August 2020

Outcome-Oriented Thematic Investing

Chris Peixotto Pranay Kirpalani Zach Dewhirst VP, Investment Product Portfolio Manager Portfolio Manager

1 Table of Contents

Thematic Investing at Fidelity

Infrastructure Investing

Low Volatility Investing

2 Thematic Investing at Fidelity

What is thematic investing? Thematic investing at Fidelity allows you to invest directly in long-term trends and themes that best align with your interests or objectives, while accessing Fidelity's differentiated investment research and portfolio management expertise.

Disruption Megatrends Outcome oriented Environmental, Differentiated Emerging industries Secular trends Outcomes based on social, and corporate insights and technologies that affecting our world specific objectives governance (ESG) Unique insights and are changing the Return with a purpose industry-leading status quo investment experience

Get exposure to long-term trends and themes with our innovative and differentiated investment strategies

Gain access to Fidelity’s research and portfolio management expertise

Put our thought leadership insights to work for you

3 Thematic Fund Lineup Comprehensive suite of thematic funds comprised of distinct sub-categories

Disruption Megatrends Outcome oriented ESG Differentiated insights

• Fidelity Disruptive Automation • Fidelity Agricultural Productivity • Fidelity Dividend ETF for Rising • Fidelity International • Fidelity Enduring Opportunities Fund (FBOTX) NEW Fund (FARMX) NEW Rates (FDRR) Sustainability Fund (FEOPX) NEW (FNIDX) • Fidelity Disruptive • Fidelity Water Sustainability • Fidelity Global Commodity • Fidelity Founders Fund (FIFNX) Communications Fund Fund (FLOWX) NEW Fund (FFGCX) • Fidelity Select Environment & (FNETX) NEW Alternative Energy Fund • Fidelity Leveraged Company • Fidelity Infrastructure Fund (FSLEX) Stock Fund (FLVCX) • Fidelity Disruptive Fund (FNSTX) NEW (FNTEX) NEW • Fidelity Sustainability • Fidelity Low Volatility Factor Index Fund (FNDSX) • Fidelity Disruptive Medicine ETF (FDLO) Fund (FMEDX) NEW • Fidelity U.S. Sustainability Index • Fidelity Select Natural Fund (FITLX) • Fidelity Disruptive Technology Resources Portfolio (FNARX) Fund (FTEKX) NEW • Fidelity Women’s Leadership • Fidelity Strategic Real Return Fund (FWOMX) • Fidelity Disruptors Fund Fund (FSRRX) (FGDFX) NEW • Fidelity for Inflation ETF (FCPI) NEW • Fidelity U.S. Low Volatility Equity Fund (FULVX) NEW

4 Fidelity Infrastructure Fund (FNSTX) Pranay Kirpalani, Portfolio Manager

5 What Is Infrastructure? Diversified exposure to long-lived assets in monopoly-like businesses

Energy Storage & Transportation Transportation Gathering & Processing Toll Roads Utilities Airports Electric & Gas Utilities Marine Ports Renewable Electricity Railroads Water

TRADITIONAL INFRASTRUCTURE INDUSTRIES INFRASTRUCTURE ASSET CLASS NEWER INFRASTRUCTURE-RELATED INDUSTRIES

Network Storage Facilities Infrastructure Warehouses Data Centers Distribution Centers Logistics Facilities Communications Satellites Towers

6 Why Invest in Infrastructure?

COMPETITIVE RISK-ADJUSTED RETURNS Over time, infrastructure assets have provided with competitive risk-adjusted returns relative to other asset classes.

SUSTAINABLE INCOME STREAM The “local monopoly” nature of most infrastructure assets combined with long-duration contracts may create a sustainable and reliable income stream for investors.

LOWER ECONOMIC SENSITIVITY The inelastic nature of the demand for infrastructure services and products causes the asset class to have low economic sensitivity, which can help provide downside protection in turbulent economic environments.

INFLATION PROTECTION Many infrastructure stocks have inflation-linked pricing in their revenue contracts, which can help them do particularly well in periods of unexpected inflation.

