Pyramis Global Advisors Select International - Fresno · Beta 1.0 1.0 ... ** Predicted active risk, also known as ex ante tracking error is predicted tracking error of the portfolio

201004-75021

201001-16261

Pyramis Global AdvisorsSelect International

Abhijeet Singh, CFAAssoc. Institutional Portfolio Manager

Art GreenwoodRelationship [email protected]

For Institutional Use Only© 2010 FMR LLC. All rights reserved.548503.1.0

Fresno City Retirement SystemsApril 30, 2010

201004-75022For Institutional Use Only

Table of Contents

I. Global Investment Resources

II. Pyramis Select International

III. Investment Performance

IV. Portfolio Positioning

V. AppendixA. Important InformationB. Biographies

See "Important Information" for a discussion of performance data, some of the principal risks related to any of the investment strategies referred to in this presentation and other information related to this presentation.

Global Investment Resources



Fundamental Research Resources

Equity Research Professionals* International Equity Research Professionals**Since 1989

America

Europe

Pacific Ex-Japan

Japan

– Access to one of the world’s largest buy-side research teams

– Proprietary global research, independent from Wall Street

– Local market coverage– Analysts manage industry funds

* Source: FMR LLC, Pyramis Global Advisors, FIL as of 12/31/09** These figures reflect the combined resources of Pyramis, Fidelity Investments, and FIL.

Europe 96

Japan 36

Pacific Ex-Japan 48

Total International 180

America 215

Total Worldwide 395

020406080

100120140160180200

89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09YTD

542932.1.0

Pyramis Select International



Objective:

Select International—Overview

Investment Discipline:

Pure play on Fidelity’s research

Combines active stock selection with quantitative risk controls

Adds value while minimizing relative volatility and risk

It does not:

Hedge currencies

Take top-down allocation positions

– Consistent core exposure

– Consistent value-added

– Low relative volatility


Select International—Investment Process

500+ Stocks3,500+ Stocks

Consider only attractive stocks:

Highly rated by Fidelity analysts

Held in analyst-run industry funds

Select International Portfolio:

Actively selected and risk controlled

Allstocks

followed by Fidelity’s

equityanalysts

≈ 250—300 Stocks

Apply risk controlto match the

characteristics ofthe benchmark atthe regional level

Country exposuresSector/Industry exposuresStyle factorsLiquidity measures

For illustrative purposes only. Research resources depicted include the combined resources of Pyramis, Fidelity Investments and FIL as of March 31, 2010.


Select International—Investment Parameters

Regional weights Benchmark neutral

Country weights Benchmark weight ± 3%

Sector weights Benchmark weight ± 2.5%

Security weights Benchmark weight ± 2%

Market capitalization Benchmark average ± 10%

Other style factors Benchmark relative bounds

Turnover 60%—80% p.a.

Factors Parameters

Investment Performance



Select International—PerformanceAs of March 31, 2010

Returns are in US Dollars. Performance data is shown gross of any fees and expenses, including advisory fees, which when deducted will reduce returns.Past performance is no guarantee of future results.

Q110 1-Year 2-YearSince

InceptionInception

DateTNA

($Mil)Fresno City Retirement Systems—Select International 0.52 49.07 (7.06) (0.78) 06/30/2006 121.5

MSCI EAFE (Net) 0.87 54.44 (7.02) (1.10)

Active Return (0.35) (5.37) (0.04) 0.32

Cumulative Annualized


Select International—2009 Performance

Key underperformance months: March, April, July

Strong market rally from March led by lower quality stocks

Best markets for Select International typically reward companies with strong fundamentals

2009 rally analogous to 2003 but larger in magnitude

541066.1.0

City of Fresno Retirement Systems (Gross) vs. MSCI EAFE (N)

0.330.59

(1.15)

(1.72)

(0.31)(0.51)

(1.18)

0.25 0.15

(0.12)

0.22

(0.25)

(2.00)

(1.50)

(1.00)

(0.50)

0.00

0.50

1.00

Jan-2009 Feb-2009 Mar-2009 Apr-2009 May-2009 Jun-2009 Jul-2009 Aug-2009 Sep-2009 Oct-2009 Nov-2009 Dec-2009

Excess Return

Returns for pool are shown excluding the impact of fair value. Performance data is shown gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. Past performance is no guarantee of future results.


