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Jose GomezJose Gomez--Mar uezMar uezPowerPoint SamplerPowerPoint Sampler


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-

Opportunityto your clients portfolios

Not FDIC Insured May Lose Value No Bank GuaranteeFor investment professional use only


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Fidelity Advisor

Government Investment Fund

Avg Ann Return (%) at POP

Cl T as of 6/30/04

3.4% U.S. Treasury

-yr- . -yr . -yr .

Current performance may be higher or

35.4%

25.6%Mortgage-Backed Sec.

U.S. AgencyCash Equivalents

.For month-end performance figures, pleasevisit advisor.fidelity.com or contact Fidelity.

The performance data featured representspast performance, which is no guarantee of

35.6%

. , ,will vary, and you may have a gain or a losswhen you sell your shares.

Total returns are historical and includechanges in share price, reinvestment of

Beats about 3/4 of Li er

,of the maximum 3.5% sales charge.

mutual funds within their respective investmentcategories. The number of funds in each categoryperiodically changes. Rankings are based on total returns

peers for the 3-, 5-, and 10-

year periods ended 6/30/04FA Government Investment Fund Class T Lipperranking as of 6/30/04: #105 out of 185, #37 out of

funds sales load but include reinvestment of dividendsand capital gains, if any.

, ,General U.S. Government Funds Objective

category for 1-year, 3-year, 5-year, and 10-yearperiods, respectively.


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Why High Yield Bonds Are Attractive

Merrill Lynch U.S. High Yield Master II IndexAnnual Performance & Yield Spread over 10-Year Treasury

39.17%

981.5

40%

45% 1198MLHighY

28.10%

906.0

820.0

25%

30%

35%

798

ieldMasterIIu

rns

17.44%16.69%

20.46%

11.27%13.27%

586.8674.6

.

526.0

15%

20%598

Yieldminus

mulativeRe

2.95%2.51%

-1.03% -1.89%

4.48%350.1

327.7 331.5

..

433.7403.6

0%

5%

198

39810-Y

Treasu

Cu

-4.36% -5.12%

-10%

-5%

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

-2

ry(bps)

Past performance is no guarantee of future results. Not intended to represent the performance of any Fidelity Advisorfund. It is not possible to invest directly in an index.


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2006 Q3Backlogreaches

The PicisThe Picis 20052005

20052005 2006CareSuite ED

$85.3

.Revenue

.Revenue

version 3.6released

OR/ICU version7.5 released

2003

20051,000th

customer

89 CareSuite

2004Acquired Ibex

Emer encFirst to

introduceTotal

PerioperativeAutomation

sites go live2002

AcquiredMedicalSystems

Mana ement

DepartmentIT solution

20012001$3.9mmRevenue

20012001$3.9mmRevenue 2005

Picis Company Confidential5

98% CAGR


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Annual Market ($bn)

for ED, OR and ICU Solutions

U.S. High Acuity IT MarketU.S. High Acuity IT Market

Macro Trends Drive

Aging Population

Demand for High-Acuity ITSolutions

Higher acuity level of

hospital patients

Shortage of high-acuitycaregivers

increased risk

$5.8 BN addressablemarket


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,,($mm)

Backlog Revenue

03 05CAGR: 69%

03 05CAGR: 69%


Expect to recognize > 70% of current backlog within 12 monthsExpect to recognize > 70% of current backlog within 12 months


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,,($mm)

ac og

03 05CAGR: 69%

03 05CAGR: 69%

evenue




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,,($mm)

03 05

CAGR: 69%

03 05CAGR: 69%




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Patient Acuity

InpatientAmbulatory

High Barriers to Entry

Clinical

CernerEpic

(ED)

SIS(OR)

(ED) Medhost(ED)

PicisPicis ntrys c psysGE/IDX IMDSoft

(ICU)

arriersto

ductFoc

inistrative

Siemens

McKesson

Meditech

HighP

r

Adm


>75% win rate in competitively bid processes since January 2005


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,,Staff SatisfactionStaff Satisfaction

Automated tracking in ED andOR improves patient flow

Optimize staffing

Increase number of casesand visits



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March 2006 March 2007

.

Founder/Market Platform Dynamics

T H E L Y D I A N

R O U N D T A B L E


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The Current State

The payment industry is passing through anThe payment industry is passing through an

NEW BUSINESS

MODELS

OLD BUSINESSMODELS

OPPORTUNITIES

The Global payment ecosystem in 2020will look much different from today

T H E L Y D I A N

R O U N D T A B L E

David S. Evans


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Moves Made By Incumbents MarchWal-Mart drops ILC

September

January 2007

US Senate holdshearings on credit

application

April

TSYS announcesrelationship with

Toyota Finance/NikkoCordial Securities

NovemberDiscover to be

accepted in Chinathrough its alliance

with CUP

card practices

Visa announces asmall ticket payment

strategy for purchases

under $25 June 30Bank of America

FebruaryMCs stock at

erc an p a n samend lawsuit toinclude signature

debit cards

ssues rs crecard with AmEx

more antriple its IPO price

OctoberWU trades on NYSE

December

Discover spin off planannounced

May 25 2006MC goes public

on NYSE

Visa announcesrestructuring plan and

IPO

MC Paypasslaunches in Europe

FDIC imposesmoratorium on ILC

applications

T H E L Y D I A N

R O U N D T A B L ESpeaker Name and Company Affiliation Goes HereT H E L Y D I A N

R O U N D T A B L ESpeaker Name and Company Affiliation Goes Here


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Capitalizing on the Industrys Inflection Point.

