Fixed Income Analysis Report

Report Generated: 01/03/2018 10:42 AM

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street Smithfield, RI 02917

623712.19.0 211073982

SAMPLE FOR ILLUSTRATION PURPOSES ONLY 700422.1.4 TABLE OF CONTENTS

Fixed Income Analysis Report Overview...... 3 Bond & CD Positions Overview...... 4 Bond Fund Positions Overview...... 14 Cash Flow Calculations Overview...... 16 Bonds & CDs...... 17 Bonds, CDs, & Bond Funds...... 28 Bond Funds...... 30 Bond & CD Analytics Overview...... 32 Bond Fund Analytics Overview...... 45 Bond & CD Interest Rate Sensitivity Illustrator Overview...... 56 Bond Fund Interest Rate Sensitivity Illustrator Overview...... 66 Glossary Of Terms...... 69 Fixed Income Analysis Report 01/03/2018 10:42 AM

Fixed Income Analysis Report Overview Unless otherwise specifically stated, all position holdings data, including account balances, are gathered from brokerage accounts that you own, as well as authorized accounts and position holdings held outside of Fidelity you have identified for analysis. This report only includes your holdings in the accounts selected and identified on Fidelity.com’s Fixed Income Analysis tool’s Position page as “Existing Portfolio (Fidelity & Outside)”. Only the Interest Rate Sensitivity portion of this report includes any positions you identified as hypothetical.

This report should not be substituted for, or considered, your account statement and is provided for educational purposes only. You should not rely on this report as the primary basis for your investment or tax-planning decisions. Please consult your most recent Fidelity account statement for information regarding your account balances, positions, and transactions.

Fidelity reports data as of the most recent closing price. Fidelity is not able to verify the accuracy, timeliness or completeness of the position data reflected for positions that are held outside of Fidelity.

If there are any terms referenced in this analysis that are unfamiliar to you, please refer to Important Information section at the end of this report or visit Fixed Income Analysis tool’s Help/Glossary at Fidelity.com.

IMPORTANT: If you have any unsettled trades pending in any of the accounts identified for analysis as of the date this report was generated, account balances, holdings data and analytical information presented in this report may be materially impacted and, depending on the size and scope of such unsettled trades, rendered unreliable.

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Bond & CD Positions Overview The table included on the following pages displays bond and CD positions held at Fidelity and outside positions sorted by maturity. Additional information in the table includes applicable call dates, Moody’s and S&P ratings, acquisition information for open lots, adjusted cost basis, and duration.

The value of your holdings in your accounts may change from day to day, and you should always ensure that you have the most up-to-date information before investing. Fidelity reports data as of the most recent closing price. Fidelity is not able to verify the accuracy, timeliness or completeness of the position data reflected for positions that are held outside of Fidelity.

If there are any terms referenced in this analysis that are unfamiliar to you, please refer to the Glossary of Terms at the end of this report. For additional information, visit the Fixed Income Analysis Help/Glossary at Fidelity.com.

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Positions: Bonds & CDs (continued)

Ratings1 Open Lot Detail Total Most Acquisition Acquisition Position Estimated Duration Recent Adjusted CUSIP Description Maturity Call Date Coupon Moody's2 S&P3 Date Yield Quantity Quantity Yield (years) Price Most Recent Value CostBasis Account ProductType BANK OF CHINA NEW YORK CITY BR 06426WWX6 03/20/2018 n/a 1.400 -- -- 12/18/2017 +1.40 1,000 1,000 1.33 0.20 100.013 $1,000.13 1000.00 CD CD Outside 1.40000% 03/20/2018 PETRO-CDA NOTE CALL 71644EAH5 MAKE WHOLE 05/15/2018 n/a 6.050 WR NR n/a n/a n/a 50,000 1.77 n/a 101.530 $50,765.00 0.00 Outside Corporate 6.05000% 05/15/2018 CONOCOPHI LLIPS NOTE CALL 20825CAN4 05/15/2018 n/a 5.200 WR NR n/a n/a n/a 25,000 0.00 n/a n/a $0.00 0.00 Outside Corporate MAKE WHOLE 5.20000% 05/15/2018 CONOCOPHI LLIPS NOTE CALL 20825CAN4 05/15/2018 n/a 5.200 WR NR n/a n/a n/a 10 0.00 n/a n/a $0.00 0.00 Outside Corporate MAKE WHOLE 5.20000% 05/15/2018 BANK OF CHINA NEW YORK CITY BR 06426WWY4 06/20/2018 n/a 1.500 -- -- 12/18/2017 +1.50 1,000 1,000 1.50 0.45 100.001 $1,000.01 1000.00 CD CD Outside 1.50000% 06/20/2018 WICHITA KANS GO BDS 967243N36 SER 778A 09/01/2018 03/01/2018 4.250 AA1 AA+ n/a n/a n/a 30 1.48 0.08 100.213 $30.06 0.00 Outside Municipal 04.25000% 09/01/2018

1 Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.

2 Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--".

3 S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The McGraw-Hill Companies, Inc.

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Positions: Bonds & CDs (continued)

Ratings1 Open Lot Detail Total Most Acquisition Acquisition Position Estimated Duration Recent Adjusted CUSIP Description Maturity Call Date Coupon Moody's2 S&P3 Date Yield Quantity Quantity Yield (years) Price Most Recent Value CostBasis Account ProductType UNITED STATES TREAS NTS 912828RP7 10/31/2018 n/a 1.750 AAA -- 09/09/2013 +1.75 1,000 1,000 1.78 0.81 99.981 $999.81 999.84 Treasury NOTE Outside 1.75000% 10/31/2018 COMPASS BK BIRMINGHAM 20451PTR7 ALA CD 12/14/2018 n/a 1.700 -- -- 12/13/2017 +1.70 1,000 1,000 1.69 0.93 100.007 $1,000.07 1000.00 Outside CD 1.70000% 12/14/2018 CRANE CO NOTE CALL 224399AS4 MAKE WHOLE 12/15/2018 n/a 2.750 BAA2 BBB 10/27/2017 +1.71 1,000 1,000 2.30 0.93 100.417 $1,004.17 1009.86 Outside Corporate 2.75000% 12/15/2018 UNITED STATES TREAS NTS 912828SH4 02/28/2019 n/a 1.375 AAA -- n/a n/a n/a 1,000 1.88 1.13 99.438 $994.38 0.00 Outside Treasury NOTE 1.37500% 02/28/2019 PRIVATE EXPT FDG CORP 742651DQ2 NOTE 08/15/2019 n/a 1.450 AAA NR 09/25/2017 +1.59 2,000 2,000 2.05 1.57 99.061 $1,981.22 1994.80 Outside Corporate 1.45000% 08/15/2019

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Positions: Bonds & CDs (continued)

Ratings1 Open Lot Detail Total Most Acquisition Acquisition Position Estimated Duration Recent Adjusted CUSIP Description Maturity Call Date Coupon Moody's2 S&P3 Date Yield Quantity Quantity Yield (years) Price Most Recent Value Cost Basis Account Product Type JOHNSON CNTY KANS UNI SCH DIST NO 232 478712MG4 09/01/2019 03/01/2018 3.500 AA2 -- n/a n/a n/a 100 1.79 0.08 100.131 $100.13 0.00 Outside Municipal 03.50000% 09/01/2019G O REF BDS SER. 2008 JOHNSON CNTY KANS UNI SCH DIST NO 512 04.00000% 478740PU1 10/01/2019 n/a 4.000 AAA -- n/a n/a n/a 100 0.00 n/a n/a $0.00 0.00 Outside Municipal 10/01/2019SH AWNEE MISSION GO SCH BDS SER. 2007-A MANHATTAN KANS GO REF BDS 5628943N3 11/01/2019 n/a 3.250 AA2 AA n/a n/a n/a 100 1.62 1.76 102.909 $102.90 0.00 Outside Municipal SER.2009-D 03.25000% 11/01/2019 WASHINGTO N PG LP NOTE CALL 939648AB7 MAKE 04/01/2020 03/02/2020 3.850 BAA3 BBB- n/a n/a n/a 1,000 3.74 2.03 100.214 $1,002.14 0.00 Outside Corporate WHOLE3.8500 0% 04/01/2020

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Positions: Bonds & CDs (continued)