DIVERSIFICATION The asset class lends itself to due to the diversified opportunity set across regions and types of businesses.

Diversification does not ensure a profit or guarantee against a loss. The infrastructure industries can be significantly affected by general economic trends; fluctuations in energy and commodity prices; supply and demand of services or fuel; interest rate changes; financing difficulties; natural resource conservation; labor relations; legislation; ; government regulation and spending; geopolitical 7 developments; import controls; worldwide competition; and liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. Infrastructure Has Offered an Attractive and Sustainable Yield Infrastructure has provided an attractive yield for investors relative to other asset classes with lower risk than many other equity asset classes

5% 2020) - Real Estate Equities Global Infrastructure 4%

3% EM Equities Investment Grade Global Equities

2% Domestic Equities 15Y Median Annual Dividend(2005 Yield Annual Median 15Y

1% 0% 5% 10% 15% 20% 25% 15Y Annualized Standard Deviation Source: Bloomberg, Factset, , as of 7/31/20. Domestic Equities: S&P 500; Global Equities: MSCI All Country World; Emerging Markets: MSCI EM; Real Estate: DJ US Real 8 Estate; Infrastructure: S&P Global Infrastructure; Investment Grade: Barclays US Agg Bond Infrastructure Relative Yield is Attractive Today The income yield from infrastructure is attractive today relative to the yield from traditional bond instruments

Spread Between Infrastructure Dividend Yield and Blended 10 Year Treasury* 6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

-1.0%

-2.0%

-3.0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: Bloomberg as of 07/31/20 9 *Blended 10 Year Treasury: Based on geographic allocation of the S&P Global Infrastructure Index Infrastructure Has Historically Performed Well in Periods of Unexpected Inflation Inflation protection in long-dated infrastructure contracts enables companies to protect their earnings and income streams when inflation surprises to the upside

MEDIAN ASSET RETURNS IN PERIODS OF UNEXPECTED INFLATION 6.0% 5.1% 5.0%

4.0% 3.2% 3.0%

2.0% 1.6%

1.0%

0.0% S&P Global Infrastructure MSCI AC World Barclays Global Bonds

10 Source: Bloomberg, Philadelphia Fed one-year-ahead Inflation forecasts, Fidelity Investments, as of 06/30/20. Investment Philosophy

Investing in infrastructure securities that are best-of-breed and/or exposed to secular mega- ◼ trends, which should help drive higher stability, earnings growth, and dividend growth versus the index

Focusing on high-quality infrastructure assets may provide an attractive and sustainable ◼ income yield backed by secure, long-duration flow streams

Infrastructure is a far more dynamic asset class than traditional benchmarks may portray, ◼ and owning exposure to innovative infrastructure related sectors like renewables, towers, data centers, and warehousing should position us to embrace the trends of tomorrow

11 Source: Fidelity Investments. Thematic Opportunities in Infrastructure Renewable Energy

• Renewable energy, which includes wind and solar, is forecasted to grow from approximately 10% of energy generation today to nearly 40% in 2030

• Renewable energy generation in the U.S. has doubled since 2008 as it becomes more accessible and as coal and nuclear plants continue to close

• Companies that can embrace energy efficiency may benefit from a secular transition from coal and other traditional sources to renewable energy

Current U.S. Energy Mix Projected U.S. Energy Mix in 2030

Coal Natural Gas Nuclear Hydro Renewables Coal Natural Gas Nuclear Hydro Renewables

10% 10% 9% 28% 39% 29% 19%

34% 9% 13%

12 Sources: eei.com, Fidelity Investments as of Nov.1 2019 Thematic Opportunities in Infrastructure Data Centers

• Data centers are centralized locations where computing and networking equipment is concentrated in order to collect, process and store large amounts of data

• Global internet traffic is expected to continue to grow at a 26% compounded annual growth rate and will have increased 127x from 2005-2021

• The number giant data centers built for “hyperscale” firms like Amazon is expected to increase by 50% through 2021

