JANUARY 21, 2020

Insights from Fidelity’s Portfolio Management Team Naveen Malwal, CFA Institutional Portfolio Manager

1 Common Investor Challenges

2 “The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological.” HOWARD MARKS

3 Potential Pitfalls

4 “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.”

5 Short-Term Focus: Avoiding Potential Near-Term Losses Choice of asset allocation after examining different return distributions

When shown a distribution of one-year When shown a distribution of 30-year returns, investors allocated 40% to stocks. returns, investors allocated 90% to stocks.

Bonds Stocks 10%

40%

60% 90%

Source: Shlomo Benartzi and Richard H. Thaler, “Risk Aversion or Myopia? Choices in Repeated Gambles and Retirement Investments” March 1999. 6 © 2013 Morningstar. All Rights Reserved. As of 3/1/13. “In this world, nothing can be said to be certain except death and taxes.” BENJAMIN FRANKLIN

7 Taxes Take a Bite Out of Returns Impact of taxes on investment returns, 1926–2018*

12% 10.0% 10% 8.0% 20% 8%

6% 5.5%

4% 3.4% 38%

2% Stocks Bonds Average Annual Returns % ReturnsAnnual Average Stocks after taxes Bonds after taxes 0%

This study evaluated the potential effect of federal income taxes on returns of stocks and bonds, using the historical marginal and capital gains tax rates for a single taxpayer earning $120,000 in 2015 dollars every year, adjusted each year to the Consumer Price Index.

Past performance is no guarantee of future results. *This chart is for illustrative purposes only and does not represent actual or future performance of any investment option. Returns include the reinvestment of dividends and other earnings. Stocks are represented by the Ibbotson® Large Company Stock Index. Government bonds are represented by the 20-year U.S. government bond, cash by the 30-day U.S. Treasury bill, and inflation by the Consumer Price Index. An investment cannot be made directly in an index. The data assumes reinvestment of income and does not account for transaction costs. Please see Important Information section for additional information. Taxes Can Significantly Reduce Returns data, © Morningstar, Inc. 8 All rights reserved. As of 2/25/19. Who We Are and Our Investment Process

9 Strategic Advisers LLC Delivering innovative asset allocation strategies for 30 years

$421 BILLION* IN ALLOCATION Risk Management

Global Asset Allocation Active Allocation Research Manager After-Tax Management Research Separately Managed Accounts Portfolio Client-Focused Solutions Client Objectives Construction Financial Planning Frameworks Fiduciary Oversight Quantitative Research

10 Diversification and/or asset allocation do not ensure a profit or protect against loss. *Assets as 09/30/2019 Strategic Advisers’ Key Investment Capabilities

Research Portfolio Custom Personalization Management Investments

Manager Analysis Investment Selection Multi-Manager Funds Tax-Sensitive Risk and Return Risk Management Index Funds Analysis Separately Managed Personalized Trading Accounts

11 Long-term Asset Allocation Is One of the Most Important Drivers of Reaching Long-Term Goals Knowing our clients helps inform our asset allocation decisions

RANGE OF INVESTMENT STRATEGIES TIMEFRAME Return Potential “How much time do you  Domestic Stock have before you need to  International Stock use your money?”  Bonds  Short-Term APPETITE FOR RISK Most Aggressive “How comfortable are Moderate you with risk?” Growth

FINANCIAL OUTLOOK “How does your current Most financial situation look?” Conservative

Potential Risk

12 For illustrative purposes only. Diversification and/or asset allocation do not ensure a profit or protect against loss. Business Cycle Serves as Key Lens for Investment Decisions in Active Asset Allocation Using the business cycle approach during all phases to adjust asset allocations

Cycle Phases

RECOVERY EXPANSION CONTRACTION + Economic Growth – 40%  Domestic Stocks  High Quality Bonds  High Yield Bonds  Short-Term  Commodities 30% 20% Average Annual 10% Return* 0% -10%