Founder


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> >>Page 37


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u nam

e rey . n g ,

Managing DirectorChief Investment OfficerGlobal Asset Allocation TeamPutnam Investments

235990_GAA


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Philosophy

Volatility can diminish returns

ons s enperformer

$215,892

Average of yearlyreturns = 8.0%

+23%

STEADY WINS THE RACE

5%

+28%

+18%$100,000initial

o a e per ormer

$189,726

Average of yearly

+8%

8%2%+0%

+38%

investment returns = 8.0%

20%

Source: Putnam research, 2005.In this hypothetical example, each investment starts with $100,000. The consistent performer grows 8% every year. The volatile performer achievesrandom results each year, the average of which is 8%. Due to losses, any gains in the volatile performer start from a reduced base, preventing thevolatile performer from keeping pace. The example is for illustrative purposes only and does not reflect average annualized returns or the performanceof any Putnam fund, which will fluctuate.

235990_GAA


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Process

Address distinct investment goalsBALANCED PORTFOLIO:

MANAGEABLE VOLATILITYGROWTH PORTFOLIO:EQUITY-LIKE RETURNS

70% Fixed Income 40% Fixed Income 20% Fixed Income

CONSERVATIVE PORTFOLIO:CAPITAL PRESERVATION

30% Equity

60% Equity

80% Equity

U.S. bonds

Growth stocks

Value stocks

Foreign stocks

High-yield bonds

International bonds

Small-cap stocks

As of 6/30/06. Holdings will vary over time. The funds can invest in international investments, which involve risks such as currency fluctuations,economic instabilit and olitical develo ments. The funds can invest their assets in small and/or midsize com anies. Such investments increase therisk of greater price fluctuations. Diversification and rebalancing will not necessarily prevent you from losing money; however, they may reduce volatilityand potentially limit downside losses.The use of derivatives involves special risks and may result in losses.The funds can also have a significant portionof their holdings in bonds. Mutual funds that invest in bonds are subject to certain risks including interest rate risk, credit risk, and inflation risk. Asinterest rates rise, the prices of bonds fall. Long-term bonds have more exposure to interest rate risk than short-term bonds. Lower-rated bonds mayoffer higher yields in return for more risk. Unlike bonds, bond funds have ongoing fees and expenses. Putnam Asset Allocation: Growth Portfolio,Balanced Portfolio, and Conservative Portfolio are series of Putnam Asset Allocation Funds, a registered investment company.

235990_GAA


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Large Cap Value Equityprofessionals

. , ,portfolio manager

22-year Putnam veteran QuantitativeEquity

Global EquityResearchAnalysts

GlobalEconomicResearch

ea manager on e s ra egysince inception

Michael J. Abata, CFA, is the Risk

na ys s

Other EquityLARGE CAP VALUE

EQUITY TEAM -

Member of the teamsince 2000

ManagementTeam

David L. King, CFAMichael J. Abata,CFA

Nancy A. Ward

Global

PortfolioManagers

on security selection and risk

analysis

GlobalTrading Team

DedicatedEquity

Research

AssetAllocationTeam

Large-Cap Value team

9 Large-Cap Value portfolio managers

na ys s

236141_LCV_Q206


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Asset diversification is the key toong- erm success

ASSETS AS OF JUNE 2006 (%)

80%

100%Unclassified

Tax Free FI

. 113B 97B

40%

60%Taxable FI

Int'l/Global

20%Aggressive Growth

Growth & Income

Indust

ry

Ameri

can

Vangu

ard

Fide

lity

Frankli

n

laysGlo

bal

PIMCO

RoweP

rice

penheim

er

dge&C

ox

Putnam

Income Equity

Bar T.

Note: Asset mix is based on long-term open-end mutual fund assets that are tracked by Strategic Insight. Barclays assets are primarily registeredexchange-traded funds.Source: Strategic Insight Simfund, 2006.

237398_Coveney


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Fund

. ,Managing DirectorChief Investment Officer

. . ore qu y eamPutnam Investments

236001_investors


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We take advanta e of marketinefficiencies to make money

Market underestimateslong-term growth rate andfranchise power of the company

Apple Computer

UnitedHealth Group

Whole Foods Market

Harley-Davidson

236001_investors

. . , ,UnitedHealth Group, Whole Foods Market, and Harley-Davidson make up 1.77%, 1.83%, 0.82%, and 1.54% of Putnam Investors Fund, respectively.


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+

=+

236001_investors

. . , , , ,Caterpillar, and Teva Pharmaceuticals make up 0.00%, 3.49%, 0.69%, 1.40%, and 0.48% of Putnam Investors Fund, respectively.


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Default rates are low

LAGGING TWELVE-MONTH INSTITUTIONAL LOAN DEFAULT RATE BY NUMBER OF ISSUERS(%)

8

10

Actual Model forecast

6

2

4

0

ec-98

un-99

ec-99

un-00

ec-00

un-01

ec-01

un-02

ec-02

un-03

ec-03

un-04

ec-04

un-05

ec-05

un-06

c-06

Fn-

07F

Default rate is calculated as the number of defaults over the past twelve months divided by the number of issuers in the index at the beginning of thetwelve-month period.Source: Standard & Poors, 2006.

D J

236335_Floating_Rate


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