Fidelity ClearPath 2050 Portfolio

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1 Fidelity ClearPath 2050 Portfolio Semi-Annual Management Report of Fund Performance December 31,

2 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to, Results of Operations and Recent Developments, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as expects, anticipates, intends, plans, believes, estimates and similar forward-looking expressions or negative versions thereof. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

3 Semi-Annual Management Report of Fund Performance as at December 31, Fidelity ClearPath 2050 Portfolio This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-annual financial statements at your request, and at no cost, by calling , by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at or SEDAR at Security holders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund. Management Discussion of Fund Performance Results of Operations Fidelity ClearPath 2050 Portfolio (Fund) Series B returned 6.2% after fees and expenses for the six-month period ended December 31,. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. The S&P/TSX Composite Index, broadly representative of the Canadian equity market, returned 10.2% for the same period. Canadian investmentgrade bonds, as measured by the FTSE TMX Canada Universe Bond Index, returned -2.3% for the period under review. Market Overview: Canadian equities rallied, largely due to the strength of banking and oil and gas stocks. Higher global oil prices helped to stabilize the energy sector as a much-needed supply-demand adjustment continued in the commodity markets. Canadian markets were further supported by a rise in oil prices following the agreement of the Organization of the Petroleum Exporting Countries (OPEC) to reduce crude output. Base metal commodity prices rebounded amid improving market sentiment and signs of economic stabilization in China. Canadian markets were also boosted by a surge in financial stocks as Canadian bank share prices rose largely on the basis of continued positive investor sentiment. This was supported by a spillover effect from strength in U.S. financial stocks, which rallied after the recent presidential election. Insurance stocks also gained following the interest rate hike in the U.S. toward the end of the review period. Conversely, Canadian fixed-income markets declined as the optimism regarding the President-elect s fiscal policies, which were generally viewed as positive for equity markets, had a negative impact on the bond markets. Bond markets were weakened after the U.S. Federal Reserve increased its key interest rate in December by 25 basis points, to between 0.50% and 0.75%, amid improved economic activity in the U.S. A strong labour market, positive consumer sentiment, increased government spending and robust consumption were the primary drivers of growth in the U.S. The Bank of Canada maintained its overnight interest rate at 0.50%. Factors affecting performance: The Fund s benchmark returned 10.0% for the period under review. The Fund s underperformance of its benchmark was primarily attributable to the poor performance of underlying holdings in emerging markets, U.S., Canada and developed market equities. Most notable were the holdings in Fidelity Emerging Markets Fund and Fidelity Small Cap America Fund; both underperformed their respective benchmarks. In contrast, the Fund s underweight position in Canadian investment-grade securities contributed to relative performance as equities generally outpaced bonds during the reporting period. Despite the underperformance of Fidelity Small Cap America Fund, the Fund s election to allocate to smallcap U.S. equities contributed to relative results; that segment was a strong performer on an absolute basis. At the end of the period, the Fund s benchmark was a blended index composed of approximately 23.1% S&P/TSX Capped Composite Index, 34.5% Russell 3000 Index, 34.5% MSCI EAFE + EM Index, and 7.9% FTSE TMX Canada Universe Bond Index. Positioning Changes: At the beginning of the reporting period, the Fund s asset allocation was as follows: 22.8% Canadian equity funds, 34.5% U.S. equity funds, 38.4% international and global equity funds, 0.7% Canadian fixed-income funds, 2.0% U.S. high-yield funds, and 1.6% short-term investment funds. At the end of the reporting period, the Fund s asset allocation was as follows: 23.1% Canadian equity funds, 34.5% U.S. equity funds, 38.0% international and global equity funds, 0.9% Canadian fixed-income funds, 2.0% U.S. high-yield funds and 1.5% short-term investment funds. Fidelity ClearPath Retirement Portfolios are managed using a proprietary asset allocation model to guide and determine the most efficient transformation of the Fund from its current allocation toward a more conservative target asset mix to be achieved approximately twenty years after its target date. The portfolio managers monitor total Fund exposures and risks on a daily basis to ensure that the Fund remains near to its prescribed allocation at all times.when the Fund s asset allocation becomes substantially similar to that of Fidelity ClearPath Income Portfolio, it is expected that the Fund will be combined with Fidelity ClearPath Income Portfolio. Derivative Disclosure: 1

