Investment Highlights - Halliburton

InvestmentHighlights 

2012 

For Halliburton Retirement and Savings Plan

Contents 

Building Smart Investments 1 

General Information 3 

Investment Option Overview 8 

Understanding Your Investment Options 12 

Retirement Portfolios 14 

Single Focus Strategies 38 

Terms To Know 58 

Master Trust Information 59


Building Smart Investments 

The Halliburton Retirement and Savings Plan (the “Plan”) is a 

key component of your retirement savings. Asset allocation is 

one of the key factors that can help you reach your goal: having 

enough for retirement, the longest vacation you will ever take. 

Invest too conservatively, and you may not have enough money 

to retire. Invest too aggressively, and you face the risk of losing 

the money you saved. Halliburton is committed to providing you 

the building blocks you need for asset allocation, starting with 

a great selection of investment options. You have the choice of 

a portfolio built FOR you or built BY you. 

Built FOR You: The Retirement Portfolios provide a streamlined 

way to invest: you choose a single diversified Retirement 

Portfolio which is closest to your expected retirement age of 

65. The Retirement Portfolio automatically adjusts over time to 

provide an investment mix that is appropriate for your age based 

on your birth year and expected retirement date at age 65. 

Built BY You: If you prefer to create your own custom 

retirement portfolio, you can choose among 10 Single Focus 

Strategies. 

Built FOR You: The Retirement Portfolios 

The Retirement Portfolios are designed to provide an 

investment portfolio for individuals who will retire in or around 

a certain target year. These investment options adjust their 

investment mix automatically to become more conservative 

over time, as the “target retirement date” approaches. This can 

be appealing to investors who would like to streamline their 

investment decisions. You select the Retirement Portfolio with 

the date closest to the year you plan to retire. For example, if 

you turn age 65 in 2029 and plan to retire that year, you might 

choose the 2030 Retirement Portfolio. 

Each Retirement Portfolio will include a diversified investment 

mix of growth assets (i.e., stocks), income assets (i.e., bonds 

and short-term investments) and inflation sensitive assets. The 

investment mix is automatically adjusted by the professional 

investment manager (or “glide path” manager) over time to 

become more conservative as the target retirement year 

approaches. 

When the targeted retirement date is far in the future, the 

portfolio emphasizes growth assets that will likely generate 

higher return and risk to maximize potential returns and asset 

accumulation during these saving years. As the targeted 

retirement date approaches, a Retirement Portfolio shifts its 

investment strategy over time to focus more on income assets 

so as to reduce risk and provide capital preservation. 

The Halliburton Retirement Portfolios are designed to provide 

you with retirement savings not only at your retirement age, 

1

age 65, but through retirement. Since most people will live for 

at least 20 years after they retire, it is important to keep your 

retirement assets working even after retirement. This means 

keeping a reasonable proportion of your retirement portfolio in 

growth assets past the retirement age. Halliburton’s Retirement 

Portfolios are designed to reach their lowest risk level 

approximately 10 years after retirement. 

Built BY You: Single Focus Strategies 

If you choose a portfolio built by you, you can design a custom 

portfolio with the 10 Single Focus Strategies, based on your 

retirement goals, time horizon and risk tolerance. Halliburton 

offers Single Focus Strategies in four major asset categories: 

stable value, bonds, real assets and stocks. 

Stable Value 

Stable value investments are designed to preserve participant 

account balances and provide steady income over time, with 

minimal fluctuations, by investing in high quality, diversified 

bond portfolios. Stable value is protected against interest 

rate volatility by contracts issued by banks and insurance 

companies. Like any investment, stable value is subject to risk. 

While stable value is considered conservative, it is possible for 

these investments to lose money when certain events occur 

that are not covered by the contract guarantees. The Plan 

offers the Stable Value Strategy in this asset class. 

Bonds 

Bonds, also referred to as fixed-income securities, are less 

volatile than stocks because these investments typically do not 

depend on uncertain future earnings. Instead, bonds generally 

pay a preset interest payment until maturity, at which time 

the investor’s principal is returned. Bonds carry risk and can 

increase or decrease in value in response to adverse issues, 

political, regulatory, market or economic developments. The 

Plan offers two bond investment options: the Bond Index 

Strategy and the Intermediate Bond Strategy. 

Real Assets 

Real assets provide exposure to asset categories such as 

inflation linked bonds, commodities, precious metals and real 

estate. The Inflation Sensitive Strategy, a real asset strategy, is 

designed to increase diversification, protect purchasing power 

against the effects of inflation and enhance long-term returns. 

The Plan offers the Inflation Sensitive Strategy in this asset 

class. 

Stocks 

In the short term, stocks are typically the most risky asset 

class, with potential for large swings, up or down. However, 

over a long time horizon, they also tend to produce higher 

returns in exchange for this greater volatility. The Plan’s 

investment options include U.S.-focused large cap, mid cap 

and small cap stock strategies, and non-U.S. stock strategies. 

Each of these strategies within this asset class has a slightly 

different risk and return profile — large cap stocks tend to be 

less volatile, or risky, in the short-term than mid-cap or smallcap 

stocks, for example, while mid-cap or small-cap stocks 

may produce higher returns over a long time frame. Likewise, 

non-U.S. stocks may be riskier than U.S. stocks — especially in 

emerging markets or volatile parts of the world. They also have 

a role in a portfolio, as non-U.S. stocks help with diversification 

since these stocks could be moving up when the U.S. stock 

market is moving down or vice versa. 

The Plan offers the following stock investment Strategies: S&P 

500 Index, Large Cap Equity, Non U.S. Equity Index, Non U.S. 

Equity, Mid Cap Equity Index and Small Cap Equity Index. 

Qualified Default Investment Alternative 

Under the Plan’s current automatic enrollment feature, you 

will be automatically enrolled and have tax-deferred savings 

contributions, which are based on a percentage of your eligible 

pay, deducted from your eligible pay each pay period unless 

you elect to opt out within 30 days. The Retirement Portfolios 

are the qualified default investment alternative (QDIA) under 

the Plan within the meaning of the applicable U.S. Department 

of Labor regulations. 

You have the right to direct the investments of the assets in 

your account. If you do not make an investment selection, then 

your employee and employer contributions will be automatically 

invested in the Retirement Portfolio that most closely aligns 

with your birth date and expected retirement date at age 65. 

For example, if you are auto-enrolled, or you enroll but do not 

make investment selections with Fidelity, then your existing 

account balance and future contributions will be invested in 

the Retirement Portfolio that is appropriate based on your birth 

date and expected retirement date at age 65. 

If your investments are defaulted into the QDIA, you may make 

changes to your investment elections at any time, subject to 

the Plan’s Excessive Trading Policy. There are no restrictions, 

expenses or fees related to transfers out of the QDIA into 

another investment alternative available under the Plan. The 

investment objectives, strategies and risks for the Retirement 

Portfolios are described herein and are provided on pages 

14-37. 

2


General Information 

About How the Master Trust Works 

Features of Investment Highlights 

Every year Halliburton receives many questions about how the 

Master Trust works and Investment Highlights answers these 

frequently asked questions. There is also a summary of the 

investment options, including performance data, expense ratio 

and the risk reward profile on pages 8-11. In-depth information 

about each investment option starts on page 14. See the 

Terms to Know section on page 58 for definitions used in this 

brochure. Finally, contact information is located on page 59. 

Master Trust 

Why is there a Trust? 

According to the Employee Retirement Income Security Act 

(ERISA), U.S. tax-qualified plans, such as the Halliburton 

Retirement and Savings Plans (the “Plan”), must be held in 

trust and managed by a trustee. 

What is the Master Trust? 

The Master Trust is a legal entity that invests the assets of all 

the Company’s retirement plans. Managing the Plan’s assets 

on a consolidated basis provides greater investment flexibility 

and lower operating costs. 

Who holds the Master Trust assets? 

State Street Bank and Trust Company, based in Boston, 

Massachusetts, serves as both the trustee and custodian for 

all the investment options. State Street is well known as one of 

the world’s largest custodians, with approximately $22.4 trillion 

in assets under custody and $2.0 trillion under management. 

What does State Street do? 

State Street’s duty is to act as a fiduciary to the Plan 

participants. This means that it must act with the care, skill, 

prudence and diligence under the prevailing circumstances 

that a prudent person acting in a like capacity and familiar 

with such matters would use in the conduct of an enterprise 

of a like character and with like aims. As custodian, in 

addition to providing accounting and safekeeping, State Street 

delivers cash management, compliance, foreign exchange and 

performance measurement services. 

Who can use Trust assets? 

By law, Trust assets must be used for the benefit of Plan 

participants and are not subject to the claims of any 

Halliburton creditors. These assets cannot be used by the 

trustee or Halliburton for their own benefit. 

Are the investment options insured or guaranteed? 

They are not. No government agency either directly or 

indirectly insures or guarantees against losses or the 

performance of the investment options. 

