Fidelity VIP Mid Cap Portfolio

Transcription

1 Fidelity VIP Mid Cap Portfolio Key Takeaways For the semiannual reporting period ending June 30, 2017, the fund's share classes recorded gains of roughly 9%, well ahead of the 5.99% return of the benchmark S&P MidCap 400 Index. Against a backdrop of strong performance by the broader market, Portfolio Manager Thomas Allen's GARP (growth at a reasonable price) approach fared well this period, topping the benchmark in all but one month. Versus the benchmark, stock selection in financials, information technology and consumer discretionary was especially helpful this period, along with positioning in real estate. Overall, Tom's active management added value in nine of 11 market sectors. Conversely, picks in industrials delivered the only notable drag on relative performance from a sector perspective. With a low U.S. unemployment rate and generally positive consumer sentiment, Tom is optimistic about the prospects for certain companies, but also aware of potential challenges, especially those related to rich U.S. valuations. 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 Portfolio Manager Thomas Allen Fund Facts Thomas Allen Portfolio Manager Start Date: December 28, 1998 Size (in millions): $8, Investment Approach Fidelity VIP Mid Cap Portfolio is a diversified domesticequity strategy with a mid-cap growth bias that seeks long-term growth of capital. In managing the fund, we look to own companies with above-average growth prospects trading at what we believe are reasonable valuations. Our strategy favors firms that exhibit high returns on capital, long-term revenue growth potential and healthy balance sheets. We strive to uncover these companies through in-depth fundamental analysis, leveraging Fidelity's global research capabilities. We also rely upon secondary resources, including quantitative and technical tools. The fund is broadly diversified and highly differentiated versus the benchmark. Individual position sizes are kept relatively flat in an attempt to reduce company-specific risk, while leaving ample opportunity to add value. Q: Tom, how did the fund perform for the six months ending June 30, 2017 The fund's share classes recorded gains of roughly 9%, well ahead of the 5.99% return of the benchmark S&P MidCap 400 Index. The fund trailed its peer group average by a considerable margin, however. Against a backdrop of strength in the broader market, my GARP approach performed consistently well this period, topping the benchmark in all but a single month. Looking back over the trailing 12 months, the fund outpaced both the benchmark and peer average. Q: From a sector-level perspective, what aided the fund's relative performance My active-management style added value in nine of 11 market sectors versus the benchmark this period. Stock selection in financials, information technology and consumer discretionary was especially helpful, along with positioning in real estate. In health care by far the benchmark's top-performing sector this period a sizable overweighting lifted relative performance, but the effect was mostly offset by our unfavorable stock results there. As a reminder, the fund's sector positioning is driven primarily by bottom-up research and analysis on individual companies, not top-down calls. My goal is to buy good companies at a discount to the market something that's become more challenging as the market has repeatedly hit all-time highs this year. Indeed, as the rally has progressed, one precaution I've taken is to build more of a quality bias into the portfolio. My rationale is that high-quality stocks should weather any market correction relatively well. Lastly, I don't feel constrained to buy only stocks in the index universe, something that's evident in our list of largest contributors and detractors this period, all of which were out-of-benchmark positions. Q: Which stocks helped relative results most A pair of video-game makers topped our list of relative contributors this period. Shares of Activision Blizzard 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

3 performed quite well, especially in the first quarter of Activision is best known for its video-game franchises "Call of Duty," "World of Warcraft" and "Candy Crush Saga," among others. Shares spiked in February after the firm announced a two-year, billion-dollar stock-buyback program. The firm also released solid figures for its "Call of Duty" franchise, overcoming earlier disappointment from "Call of Duty: Infinite Warfare." Additionally, the firm's new franchise, "Overwatch," met with great success, adding five million new players in the fourth quarter of 2016, and bringing the total to 25 million globally. Electronic Arts, the fund's largest holding at period end, proved to be our second-best relative contributor. In May, the stock got a lift from the company's favorable fiscal fourth-quarter financial results. Revenue jumped 17%, driven by the continued success of the firm's "Battlefield," "FIFA" and "Star Wars" franchises. Electronic Arts remained on a path toward full-scale digital distribution, with 61% of its fourth-quarter total