Separately Managed Accounts

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Overview

Our professionally managed strategies are designed to serve as a key component of your overall investment portfolio, giving you a strategic tool to help you pursue your unique financial goals.

Tax management
Ongoing tax-smart investing strategies² help keep more of your money invested and working for you.

Targeted
Portfolios are generally built around a single asset class and focused on a targeted objective.

Personalization
Portfolios can be personalized around your preferences and tax situation.

Transparency
You have full visibility into everything we do on your behalf.

* Keep in mind that investing, including investing in Fidelity SMAs, mutual funds, or ETFs, involves risk. They are subject to market fluctuation and the risks of their underlying investments. You may gain or lose money. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. ETFs and mutual funds are subject to management fees and other expenses. In addition to any underlying expenses associated with an investment vehicle, Fidelity SMAs are also subject to an annual advisory fee. Fidelity SMAs charge gross advisory fees that range between 0.20% and 1.5%, and vary based on total assets invested. The total fees and expenses applicable to mutual funds and ETFs are generally lower than those associated with Fidelity SMAs. For more information on the specific fees and expenses associated with Fidelity SMAs, or a specific mutual fund or ETF, please speak with your investment professional.

** Generally, ETFs swap securities for securities or redeem securities in kind, while mutual funds generally sell securities to redeem shares. The ETF redemption process is not always able to be executed in a way that avoids all capital gains.

Choosing an SMA

Fidelity^® U.S. Large Cap Index Strategy

Seeks investment results similar to US large-cap stocks while looking to boost after-tax performance by using tax-smart strategies.²

Stock exposure
U.S. investing
Tax management
Direct indexing

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Fidelity^® International Index Strategy

Seeks investment results similar to international developed market stocks while looking to boost after-tax performance by using tax-smart strategies.²

Stock exposure
International investing
Tax management
Direct indexing

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Fidelity^® International Strategy

Seeks to deliver long-term growth and to provide returns greater than the MSCI^® EAFE^® Index (Net MA Tax) over a full market cycle.

Stock exposure
International investing
Tax management
Active management

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Fidelity^® Dividend Income Strategy

Seeks to deliver long-term growth and dividend income greater than the S&P 500^® Index, with the potential for less volatility than the index.

Stock exposure
Dividend income
Lower volatility equity
Tax management
Active management

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Fidelity^® U.S. Large Cap Strategy

Seeks long-term growth in an effort to provide returns greater than the S&P 500^® Index over a full market cycle.

Stock exposure
U.S. investing
Tax management
Active management

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Fidelity^® Core Bond Strategy

Seeks to provide a balance between income potential and risk by investing in a diversified portfolio of investment-grade taxable bonds. The average portfolio duration will generally range between 3-5 years.

Bond exposure
Intermediate duration
Taxable income
Active management

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Fidelity^® Intermediate Municipal Strategy

Seeks to provide a balance between income potential and risk by investing in a diversified portfolio of investment-grade municipal bonds rated A− or higher while retaining the flexibility to invest a portion of the portfolio in lower credit quality bonds in search of greater income potential. The average portfolio duration will generally range between 3-5 years.

Bond exposure
Intermediate duration
Federally tax-exempt income
Active management

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BlackRock^® Diversified Income Portfolio

Seeks to generate income by investing in a broad range of asset classes, while carefully balancing the trade-offs between risk and yield.

Stock and bond exposure
Diversified income

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NEW
Fidelity ^® Limited Duration Municipal Strategy

Bond exposure
Limited duration
Federally tax-exempt income
Active management

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NEW
Fidelity ^® Limited Duration Bond Strategy

Bond exposure
Limited duration
Taxable income
Active management

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NEW
Breckinridge Limited Duration Municipal Strategy

Seeks to provide a balance between income potential and risk by investing in a diversified portfolio of high-quality investment-grade municipal bonds. The average portfolio duration will generally range between 2-3 years.

