Fidelity VIP Value Strategies Portfolio

Transcription

1 Fidelity VIP Value Strategies Key Takeaways The fund's share classes gained about 10% for the semiannual reporting period ending June 30, 2017, handily outpacing the 5.18% return of the benchmark Russell Midcap Value Index. Investors favored growth-oriented names over value the past six months, but our focus on underappreciated, high-quality companies with strong competitive positions many of which were non-benchmark holdings helped the fund outperform the index. Among sectors, the biggest contribution came from holdings in real estate. Here, American Tower was one of the fund's largest positions and a big individual contributor. In health care, a sizable investment in Ireland's Jazz Pharmaceuticals was the fund's largest contributor. Picks in consumer discretionary also aided results, including a stake in auto parts supplier Delphi Automotive. While overall positioning in energy was a plus, it hurt the most to own exploration & production firm Anadarko Petroleum. Given the market's history of strong performance in the later stage of the economic cycle, Manager Matt Friedman increased the fund's stake in some typically more-defensive sectors, and largely is avoiding lower-quality companies. MARKET RECAP The U.S. equity bellwether S&P 500 index returned 9.34% for the six months ending June 30, 2017, gaining strongly to begin the new year on optimism for President Trump's probusiness agenda. Equity markets leveled off in March, however, as the fledgling administration faced the first test of its domestic agenda. The index reacted with uncertainty to efforts by Congress to repeal and replace the Affordable Care Act (ACA) and then turned upward through June 30. In a stark reversal from 2016, growthoriented stocks handily topped their value counterparts for the first half of Among sectors, information technology (+17%) fared best, surging as a handful of major index constituents posted stellar returns. Health care (+16%) was close behind, climbing in February and again in the second quarter, following the ACA's reprieve. Meanwhile, consumer staples (+8%) and utilities (+9%) fell just shy of the broader market amid investors' general preference for risk assets. Financials (+7%) lagged because sentiment regarding the potential for deregulation and lower taxes faded as the White House turned its attention to other initiatives. Rising interest rates hurt real estate (+6%) and dividend-rich telecommunication services (-11%), the latter of which was further hampered by increased competition. Lastly, lower oil prices sent energy (-13%) to the bottom of the sector performance rankings. Not FDIC Insured May Lose Value No Bank Guarantee

2 Q&A An interview with Manager Matthew Friedman Fund Facts Matt Friedman Manager Start Date: February 20, 2002 Size (in millions): $ Investment Approach Fidelity VIP Value Strategies is a mid-cap value U.S. equity strategy that seeks capital appreciation by investing in 60 to 80 stocks. Core to our investment philosophy is the belief that cheap stocks outperform expensive stocks over the long term. Consistent with this value orientation, we try to find companies that are underappreciated by the market relative to their earnings and free cash flow. Our approach emphasizes high-quality companies with strong competitive positions and superior returns on invested capital. We also favor firms that we believe offer greater visibility into the future, having demonstrated the ability to grow earnings and cash flow over multiyear periods. Supported by Fidelity's deep research infrastructure, we rely on fundamental security selection and disciplined portfolio construction as we seek to deliver attractive riskadjusted returns over the long term. Q: Matt, how did the fund perform for the semiannual reporting period ending June 30, 2017 I'm quite pleased with the fund's results the past six months. The fund's share classes advanced about 10%, handily outpacing the 5.18% return of the benchmark Russell Midcap Value Index. In addition, we outperformed our peer group average by roughly the same margin. In a reversal from what we experienced in 2016, growth stocks particularly those of high-quality, large-cap growth firms surged ahead of value-oriented names so far in Still, I kept my focus on underappreciated, highquality companies with strong competitive positions and superior profits relative to the capital invested in their businesses. I also sought to own the shares of these companies that trade at low price-to-earnings (P/E) ratios. Even though growth was in favor in the first half of 2017, my value picks many of which were non-benchmark holdings helped the fund outperform. Looking a bit longer term, the fund again handily outperformed both its benchmark and peer group average for the trailing year. Q: What were some of the specifics behind the fund's outperformance of its benchmark the past six months Security selection in the real estate sector added the most value. Within this group, I often try to build a portfolio of stocks I think will hold up well, no matter the path of interest rates. For me, that means selecting real estate investment trusts (REITs) with high adjusted-funds-fromoperations (AFFO) yields an industry metric that's roughly equivalent to free cash flow (FCF) as well as durable business models. One holding I thought fit this criteria was American Tower, among the fund's largest holdings and a big individual contributor this period. American Tower owns and operates wireless and broadcast communications towers in several countries. The firm and its stock continued to benefit from increased investment by wireless carriers in their 5G networks, as well as higher demand for tower leasing, due 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

