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What it invests in: Primarily invests at least 80% of its assets in equity securities of companies principally engaged in the real estate indus- try. The fund may invest in securities of domestic and foreign issuers. The fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund might, which may cause greater share price fluctuation. Because of their narrow focus, sector funds may be more volatile than funds that diversify across many sectors. Changes in real estate values or economic con- ditions can have a positive or negative effect on issuers in the real estate industry, which may affect the fund. If you sell any of your shares after holding them for less than 90 days, the fund will deduct a short-term trading fee from your account equal to 0.75% of the value of the shares sold. Share price and return will vary.

Who might want to invest: Someone who believes in the long-term value of real estate, but who does not want to be limited to investing directly in real estate.

The S&P 500® Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by Fidelity Distributors Corporation and its affiliates. It is an unmanaged index of the common stock prices of 500 widely held U.S. stocks that includes the reinvest- ment of dividends.

Goldman Sachs Mid Cap Value Fund Class A Fund code: 46199 What it is: A mid cap value mutual fund. Goal: Seeks to provide long-term capital appreciation.

What it invests in: Primarily invests at least 80% of its net assets in a diversified portfolio of equity investments in mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell Midcap® Value Index at the time of investment. Investments in mid-sized companies may involve greater risks than those in larger, more well known companies, but may be less volatile than investments in smaller companies. Share price and return will vary.

Who might want to invest: Someone who wishes to add a diversified portfolio of medium capitalization stocks to their overall equity allocation. Long-term investors who are comfortable with the fluctuations of investing in the stock market.

Managed by Goldman Sachs Asset Management, which provided the description for this fund. Goldman Sachs & Co is distributor of the Fund. The Russell Midcap® Value Index is an unmanaged market capitalization-weighted index of medium-capitalization value-oriented stocks of U.S. domiciled companies that are included in the Russell Midcap Index. Value-oriented stocks tend to have lower price-to-book ratios and lower forecasted growth values.

Managed Income Portfolio II Class 1 Fund code: 00633

What it is: A stable value fund (not a mutual fund). It is a commingled pool of the Fidelity Group Trust for Employee Benefit Plans and is man- aged by Fidelity Management Trust Company (FMTC).

Goal: Seeks to preserve your principal investment while earning interest income. MIP II will try to maintain a stable $1 unit price, but it can- not guarantee that it will be able to do so. The yield of MIP II will fluctuate.

What it invests in: MIP II invests in investment contracts (wrap contracts) issued by insurance companies and other financial institutions, fixed income securities as described below, and money market funds to provide daily liquidity. Investment contracts are designed to permit the use of book value accounting to maintain a constant $1 unit price and to provide for the payment of participant-directed withdrawals and exchanges at book value (principal and interest accrued to date) during the term of the investment contracts. However, withdrawals prompted by certain events (e.g., termination of MIP II, changes in laws or regulations) may be paid at market value, which may be less than book value. Wrap contracts are purchased in conjunction with an investment by MIP II in fixed income securities, which may include, but are not limited to, U.S. Treasury and agency bonds, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, asset-backed secu- rities, and bond funds. MIP II may also invest in futures contracts, option contracts, and swap agreements. FMTC, as investment manager and trustee of the Fidelity Group Trust for Employee Benefit Plans, has claimed an exemption from registration under the Commodity Exchange Act and is not subject to registration or regulation under the Act. There is no immediate recognition of investment gains and losses on the fixed income securities. Instead, gains and losses are recognized over time by adjusting the interest rate credited to MIP II under the wrap con- tracts. All investment contracts and fixed income securities purchased for MIP II must satisfy FMTC's credit quality standards. The investment contract and fixed income security commitments are backed solely by the financial resources of the issuer. Although MIP II seeks to maintain a stable $1 unit price, it is possible to lose money by investing in MIP II. MIP II's yield will fluctuate.

Who might want to invest:

Someone who wants to try for a slightly higher yield than is offered by money market funds, and who is willing to accept slightly more investment risk.

Someone who is interested in balancing an aggressive portfolio with an investment that seeks to provide stability of price. An investment in MIP II is not insured or guaranteed by FMTC, the plan sponsor, the FDIC, or any other government agency.

Investment Options

For more information, visit www.fidelity.com/atwork or call 1-800-343-0860.

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