Fidelity Target Allocation Model Portfolios

^¶ Award methodology – Envestnet|PMC selected the candidates for the Multi-Asset Research Manger of the Year category from approximately 150 third-party strategist managers that are actively available on the Envestnet platform. This universe on the Envestnet platform is diversified across model portfolio solutions ranging from multi-asset, risk-based portfolios to unique, single-strategy solutions. The evaluation was focused on managers that offer unique product solutions with attractive qualitative features, such as strength of firm, investment team, investment process, and risk controls. They also factored in managers with strong performance track records on both an absolute and relative basis for 2024, and over longer time periods. They also placed an emphasis on upside market capture, active fixed income management and consistent risk-adjusted performance while adhering to their investment process.

Nominees for Envestnet’s 2025 Manager awards are sourced from a wide roster of mutual funds, ETFs, SMAs, and model portfolios that are accessible to financial advisors within the Envestnet platform. There is one award across seven different categories as well as an overall Manager of the Year award. For investment strategies to qualify for consideration, each eligible strategy must have existing due diligence coverage and research by Envestnet | PMC's 28-member research and due diligence team.

Envestnet has entered into a strategic relationship with BlackRock and Fidelity for certain program offerings. For more information regarding this relationship and the related conflicts, please see Envestnet’s Form ADV Part 2A. Advisors should always conduct their own research and due diligence on investment products and the product managers prior to offering or making a recommendation to a client.

^# Excludes Fidelity Advisor Funds that do not have both I and Z shares and funds with “Fund of Funds” structures.

^*** 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 and Custom Models 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.

There is no guarantee that the Fidelity Target Allocation Model Portfolios, if implemented in whole or in part by an Intermediary for their Investor client, will achieve any particular result.

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.