4 Fidelity ClearPath 2050 Portfolio Management Discussion of Fund Performance continued The Fund and the underlying funds may use derivatives such as options, futures contracts, forward contracts and swaps to hedge against losses caused by changes in security prices or exchange rates. They may also use derivatives as a substitute for a stock, stock market or other security, which is known as a non-hedging purpose. Recent Developments Portfolio co-managers Andrew Dierdorf and Brett Sumsion continue to monitor and adjust the Fund s asset mix to meet its changing and more conservative target allocations over time. The proprietary long-term asset allocation strategy is frequently reviewed to potentially improve its process. The purpose of this review is to ensure that the Fund s asset mix is optimized to meet its fundamental investment objective and to confirm that the Fund s targeted risk and return characteristics remain consistent. The portfolio managers invest in underlying Fidelity funds that invest primarily in a mix of equity securities and fixed-income securities. The investment team continues to favour the secular outlook for equities over fixed income securities and remains underweight to investment grade debt while being overweight to international equities, particularly within the emerging markets. The investment team also continues to have conviction in high-yield debt and maintains a small out-of-benchmark position. Active allocation has added to relative performance since its inclusion as part of the strategy s enhancements in. 2

5 Related Party Transactions Manager and Portfolio Adviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader group of companies collectively known as Fidelity Investments. Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day to day operations, bookkeeping, record keeping and other administrative services for the Fund. Fidelity is the portfolio adviser to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities including FMR Co., Inc., to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposition of portfolio investments, including all necessary brokerage arrangements. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $20,000 for the period ended December 31,. Administration Fee Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $2,000 for the period ended December 31,. Brokerage Commissions The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity Investments, including National Financial Services LLC, provided it determines that these affiliates trade execution abilities and costs are comparable to those of non affiliated, qualified brokerage firms, on an execution only basis. Commissions paid to brokerage firms that are affiliates of Fidelity Investments were $0 for the period ended December 31,. Fidelity receives standing instructions from the IRC in respect of policies and procedures governing best execution of transactions with affiliates, which includes brokers affiliated to Fidelity Investments, at least once per year. 3

6 Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the period end of the years shown. This information is derived from the Fund s audited annual and/or unaudited semi-annual financial statements. Please see the front page for information about how you can obtain the Fund s annual or semi-annual financial statements. Fidelity ClearPath 2050 Portfolio Series A Six-months ended December 31, Periods ended June 30, A The Series Net Assets per Security B Net assets, beginning of period C $ $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.1366) (.2615) (.2614) Realized gains (losses) Unrealized gains (losses).4674 (.0009) (.2779) Total increase (decrease) from operations C.6317 (.0602) (.0597) Distributions: From net investment income (excluding dividends) (.0479) (.0157) From dividends (.0365) (.0200) From capital gains (.2177) (.1134) Return of capital Total distributions C,D (.3021) (.1491) Net assets, end of period C $ $ $ $ Ratios and Supplemental Data Net asset value (000s) E $ 840 $ 748 $ 455 $ 65 Securities outstanding E 76,357 74,107 41,946 6,500 Management expense ratio F,G 2.51% 2.50% 2.50% % Management expense ratio before waivers or absorptions F,G 2.51% 2.51% 2.52% % Trading expense ratio H.12%.20%.10% % Portfolio turnover rate I 6.04% 87.21% 45.33% % Net asset value per security, end of period $ $ $ $

7 Fidelity ClearPath 2050 Portfolio Series B Six-months ended December 31, Periods ended June 30, A The Series Net Assets per Security B Net assets, beginning of period C $ $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.1259) (.2406) (.2396) Realized gains (losses) Unrealized gains (losses).4562 (.1198).1092 Total increase (decrease) from operations C.6464 (.0886).4388 Distributions: From net investment income (excluding dividends) (.0509) (.0170) From dividends (.0388) (.0215) From capital gains (.2314) (.1218) Return of capital Total distributions C,D (.3211) (.1603) Net assets, end of period C $ $ $ $ Ratios and Supplemental Data Net asset value (000s) E $ 1,218 $ 1,002 $ 326 $ 65 Securities outstanding E 110,958 96,566 30,049 6,500 Management expense ratio F,J 2.32% 2.32% 2.32% % Management expense ratio before waivers or absorptions F,J 2.32% 2.32% 2.32% % Trading expense ratio H.12%.20%.10% % Portfolio turnover rate I 6.04% 87.21% 45.33% % Net asset value per security, end of period $ $ $ $ Fidelity ClearPath 2050 Portfolio Series F Six-months ended December 31, Periods ended June 30, A The Series Net Assets per Security B Net assets, beginning of period C $ $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.0652) (.1215) (.1154) Realized gains (losses).1178 (.0648).1019 Unrealized gains (losses).4333 (.1769).3001 Total increase (decrease) from operations C Distributions: From net investment income (excluding dividends) (.0545) (.0710) (.0232) From dividends (.0132) (.0541) (.0293) From capital gains (.3226) (.1662) Return of capital Total distributions C,D (.0677) (.4477) (.2187) Net assets, end of period C $ $ $ $ Ratios and Supplemental Data Net asset value (000s) E $ 288 $ 230 $ 1 $ 10 Securities outstanding E 26,030 22, ,000 Management expense ratio F,G 1.19% 1.18% 1.15% % Management expense ratio before waivers or absorptions F,G 1.19% 1.19% 1.21% % Trading expense ratio H.12%.20%.10% % Portfolio turnover rate I 6.04% 87.21% 45.33% % Net asset value per security, end of period $ $ $ $