396 400 Global Internet Traffic Expected to Nearly Triple from 2017-2022

350 319 300 254 250 201 200 156 150 122

Exabytesmonth per 100

50

0 2017 2018 2019 2020 2021 2022

Exabyte: Unit of digital information storage used to denote size of data. Equivalent to 1 billion gigabytes 13 Source: Cisco VNI Global IP Forecast, 2017-2022 Thematic Opportunities in Infrastructure Warehouses & Logistics • Industrial REITs, which includes warehouses and logistics facilities, are a critical part of the global commerce and trade ecosystem

• Growth of these facilities and their importance in global economy is being driven in part by secular trends such as e-commerce

• Companies with high quality facilities in the most strategically important geographic areas may have the chance to outperform

$6.0 20% 17.5% 18% $5.0 15.5% 16% 13.7% 14% $4.0 11.9% 12% $3.0 10% ($Trillions) $4.9 8% $2.0 $4.1 $3.5 6% $2.8 4% $1.0

Worldwide eCommerce salesretaileCommerceWorldwide 2% Share of total worldwide retail salestotalworldwide ofShare $- 0% 2018 2019 2020 2021

Worldwide eCommerce retail sales Share of total worldwide retail sales

14 Source: eMarketer as of 2018 Outlook and Opportunities

Outlook Opportunities

• We believe infrastructure is an attractive • Focusing on best-of-breed firms with a track equity asset class for investors record of sustainable earnings and dividend growth • The asset class may provide a high and sustainable income yield, inflation protection, • Portfolio is exposed to thematic mega-trends and a compelling total-return proposition like renewables growth, 5G, data centers, warehousing, and logistics, making it more dynamic than traditional infrastructure benchmarks

15 Source: Fidelity Investments. Fidelity U.S. Low Volatility Fund (FULVX) Zach Dewhirst, Portfolio Manager

16 Equity Markets Can Provide Strong Capital Appreciation Why is downside protection important?

US EQUITIES OVER THE LAST 30+ YEARS US Equities (Russell 3000) 30

25 Since June of 1988 the US equity market is up over 2400%! 20

15

10

5

0

Feb-1989 Feb-1992 Feb-1995 Feb-1998 Feb-2001 Feb-2004 Feb-2007 Feb-2010 Feb-2013 Feb-2016 Feb-2019

Nov-1989 Nov-1992 Nov-1995 Nov-1998 Nov-2001 Nov-2004 Nov-2007 Nov-2010 Nov-2013 Nov-2016 Nov-2019

Aug-1990 Aug-1993 Aug-1996 Aug-1999 Aug-2002 Aug-2005 Aug-2008 Aug-2011 Aug-2014 Aug-2017

May-1988 May-1991 May-1994 May-1997 May-2000 May-2003 May-2006 May-2009 May-2012 May-2015 May-2018

Source: eVestment as of 07/31/20

17 Equity Markets Can Provide Strong Capital Appreciation Why is downside protection important?

US EQUITIES OVER THE LAST 30+ YEARS Market Declines >5% US Equities (Russell 3000) 30 Begin End Duration (Months) Market Return 6/30/1990 10/31/1990 4 -15.83% 25 5/31/1996 7/31/1996 2 -5.54% 6/30/1998 8/31/1998 2 -16.86% But, stocks have lost value in 34% of 6/30/1999 9/30/1999 3 -6.58% the months and the market has 3/31/2000 5/31/2000 2 -6.23% declined more than 5% 16 times 20 8/31/2000 9/30/2002 25 -44.13% 5/31/2007 7/31/2007 2 -5.22% 10/31/2007 2/28/2009 16 -51.20% 4/30/2010 6/30/2010 2 -13.19% 15 4/30/2011 9/30/2011 5 -17.75% 3/31/2012 5/31/2012 2 -6.80% 5/31/2015 9/30/2015 4 -8.80% 10 1/31/2018 3/31/2018 2 -5.62% 9/30/2018 12/31/2018 3 -14.30% 4/30/2019 5/31/2019 1 -6.47% 2/29/2020 3/31/2020 1 -13.75% A strategy that helps protect capital 5 during market declines may be a good addition to any portfolio