3 to the growing use of smartphones and tablets. Further, the company continued its expansion and benefited from strong revenue and organic growth in its international segments. American Tower was our largest holding as of June 30. Picks in health care modestly disappointed overall, but the positive of a sizable overweighting here easily eclipsed that negative. Included was a big investment in Ireland-based Jazz Pharmaceuticals, which proved to be the fund's largest individual relative contributor. Within health care, my focus is on companies with an undervalued business, strong management and FCF generation, such as Jazz. Its shares benefited this period from strong results from a pair of trials for its narcolepsy and sleep apnea drugs, as well as a resolved settlement with Hikma Pharmaceuticals related to patent litigation over XYREM, a generic version of its treatment for narcolepsy and the company's largest drug. Q: What else influenced relative results We benefited from stakes in private-equity firm Apollo Global Management and FNF Group, a provider of title insurance and transaction services to the real estate and mortgage industries. Apollo and FNF exhibited strong FCF and return on equity (ROE) two characteristics I seek. Apollo's stock outperformed as the market became more confident the firm's earnings were sustainable. Meanwhile, FNF's valuation surged higher as investors better understood the company's business. In addition, its subsidiary Black Knight Financial Services performed very well this period, boosting shares of FNF. I also found value among consumer discretionary holdings. The main contributor here was auto parts supplier Delphi Automotive. In May, the company announced plans to spin off its powertrain business, leading to a price surge for its shares. I significantly reduced the fund's position this period to lock in profits. I no longer found value in these companies, so I sold them from the fund by period end. I'll note, however, that the fund benefited from strong stock selections elsewhere in energy, along with an underweighting in the weak-performing sector. Elsewhere, Synchrony Financial and Discover Financial Services were two notable detractors, and Synchrony was one of our largest holdings. Shares of these credit-card companies tumbled in April after the firms each released earnings that were well below investors' expectations. Q: What's your outlook, Matt, and how is the fund positioned as of June 30 While I continue to find cash-generative businesses trading at less than their intrinsic value, I'm cognizant of the market's strong performance since November, and that we are roughly eight years into a bull market. Some of the best-performing stocks since May 2016 are ones that have historically struggled to earn their cost of capital; their strong performance came mostly from multiple expansion, rather than earnings growth. In my view, this is not sustainable over the longer term. In my view, equity valuations overall are starting to get expensive, but I've found pockets of opportunity among real estate, utilities holdings and consumer staples holdings. In addition, I've been making a concerted effort to avoid lower-quality companies based on industry structure, long-term returns and balance sheet that may appear cheap just because the market is expensive. If the market goes through a correction, these firms' earnings should decrease significantly and performance may suffer. Q: What stocks disappointed Two energy holdings hurt results: exploration & production firm Anadarko Petroleum the fund's biggest individual detractor this period and Teekay Offshore Partners, one of the world's largest marine energy transportation, storage and production companies. Stocks of each of these firms suffered as oil prices declined. Additionally, Teekay Offshore Partners was hurt by disappointing quarterly financial results, reported in May, due to a contract dispute with Brazilian state-owned oil giant Petrobras. The stock was downgraded by Morgan Stanley in June, further hampering its share price. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