Ratings1 Open Lot Detail Total Most Acquisition Acquisition Position Estimated Duration Recent Adjusted CUSIP Description Maturity Call Date Coupon Moody's2 S&P3 Date Yield Quantity Quantity Yield (years) Price Most Recent Value CostBasis Account ProductType TENNESSEE VALLEY AUTH FED BE 88059EMX9 07/15/2020 n/a 0.000 -- -- 09/09/2013 +2.82 1,000 1,000 2.33 2.50 94.304 $943.04 931.57 Agency 0.00000% Outside 07/15/2020 GEN INT FEDERAL JUDICIARY OFF BLDG 313490CE2 TRT 08/15/2020 n/a 0.000 -- -- n/a n/a n/a 3,000 2.43 2.58 93.888 $2,816.64 0.00 Outside Agency 0.00000% 08/15/2020 ZERO CTF FEDERAL JUDICIARY OFF BLDG 313490CE2 TRT 08/15/2020 n/a 0.000 -- -- 09/09/2013 +2.72 2,000 2,000 2.43 2.58 93.888 $1,877.76 1658.46 Outside Agency 0.00000% 08/15/2020 ZERO CTF WELLS FARGO CO 94974BGR5 MTN BE 12/07/2020 n/a 2.550 A2 A 04/14/2016 +1.64 1,000 1,000 2.43 2.80 100.331 $1,003.31 1025.97 Outside Corporate 2.55000% 12/07/2020 MARYLAND ST GO BDS 574192S50 SER.2009C 03/01/2021 03/01/2019 5.000 AAA AAA n/a n/a n/a 1,000 1.45 1.11 104.049 $1,040.49 0.00 Outside Municipal 05.00000% 03/01/2021

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Positions: Bonds & CDs (continued)

Ratings1 Open Lot Detail Total Most Acquisition Acquisition Position Estimated Duration Recent Adjusted CUSIP Description Maturity Call Date Coupon Moody's2 S&P3 Date Yield Quantity Quantity Yield (years) Price Most Recent Value CostBasis Account ProductType KANSAS ST DEV FIN AUTH REV REV BDS 48542K4C0 03.40000% 05/01/2022 05/01/2020 3.400 AA2 AA- n/a n/a n/a 200 1.82 2.22 103.579 $207.15 0.00 Outside Municipal 05/01/2022UN IVERSITY OF KANSASSER. 2010K-1 UNITED STATES TREAS NTS 9128282S8 08/31/2022 n/a 1.625 AAA -- 09/01/2017 +1.71 1,000 1,000 2.23 4.42 97.359 $973.59 996.17 Treasury NOTE Outside 1.62500% 08/31/2022 SALINA KANS HOSP REVREF IMPT BDS SALINA 794770DH7 10/01/2022 n/a 5.000 WR NR n/a n/a n/a 100 0.00 n/a n/a $0.00 0.00 Outside Municipal 05.00000% 10/01/2022RE GL HLTH CTR SER. 2006 FORD MOTOR CREDIT COMPANY 34540TDZ2 12/20/2022 06/20/2018 3.500 BAA2 BBB 09/09/2013 +3.84 1,000 1,000 3.76 4.50 98.849 $988.49 974.00 Corporate MTN Outside 3.50000% 12/20/2022

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Positions: Bonds & CDs (continued)

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Positions: Bonds & CDs (continued)

Ratings1 Open Lot Detail Total Most Acquisition Acquisition Position Estimated Duration Recent Adjusted CUSIP Description Maturity Call Date Coupon Moody's2 S&P3 Date Yield Quantity Quantity Yield (years) Price Most Recent Value Cost Basis Account Product Type SOUTHWEST HIGHER ED AUTH INC TEX REV REV03.50000 845040HT4 % 10/01/2024 10/01/2020 3.500 AA3 AA- n/a n/a n/a 100 1.69 2.59 104.827 $104.82 0.00 Outside Municipal 10/01/2024BD S SOUTHERN METHODIST UNIV SER. 2010 SALINA KANS WTR &SEWREV WTR AND 794811KN8 SWR SYS 10/01/2025 10/01/2019 4.125 AA3 -- n/a n/a n/a 100 1.90 1.66 103.792 $103.79 0.00 Outside Municipal 04.12500% 10/01/2025RE V BDS SER. 2011 AIKEN CNTY S C CONS SCH DIST GO BDS 008770PV5 SER.05.00000 03/01/2026 n/a 5.000 AA1 AA n/a n/a n/a 90,000 1.97 6.79 122.730 $110,457.00 0.00 Outside Municipal % 03/01/202620 16 A TOPEKA KANS GO IMPT AND 890568VT2 REF BDS 08/15/2026 n/a 3.750 AA3 AA n/a n/a n/a 100 0.00 n/a n/a $0.00 0.00 Outside Municipal 03.75000% 08/15/2026SE R.2011-A

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Positions: Bonds & CDs (continued)

Ratings1 Open Lot Detail Total Most Acquisition Acquisition Position Estimated Duration Recent Adjusted CUSIP Description Maturity Call Date Coupon Moody's2 S&P3 Date Yield Quantity Quantity Yield (years) Price Most Recent Value CostBasis Account ProductType KANSAS ST DEV FIN AUTH REV REV BDS 485429KG8 03.75000% 05/01/2027 05/01/2020 3.750 AA3 A+ n/a n/a n/a 100 2.36 2.21 103.113 $103.11 0.00 Outside Municipal 05/01/2027ST ATE OF KS PROJS SER. 2011-B CALIFORNIA ST GO 13063CW97 VARPURP BDS 09/01/2027 09/01/2026 5.000 AA3 AA- 04/06/2017 +2.47 5,000 5,000 2.05 7.14 123.292 $6,164.60 5983.41 Outside Municipal 05.00000% 09/01/2027 KANSAS ST DEV FIN AUTH REV ATHLETIC 05.00000% 485429EY6 07/01/2029 n/a 5.000 A1 A- n/a n/a n/a 100 0.00 n/a n/a $0.00 0.00 Outside Municipal 07/01/2029FA CS REV BDS KANSAS ST UNIV SER.2011-A-1 GOVT NATL MTG ASSN POOL 36290SYJ4 05/15/2034 n/a 5.000 NR NR 11/10/2014 n/a 7,871 685 0.00 n/a 108.064 n/a 721.04 Agency #616413 Outside 5.00000% 05/15/2034

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Positions: Bonds & CDs (continued)

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Bond Fund Positions Overview The table included on the following pages displays bond fund positions held at Fidelity and outside positions sorted by symbol. Additional information in the table includes the most recent value, 30 day yield, and duration.

Mutual Funds, including Bond Funds, are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4 p.m.) and prices are generally available between 5 p.m. and 6 p.m.

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 risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

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Positions: Bond Funds (continued)

30 Day Yield Duration Symbol Description QTY NAV 30 Day Yield ¹ As of Date Estimated Total Market Value (years) Account Product Type

FHIGX FIDELITY MUNICIPAL INCOME 150.000 13.120 2.18 12/31/2017 $1,968.00 6.82 Outside Bond Fund - Fidelity

FNMIX FIDELITY NEW MARKETSINCOME 250.000 16.230 4.42 12/31/2017 $4,057.50 6.52 Outside Bond Fund - Fidelity

FTABX FIDELITY TAX-FREE BOND 1,000.000 11.580 2.25 12/31/2017 $11,580.00 6.68 Outside Bond Fund - Fidelity

FTBFX FIDELITY TOTAL BOND 2,245.000 10.620 2.43 12/31/2017 $23,841.90 5.43 Outside Bond Fund - Fidelity

FTBFX FIDELITY TOTAL BOND 500.000 10.620 2.43 12/31/2017 $5,310.00 5.43 Outside Bond Fund - Fidelity

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

1 A standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield." Please visit Fidelity.com Mutual Fund Research to view the additional performance data including quarter-end returns and month-end yields (unsubsidized/subsidized).

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Cash Flow Calculations Overview The cash flow calculation illustrations on the following pages display historical and hypothetical future income for bond, CD, and bond fund positions held at Fidelity and outside positions, including: · Standard Cash Flow, Moody’s Credit Ratings, S&P Credit Ratings, Events, and Taxability for Bonds and CDs. · Fixed Income Illustrator for Bonds, CDs, and Bond Funds. · Bond Fund Income Illustrator for Bond Funds.

Unless otherwise specifically stated, all position holdings data, including account balances, are gathered from Fidelity brokerage accounts that you own, authorized accounts, and positions held outside of Fidelity you identified for analysis. You may have holdings in other accounts that are not included in this report. This report does not include any positions you identified as hypothetical.