For illustrative purposes only. Business cycle above is a hypothetical illustration of a typical business cycle. There is not always a chronological progression in this order, and there have been cycles when the economy has skipped a phase or retraced an earlier one. Past performance is no guarantee of future results. Source: Fidelity Investments (AART). Returns are geometric average annual nominal returns from 1950–2010. *This information represents Fidelity Investments' proprietary analysis of historical asset class performance, which is not indicative of future performance. [Asset class total returns are represented by indexes from the following sources: Fidelity Investments and Ibbotson Associates (U.S. Stocks), Barclays (High Quality Bonds and Short-Term), Merrill Lynch (High Yield Bonds), UBS & Bloomberg (Commodities) as of 8/31/16.] 13 Diversification and asset allocation do not ensure a profit or guarantee against loss. Our Approach to U.S. Equity Portfolio Construction Seek to emphasize manager disciplines throughout business cycle

Early Cycle Mid Cycle Late Cycle Recession Activity rebounding Growth peaking Growth moderating Activity falling All Weather Deep Value Valuation-focused Aggressive Growth Momentum High Quality Defensive Equity Smaller Cap Larger Cap Opportunistic

14 For illustrative purposes only. Rebalancing Several rebalancing opportunities in last year

PAS TOTAL RETURN BLENDED RETIREMENT MODEL REBALANCE ACTIVITY 70 Stock Performance Bond Performance 60 Bought Stocks Sold Stocks Bought Bonds Sold Bonds 50 40 30 20 10 0 Cumulative Returns (%) Returns Cumulative -10

-20

Jun-19 Jun-16 Jun-17 Jun-18

Mar-16 Mar-17 Mar-18 Mar-19

Dec-15 Sep-16 Dec-16 Sep-17 Dec-17 Sep-18 Dec-18 Sep-19 Dec-19

You cannot invest directly in an index. Past performance is no guarantee of future results. Bond performance – Bloomberg Barclays U.S. Aggregate Bond Index, Stock performance – Dow Jones U.S. Total Stock Market Index. PAS model trade activity represented by Legacy PAS Blended Growth with Income model portfolio (NMT). For illustrative purposes only. While these trades may appear at the model level, they may or may not have occurred in individual client accounts. Model portfolio activity shown represents rebalancing of 0.50% or greater in aggregate U.S. stock and/or bond 15 fund exposure. See back for index definitions. Source: Fidelity Investments. Data as of 12/31/19. Tax-Smart Investing:1 Keeping More of What You Earn

KEY STRATEGIES SEEK TO ENHANCE AFTER-TAX RETURNS1

1 Transition management 2 Capital gains management2

3 Tax loss harvesting

4 Distribution management3

5 National and state-specific municipal bonds

1 Strategic Advisers LLC applies tax-sensitive investment management techniques on a limited basis, at its discretion, primarily with respect to determining when assets in a client’s account should be bought and sold. As a discretionary investment management service, any assets contributed to an investor’s account that the portfolio does not elect to retain may be sold at any time after contribution. An investor may incur a gain or loss when assets are sold. 2 Seek to avoid realized short term gains in favor of long term gains as appropriate. 3 Seek to manage exposure to distributions. Tax-smart investing may not provide as high a return before consideration of federal income tax consequences as other funds. Tax-sensitive investing 16 an result in realized capital gains. Separately Managed Accounts What are they and what are the potential benefits? What is an SMA? What are the potential benefits • Portfolio of individual security investments of an SMA? managed by professional asset managers • Direct ownership of individual securities; • Generally focused on: investors have their own tax lots – Single asset class (e.g., U.S. large cap stocks) • Transparency of positions and activity – Investment objective (e.g., dividend income) • Potential for tax management • Designed for investors with a preference for • More concentrated in higher conviction names non-pooled vehicles • Ability to customize portfolio • Fund with existing securities

17 What We’re Watching For in 2020

18 Change in the Pace of Economic Growth U.S. and are key focus

BUSINESS CYCLE FRAMEWORK

Spain Brazil, Australia, U.S., , South Korea UK ,

Mexico, India China*

Note: The diagram above is a hypothetical illustration of the business cycle. There is not always a chronological, linear progression among the phases of the business cycle, and there have been cycles when the economy has skipped a phase or retraced an earlier one. * A growth recession is a significant decline in activity relative to a country’s long-term economic potential. We use the “growth cycle” definition for most developing economies, such as China, because they tend to exhibit strong trend performance driven by rapid factor accumulation and increases in productivity, and the deviation from the trend tends to matter most for asset returns. We use the classic definition of recession, involving an outright contraction in 19 economic activity, for developed economies. Source: Fidelity Investments (AART), as of 12/31/19. Refer to additional information on page 31. U.S. Economy in Late-Cycle Expansion Most signals pointing to modest but positive growth