Characteristics of Early 2009 Rally

Lowest P/B stocks: unprecedented rally off lows vs. higher P/B stocks

Highest Debt to Equity stocks: strongly outperformed in a dramatic reversal of 2008 environment.

Total Debt to Total Equity: MSCI World Median Returns (Highest Quintile Minus Lowest)

-30-20-10

010203040

2003 2004 2005 2006 2007 2008 3/6/09-7/31/09

Perc

ent

Price to Book: MSCI World Median Returns (Lowest Quintile Minus Highest)

-20-10

0102030405060

2003 2004 2005 2006 2007 2008 3/6/09-7/31/09

Perc

ent

541066.1.0

Charts divide the MSCI World Index into quintiles based on the specified metric and depict the difference between the median return within the highest and lowest quintiles. Past performance is no guarantee of future results.


Select International—Attribution by Region One Year Ended March 31, 2010

Past performance is no guarantee of future results. Benchmark is MSCI EAFE (N) Index.

Total PortfolioEurope ex UK Japan

United Kingdom

Pacific ex Japan Cash

Portfolio Return 49.1% 50.0% 36.8% 55.1% 80.6% 0.0%

Index Return 54.4 55.7 38.1 59.2 82.4 0.0

Active Return (5.4) (5.7) (1.3) (4.1) (1.8) 0.0

Value Added fromRegional Policy: (1.2) (0.3) (0.1) (0.2) (0.2) (0.5)

Value Added from Stock Selection: (4.2) (5.4) (1.1) (3.9) (1.7) -

Country Policy (1.1) (2.2) - - (1.2) -

Sector Policy (0.9) (0.9) (0.5) (1.5) (0.6) -

Stock Specific (2.2) (2.3) (0.7) (2.4) 0.2 -

Portfolio Turnover 79%



Total PortfolioEurope ex UK Japan United Kingdom

Pacific ex Japan

Consumer Discretionary (0.6)% (0.2)% (0.2)% (0.1)% 0.0%

Consumer Staples (0.5) (0.3) (0.2) (0.2) 0.1

Energy (0.2) 0.2 0.0 (0.3) (0.1)

Financials (1.5) (0.8) (0.2) (0.3) (0.2)

Health Care (0.1) (0.4) 0.0 0.2 0.1

Industrials (0.3) (0.4) (0.1) 0.0 0.1

Information Technology (0.6) (0.3) (0.1) (0.1) (0.1)

Materials (0.5) (0.3) 0.0 (0.1) (0.2)

Telecommunication Services (0.5) (0.2) 0.0 (0.3) 0.0

Other (0.1) (0.1) - - -

Utilities 0.0 0.0 0.1 0.1 (0.1)

All Sectors (4.9) (2.7) (0.7) (1.1) (0.4)

Cash & Other assets (0.5)

Total Active Return (5.4)%

Select International—Contribution By SectorOne Year Ended March 31, 2010


Select International—Contributors and DetractorsOne Year Ended March 31, 2010

SecurityAverage

Portfolio WeightAverage

Benchmark WeightAverage

Active WeightUS$ Total

ReturnContribution to Active Return

DNB Nor Asa 0.6% 0.1% 0.5% 168.9% 0.4%

BNP Paribas 1.2 0.7 0.5 95.5 0.2

GlaxoSmithKline 0.7 1.1 (0.4) 29.7 0.2

Uni Storebrand 0.3 0.0 0.3 155.8 0.2

Macquarie Airports 0.4 0.0 0.4 146.6 0.2

Security Average





BSCH 0.5% 1.2% (0.7)% 107.2% (0.3)%

Nokia 0.4 0.6 (0.2) 37.2 (0.2)

BG Group 1.3 0.6 0.6 15.7 (0.2)

UBS 0.7 0.5 0.1 73.1 (0.2)

Xstrata 0.0 0.3 (0.3) 183.1 (0.2)

Top Contributors

Top Detractors

Past performance is no guarantee of future results. Not a recommendation or offer to buy or sell securities. Benchmark is MSCI EAFE (N) Index.