IMPORTANT: If you have unsettled trades pending in any of the accounts identified on this page as of the date this report was generated, the account balances, holdings data and analytical information presented in this report may be materially impacted and, depending on the size and scope of such unsettled trades, rendered unreliable.

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Cash Flow Calculations: Bonds & CDs This table represents historical payments of interest and return of principal and hypothetical future income for bond and CD positions. In addition to standard cash distributions, please find on the following pages, alternate views by credit ratings, events that can impact payments until maturity, and taxability.

NOTICE: The report does not include positions you identified as hypothetical. The calculations displayed may differ from those displayed in the online calculator, which includes hypothetical positions.

Cash Distribution (Estimated Interest & Principal) – Standard

Year 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Interest $7,701.23 $5,432.37 $5,341.57 $5,293.31 $5,290.00 $5,193.45 $5,191.64 $4,766.64 $2,512.52 $256.88

Principal $80,040.00 $4,300.00 $8,100.00 $0.00 $3,300.00 $100.00 $10,000.00 $100.00 $90,100.00 $5,100.00

Total $87,741.23 $9,732.37 $13,441.57 $5,293.31 $8,590.00 $5,293.45 $15,191.64 $4,866.64 $92,612.52 $5,356.88

Year 2028 2029

Interest $5.00 $5.00

Principal $0.00 $100.00

Total $5.00 $105.00

Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s).

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Cash Flow Calculations: Bonds & CDs (continued)

Cash distribution by credit rating helps identify where income and principal payments could be subject to increased credit risk. The credit rating categories displayed in the chart represent both the main rating and its increments combined to provide the amounts displayed.

Cash Distribution (Estimated Principal & Interest) – Moody's Credit Rating

Year AAA AA A BAA BA B CAA CA C Other Total

Int. $555.49 $4,783.60 $30.50 $136.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,195.64 $7,701.23 2018 Prin. $1,000.00 $30.00 $0.00 $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $78,010.00 $80,040.00

Int. $506.05 $4,782.32 $30.50 $108.50 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00 $5,432.37 2019 Prin. $4,100.00 $200.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4,300.00

Int. $441.26 $4,775.56 $30.50 $89.25 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00 $5,341.57 2020 Prin. $0.00 $100.00 $1,000.00 $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6,000.00 $8,100.00

Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., AAA for best quality bonds, BAA for a lower quality than AAA, etc.). A rating of BAA3 is the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as “--" and included in the column titled “Other.”

Moody's ratings ("Ratings") are proprietary to Moody's or its affiliates and are protected by copyright and other intellectual property laws. Ratings are licensed to Licensee by Moody's. Moody's® is a registered trademark of Moody's Investors Service, Inc.

RATINGS MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the “long-term” rating, which reflects the rating agency’s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security’s rating is based on any credit enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details for more detailed credit rating information.

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Year AAA AA A BAA BA B CAA CA C Other Total

Int. $441.25 $4,772.06 $5.00 $70.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00 $5,293.31 2021 Prin. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Int. $441.34 $4,768.66 $5.00 $70.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00 $5,290.00 2022 Prin. $1,000.00 $200.00 $0.00 $2,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00 $3,300.00

Int. $425.00 $4,763.45 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5,193.45 2023 Prin. $0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00

Int. $425.00 $4,761.64 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5,191.64 2024 Prin. $10,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10,000.00

Int. $0.00 $4,761.64 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4,766.64 2025 Prin. $0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00

Int. $0.00 $2,507.52 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,512.52 2026 Prin. $0.00 $90,100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $90,100.00

Int. $0.00 $251.88 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $256.88 2027 Prin. $0.00 $5,100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5,100.00

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Year AAA AA A BAA BA B CAA CA C Other Total

Int. $0.00 $0.00 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00 2028 Prin. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Int. $0.00 $0.00 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00 2029 Prin. $0.00 $0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00

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Cash Flow Calculations: Bonds & CDs (continued)

Cash distribution by credit rating helps identify where income and principal payments could be subject to increased credit risk. The credit rating categories displayed in the chart represent the letter rating and any modifiers (+/- for S&P credit ratings) to provide the amounts displayed.

Cash Distribution (Estimated Interest & Principal) – S&P Credit Rating

Year AAA AA A BBB BB B CCC CC C Other Total

Int. $50.00 $5,197.22 $34.26 $136.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,283.75 $7,701.23 2018 Prin. $0.00 $30.00 $0.00 $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $79,010.00 $80,040.00

Int. $25.00 $5,195.94 $34.26 $108.50 $0.00 $0.00 $0.00 $0.00 $0.00 $68.67 $5,432.37 2019 Prin. $1,000.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3,200.00 $4,300.00

Int. $0.00 $5,192.68 $34.26 $89.25 $0.00 $0.00 $0.00 $0.00 $0.00 $25.38 $5,341.57 2020 Prin. $0.00 $100.00 $1,000.00 $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6,000.00 $8,100.00

S&P Rating: A bond rating system provided by Standard & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as “--" and included in the column titled “Other.” S&P is a registered service mark of The McGraw-Hill Companies, Inc. Ratings information from Standard & Poor's (“S&P”) may not be reproduced. S&P credit ratings are statements of opinion and are not statements of fact or recommendations to purchase, hold, or sell securities, nor do they address the suitability of securities for investment purposes, and should not be relied on as investment advice. S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for errors or omissions (negligent or otherwise). S&P gives no express or implied warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose or use. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of ratings.

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Year AAA AA A BBB BB B CCC CC C Other Total

Int. $0.00 $5,189.18 $8.76 $70.00 $0.00 $0.00 $0.00 $0.00 $0.00 $25.37 $5,293.31 2021 Prin. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Int. $0.00 $5,185.78 $8.76 $70.00 $0.00 $0.00 $0.00 $0.00 $0.00 $25.46 $5,290.00 2022 Prin. $0.00 $200.00 $0.00 $2,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,100.00 $3,300.00

Int. $0.00 $5,180.57 $8.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.12 $5,193.45 2023 Prin. $0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00

Int. $0.00 $5,178.76 $8.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.12 $5,191.64 2024 Prin. $0.00 $10,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10,000.00

Int. $0.00 $4,753.76 $8.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.12 $4,766.64 2025 Prin. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00 $100.00

Int. $0.00 $2,503.76 $8.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,512.52 2026 Prin. $0.00 $90,100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $90,100.00

Int. $0.00 $250.00 $6.88 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $256.88 2027 Prin. $0.00 $5,000.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5,100.00

Int. $0.00 $0.00 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00 2028 Prin. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

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Year AAA AA A BBB BB B CCC CC C Other Total

Int. $0.00 $0.00 $5.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.00 2029 Prin. $0.00 $0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00

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Cash Flow Calculations: Bonds & CDs (continued)

The Event Cash Flow Table represents the potential impact of issuer events on estimated income payments. This table represents the impact to the portfolio should the nearest possible event be triggered for each considered security. Events include calls, puts, sinking funds, and pre-refunding. To view details about the event types that make up the Cash Flow Reduced Due to Events column, please see the Fixed Income Analysis tool on Fidelity.com (Portfolio Summary, Select Action/Fixed Income Analysis) and view the Events chart under the Cash Flow Calculations tab.

Cash Distribution (Estimated Interest & Principal) - Events

2018 2019 2020 2021 2022

Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Standard Reduced due to Standard Reduced due to Standard Reduced due to Standard Reduced due to Standard Reduced due to Cash Flow Events Cash Flow Events Cash Flow Events Cash Flow Events Cash Flow Events

Int. $7,701.23 $397.69 $5,432.37 $335.30 $5,341.57 $278.55 $5,293.31 $251.81 $5,290.00 $250.00

Prin. $80,040.00 $2,130.00 $4,300.00 $1,100.00 $8,100.00 $1,400.00 $0.00 $100.00 $3,300.00 $0.00

Total $87,741.23 $2,527.69 $9,732.37 $1,435.30 $13,441.57 $1,678.55 $5,293.31 $351.81 $8,590.00 $250.00

2023 2024 2025 2026 2027

Int. $5,193.45 $250.00 $5,191.64 $250.00 $4,766.64 $250.00 $2,512.52 $250.00 $256.88 $0.00

Prin. $100.00 $0.00 $10,000.00 $0.00 $100.00 $0.00 $90,100.00 $5,000.00 $5,100.00 $0.00

Total $5,293.45 $250.00 $15,191.64 $250.00 $4,866.64 $250.00 $92,612.52 $5,250.00 $5,356.88 $0.00

Page 24 of 71 Fixed Income Analysis Report 01/03/2018 10:42 AM

2028 2029

Cash Flow Cash Flow Standard Reduced due to Standard Reduced due to Cash Flow Events Cash Flow Events

Int. $5.00 $0.00 $5.00 $0.00

Prin. $0.00 $0.00 $100.00 $0.00

Total $5.00 $0.00 $105.00 $0.00

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Cash Flow Calculations: Bonds & CDs (continued) The Taxability table represents the percentage of bond and CD positions that are federally taxable or tax exempt. Corporate bonds, agency/government-sponsored enterprise (GSE) bonds, U.S. Treasury bonds and CDs are categorized as taxable because their interest is not exempt from federal income tax. Interest income generated by tax-exempt municipal bonds is generally expected to be exempt from federal income taxes and, if the bonds are held by an investor residing in the state of issuance, state and local income taxes. Such interest income may be subject to federal and/or state alternative minimum taxes.