INDICATOR CURRENT TREND LATEST READINGS

Labor markets tighter, Employment/Wages Pace of improvement has slowed wages higher than 2–3 years ago

Fed staying put, but ready to ease Monetary Policy Fed policy looser than one year ago if needed

Yield Curve Flat Stable

Credit Some tightening of lending standards Credit accessible, spreads tight

Mid-single-digit earnings growth Corporate Profits Margins lower than 3 years ago expectations

20 Source: Fidelity Investments (AART), Strategic Advisers, as of 12/31/19. Catalysts That May Change Our Place in the Cycle Sluggish late-cycle environment remains base case Potential Positives Potential Risks • Removal of tariffs • Additional tariffs • China looks beyond stabilization and reflates • Private equity investments overextended • becomes more fiscally proactive • Real estate issues (commercial, China, etc.) • Less regulation for banks • High levels of corporate borrowing

21 Source: Strategic Advisers, as of 12/31/19. U.S.-China: Strategic Competition Intertwined with Trade Near-term deal is possible, but likely not a panacea

U.S.-CHINA RELATIONSHIP AVERAGE TARIFF RATES

U.S. Tariffs on Chinese Goods 30% China Tariffs on U.S. Goods

25% Geopolitical Strategic Trade Rivalry Competition 20% Military IT Sector/ Consumer Hegemony Advanced and Other in Asia Industrials Goods 15%

10%

5%

Industrial Tariffs/ 0% Policy Issues Market Access • IP protection 2017 2018 Sep-19 Oct-19 Dec-19 • Export controls • Investment restrictions

RIGHT: Shaded areas are announced changes as of 9/30/19. Source: Peterson Institute for International Economics, Fidelity Investments (AART) 22 as of 9/30/19. Over Time, Stocks Generally Follow Earnings In short term, stock prices can disconnect from earnings trend

S&P 500 INDEX VS. OPERATING EARNINGS (LOG SCALE)

S&P 500 Index S&P 500 Operating Earnings $256 2560

$128 S&P500 Operating Earnings 1280 $64 640 $32 320 $16

160 S&P 500 Index 500 S&P 80 $8

40 $4

20 $2 1959 1964 1969 1974 1979 1984 1989 1994 1999 2004 2009 2014 2019

23 Source: Bloomberg Finance L.P. as of 9/30/19. Past performance is no guarantee of future results. Benign Credit Conditions Could Open Door for Slow-Moving Late Cycle

INTEREST BURDEN, % OF AFTER-TAX SENIOR LOAN OFFICER SURVEY (NET % PROFITS TIGHTENING C&I LENDING STANDARDS)

U.S. Recession Corporate Interest Burden U.S. Recession Large companies 1.2 Small companies 100.0 1.0 80.0 0.8 60.0

0.6 40.0 20.0 0.4 0.0 0.2 -20.0

0.0 -40.0

Jul-1992 Jul-1995 Jul-1998 Jul-2001 Jul-2004 Jul-2007 Jul-2010 Jul-2013 Jul-2016

Jan-1980 Jan-1982 Jan-1984 Jan-1986 Jan-1988 Jan-1990 Jan-1992 Jan-1994 Jan-1996 Jan-1998 Jan-2000 Jan-2002 Jan-2004 Jan-2006 Jan-2008 Jan-2010 Jan-2012 Jan-2014 Jan-2016 Jan-2018 Jan-1991 Jan-1994 Jan-1997 Jan-2000 Jan-2003 Jan-2006 Jan-2009 Jan-2012 Jan-2015 Jan-2018