Who administers the Plan? 

Fidelity administers the Plan. As Plan Administrator, Fidelity 

provides a secure platform for participants to engage in 

transactions. They are responsible for collecting, processing 

and posting contributions, transfers and withdrawals into 

participants’ accounts. Fidelity works with State Street, the 

custodian of the assets, to value the investment options in 

your portfolio. 

3



Investment Committee 

Who is responsible for the investment management of 

the Trust’s assets? 

Halliburton’s President and Chief Executive Officer has 

appointed an Investment Committee to oversee the investment 

management of the Trust’s assets. The Investment Committee 

establishes the investment policy and objective for each 

investment option, selects external professional investment 

managers and monitors the management of 

each option. 

Who are the members of the Investment Committee? 

Investment Committee members are listed by name and title 

on page 59 of this booklet. These members have many years 

of financial experience.The Chairperson of the Investment 

Committee and her staff are devoted full time to overseeing the 

day-to-day affairs of the investment options. 

Investment Options 

Does the Investment Committee buy and sell the Trust’s 

stocks and bonds? 

No, the individual securities are managed by external 

professional investment managers selected by the Investment 

Committee. The Committee furnishes each manager with broad 

guidelines, specific objectives and certain restrictions. All of 

the managers are generally well known and respected in the 

business of managing institutional funds. Many have their own 

mutual fund families or manage assets for other mutual funds. 

Due to the significant size of Trust assets, the Investment 

Committee is able to employ these managers at a cost below 

the fees of most other alternatives. The investment managers of 

each investment option are listed on each option’s Fact Sheet 

in this booklet. 

Who pays the expenses to maintain the Trust? 

Most operating expenses are paid from the Trust assets. The 

principal expenses include, but are not limited to, external 

professional investment management, Plan administration and 

trustee/custodial fees. These expenses proportionally lower the 

return of each investment option. The reduction in the return 

is expressed as an expense ratio and dollar amount per $1,000 

of investment that varies for each investment option based on 

the structure and complexity of the option. The 2012 annual 

operating expense ratio of each investment option is listed on 

each option’s Fact Sheet in this booklet. A summary of expense 

ratios of all investment options can be found on pages 8-11. 

In keeping with industry standard, transaction costs incurred 

for buying and selling securities are not reflected in these 

ratios. However, these transaction costs are reflected in the 

investment performance of the options. Actual future expenses 

may be higher or lower than those shown. 

A Note About Operating Expense Ratios 

An expense ratio is the amount of an investment option’s 

operating expenses compared with the investment option’s 

total asset base, expressed as a percentage. Because 

expenses are paid from fund assets, a lower expense ratio 

is desirable. Based on a survey of the Lipper mutual fund 

database, the following are a few examples of average 

expense ratios for retail funds compared with some of the 

institutionally managed investment options offered through 

the Plan. Expense ratios for each of the investment options 

can be found on its summary page in this booklet. 

(a) For 2012 

(b) Source: Mercer 

Investment Mutual Fund Average Halliburton Option 

Option Type Expense Ratio(a)(b) Expense Ratio(a) 

U.S. Bonds 0.27% 0.15% 

(Bond Index Strategy) 

Large Cap Core Equity 0.35% 0.13% 

(S&P 500 Index Strategy) 

Non-U.S. Equity 1.18% 0.60% 

(Non-U.S. Equity Strategy) 

Small Cap Equity 1.27% 0.94% 

(Small Cap Equity Strategy) 

4


Go to the Retirement Plan website or call the Halliburton Benefits Center’s automated telephone system at any time. 

See page 59 for more information. 

Why does Halliburton use institutionally managed 

separate accounts? 

Most of the Master Trust’s investments are structured using 

institutionally managed separate accounts; this means the 

accounts are managed only for participants in the Master Trust. 

Unlike mutual funds, this structure provides the Investment 

Committee with the flexibility to select managers and establish 

investment objectives designed specifically for the Master 

Trust. This arrangement usually results in lower expense ratios 

(fees) for the various investment options. 

Why do we have different investment option choices? 

Plan participants have different financial goals, time frames, 

risk tolerances and return targets. Each investment option 

has different risk and return characteristics. The Trust’s 

investment options enable Plan participants to structure an 

investment strategy to fit their individual needs. See pages 

8-11 for a summary of the investment options’ risk and return 

characteristics. 

Can I make changes to how my account is invested 

among the different investment options? 

There are four ways you can change your account investments: 

• You can change how all future contributions to your account 

will be invested at any time. 

• You can make a direct option transfer by selecting what 

options to take money out of and what options will receive 

that money (subject to the Excessive Trading Policy). A direct 

option transfer is a one-time-only event and will not change 

your future option investment allocations. 

• You can make an option reallocation (subject to the 

Excessive Trading Policy). Reallocation is a way to get the 

investment mix to what you want without making a lot of 

individual exchanges. When you reallocate your investments, 

you can move money among several investment options 

at one time, resulting in the asset mix you choose. Once 

you have chosen a target allocation, you can sign up to be 

alerted if your allocation slips from those target percentages. 

Fidelity will send you an e-mail alert with a link to its site 

to update your allocation. This will not change your future 

investment allocation. 

5



• You can elect to have your investments automatically 

rebalanced quarterly, semi-annually or annually to your 

desired allocation to stay consistent with the investment 

strategy you have chosen. You simply identify an initial 

investment combination, adjust your account to that mix 

and let the service do the rest. You can make any of these 

changes at the Retirement Plan website or by calling the 

Halliburton Benefits Center’s automated telephone system 

(see page 59) in accordance with our Excessive Trading 

Policy. Your transfer or reallocation will be effective the 

same business day if the request is made before the close of 

the market (typically 3 p.m. Central Time). Changes to future 

contributions will be effective the next possible pay period. 

You do not pay any entry or exit fees in connection with making 

a transfer or reallocation. 

What is the Excessive Trading Policy? 

The Excessive Trading Policy focuses on what is known as 

a “round-trip” transaction. A round-trip is an exchange into 

and out of the same investment option, in excess of $1,000, 

within 30 days. Under the Policy, participants are limited to 

one round-trip transaction in any investment option within any 

rolling 90-day period, subject to an overall limit of four roundtrip 

transactions across all investment options over a rolling 

12-month period. 

The Policy governing the Stable Value Strategy works 

differently. If money is transferred or reallocated into the Stable 

Value Strategy, the number of units acquired in the transaction 

cannot be transferred out of the Stable Value Strategy for 

30 calendar days. However, any units already in the Stable 

Value Strategy prior to the transaction are not subject to the 

30-day waiting period. 

For more details about the Excessive Trading Policy, please 

refer to the Transition Guide, Safe Harbor Notice or Updates to 

the Summary Plan Description. You can find these documents 

on the Retirement Plan website; click on “Plan Information 

and Documents.” You can also obtain a copy by calling Fidelity 

at (866) 321-0964. If you are calling internationally, use your 

country’s AT&T access code, then (866) 321-0964. Or, for toll 

calls, you can dial (857) 362-5980 and select option 2. 

Does the Company make contributions in cash or 

Company stock? 

All contributions to the Plan are made in cash. That cash is 

then invested according to your investment choices. 

How can I track the performance of my investment in 

the Plan? 

Go to the Retirement Plan website or call the Benefits Center’s 

automated telephone system (see contact information on page 

59 for up-to-date rates of return). 

For comparative purposes, the Investment Committee has 

selected a benchmark index (or group of indexes) for each of 

the investment options. You can track index performance in 

most newspapers and business publications. 

Where can I find more current information about each 

option and its performance? 

To access the latest option characteristics or personal account 

information, you must log in to the Retirement Plan website (see 

contact information on page 59). To log in, you will need your 

Social Security number or user name and password. For new 

users, click on “Register Account” and follow the instructions. 

6


Go to the Retirement Plan website or call the Halliburton Benefits Center’s automated telephone system at any time. 

See page 59 for more information. 

What additional information is available? 

You or your beneficiary may request the following information 

through the Retirement Plan website, the automated telephone 

system or a Halliburton Benefits Center representative. See 

contact information on page 59. 

• List of Assets – A listing of investment option assets and 

their option values, including — with respect to fixedrate 

investment contracts issued by banks or insurance 

companies — the name of the issuer, the contract term and 

the rate of return on the contract. 

• Investment Highlights – The most recent past and current 

investment performance of each option, determined net of 

expenses, on a reasonable and consistent basis. 

• Account Activity Statement – A report of your current 

account balances in each option. 

• Understanding Your Account Activity – Information 

concerning the value of shares or units in the investment 

options. 

• Materials Provided to the Plan – For all investment options, 

you are entitled to receive the most recent financial 

statements and reports, and similar materials provided to 

the Plan, including a description of the annual operating 

expenses of each option that reduce the rate of return to 

participants and beneficiaries, and the aggregate amount of 

option expenses expressed as a percentage of average net 

assets of the option. 

