Fidelity Portfolio Advisory Service. Professional investment management designed to help you meet your financial goals

Fidelity PortFolio Advisory service®

Professional investment management

Let our professionals

take the weight of investing

off your shoulders.

Opening a Fidelity Portfolio Advisory Service

account can be a liberating

decision given today’s fast-paced and ever-changing investment world.

Our managed account offering may be a smart solution for busy investors

who do not have the time, expertise, or resources necessary to manage

their assets on a full-time basis. You can relax knowing that you are in an

enhanced relationship with Fidelity, where we will continually manage and

monitor your investments to align with your personal goals.

We get to know you by taking the time to understand your unique

financial needs and goals

including your time horizon, tolerance

for risk, and overall financial health

based on the information you

provide in your detailed Investor Profile Questionnaire. We then use

this knowledge as a blueprint for building your investment strategy.

Your investment manager will be Fidelity’s Strategic Advisers, Inc.

(Strategic Advisers)

a registered investment adviser and a Fidelity

Investments company

who will actively research and select what

they believe are the best investment managers and investments for

your account. In short, a Fidelity Portfolio Advisory Service

managed

account puts our depth of knowledge, investment experience, and vast

resources to work for you throughout your investing life.

At Fidelity, nothing matters more to us than your trust. We seek to provide high-quality, lower-cost investment solutions to help you reach your investing goals.

This chart is for illustrative purposes only. Your proposed investment strategy may be different. To see how we’d invest your account, complete an Investor Profile Questionnaire in person or online at Fidelity.com/pas/IPQ. Contact your Fidelity representative with questions.

A model portfolio for your needs

Once your overall financial situation has been evaluated, Strategic Advisers will propose a long-term asset allocation investment strategy and a thoughtfully constructed model portfolio of mutual funds aligned to a specific risk profile.

As illustrated in the hypothetical chart below, the model portfolio to which your investments will be aligned will be made up of a mix of asset classes, including stocks, bonds, and short-term investments such as money markets.

However, the asset allocation strategy does not stop there. The investment team diversifies beyond these major asset classes by investing in “extended” asset classes such as

commodities, real estate, high-yield bonds, emerging market stocks, and non-U.S. bonds, as well as alternative investments, if deemed appropriate. These types of investments are designed to help improve portfolio diversification, while seeking to minimize overall volatility.

We develop a plan to help you meet your

unique investing goals

Domestic Stock Foreign Stock Bonds Short-Term Unknown Other DOMESTIC STOCK FOREIGN STOCK SHORT-TERM BONDS

Duration measures the sensitivity of a bond’s price to a change in interest rates and is typically expressed in terms of years.

Asset allocation and/or diversification does not ensure a profit or protect against a loss.

We believe diversification helps reduce portfolio risk

We believe a properly diversified model portfolio requires multiple layers of research. That’s why we delve even deeper and break the major and extended asset classes down into smaller investable pieces. To do this, we research any sub–asset classes that may make sense for the model portfolio. For example, within the stock asset class, we may decide to incorporate large-cap growth or small-cap value assets into the mix and delve deeper into certain styles, sectors, regions, and market capitalization. Doing so brings much more diversification into the portfolio and helps reduce overall risk should a particular asset class, style, or sector fall out of favor at any given time.

Once this research is complete, the investments are selected for the model portfolio.

This chart is for illustrative purposes only. Your investment strategy may be different. Contact your Fidelity representative with questions.

How we work to help manage risk

ASSET ALLOCATION THAT ExTENDS BEYOND MAjOR ASSET CLASSES

sector: energy Health care Utilities, etc. reGioN: developed emerging MArKet cAPitAliZAtioN: large cap Mid cap small cap style: Growth value core credit QUAlity: investment Grade High yield DURATION: short-term Mid-term long-term reGioN: domestic Foreign Domestic Stock Foreign Stock Bonds Short-Term Unknown Other doMestic stocK ForeiGN stocK sHort-terM BoNds sector: U.s. Government Mortgage U.s. credit, etc.

How Strategic Advisers

Funds fit into the model portfolio

In most cases, the Strategic Advisers Funds will serve as the key building blocks for the model portfolio. These exclusive funds are available only to Fidelity Portfolio Advisory Service®

clients and are structured so that they may include underlying Fidelity and non-Fidelity mutual funds and exchange-traded funds (ETFs),1 _{as well as individual securities managed by Fidelity and}

non-Fidelity sub-advisers.2

These funds are specifically designed to give our clients greater exposure to a wider universe of investments. They also allow for a more streamlined portfolio and greater access to

institutional pricing. We believe that Strategic Advisers Funds also give the portfolio managers more flexibility, which may help them invest more adeptly throughout the market cycle, and potentially allow for better risk management for our clients.