4 LARGEST CONTRIBUTORS VS. BENCHMARK Matt Friedman on where he's finding value opportunities: "As of June 30, I'm most interested in the health care sector, which has performed poorly over the past couple of years. Jazz Pharmaceuticals, Amgen and United Therapeutics are trading at material discounts to the broader market. I think concerns about drug pricing, especially among generics, are a little overstated at this point. Generic pricing, in aggregate, decreases every year, so this is to be expected. When drug pricing suffered ahead of U.S. elections in November and again in the spring of 2017, investors punished these stocks, resulting in what I considered some very compelling investment opportunities. "I also like utilities in strong regulatory jurisdictions, such as California. Sempra Energy and Edison International are two such examples; each was among our largest holdings. Public utility commissions are encouraging investment in such states, and these companies are growing their rate base at a faster-than-average pace and/or are allowed by their regulators to have higher ROEs to stimulate capital investment. In addition, the fund owns companies that I consider undervalued, such as American Electric Power, which recently shed most of its power-generation assets and become more of a traditional regulated utility with a focus on transmission and distribution. "I find the industrials sector, as a whole, too expensive, but I see some individual names that are appealing to me. These include aircraft-leasing company AerCap Holdings, due to its valuation, and AECOM, an engineering firm whose business is tied to improving oil prices." Holding Market Segment Average Relative Weight Relative Contribution (basis points)* Jazz Pharmaceuticals PLC Health Care 2.11% 63 American Tower Corp. Real Estate 3.06% 62 FNF Group Financials 1.49% 38 Apollo Global Management LLC Class A Qorvo, Inc. * 1 basis point = 0.01%. Financials 1.15% 38 Information Technology LARGEST DETRACTORS VS. BENCHMARK Holding Market Segment 0.71% 38 Average Relative Weight Relative Contribution (basis points)* Anadarko Petroleum Corp. Energy 0.82% -42 Teekay Offshore Partners LP Energy 0.54% -42 Synchrony Financial Financials 1.67% -38 Discover Financial Services Qualcomm, Inc. * 1 basis point = 0.01%. Financials 1.39% -29 Information Technology 1.25% For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

5 10 LARGEST HOLDINGS Holding Market Segment Weight Weight Six Months Ago American Tower Corp. Real Estate 3.21% 2.70% Edison International Utilities 2.88% 3.19% Sempra Energy Utilities 2.77% 2.98% Synchrony Financial Financials 2.41% 2.80% U.S. Bancorp Financials 2.31% 2.75% Jazz Pharmaceuticals PLC Health Care 2.16% 1.63% Extra Space Storage, Inc. Real Estate 2.07% 2.36% Equity Lifestyle Properties, Inc. Real Estate 1.94% 1.04% FNF Group Financials 1.92% 1.66% Discover Financial Services Financials 1.85% 1.61% 10 Largest Holdings as a % of Net Assets 23.52% 24.64% Total Number of Holdings The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments. MARKET-SEGMENT DIVERSIFICATION Market Segment Weight Weight Six Months Ago Financials 17.42% 18.65% Real Estate 14.17% 11.46% Consumer Discretionary 10.99% 12.57% Industrials 10.95% 10.03% Information Technology 9.82% 11.57% Materials 9.59% 8.84% Health Care 8.27% 7.73% Energy 7.61% 7.73% Utilities 7.48% 8.25% Consumer Staples 3.35% 2.77% Other 0.00% 0.00% ASSET ALLOCATION Asset Class Weight Weight Six Months Ago Domestic Equities 91.45% 92.75% International Equities 7.83% 6.29% Developed Markets 7.83% 5.69% Emerging Markets 0.00% 0.60% Tax-Advantaged Domiciles 0.00% 0.00% Bonds 0.35% 0.58% Cash & Net Other Assets 0.37% 0.38% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

6 PERFORMANCE SUMMARY Variable annuity contracts are issued by insurance companies through separate accounts that are part of the insurer. The value of a variable annuity contract depends on the values of units of subaccounts of the separate account. Each subaccount purchases shares of a corresponding mutual fund. Subaccount investment performance is based on the performance of the mutual fund in which it invests, less insurance company charges made against the assets of the separate account. A subaccount is not a mutual fund. The information provided in this Performance Summary contains performance information for the fund, or class, and each variable subaccount, with comparisons over different time periods to the fund's relevant benchmarks including an appropriate index as well as a group of similar funds whose average returns are compiled and monitored by an independent mutual fund research company. Figures for more than one year assume a steady compounded rate of return and are not a class' year-by-year results, which fluctuated over the periods shown. Fund performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If fund performance information included the effect of these additional charges, the total returns would have been lower. The performance table also contains performance information for certain insurance company subaccounts that invest in the fund. Each variable subaccount's performance, as shown, is net of all fees and expenses, including those charges imposed by your insurance company. Seeing the returns over different time periods can help you assess the performance against relevant measurements and across multiple market environments. The performance information includes average annual total returns and cumulative total returns and is further explained in this section.* Investing in a variable annuity involves risk of loss investment returns, contract value, and, for variable income annuities, payment amounts are not guaranteed and will fluctuate. Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 59 1/2, may be subject to a 10% IRS penalty. Current performance may be higher or lower than the performance data quoted below. An investor's shares, when redeemed, may be worth more or less than their original cost. For month-end performance figures, please visit or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Fiscal periods ending June 30, 2017 Cumulative Annualized Total Returns for the Fund 6 Month YTD / LOF 1 VIP Value Strategies - Initial Class Gross Expense Ratio: 0.67% % 9.60% 19.82% 5.44% 13.01% 5.34% VIP Value Strategies - Investor Class Gross Expense Ratio: 0.75% % 9.56% 19.76% 5.36% 12.90% 5.24% Russell Midcap Value Index 5.18% 5.18% 15.93% 7.46% 15.14% 7.23% Morningstar Insurance Large Value 5.57% 5.57% 16.69% 6.46% 13.05% 5.30% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 02/20/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. Performance and disclosure information continued on next page. 6 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