8 Financial Highlights continued Fidelity ClearPath 2050 Portfolio Series O Six-months ended December 31, Periods ended June 30, A The Series Net Assets per Security B Net assets, beginning of period C $ $ $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.0004) Realized gains (losses) Unrealized gains (losses) (.0733) Total increase (decrease) from operations C Distributions: From net investment income (excluding dividends) (.1622) (.0908) (.0296) From dividends (.0396) (.0693) (.0375) From capital gains (.4131) (.2125) Return of capital Total distributions C,D (.2018) (.5732) (.2796) Net assets, end of period C $ $ $ $ Ratios and Supplemental Data Net asset value (000s) E $ 28,851 $ 20,881 $ 7,504 $ 10 Securities outstanding E 2,611,240 1,827, ,181 1,000 Management expense ratio K % % % % Management expense ratio before waivers or absorptions K % % % % Trading expense ratio H.12%.20%.10% % Portfolio turnover rate I 6.04% 87.21% 45.33% % Net asset value per security, end of period $ $ $ $ Fidelity ClearPath 2050 Portfolio Series E1 Six-months ended December 31, Periods ended June 30, L The Series Net Assets per Security B Net assets, beginning of period C $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.1238) (.0940) Realized gains (losses).1190 (.1249) Unrealized gains (losses) (.0440).8241 Total increase (decrease) from operations C Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributions C,D Net assets, end of period C $ $ Ratios and Supplemental Data Net asset value (000s) E $ 140 $ 30 Securities outstanding E 12,715 2,901 Management expense ratio F,M 2.27% 2.27% Management expense ratio before waivers or absorptions F,M 2.28% 2.27% Trading expense ratio H.12%.20% Portfolio turnover rate I 6.04% 87.21% Net asset value per security, end of period $ $

9 Fidelity ClearPath 2050 Portfolio Series P1 Six-months ended December 31, Periods ended June 30, N The Series Net Assets per Security B Net assets, beginning of period C $ $ Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) (.0385) (.0481) Realized gains (losses).1154 (.0769) Unrealized gains (losses).4327 (.1731) Total increase (decrease) from operations C.6731 (.0096) Distributions: From net investment income (excluding dividends) (.0805) (.0651) From dividends (.0196) (.0496) From capital gains (.2958) Return of capital Total distributions C,D (.1001) (.4105) Net assets, end of period C $ $ Ratios and Supplemental Data Net asset value (000s) E $ 1 $ 1 Securities outstanding E Management expense ratio F,O.79%.84% Management expense ratio before waivers or absorptions F,O.79%.84% Trading expense ratio H.12%.20% Portfolio turnover rate I 6.04% 87.21% Net asset value per security, end of period $ $

10 Financial Highlights continued Financial Highlights Footnotes A For the period May 15, 2014 (inception date) to June 30, B This information is derived from the Fund s audited annual and/or unaudited interim financial statements. The net assets attributable to holders of redeemable securities per security presented in the financial statements may differ from the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to financial statements. C Net assets and distributions are based on the actual number of securities outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of securities outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per security. D Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to unitholders. Distributions are presented based on management s best estimate of the tax character. E This information is provided as at period end of the year shown. F Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset values during the period, including the Fund s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable. G Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. H The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund s pro-rata share of estimated trading costs incurred in any underlying investment fund, if applicable. I The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher the Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized. J Effective October 1, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. K No fees are charged to the Series, but investors may be charged a negotiated management fee. L For the period February 5, (commencement of sale of securities) to June 30,. M Effective February 9,, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. N For the period December 4, 2015 (commencement of sale of securities) to June 30,. O Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated. 8

11 Management and Advisory Fees Fidelity serves as manager and investment advisor of the Fund. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity uses these management fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund securities, as well as for the general investment management expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed 100% of the fees earned by Fidelity during the period. For new Funds or Series the amounts presented may not be indicative of longer term operating periods. Management Fees Dealer Compensation Investment management, administration and other Series A 2.000% 52.96% 47.04% Series B 1.850% 54.05% 45.95% Series F 0.850% % Series E % 54.79% 45.21% Series P % % 9