Portfolio Positioning



01020304050

Portfolio Benchmark

Select International—Portfolio CharacteristicsAs of March 31, 2010

05

1015202530

Financia

ls Ind

ustria

ls Mate

rials

Consu

mer Stap

les

Consu

mer Disc

retion

ary

Energy

Hea

lth C

are

Inform

ation

Techn

ology

Utilit

ies

Teleco

m Serv

ices

Portfolio Benchmark

0

25

50

75

100

1.5b

n 2b

n 3b

n 4b

n 5b

n 7.

5bn

10bn

15

bn

20bn

25

bn

30bn

40bn

50

bn

75bn

10

0bn

150b

n 20

0bn

Portfolio Benchmark

Regional WeightsRegional positions in line with client objectives

Sector WeightsNo major sector positions

Country WeightsSmall country positions taken

Market Cap DistributionNeutral across all market caps

Per

cent

(%)

Per

cent

(%)

Per

cent

(%)

Per

cent

(%)

05

10152025

Japa

n

Unite

d Ki

ngdo

m

Fran

ce

G

erm

any

Au

stra

lia

Switz

erla

nd

Sp

ain

Ita

ly

Hong

Kon

g

Neth

erla

nds

Be

lgiu

m

Denm

ark

Si

ngap

ore

Sw

eden

Gre

ece

No

rway

Portu

gal

Finl

and

Ire

land

Au

stria

New

Zeala

nd

Cash

& O

ther

Portfolio Benchmark

Benchmark is MSCI EAFE (N) Index.

Europeex UK

Japan United Kingdom

Pacificex Japan

Cash & Other


Select International—Portfolio CharacteristicsAs of March 31, 2010

Beta 1.0 1.0

Dividend Yield 2.8% 3.1%

Avg. Market Cap (US $ billion) 46.3 50.5

P/E Ratio (trailing) 24.8X 23.4X

P/E Ratio (forward)* 15.7X 15.3X

P/BV Ratio 1.6X 1.6X

P/CE Ratio 9.4X 9.4X

Return on Equity 6.5% 6.8%

Number of Issues 272 952

Weight in Benchmark Names 94% 100%

Predicted Active Risk** 1.4% -

Characteristics Portfolio MSCI EAFE (N) Index

* IBES forecast** Predicted active risk, also known as ex ante tracking error is predicted tracking error of the portfolio using MSCI Barra modeling.Although Pyramis believes it has a reasonable basis for any of these expectations, there can be no assurance that actual results will be comparable. Actual results will depend on market conditions and any developments that may effect these investments .


0

20

40

60

80

Rating 1 Rating 2 Rating 3 Rating 4 Rating 5

Perc

ent (

%)

Portfolio Benchmark

Select International—Portfolio Weights by Fidelity Investment RatingAs of March 31, 2010

Benchmark is MSCI EAFE (N) Index. The chart above shows the allocation of the portfolio and benchmark according the stock rating assigned by Fidelity analysts.

Analyst ranking: 1 = strong buy 2 = buy 3 = hold 4 = sell 5 = avoid


Select International—Top Active Holdings by RegionAs of March 31, 2010

Europe ex UK Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) SectorLinde 0.8% 0.2% 0.6% Materials Saipem 0.7 0.1 0.6 Energy Novo-Nordisk 0.9 0.3 0.5 Health Care Philips NV 0.8 0.3 0.5 Industrials Intesa Sanpaolo SpA 0.8 0.3 0.5 Financials

Japan East Japan Railway 0.7% 0.2% 0.4% Industrials Tokyo Gas 0.5 0.1 0.4 Utilities Honda Motor 0.9 0.6 0.4 Consumer Discretionary Tokyo El Power 0.7 0.3 0.3 Utilities Orix Corp 0.4 0.1 0.3 Financials

United Kingdom Reckitt Benckiser 1.0% 0.3% 0.6% Consumer Staples BG Group Plc 1.2 0.6 0.6 Energy Royal Dutch Shell 1.6 1.0 0.6 Energy HSBC 2.2 1.7 0.5 Financials Tesco 1.0 0.5 0.5 Consumer Staples

Pacific ex Japan Wesfarmers 0.8% 0.3% 0.6% Consumer Staples Map Group Stapled 0.6 0.0 0.5 Industrials Rio Tinto 0.8 0.3 0.5 Materials Australia New Zealand Bank 1.0 0.6 0.5 Financials China Overseas Land 0.3 0.0 0.3 Financials Total 17.5% 7.8% 9.7%

Benchmark is MSCI EAFE (N) Index. Not a recommendation or offer to buy or sell securities.