Strategic Advisers

Funds:

Exclusive investments designed for the model portfolio to help you reach your

investing goals

1 _{An ETF is similar to a mutual fund in structure, but trades like a stock. The Strategic Advisers Funds can invest in ETFs} which may trade at a discount to their NAV.

2 _{Please note, not all of the Strategic Advisers Funds have retained sub-advisers.}

3 _{This Strategic Advisers Fund is only available to clients who select an all–Fidelity Fund option.} STRATEGIC ADvISERS® _{FUNDS LINEUP}

SHORT-

TERM BONDS STOCK: Domestic STOCK: Foreign

Investment

Grade High Yield value Blend Growth Developed Emerging Markets

Strategic Advisers® Short Duration Fund Strategic Advisers® Core Income Fund Strategic Advisers® Income Opportuni-ties Fund Strategic Advisers® Value Fund Strategic Advisers® Core Fund Strategic Advisers® Growth Fund Strategic Advisers® Small-Mid Cap Fund Strategic Advisers® International Fund Strategic Advisers® Emerging Markets Fund Strategic Advisers® International II Fund3

As you can see in the chart above, there are 10 Strategic Advisers Funds, ranging from the conservative Short Duration Fund to the more aggressive Growth, International, and Emerging Markets Funds. Please refer to your Investment Proposal or speak with a Fidelity representative about your proposed asset allocation strategy, and for a complete listing of the funds contained in the model portfolio with which your investments are aligned.

Strategic Advisers Funds: Two distinct investment approaches

The Strategic Advisers Funds utilize one of two distinct investment approaches — a fund of funds or a multi-manager fund. As the diagram below shows, a fund of funds will invest in mutual funds and/or ETFs, whereas in a multi-manager fund, Strategic Advisers may also hire managers as sub-advisers.

Strategic Advisers® _Funds

FUND OF FUNDS MULTI-MANAGER FUND

Sub-Adviser A Individual Securities Sub-Adviser B Individual Securities Sub-Adviser C Individual Securities Mutual Fund A Mutual Fund B ETFs Mutual Fund A ETFs Mutual Fund B Mutual Fund C Mutual Fund D Mutual Fund E

Why Strategic Advisers uses a variety of managers

Strategic Advisers believes providing our clients access to the many diverse talents of investment managers both within and outside Fidelity is a true value-added benefit. Being able to utilize the distinctive skills of some of the best minds in the business — whether they work at Fidelity or at another financial services firm — not only brings additional investment diversification to the model portfolios, but may also give our portfolio managers more flexibility.

We refer to “managers” for the Strategic Advisers Funds as: • the underlying mutual fund or ETF that the Funds invest in, or

• the sub-adviser(s) who manages a portion of the Fund’s assets and is hired to manage them according to a set investment mandate as outlined by Strategic Advisers. This means Strategic Advisers dictates and outlines how the sub-adviser will manage the Fund’s assets for which they are responsible.

In both cases, however, the Strategic Advisers portfolio manager continues to oversee and manage the overall fund.

TWO DISTINCT INvESTMENT APPROACHES

Chart is for illustrative purposes.

Certain Strategic Advisers Funds have not hired sub-advisers and will remain funds of funds for the foreseeable future. Derivatives may or may not be held. For more information on the investment strategies employed by the Strategic Advisers Funds, please review the prospectuses for the Funds. You may also obtain fund information, including a full list of holdings, on Fidelity.com.

strAteGic Advisers PortFolio MANAGer:

Manages

Selects

Oversees

Monitors

THE ROLE OF THE SUB-ADvISER

• Manages all or a portion of the Fund’s investments as defined by agreement with Strategic Advisers • Makes the day-to-day investment

decisions for the portion of the Fund they manage

THE ROLE OF THE MUTUAL FUND MANAGER

• Manages the underlying mutual fund’s investments as defined by the mutual fund’s prospectus

MANAGers PerForM tHe FolloWiNG tAsKs.

Note: Certain Strategic Advisers Funds have not hired sub-advisers and will remain funds of funds for the foreseeable future. For more information on the investment strategies employed by the Strategic Advisers Funds, please review the prospectuses for the Funds. You may also obtain fund information, including a full list of holdings, on Fidelity.com.

How are the Strategic Advisers Funds managed?

