Deliver more choice with separately managed accounts

This document does not make an offer or solicitation to buy or sell any securities or services and is not investment advice.

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

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, all of which are magnified in emerging markets. • Growth stocks can perform differently from other types of stocks and the market as a whole and can be more volatile than other types of stocks or securities selected using only fundamental analysis. • The Adviser’s applications of the founder-involved or women’s leadership strategy may not achieve the intended results and the strategy could underperform the market as a whole. • Application of FMR’s ESG ratings process and/or its sustainable investing exclusion criteria may affect the Fidelity Advisor Women’s Leadership SMA’s exposure to certain issuers, sectors, regions, and countries and may affect the SMA’s performance depending on whether certain investments are in or out of favor. This process may result in the SMA forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. • The securities of smaller, less well-known companies can be more volatile than those of larger companies. • The health care industries are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and can be significantly affected by rapid obsolescence and patent expirations. The strategy may have additional volatility because of its narrow concentration in a specific industry. • The strategy may not achieve its intended results and could underperform the market as a whole.

The Fidelity Advisor SMAs (’SMA Models’) are made available to financial intermediaries on a non-discretionary basis by Fidelity Institutional Wealth Adviser LLC (FIWA), a registered investment adviser, including intermediaries referred to FIWA by its affiliate Fidelity Distributors Company LLC (FDC), a registered broker-dealer that is compensated by FIWA for such services. Financial intermediaries compensate FIWA for utilizing the SMA Models.

FDC and FIWA (’Fidelity’) are not acting as a fiduciary or in any advisory capacity in providing this information to you or any of your clients. 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 SMA Models and the investments included in the SMA Models are appropriate and suitable for you to base a recommendation on or provide advice to any end investor about the potential use of the SMA 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 SMA Models are not indicative of your client’s potential experience from utilizing one or more of the SMA Models.

Accounts that are tax-managed (“Taxable Accounts”) invest generally in equity securities and are managed using investing techniques that seek to enhance aftertax returns, including, without limitation, harvesting tax losses and the potential deferral of capital gains. FIWA seeks to provide, consistent with the client mandated investment guidelines, improved returns over the designated benchmark on an after-tax basis, including by considering the potential effects of capital gains when making investment decisions. The Accounts are actively managed for federal income taxes but are not managed in consideration of state or local taxes; foreign taxes; federal tax rules applicable to entities; or estate, gift, or generation skipping transfer taxes. FIWA cannot guarantee the effectiveness of these investing techniques. After-tax earnings shown do not reflect any miscellaneous income that could be reported on a Form 1099.

Fidelity Brokerage Services LLC (“FBS”), an affiliate of FIWA, is a registered broker-dealer. FBS distributes FIWA’s Accounts as a paid solicitor.

Fidelity Institutional Wealth Adviser LLC ("FIWA") is a registered investment adviser that provides customized separately managed account portfolios to clients (“Accounts” or “Account”) which are generally individuals and entities representing such individuals, including other registered investment advisers and other institutional accounts (i.e., endowments, foundations). FIWA has retained the services of its affiliate, Fidelity Management & Research Company LLC (“FMR”), to manage these accounts, subject to FIWA’s supervision and oversight.

Fidelity Investments provides investment products through Fidelity Distributors Company LLC; clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC; and institutional advisory services through Fidelity Institutional Wealth Adviser LLC.