Bond exposure
Limited duration
Federally tax-exempt income
Active management

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Breckinridge Intermediate Municipal Strategy

Bond exposure
Intermediate duration
Federally tax-exempt income
Active management

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NEW Fidelity ^® U.S. Low Volatility Index Strategy

Seeks to approximate the return and risk characteristics of the Fidelity U.S. Low Volatility Focus Index and to enhance after-tax returns through the use of tax-smart investing.²

Stock exposure
Dividend income
Lower volatility equity
Tax management
Direct indexing

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NEW Fidelity ^® U.S. Total Market Index Strategy

Seeks investment results similar to the Fidelity U.S. Total Investable Market Index using large-, mid-, and small-cap stocks while looking to boost after-tax returns.²

Stock exposure
U.S. investing
Tax management
Direct indexing

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NEW Fidelity ^® Environmental Focus Strategy

Seeks to build a portfolio with reduced exposure to companies that have lower environmental ratings while approximating the risk characteristics and pre-tax returns of the Fidelity^® U.S. Large Cap Index^SM

Stock exposure
U.S. investing
Tax management
Direct indexing
Sustainable investing

Learn more

$100,000 — $350,0001
depending on the strategy

0.20% — 1.50%3
depending on the strategy and account balance

Working with Fidelity

Building a relationship
Based on a clear understanding of your goals, your advisor will help you choose a strategy designed to support those goals.

We’ll do the investing
Once you select a strategy we’ll go to work in an effort to help you reach your goals, keeping you updated along the way.

Ongoing support
We’re always here to answer questions about your portfolio or your goals. Feel free to schedule a call.

One simple advisory fee

Your advisory fee is based on your account balance and selected strategy, and covers commissions when we make trades on your behalf.³

Find an advisor

Prioritizing your security

At Fidelity, we take your security and privacy seriously. That’s why we employ the latest digital encryption technology designed to help keep your personal information and your portfolio safe.

Learn more

1. Fidelity^® Wealth Services (FWS) Wealth Management service-level clients and all Fidelity® Strategic Disciplines (FSD) clients must generally qualify for support from a dedicated Fidelity advisor, which is based on a variety of factors (for example, a client with at least $500,000 invested in an eligible Fidelity account(s) would typically qualify). Account investment minimum is $50,000 for FWS, $100,000 for an FSD equity strategy, and $350,000 for an FSD bond strategy. Non-discretionary financial planning for Fidelity Strategic Disciplines clients if they qualify for Private Wealth Management.

Tax-smart (i.e., tax-sensitive) investing techniques, including tax-loss harvesting, are applied in managing certain taxable accounts on a limited basis, at the discretion of the portfolio manager, primarily with respect to determining when assets in a client's account should be bought or sold. Assets contributed may be sold for a taxable gain or loss at any time. There are no guarantees as to the effectiveness of the tax-smart investing techniques applied in serving to reduce or minimize a client's overall tax liabilities, or as to the tax results that may be generated by a given transaction.

3. The advisory fee does not cover charges resulting from trades effected with or through broker-dealers other than affiliates of Fidelity Investments, mark-ups or mark-downs by broker-dealers, transfer taxes, exchange fees, regulatory fees, odd-lot differentials, handling charges, electronic fund and wire transfer fees, or any other charges imposed by law or otherwise applicable to your account. You will also incur underlying expenses associated with the investment vehicles selected.

The third-party trademarks and service marks appearing herein are the property of their respective owners.

For taxable accounts, Fidelity^® Dividend Income Strategy, Fidelity^® International Strategy, and Fidelity^® U.S. Large Cap strategy may apply tax-sensitive investment management (including tax-loss harvesting) on a limited basis, at the discretion of the portfolio manager, primarily with respect to determining when assets in a client's account should be bought or sold. With this discretionary investment management service, any assets contributed to an investor's account that the portfolio manager does not elect to retain may be sold at any time after contribution. An investor may have a gain or loss when assets are sold.