Appendix



48.82

-7.04

4.41 12.312.44 6.87

54.44

-7.02

3.75 11.771.29 4.87

1-Year 3-Year 5-Year 7-Year 10-Year 15-Year

Portfolio Benchmark

Select International—Composite PerformanceAs of March 31, 2010

Annualized Performance (Gross)

1995 12.85 11.21 1.64 1996 8.93 6.05 2.88 1997 6.27 1.78 4.49 1998 19.03 20.00 (0.97)1999 36.82 26.96 9.86 2000 (12.47) (14.17) 1.70 2001 (19.54) (21.55) 2.01 2002 (13.21) (15.64) 2.43 2003 40.19 38.59 1.60 2004 21.47 20.25 1.22 2005 14.88 13.54 1.34 2006 27.69 26.34 1.35 2007 16.52 11.17 5.35 2008 (42.66) (43.38) 0.722009 25.49 31.78 (6.29)Q110* 0.48 0.87 (0.39)

Year Composite* Benchmark Active Return

*Returns of less than one year are not annualized. Performance shown is gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. See the GIPS Composite Performance Data for annual performance figures that are net of the maximum investment advisory fee charged any client employing this strategy. Past performance is no guarantee of future results. Benchmark is MSCI EAFE (N) Index.


Select International—Attribution by RegionQuarter Ended March 31, 2010


Total PortfolioEurope ex UK Japan

United Kingdom

Pacific ex Japan Cash

Portfolio Return 0.5% (2.4)% 8.5% (1.2)% 2.3% 0.0%

Index Return 0.9 (2.2) 8.2 (0.7) 3.1 0.0

Active Return (0.4) (0.2) 0.3 (0.6) (0.9) 0.0

Value Added fromRegional Policy: (0.1) - 0.0 0.0 0.0 0.0

Value Added from Stock Selection: (0.3) (0.2) 0.3 (0.5) (0.8) -

Country Policy (0.2) (0.5) - - 0.1 -

Sector Policy 0.2 0.3 0.1 0.1 (0.2) -

Stock Specific (0.2) 0.0 0.2 (0.6) (0.8) -

Portfolio Turnover 15%



Select International—Contribution By SectorQuarter Ended March 31, 2010

Total PortfolioEurope ex UK Japan United Kingdom

Pacific ex Japan

Consumer Discretionary 0.1% 0.1% 0.0% 0.0% (0.1)%

Consumer Staples (0.1) 0.0 (0.1) (0.1) 0.0

Energy 0.0 0.1 0.0 0.0 0.0

Financials (0.2) (0.1) 0.1 (0.1) (0.1)

Health Care 0.2 0.1 0.0 0.0 0.0

Industrials 0.0 (0.2) 0.1 0.0 0.0

Information Technology (0.1) 0.0 (0.2) 0.0 0.0

Materials 0.0 0.0 0.0 0.0 0.0

Telecommunication Services (0.1) (0.1) 0.0 0.0 -

Utilities 0.0 0.0 0.0 0.0 0.0

All Sectors (0.3) (0.1) 0.0 (0.2) (0.1)

Cash & Other assets 0.0

Total Active Return (0.4)%


Select International—Contributors and DetractorsQuarter Ended March 31, 2010

SecurityAverage





BSCH 0.7% 1.2% (0.5)% (18.6)% 0.1%

Novo-Nordisk 0.7 0.3 0.4 23.6 0.1

Orix Corp 0.4 0.1 0.3 32.8 0.1

Barclays Bank 0.8 0.5 0.3 23.2 0.1

Infineon Technologies 0.3 0.1 0.3 24.9 0.1

Security Average





Nintendo 0.0% 0.3% (0.3)% 44.6% (0.1)%

Intesa Sanpaolo SpA 0.8 0.3 0.5 (17.4) (0.1)

Nokia 0.0 0.5 (0.5) 21.9 (0.1)

Westpac Banking 0.0 0.7 (0.7) 12.3 (0.1)

Renewable Energy Corp 0.2 0.0 0.1 (39.5) (0.1)

Top Contributors

Top Detractors

Past performance is no guarantee of future results. Not a recommendation or offer to buy or sell securities. Benchmark is MSCI EAFE (N) Index.