24 Source: Federal Reserve, Fidelity Investments (AART), as of 6/30/19. Elections: It’s Early, and Economy Matters More Focus on policy, not politics It’s still early… Makeup of Congress matters, but …and about 70% of the delegates for fodder… for the Democratic party get counted Reversal of corporate tax rate in March. • Full reversal ~7% to S&P 500 EPS Various sectors could be impacted LEADERS 385 DAYS BEFORE THE ELECTION • Financials, technology, health care, energy Election and Party Poll Leader Led for another… Higher personal tax rates 2008 Democrats Clinton (+26.6) 119 days • Increases the need for tax-smart investment 2008 GOP Giuliani (+9.5) 82 days management 2012 GOP Cain (+0.5) 25 days 2016 Democrats Clinton (+22.1) Rest of primary 2016 GOP Trump (+5.9) Rest of primary

25 Source: RealClearPolitics and Cowen and Company Questions

26 27 Important Information

The Bloomberg Barclays US Treasury Index is an index which covers public obligations of the US Treasury with a remaining maturity of one year or more. The Bloomberg Barclays US Aggregate Bond Index is an unmanaged market value weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year. The Bloomberg Barclays US Credit Bond Index—Publicly issued US corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. The Bloomberg Barclays US Agency Index—Publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government. The Bloomberg Barclays Investment Grade CMBS Index is an index designed to mirror commercial mortgage back securities of investment grade quality (Baa3/BBB-/BBB- or above) using Moody’s, S&P, and Fitch respectively, with maturity of at least one year. The Bloomberg Barclays MBS Index covers agency mortgage-backed pass-through securities (both fixed- rate and hybrid ARMs) issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The Bloomberg Barclays U.S. Municipal Bond Index covers the USD- denominated long term tax exempt bond market with four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. The Bloomberg Barclays U.S. TIPS Index represents an unmanaged market index made up of U.S. Treasury Inflation Linked Index securities. The Bank of America Merrill Lynch High-Yield Bond Master II Index is an unmanaged index that tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. The Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index is unmanaged market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with Maturities of 3 months. It includes zero-coupon strips. The National Association of Real Estate Investment Trusts (NAREIT) Equity Index is a market-value-weighted index based upon the last closing price of the month for tax-qualified REITs listed on the NYSE The S&P/LSTA Leveraged Performing Loan Index Standard & Poor's/Loan Syndications and Trading Association Leveraged Performing Loan Index is a market value-weighted index designed to represent the performance of U.S. dollar-denominated institutional leveraged performing loan portfolios (excluding loans in payment default) using current market weightings, spreads and interest payments. J.P. Morgan Emerging Markets Bond Index (EMBI) Global is a market value–weighted index of U.S. dollar–denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by emerging markets’ sovereign and quasi-sovereign entities. JPMorgan GBI Global Ex-U.S. Index (US $UnHedged) is an unmanaged market index representative of the total return performance in U.S. dollars on an unhedged basis of non-U.S. bond markets. Merrill Lynch U.S. High Yield Master II Constrained Index is a market value–weighted index of all domestic and Yankee high–yield bonds, including deferred interest bonds and payment– in–kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. The Merrill Lynch U.S. High Yield Master II Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. The Ibbotson US Long-Term Corporate Bond Index is a custom index designed to measure the performance of long-term U.S. corporate bonds.