7 PERFORMANCE SUMMARY (continued): Fiscal periods ending June 30, 2017 Total Returns for the Variable Subaccount** Annualized Cumulative Annualized New York Only: 10 /Life of Subaccount 6 Month YTD /Life of Subaccount Fidelity Retirement Reserves A 4.49% 9.16% 9.16% 18.86% 4.59% 12.10% 4.49% Fidelity Income Advantage B 4.28% 9.06% 9.06% 18.62% 4.38% 11.88% 4.28% Fidelity Personal Retirement Annuity C (for contracts purchased prior to 1/1/09 and on or after 9/7/10) Fidelity Personal Retirement Annuity C (for contracts purchased between 1/1/09 and 9/6/10) Fidelity Personal Retirement Annuity C (for contracts purchased on or after 9/7/10 with an initial purchase payment of $1M+) 4.98% 9.43% 9.43% 19.46% 5.10% 12.62% 4.98% 4.94% 9.43% 9.43% 19.46% 5.10% 12.62% 4.94% 5.14% 9.51% 9.51% 19.64% 5.26% 12.79% 5.14% Fidelity Retirement Reserves - Subaccount Inception: September 26, 2003; New York Only Inception: September 26, Fidelity Income Advantage - Subaccount Inception: September 26, 2003; New York Only Inception: September 26, Fidelity Personal Retirement Annuity - Subaccount Inception: August 15, 2005; New York Only Inception: October 28, Fidelity Retirement Reserves' underlying fund options are Initial Class fund offerings. Fidelity Income Advantage's underlying fund options are Initial Class fund offerings. Fidelity Personal Retirement Annuity's underlying fund options are Investor Class fund offerings. A In NY, Retirement Reserves B In NY, Income Advantage C In NY, Personal Retirement Annuity * Total returns are historical and include changes in share price (for the fund) and unit price (for the variable subaccount) and reinvestment of dividends and capital gains, if any. ** Returns for Fidelity Retirement Reserves include the 0.80% annual annuity charge. For Fidelity Retirement Reserves contracts, returns do not reflect the annual $30 maintenance fee which applies to contracts where purchase payments less any withdrawals are less than $25,000. Returns for Fidelity Income Advantage include the 1.00% annual annuity charge. Returns for Fidelity Personal Retirement Annuity ("FPRA") include the 0.25% annual annuity charge for contracts purchased prior to 1/1/2009, and on or after 9/7/2010. For FPRA contracts purchased between 1/1/2009 and 9/6/2010, returns include a 0.35% annual annuity charge prior to 9/7/2010 and 0.25% thereafter. For FPRA contracts purchased on or after 9/7/2010 with an initial purchase payment of $1,000,000 or more, returns include a 0.10% annual annuity charge. Life of subaccount returns are from the subaccount inception, the date the portfolio was first available in the insurance company's variable product. Please see the last page(s) of this Q&A document for most-recent calendar-quarter performance. 7 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