net revenue coming from digitally delivered game sales, versus 55% in the fourth quarter of That helped gross profit margins increase to 86.8%, up from 82.7% in the prior-year period. In the health care sector, Jazz Pharmaceuticals merits mention. The Dublin-based firm makes Xyrem, a treatment for sleep disorders. Jazz's share price enjoyed a sizable step-up in January after the U.S. Food and Drug Administration approved a labeling concession that may help cushion future blows from some potential generic alternatives. From there, the stock was carried higher atop a stream of positive reports regarding new partnerships and clinical trials, as well as constructive negotiations with generic-drug makers. Q: What about negatives Stock selection in industrials was the only noteworthy negative sector influence on a relative basis, primarily due to picks in the commercial & professional services group. Among individual holdings, DineEquity, grouped within the consumer discretionary sector, was the fund's largest detractor. The company operates the Applebee's and IHOP (International House of Pancakes) restaurant chains. The restaurant industry in general has been going through a rough patch recently, and Applebee's in particular has seen same-store sales fall steadily of late. Nevertheless, I liked the stock because of the brand's resiliency through time, the company's asset-light franchise revenues and its healthy cash flow. For these reasons, I considerably increased our position here on share-price weakness. Our stake in Mosaic, which I bought in February, was another negative for relative results. Part of the materials sector, Mosaic is the world's largest supplier of phosphate and potash, two components of agricultural fertilizers. Near-perfect weather conditions kept downward pressure on crop prices, which in turn weighed on fertilizer prices. A stronger U.S. dollar since mid-2011 also has helped keep commodity prices low, although the dollar gave up some of those gains the past six months. After a relatively long period in which crop and fertilizer prices were depressed, I thought the chances were good for a recovery. Relative performance also suffered due to our position in Foot Locker, a retailer of athletic shoes and apparel. The stock sustained a particularly sharp hit in May after reporting weaker-than-expected results for the first quarter of I liked this firm for its strong balance sheet and ample free cash flow, among other factors. Given near-term headwinds, I reduced our stake but held on to most of it. Q: What is your outlook as of June 30 Although I think the current economic recovery is likely somewhere in its latter stages, I see few reasons for concern at this point. Unemployment is low and consumer sentiment remains positive, providing a favorable underpinning for consumer spending. If the current U.S. political administration delivers on its promises of boosting infrastructure spending, lowering corporate taxation and/or rolling back regulation, so much the better, but I believe the economy could maintain its moderate-growth pattern even without those changes. Consequently, if we witness any economic surprises, I think they more likely would be positive than negative. I made no major changes in the fund's positioning this period. The fund's largest sector overweighting at period end was in health care, with information technology and financials in second and third place, respectively. These are groups in which I've had considerable success in identifying the kind of "GARP-y" companies that form the backbone of the portfolio. 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 Tom Allen expands on his outlook: "Looking ahead, I'm optimistic about stocks while at the same time acknowledging that many challenges remain. At period end, global markets appear to be benefiting from a cyclical upturn that's lifting economies in virtually all regions. The confirmation of improving economic strength abroad increases my confidence in U.S. markets. "The U.S. economy had a weak first quarter of 2017, but first-quarter softness has been typical of the economy in recent years, and the U.S. Federal Reserve on its GDPNow website is forecasting a much stronger second quarter. Also, as mentioned earlier, U.S. unemployment is low and consumer confidence is near historically high levels, so I think consumer spending is likely to remain healthy, barring any unforeseen surprises. "The two main cautionary issues in the U.S., in my opinion, are high valuations and central-bank tightening, although I'm still finding individual situations that I like. Valuations are not cheap, but by most measures they're nowhere near levels we saw in the late-1990s dot-com boom. Market history has shown us that stocks can remain moderately overvalued for months or even years. "Meanwhile, after boosting short-term interest rates three times since December 2016, the Fed's recent comments helped soothe investor concerns about the likely pace of future Fed rate hikes. "All in all, then, I'm fairly sanguine about the current investment environment. That said, I spend maybe 10% of my time thinking about