Clients in our separately managed accounts are responsible for all tax liabilities arising from transactions in their accounts, for the adequacy and accuracy of any positions taken on tax returns, for the actual filing of tax returns, and for the remittance of tax payments to taxing authorities. Fidelity does not provide legal or tax advice, and the information provided is general in nature and should not be considered legal or tax advice. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation.

An SMA is not intended to provide a complete investment program. You are responsible for appropriate diversification of assets held outside your SMA.

The S&P 500^® Index is an unmanaged, market capitalization–weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

MSCI EAFE Index (Net MA Tax) is an unmanaged, market capitalization–weighted index that is designed to measure the investable equity market performance for global investors in developed markets, excluding the U.S. and Canada. Index returns are adjusted for tax withholding rates applicable to U.S.-based mutual funds organized as Massachusetts business trusts.

Fidelity U.S. Total Investable Market Index is a float-adjusted market capitalization-weighted index designed to reflect the performance of U.S. equity market, including large-, mid- and small capitalization stocks.

Fidelity U.S. Large Cap Index is a float-adjusted market capitalization-weighted index designed to reflect the performance of the U.S. equity market, including large-capitalization stocks. This index is a subset of the Fidelity U.S. Total Investable Market Index representing the largest companies.

The Fidelity U.S. Low Volatility Focus Index represents the performance of a broad range of U.S. equities that in the aggregate have lower volatility relative to the broader U.S. equity market.

You cannot invest directly in an index. Securities indexes are not subject to fees and expenses typically associated with managed accounts.

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. 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.

The municipal market can be affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Interest income generated by municipal bonds is generally expected to be exempt from federal income taxes and, if the bonds are held by an investor resident in the state of issuance, state and local income taxes. Such interest income may be subject to federal and/or state alternative minimum taxes. Investing in municipal bonds for the purpose of generating tax-exempt income may not be appropriate for investors in all tax brackets. Generally, tax-exempt municipal securities are not appropriate holdings for tax advantaged accounts such as IRAs and 401(k)s.

BlackRock Investment Management, LLC (BlackRock) is an independent entity which is not legally affiliated with any Fidelity Investments company. Strategic Advisers is the portfolio manager for Fidelity^® Wealth Services accounts investing in the BlackRock Diversified Income Portfolio and implements trades for the accounts based on the model portfolio of investments it receives from BlackRock. Strategic Advisers may select investments for an account that differ from BlackRock's model.

Fidelity^® Wealth Services, Fidelity Managed FidFolios^® and Fidelity^® Strategic Disciplines are advisory services offered by Fidelity Personal and Workplace Advisors LLC (FPWA), a registered investment adviser, for a fee. Fidelity^® Strategic Disciplines includes the Fidelity^® U.S. Large Cap Index Strategy, the Fidelity^® International Index Strategy, the Fidelity^® Dividend Income Strategy, the Fidelity^® U.S. Large Cap Strategy, the Fidelity^® U.S. Total Market Index Strategy, the Fidelity^® U.S. Low Volatility Index Strategy, the Fidelity^® Environmental Focus Strategy, the Fidelity^® International Strategy, the Breckinridge Intermediate Municipal Strategy, the Fidelity^® Intermediate Municipal Strategy, the Fidelity^® Core Bond Strategy, the Breckinridge Limited Duration Municipal Strategy, the Fidelity^® Limited Duration Bond Strategy, and the Fidelity^® Limited Duration Municipal Strategy. Fidelity Managed FidFolios^® includes the U.S. Large Cap Index Strategy, the Environmental Focus Strategy, the International Index Strategy, the Dividend Income Strategy, the U.S. Large Cap Strategy, the International Strategy, the U.S. Total Market Index Strategy, and the U.S. Low Volatility Index Strategy. Brokerage services provided by Fidelity Brokerage Services LLC (FBS), and custodial and related services provided by National Financial Services LLC (NFS), each a member NYSE and SIPC. FPWA, FBS and NFS are Fidelity Investments companies.

