Active Equity Custom SMAs

Past performance is no guarantee of future results. An investment may be risky and may not be suitable for a client’s goals, objectives, and risk tolerance. An investment’s value may be volatile, and any investment involves the risk that you may lose money.

The value of a strategy’s investments will vary in response to many factors, including adverse issuer, political, regulatory, market, or economic developments. The value of an individual security or a particular type of security can be more volatile than and perform differently from the market as a whole. Nearly all accounts are subject to volatility in non-U.S. markets, either through direct exposure or indirect effects on U.S. markets from events abroad, including fluctuations in foreign currency exchange rates and, in the case of less developed markets, currency illiquidity. Events such as natural disasters, pandemics, epidemics, and social unrest in one country, region, or financial market may adversely impact issuers in a different country, region, or financial market. Performance could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. Moreover, such negative political and economic conditions and events could disrupt the processes necessary for investment operations.

Accounts that are tax-managed (“Taxable Accounts” or “Accounts”) are managed using investing techniques that seek to enhance after-tax 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 taking into account 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.

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).

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.