Fidelity Strategic Dividend & Income Fund

Fidelity Strategic Dividend & Income Fund Key Takeaways Most of the fund's share classes (excluding sales charges, if applicable) rose about 8% for the semiannual reporting period ending May 31, 2017, lagging the 8.74% advance of the Fidelity Strategic Dividend & Income Composite Index SM. Versus the Composite benchmark, aggregate effects from security selection within the fund's individual subportfolios weighed on results, whereas asset allocation decisions among the fund's subportfolios proved a slight positive this period. Among the individual subportfolios, security selection in the fund's dividend-paying equities and convertibles sleeves were by far the biggest detractors on a relative basis. The managers think volatility could pick up in 2017, as the U.S. Federal Reserve is expected to continue to raise short-term interest rates and begin reducing the size of its balance sheet. They also believe the fund should continue to provide a source of income generation amid historically low interest rates and may benefit from active management within subportfolios and from the bond-like qualities of some of its asset classes. On April 8, 2017, Ramona Persaud assumed co-manager responsibility of the fund's dividend-paying equities subportfolio alongside Scott Offen through December 31, at which time she will become sole Portfolio Manager of the sleeve. After more than 30 years at Fidelity, Scott Offen will retire at the end of 2017. On July 20, 2017, Adam Kramer became Co-Lead Portfolio Manager of the fund, replacing Joanna Bewick. MARKET RECAP For the six months ending May 31, 2017, the Fidelity Strategic Dividend & Income Composite Index SM advanced 8.74%, as all of the asset classes that make up the Composite benchmark posted gains. Dividend-paying equities, by far the largest Composite component, turned in the strongest result, with the MSCI USA High Dividend Yield Index up 10.08%. The asset class rose along with the broader stock market, as investors largely favored risk assets. Convertible securities, represented by The BofA Merrill Lynch SM All US Convertibles Index, returned 8.81%. Investors were attracted to the asset class which exhibits hybrid equity- and debt-like features against corresponding strength in the equity markets. Meanwhile, historically low interest rates continued to support equity REITs (real estate investment trusts) and preferred securities for most of the period. However, the U.S. Federal Reserve raised interest rates twice during the past six months, which held back performance for both asset types. The FTSE NAREIT Equity REITs Index and The BofA Merrill Lynch SM Fixed Rate Preferred Securities Index rose 5.22% and 7.89%, respectively. Not FDIC Insured May Lose Value No Bank Guarantee

Q&A Joanna Bewick Portfolio Manager Fund Facts Trading Symbol: FSDIX Start Date: December 23, 2003 Size (in millions): $5,256.90 Investment Approach Ford O'Neil Co-Lead Manager Fidelity Strategic Dividend & Income Fund is a multiasset-class strategy that seeks to provide reasonable income, and potentially also capital appreciation, by investing in a diversified mix of dividend-oriented equity and hybrid securities. The fund's assets are allocated among high dividendyielding stocks, preferred stocks, real estate investment trusts (REITs) and convertible securities, using a target weighting of 50%, 20%, 15% and 15%, respectively. This strategic allocation attempts to take advantage of the low correlation among these equity/hybrid classes with a goal of optimizing total returns while containing volatility over time. Specialized subportfolio managers are responsible for security selection in their respective areas of expertise and represent the primary source of alpha (risk-adjusted excess return), while the lead portfolio managers have the flexibility to make tactical allocation shifts around the target mix to help manage risk and capitalize on relativevalue opportunities. An interview with Joanna Bewick, Lead Portfolio Manager for the review period, and Co-Manager Ford O'Neil Q: Joanna, how did the fund perform for the six months ending May 31, 2017 J.B. For this semiannual reporting period, most of the fund's share classes (excluding sales charges, if applicable) rose about 8%, lagging the 8.74% advance of the Fidelity Strategic Dividend & Income Composite Index. The fund also finished behind the peer group average. Versus the Composite index, aggregate effects of security selection within the fund's individual subportfolios weighed on overall results. Meanwhile, our asset allocation decisions