Important InformationRead this important information carefully before making any investment. Speak with your relationship manager if you have any questions.

Risks

Past performance is no guarantee of future results. An investment may be risky and may not be suitable for an investor's goals, objectives and risk tolerance. Investors should be aware that an investment's value may be volatile and any investment involves the risk that you may lose money.

Performance results for individual accounts will differ from performance results for composites and representative accounts due to factors including but not limited to portfolio size, especially if currently only funded with affiliated fee paying seed capital, timing of investments, market conditions, account objectives and restrictions, and factors specific to a particular investment structure.

The value of a strategy's investments will vary day to day in response to many factors, including in response to adverse issuer, political, regulatory, market or economic developments. The value of an individual security or a particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

Derivatives may be volatile and involve significant risk, such as, credit risk, currency risk, leverage risk, counterparty risk and liquidity risk. Using derivatives can disproportionately increase losses and reduce opportunities for gains in certain circumstances. Investments in derivatives may have limited liquidity and may be harder to value, especially in declining markets.

The performance of international strategies depends upon currency values, political and regulatory environments, and overall economic factors in the countries in which they invest. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The risks are particularly significant for strategies that focus on a single country or region.

These materials contain statements that are “forward-looking statements,” which are based on certain assumptions of future events. Forward-looking statements are based on information available on the date hereof, and Pyramis does not assume any duty to update any forward looking statement. Actual events may differ from those assumed. There can be no assurance that forward-looking statements, including any projected returns, will materialize or that actual market conditions and/or performance results will not be materially different or worse than those presented.


Important InformationPerformance Data

Unless otherwise indicated performance data shown is client data. Performance data is generally presented gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. All results reflect realized and unrealized appreciation and the reinvestment of dividends and investment income, if applicable. Taxes have not been deducted. In conducting its investment advisory activities, Pyramis utilizes certain assets, resources and investment personnel of FMR Co., which does not claim compliance with the Global Investment Performance Standards (GIPS®).

If representative account information is shown, it is based on an account in the subject strategy’s composite that generally reflects that strategy’s management and is not based on performance.

Index or benchmark performance shown does not reflect the deduction of advisory fees, transaction charges and other expenses, which if charged would reduce performance. Investing directly in an index is not possible.

* * * *

The business unit of Pyramis Global Advisors (Pyramis) consists of: Pyramis Global Advisors Holdings Corp. , a Delaware corporation; Pyramis Global Advisors Trust Company, a non depository limited purpose trust company (PGATC); Pyramis Global Advisors, LLC, a U.S. registered investment adviser (PGA LLC); Pyramis Canada ULC, an Ontario registered investment adviser; Pyramis Global Advisors (UK) Limited, a U.K. registered investment manager (Pyramis-UK); Pyramis Global Advisors (Hong Kong) Limited, a Hong Kong registered investment adviser (Pyramis-HK); Pyramis Distributors Corporation LLC, a U.S. registered broker-dealer; and Fidelity Investments Canada ULC, an Alberta corporation (FIC). Investment services are provided by PGATC, PGA LLC, Pyramis Canada ULC, Pyramis-UK and/or Pyramis-HK.

"Fidelity Investments" refers collectively to FMR LLC, a U.S. company, and its subsidiaries, including but not limited to Fidelity Management & Research Company (FMR Co.), Fidelity Management & Research Company, Inc. (FMR Co. Inc.) and Pyramis. “FIL” refers collectively to FIL Limited, a non-U.S. company, and its subsidiaries. “Fidelity” refers collectively to Pyramis, Fidelity Investments and/or FIL.

Certain data and other information in this presentation have been supplied by outside sources and are believed to be reliable as of the date of this document. Data and information from third-party databases, such as those sponsored by eVestment Alliance and Callan, are self-reported by investment management firms that generally pay a subscription fee to use such databases, and the database sponsors do not guarantee or audit the accuracy, timeliness or completeness of the data and information provided including any rankings. Rankings or similar data reflect information at the time rankings were retrieved from a third-party database, and such rankings may vary significantly as additional data from managers are reported. Pyramis has not verified and cannot verify the accuracy of information from outside sources, and potential investors should be aware that such information is subject to change without notice. Information is current as of the date noted.

