Fidelity has adjusted the holdings in its Freedom Fund lifecycle line as well as other asset allocation portfolios to include more international stocks, commodities and TIPS. International exposure throughout all of the Freedom Funds will rise from an average of 20% to 30%, with exposure to U.S. stocks falling commensurately.

Fidelity said the changes are designed to improve the risk and return characteristics of the funds for the benefit of the more than five million shareholders who have invested nearly $90 billion in them.

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