8 Definitions and Important Information Fidelity Income Advantage (policy form nos. FVIA-92100, et al. and FVIA-99100, et al.), Fidelity Retirement Reserves (policy form no. NRR-96100, et al.), Fidelity Personal Retirement Annuity (policy form no. DVA-2005, et al.), Fidelity Freedom Lifetime Income (policy form nos. FFLI-Q-2005, et al. and FFLI-NQ-2005, et al.), and Fidelity Growth and Guaranteed Income (policy form no. DVA-GWB- 2007, et al.) are issued by Fidelity Investments Life Insurance Company, 100 Salem Street, Smithfield, RI 02917, and for NY residents, Income Advantage (policy form nos. EFVIA-92100, et al. and EFVIA-99100, et al.), Retirement Reserves (policy form no. EVA-91100, et al.), Personal Retirement Annuity (policy form no. EDVA-2005, et al.), Fidelity Freedom Lifetime Income (policy form nos. EFLI-Q-2005, et al. and EFLI-NQ-2005, et al.), and Growth and Guaranteed Income (policy form no. EDVA-GWB-2007, et al.) are issued by Empire Fidelity Investments Life Insurance Company, New York, NY. Annuities are distributed by Fidelity Brokerage Services (Member NYSE, SIPC) and Fidelity Insurance Agency, Inc. MORNINGSTAR INFORMATION 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. FUND RISKS 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. Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. VIP refers to Variable Insurance Products Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. Russell Midcap Value Index is a market-capitalization-weighted index designed to measure the performance of the mid-cap value segment of the U.S. equity market. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity and industry group representation to represent U.S. equity performance. MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry. 8

9 Manager Facts Matthew Friedman is a portfolio manager at Fidelity Management & Research Company (FMRCo), the investment advisor for Fidelity's family of mutual funds. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, Mr. Friedman is a member of the Stock Selector Large Cap Group responsible for managing Fidelity VIP Value (since 2012), Fidelity Stock Selector Large Cap Value Fund, Fidelity and Fidelity Advisor Series Stock Selector Large Cap Value Fund (all since 2013). He also manages Fidelity and Fidelity Advisor Value Strategies Fund, Fidelity VIP Value Strategies (both since 2016), and co-manages Fidelity and Fidelity Advisor Value Fund (both since 2010). Prior to assuming his current responsibilities, Mr. Friedman managed several diversified value strategies from 2006 to 2011 and managed various select funds from 2003 to Additionally, he was sector leader of the industrials and energy research groups from 2004 to 2005 and followed specialty pharmaceuticals and generics stocks starting in Previously, he was a summer intern following internet infrastructure stocks in Before joining Fidelity in 1999, Mr. Friedman worked as an investment banking analyst at Lehman Brothers from 1996 to 1998 and as an audit senior at Arthur Andersen from 1994 to He has been in the investments industry since Mr. Friedman earned his bachelor of business administration degree in accounting from Emory University and his master of business administration degree from the University of Chicago. He is also a Chartered Financial Analyst (CFA) charterholder and a Certified Public Accountant (CPA). 9 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

10 PERFORMANCE SUMMARY Quarter ending September 30, 2017 Total Returns for the Variable Subaccount New York Only: 10 /Life of Subaccount 1 Annualized /Life of Subaccount Fidelity Retirement Reserves 5.18% 17.90% 6.28% 11.33% 5.18% Fidelity Income Advantage 4.97% 17.66% 6.07% 11.11% 4.97% Fidelity Personal Retirement Annuity (for contracts purchased prior to 1/1/09 and on or after 9/7/10) Fidelity Personal Retirement Annuity (for contracts purchased between 1/1/09 and 9/6/10) Fidelity Personal Retirement Annuity (for contracts purchased on or after 9/7/10 with an initial purchase payment of $1M+) 5.67% 18.48% 6.76% 11.85% 5.67% 5.64% 18.48% 6.76% 11.85% 5.64% 5.83% 18.66% 6.92% 12.02% 5.83% Current performance may be higher or lower than the performance data quoted above. For month-end performance figures, please visit or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investing in a variable annuity involves risk of loss investment returns, contract value, and, for variable income annuities, payment amounts are not guaranteed and will fluctuate. Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 59 1/2, may be subject to a 10% IRS penalty. Please see the Fiscal Performance Summary section of this Q&A document for performance footnotes and additional information. Before investing, please carefully consider the investment objectives, risks, charges, and expenses of the fund or annuity and its investment options. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Information included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee Diversification does not ensure a profit or guarantee against a loss.