Cash Distribution (Estimated Interest & Principal) - Taxability

2018 2019 2020 2021 2022 Tax Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Status Taxable $80,010.00 $2,853.63 $3,000.00 $611.05 $8,000.00 $556.01 $0.00 $511.25 $3,000.00 $511.34 Tax $30.00 $4,847.60 $1,300.00 $4,821.32 $100.00 $4,785.56 $0.00 $4,782.06 $300.00 $4,778.66 Exempt Total $80,040.00 $7,701.23 $4,300.00 $5,432.37 $8,100.00 $5,341.57 $0.00 $5,293.31 $3,300.00 $5,290.00

2023 2024 2025 2026 2027 Tax Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Status Taxable $0.00 $425.00 $10,000.00 $425.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Tax $100.00 $4,768.45 $0.00 $4,766.64 $100.00 $4,766.64 $90,100.00 $2,512.52 $5,100.00 $256.88 Exempt Total $100.00 $5,193.45 $10,000.00 $5,191.64 $100.00 $4,766.64 $90,100.00 $2,512.52 $5,100.00 $256.88

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2028 2029 Tax Principal Interest Principal Interest Status Taxable $0.00 $0.00 $0.00 $0.00 Tax $0.00 $5.00 $100.00 $5.00 Exempt Total $0.00 $5.00 $100.00 $5.00

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Cash Flow Calculations: Bonds, CDs, & Bond Funds Fixed Income Illustrator combines Bond & CD historical distributions and hypothetical future income with Bond Fund historical distributions and the calculation type you selected to illustrate hypothetical future annual income for your fixed income portfolio.

Previous month’s income is based on actual fund distributions for your bond funds held in Fidelity brokerage accounts. Income calculations for the current month until the end of the year are illustrated using your selected calculation type, either 30-Day Yield, Indicated Annual Dividend (IAD), or Custom Yield. This selection was applied and calculated for your bond funds held at Fidelity and those which you identified as outside. If you selected to use the 30-day yield or IAD, the bond fund's specific 30-day yield or IAD for the current month will be applied for current month through the end of the calendar year. If you entered a custom yield, it will be applied to all bond funds for the current month through the end of the calendar year. See below for additional information about which positions are included in this illustration.

Fixed Income Illustrator – All Product Types (Bonds, CDs, & Bond Funds)

Selected calculation type for bond fund hypothetical portfolio income¹: IAD Other Calculation types that were available for illustration: 30 day Yield, Custom Yield

Historical Distributions Hypothetical Future Income Hypothetical Annual Income

Bonds & CDs (Current calendar Year: Principal & Interest) $0.004 $87,741.23 5 $87,741.23

Bond Funds (Current Calendar Year) $0.002 $1,364.52 3 $1,364.52

Totals $0.00 $89,105.75 $89,105.75

The Fixed Income Illustrator is an educational calculator and should not be relied upon for making financial decisions. Actual income may differ significantly from the amounts displayed.

Future income calculations are hypothetical illustrations based on mathematical concepts and there are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s).

Numerous factors make the cash flows uncertain, including the calculation type you select to illustrate hypothetical future bond fund portfolio income. The illustrations are based on the following assumptions: • Distributions will be equally distributed throughout the period in accordance with the issuer's stated distribution schedule; and • Fixed income position holdings and market values will remain constant throughout the period.

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1 Select calculation type for bond fund hypothetical portfolio income illustration: • Custom Yield - Select Custom Yield to calculate hypothetical future income for your bond fund portfolio using any entered yield value. Your custom yield will be applied equally across all bond fund positions.

• 30-Day Yield - Select 30-Day Yield to calculate hypothetical future income for your bond fund portfolio using a standard yield calculation developed by the Securities and Exchange Commission for bond funds. 30-Day Yield is calculated for each bond fund by dividing the net investment income per share earned by each fund during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of each fund's expenses. The yield does not necessarily reflect income actually distributed by each bond fund to its shareholders and does not take into account capital gains or losses. The calculator will use the most recent 30-Day Yield available to Fidelity for each bond fund position. Please refer to the Portfolio Positions page for additional 30-Day Yield information.

• Indicated Annual Dividend (IAD) - Select Indicated Annual Dividend to calculate hypothetical future income for your bond fund portfolio using a historical methodology based on the accumulated regular cash dividends paid by each bond fund during the previous 12 months. Historical performance is no guarantee of future results. IADs are sourced from third-party vendors believed to be reliable, but no assurance can be made as to accuracy. This third-party data may not be promptly updated to reflect various corporate actions (for example, when an issuer has missed a scheduled dividend payment, announced changes to a payment schedule, or declared a stock split) and, as a result, income may be overstated. If an IAD is not available for a particular bond fund, hypothetical future income may be understated. Please refer to your current Fidelity account statement for additional IAD information. 2 Historical bond fund distribution information only includes dividends and capital gains received from bond funds held in Fidelity accounts and not from bond funds held in non-Fidelity accounts or hypothetical positions you have identified for analysis. Reinvested distributions are excluded from the historical distributions displayed above.

3 Hypothetical future bond fund income for the current month to the end of the calendar year includes all position types (bond funds held in Fidelity accounts and bond funds held in non-Fidelity accounts and hypothetical positions you have identified for analysis).

4 Historical bond and certificate of deposit (CD) distribution information includes principal and interest for all position types (bonds and CDs held in Fidelity accounts and bonds and CDs held in non-Fidelity accounts and hypothetical positions you have identified for analysis).

5 Future bond and CD income illustration for the current month through the end of the calendar year includes all position types (bonds and CDs held in Fidelity accounts and bonds and CDs held in non-Fidelity accounts and hypothetical positions you have identified for analysis) and uses each security's coupon rate.

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Cash Flow Calculations: Bond Funds The Bond Fund Income Illustrator table shows the historical distributions and hypothetical future income of bond funds held within your portfolio.

Bond Fund Income Illustrator – Bond Funds

Selected calculation type for bond fund hypothetical portfolio income¹: Indicated Annual Dividend(IAD) Other Calculation types that were available for illustration: 30-Day Yield, Custom Yield

Month Historical Distributions 2 Hypothetical Future Income 3 Total Income (Fidelity held positions only) (All position types) (Distributions + Hypothetical)

January 2018 -- $113.71 $113.71

February 2018 -- $113.71 $113.71

March 2018 -- $113.71 $113.71

April 2018 -- $113.71 $113.71

May 2018 -- $113.71 $113.71

June 2018 -- $113.71 $113.71

July 2018 -- $113.71 $113.71

August 2018 -- $113.71 $113.71

September 2018 -- $113.71 $113.71

October 2018 -- $113.71 $113.71

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November 2018 -- $113.71 $113.71

December 2018 -- $113.71 $113.71

Total 2018 $0.00 $1,364.52 $1,364.52

The Bond Fund Income Illustrator is an educational calculator and should not be relied upon for making financial decisions. Actual income may differ significantly from the amounts displayed.

• Distributions will be equally distributed throughout the period in accordance with the issuer’s stated distribution schedule; and • Fixed income position holdings and market values will remain constant throughout the period.

• Indicated Annual Dividend (IAD) - Select Indicated Annual Dividend to calculate hypothetical future income for your bond fund portfolio using a historical methodology based on the accumulated regular cash dividends paid by each bond fund during the previous 12 months. Historical performance is no guarantee of future results. IADs are sourced from third-party vendors believed to be reliable, but no assurance can be made as to accuracy. This third-party data may not be promptly updated to reflect various corporate actions (for example, when an issuer has missed a scheduled dividend payment, announced changes to a payment schedule, or declared a stock split) and, as a result, income may be overstated. If an IAD is not available for a particular bond fund, hypothetical future income may be understated. Please refer to your current Fidelity account statement for additional IAD information. 2 Historical bond fund distribution information only includes dividends and capital gains received from bond funds held in Fidelity accounts and not from bond funds held in non-Fidelity accounts you identified. Reinvested distributions are excluded from the historical distributions displayed above.