among subportfolios proved a slight positive this period. Looking a bit further back, the fund finished slightly behind the Composite benchmark and the peer group average for the trailing 12 months as well. Q: Ford, what drove performance of the fund's subportfolios during the past six months F.O. Security selection effects in the fund's dividend-paying equities and convertibles sleeves were by far the biggest detractors on a relative basis. The dividend-paying equities subportfolio lagged its asset class benchmark primarily due to an overweighting in the energy sector, which underperformed amid a decline in oil prices. Stock picks here also detracted. Underexposure to the consumer staples sector, especially tobacco stocks, also dragged on the subportfolio's relative result. The period's largest detractor here was the decision not to own index heavyweight Philip Morris International, a global cigarette and tobacco company. Philip Morris stock rose 39% amid low interest rates and a weaker U.S. dollar. The convertibles sleeve primarily was hampered by security selection among health care, consumer discretionary and information technology names. Lastly, while the fund attempts to be as fully invested as possible, a certain amount of cash is kept in reserve to facilitate trades; this cash was a modest drag on relative performance this period. 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Q: How did the other subportfolios fare F.O. Our preferreds subportfolio also underperformed its benchmark. Specifically, picks within food & drug retail and super retail (i.e., non-food, non-drug, mainly department and specialty stores) segments, along with the fund's shorter-duration profile, eclipsed the positive of security selection within the technology sector. On the plus side, our REITs subportfolio notably outpaced its benchmark. An underweighting in the poor-performing shopping centers segment was a big contributor here. Positioning in specialty and industrial REITs, along with picks in lodging/resorts, also lifted relative performance. Q: Back to you, Joanna. What influenced decisions in the preferreds subportfolio J.B. Coming into the six-month review period, we were underweighted preferred securities partly because of their sensitivity to interest rates. This worked well when market rates jumped following November's U.S. presidential election. After that, we decided to take advantage of preferreds' underperformance and increase our position in the asset class somewhat, as we didn't see market rates rising materially in the intermediate term. Nevertheless, we remained slightly underweighted at period end. We funded our positional increase in preferreds largely through a slight reduction in our large-cap equity exposure. The outperformance of equities and corresponding underperformance of preferreds created a relative value opportunity, in our view. Q: How did your choices affect relative results J.B. While preferreds performed well on an absolute basis, the asset class modestly lagged the Composite benchmark. Preferred securities returned nearly 8% for the six months, held back by the rising-rate environment. Thus our underweighted stance here contributed. Similarly, REITs also fell short of the Composite due to rising rates. The asset class advanced about 5%. We think it's important to note that REITs can be sensitive to interest rates over shorter time horizons; however, the longer-term correlation to the 10-year U.S. Treasury yield is quite low. We underweighted equity REITs this period due to their valuations, and this stance added value. We remained overweighted in convertible securities, which had minimal effect on performance because the asset class only slightly outpaced the benchmark this period. Meanwhile, we were modestly underweighted in dividendpaying equities, the largest asset class allocation in the fund. We felt valuations here were a little stretched against the backdrop of very low interest rates. This positioning proved only a slight negative over the full period. The only meaningful negative from an asset allocation standpoint was the fund's modest overall cash position, which hurt relative performance against a generally strong market backdrop the past six months. Q: Joanna, what is your outlook at period end J.B. Our data indicates the U.S. economy is maturing although we think it still appears healthy and is showing both mid- and late-cycle characteristics. In the corporate sector, profits have bounced back following a multiyear slowdown, even as credit conditions have modestly tightened. Meanwhile, a resilient consumer is