28 Important Information The Ibbotson US Intermediate-Term Government Bond Index is a custom index designed to measure the performance of intermediate-term US government bonds. The Ibbotson US 30-day Treasury Bill Index is a custom index designed to measure the performance of 30-day U.S. Treasury bills. Slide 8: Taxes Can Significantly Reduce Returns data, Morningstar, Inc., 2/25/2019. This image illustrates how much the federal government withheld from one hypothetical investor who follows a simple long-term investment strategy. Stocks after taxes assumes that the stocks purchased were held for five years, then sold, and the capital gains realized. The net proceeds from the sale were reinvested. Dividends were taxed when earned and reinvested. From 1926 to 2018, the average return on stocks after taxes was 8.0%, compared with 10.0% before taxes. Bonds were turned over 28 times within the 93-year period. Capital gains were realized at the time of sale and reinvested. Bonds averaged a 3.4% return after taxes, compared with 5.5% before taxes. After taxes, on average, bonds barely outpaced the inflation rate. Government bonds and Treasury bills are guaranteed by the full faith and credit of the U.S. government as to the timely payment of principal and interest, while stocks are not guaranteed and have been more volatile than the other asset classes. Federal income tax is calculated using the historical marginal and capital gains tax rates for a single taxpayer earning $120,000 in 2015 dollars every year. This annual income is adjusted using the Consumer Price Index in order to obtain the corresponding income level for each year. Income is taxed at the appropriate federal income tax rate as it occurs. When realized, capital gains are calculated assuming the appropriate capital gains rates. The holding period for capital gains tax calculation is assumed to be five years for stocks, while government bonds are held until replaced in the index. No state income taxes are included. Stocks are represented by the Ibbotson Large Company Stock Index. Government bonds are represented by the 20-year U.S. government bond. An investment cannot be made directly in an index. The data assumes reinvestment of income and does not account for transaction costs. The MSCI® EAFE® Index (Morgan Stanley Capital International Europe, Australasia, Far East Index) is an unmanaged market capitalization-weighted index designed to represent the performance of developed stock markets outside the and Canada. MSCI EAFE (N) index is net of taxes. MSCI Emerging Markets (MSCI EM) Index is a market capitalization–weighted index of equity securities of companies domiciled in various countries. The Index is designed to represent the performance of emerging stock markets throughout the world and excludes certain market segments unavailable to U.S.-based investors. MSCI EAFE (Europe, Australasia, Far East) Small Cap Index is a market capitalization-weighted index that is designed to measure the investable equity market performance of small cap stocks for global investors in developed markets, excluding the U.S. & Canada. MSCI Europe Index is a market capitalization weighted index of over 550 stocks traded in 14 European markets. S&P GSCI Commodities Index is a world-production weighted index composed of 24 widely traded commodities. All sub-indices of the S&P GSCI™ sub-indices (Energy, Industrial Metals, Precious Metals, and Agriculture and Livestock) follow the same rules regarding world production weights, methodology MSCI Japan Index is an unmanaged index of over 317 foreign stock prices, and reflects the common stock prices of the index companies translated into U.S. dollars, assuming reinvestment of all dividends paid by the index stocks net of any applicable foreign taxes. MSCI World Index is a market capitalization weighted index that is designed to measure the investable equity market performance for global investors of developed markets. MSCI World ex USA Index is a market capitalization-weighted index designed to measure the equity market performance of developed markets excluding the U.S. The S&P 500® Index is a registered service mark of The McGraw-Hill Companies, Inc. and has been licensed for use by Fidelity Distributors Company LLC. It is an unmanaged index of the common stock prices of 500 widely held U.S. stocks that includes the reinvestment of dividends. 29 Important Information

MSCI Europe Index is a market capitalization weighted index that is designed to measure the investable equity market performance for global investors of the developed markets in Europe. Russell 2000 Index is a market capitalization–weighted index of the stocks of the 2,000 smallest companies included in the 3,000 largest U.S. domiciled companies. Russell 3000 Growth Index is a market capitalization–weighted index of those stocks of the 3,000 largest U.S. domiciled companies that exhibit ex growth–oriented characteristics. Russell 3000 Value Index is a market capitalization–weighted index of those stocks of the 3,000 largest U.S. domiciled companies that exhibit value–oriented characteristics. Consumer Price Index is a widely recognized measure of inflation calculated by the US Government. Organization for Economic Co-operation and Development (OECD) Composite Leading Indicator (CLI) is designed to provide early signals of turning points in business cycles - fluctuation in the output gap, i.e. fluctuation of the economic activity around its long term potential level – for the 34 member countries of the OECD. This approach, focusing on turning points (peaks and troughs), results in CLIs that provide qualitative rather than quantitative information on short-term economic movements. This presentation is provided for informational use only and should not be considered investment advice or an offer for a particular security. Views and opinions expressed are as of December 31, 2019 and may change based on market and other conditions. Investment decisions should be based on an individual’s own goals, time horizon, and tolerance for risk. Diversification does not ensure a profit or guarantee against loss. All indices are unmanaged and performance of the indices include reinvestment of dividends and interest income, unless otherwise noted, are not illustrative of any particular investment and an investment cannot be made in any index. Index (CPI) is a monthly inflationary indicator that measures the change in the cost of a fixed basket of products and services, excluding food and energy prices. A Purchasing Managers’ Index (PMI) is a survey of purchasing managers in a certain economic sector. A PMI over 50 represents expansion of the sector compared to the previous month, while a reading under 50 represents a contraction, and a reading of 50 indicates no change. The Institute for Supply Management (ISM) reports U.S. PMIs. Market compiles non- U.S. PMIs. Information provided herein is for educational purposes only and should not be construed or relied upon by you as advice or guidance as to the appropriateness of any investment decision. Generally, among asset classes stocks are more volatile than bonds or short-term instruments and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Although the bond market is also volatile, lower-quality debt securities including leveraged loans generally offer higher yields compared to investment grade securities, but also involve greater risk of default or price changes. Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market or economic developments, all of which are magnified in emerging markets. Past performance does not guarantee future results.

