Important Information About PQC

Information provided through Portfolio Quick Check is for informational and educational purposes only. To the extent any investment information is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for your customer's investment decisions. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services.

Limitations on investment guidance and professional advice

Information appearing on PQC is intended to be general and educational in nature. It is not intended to be, and should not be construed as, legal, tax, investment, or insurance advice. In making the PQC available to you, Fidelity is not providing (i) impartial or any other type of investment advice or investment advisory services, (ii) any advice or advisory services in a fiduciary capacity to you or your customers under any rule, law or regulation or (iii) any legal, tax, or insurance advice. Nothing on the PQC should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Fidelity, any of its affiliates or any third-party.

You, the Investment Professional (“IP”), are solely responsible for determining whether any investment, investment strategy, or related transaction is appropriate for your customer based on your customers’ investment objectives, financial circumstances and risk tolerance. You remain solely responsible for your compliance with applicable federal and state laws, rules, and regulations. You should consult your legal, investment or tax professional regarding your or your customers’ specific situation.

PQC Report Output

The report generated by an IP through the PQC interaction is intended for use by the IP only and the results should not be directly shared with your customers. Investment decisions should be based on your customer's goals, time horizon, and tolerance for risk. The IP is ultimately responsible for determining whether an investment is suitable for their customer and their customer's particular situation.

The current portfolio and holdings percentages were provided by the IP and analyzed primarily via data sourced from Morningstar and FactSet.

Benchmark Selection

The Fidelity Target Allocation Model Portfolios (the "Models") represent five asset allocation models that span the risk spectrum from conservative to aggressive. Percentages shown are based on an asset allocation methodology established and maintained by Fidelity Investments. The information is designed to be utilized by you solely as a resource, along with other potential sources, in providing services to your customers. You are solely responsible for determining whether the Fidelity Model Portfolios (the “Models”) allocations are appropriate and suitable for you to base a recommendation or provide advice to any end investor.

The Target Asset Allocation benchmark options are shown for illustrative purposes only, these are not intended to represent actual portfolios or a recommendation to buy or sell these products. These are based on the SPY and AGG ETF's. These represent five hypothetical asset allocation examples that span the risk spectrum from conservative to aggressive. The information is designed to be utilized by you solely as a resource.

Custom Benchmarks are inputted by the IP, and are shown for illustrative purposes only. The information is designed to be utilized by you solely as a resource.

Asset Allocation Analysis – Region, Asset, Fund

Holdings shown are presented to illustrate fund investment categories as of a given date and may not be representative of a fund's current or future investments.

When included, "Other" asset allocation figure includes derivative positions such as futures, forwards, options, swaps, and in some cases might include preferred and convertibles. Depending upon the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, “Other' figure can be a negative number.

All exposure data presented in the Asset Allocation analysis by Asset and at Fund level are net exposure values and are not rescaled. Long and short positions cancel each other, and therefore they may not add up to 100%.

Regional diversification is only available for equity holdings and is not rescaled.

Performance Analysis

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than the performance quoted. Visit institutional.fidelity.com for most recent month-end performance of Fidelity Funds. For the month-end performance of non-Fidelity Funds, please visit www.morningstar.com/cover/funds.aspx or contact the funds' distributors or visit their website.

Total return (NAV return) is historical and determined each month by taking the change in monthly net asset value, reinvesting all income and capital-gains distributions during that month, and dividing by the starting NAV.

Mutual Fund Performance: Net Asset Value (NAV) Return does not reflect the deduction of sales loads that might apply. Public Offering Price (POP) Return includes the effect of the fund’s or class’s maximum sales charge. Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information. Life of fund (LOF) returns are reported as of the fund’s inception

ETF Performance: Net Asset Value (NAV) Return represents the closing price of underlying securities at which the fund can create and redeem shares directly with the security. Market Return represents the price at which an investor can buy and sell a security in the secondary market. Since ETFs are bought and sold at prices set by the market—which can result in a premium or discount to NAV—the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). Life of fund (LOF) market returns are calculated using the first day the fund traded on an exchange, which may occur a few days after the NAV inception date. Market returns are based on the closing price on the listed exchange at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times.