0

Feb-1995 Feb-1989 Feb-1992 Feb-1998 Feb-2001 Feb-2004 Feb-2007 Feb-2010 Feb-2013 Feb-2016 Feb-2019

Nov-2001 Aug-2008 Nov-1989 Aug-1990 Nov-1992 Aug-1993 Nov-1995 Aug-1996 Nov-1998 Aug-1999 Aug-2002 Nov-2004 Aug-2005 Nov-2007 Nov-2010 Aug-2011 Nov-2013 Aug-2014 Nov-2016 Aug-2017 Nov-2019

May-1988 May-2015 May-1991 May-1994 May-1997 May-2000 May-2003 May-2006 May-2009 May-2012 May-2018

Source: eVestment as of 07/31/20

18 Equity Markets Can Provide Strong Capital Appreciation Why is downside protection important?

US EQUITIES OVER THE LAST 30+ YEARS

Market Declines >5% Low Volatility (MSCI USA Min Vol) US Equities (Russell 3000) 35

30 A strategy that simply could keep up with 75% of the market's gains, on average, but only participated in 67% of the losses would actually deliver better returns with lower risk than the market.

25 That strategy would have generated a 2700% return over the same period (blue line). This highlights the power of compounding and is how a low volatility equity strategy is designed to work 20

15

10

5

0

Jan-1989 Jan-1991 Jan-1993 Jan-1995 Jan-1997 Jan-1999 Jan-2001 Jan-2003 Jan-2005 Jan-2007 Jan-2009 Jan-2011 Jan-2013 Jan-2015 Jan-2017 Jan-2019

Sep-1989 Sep-1991 Sep-1993 Sep-1995 Sep-1997 Sep-1999 Sep-2001 Sep-2003 Sep-2005 Sep-2007 Sep-2009 Sep-2011 Sep-2013 Sep-2015 Sep-2017 Sep-2019

May-1988 May-1990 May-1992 May-1994 May-1996 May-1998 May-2000 May-2002 May-2004 May-2006 May-2008 May-2010 May-2012 May-2014 May-2016 May-2018 May-2020

Source: eVestment as of 07/31/20 19 Low-Volatility Investing Portfolio drawdowns can have a lasting negative impact on portfolios

In low-volatility equity investing, losses Drawdowns can have a more lasting Protecting capital increases efficacy of can still happen, but frequency and negative impact on portfolios due to the compounding returns over time magnitude are dampened relative to lower amount of assets to compound other equity asset classes

RISK-MANAGED STRATEGY Impact of Downside Protection 1000% 900% 900% 800% The S&P 500 Index lost about 50% of its value during the global financial crisis and 700% took almost three years to recoup losses. 600% 500% 400% 400% 300% 233% 200% 150% 67% 100% 100% 11% 25% 43% 0% Gain Required toBreak RequiredEven Gain -10% -20% -30% -40% -50% -60% -70% -80% -90% Loss Drawdown For illustrative purposes only. 20 Introduction to Low Volatility Equity Investing What is it?

Fully invested equity portfolio ◼ 100% equity, no cash/

Capitalizes on the low volatility anomaly ◼ Historically low volatility stocks outperform high volatility stocks on a return per risk basis

Portfolio of stocks constructed to exhibit low volatility ◼ May exhibit similar returns versus a cap-weighted portfolio with less risk and drawdowns

21 Potential Different Asset Allocation Applications

BULLISH TRADITIONAL BEARISH ASSET MIX ASSET MIX ASSET MIX

Equity Fixed Income Equity Fixed Income Equity Fixed Income

Current Asset Mix 80% Equity/20% Fixed Income 60% Equity/40% Fixed Income 40% Equity/60% Fixed Income

Return 6.17 6.08 5.88 Volatility 12.33 9.25 6.32 Sharpe Ratio 0.37 0.49 0.68

New Allocations 80% LV/20% Fixed Income 60% LV/40% Fixed Income 40% LV/60% Fixed Income