12 Fidelity ClearPath 2050 Portfolio Past Performance The performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future. Year-by-Year Returns The following bar chart shows the Fund s annual performance for each of the years shown, and illustrates how the Fund s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. For each Series in the Year-by-Year Returns table below, the most recent returns stated are for the current six month period. Series A Fiscal Years 2015 Percentage (%) Commencement of Operations is July 9, 2014 Series B Fiscal Years 2015 Percentage (%) Commencement of Operations is July 9, 2014 Series F Fiscal Years 2015 Percentage (%) Commencement of Operations is July 9,

13 Series O Fiscal Years 2015 Percentage (%) Commencement of Operations is July 9, 2014 Series E1 Fiscal Years Percentage (%) Commencement of Operations is February 5, Series P1 Fiscal Years Percentage (%) Commencement of Operations is December 4,

14 Fidelity ClearPath 2050 Portfolio Summary of Investment Portfolio as at December 31, Asset Mix as of December 31, % of Fund s Net Assets Foreign Equities 72.4 Canadian Equities 17.2 Foreign Bonds 2.6 Canadian Bonds 2.0 Foreign Preferred Securities 0.0 Canadian Preferred Securities 0.0 Cash and Cash Equivalents 2.9 Net Other Assets (Liabilities) 2.9 Geographic Mix as of December 31, % of Fund s Net Assets United States of America 37.1 Canada 19.2 Japan 4.7 United Kingdom 3.8 Germany 2.2 France 2.0 Switzerland 2.0 Cayman Islands 1.6 Korea (South) 1.6 India 1.4 Bailiwick of Jersey 1.4 Brazil 1.4 Australia 1.3 Netherlands 1.3 Taiwan 1.2 Sweden 1.2 South Africa 1.1 Ireland 1.0 Others (Individually Less Than 1%) 8.7 Cash and Cash Equivalents 2.9 Net Other Assets (Liabilities) 2.9 Maturity Diversification as of December 31, Years % of Fund s Net Assets Over Quality Diversification as of December 31, % of Fund s Net Assets AAA 1.4 AA 0.8 A 0.1 BBB 0.3 BB and Below 1.5 Not Rated 0.5 Equities 89.6 Short-Term Investments and Net Other Assets 5.8 We have used ratings from Moody s Investors Service, Inc. Where Moody s ratings are not available, we have used S&P ratings. All ratings are as of the date indicated and do not reflect subsequent changes. Top Issuers % of Fund s Net Assets 1. Fidelity American Disciplined Equity Fund Series O Fidelity International Equity Investment Trust Series O Fidelity Emerging Markets Fund Series O Fidelity International Disciplined Equity Fund Series O Fidelity Canadian Disciplined Equity Fund Series O Fidelity Canadian Large Cap Fund Series O Fidelity True North Fund Series O Fidelity U.S. Dividend Investment Trust Series O Fidelity Small Cap America Fund Series O Fidelity Dividend Investment Trust Series O Fidelity International Growth Investment Trust Series O Fidelity American High Yield Currency Neutral Fund Series O Fidelity Canadian Opportunities Fund Series O Fidelity Canadian Bond Fund Series O Fidelity Canadian Short Term Bond Fund Series O Fidelity Canadian Money Market Fund Series O Total Fund Net Assets $31,407,000 The information in certain of the above tables includes the Fund s pro-rata share of the investment in the Fidelity Underlying Funds. 12

15 The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. The most recent annual report, semi-annual report, quarterly report, fund facts document or simplified prospectus for the investment fund and/or underlying fund is available at no cost, by calling , by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our web site at or SEDAR at 13

16 Fidelity Investments Canada ULC 483 Bay Street, Suite 300 Toronto, Ontario M5G 2N7 Manager, Transfer Agent and Registrar Fidelity Investments Canada ULC 483 Bay Street, Suite 300 Toronto, Ontario M5G 2N7 Custodian State Street Trust Company of Canada Toronto, Ontario Portfolio Adviser Fidelity Investments Canada ULC Toronto, Ontario Visit us online at or call Fidelity Client Services at Fidelity s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, and consult your Investment Professional before investing. As with any investment, there are risks to investing in mutual funds. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investors may experience a gain or loss when they sell their securities in any Fidelity Fund. Fidelity Global Funds may be more volatile than other Fidelity Funds as they concentrate investments in one sector and in fewer issuers; no single Fund is intended to be a complete diversified investment program. Past performance is no assurance or indicator of future returns. There is no assurance that either Fidelity Canadian Money Market Fund or Fidelity U.S. Money Market Fund will be able to maintain its net asset value at a constant amount. The breakdown of Fund investments is presented to illustrate the way in which a Fund may invest, and may not be representative of a Fund s current or future investments. A Fund s investments may change at any time. Fidelity Investments is a registered trademark of FMR LLC E FICL-CP50-MRFPS-0217