Pyramis has prepared this presentation for, and only intends to provide it to, institutional, sophisticated and/or qualified investors in one-on-one or comparable presentations. Do not distribute or reproduce this report.

All trademarks and service marks included herein belong to FMR LLC or an affiliate, except third-party trademarks and service marks, which belong to their respective owners. Pyramis does not provide legal or tax advice and we encourage you to consult your own lawyer, accountant or other advisor before making an investment.

Offered by Pyramis Distributors Corporation LLC.

Not FDIC Insured • No Bank Guarantee • May Lose Value

16 4%N/AN/AN/A6,433-0.390.870.280.482010 YTD4%1.3223.5728.216,33616-6.2931.7824.5025.492009 Annual

-14.17-21.55-15.6438.5920.2513.5426.3411.17

-43.38

Benchmark Return (%)

3%0.67-44.07-42.354,335120.72-43.14-42.662008 Annual

1%N/A-12.46-12.461,389less than 51.70-13.17-12.472000 Annual

1%N/A-13.22-12.861,249less than 52.43-13.91-13.212002 Annual1%N/A39.6540.532,049less than 51.6039.1040.192003 Annual2%0.1820.9421.553,03451.2220.5221.472004 Annual2%0.3514.1015.044,14371.3413.9814.882005 Annual

1%N/A-19.57-19.571,400less than 52.01-20.19-19.542001 Annual

1111

Number of Portfolios

7,3206,444

Total Composite Assets End of

Period ($ million)

28.3217.12

High Annual Return (%)

27.7716.23

Low Annual Return (%)

0.130.32

Asset Weighted Standard Deviation (%)

27.6916.52

Composite Return (Gross%)

26.6915.60

Composite Return (Net%)

3%1.352006 Annual3%5.352007 Annual

Percent of Firm’s Assets

Value Added (%)*Period

GIPS Composite Performance DataSelect International (NCF) Composite (USD) Versus MSCI EAFE Linked Index (Net Luxembourg tax)As of March 31, 2010

Notes:1. Basis of PresentationThe Firm has prepared and presented this report in accordance with the Global Investment Performance Standards (GIPS®). Compliance with these standards has been independently verified for the period from January 1, 1990 to December 31, 2008. A complete list and description of all the Firm’s composites is available upon request. Additional information regarding policies for calculating and reporting returns is available upon request.2. Definition of the “Firm”The “Firm” is defined as “Pyramis Global Advisors,” which consists of Pyramis Global Advisors Trust Company (“PGATC”), Pyramis Global Advisors, LLC (“PGALLC”), Pyramis Global Advisors (Hong Kong) Limited (“PGAHK”), Pyramis Global Advisors (U.K.) Limited (“PGAUK”), Pyramis Canada ULC (“PC”), and the Fidelity Real Estate High Income Fund, an institutional mutual fund managed by our affiliate Fidelity Management & Research Company (“FMR Co.”).3. Changes to Definition of the “Firm”Effective January 1, 2006, the definition of the Firm was revised to include PGATC and PGALLC, both newly formed institutional investment management divisions of FMR LLC (commonly known as Fidelity Investments). Effective January 1, 2009, the definition of the Firm was revised to: (1) exclude PGATC’s management of funds that invest in real estate; (2) exclude Fidelity Management Trust Company, the institutional business of FIL Limited, Fidelity Investments Canada ULC, and Fidelity Management & Research Company because none are held out to the public as a part of Pyramis Global Advisors; and (3) include the newly created entities of PGAHK, PC, and PGAUK.4. ReturnsGross composite returns do not include investment advisory fees or any administrative or custodial fees, but do include trading expenses. Net composite returns are calculated by deducting the maximum investment advisory fee charged to any client employing this strategy during the time period shown from the gross returns. Actual investment advisory fees paid by a client may vary depending upon a variety of factors, including portfolio size and the use of a performance fee arrangement (if applicable), and returns could be higher or lower than those shown. Actual returns will be reduced by the investment advisory fee, a performance fee arrangement (if applicable), and any other fees and expenses including any administrative, custodial, or other expenses incurred in the management of a client’s portfolio. A client’s fees are generally calculated based on the average month-end assets at market value during the quarter as calculated by the Firm, and are billed quarterly in arrears. More information regarding fees is available upon request.These investment performance statistics were calculated without a provision for United States income taxes.5. Investment ObjectiveThe investment objective of this sub-composite is to provide consistent excess return over the EAFE Linked Index (Net Luxembourg) through active stock selection while closely matching geographic region weights of the index. The sub-composite is composed of all fee-paying discretionary accounts that are managed by the Firm in this style.This sub-composite, along with one or more other sub-composites, combine to create an aggregate composite.6. Benchmark DefinitionMorgan Stanley Capital International EAFE Linked Index (Net Luxembourg)From August 1, 1989, until June 30, 2001, the benchmark was the Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index net of withholding taxes. From July 1, 2001, until May 31, 2002, the benchmark was represented by the MSCI EAFE Provisional Index net of withholding taxes. As of June 1, 2002, the Provisional Index became the Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index net of withholding taxes.

7. Composite Creation DateThis composite was created in 2007.

8. Pool Portfolio/Fair Valuation of SecuritiesThe composite contains a pool portfolio that is presented net of custody and audit fees. Investment security transactions for the pool portfolio are accounted for on trade date-plus-one. Pools are subject to Pyramis’ market timing policy, which for days with material market movement between the local market close and 4:00 pm Eastern Standard time, requires the pool’s net asset value to be determined using securities valuations at 4:00 pm EST. Separate accounts are not subject to this policy and use securities valuations provided at the close of that international security’s particular market. As a result, the performance of the pool may be different (higher or lower) from the performance of other accounts in this composite and may have a material impact on the performance of the overall composite.

9. Withholding TaxesComposite returns are net of foreign withholding taxes and after foreign tax reclaims where such recoveries are reasonably assured. The withholding tax rates applied to the underlying composite portfolios are from the perspective of a US-based investor. The international benchmark returns assume dividends are reinvested daily, and are presented net of withholding taxes assuming the most conservative tax perspective, that of a Luxembourg holding company. Luxembourg has few tax treaties, and Luxembourg-based investors pay the maximum dividend taxes.

10. Fee ScheduleThe maximum scheduled investment advisory fee for this strategy is 80 basis points, which may be subject to certain decreases as assets under management increase. The investment advisory fee applicable to a portfolio depends on a variety of factors, including but not limited to portfolio size, the level of committed assets, service levels, and other factors.

11. Derivative ExposureTypically, portfolios may make limited use of derivative instruments to manage and invest cash inflows of underlying accounts within the composite. They are not used for hedging purposes. Derivative instruments are only used when and as client guidelines permit.

12. Known Inconsistencies in Exchange RatesThe composite base currency is US Dollars (USD). One or more of the current or historic constituent portfolios have a base currency that differs from the composite and uses a valuation point that differs from other constituent portfolios.13. OtherFor the periods prior to January 1, 1996, the Firm does not have records that support the basis of the performance of certain portfolios and composites that are part of the Firm’s claim of GIPS compliance as a result, in part, of computer file deletions, record retention system changes, and the Firm’s record retention or related practices. The Firm has performed an exhaustive review to locate such records. The Firm is relying on the “Act of God” record exclusion to enable the Firm to claim GIPS compliance for these periods.

Past performance is no guarantee of future results.

521330.4.0

* Value Added calculated using the gross composite return.



Biographies

César E. Hernández, CFAPortfolio ManagerCésar Hernández is a portfolio manager at Pyramis Global Advisors, a unit of Fidelity Investments. He developed the Select International discipline at Fidelity and has been responsible for managing Select International and Select Global portfolios on behalf of institutional investors around the worldsince the discipline’s inception in 1989.

Prior to joining Fidelity, César was portfolio manager for international investments at State Street Bank & Trust Company. He began working in the investment industry in 1986.

César earned a Bachelor of Science degree from the Universidad Simón Bolívar and a Master’s degree in Business Administration from Babson College. He is a Chartered Financial Analyst charterholder and a member of the Boston Security Analysts Society.