Return 7.41 6.93 6.39 Volatility 9.33 7.14 5.13 Sharpe Ratio 0.62 0.75 0.94

Change In Return 1.23 0.85 0.51 Change in Vol (3.00) (2.11) (1.19) Change in Sharpe 0.25 0.26 0.26 For illustrative purposes only. Equity allocation represented by Russell 3000, low volatility equity allocation represented by MSCI USA Minimum Volatility Index, bond allocation represented by Bloomberg Barclays US Aggregate Bond Index. Returns reflect monthly rebalancing for the last 20 years ending 6/30/20. Index performance does not reflect the deduction of advisory fees, transaction charges, and other expenses, which would reduce performance. Investing directly in an index is not possible. Past performance is no guarantee of future results. Source: Fidelity. 22 Potential Different Asset Allocation Applications

BULLISH TRADITIONAL BEARISH ASSET MIX ASSET MIX ASSET MIX

Equity Fixed Income Equity Fixed Income Equity Fixed Income

Current Asset Mix 80% Equity/20% Fixed Income 60% Equity/40% Fixed Income 40% Equity/60% Fixed Income

Avg Dn Mkt Ret (32.08) (23.55) (14.10) Max Drawdown 42.58 32.69 21.40 Recovery Length (mo) 24 22 13

New Allocations 80% LV/20% Fixed Income 60% LV/40% Fixed Income 40% LV/60% Fixed Income

Avg Dn Mkt Ret (19.93) (13.61) (6.88) Max Drawdown 33.32 24.86 15.61 Recovery Length (mo) 22 19 9

Change in Dn Mkt Ret 12.16 ✔ 9.94 ✔ 7.22 ✔ Change in Drawdown (9.26) ✔ (7.84)✔ (5.79)✔ Change in Recovery (2) ✔ (3) ✔ (4) ✔ For illustrative purposes only. Equity allocation represented by Russell 3000, low volatility equity allocation represented by MSCI USA Minimum Volatility Index, bond allocation represented by Bloomberg Barclays US Aggregate Bond Index. Returns reflect monthly rebalancing for the last 20 years ending 6/30/20. Index performance does not reflect the deduction of advisory fees, transaction charges, and other expenses, which would reduce performance. Investing directly in an index is not possible. Past performance is no guarantee of future results. Source: Fidelity. 23 Fund Strategy Overview Approach is distinguished from others in the marketplace

Stock Selection Risk Management

• Focus on standard deviation • Style-based broad universe selection Typical Approach • Possible model errors in rare yet impactful • Single overarching model events that elude historical testing

• Deep industry knowledge • Focus on downside risk Fidelity U.S. Low Volatility Equity Fund’s Approach • Diverse investment themes from 400+ • Adaptive responses to rare yet impactful analysts events with custom analysis

Fidelity U.S. Low Volatility Equity Fund combines the benefits of fundamental and quantitative approaches:

Fundamental, Statistical, Fidelity U.S. Low forward-looking backward-looking + = Volatility Equity Fund risk-assessment risk-assessment

24 Q&A

Fidelity Infrastructure Fund (FNSTX) Fidelity US Low Volatility Equity Fund (FULVX)

25 Appendix

26 Portfolio Manager Profile

Pranay Kirpalani Research Analyst/Portfolio Manager Pranay Kirpalani is a research analyst and portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider of , planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Mr. Kirpalani is responsible for providing research and recommendations on several stocks across Global Infrastructure and serves as portfolio manager of the Fidelity Infrastructure Fund. He has been in the financial industry since 2013. Mr. Kirpalani earned his bachelor of arts degree in economics from The University of Pittsburgh.