7

Investment Option Overview 

The table below includes important information to help you compare the investment options under your retirement plan. It shows how the investment options have 

performed over time and allows you to compare them with an appropriate benchmark for the same time periods. Keep in mind that you cannot invest in the benchmark 

indices, which are set forth in italics on the chart underneath the name of each investment option. 

Annualized Net of Fees Returns 

as of June 30, 2013 

Investment Option Name / Benchmark Name 

TARGET DATE PORTFOLIO (a) 

Inception 

Date 

Management 

Style 1-Year 3-Years 5-Years 

Income Retirement Portfolio (b) 6/18/13 Active n/a n/a n/a -1.3% 

14.2% MSCI All County World Index/20.4% Barclays Capital US Aggregate Index/37.9% Hueler Stable Value 

Pooled Fund Comparative Universe/16.3% Barclays Capital US Treasury Inflation Protected Securities (TIPS) 

Index/3.8% Dow Jones US Select REIT Index/3.8% Dow Jones- UBS Roll Select Commodity Index/1.9% S&P Global 

LargeMidCap Commodity and Resources Index)/1.6% Bank of America Merrill Lynch High Yield Bond Index 

10-Years / 

Life ( b ) 

n/a n/a n/a -1.3% 

2005 Retirement Portfolio (b) 6/18/13 Active n/a n/a n/a -1.5% 





n/a n/a n/a -1.5% 






n/a n/a n/a -1.7% 




Index/4.4% Dow Jones US Select REIT Index/4.4% Dow Jones- UBS Select Roll Commodity Index/2.2% S&P Global 


n/a n/a n/a -1.9% 


59.0% MSCI All County World Index/21.3% Barclays Capital US Aggregate Index/5.3% Dow Jones US Select 

REIT Index/5.3% Dow Jones-UBS Roll Select Commodity Index/2.6% S&P Global LargeMidCap Commodity and 

Resources Index)/6.5% Bank of America Merrill Lynch High Yield Bond Index 

n/a n/a n/a -2.0% 





n/a n/a n/a -2.0% 





n/a n/a n/a -2.1% 





n/a n/a n/a -2.1% 





n/a n/a n/a -2.1% 





n/a n/a n/a -2.1% 





n/a n/a n/a -2.1% 





n/a n/a n/a -2.1% 

( a ) The Target Date Portfolios will be the new qualified default investment alternative (QDIA) under the Plan within the meaning of the applicable U.S. Department of Labor regulations. Prior to June 14, 2013, the Moderate Premixed 

Portfolio was the QDIA. 

( b ) Where the investment option has been in existence for less than 10-years, performance provided is for the Life of the investment option, which is since the inception date. 

( c ) Most investment options use institutionally managed separate accounts; this means the accounts are managed only for participants in the Halliburton Plans. Individual securities are bought and sold by professional investment 

managers selected by the Investment Committee. Collective Trusts are investment vehicles operated by banks or trust companies. Neither collective trust funds nor separate accounts are mutual funds. Unlike mutual funds, separate 

accounts and collective trust funds are not subject to and are not registered under the Securities Act of 1933 or the Investment Company Act of 1940. 

( d ) Expenses for Target Date Portfolios, Large Cap Equity Strategy and Inflation Sensitive Strategy are estimates. Expenses for the Intermediate Bond Strategy and Non-US Index Equity Strategy represents actual expenses since 

July 31, 2012, the inception date. 

Trading Restrictions focuses on what is known as a “round-trip” transaction. A round-trip is an exchange into and out of the same investment option, in excess of $1,000, within 30 days. Under the Policy, participants are limited to 

one round-trip transaction in any investment option within any rolling 90-day period, subject to an overall limit of four round-trip transactions across all investment options over a rolling 12-month period. The Policy governing the 

Stable Value Strategy (SVS) works differently. If money is transferred or reallocated into the SVS the number of units acquired in the transaction cannot be transferred out of the SVS for 30 calendar days. However, any units already 

in the SVS prior to the transaction are not subject to the 30-day waiting period. 

8


To direct or change your Plan investment options or for current information, including month-end performance and free paper copy of available information, please visit 

www.halliburton.com/totalrewards (if you are a current employee) or www.netbenefits.com (if you are a former employee). You may also call the Halliburton Benefits 

Center at (866) 321-0964 (international toll free, use your country’s AT&T access code, then (866) 321-0964) or for toll call (857) 362-5980, select option 2. Mailing address 

is Fidelity Investments, P.O. Box #770003, Cincinnati, OH 45277-0065. 

Annual Net of Fees Return 

2008 2009 2010 2011 2012 

Annual Turnover 

Ratio as of 

June 30, 2013 

Investment 

Structure ( c ) Market Risk Inflation Risk 

Potential 

Return 

Expense One Year Ending 

June 30, 2013 ( d ) 

% of Assets 

Per $1,000 

Invested 

n/a n/a n/a n/a n/a n/a Separate Account Low Moderate Low 0.43% $4.30 

n/a n/a n/a n/a n/a 

n/a n/a n/a n/a n/a n/a Separate Account Low Moderate Moderate 0.44% $4.40 


n/a n/a n/a n/a n/a n/a Separate Account Moderate Moderate Moderate 0.46% $4.60 


n/a n/a n/a n/a n/a n/a Separate Account Moderate Moderate Moderate 0.47% $4.70 


n/a n/a n/a n/a n/a n/a Separate Account Moderate Low Moderate 0.49% $4.90 


n/a n/a n/a n/a n/a n/a Separate Account High Low High 0.50% $5.00 














Fees and Expenses include all charges to the investment options except for individual service that a participant may select such as overnight mailing fees of $25 per transaction. The investment option does not charge fees to 

contribute, transfer or withdraw from the option. Investment option performance is compared with benchmark index. Indices are unmanaged portfolios of specified securities and the indices do not reflect any initial or ongoing 

expenses. The investment option’s portfolio may differ significantly from the securities in the indices. Investment performance is determined after fees are charged to the options and assumes reinvestment of dividends and 

capital gains. Transaction costs incurred for buying and selling securities becomes part of the cost basis of the securities and are not included in the expense ratio. These costs, along with management fees, plan administration 

fees and other fees are paid out of the investment option’s assets, reducing the rate of return realized by participants. Cumulative effect of fees and expenses can substantially reduce the growth of a participant’s retirement 

account. Participants are encouraged to visit the Employee Benefits Security Administration website at: www.dol.gov/ebsa/publications/401k_employee.html for information and example demonstrating the long-term effect of 

fees and expenses. Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions. 

Plan Administrator: Halliburton Company Benefits Committee - 2107 City West Blvd., Bldg 2.601A Houston, TX 77042-3051, telephone number (281) 575-3000. 

9

Investment Option Overview 

The table below includes important information to help you compare the investment options under your retirement plan. It shows how the investment options have 

performed over time and allows you to compare them with an appropriate benchmark for the same time periods. Keep in mind that you cannot invest in the benchmark 

indices, which are set forth in italics on the chart underneath the name of each investment option. 

Investment Option Name / Benchmark Name 

STABLE VALUE 

Inception 

Date 

Annualized Net of Fees Returns 

as of June 30, 2013 

Management 

Style 1-Year 3-Years 5-Years 

Stable Value Strategy 1/2/87 Active 3.4% 3.5% 3.8% 4.5% 

Hueler Stable Value Pooled Fund Universe 2.0% 2.5% 2.9% 3.7% 

90 Day TBills 0.1% 0.1% 0.3% 1.7% 

BONDS 

Bond Index Strategy 4/1/99 Passive -0.9% 3.3% 5.1% 4.4% 

Barclays Capital US Aggregate Bond Index -0.7% 3.5% 5.2% 4.5% 

Intermediate Bond Strategy (b) 7/31/12 Active n/a n/a n/a -1.0% 

Barclays Capital US Aggregate Bond Index n/a n/a n/a -2.0% 

STOCKS 

S&P 500 Index Strategy 4/1/99 Passive 20.5% 18.3% 6.9% 7.2% 

S&P500 Index 20.6% 18.5% 7.0% 7.3% 

Large Cap Equity Strategy (b) 6/18/13 Active n/a n/a n/a -0.9% 

Russell 1000 Index n/a n/a n/a -1.2% 

Non US Equity Index Strategy (b) 7/31/12 Passive n/a n/a n/a 12.2% 

MSCI All Country World ex. U.S. Index n/a n/a n/a 12.0% 

Non US Equity Strategy 4/1/99 Active 14.9% 10.6% 0.7% 10.1% 

MSCI All Country World ex. U.S. Index 13.6% 8.0% -0.8% 8.5% 

Mid Cap Equity Index Strategy (b) 1/3/05 Passive 25.0% 19.3% 8.7% 8.2% 

S&P MidCap 400 Index 25.2% 19.4% 8.9% 8.3% 

Small Cap Equity Strategy 4/1/99 Active 26.9% 17.4% 10.2% 8.7% 

Russell 2000 Index 24.2% 18.7% 8.8% 9.5% 

OTHERS 

Inflation Sensitive Strategy 6/18/13 Passive n/a n/a n/a -3.8% 

45% Barclays US Treasury Inflation Protected Serurities (TIPS) Index/ 20% Dow Jones-UBS Commodity Index 

Total Return/15% JPMorgan Emerging Local Markets Plus (ELMI+)/10% Dow Jones US Select REIT Total Return 

Index/10% Dow Jones-UBS Gold Subindex Total Return 

10-Years / 

Life ( b ) 

n/a n/a n/a -3.3% 

( a ) The Target Date Portfolios will be the new qualified default investment alternative (QDIA) under the Plan within the meaning of the applicable U.S. Department of Labor regulations. Prior to June 14, 2013, the Moderate Premixed 

Portfolio was the QDIA. 

( b ) Where the investment option has been in existence for less than 10-years, performance provided is for the Life of the investment option, which is since the inception date. 

( c ) Most investment options use institutionally managed separate accounts; this means the accounts are managed only for participants in the Halliburton Plans. Individual securities are bought and sold by professional investment 

managers selected by the Investment Committee. Collective Trusts are investment vehicles operated by banks or trust companies. Neither collective trust funds nor separate accounts are mutual funds. Unlike mutual funds, separate 

accounts and collective trust funds are not subject to and are not registered under the Securities Act of 1933 or the Investment Company Act of 1940. 

( d ) Expenses for Target Date Portfolios, Large Cap Equity Strategy and Inflation Sensitive Strategy are estimates. Expenses for the Intermediate Bond Strategy and Non-US Index Equity Strategy represents actual expenses since 

July 31, 2012, the inception date. 

Trading Restrictions focuses on what is known as a “round-trip” transaction. A round-trip is an exchange into and out of the same investment option, in excess of $1,000, within 30 days. Under the Policy, participants are limited to 

one round-trip transaction in any investment option within any rolling 90-day period, subject to an overall limit of four round-trip transactions across all investment options over a rolling 12-month period. The Policy governing the 

Stable Value Strategy (SVS) works differently. If money is transferred or reallocated into the SVS the number of units acquired in the transaction cannot be transferred out of the SVS for 30 calendar days. However, any units already 

in the SVS prior to the transaction are not subject to the 30-day waiting period. 

10

To direct or change your Plan investment options or for current information, including month-end performance and free paper copy of available information, please visit 

www.halliburton.com/totalrewards (if you are a current employee) or www.netbenefits.com (if you are a former employee). You may also call the Halliburton Benefits 

Center at (866) 321-0964 (international toll free, use your country’s AT&T access code, then (866) 321-0964) or for toll call (857) 362-5980, select option 2. Mailing address 

is Fidelity Investments, P.O. Box #770003, Cincinnati, OH 45277-0065. 

Annual Net of Fees Return 

2008 2009 2010 2011 2012 

Annual Turnover 

Ratio as of 

June 30, 2013 

Investment 

Structure ( c ) Market Risk Inflation Risk 

Potential 

Return 

Expense One Year Ending 

June 30, 2013 ( d ) 

% of Assets 

Per $1,000 

Invested 

5.4% 4.2% 3.6% 3.6% 3.3% 928% Separate Account Low High Low 0.50% $5.00 

4.6% 3.1% 3.1% 2.7% 2.3% 

2.1% 0.2% 0.1% 0.1% 0.1% 

5.4% 5.9% 6.4% 7.7% 4.0% 75% Collective Trust Low High Low 0.15% $1.50 

5.2% 5.9% 6.5% 7.8% 4.2% 

n/a n/a n/a n/a n/a 340% Separate Account Low High Low 0.26% $2.60 


-37.0% 26.4% 15.0% 2.0% 15.9% 3% Collective Trust High Low High 0.13% $1.30 

-37.0% 26.5% 15.1% 2.1% 16.0% 

n/a n/a n/a n/a n/a 63.5% Separate Account High Low High 0.48% $4.80 


n/a n/a n/a n/a n/a 3% Collective Trust High Low High 0.12% $1.20 


-44.1% 40.5% 13.4% -11.8% 20.2% 40% Separate Account High Low High 0.60% $6.00 

-47.1% 37.4% 8.4% -16.1% 16.8% 

-36.2% 37.0% 26.4% -1.9% 17.7% 14% Collective Trust High Low High 0.15% $1.50 

-36.2% 37.4% 26.6% -1.7% 17.9% 

-37.3% 41.3% 27.6% -5.1% 10.7% 75% Separate Account High Low High 0.85% $8.50 

-33.8% 27.2% 26.9% -4.2% 16.3% 

n/a n/a n/a n/a n/a n/a Collective Trust Moderate Low Low 1.02% $10.20 


Fees and Expenses include all charges to the investment options except for individual service that a participant may select such as overnight mailing fees of $25 per transaction. The investment option does not charge fees to 

contribute, transfer or withdraw from the option. Investment option performance is compared with benchmark index. Indices are unmanaged portfolios of specified securities and the indices do not reflect any initial or ongoing 

expenses. The investment option’s portfolio may differ significantly from the securities in the indices. Investment performance is determined after fees are charged to the options and assumes reinvestment of dividends and 

capital gains. Transaction costs incurred for buying and selling securities becomes part of the cost basis of the securities and are not included in the expense ratio. These costs, along with management fees, plan administration 

fees and other fees are paid out of the investment option’s assets, reducing the rate of return realized by participants. Cumulative effect of fees and expenses can substantially reduce the growth of a participant’s retirement 

account. Participants are encouraged to visit the Employee Benefits Security Administration website at: www.dol.gov/ebsa/publications/401k_employee.html for information and example demonstrating the long-term effect of 

fees and expenses. Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions. 

Plan Administrator: Halliburton Company Benefits Committee - 2107 City West Blvd., Bldg 2.601A Houston, TX 77042-3051, telephone number (281) 575-3000. 

11

Understanding Your Investment Options 

This section provides you a guide to understanding the information on each of the following Fact Sheets. 

1. General Information 

This section shows the benchmark with which the investment 

option’s performance is compared, the total plan assets of the 

option in millions and the inception date of the option. Each 

investment option has a benchmark listed. The benchmark 

represents the standard return for this type of investment 

and can be used to review long-term performance for the 

investment and to compare the Halliburton investment 

option’s performance. 

2. Investment Objective & Strategy 

The objective is the goal and purpose of the option and 

the investment strategy is what the option will invest in to 

achieve the goal. 

3. Fees and Expenses 

Fees and expenses are presented as a percentage of the 

option’s asset value and in dollars per $1,000 worth of 

investment. This shows how much your expenses are per 

$1,000 you have invested in this option. 

4. Volatility Analysis 

This graph illustrates the option’s volatility. Options with a 

wider range of price flucuations are labeled “high,” as they 

are considered riskier than options with a narrower range of 

price fluctuations. The more volatile an investment the higher 

the risk it carries of losing capital on your base investment, 

if you withdraw or transfer your money out of the investment 

option when the price is low. 

5. Credit Analysis 

The analysis reveals the percentage of fixed-income 

securities that fall within each credit-quality rating as 

assigned by Moody’s. At the top of the ratings are U.S. 

government bonds. Bonds issued and backed by the federal 

government are high quality and thus are rated AAA, which is 

the highest possible rating a corporate issue can receive. 

6. Bond Sectors 

This section is a snapshot of the bond sectors the investment 

option is invested in. 

7. Performance 

This section gives you information on how the option has 

performed over time, as compared to the benchmark, 

illustrating the change in the value of the option. Remember, 

past performance is not an indication of future returns. 

8. Portfolio Composition 

A breakdown of the option holdings into eight general 

investment groups: Cash, U.S. Stocks, Non-U.S. Stocks, 

High Yield Bonds, Core Bonds, REITs, TIPs and Other. Stable 

Value, commodities and Natural Resources are reported 

under “Other”. 

9. Stock Sectors 

This section is a snapshot of the stocks sectors the 

investment option is invested in. Stocks are mapped into one 

of 11 sectors, which in turn roll up to three super sectors. 

10. Stable Value Ratings 

The analysis reveals the credit quality ratings of each stable 

value wrap provider as assigned by Moody’s and S&P. 

11. Top Holdings 

Where applicable, these charts provide the top 10 holdings, 

country allocation and sectors of the securities held in the 

option. 

12. Top 10 Countries 

Where applicable, these charts provide the top 10 countries 

held in the option. 

13. Equity Style Box 

Where applicable, the Equity Style Box is a nine-square grid 

that provides a graphical representation of the “investment 

style” of stocks and mutual funds. For equity funds, it 

classifies securities according to market capitalization (the 

vertical axis) and growth and value factors (the horizontal 

axis). 

Management Company 

Firm(s) responsible for managing the underlying portfolio(s) 

for the option is(are) listed in this section. This is located 

on the back of the Fact Sheet, along with other additional 

information about the investment option. 