Portfolio Return: The performance information calculated for a portfolio, consisting of its underlying funds/ETFs and relative weights, is calculated over a minimum of 3 years, but could be up to 5 or 10 years. If the funds in the underlying current or target portfolio do not have a minimum 3, 5 or 10 year track record, each portfolio redistributes that weight into the existing funds using a weighted average so that a comparison of portfolios can be made over a 3, 5 or 10 year time frame. Portfolio level performance assumes the portfolio is rebalanced monthly.

Portfolio net expense ratios are the weighted averages of those of its underlying funds. Prospectus net expense ratio is the total annual fund or class operating expense from the fund's most recent prospectus, after any fee waiver and/or expense reimbursements that will reduce any fund operating expenses for no less than one year from the effective date of the fund's registration statement. This number does not include any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period.

Morningstar Rankings

Morningstar Percentile Rank in Category is the fund's total-return percentile rank relative to all funds in the same Morningstar Category. The highest (or most favorable) percentile rank is one and the lowest (or least favorable) percentile rank is 100. % Rank in Category is based on total returns, which include reinvested dividends and capital gains, if any, and exclude sales charges.

Morningstar Percentile Rank is calculated using Morningstar's total return database. The calculation of total return is determined each month by taking the change in monthly net asset value, reinvesting all income and capital gains distributions during that month, and dividing by the starting NAV. Reinvestments are made using the actual reinvestment NAV, and daily payoffs are reinvested monthly. Multiple share classes of a fund have a common portfolio but impose different expense structures.

Equity Analysis – Sectors, Style, and Geography

Holdings shown are presented to illustrate fund investment categories as of a given date and may not be representative of a fund's current or future investments.

Portfolio weights in Equity Sectors and Equity Style analysis are rescaled to 100% to reflect % out of all equity positions. However, portfolio weights in the Equity Geographical analysis are net exposure values and are not rescaled. When the analysis includes individual equity securities, long and short positions cancel each other, and therefore they may not add up to 100%.

Cyclical sectors include Materials, Consumer Discretionary, Financials, and Real Estate. Defensive sectors include Consumer Staples, Healthcare, and Utilities. Sensitive sectors include Telecommunications, Energy, Industrials, and Information Technology.

Fixed Income Analysis

Holdings shown are presented to illustrate fund investment categories as of a given date and may not be representative of a fund's current or future investments. All breakdowns at the portfolio level are the weighted average of the fixed income breakdown of the underlying funds based on their "portfolio data as of" date. Please refer to "Fund level" views for the "portfolio as of" date of underlying funds. The breakdown may not add up to 100% due to rounding.

Credit quality provided by Factset. Factset provided highest of the four credit ratings - S&P, Moody's, Fitch & DBRS, for each individual security. Standard & Poor, Moody's investors service, Fitch Ratings and Dominion Bond Rating Service are designated as NRSRO.

Hypothetical Performance in Historical Market Events

Performance in historical events are hypothetical in nature as they assume the portfolio was in existence and the composition was consistent throughout all time frames reflected. They should not be considered as actual portfolio returns or guarantee future results. Analytics are presented for informational purposes only and do not constitute an offer or recommendation to buy or sell securities or to engage an investment manager.

Investment Risks

Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.

Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time.

Growth stocks can perform differently from other types of stocks and the market as a whole and can be more volatile than other types of stocks.

The securities of smaller, less well-known companies can be more volatile than those of larger companies.

In general, the bond market is volatile, and fixed-income 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.) Fixed-income securities also carry inflation, credit, and default risks for both issuers and counterparties.

Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds.

The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.

Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry.

Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets.

Investing in securities that may have a leveraging effect (such as derivatives and forward settling securities) may increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

Non-Diversified funds may have additional volatility because they may invest a significant portion of assets in securities of a small number of individual issuers.

Investing in securities may be subject to asset allocation risk and the risks of the underlying funds in which it invests. Those risks include the volatility of the financial markets in the U.S. and abroad as well as those risks associated with debt securities or bonds.

The value of commodities and commodity-linked investments may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments. If the fund's asset allocation strategy does not work as intended, the fund may not achieve its objective.

Sector funds can be more volatile because of their narrow concentration in a specific industry.

Fund(s) are subject to market fluctuation and the risks of their underlying investments. Fund(s) are subject to management fees and other expenses.

Retail Money Market Funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Government Money Market Funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. (Fidelity's government and U.S. Treasury money market funds will not impose a fee upon the sale of your shares, nor temporarily suspend your ability to sell shares if the fund's weekly liquid assets fall below 30% of its total assets because of market conditions or other factors.)