3 Hypothetical future bond fund income for the current month to the end of the calendar year includes bond funds held in Fidelity accounts and bond funds held in non-Fidelity accounts you identified for analysis.

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Bond & CD Analytics Overview Analytics can help identify different types of risk or diversification opportunities. The charts included on the following pages display bond & CD positions held at Fidelity and outside positions aggregated by: Taxability; Bond Type; Credit Rating; Alternative Minimum Tax (AMT, Municipal Bonds Only); Income Source (Municipal Bonds Only); Sector Exposure (Corporate Bonds Only); Duration (years); Underlying Ratings (Municipal Bonds Only); State Exposure (Municipal Bonds Only); and Issuer Concentration. The Other analytic bar chart category is displayed as the 10th category when more than 10 unique categories exist or when position data is not available or is unknown.

Unless otherwise specifically stated, portfolio characteristics presented in this analysis (including bond type; taxability; credit rating; alternative minimum tax; income source; sector exposure; duration, state exposure; issuer concentration; and underlying ratings (Municipal Bonds Only) are derived from data from third parties. Fidelity cannot guarantee the accuracy or timeliness of data obtained from third parties. Data is of the most recent date available, which may not be as of the same date as your account data.

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Analytics: Bonds & CDs (continued) This chart shows the percentage of income from bond and CD positions that are either federally taxable or exempt from federal taxation.

Taxability

Tax-Exempt 52.46%

Taxable 47.54%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Analytics: Bonds & CDs (continued)

This chart shows bond and CD positions by the following categories: corporate, municipal, agency/government-sponsored enterprise (GSE), U.S. Treasury, and CD.

Bond Type

Municipal 57.15%

Corporate 36.50%

3.71% Agency

CD 1.32%

Treasury 1.31%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Analytics: Bonds & CDs (continued)

These charts show bond and CD positions by the distribution of the long-term Moody's and S&P credit ratings. Positions that are not rated will appear as “NR”.

Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected below are typically the "long-term" rating, which reflects the rating agency's opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security's rating is based on any credit enhancement features, the rating agency may also assign an "underlying" rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings.

Moody's Credit Ratings S&P Credit Ratings

AAA 0.46% AAA 7.38% AA+ 4.71% AA1 48.74% AA 48.82% AA2 0.23% AA- 2.90% AA3 2.90% A+ 0.05% A2 0.44% A 0.44% BAA2 1.32% BBB 1.32% BAA3 0.44% BBB- 0.44% NR 1.23% NR 35.57% WR 33.47% Other 5.30% Other 3.85%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as “NR".

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Moody's ratings ("Ratings") are proprietary to Moody's or its affiliates and are protected by copyright and other intellectual property laws. Ratings are licensed to Licensee by Moody's.

Ratings information from Standard & Poor's (“S&P”) may not be reproduced. S&P credit ratings are statements of opinion and are not statements of fact or recommendations to purchase, hold, or sell securities, nor do they address the suitability of securities for investment purposes, and should not be relied on as investment advice. S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for errors or omissions (negligent or otherwise). S&P gives no express or implied warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose or use. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of ratings.

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Analytics: Bonds & CDs (continued) This chart shows the percentage of municipal positions that are expected to generate interest income subject to federal AMT.

Alternative Minimum Tax (AMT, Municipal Bonds Only)

Non-AMT 100.00%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Analytics: Bonds & CDs (continued) This chart shows the percentages of municipal bond positions that are categorized as General Obligation or Revenue bonds. Also shown is a breakdown for all revenue bonds by income source and the specific types of projects associated with the bond's revenue stream.

Income Source (Municipal Bonds Only) Income Source (Municipal Bonds Only) All Municipals Revenue Bonds

General Oblig... 99.36% Education 62.76%

Revenue 0.64% Utilities 12.60%

Government 12.51%

Hospitals 12.14%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Analytics: Bonds & CDs (continued) This chart shows the percentage of corporate bonds positions classified by various sectors representing the industries in which the companies issuing the bonds operate. Sector refers to the area of the economy from which the bond issuer derives its main sources of revenue.

Sector Exposure (Corporate Bonds Only)

Petroleum 61.35%

Other Industr... 30.23%

Finance (non-... 3.61%

Auto 2.39%

Steel 1.21%

Finance (bank) 1.21%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Analytics: Bonds & CDs (continued) These charts show the percentages of municipal bond positions based on underlying ratings. Bond ratings are provided by Moody's and S&P which indicate each organization's assessment of the relative credit quality of a municipal bond issue on its own merits, without the impact of the credit quality of a bond insurer. Positions that are not rated will appear as “NR”.

Multiple ratings may be assigned to a municipal security by a single rating agency. Typically, a bond will receive a "long-term" rating, which reflects the rating agency's opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance or other forms of third party guarantee or support. Further, if the municipal security's rating is based on any credit enhancement features, the rating agency may also assign an "underlying" rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features.

Underlying Ratings (Municipal Bonds Only) Moody's Underlying Ratings (Municipal Bonds Only) S&P

100.00% AAA 0.80% Other

AA1 8.24%

AA2 85.65%

AA3 5.00%

A1 0.15%

WR 0.15%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

Page 40 of 71 Fixed Income Analysis Report 01/03/2018 10:42 AM

Moody's ratings ("Ratings") are proprietary to Moody's or its affiliates and are protected by copyright and other intellectual property laws. Ratings are licensed to Licensee by Moody's.

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Analytics: Bonds & CDs (continued) This chart shows the percentage of municipal bond positions according to their state of origin.

State Exposure (Municipal Bonds Only)

SC 85.26%

NY 8.21%

4.76% CA

0.89% KS

0.80% MD

0.08% TX

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Analytics: Bonds & CDs (continued) This chart shows bond and CD positions aggregated by duration ranges. When duration data is not available for specific positions, those positions will be included in the bar labeled “Unknown.”

Duration (years)

7 - 13 51.45%

Unknown 34.83%

13.72% 0 - 6

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Analytics: Bonds & CDs (continued) This chart shows bond and CD positions by issuer concentration and product type. For Corporate, Agency/GSE and CDs, this chart identifies the top issuers for each type.

Issuer Concentration Issuer Concentration Issuer Concentration for Agencies for Corporate Bonds for CD's

61.35% 66.67% Federal Judiciar 55.79% Petro-cda Bank Of China Ne

30.23% 33.33% Fedl Natl Mtg As 24.21% Conocophillips Compass Bk

11.21% 2.39% Tennessee Valley Private Expt Fdg

2.39% Govt Natl Mtg As 8.80% Ford Motor Credi

1.21% Crane Co

1.21% Wells Fargo Co M

1.21% Washington Pg Lp

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Bond Fund Analytics Overview Analytics help identify different types of risk or diversification opportunities. The charts included on the following pages display bond fund positions held at Fidelity and outside positions aggregated by: Credit Quality; Duration (years); Overall MorningstarTM Rating; Taxability; US vs. Foreign Exposure; Country Diversification, Portfolio Diversification; Income Source; Alternative Minimum Tax (AMT); and Revenue Source Diversification (Fidelity Funds Only). The Other analytic bar chart category is displayed as the 10th category when more than 10 unique categories exist or when position data is not available or is unknown. The exception to this is the Credit Quality chart for Bond Funds. This chart has an Unknown category instead of Other because that is the primary type of uncategorized data.

Unless otherwise specifically stated, portfolio characteristics presented in this analysis (including credit quality, taxability, duration, U.S. v. foreign exposure, country diversification, income source, revenue source diversification, portfolio diversification, and alternative minimum tax) are derived from data from FMR, LLC for Fidelity Mutual Funds, including Bond Funds, and from third parties for non-Fidelity funds. Fidelity cannot guarantee the accuracy or timeliness of data obtained from third parties. Data is of the most recent date available, which may not be as of the same date as your account data.

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All Bond Funds This chart shows a breakdown of credit ratings for the underlying bond holdings of your bond fund positions. Fund managers are asked to consider ratings provided by all rating organizations for underlying bond holdings of the fund and map those ratings which are represented by S&P letter rating classifications/symbology. All short term ratings are reflected in a short term category on the chart. For further information on the source and methodology of this data, please visit the Positions tab of the Fixed Income Analysis tool on Fidelity.com. Click on the bond fund symbol and then click on the Composition tab.