12


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2 

3 

4 

5 

6 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10 

7 

8 

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11 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12 

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13

14

Disclosure 

The Halliburton Retirement and Savings Plan (Plan) is 

intended to be participant-directed plan as described in 

Section 404(c) of the Employee Retirement Income Security 

Act of 1974, as amended (ERISA). Therefore the fiduciaries of 

this plan are generally relieved of liability for any losses that 

are the result of any investment instructions given by a 

participant or a beneficiary of the Plan. 

Mercer Investment Consulting, Inc. ("Mercer") serves as 

the investment manager for the Retirement Portfolios. The 

Halliburton Company Investment Committee has delegated 

its authority to design the asset allocation and manage the 

Retirement Portfolios to Mercer. The Retirement Portfolios' 

performance will be reviewed and Mercer will modify the 

allocations and/or underlying investment managers when 

deemed appropriate. The Retirement Portfolios will pay an 

annualized management fee to Mercer, which is included in 

the total expense ratio. As with most Plan fees, the Mercer 

fee will also be based on the total assets held in the 

Retirement Portfolio. 

The investment's principal value and investment return 

will fluctuate, so that an investor's unit values may be worth 

more or less than at the time of the original investment. In 

accordance with ERISA, the Plan assets are held in trust for 

the exclusive benefit of participants and beneficiaries. As 

with all 401(k) plans, assets are not FDIC-insured, may lose 

value and are not guaranteed by a bank, the Plan sponsor or 

other financial institution. 

Reliable sources are utilized to produce these reports 

but there is no warranty or guarantee that this data is 

accurate, timely, or complete. Historic performance is not an 

indication of future results and should not be relied upon to 

predict future investment returns. 

Contact Information 

For current information, please visit 

www.halliburton.com/totalrewards (if you are a current 

employee) or www.netbenefits.com (if you are a former 

employee). You may also call the Halliburton Benefits Center 

at 1-866-321-0964 (international toll free, use your country's 

AT&T access code, then 866-321-0964) or for toll call 

857-362-5980, select option 2. 

Principal Risk 

The Income Retirement Portfolio is generally designed for 

participants who retired prior to the year 2003. The Portfolio 

is professionally managed and has reached the most 

conservative allocation 10 years after the target retirement 

date. The investment risk of the Portfolio may change as the 

allocation of the underlying holdings in the Portfolio change 

to correspond with its objective. The Portfolio is subject to 

the volatility of financial markets, including US and non-US 

equity and fixed income markets. The Portfolio is also subject 

to risks associated with investing in high-yield bonds, 

small-cap stocks, commodities and real estate. Principal 

invested is not guaranteed at any time, including at or after 

the target retirement dates. There is no guarantee that 

investment in the Retirement Portfolios will provide 

adequate retirement income. 

Stock markets are volatile and can decline significantly 

in response to adverse issuer, political, regulatory, market or 

economic developments. The securities of smaller, less 

well-known companies can be more volatile than those of 

large companies. 

Foreign securities and currencies, especially those in 

emerging markets, involve greater risk and may offer greater 

potential returns than U.S. investments. This risk includes 

political and economic uncertainties of foreign countries. 

In general, the bond market is volatile, and bond 

securities carry interest rate risk. As interest rates rise, bond 

prices usually fall and vice versa. This effect is usually more 

pronounced for longer-term securities. Bonds also carry 

inflation risk, liquidity risk, call risk, and credit and default 

risks for both issuers and counterparties. Unlike individual 

bonds, most bond investment options do not have a maturity 

date, so avoiding losses caused by price volatility by holding 

the investment option until maturity is not possible. The 

principal value of inflation-linked bonds adjusts with inflation 

but declines in value when real interest rates rise and vice 

versa. 

Commodities contain heightened risk including market, 

political, regulatory and natural conditions. Real estate 

investment trusts (REITs) are subject to general stock market 

risk, real estate market declines and adverse changes to REIT 

tax laws. 

Stable value is generally invested in high quality, 

diversified bond portfolios that are protected against interest 


companies. These contracts are backed solely by the 

financial resources of the bank and insurance companies and 

by the portfolios of securities. Stable value is not insured or 

guaranteed by the manager(s), the plan sponsor, the trustee, 

the FDIC, or any other government agency. The contracts are 

designed to allow participants to transact at contract value 

(principal plus accrued interest less expenses). Withdrawals 

prompted by certain events (e.g., layoffs, early retirement 

windows, spin-offs, sale of a division, facility closings, plan 

terminations, partial plan terminations, changes in laws or 

regulations) may be paid at the market value of the bond 

portfolios. 

Blended Benchmark 

14.2% MSCI All County World Index/20.4% Barclays Capital 

US Aggregate Index/37.9% Hueler Stable Value Pooled Fund 

Comparative Universe/16.3% Barclays Capital US Treasury 

Inflation Protected Securities (TIPS) Index/3.8% Dow Jones 

US Select REIT Index/3.8% Dow Jones-UBS Commodity 

Index Total Return/1.9% S&P Global LargeMidCap 

Commodity and Resources Index/1.6% Bank of America 

Merrill Lynch High Yield Bond Index 

Performance 

Investment option performance is determined after fees are 

charged to the investment option and assumes reinvestment 

of dividends and capital gains. Investment option 

performance is compared with the blended benchmark index. 

An index is an unmanaged portfolio of specified securities 

and does not reflect any initial or ongoing expenses. The 

investment option's portfolio may differ significantly from the 

securities in the index. 

Additional Fee Disclosure 

The expense ratio is an asset-weighted blend of fees and 

will fluctuate based on asset values and market conditions; 

any fees quoted herein are subject to change. Transaction 

costs incurred by the investment option for buying and 

selling securities are not included in the expense ratio. These 

costs, along with management fees, plan administration fees 

and other fees are paid out of the investment option's assets, 

reducing the rate of return realized by participants. There are 

no entry or exit fees charged to participants who invest in 

this investment option. Cumulative effect of fees and 

expenses can substantially reduce the growth of a 

participant's retirement account. Participants are encouraged 

to visit the Employee Benefits Security Administration 

website at www.dol.gov/ebsa for information and examples 

demonstrating the long-term effect of fees and expenses. 

Fees and expenses are only one of several factors that 

participants and beneficiaries should consider when making 

investment decisions. 

Collective Trusts and Separate Accounts 

Most of the Plan's investment options are structured using 

institutionally managed separate accounts or common and 

collective trusts; this means the accounts are managed only 

for participants in the Halliburton Plans. Individual securities 

are bought and sold by professional investment managers 

selected by the Investment Committee. Common and 

Collective Trusts are investment vehicles operated by banks 

or trust companies. Neither common and collective trust 

funds nor separate accounts are mutual funds. Unlike mutual 

funds, separate accounts and collective trust funds are not 

subject to and are not registered under the Securities Act of 

1933 or the Investment Company Act of 1940. 

The Halliburton Company Employee Benefits Master 

Trust owns the underlying assets in the separate accounts. 

The Master Trust owns a unit in the common and collective 

trusts in which it participates. The issuer (bank or trust 

company) owns the underlying assets in a common or 

collective trust. 

Stable Value 

Stable value investment options are invested in high quality, 



companies. Stable value investments are designed to 

preserve capital while providing steady returns and are 

generally considered a lower risk investment. 

The market value of bonds is volatile by nature and 

moves inversely with interest rate changes. As interest rates 

move up, the market value of bonds declines, and vice-versa. 

The bank and insurance company contracts are designed to 

allow participants to transact at book value (principal plus 

accrued interest less expenses) without reference to the 

market value fluctuations of the underlying bond portfolios. 

The risks associated with these contracts are outlined in the 

"Principal Risks" section. 

The Income Retirement Portfolio invests in a stable 

value commingled investment that holds traditional 

guaranteed investment contracts (GIC), insurance separate 

accounts contracts and synthetic GICs. GICs are typically 

issued by insurance companies where they guarantee the 

unit holders of the commingled investment principal 

repayment and a fixed or floating interest rate for a 

predetermined period of time. Insurance separate accounts 

are contracts with an insurance company where investments 

are entrusted to the insurance companies for the purpose of 

investing in securities. These securities are kept separate 

from the insurance company’s general investments so there 

is no credit risk in the event that the insurer becomes 

insolvent. The returns are variable rather than fixed, so the 

contract holder rather than the insurance company assumes 

market risk. In the synthetic GIC arrangement, the 

participants of the Plans own the underlying fixed income 

securities that support the insurance and bank contracts. The 

diversified portfolios are managed by investment managers 

solely for the Plan participants. 


