* Target drawdown is defined as the maximum amount than an investment can be expected to fall from peak to trough.
** Member firms participate in an access, engagement, and analytics program established by Fidelity, for which these providers compensate affiliates of FIWA for these services through a flat, annual fee. This model will include: (1) Member firms and funds and (2) Fidelity funds, all of which must meet FIWA's investment criteria. Should no such funds meet FIWA's investment criteria, FIWA will include other third-party funds that meet the criteria.
† If circumstances warrant, there may be off-cycle reallocations.

Note: Not all resources described are available to Fidelity Model Portfolios.

The information presented herein does not make an offer or solicitation to buy or sell any securities or services, and is not investment advice. FIWA does not provide legal or tax advice and we encourage you to consult your own lawyer, accountant, or other advisor before making an investment.

Fidelity Model Portfolios are made available to financial intermediaries on a non-discretionary basis by Fidelity Institutional Wealth Adviser LLC ("FIWA"), a registered investment adviser, or by Fidelity Distributors Company LLC ("FDC"), a registered broker-dealer, (collectively "Fidelity"). Fidelity is not acting as a fiduciary or in any advisory capacity in providing this information. The information is designed to be utilized by you solely as a resource, along with other potential sources, in providing advisory services to your clients. You are solely responsible for determining whether the Models, the investment products included in the Models, and the share class of those products, are appropriate and suitable for you to base a recommendation or provide advice to any end investor about the potential use of the Models.

With the exception of the Fidelity Target Allocation and Target Allocation Index-Focused Models, which consists solely of Fidelity mutual funds, the Models may consist of Fidelity mutual funds, Fidelity ETFs, and third-party ETFs, which include iShares ETFs sponsored by BlackRock. These investment products that comprise the models are available only in the share class designated by FIWA when made available through the Models. FIWA does not seek to offer investment products or share classes through the Models that are necessarily the least expensive. In some cases, the investment products in the Models may have a lower-cost share class available on a stand-alone basis for purchase outside of the Models, or that may be available to other types of investors. Use of the Models will result in the payment of fees to the Fidelity funds and Fidelity ETFs in the Models as provided for in the prospectus to each such investment product. The fees received from investment in the funds and ETFs will be shared by various affiliates, including FIWA, involved in distributing and advising the Models, the Fidelity funds, and the Fidelity ETFs in the Models.

Fidelity does not have investment discretion and does not place trade orders for any of your clients' accounts. Information and other marketing materials provided to you by Fidelity concerning the Models may not be indicative of your client's actual experience from investing in one or more of the investment products included in the Models. The Models' allocations and data are subject to change.

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation, credit, and default risks for both issuers and counterparties.

The model portfolios do not attempt to consider the effect of income taxes on performance or returns and does not reflect any opinion on the tax-appropriateness of the portfolio for any investor. Depending on your tax situation, municipal bond funds may be more appropriate for you. Model portfolios do not consider the effect of taxes, fees, and/or expenses associated with investing. Please consult with your investment or tax advisor, if applicable, prior to taking action.

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

Please see the mutual fund and ETF prospectuses, applicable ADV documents, and/or related offering documents for more details on compensation, expenses and fees, conflicts of interest, investment strategies and risks.

Because of its narrow focus, sector investing tends to be more volatile than investments that diversify across many sectors and companies. Each sector investment is also subject to the additional risks associated with its particular industry.

There is no guarantee that a factor-based investing strategy will enhance performance or reduce risk. Before investing, make sure you understand how a factor investment strategy may differ from a more traditional index-based or actively managed approach. Depending on market conditions, factor-based investments may underperform compared to investments that seek to track a market-capitalization-weighted index or investments that employ full active management.

Investment involves risk, including the risk of loss. 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. The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. 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. SMAs may have additional risks.

Diversification does not ensure a profit or guarantee against a loss.

"Fidelity Investments" and/or "Fidelity" refers collectively to FMR LLC, a U.S. company, and its subsidiaries, including but not limited to Fidelity Management & Research Company LLC (FMR) and FIWA.