Credit Quality

U.S. Government 35.20%

AAA 2.64%

AA 13.58% 15.63% A

BBB 15.65%

BB 7.15%

B 4.99%

CCC & Below 1.33%

Short-Term Rated 0.00%

Not Rated/Not... 1.15%

Cash & Net Ot... 2.68%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

Page 46 of 71 Fixed Income Analysis Report 01/03/2018 10:42 AM

Individual credit ratings assigned to the underlying holdings of each fund are reported by the Investment Manager of each bond fund. For further information on the source and methodology of this data, please visit the Positions tab of the Fixed Income Analysis tool on Fidelity.com. Click on the bond fund symbol and then click on the Composition tab.

S&P is a registered service mark of The McGraw-Hill Companies, Inc.

Ratings information from S&P may not be reproduced. S&P credit ratings are statements of opinion and are not statements of fact or recommendations to purchase, hold, or sell securities, nor do they address the suitability of securities for investment purposes, and should not be relied on as investment advice. S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for errors or omissions (negligent or otherwise). S&P gives no express or implied warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose or use. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of ratings.

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Analytics: Bond Funds (continued) All Bond Funds This chart shows bond fund positions aggregated by duration ranges. When duration data is not available for specific positions, those positions will be included in the bar labeled “Unknown."

Duration (years)

3.5 - 6 62.35%

6+ 37.65%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Analytics: Bond Funds (continued) All Bond Funds

This chart shows bond fund positions aggregated by Overall MorningstarTM Rating. Individual Morningstar ratings are assigned to each fund. For further information about the comparison groups and methodology of this data, please visit the Positions tab of the Fixed Income Analysis tool on Fidelity.com and click on the bond fund symbol.

Overall MorningstarTM Rating - as of 12/31/2016

**** 95.79%

*** 4.21%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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****Overall Rating Morningstar Category Overall Rating 3 Year Rating 5 year Rating 10 Year Rating Amount Positions Funds In Category (Funds in Category) (Funds in Category) (Funds in Category)

FIDELITY TOTAL Intermediate-Term Bond 869 ***** **** **** $23,841.90 BOND (869) (759) (541)

FIDELITY TAX-FREE Muni National Long 142 *** **** **** $11,580.00 BOND (142) (132) (106)

FIDELITY TOTAL Intermediate-Term Bond 869 ***** **** **** $5,310.00 BOND (869) (759) (541)

FIDELITY NEW Emerging Markets Bond 222 **** **** **** $4,057.50 MARKETSINCOME (222) (120) (47)

**** OverallRatingTotal 95.79%

***Overall Rating Morningstar Category Overall Rating 3 Year Rating 5 year Rating 10 Year Rating Amount Positions Funds In Category (Funds in Category) (Funds in Category) (Funds in Category)

FIDELITY MUNICIPAL Muni National Long 140 *** **** *** $1,968.00 INCOME (140) (131) (104)

***OverallRatingTotal 4.21%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

The Overall Morningstar™ Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar™ Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in an investment category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

© 2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; 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 this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

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Analytics: Bond Funds (continued) All Bond Funds This chart shows bond funds by percentage of your positions that are federally taxable or tax exempt. Corporate bonds, agency/government-sponsored enterprise (GSE) bonds, U.S. Treasury bonds, and brokered CDs are categorized as taxable because their interest is not exempt from federal income tax. Most municipal bonds are categorized as federally tax exempt because their interest is generally exempt from federal income tax (though this interest may be subject to federal and/or state alternative minimum taxes).

Taxability

Taxable 71.02%

Tax-Exempt 28.98%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Analytics: Bond Funds (continued) Taxable Bond Funds These charts shows bond fund positions by the percentage of bond fund assets invested in securities from issuers domiciled in the U.S or abroad.

U.S. vs. Foreign Exposure Country Diversification

U.S. 80.18% United States 80.42%

Mexico 2.75%

Brazil 1.64%

Foreign 19.82% United Kingdom 1.47%

Netherlands 1.11%

Turkey 0.84%

Ukraine 0.75%

Argentina 0.64%

Lebanon 0.57%

Other 9.79%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Analytics: Bond Funds (continued) Taxable Bond Funds The Portfolio Diversification chart shows the bond fund positions by percentage of bond fund assets invested in securities from issuers in each industry and sector category. Portfolio Diversification is the makeup of fund's portfolio expressed in terms of asset allocation and industry and sector diversification.

Portfolio Diversification

U.S. Government 35.60% 29.78% Corporate 12.22% MBS Pass-Through 2.70% Non-U.S. Gove... 1.83% CMBS 1.81% Other Governm... 1.63% CMOs 1.60% Cash 1.12%

ABS 11.72%

Other

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Analytics: Bond Funds (continued) Municipal Bond Funds The Income Source chart shows bond fund positions by the makeup of the municipal bond fund portfolio expressed in terms of asset allocation and the types of municipal bonds held within the portfolio. Income Source data is only available for Fidelity bond funds. All non-Fidelity bond funds will grouped into a non-Fidelity funds category to show the percentage of bonds fund in your portfolio in which the Income Source information is not available. The Revenue source diversification chart represents the holdings you selected for analysis by revenue sources across the municipal bond portfolio.

Income Source Revenue Source Diversification (Fidelity Funds Only)

Health Care 17.92% Revenue Bonds 60.83% 16.54% General Oblig... 36.95% Local Obligat...

Cash & Net Ot... 2.23% Transportation 15.61%

State Obligat... 14.82%

Electric & Gas 7.93%

Water & Sewer 6.52%

Pre-Refunded 5.68%

Special Tax 5.55%

Higher Education 4.67%

Other 4.76%

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Analytics: Bond Funds (continued) Municipal Bond Funds This chart shows municipal bond fund positions that are expected to generate interest income subject to federal AMT.

Alternative Minimum Tax (AMT)

Non-AMT 97.79%

2.21% AMT

Analytics are for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Bond & CD Interest Rate Sensitivity Illustrator Overview The Interest Rate Sensitivity Illustrator models the potential impact of interest rate changes on both the value of your individual fixed income positions and your overall portfolio. Duration is a measure that helps estimate the amount the price of a bond will rise or fall in response to changes in interest rates. Although expressed in years, duration is often explained as an estimate of the percentage a bond’s price will fluctuate in response to a 100-basis-point change in interest rates. Bonds with higher duration have greater sensitivity to changes in interest rates and will generally experience a more significant drop in value as interest rates rise.

The Option-Adjusted Duration (OAD) calculation is used when bonds have embedded options, such as puts and calls. It accounts for the fact that the bond's embedded options may change the expected cash flows of the bond.

The Interest Rate Sensitivity Illustrator as provided by Fidelity is educational in nature, is not individualized, and is not intended to serve as the primary or sole basis for your investment or tax-planning decisions.

Unless otherwise specifically stated, all position holdings data, including account balances, are gathered from brokerage accounts that you own, as well as authorized accounts, position holdings held outside of Fidelity and hypothetical positions you have identified for analysis. Fidelity reports data as of the most recent closing price. Fidelity is not able to verify the accuracy, timeliness or completeness of the position data reflected for positions that are Hypothetical or Held Outside of Fidelity.

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Interest Rate Sensitivity Illustrator: Bonds & CDs The Interest Rate Sensitivity Illustrator models the potential impact of interest rate changes on both the value of your individual fixed income positions and your overall portfolio. Positions with unknown or no duration will not be displayed and excluded from tool results.

Interest Rate Increase/Decrease: 1.00%

Your Portfolio Value by Duration 0-6 years 7-13 years 14-19 years 20-25 years

Most Recent Value $149,770.59

Duration Adjusted Value $140,641.36

$0 $18,721 $37,443 $56,164 $74,885 $93,607 $112,328 $131,049 $149,771

Interest Rate Sensitivity Illustrator is for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Interest Rate Sensitivity Illustrator: Bonds & CDs

This chart displays bond and cd position information, along with their option adjusted duration. When an interest rate increase or decrease is input into the Interest Sensitivity Illustrator, the duration adjusted value and adjusted value difference will populate.

NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.