Institutional Money Market Funds: You could lose money by investing in a money market fund. Because the share price of the fund will fluctuate, when you sell your shares, they may be worth more or less than what you originally paid for them. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Glossary

12 Month Yield is the sum of a fund’s total trailing 12-month interest and dividend payments divided by the last month’s ending share price (NAV) plus any capital gains distributed over the same period.

Beta is defined as a Manager's sensitivity to market movements and is used to evaluate market related, or systematic risk. Beta is a measure of the linear relationship, over time, of the Manager's returns and those of the Benchmark. Beta is computed by regressing the Manager's excess returns over the risk-free rate (cash proxy) against the excess returns of the Benchmark over the risk-free rate. An investment that is as equally volatile as the market will have a Beta of 1.0; an investment half as volatile as the market will have a Beta of 0.5; and so on. Thus, Betas higher than 1.0 indicate that the fund is more volatile than the market.

Correlation coefficient measures the interdependencies of two random variables that range in value from -1 to +1, indicating perfect negative correlation at -1, absence of correlation at 0, and perfect positive correlation at +1.

Effective Duration is a measure of a fund's interest-rate sensitivity--the longer a fund's duration, the more sensitive the fund is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities. Small coupons tend to increase duration, while shorter maturities and higher coupons shorten duration. The relationship between funds with different durations is straightforward: A fund with a duration of 10 years is twice as volatile as a fund with a five-year duration.

Effective Maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each bond's effective maturity by the market value of the security. Average effective maturity takes into consideration all mortgage prepayments, puts, and adjustable coupons. Longer-maturity funds are generally considered more interest-rate sensitive than their shorter counterparts.

Market Participation includes up and down-market capture ratio. Up Market Capture Ratio is a measure of a product's performance in up markets relative to the market itself. An up market is one in which the market's return is greater than or equal to zero. The higher the investment's Up Market Capture Ratio, the better the investment capitalized on a rising market. Down Market Capture Ratio is a measure of an investment's performance in down markets relative to the market itself. A down market is one in which the market's return is less than zero. The lower the investment's Down-Market Capture Ratio, the better the investment protected capital during a market decline. A negative Down-Market Capture Ratio indicates that an investment's returns rose while the market declined.

Maximum Drawdown is the maximum loss from a peak to a trough of a portfolio before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. Maximum Drawdown is expressed in percentage terms and computed as (Trough Value - Peak Value) / Peak Value.

Portfolio Data As of date is the date fund data was reported

SEC Yield is a standard yield calculation developed by the U.S. Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund's filings with the SEC.

Sharpe Ratio indicates the excess return per unit of total risk as measured by Standard Deviation. It is a ratio of the arithmetic average of excess returns over the risk-free rate to the Standard Deviation. The Sharpe Ratio is a measure of the premium earned for the risk incurred by the portfolio.

Standard Deviation is a measure of the extent to which observations in a series vary from the arithmetic mean of the series. The Standard Deviation of a series of asset returns is a measure of volatility or risk of the asset.

Tracking Error is a measure of the volatility of excess returns relative to a benchmark.

Yield-to-Maturity (YTM) is the total return anticipated on a bond if the bond is held until the end of its lifetime. Yield to maturity is considered a long-term bond yield but is expressed as an annual rate. In other words, it is the internal rate of return of an investment in a bond if the investor holds the bond until maturity and if all payments are made as scheduled.

Third Party Data

Third party data used in the PQC analysis is sourced from Morningstar Direct and Factset.

©Morningstar, Inc. All rights reserved. The Morningstar sourced information contained herein: (1) is proprietary to Morningstar and/or its affiliates; (2) may not be copied or distributed; (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 this information. Fidelity does not review the Morningstar data. For mutual fund performance information, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees, and expenses.

The third-party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliated company.

Fidelity Investments and Pyramid design is a registered service mark of FMR LLC.

Fidelity Investments is not affiliated with the Distributors of any of the non-Fidelity funds listed in this comparison.

Not FDIC insured. May lose value. No bank guarantees. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

Before investing have your customer consider the fund(s) investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or a summary prospectus, if available, containing this information. Have your customer read it carefully.

Fidelity Investments offers investment products through Fidelity Distributors Company LLC, and clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC.