Fidelity Charitable

Historical Benchmarks

Benchmarks for Fidelity Charitable may have changed during the life of the pools. Benchmarks change over time to reflect the changes in the pools' underlying investments and to provide the most appropriate comparative performance measurement.

Historical benchmark details follow:

The Pooled Income Fund benchmark

The Pooled Income Fund Blended Benchmark consisted of the Russell 3000® Index (20%), Barclays Capital Aggregate Bond Index (40%), Merrill Lynch High Yield Master II Constrained Index (10%), and the Barclays Capital 1-3 Year Government/Corporate Benchmark (30%) from December 31, 1994 through October 31, 2007. The Pooled Income Fund Blended Benchmark consisted of the Russell 3000® Index (20%), the Barclays Capital Aggregate Bond Index (64%), and the Merrill Lynch High Yield Master II Constrained Index(16%) from November 1, 2007 through December 12, 2011.

Effective December 13, 2011, the Pooled Income Fund Blended Benchmark consists of the Merrill Lynch U.S. High Yield Master II Constrained Index (40%), the Barclays Capital U.S. Government Bond Index (30%), the J.P. Morgan Emerging Markets Bond Index Global (15%), and the Citigroup Non-U.S. Group of 7 Unhedged Equally Weighted Index(15%).

Growth Pool blended benchmark:

Represents a linked return of the S&P 500 from inception through March 31, 1998. The Wilshire 5000 (85%) and the MSCI EAFE (15%) through September 30, 2004.  The Russell 3000® (42.5%), Russell 3000® Growth (42.5%), MSCI All Country World Free Index ex USA (15%) until July 31, 2005.  The Russell 3000 (50%), Russell 3000® Growth (50%) going forward.

All Cap-Equity Pool benchmark:

Represents a return of the Dow Jones U.S. Total Stock Market IndexSM.

Equity-Income Pool blended benchmark:

Represents a linked return of the S&P 500 from inception through March 31, 1998. The Russell 3000® Value from April 1, 1998 through September 30, 2004. The Russell 3000® Value (50%) and Russell 3000® (50%) going forward.

Interest-Income Pool blended benchmark:

Represents a linked return of the Citigroup Treasury/Agency 1-5 Year from inception through March 31, 1998. The Barclays Capital Aggregate Bond Index (80%) and Merrill Lynch High Yield Master (20%) until October 31, 2005.  Effective November 1, 2006, the Merrill Lynch U.S. High Yield Master II Constrained replaced the Merrill Lynch High Yield Master.

Interest-Income II Pool blended benchmark:

Represents a linked return of the Barclays Capital Aggregate Bond Index (80%) and Merrill Lynch High Yield Master (20%) from inception through October 31, 2006. Effective November 1, 2006, the Merrill Lynch U.S. High Yield Master II Constrained replaced the Merrill Lynch High Yield Master.

International Pool benchmark:

Represents a return of the MSCI All Country World Free Index ex USA Index from inception through October 31, 2007. Effective November 1, 2007, the MSCI EAFE Index replaced the MSCI All Country World Free Index ex USA Index.

Money Market Pool blended benchmark:

Represents a return of the Citigroup 1-month T-Bill Index from inception through March 31, 2007.  Effective April 1, 2007, the Barclays Capital 3-month T-Bill replaced the Citigroup 1-month T-Bill Index.

Total Market Index Pool benchmark:

Represents a return of the Dow Jones U.S. Total Stock Market IndexSM.

Legacy Giving Pool blended benchmark:

Represents a linked return of the Russell 3000® (60%), the MSCI All Country World Free Index ex USA (10%), the Barclays Capital Aggregate Bond Index (20%), the Merrill Lynch High Yield Master (5%), and the Citigroup 1-month Treasury Bill (5%) from inception through November 15, 2005. Effective November 16, 2005, the benchmark represents a linked return of the Dow Jones U.S. Total Stock Market IndexSM (60%), the MSCI All Country World Free Index ex USA (10%), the Barclays Capital Aggregate Bond Index (20%), the Merrill Lynch High Yield Master (5%), and the Citigroup 1-month Treasury Bill (5%). Effective November 1, 2006, the Merrill Lynch High Yield Master was replaced by the Merrill Lynch U.S. High Yield Master II Constrained. Effective April 1, 2007, the Barclays Capital 3-month T-Bill Index replaced the Citigroup 1-month T-Bill. Effective November 1, 2007, the MSCI EAFE replaced the MSCI All Country World Free Index ex USA Index. Effective July 31, 2009, the benchmark represents a linked return of the Dow Jones U.S. Total Stock Market IndexSM (49%), the MSCI EAFE (21%), the Barclays Capital Aggregate Bond Index (20%), the Merrill Lynch U.S. High Yield Master II Constrained (5%) and the Barclays Capital 3-month Treasury Bill Index (5%).