benefiting from robust strength in the labor market. Outside the U.S., many economies are benefiting from a synchronized global expansion. Near-term stabilization in China has aided emerging markets as well as the export sectors of many developed economies. Given our generally constructive backdrop, the fund is overweighted select risk assets, although allocations have been reduced due to what we see as the advanced stage of the U.S. economic cycle, higher valuations among assets and very low market volatility. The follow-on to this is we think income, rather than capital appreciation, is likely to play a more prominent role in total return going forward. This partly explains our overweighting in convertible securities and is why we added to our position in preferred securities. Going forward, we would not be surprised to see a pickup in volatility, as we expect the U.S. Federal Reserve to continue to raise short-term interest rates and begin to reduce the size of its balance sheet. Other potential sources of volatility include political risk, a shortfall of real economic results versus elevated expectations, and a slowing economy in China. We'll continue to monitor these factors and to make additional asset allocation changes as opportunities arise. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

SUBPORTFOLIO COMPOSITION Joanna Bewick on the fund's potential in the current market: "Although the Federal Reserve has been raising rates, long-term market interest rates have actually fallen slightly so far in 2017. We think interest rates could remain near recent historical lows, which could cause investors to seek incomegenerating opportunities. We believe Strategic Dividend & Income Fund, with its focus on nonbond income-producing assets should remain a viable option in such a market. "The fund focuses on generating income while providing potential for capital appreciation. Historically, most asset classes in the fund have provided higher returns from income than has the broad-market S&P 500 index. We think income is an important component of total return. "In addition, we expect security selection to become more meaningful to total return as we move further into the later stages of the economic cycle especially if volatility arises. This is where we believe the fund could really shine. "The fund's defensive properties represent another potential benefit amid market volatility. Most of the fund's asset classes have a lower risk profile than the broader market, largely due to their income components. "For example, when growth is challenged and equities perform poorly, preferred and convertible securities still have the potential to generate healthy total returns because of their ability to pay income. Equity-market volatility typically exerts only a muted effect on these asset types due to their bond-like features." Asset Class Portfolio Weight Portfolio Weight Six Months Ago Dividend-Paying Equities 49.65% 49.72% Domestic Equities 42.38% 44.56% International Equities 5.27% 3.20% MLPs 0.73% 0.88% Cash & Net Other Assets 1.27% 1.08% Preferred Stock 18.41% 15.88% Preferred Stock/Convertible Preferred 4.38% 3.01% Corporate Bonds 11.90% 11.51% Cash & Net Other Assets 2.14% 1.08% Convertibles 17.25% 17.05% Convertibles 14.11% 17.05% Domestic Equities 1.21% 44.56% International Equities 0.12% 3.20% Corporate Bonds 0.17% 11.51% Cash & Net Other Assets 1.63% 1.08% REITs 13.54% 15.23% REITs & Related Investments 13.21% 15.19% Cash & Net Other Assets 0.33% 1.08% Top Level Fund 1.14% 2.12% Top-Level ETFs, Futures, Options & Swaps 1.23% 1.87% Top-Level Cash & Net Other Assets -0.09% 0.25% 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. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

MARKET-SEGMENT DIVERSIFICATION 10 LARGEST HOLDINGS Market Segment Portfolio Weight Portfolio Weight Six Months Ago Information Technology 15.70% 14.88% Real Estate 14.03% 15.82% Consumer Staples 12.71% 7.92% Health Care 9.27% 8.99% Financials 8.45% 9.62% Utilities 4.90% 2.86% Energy 4.72% 8.58% Consumer Discretionary 4.28% 3.74% Telecommunication Services 3.31% 3.09% Industrials 3.05% 4.00% Multi Sector 1.23% 1.87% Materials 0.99% 1.85% Other 0.00% 0.00% Holding Microsoft Corp. Verizon Communications, Inc. Procter & Gamble Co. Cisco Systems, Inc. PepsiCo, Inc. Market Segment Information Technology Telecommuni cation Services Consumer Staples Information Technology Consumer Staples Portfolio Weight Portfolio Weight Six Months Ago 3.60% 3.34% 2.58% 0.65% 2.36% 1.70% 1.88% 1.80% 1.86% 1.28% Johnson & Johnson Health Care 1.78% 2.63% Unilever NV (NY Reg.) Consumer Staples 1.68% 0.17% Amgen, Inc. Health Care 1.66% 0.15% Intel Corp. British American Tobacco PLC sponsored ADR Information Technology Consumer Staples 1.58% 0.43% 1.41% 0.35% 10 Largest Holdings as a % of Net Assets 20.39% 20.21% Total Number of Holdings 350 353 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. FISCAL PERFORMANCE SUMMARY: Periods ending May 31, 2017 6 Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Fidelity Strategic Dividend & Income Fund Gross Expense Ratio: 0.78% 2 7.68% 5.25% 11.87% 7.37% 11.40% 5.29% S&P 500 Index 10.81% 8.66% 17.47% 10.14% 15.42% 6.94% Fidelity Strategic Dividend & Income Composite Index 8.74% 6.41% 12.21% 8.99% 12.33% 4.97% Morningstar Fund Allocation--70% to 85% Equity 8.72% 7.15% 12.90% 4.66% 9.86% 4.21% % Rank in Morningstar Category (1% = Best) -- -- 74% 2% 11% 14% # of Funds in Morningstar Category -- -- 377 334 290 210 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/23/2003. 2 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. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, advisor.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Definitions and Important Information FUND RISKS Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. 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. Effective 4/8/17, Ramona Persaud was added as co-portfolio manager of the fund. 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. Fidelity Strategic Dividend & Income Composite Index is a customized blend of unmanaged indexes, weighted as follows: MSCI USA High Dividend Yield Index - 50%; FTSE NAREIT Equity REITs Index - 15%; The BofA Merrill Lynch All US Convertibles Index - 15%; and The BofA Merrill Lynch Fixed Rate Preferred Securities Index - 20%. The composition differed in periods prior to December 20, 2011. 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. FTSE NAREIT Equity REITs Index is a market-capitalizationweighted index that is designed to measure the performance of taxqualified REITs that are listed on the New York Stock Exchange, the NYSE MKT LLC, or the NASDAQ National Market List with more than fifty percent of total assets in qualifying real estate assets secured by real property. Mortgage and Timber REITs are excluded. MSCI USA High Dividend Yield Index is a market-capitalizationweighted index of stocks designed to measure the performance of the high dividend yielding segment of the U.S. large- and mid-cap equity market. REITs are excluded. Eligible companies must have a persistent and sustainable dividend and a dividend yield that is meaningfully higher than average for the parent MSCI ACWI (All Country World Index) USA Index. The BofA Merrill Lynch All US Convertibles Index is a marketcapitalization-weighted index of domestic U.S. corporate convertible securities including mandatory convertible preferreds. The BofA Merrill Lynch Fixed Rate Preferred Securities Index is a market-capitalization-weighted index of fixed rate U.S. dollardenominated preferred securities issued in the U.S. domestic market. Qualifying securities must have an investment-grade rating (based on an average of Moody's, S&P and Fitch) and an investment-grade rated country of risk. In addition, qualifying securities must be issued as public securities or through a 144a filing, must be issued in $25, $50, or $100 par/liquidation preference increments, must have at least one year until final maturity, a fixed coupon or dividend schedule and must have a minimum amount outstanding of $100 million. 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. RANKING 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. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. 6

Manager Facts Adam Kramer is a portfolio manager at Fidelity Management & Research Company (FMR Co.), 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 is the lead manager of the following multi-asset income funds: Fidelity Advisor Multi-Asset Income Fund, Fidelity Convertible Securities Fund, an opportunistic high-yield bond strategy for an institutional portfolio available to U.S. investors, and a high income fund available exclusively to Canadian investors. Additionally, he manages the straight preferred stock sub-portfolio and the convertible bond sub-portfolio of Fidelity Strategic Dividend & Income Fund, as well as the concentrated high yield and convertible sub-portfolios of Fidelity Equity-Income Fund, VIP Equity-Income, and Fidelity Advisor Equity-Income. Mr. Kramer also manages a convertible bond central fund that is available to Fidelity Canada mutual funds strategies. Prior to assuming his current responsibilities, Mr. Kramer