FPWA has engaged Breckinridge Capital Advisors, Inc. to provide the day-to-day discretionary portfolio management of Breckinridge Intermediate Municipal Strategy accounts and Breckinridge Limited Duration Municipal Strategy accounts, including investment selection and trade execution, subject to FPWA's oversight. Breckinridge is an independent registered investment adviser and is not affiliated with any Fidelity Investments company.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

767113.24.0

Features*	SMAs	Mutual funds	Exchange-traded funds (ETFs)
Professional portfolio management	Yes	Yes	Yes
Reduce capital gains distributions for eligible accounts**	Yes	No	Yes
Personalized tax management	Yes	No	No
Real-time transparency of holdings	Yes	No	No
Ability to personalize your holdings	Yes	No	No

Overview

Choosing an SMA

Working with Fidelity

Overview

How SMAs can play a role in your portfolio

A few ways SMAs compare

Choosing an SMA

Filter SMAs

Fidelity^® U.S. Large Cap Index Strategy

Fidelity^® International Index Strategy

Fidelity^® International Strategy

Fidelity^® Dividend Income Strategy

Fidelity^® U.S. Large Cap Strategy

Fidelity^® Core Bond Strategy

Fidelity^® Intermediate Municipal Strategy

BlackRock^® Diversified Income Portfolio

NEW
Fidelity ^® Limited Duration Municipal Strategy

NEW
Fidelity ^® Limited Duration Bond Strategy

NEW
Breckinridge Limited Duration Municipal Strategy

Breckinridge Intermediate Municipal Strategy

NEW Fidelity ^® U.S. Low Volatility Index Strategy

NEW Fidelity ^® U.S. Total Market Index Strategy

NEW Fidelity ^® Environmental Focus Strategy

Minimum investment:

Gross annual advisory fee:

Working with Fidelity

Working with a Fidelity advisor

One simple advisory fee

Prioritizing your security

How to get started investing in SMAs

Other ways to invest

Let's talk about how we can work together

Mutual Funds and Mutual Fund Investing - Fidelity Investments

Separately managed accounts

Overview

Choosing an SMA

Working with Fidelity

Overview

How SMAs can play a role in your portfolio

A few ways SMAs compare

Choosing an SMA

Filter SMAs

Fidelity® U.S. Large Cap Index Strategy

Fidelity® International Index Strategy

Fidelity® International Strategy

Fidelity® Dividend Income Strategy

Fidelity® U.S. Large Cap Strategy

Fidelity® Core Bond Strategy

Fidelity® Intermediate Municipal Strategy

BlackRock® Diversified Income Portfolio

NEW Fidelity ® Limited Duration Municipal Strategy

NEW Fidelity ® Limited Duration Bond Strategy

NEW Breckinridge Limited Duration Municipal Strategy

Breckinridge Intermediate Municipal Strategy

NEW Fidelity ® U.S. Low Volatility Index Strategy

NEW Fidelity ® U.S. Total Market Index Strategy

NEW Fidelity ® Environmental Focus Strategy

Minimum investment:

Gross annual advisory fee:

Working with Fidelity

Working with a Fidelity advisor

One simple advisory fee

Prioritizing your security

How to get started investing in SMAs

Other ways to invest

Let's talk about how we can work together

Fidelity^® U.S. Large Cap Index Strategy

Fidelity^® International Index Strategy

Fidelity^® International Strategy

Fidelity^® Dividend Income Strategy

Fidelity^® U.S. Large Cap Strategy

Fidelity^® Core Bond Strategy

Fidelity^® Intermediate Municipal Strategy

BlackRock^® Diversified Income Portfolio

NEW
Fidelity ^® Limited Duration Municipal Strategy

NEW
Fidelity ^® Limited Duration Bond Strategy

NEW
Breckinridge Limited Duration Municipal Strategy

NEW Fidelity ^® U.S. Low Volatility Index Strategy

NEW Fidelity ^® U.S. Total Market Index Strategy

NEW Fidelity ^® Environmental Focus Strategy