciation. Before investing in any fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully. For a mutual fund, the expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percentage of the fund's total net assets. Expense ratios change periodically and are drawn from the fund s prospectus. For more detailed fee information, see the fund prospectus or annual or semiannual reports. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 2015 FMR LLC. All rights reserved.
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