Interest Rate Increase/Decrease: 1.00%

0-6 years 7-13 years 14-19 years 20-25 years

Estimated Estimated Duration Adjusted Estimated Duration Most Recent Adjusted Value CUSIP Description Maturity1 Coupon Yield Quantity Most Recent Price (Years) Value Value Difference Account Product Type CALIFORNIA ST GO VARPURP 13063CW97 09/01/2027 5.00 2.05 5,000 123.292 7.221 $6,164.60 $5,719.45 -$445.15 Municipal BDS Outside 05.00000% 09/01/2027 AIKEN CNTY S C CONS SCH DIST GO BDS 008770PV5 03/01/2026 5.00 1.97 90,000 122.730 6.845 $110,457.00 $102,896.22 -$7,560.78 Outside Municipal SER.05.00000 % 03/01/202620 16 A BABYLON N Y TAXABLE PUB IMPT 05620PDJ9 BDS 09/01/2024 4.25 3.17 10,000 106.408 5.757 $10,640.80 $10,028.21 -$612.59 Outside Municipal 04.25000% 09/01/2024SE R.2013

Page 58 of 71 Fixed Income Analysis Report 01/03/2018 10:42 AM

Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)

NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.

Interest Rate Increase/Decrease: 1.00% 0-6 years 7-13 years 14-19 years 20-25 years

Estimated Estimated Duration Adjusted Estimated Duration Most Recent Adjusted Value CUSIP Description Maturity1 Coupon Yield Quantity Most Recent Price (Years) Value Value Difference Account Product Type FEDL NATL MTG ASSN POOL 3138WEPN3 05/01/2045 3.50 0.00 1,986 102.596 4.516 $2,037.32 $1,945.31 -$92.01 Outside Agency #AS4928 3.50000% 05/01/2045 UNITED STATES TREAS NTS 9128282S8 08/31/2022 1.63 2.23 1,000 97.359 4.442 $973.59 $930.34 -$43.25 Treasury NOTE Outside 1.62500% 08/31/2022 FORD MOTOR CREDIT 34540TDZ2 COMPANY 12/20/2022 3.50 3.76 1,000 98.849 3.920 $988.49 $949.74 -$38.75 Outside Corporate MTN 3.50000% 12/20/2022 FORD MOTOR CREDIT 34540TDZ2 COMPANY 12/20/2022 3.50 3.76 1,000 98.849 3.920 $988.49 $949.74 -$38.75 Outside Corporate MTN 3.50000% 12/20/2022

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Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)

NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.

Interest Rate Increase/Decrease: 1.00% 0-6 years 7-13 years 14-19 years 20-25 years

Estimated Estimated Duration Adjusted Estimated Duration Most Recent Adjusted Value CUSIP Description Maturity1 Coupon Yield Quantity Most Recent Price (Years) Value Value Difference Account Product Type KANSAS ST DEV FIN AUTH REV REV BDS 03.62500% 05/01/2023U 485429GF5 NIVERSITY 05/01/2023 3.63 2.01 100 105.173 3.128 $105.17 $101.88 -$3.29 Outside Municipal OF KANSASGER TRUDE SELLARDS PEARSON HALL SER. WELLS FARGO CO 94974BGR5 MTN BE 12/07/2020 2.55 2.43 1,000 100.331 2.800 $1,003.31 $975.22 -$28.09 Outside Corporate 2.55000% 12/07/2020 KANSAS ST DEV FIN AUTH REV REV BDS 485429KG8 03.75000% 05/01/2027 3.75 2.36 100 103.113 2.656 $103.11 $100.37 -$2.74 Outside Municipal 05/01/2027ST ATE OF KS PROJS SER. 2011-B

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Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)

NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.

Interest Rate Increase/Decrease: 1.00% 0-6 years 7-13 years 14-19 years 20-25 years

Estimated Estimated Duration Adjusted Estimated Duration Most Recent Adjusted Value CUSIP Description Maturity1 Coupon Yield Quantity Most Recent Price (Years) Value Value Difference Account Product Type SOUTHWEST HIGHER ED AUTH INC TEX REV REV03.50000 % 845040HT4 10/01/2024 3.50 1.69 100 104.827 2.596 $104.82 $102.10 -$2.72 Outside Municipal 10/01/2024B DS SOUTHERN METHODIST UNIV SER. 2010 FEDERAL JUDICIARY OFF BLDG 313490CE2 TRT 08/15/2020 0.00 2.43 3,000 93.888 2.586 $2,816.64 $2,743.80 -$72.84 Outside Agency 0.00000% 08/15/2020 ZERO CTF FEDERAL JUDICIARY OFF BLDG 313490CE2 TRT 08/15/2020 0.00 2.43 2,000 93.888 2.586 $1,877.76 $1,829.20 -$48.56 Outside Agency 0.00000% 08/15/2020 ZERO CTF

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Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)

NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.

Interest Rate Increase/Decrease: 1.00% 0-6 years 7-13 years 14-19 years 20-25 years

Estimated Estimated Duration Adjusted Estimated Duration Most Recent Adjusted Value CUSIP Description Maturity1 Coupon Yield Quantity Most Recent Price (Years) Value Value Difference Account Product Type TENNESSEE VALLEY AUTH FED 88059EMX9 BE 07/15/2020 0.00 2.33 1,000 94.304 2.504 $943.04 $919.43 -$23.61 Outside Agency 0.00000% 07/15/2020 GEN INT KANSAS ST DEV FIN AUTH REV REV BDS 03.40000% 48542K4C0 05/01/2022 3.40 1.82 200 103.579 2.223 $207.15 $202.55 -$4.60 Outside Municipal 05/01/2022U NIVERSITY OF KANSASSER. 2010K-1 WASHINGTO N PG LP NOTE CALL 939648AB7 MAKE 04/01/2020 3.85 3.75 1,000 100.214 2.053 $1,002.14 $981.57 -$20.57 Outside Corporate WHOLE3.850 00% 04/01/2020 MANHATTA N KANS GO REF BDS 5628943N3 11/01/2019 3.25 1.62 100 102.909 1.761 $102.90 $101.09 -$1.81 Outside Municipal SER.2009-D 03.25000% 11/01/2019

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Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)

NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.

Interest Rate Increase/Decrease: 1.00% 0-6 years 7-13 years 14-19 years 20-25 years

Estimated Estimated Duration Adjusted Estimated Duration Most Recent Adjusted Value CUSIP Description Maturity1 Coupon Yield Quantity Most Recent Price (Years) Value Value Difference Account Product Type SALINA KANS WTR &SEWREV WTR AND 794811KN8 SWR SYS 10/01/2025 4.13 1.90 100 103.792 1.665 $103.79 $102.06 -$1.73 Outside Municipal 04.12500% 10/01/2025R EV BDS SER. 2011 PRIVATE EXPT FDG 742651DQ2 CORP NOTE 08/15/2019 1.45 2.05 2,000 99.061 1.574 $1,981.22 $1,950.04 -$31.18 Outside Corporate 1.45000% 08/15/2019 UNITED STATES TREAS NTS 912828SH4 02/28/2019 1.38 1.88 1,000 99.438 1.134 $994.38 $983.10 -$11.28 Outside Treasury NOTE 1.37500% 02/28/2019 MARYLAND ST GO BDS 574192S50 SER.2009C 03/01/2021 5.00 1.45 1,000 104.049 1.112 $1,040.49 $1,028.92 -$11.57 Outside Municipal 05.00000% 03/01/2021 COMPASS BK BIRMINGHA 20451PTR7 12/14/2018 1.70 1.69 1,000 100.007 0.932 $1,000.07 $990.75 -$9.32 CD M ALA CD Outside 1.70000% 12/14/2018

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Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)

NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.

Interest Rate Increase/Decrease: 1.00% 0-6 years 7-13 years 14-19 years 20-25 years

Estimated Estimated Duration Adjusted Estimated Duration Most Recent Adjusted Value CUSIP Description Maturity1 Coupon Yield Quantity Most Recent Price (Years) Value Value Difference Account Product Type CRANE CO NOTE CALL MAKE 224399AS4 12/15/2018 2.75 2.30 1,000 100.417 0.928 $1,004.17 $994.85 -$9.32 Corporate WHOLE Outside 2.75000% 12/15/2018 UNITED STATES TREAS NTS 912828RP7 10/31/2018 1.75 1.78 1,000 99.981 0.810 $999.81 $991.71 -$8.10 Treasury NOTE Outside 1.75000% 10/31/2018 BANK OF CHINA NEW YORK CITY 06426WWY4 06/20/2018 1.50 1.50 1,000 100.001 0.451 $1,000.01 $995.50 -$4.51 CD BR CD Outside 1.50000% 06/20/2018 BANK OF CHINA NEW YORK CITY 06426WWX6 03/20/2018 1.40 1.34 1,000 100.013 0.201 $1,000.13 $998.12 -$2.01 CD BR CD Outside 1.40000% 03/20/2018 WICHITA KANS GO BDS SER 967243N36 09/01/2018 4.25 1.48 30 100.213 0.077 $30.06 $30.04 -$0.02 Outside Municipal 778A 04.25000% 09/01/2018

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Interest Rate Sensitivity Illustrator: Bonds & CDs (continued)

NOTICE: “--” indicates the Interest Rate Sensitivity Illustrator slider was not interacted with on the online tool.