Ravi Mantha, CFAPortfolio Manager

Ravi Mantha is a portfolio manager at Pyramis Global Advisors, a unit of Fidelity Investments. In this role, he is a member of the Select International portfolio management team. Ravi is the back-up portfolio manager for the Pyramis Select Global portfolios, and is the lead portfolio manager on the firm’s Select Emerging Markets Equity portfolios.

Prior to joining Fidelity, he was a portfolio manager and member of the investment strategy committee at PyrfordInternational Plc, a London-based international value equity investment manager, where he focused on Asia and Pacific developed markets. Before joining Pyrford in 1999, Ravi spent five years as a research analyst at Frank Russell Company in the global equity management research group, initially located in the U.S. and then in London.

Ravi earned a Bachelor of Arts degree in International Business from the University of Puget Sound. He is a Chartered Financial Analyst charterholder.


Biographies

Lance McInerney, CFAInstitutional Portfolio ManagerLance McInerney is an institutional portfolio manager at Pyramis Global Advisors, a unit of Fidelity Investments. In thisrole, he is a member of the Select International portfolio management team.

Lance joined Pyramis in 2005. Prior to joining Pyramis, he was a senior product specialist for the global & US equity teams at Fortis Investments. Lance also served at Credit Suisse Asset Management as a product specialist/strategist. In addition, he was a senior consultant, investor relations at Thomson Financial. He began his career as an investor relations consultant at The Carson Group.

Lance earned a Bachelor of Science degree from the University of Maryland and a Master’s degree in Business Administration from Vanderbilt University. He is a Chartered Financial Analyst charterholder and a member of the Boston Security Analysts Society.

Myra Wonisch Tucker, CFAPortfolio Manager Myra Wonisch Tucker is a portfolio manager at Pyramis Global Advisors, a unit of Fidelity Investments. In this role Myra manages portfolios of equity investments from institutional investors.

Prior to assuming her current role, Myra was an assistant portfolio manager and portfolio manager from 1994 through 2007 managing US Select portfolios, a risk-controlled discipline based upon fundamental research. Prior to joining Fidelity in 1994, she was an analyst at Independence Investments.

Myra earned a Bachelor of Science in Engineering from Virginia Tech University and a Master’s degree in Business Administration from The Amos Tuck School at Dartmouth College. She is a Chartered Financial Analyst charterholderand a member of the Boston Security Analysts Society.


Biographies

Abhijeet Singh, CFAAssociate Institutional Portfolio ManagerAbhijeet Singh is an associate institutional portfolio manager at Pyramis Global Advisors, a unit of Fidelity Investments. In this role, he is a member of the Select International portfolio management team.

Abhijeet joined Pyramis in 2006 covering Select International and other international/global equity strategies as an investment director. Prior to joining Pyramis, he was with Fidelity’s New Business Development group working as a corporate strategy advisor to the firm’s senior management. Prior to joining Fidelity, he was a strategy consultant with Braxton Associates, a division of Deloitte.

Abhijeet earned a Bachelor of Technology degree from the Indian Institute of Technology and a Master’s degree in Business Administration from Carnegie Mellon University. He is a Chartered Financial Analyst (CFA) charterholder and a member of the Boston Security Analysts Society.

Arthur J. GreenwoodSenior Vice President, Relationship ManagerArt Greenwood is a Senior Vice President and Relationship Manager at Pyramis Global Advisors, a unit of Fidelity Investments. In this role, Art is responsible for overallmanagement of institutional client relationships including many large public and corporate pension funds.

Prior to assuming his current role, he was a Vice President at Fidelity Investments Institutional Services Company, focused on developing institutional relationships with state and local government investors. Art joined Fidelity in 1986. He has over 20 years experience in the financial services industry.

Art earned a Bachelor of Science degree in Finance and Accounting from Lehigh University. He holds the Financial Industry Regulatory Authority (formerly NASD) Series 6, 7, 24, and 63 licenses and is a member of the Association of Investment Management Sales Executives (AIMSE).

Documents

Pyramis Global Advisors Select International - Fresno · Beta 1.0 1.0 ... ** Predicted active risk, also known as ex ante tracking error is predicted tracking error of the portfolio