27 Portfolio Manager Profile

Zach Dewhirst, CFA Portfolio Manager, Team Leader Quantitative Equity Zach Dewhirst is a portfolio manager and team leader of the Quantitative Equity Research Team at Fidelity Institutional Asset Management (FIAM), Fidelity Investments' distribution and client service organization dedicated to meeting the needs of consultants and institutional investors, such as defined benefit and defined contribution plans, endowments, and financial advisors. In this role, Mr. Dewhirst manages equity portfolios including FIAM's suite of global factor strategies (Low Volatility, Value, Yield, Quality and Momentum) as well as Quantitative Large Cap Core, U.S. Total Market Equity, and Large Cap Value. He also manages the Fidelity U.S. Low Volatility Equity Fund. Prior to assuming his current responsibilities, Mr. Dewhirst was a quantitative analyst responsible for conducting research to build and enhance the quantitative stock selection models used to manage various FIAM portfolios. Before joining Fidelity in 2007, Mr. Dewhirst served as a quantitative research manager at PanAgora Asset Management and as a quantitative equity investment associate at Putnam Investments. He has been in the financial industry since 1999. Mr. Dewhirst earned his bachelor of science degree in quantitative economics from Tufts University and his master of business administration degree from the Massachusetts Institute of Technology Sloan School of Management. He is also a CFA® charterholder.

28 Index definitions

Term Definition

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, market-value-weighted benchmark that measures the performance of the investment- Bloomberg Barclays U.S. grade, U.S. dollar-denominated, fixed-rate taxable . Sectors in the index include Treasuries, government-related and corporate securities, MBS Aggregate (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. The S&P Global Infrastructure Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while S&P Global Infrastructure maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and Index utilities.

Dow Jones US Real The index is designed to track the performance of real estate investment trusts (REIT) and other companies that invest directly or indirectly in real estate Estate Index through development, management, or ownership, including property agencies.

ICE BofAML U.S. High The ICE BofAML U.S. High Yield Constrained Index tracks the performance of below-investment-grade, but not in default, U.S. dollar-denominated Yield Constrained Index corporate bonds publicly issued in the U.S. domestic market, and includes issues with a rating of BBB or below, as rated by Moody’s and S&P. MSCI ACWI Index The MSCI ACWI captures large and mid cap representation across 23 Developed Markets and 26 Emerging Markets countries. With 3,047 constituents, the index covers approximately 85% of the global investable equity opportunity set MSCI EM Index The MSCI ACWI captures large and mid cap representation across 26 Emerging Markets countries. With 1,404 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Russell 2000® Index The index is a market capitalization-weighted index designed to measure the performance of the small cap segment of the U.S. equity market. It includes approximately 2,000 of the smallest securities in the Russell 3000 Index. S&P 500® Index The Standard & Poor's 500 Index is a market capitalization-weighted index of 500 widely held U.S. stocks and includes reinvestment of dividends.

29 Glossary

Term Definition

Sharpe Ratio A measure that indicates the average return minus the risk-free return divided by the standard deviation of return on an investment.

Max Drawdown An indicator of the risk of a portfolio chosen based on a certain strategy. It measures the largest single drop from peak to bottom in the value of a portfolio (before a new peak is achieved). MSCI USA Minimum The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large and mid Volatility Index cap USA equity universe. The index is calculated by optimizing the MSCI USA Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints). Historically, the index has shown lower beta and volatility characteristics relative to the MSCI USA Index. Russell 3000 Index The Russell 3000 Index is a market capitalization–weighted index designed to measure the performance of the 3,000 largest companies in the US equity market. S&P 500 Index The Standard & Poor's 500 Index is a market capitalization-weighted index of 500 widely held U.S. stocks and includes reinvestment of dividends. MSCI All Country World The MSCI All Country World Index is a market capitalization weighted index that is designed to measure the investable equity market performance for Index global investors of developed and emerging markets.

30 Important Information

Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Although the fund’s strategy is designed to identify stocks with lower volatility than the broader market, there is no guarantee that these techniques or the fund’s low volatility strategy will be successful. Indexes are unmanaged. It is not possible to invest directly in an index. Third-party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliated company. Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies. Non-diversified sector funds may have additional volatility because they can invest a significant portion of assets in securities of a small number of individual issuers. Diversification does not ensure a profit or guarantee against loss. Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Before investing in any or exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, offering circular, or, if available, a summary prospectus containing this information. Read it carefully. © 2020 FMR LLC. All rights reserved. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 942367.1.0

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