Interest Rate Increase/Decrease: 1.00% 0-6 years 7-13 years 14-19 years 20-25 years

1 Dates in bold indicate maturity date within 30 days or less.

Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). Non-rated positions will display as "--".

Interest Rate Sensitivity Illustrator is for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

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Bond Fund Interest Rate Sensitivity Illustrator Overview

Interest rate changes impact bond funds differently than bonds and CDs. A bond fund’s duration is based on the weighted aggregate durations of all the underlying fixed-income holdings of the fund. When interest rates move, the values of the underlying holdings may change at different rates. Estimating the impact of rate changes may be even less reliable when the shift is large. For this reason, the tool limits the interest rate change modeled to +/- 1%.

In addition, some fund managers manage a fund to a specific duration. So when interest rates move, the manager may make adjustments to the portfolio in order to maintain a constant duration.

The interest Rate sensitivity Illustrator as provided by Fidelity is educational in nature, is not individualized, and is not intended to serve as the primary or sole basis for your investment or tax-planning decisions.

Unless otherwise specifically state, all position holdings data, including account balances, are gathered from brokerage accounts that you own, as well as authorized accounts, position holdings held outside of Fidelity and hypothetical positions you have identified for analysis. Fidelity reports data as of the most recent closing price. Fidelity is not able to verify the accuracy, timeliness or completeness of the position data reflected for positions that are Hypothetical or Held Outside of Fidelity.

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Interest Rate Sensitivity Illustrator: Bond Funds

The Interest Rate Sensitivity Illustrator for Bond Funds allows you to model how a 1% move in interest rates could impact a fund's net asset value. Since changes in interest rates impact bond funds differently than individual bonds and CDs, estimates of price sensitivity may be less accurate the larger the shift in interest rates.

To estimate how a change in interest rates can affect the share price of a bond fund, multiply the fund's duration by the rate change. For example, if a fund's average duration is 2.5 years, a 1% rise in interest rates would lead to an estimated 2.5% decline in the share price, while a 1% decline in rates would cause the share price to increase by an estimated 2.5%.

The Bond Fund Interest Rate Sensitivity Illustrator also allows you to hypothetically add or remove funds from your portfolio to see the estimated impact on the portfolio's Weighted Average Duration and value within the 1% rate change limit. By adding or removing bond funds, the Weighted Average Duration for the portfolio changes, as does the Estimated Portfolio Value.

To decrease the Weighted Average Duration, you can either remove funds with a high duration, or replace a high duration fund with a fund that has a lower duration.

Your Bond Fund Positions Est. Value If Interest Rates Move: Duration Most Recent Symbol Description Product Type Account Quantity NAV (Yrs) Value +1% -1%

FIDELITY Bond Fund - $1,833.78 $2,102.22 FHIGX MUNICIPAL Outside 150 13.120 6.820 $1,968.00 Fidelity (-$134.22) ($134.22) INCOME

FIDELITY TAX-FREE Bond Fund - $10,806.46 $12,353.54 FTABX Outside 1,000 11.580 6.680 $11,580.00 BOND Fidelity (-$773.54) ($773.54)

FIDELITY NEW Bond Fund - $3,792.95 $4,322.05 FNMIX Outside 250 16.230 6.520 $4,057.50 MARKETSINCOME Fidelity (-$264.55) ($264.55)

FIDELITY TOTAL Bond Fund - $22,547.28 $25,136.52 FTBFX Outside 2,245 10.620 5.430 $23,841.90 BOND Fidelity (-$1,294.62) ($1,294.62)

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Interest Rate Sensitivity Illustrator: Bond Funds (continued)

Your Bond Fund Positions Est. Value If Interest Rates Move: Duration Most Recent Symbol Description Product Type Account Quantity NAV (Yrs) Value +1% -1%

FIDELITY TOTAL Bond Fund - $5,021.67 $5,598.33 FTBFX Outside 500 10.620 5.430 $5,310.00 BOND Fidelity (-$288.33) ($288.33)

Interest Rate Sensitivity Illustrator is for educational purposes only and should not be relied upon as the primary basis for your investment, financial, or tax-planning decisions.

Interest Rate Sensitivity Illustrator: Bond Funds

Totals Est. Value If Interest Rates Move: Duration (yrs) Most Recent Value +1% -1%

Bond Funds 5.893 $46,757.40 $44,002.14 $49,512.66 (-$2,755.26) ($2,755.26)

Hypothetical Adjustments ------

Bond Funds and Hypothetical Adjustments 5.893 $46,757.40 $44,002.14 $49,512.66 (-$2,755.26) ($2,755.26)

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Glossary Of Terms

A standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the 30 Day Yield last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield." Acquisition Date and Yield The purchase date and yield when the security was acquired. Adjusted Cost Basis The net cost of a security including any broker's fees or commissions adjusted for various tax-related items. Call Date The next scheduled date when a bond may be redeemed by the issuer before the scheduled maturity. Coupon A bond's annual interest rate, expressed as a percentage of the bond's face value. Credit Quality An indication of the overall credit worthiness of a bond, bond fund or portfolio. Credit Rating An opinion issued by an organization (such as Moody's or S&P) of the general credit worthiness of a bond issuer or specific obligation of the issuer.

Duration In general terms, duration is the number of years required to recover the cost of a bond, considering the present value of all interest and principal payments. Duration is expressed as a number of years from the bond's purchase date. In general, the greater the bond's duration, the more sensitive its market price is likely to be to future interest rate changes. Estimated Yield An approximation of a bond's annualized rate of return based on the most recent third-party price provided for the bond.

Federal Alternative Minimum An alternate form of federal income taxation created to ensure that high-income individuals, corporations, trusts, and estates Tax (AMT) pay at least some minimum amount of tax, regardless of deductions, credits or exemptions.

Income Source (Municipal Identifies the source from which funds, including bond proceeds and other available funds, are derived and the application or bonds) use of such funds in connection with the issuance of municipal securities. Indicated Annual Dividend (IAD) An estimate of a security’s dividend payments for the next 12 months calculated based on prior and/or declared dividends for that security. IADs are sourced from third party vendors and are derived using either a historical methodology (HM) or a projected methodology (PM), depending on available information. The PM annualizes the most recent regular cash dividend. The HM accumulates the regular cash dividends paid over the past twelve months. If there is less than one year of dividend history, the accumulated dividends are annualized. Investment Grade The term "investment grade" indicates that a bond has a relatively low risk of default and has a rating of BBB-/Baa3 or higher.

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The date on which the principal amount of a fixed-income security is scheduled to become due and payable, typically along Maturity with any final coupon payment. The dollar value of one share of a fund determined by taking the total assets of a fund, subtracting the total liabilities, and Net Asset Value (NAV) dividing by the total number of shares in the fund. The term "non-investment grade" indicates that a bond has a relatively higher risk of default than investment grade bonds. Non-Investment Grade Bonds rated BB+/Ba1 or below are considered non-investment grade. Open Lot The individual acquisitions or purchases that comprise the total of an open investment position. For bonds with embedded options (for example callable or puttable bonds), the duration measure must be adjusted to account for the fact that the bond’s embedded options may change the expected cash flows of the bond. For example, if a bond is Option Adjusted Duration called, interest payments cease and principal is returned earlier than the bond’s maturity. The option-adjusted measure of duration is referred to as Option Adjusted Duration (OAD). Underlying Ratings Typically, a municipal security will receive a “long-term” rating, which reflects the rating agency’s opinion about the overall risk of default, taking into account the effect of any credit enhancement features, such as bond insurance or other forms of third party guarantee or support. If the municipal security’s rating is based on any credit enhancement features, the rating agency may also assign an “underlying” rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. Unsettled Trades An unsettled trade is a trade for which payment has not been exchanged for delivery of securities. Settlement times vary depending on the type of security. Weighted Average Portfolio An average in which each bond/CD or fund’s duration is assigned a weighting based on the quantity of the position. These Duration weightings determine the relative importance of each duration on the average.

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