Aberdeen Asset Management, Inc., Agincourt Capital 

Management LLC, Babson Capital Management, Inc., 

BlackRock Financial Management, Inc., Boston Co. Asset 

Management LLC, Fayez Sarofim and Co., Galliard Capital 

Management, Inc., GAMCO Investors, Inc., Integrity Asset 

Management, LLC, Jennison Associates LLC, Loomis Sayles 

& Co. LP, Longview Partners (Guernsey) LTD, Mercer 

Investment Consulting, Inc., MetWest Asset Management 

LLC, Northern Cross, LLC, Pacific Investment Management 

Co. LLC, Pyramis Global Advisors Trust Co, Sands Capital 

Management LLC, State Street Global Advisors, Wellington 

Management Co., Wells Capital Management, Inc. 

Morningstar Style Box 

The Morningstar Style Box reveals an investment option's 

investment strategy. The vertical axis shows the market 

capitalization of the stocks owned and the horizontal axis 

shows the investment style (value, blend, or growth). 

©2013 Morningstar, Inc., Morningstar Investment Profiles 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or 

its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are 

responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at 

www.morningstar.com. 

Page 2 of 2 

15

16

Disclosure 








































857-362-5980, select option 2. 


The 2005 Retirement Portfolio is generally designed for 

participants who retired prior to the year 2003-2007. TThe 

Portfolio is professionally managed and reduces investment 

risk and expected return over time, reaching the most 


date. The investment risk of the Portfolio changes over time 

as the allocation of the underlying holdings in the Portfolio 

change to correspond with its objective. The Portfolio is 

subject to the volatility of financial markets, including US 

and non-US equity and fixed income markets. The Portfolio is 

also subject to risks associated with investing in high-yield 

bonds, small-cap stocks, commodities and real estate. 

Principal invested is not guaranteed at any time, including at 

or after the target retirement dates. There is no guarantee 

that investment in the Retirement Portfolios will provide 






















versa. 





tax laws. 















portfolios. 










Performance 















































Stable Value 
















The 2005 Retirement Portfolio invests in a stable value 

commingled investment that holds traditional guaranteed 

investment contracts (GIC), insurance separate accounts 

contracts and synthetic GICs. GICs are typically issued by 

insurance companies where they guarantee the unit holders 

of the commingled investment principal repayment and a 

fixed or floating interest rate for a predetermined period of 

time. Insurance separate accounts are contracts with an 

insurance company where investments are entrusted to the 

insurance companies for the purpose of investing in 

securities. These securities are kept separate from the 

insurance company’s general investments so there is no 

credit risk in the event that the insurer becomes insolvent. 

The returns are variable rather than fixed, so the contract 

holder rather than the insurance company assumes market 

risk. In the synthetic GIC arrangement, the participants of the 

Plans own the underlying fixed income securities that 

support the insurance and bank contracts. The diversified 

portfolios are managed by investment managers solely for 

the Plan participants. 























Page 2 of 2 

17

18

Disclosure 








































857-362-5980, select option 2. 



participants who retired between the years 2008-2012. The 

Portfolio is professionally managed and reduces investment 

risk and expected return over time, reaching the most 


date. The investment risk of the Portfolio changes over time 

as the allocation of the underlying holdings in the Portfolio 

change to correspond with its objective. The Portfolio is 

subject to the volatility of financial markets, including US 

and non-US equity and fixed income markets. The Portfolio is 

also subject to risks associated with investing in high-yield 

bonds, small-cap stocks, commodities and real estate. 

Principal invested is not guaranteed at any time, including at 

or after the target retirement dates. There is no guarantee 

that investment in the Retirement Portfolios will provide 






















versa. 





tax laws. 















portfolios. 










Performance 















































Stable Value 














































Co. LLC, Pyramis Global Advisors Trust Co., Sands Capital 












Page 2 of 2 

19

20

Disclosure 








































857-362-5980, select option 2. 



participants expecting to retire between the years 

2013-2017. The Portfolios are professionally managed to 

gradually become more conservative by reducing their 

investment risk and expected return over time, reaching their 

most conservative allocation 10 years after the target 

retirement date. The investment risk of each Portfolio 

changes also changes over time as the allocation of the 

underlying holdings in the Portfolio change to correspond 

with its objective. The Portfolios are subject to the volatility 

of financial markets, including US and non-US equity and 

fixed income markets. The Portfolios are also subject to risks 

associated with investing in high-yield bonds, small-cap 

stocks, commodities and real estate. Principal invested is not 

guaranteed at any time, including at or after the target 

retirement dates. There is no guarantee that investment in 

the Retirement Portfolios will provide adequate retirement 

income. 





















versa. 





tax laws. 















portfolios. 










Performance 















































Stable Value 


























































Page 2 of 2 

21

22

Disclosure 








Mercer Investment Consulting, Inc. ("Mercer") serves as the 

investment manager for the Retirement Portfolios. The 











The investment's principal value and investment return will 

fluctuate, so that an investor's unit values may be worth 







Reliable sources are utilized to produce these reports but 

there is no warranty or guarantee that this data is accurate, 

timely, or complete. Historic performance is not an indication 

of future results and should not be relied upon to predict 

future investment returns. 








857-362-5980, select option 2. 



participants expecting to retire between the years 2018- 

2022. The Portfolios are professionally managed to gradually 

become more conservative by reducing their investment risk 

and expected return over time, reaching their most 


date. The Portfolios are subject to the volatility of financial 

markets, including U.S. and non-U.S. equity and fixed income 

markets. The Portfolios are also subject to risks associated 

with investing in high-yield bonds, small-cap stocks, 

commodities and real estate. Principal invested is not 




income. 

Stock markets are volatile and can decline significantly in 

response to adverse issuer, political, regulatory, market or 








In general, the bond market is volatile, and bond securities 

carry interest rate risk. As interest rates rise, bond prices 

usually fall and vice versa. This effect is usually more 









versa. 





tax laws. 



US Aggregate Index/5.3% Dow Jones US Select REIT 

Index/5.3% Dow Jones-UBS Commodity Index Total 

Return/2.6% S&P Global LargeMidCap Commodity and 

Resources Index/6.5% Bank of America Merrill Lynch High 

Yield Bond Index 

Performance 









































The Halliburton Company Employee Benefits Master Trust 

owns the underlying assets in the separate accounts. The 

Master Trust owns a unit in the common and collective trusts 

in which it participates. The issuer (bank or trust company) 

owns the underlying assets in a common or collective trust. 


Aberdeen Asset Management, Inc. 

Agincourt Capital Management LLC 

Boston Co. Asset Management LLC 

Fayez Sarofim and Co. 

GAMCO Investors, Inc. 

Integrity Asset Management, LLC 

Jennison Associates LLC 

Loomis Sayles & Co. LP 

Longview Partners (Guernsey) LTD 

Mercer Investment Consulting, Inc. 

MetWest Asset Management LLC 

Northern Cross, LLC 

Pacific Investment Management Co. LLC 

Pyramis Global Advisors Trust Co 

Sands Capital Management LLC 

State Street Global Advisors 

Wellington Management Co. 

Wells Capital Management, Inc. 



investment strategy as of the date noted on this report. The 

vertical axis shows the market capitalization of the stocks 

owned and the horizontal axis shows the investment style 

(value, blend, or growth). 





Page 2 of 2 

23

24

Disclosure 








































857-362-5980, select option 2. 








retirement date. The Portfolios are subject to the volatility of 

financial markets, including U.S. and non-U.S. equity and 







income. 





















versa. 





tax laws. 








Performance 











































































Page 2 of 2 

25

26

Disclosure 








































857-362-5980, select option 2. 
















income. 


























versa. 





tax laws. 








Performance 











































































Page 2 of 2 

27

28

Disclosure 








































857-362-5980, select option 2. 
















income. 


























versa. 





tax laws. 








Performance 











































































Page 2 of 2 

29

30

Disclosure 








































857-362-5980, select option 2. 
















income. 


























versa. 





tax laws. 








Performance 











































































Page 2 of 2 

31

32

Disclosure 








































857-362-5980, select option 2. 
















income. 


























versa. 





tax laws. 








Performance 











































































Page 2 of 2 

33

34

Disclosure 








































857-362-5980, select option 2. 
















income. 


























versa. 





tax laws. 








Performance 











































































Page 2 of 2 

35

36

Disclosure 








































857-362-5980, select option 2. 
















income. 


























versa. 





tax laws. 








Performance 











































































Page 2 of 2 

37

38

Disclosure 








The allocation directed to each underlying investment 

manager under each investment option has been selected by 

the Halliburton Company Investment Committee in 

consultation with, Mercer Investment Consulting, Inc., the 

investment advisor to the Plan. The individual investment 

options will be reviewed periodically and the Investment 

Committee will modify the allocations and/or underlying 

investment managers when deemed appropriate. 

An investment's principal value and investment return will 

fluctuate, therefore the investor's unit values may be worth 



















857-362-5980, select option 2. 