worked as a portfolio assistant on Fidelity Leveraged Company Stock Fund, Fidelity Convertible Securities Fund, and Fidelity Advisor High Income Advantage Fund. He began working at Fidelity in 2000 as a research analyst and has since covered a variety of industries. Prior to joining Fidelity, Mr. Kramer worked for RSM Richter in Montreal as a chartered accountant and auditor. He has been in the investments industry since 1994. Mr. Kramer earned his bachelor of commerce degree in accounting and a graduate diploma in public accountancy from McGill University. He also earned his master of business administration degree from Cornell University. Mr. Kramer is a member of the Canadian Institute of Chartered Accountants and was awarded a Chartered Accountant (CA) designation. Ford O'Neil is a portfolio manager in the Fixed Income division at Fidelity Management & Research Company (FMR Co.), 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. O'Neil manages various retail and institutional taxable bond funds and portfolios. He currently serves as lead manager on Fidelity and Fidelity Advisor Total Bond Funds and as co-lead on Fidelity and Fidelity Advisor Strategic Income Funds and Fidelity VIP Strategic Income Portfolio. Additionally, Mr. O'Neil co-manages Fidelity and Fidelity Advisor Balanced Funds, Fidelity Advisor Multi-Asset Income Fund, Fidelity and Fidelity Advisor Strategic Dividend & Income Funds, Fidelity and Fidelity Advisor Strategic Real Return Funds, Fidelity VIP Balanced Portfolio, Fidelity VIP Investment Grade Bond Fund, and Fidelity Total Bond ETF, as well as various institutional comingled pools. Prior to assuming his current position in August 1992, Mr. O'Neil was an analyst in Fidelity's Asset Management division. In this capacity, he was responsible for the electric utility sector. Before joining Fidelity in 1990, Mr. O'Neil was an associate in the Investment Banking department at Advest, Inc, where he advised corporations on capital raising. He has been in the investments industry since 1985. Mr. O'Neil earned his bachelor of arts degree in government from Harvard College and his master of business administration degree from The Wharton School at the University of Pennsylvania. Additionally, Mr. O'Neil and team received Morningstar's 2016 U.S. Fixed-Income Manager of the Award for Fidelity Total Bond Fund. Established in 1988, the Morningstar Fund Manager of the award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders'. Nominated funds must be Morningstar Medalists a fund that has garnered a Morningstar Analyst Rating of Gold, Silver, or Bronze. The Fund Manager of the award winners are chosen based on research and in-depth qualitative evaluation by Morningstar's Manager Research Group. Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Morningstar's Manager Research Group's current expectations about future events and therefore involve unknown risks and uncertainties that may cause such expectations not to occur or to differ significantly from what was expected. Analyst Ratings are not guarantees nor should they be viewed as an assessment of a fund's or the fund's underlying securities' creditworthiness. The Morningstar Analyst Rating is a subjective, forward-looking evaluation that considers a combination of qualitative and quantitative factors to rate funds on five key pillars: process, performance, people, parent, and price. Gold is the highest of four Analyst Rating categories. For the full rating methodology, go to http://corporate.morningstar.com/us/documents/ MethodologyDocuments/analystRatingforFundsMethodology.pdf Morningstar's Fixed-Income Fund Manager of the award recognizes Ford O'Neil and team for Fidelity Total Bond Fund (FTBFX). Fidelity Advisor Total Bond Fund Classes A, M, C, I, and Z are classes of Fidelity Total Bond Fund and have different expense and performance characteristics as well as eligibility requirements. See prospectus for more details. 7 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PERFORMANCE SUMMARY: Quarter ending September 30, 2017 1 3 Annualized 5 10 / LOF 1 Fidelity Strategic Dividend & Income Fund Gross Expense Ratio: 0.78% 2 9.58% 7.86% 10.14% 5.64% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/23/2003. 2 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. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. 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 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2017 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 709464.6.0 Diversification does not ensure a profit or guarantee against a loss.