30 Important Information

The tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Fidelity does not provide legal or tax advice. Fidelity cannot guarantee that such information is accurate, complete, or timely. Laws of a particular state or laws which may be applicable to a particular situation may have an impact on the applicability, accuracy, or completeness of such information. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Fidelity makes no warranties with regard to such information or results obtained by its use. Fidelity disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Always consult an attorney or tax professional regarding your specific legal or tax situation. Slide 19: Current Position of the U.S. in Business Cycle' depicts the general pattern of economic cycles throughout history, though each cycle is different and specific commentary on the current stage is provided in the summary and outlook section above. In general, the typical business cycle demonstrates the following: During the typical early-cycle phase, the economy bottoms and picks up steam until it exits recession, then begins the recovery as activity accelerates. Inflationary pressures are typically low, monetary policy is accommodative, and the is steep. Economically sensitive asset classes such as stocks tend to experience their best performance during the cycle. During the typical mid-cycle phase, the economy exits recovery and enters into expansion, characterized by broader and more self-sustaining economic momentum but a more moderate pace of growth. Inflationary pressures typically begin to rise, monetary policy becomes tighter, and the yield curve experiences some flattening. Economically sensitive asset classes tend to continue benefitting from a growing economy, but their relative advantage narrows. During the typical late-cycle phase, the economic expansion matures, inflationary pressures continue to rise, and the yield curve may eventually become flat or inverted. Eventually, the economy contracts and enters recession, with monetary policy shifting from tightening to easing. Less economically sensitive asset categories tend to hold up better, particularly right before and upon entering recession. Please note there is no uniformity of time among phases, nor is there always a chronological progression in this order. For example, business cycles have varied between two and 10 years in the U.S., and there have been examples when the economy has skipped a phase or retraced an earlier one. The Chartered Financial Analyst (CFA) designation is offered by the CFA Institute. To obtain the CFA charter, candidates must pass three exams demonstrating their competence, integrity, and extensive knowledge in accounting, ethical and professional standards, economics, portfolio management, and security analysis, and must also have at least four years of qualifying work experience, among other requirements. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. Fidelity® Wealth Services provides non-discretionary financial planning and discretionary investment management through one or more Portfolio Advisory Services accounts for a fee. Advisory services offered by Fidelity Personal and Workplace Advisors LLC (FPWA), a registered investment adviser, and Fidelity Personal Trust Company, FSB (FPTC), a federal savings bank. Nondeposit investment products and trust services offered through FPTC and its affiliates are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, are not obligations of any bank, and are subject to risk, including possible loss of principal. Discretionary portfolio management services provided by Strategic Advisers LLC (Strategic Advisers), a registered investment adviser. Brokerage services provided by Fidelity Brokerage Services LLC (FBS), and custodial and related services provided by National LLC (NFS), each a member NYSE and SIPC. FPWA, Strategic Advisers, FPTC, FBS, and NFS are Fidelity Investments companies. Fidelity Brokerage Services LLC, Member NYSE and SIPC, 900 Salem Street, Smithfield, RI 02917 © 2019 FMR LLC. All rights reserved. 911388.1.0

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