Principal Risk Benchmarks 

The asset-backed contracts are backed solely by the financial 

resources of the issuers of such asset backed contracts and 

by a portfolio of securities. An investment in the Stable 

Value Strategy is not insured or guaranteed by the 

manager(s), the plan sponsor, the trustee, the FDIC, or any 

other government agency. The asset-backed contracts 

entered into by the Stable Value Strategy enables the fund to 

utilize book value (principal plus interest accrued to date) 

accounting. Through the use of book value accounting, there 

is no immediate recognition of investment gains and losses. 

Instead, gains and losses are recognized over time by 

periodically adjusting the interest rate credited to the Stable 

Value Strategy under the contracts. However, while the 

Stable Value Strategy seeks to preserve your principal 

investment, it is possible to lose money by investing in this 

investment option. The asset-backed contracts provide for 

the payment of certain withdrawals and exchanges at book 

value during the term of the asset-backed contracts. In order 

for the asset-backed contract issuers to pay such 

withdrawals and exchanges at book value, the contract 

terms subject the fund and its participants to certain 

restrictions. For example, withdrawals prompted by certain 

events (e.g., layoffs, early retirement windows, spin-offs, 

sale of a division, facility closings, plan terminations, partial 

plan terminations, changes in laws or regulations) may be 

paid at the market value of the Stable Value Strategy's 

securities, which may be less than your book value balance. 

Universe Average 

Benchmark 2 - single recognizable benchmark: 90-Day U.S. 

TBills 

Performance 

Investment performance is determined after fees are charged 

to the investment option and assumes reinvestment of 

dividends and capital gains. Investment option's performance 

is compared with the benchmark index. The index is an 

unmanaged portfolio of specified securities and the indices 

do not reflect any initial or ongoing expenses. The 


securities in the indices. 















website at www.dol.gov/ebsa for information and example 


















Benchmarks 

Benchmark 1 - official benchmark: Hueler Pooled Fund 





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39

40

Disclosure 










































accounts are managed only for participants in the Halliburton 

Plans. Individual securities are bought and sold by 

professional investment managers selected by the 

Investment Committee. Common and Collective Trusts are 

investment vehicles operated by banks or trust companies. 

Neither common and collective trust funds nor separate 

accounts are mutual funds. Unlike mutual funds, separate 

accounts and collective trust funds are not subject to and are 

not registered under the Securities Act of 1933 or the 

Investment Company Act of 1940. 


The Morningstar Style Box reveals a investment option's 


vertical axis shows the credit quality of the bonds owned and 

the horizontal axis shows interest rate sensitivity as 

measured by a bond's effective duration. 








857-362-5980, select option 2. 


Bonds are subject to interest rate risk; as interest rates rise, 

bond prices usually fall, and vice versa. This effect is usually 

more pronounced for longer-term securities. Bonds also carry 

inflation, credit and default risk for both issuers and 

counterparties. Unlike individual bonds, most bond funds do 

not have a maturity date, so holding bonds until maturity to 

avoid losses caused by price volatility is not possible. 

Benchmark 

Barclays U.S. Aggregate Bond Index 

Performance 



interest income and capital gains. Investment option's 

performance is compared with the benchmark index. The 

index is an unmanaged portfolio of specified securities and 

the index does not reflect any initial or ongoing expenses. 

The investment option's portfolio may differ significantly 

from the securities in the index. 














Page 2 of 2 

41

42

Disclosure 




































857-362-5980, select option 2. 



this option. Cumulative effect of fees and expenses can 

substantially reduce the growth of a participant's retirement 

account. Participants are encouraged to visit the Employee 

Benefits Security Administration website at 

www.dol.gov/ebsa for information and example 



















The Morningstar Style Box reveals the investment option's 






Bonds are subject to interest rate risk; as interest rates rise, 

bond prices usually fall, and vice versa. This effect is usually 

more pronounced for longer-term securities. Bonds also carry 

inflation, credit and default risk for both issuers and 

counterparties. Unlike individual bonds, most bond funds do 

not have a maturity date, so holding bonds until maturity to 

avoid losses caused by price volatility is not possible. 

Benchmark 

Barclays U.S. Aggregate Bond Index 

Performance 



dividends and capital gains. Investment option performance 

is compared with the benchmark index. The Index is an 

unmanaged portfolio of specified securities and does not 

reflect any initial or ongoing expenses. The investment 

option's portfolio may differ significantly from the securities 

in the index. 


Expense ratio shown reflects expenses since inception date. 












Page 2 of 2 

43

44

Disclosure 
































































857-362-5980, select option 2. 


The S&P 500 Index Fund invests in both growth and value 

stocks. Growth stocks can be more volatile. Value stocks can 

continue to be undervalued by the market for long periods of 

time. Stock markets are volatile and can decline significantly 

in response to adverse issuer, political, regulatory, market, 

economic or other developments. 

Benchmark 

Standard and Poor (S&P) 500 Index 

Performance 



dividends and capital gains. Investment option's performance 

is compared with the benchmark index. The index is an 

unmanaged portfolio of specified securities and the index 

does not reflect any initial or ongoing expenses. The 

















Page 2 of 2 

45

46

Disclosure 




































857-362-5980, select option 2. 


































The Large Cap Equity Strategy is exposed to the risks 

inherent in equity market investments. Stock markets are 

volatile and can decline significantly in response to adverse 

issuer, political, regulatory, market, economic or other 

developments. Foreign securities and currencies, especially 

those in emerging markets, involve greater risk and may offer 

greater potential returns than U.S. investments. This risk 

includes political and economic uncertainties of foreign 

countries. 

Benchmark 

Russell 1000 Index 

Performance 








in the index. 












Page 2 of 2 

47

48

Disclosure 
































































857-362-5980, select option 2. 


Foreign securities are subject to currency-exchange-rate, 

economic, and political risks, all of which may be magnified 

in emerging markets. Stock markets are volatile and can 

decline significantly in response to adverse issuer, political, 

regulatory, market, economic or other developments. 

Benchmark 

MSCI All Country World Index ex. U.S. 

Performance 








in the index. 
















Page 2 of 2 

49

50

Disclosure 































































857-362-5980, select option 2. 


Foreign securities are subject to currency-exchange-rate, 

economic, and political risks, all of which may be magnified 

in emerging markets. Stock markets are volatile and can 

decline significantly in response to adverse issuer, political, 


Benchmark 

MSCI All Country World ex. U.S. Index 

Performance 




is compared with the benchmark index. An index is an 




in the index. 
















Page 2 of 2 

51

52

Disclosure 






























For current information, including month-end performance, 

please visit www.halliburton.com/totalrewards (if you are a 

current employee) or www.netbenefits.com (if you are a 

former employee). You may also call the Halliburton Benefits 

Center at 1-866-321-0964 (international toll free, use your 

country's AT&T access code, then 866-321-0964) or for toll 

call 857-362-5980, select option 2. 
































The Mid Cap Equity Index Fund invests in both value and 

growth stocks. Growth stocks can be more volatile. Value 

stocks can continue to be undervalued by the market for long 

periods of time. The securities of smaller, lesser-known 

companies can be more volatile than those of larger 

companies. Stock markets are volatile and can decline 

significantly in response to adverse issuer, political, 


Benchmark 

Standard and Poor (S&P) MidCap 400 Index 

Performance 



dividends and capital gains. Investment options's 

performance is compared with the benchmark index. An 

















Page 2 of 2 

53

54

Disclosure 






















value and are not guaranteed by a bank or other financial 

institution. 







For current information, including month-end performance, 

please visit www.halliburton.com/totalrewards (if you are a 

current employee) or www.netbenefits.com (if you are a 

former employee). You may also call the Halliburton Benefits 

Center at 1-866-321-0964 (international toll free, use your 

country's AT&T access code, then 866-321-0964) or for toll 

call 857-362-5980, select option 2. 
































The Mid Cap Equity Index Strategy invests in both value and 

growth stocks. Growth stocks can be more volatile. Value 

stocks can continue to be undervalued by the market for long 

periods of time. The securities of smaller, lesser-known 

companies can be more volatile than those of larger 

companies. Stock markets are volatile and can decline 

significantly in response to adverse issuer, political, 


Benchmark 

Russell 2000 TR USD Index 

Performance 




is compared with the benchmark index. An index is an 




in the index. 













Page 2 of 2 

55

56

Disclosure 




































857-362-5980, select option 2. 


The Inflation Sensitive Strategy invests in inflation related 

assets including bonds and real assets. The principal value of 

inflation-linked bonds (ILBs) adjusts with inflation. ILBs 

decline in value when real interest rates rise and vice versa. 

Treasury Inflation-Protected Securities (TIPS) are ILBs issued 

by the U.S. Government. Commodities contain heightened 

risk including market, political, regulatory and natural 

conditions. REITs are subject to general equity stock market 


tax laws. Foreign currencies may fluctuate in value relative 

to the U.S. Dollar significantly over short periods. 







































vertical axis shows the credit quality of the bonds owned and 

the horizontal axis shows interest rate sensitivity as 

measured by a bond's effective duration. 