macroeconomic themes and 90% on companylevel analysis. I don't see that changing anytime soon." Holding Activision Blizzard, Inc. Electronic Arts, Inc. Market Segment Information Technology Information Technology Average Relative Weight Relative Contribution (basis points)* 0.83% % 32 Jazz Pharmaceuticals PLC Health Care 0.96% 29 S&P Global, Inc. Financials 0.83% 22 Boston Scientific Corp. Health Care 1.08% 22 * 1 basis point = 0.01%. LARGEST DETRACTORS VS. BENCHMARK Holding DineEquity, Inc. Market Segment Consumer Discretionary Average Relative Weight Relative Contribution (basis points)* 0.61% -35 The Mosaic Co. Materials 0.49% -24 Akamai Technologies, Inc. Information Technology 0.55% -21 Align Technology, Inc. Health Care -0.48% -21 Foot Locker, Inc. * 1 basis point = 0.01%. Consumer Discretionary 0.60% 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 Portfolio Weight Portfolio Weight Six Months Ago Electronic Arts, Inc. Information Technology 1.41% 1.18% Essent Group Ltd. Financials 1.26% 1.14% Boston Scientific Corp. Health Care 1.14% 1.00% Reinsurance Group of America, Inc. Financials 1.09% 1.22% Jazz Pharmaceuticals PLC Health Care 1.01% 0.81% Activision Blizzard, Inc. Information Technology 0.93% 0.64% Steris PLC Health Care 0.90% 0.73% Total System Services, Inc. Information Technology 0.89% 0.87% Global Payments, Inc. Information Technology 0.88% 0.92% Calpine Corp. Utilities 0.87% 0.05% 10 Largest Holdings as a % of Net Assets 10.38% 10.44% 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 Portfolio Weight Portfolio Weight Six Months Ago Information Technology 21.75% 22.79% Financials 19.12% 19.95% Health Care 16.17% 14.11% Industrials 13.78% 14.38% Consumer Discretionary 12.32% 13.65% Materials 7.21% 5.23% Energy 3.86% 4.02% Real Estate 2.92% 3.63% Utilities 1.58% 0.74% Consumer Staples 1.19% 0.98% Other 0.00% 0.00% ASSET ALLOCATION Asset Class Portfolio Weight Portfolio Weight Six Months Ago Domestic Equities 92.92% 93.30% International Equities 6.99% 6.17% Developed Markets 5.60% 5.25% Emerging Markets 1.39% 0.92% Tax-Advantaged Domiciles 0.00% 0.00% Bonds 0.00% 0.00% Cash & Net Other Assets 0.09% 0.53% 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 Mid Cap Portfolio - Initial Class Gross Expense Ratio: 0.63% % 8.92% 20.83% 6.82% 13.40% 7.26% VIP Mid Cap Portfolio - Investor Class Gross Expense Ratio: 0.71% % 8.90% 20.74% 6.74% 13.30% 7.16% S&P MidCap 400 Index 5.99% 5.99% 18.57% 8.53% 14.92% 8.56% Morningstar Insurance Mid-Cap Growth 13.87% 13.87% 18.67% 7.11% 12.66% 7.05% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/28/ 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 6.40% 8.49% 8.49% 19.86% 5.97% 12.49% 6.40% Fidelity Income Advantage B 6.18% 8.38% 8.38% 19.62% 5.75% 12.26% 6.18% 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+) 6.89% 8.77% 8.77% 20.43% 6.47% 13.02% 6.89% 6.86% 8.77% 8.77% 20.43% 6.47% 13.02% 6.86% 7.06% 8.85% 8.85% 20.61% 6.63% 13.19% 7.06% Fidelity Retirement Reserves - Subaccount Inception: May 01, 2000; New York Only Inception: May 01, Fidelity Income Advantage - Subaccount Inception: May 01, 2000; New York Only Inception: May 01, 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. 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. The securities of medium, less well-known companies can be more volatile than those of larger companies. 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. S&P MidCap 400 Index is a market-capitalization-weighted index of 400 mid cap stocks of U.S. companies chosen for market size, liquidity, and industry group representation. 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. MORNINGSTAR INFORMATION 2017 Morningstar, Inc. All rights reserved. The Morningstar 8

9 Manager Facts Tom Allen 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, he manages Fidelity Advisor Global Capital Appreciation Fund (since 2010), Fidelity Advisor Mid Cap II Fund (since 2004), and VIP Mid Cap Portfolio (since 2001). Prior to assuming his current management responsibilities, Mr. Allen followed small cap stocks as a member of the Small Cap Equity Research group from 1999 to 2001, and managed Select Insurance Portfolio from 1997 to Before rejoining Fidelity in 1995 as an analyst in the Equity Research group, he worked as an equity analyst at Massachusetts Financial Services' Investment Management in 1994, and as an auditor at Price Waterhouse from 1987 to Previously, Mr. Allen was an accountant in Fidelity's Fund Accounting group from 1985 to He has been in the investments industry since Mr. Allen earned his bachelor of arts degree in international relations and French as well as his master of arts degree in French literature from Tufts University. He also earned his master of business administration degree from Harvard Business School. 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 6.32% 18.18% 8.65% 12.35% 6.32% Fidelity Income Advantage 6.11% 17.94% 8.43% 12.12% 6.11% 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+) 6.82% 18.71% 9.15% 12.87% 6.82% 6.79% 18.71% 9.15% 12.87% 6.79% 6.98% 18.88% 9.31% 13.04% 6.98% 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.