Lifetime Giving Pool blended benchmark:

Represents a linked return of the Russell 3000® (45%), the MSCI All Country World Free Index ex USA (5%), the Barclays Capital Aggregate Bond Index (32%), the Merrill Lynch High Yield Master (8%), and the Citigroup 1-month US Treasury Bill (10%) from inception through November 15, 2005. Effective November 16, 2005, the benchmark represents a linked return of Dow Jones U.S. Total Stock Market IndexSM (45%), the MSCI All Country World Free Index ex USA (5%), the Barclays Capital Aggregate Bond Index (32%), the Merrill Yield Master (8%), and the Citigroup 1-month US Treasury Bill (10%). Effective November 1, 2006, the Merrill Lynch U.S. High Yield Master II Constrained replaced the Merrill Lynch High Yield Master. Effective April 1, 2007, the Barclays Capital 3-month T-Bill Index replaced the Citigroup 1-month T-Bill. Effective November 1, 2007, the MSCI EAFE replaced the MSCI All Country World Free Index ex USA Index. Effective July 31, 2009, the benchmark represents a linked return of the Dow Jones U.S. Total Stock Market IndexSM (35%), the MSCI EAFE (15%), the Barclays Capital Aggregate Bond Index (32%), the Merrill Lynch U.S. High Yield Master II Constrained (8%), and the Barclays Capital 3-month Treasury Bill Index (10%).

Preservation Giving Pool blended benchmark:

Represents a linked return of the Russell 3000® (15%), the Russell 3000® Value (5%), the Barclays Capital Aggregate Bond Index (40%), the Merrill Lynch High Yield Master (10%), and the Citigroup 1-month Treasury Bill (30%) from inception through November 15, 2005.  Effective November 16, 2005, the benchmark represents a linked return of the Dow Jones U.S. Total Stock Market IndexSM (15%), the Russell 3000® Value (5%), the Barclays Capital Aggregate Bond Index (40%), the Merrill Lynch High Yield Master (10%), and the Citigroup 1-month Treasury Bill (30%).  Effective November 1, 2006, the Merrill Lynch U.S. High Yield Master II Constrained replaced the Merrill Lynch High Yield Master.  Effective April 1, 2007, the Barclays Capital 3-month T-Bill Index replaced the Citigroup 1-month T-Bill. Effective July 31, 2009, the benchmark represents a linked return of the Dow Jones U.S. Total Stock Market IndexSM (10.5%), Russell 3000® Value (3.5%), the MSCI EAFE (6%), Barclays Capital Aggregate Bond Index (40%), Merrill Lynch U.S. High Yield Master II Constrained (10%), and the Barclays Capital 3-Month Treasury Bill Index (30%).

Benchmark Definitions

The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is a market capitalization-weighted index of equity securities of companies domiciled in various countries. The Index is designed to represent the performance of developed stock markets outside the United States and Canada and excludes certain market segments unavailable to U.S. based investors. Index returns for periods after January 1, 1997 are adjusted for tax withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts.

The Standard and Poor’s 500 Index (S&P 500) 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.

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

The Dow Jones U.S. Total Stock Market IndexSM is a market capitalization-weighted index of substantially all equity securities of the U.S. headquartered companies with readily available price data.

The Merrill Lynch High Yield Master Index consists of fixed-rate, coupon-bearing bonds with an outstanding par that is greater than or equal to $50 million, a maturity range greater than or equal to one year, and a rating less than BBB-/Baa3 but not in default.  This index is available on a monthly basis in price-only and total return versions.  The value was set at 100 on 10/31/1984.

The Merrill Lynch U.S. High Yield Master II Constrained Index is a market value-weighted index of all domestic and yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. The Merrill Lynch U.S High Yield Master II Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure.

The Barclays Capital Aggregate Bond Index is a market value-weighted index of taxable investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. The index is designed to represent the performance of the U.S. investment-grade fixed-rate bond market.

The 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.

The Citigroup 1-month Treasury Bill Index is a market value-weighted index of public obligations of the U.S. Treasury with maturities of one month.

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

The Barclays Capital 3-month Treasury Bill 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.

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

Current benchmarks can be found on the: Giving Account Quarterly Performance Summary.

Fidelity Charitable is an independent public charity with a donor-advised fund program. Various Fidelity companies provide investment management and administrative services to Fidelity Charitable. The Fidelity Charitable logo is a service mark, and Legacy Giving, Lifetime Giving, Preservation Giving and Giving Account are registered service marks of the Trustees of Fidelity Charitable. Fidelity and Fidelity Investments are registered service marks of FMR LLC. used by Fidelity Charitable under license.

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