Benchmark 

45% Barclays U.S. TIPS Index/20% Dow Jones-UBS 

Commodity Index Total Return/15% JPMorgan Emerging 

Local Markets Plus (ELMI+)/10% Dow Jones US Select REIT 

Total Return Index/10% Dow Jones - UBS Gold Subindex. 

Performance 




performance is compared with the benchmark index. An 











Page 2 of 2 

57

Terms To Know 

Annual Return – The amount an investment changes in value over a one-year 

period. 

Annualized Return – The amount an investment changes in value over a 

specified period of time, expressed in annual terms. 

Asset-Backed Investment Contracts/Synthetic Guaranteed Investment 

Contract (GIC) – Instruments designed specifically for use in employersponsored 

qualified retirement plans. The contracts are issued by financial 

institutions such as banks or insurance companies. Securing the contract is 

a portfolio of securities or underlying assets. In the case of the Stable Value 

and Conservative Premixed Portfolios, for example, large portions of the assets 

backing the contracts are bonds. These bonds provide for a specific rate of 

return over a specified period. The trustee has custody of all these bonds. 

Therefore, if the financial institution runs into trouble, there is a diversified 

portfolio of bonds to mitigate losses. 

BarCap US Agg Bond TR USD is the Barclays Capital US Aggregate 

Bond Total Return USD Index – It is commonly used as a benchmark 

to measure investment performance relative to the U.S. dollar-denominated 

investment grade fixed-rate taxable bond market. The index currently includes 

U.S. Treasuries, government-related issues, corporate bonds, agency mortgagebacked 

pass-throughs (MBS), consumer asset-backed securities (ABS) and 

commercial mortgage-backed securities (CMBS). 

Bond – A debt security in which an investor loans money to an entity (corporate 

or governmental) for a defined period of time at a fixed interest rate. Bonds are 

used by companies, municipalities, states and U.S. and foreign governments to 

finance a variety of projects and activities. Bonds are commonly referred to as 

fixed-income securities. 

Credit Quality – A rating of a company’s ability to repay its obligations. 

Diversification – The process of spreading your savings across more than 

one type of investment. Diversification helps reduce market risk and protects 

against the volatility that can result from putting your entire savings in one type 

of investment. 

Equity – A term that means having “ownership” in something. Stocks are 

considered equity investments because you, as an investor, have a stake in that 

company. 

Expense Ratio – The amount of a fund’s operating expenses compared with its 

total asset base, expressed as a percentage. Because these expenses are paid 

from plan assets, a lower expense ratio is desirable. 

Hueler Stable Value Pooled Fund Index – A broadly used stable value 

benchmark. The index represents approximately 75% of the stable value pooled 

funds available to the marketplace. Stable value pooled funds are only available 

to investors through employer sponsored retirement plans. 

Index – A measurement of the performance of the overall bond or stock market 

or a particular market segment. 

Index Linked Bonds – Domestic or foreign bonds in which payment of 

income is often related to a government-issued index of the retail prices of basic 

household goods and services – such as the Consumer Price Index. Investors 

maintain their purchasing power because income payments from these bonds 

are adjusted to inflation changes. 

Inflation Risk – The likelihood that an investment’s growth will not keep pace 

with inflation. Inflation is the rate at which prices change. If the inflation rate 

grows faster than your investment’s rate of return, it can cause your savings – 

and your purchasing power – to erode substantially. To maintain your purchasing 

power, you need to earn a rate of return higher than the inflation rate. 

Management Fees – Management fees are paid out of the investment fund 

assets to investment managers who are responsible for the strategy and specific 

investment buying and selling decisions of their account. 

Market Capitalization – The total value of a company’s outstanding shares 

in the stock market, calculated by multiplying the total number of shares by the 

price per share. 

Market Risk – The likelihood that an investment will go up and down in value, 

especially over the short term. Funds with higher market risk tend to have 

more dramatic ups and downs in value than funds with lower market risk. Yet, 

historically, funds with higher market risk offer the potential for greater returns. 

MSCI (Morgan Stanley Capital International) 

All Country World Index (ACWI) ex. U.S. USD – An index of non-U.S. stock 

securities listed on the stock exchanges of developed and emerging markets. 

Plan Administration Fees – Plan administration fees are paid out of the 

investment fund assets for recordkeeping and check-writing services. 

Principal – The original sum of money invested. 

Rate of Return – The amount an investment changes in value over a period of 

time expressed as a percentage of the amount invested. 

Real Assets – Real assets are a separate asset class whose value is derived 

from the substance and properties of physical or tangible assets. Real assets 

include precious metals, commodities, real estate, agricultural land and oil. They 

are well-suited as a component of a diversified portfolio, particularly during 

inflationary times. 

Real Estate Investment Trust (REIT) – A REIT is an entity that invests in real 

estate either through commercial and multi-unit residential properties or through 

property mortgages. REITs are traded on major exchanges just like stocks and 

are highly liquid unlike traditional real estate investments. 

Russell 1000 – Russell 1000 is an index of approximately 1,000 of the largest 

companies in the U.S. equity markets. It comprises over 90% of the total market 

capitalization of all listed U.S. stocks. The average market cap of a Russell 1000 

company is over $80 billion, and all the stocks in the index are considered highly 

liquid stocks. 

Russell 2000 Total Return (TR) Index – Measures performance of the 2,000 

smallest companies in the Russell 3000 Index. 

Security – An instrument representing ownership (stocks), a debt agreement 

(bonds) or the rights to ownership (derivatives). 

Stable Value – An investment that is meant to protect your principal and 

provide a consistent rate of return. This does not mean that the investment will 

never experience a negative rate of return over shorter time periods; however, 

the fund is managed with the intent of reducing this possibility. 

Standard & Poor’s (S&P) 500 Total Return (TR) Index – A popular standard 

for measuring large company U.S. stock market performance. The index includes 

a representative sample of 500 leading companies in prominent industries. 

Standard & Poor’s (S&P) MidCap 400 Total Return (TR) Index – A 

popular standard for measuring mid cap U.S. stock market performance. The 

index includes a representative sample of 400 leading companies in prominent 

industries. 

Stock – An ownership interest in a company. When you buy stock, you become 

part owner of the company that issued it. The price of the stock depends on 

what investors are willing to pay for it, based on such things as the company’s 

profitability, products, business environment and projected future earnings. 

Stocks typically are volatile over the short term, but they historically offer greater 

returns over the long term than other types of investments. 

Total Return – The return on an investment, including income from dividends 

and interest, as well as appreciation or depreciation in the price of the security, 

over a given time period, usually a year. 

Turnover Ratio – Measures the funds’ trading activity. The percentage 

represents the number of times the portfolio’s holdings have changed over the 

past year. 

58


It is intended that the Halliburton Retirement and Savings Plan (the Plan) shall constitute 

a plan described in Section 404(c) of the Employee Retirement Income Security Act and 

Title 29 of the CODE OF FEDERAL REGULATIONS Section 2550.404c-1, and that the fiduciaries 

of the Plan may be relieved of liability for any losses that are the direct and necessary result 

of investment instructions given by a Plan participant or beneficiary. 


Halliburton Retirement 

and Savings Plan 

Halliburton Benefits Center 

(866) 321-0964 

International toll free, use your 

country’s AT&T access code, then 

(866) 321-0964 or for toll call 

(857) 362-5980, select option 2 

Retirement Plan website 

For current employees: 

www.halliburton.com/totalrewards 

For former employees: 

www.netbenefits.com 

Investment Committee 

Evelyn N. Angelle 

Senior Vice President and 

Chief Accounting Officer 

Halliburton 

Houston, Texas 

Mark A. McCollum 

Executive Vice President and 

Chief Financial Officer 



Christian Garcia 

Senior Vice President and Treasurer 



Christine Morris 

Assistant Treasurer 



Sharon Cowher 

Director, Trust Investments 



Mahesh Puducheri 

Global Vice President, 

Human Resources 


Dubai, UAE 

Corporate Trustee 

State Street Bank and Trust Company 

Boston, Massachusetts 

Master Trust Office 

10200 Bellaire Blvd. 

Houston, Texas 77072 

(281) 575-3316 

This booklet is designed to furnish Plan participants with sufficient information to form a basic understanding of the manner in which their retirement funds are 

invested. It is not intended to provide investment or financial advice in any way, or to be a solicitation of any investments or asset classes. You may want to consult 

with a qualified professional to develop strategies that fit your personal needs and objectives. Some information in this booklet refers to the historical performance of 

the investment options. Please be aware that past performance is no guarantee of future investment results. Every effort has been made to provide clear and accurate 

information. However, in the event of a discrepancy between this material and the official Plan documents and policies, the documents and policies will govern. 

59

60 

NOTES


NOTES 

61

Master Trust Office 

10200 Bellaire Blvd. 

Houston, TX 77072 

The information contained herein has 

been provided by Halliburton and is 

solely the responsibility of Halliburton. 

Printed in the U.S.A 

3.EPCP11051084A.104

Investment Highlights - Halliburton

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