Each Strategic Advisers Fund is managed by a portfolio manager at Strategic Advisers who is responsible for allocating the fund’s assets so that they stay in line with the fund’s investment mandate, and for monitoring sub-advisers and underlying mutual funds.

* As always, when Strategic Advisers, Inc., buys a mutual fund, the client pays an expense ratio set by the fund company. Please refer to each individual Fund prospectus for details on fees.

Separate investment decisions and the resulting purchase and sale activities of the fund’s sub-advisers might adversely affect the fund’s performance or lead to disadvantageous tax consequences.

Daily monitoring of sub-advisers:

Strategic Advisers’ close-knit relationships with sub-advisers allow our portfolio managers to identify changes in portfolio holdings on a daily basis. This is a key differentiator from investments in mutual funds, which typically report holdings and positioning data on a monthly basis. Because our portfolio managers have access to daily, real-time Fund information, they have the ability to ask a sub-adviser about his or her reasoning behind any trade decision, and how recent market events may have impacted his or her approach. We believe that being highly informed about sub-adviser activities puts us in a better position to help manage the overall risk level of the Funds.

Institutional pricing:

We constantly strive for the best value possible for our clients. We attempt to reduce client costs by leveraging our program’s size and scale to negotiate competitive fees with sub-advisers. This is yet another potential benefit that is not an option when a fund invests in another mutual fund in which all fund shareholders generally pay the same fee.

Typically, the fees we have negotiated with sub-advisers allow us to offer their strategies at levels not available to retail investors. Any fees paid to sub-advisers are paid out of the Funds’ management fee and do not create an additional layer of fees for our clients.*

The benefits of sub-advisers within the Strategic Advisers

Funds

We believe there are several potential investor benefits associated with using sub-advisers within a Strategic Advisers Fund.

Why the due diligence process for sub-advisers

differs from mutual funds

Strategic Advisers has the flexibility to choose both mutual funds and sub-advisers for its Strategic Advisers Funds. However, there are some key differences between a fund owning mutual funds and engaging with a sub-adviser to run a specific investment mandate. When it comes to purchasing mutual funds for the model portfolios, the Strategic Advisers Funds must abide by the ownership limitations as governed by the Investment Company Act of 1940 (1940 Act). This law sets strict standards to which mutual fund investments must adhere and which a given fund’s Board of Trustees must oversee.

Before we hire a sub-adviser for a Fund, however, we take it upon ourselves to perform an extra layer of due diligence to help ensure that they are not only complying with the 1940 Act requirements that apply to the mutual funds they manage, but that they meet our own strict standards for working with an outside firm.

To do this, we engage in a diligent research and monitoring process to better understand the firm and the manager we want to hire. This process includes peeling back the layers of the firm’s operational infrastructure, its policies and procedures, compliance standards, and much more, so that we have as much transparency into the firm and manager as possible. Additionally, the Fund’s board of trustees must approve the hiring of the sub-adviser and the associated contract.

We believe active, strategic oversight is critical

We believe in adhering to a disciplined investment approach, no matter how positive or challenging market conditions may become along the way. This means we actively and strategically monitor and respond to fundamental market shifts, as appropriate, and regularly review and rebalance the model portfolio over time to help ensure that it stays on track with its long-term asset allocation strategy.

Although we seek to keep the major mix of assets aligned with the risk level of the model portfolio, market volatility may occasionally prompt us to make tactical shifts in its asset allocation to help avoid excessive exposure to losses and help reduce overall risk. Such strategies may include the use of extended or alternative asset classes.

How we oversee your managed account and keep

your goals in perspective

We actively evaluate your holdings by employing two key strategies:

Reallocating:

This means we modify the overall model portfolio, as needed, by reducing or increasing existing positions, incorporating new asset classes, or introducing new managers into the Funds. Reallocation may take place due to overall portfolio exposure, fund performance, or particular market opportunities.

Rebalancing:

We believe in regularly rebalancing the model portfolio to which your investments are aligned to keep it in line with its long-term asset allocation strategy. This means we adjust the weightings —by trimming or adding positions — of different types of funds across and within asset classes to compensate for changes created by any given market action. Making these adjustments helps us bring the model portfolio back in line with its original strategy and helps control volatility. If asset classes were left untended, it could greatly increase overall risk by leaving the model portfolio overexposed in one or more areas.

Additionally, we may sell assets when their value has risen so much that they alter the percentage of asset classes in the portfolio. Likewise, we may purchase assets when their value drops, in order to bring the asset allocation back in line with the original strategy.

We believe your individual needs come first

We will monitor your financial situation to help ensure that your investment strategy is aligned to meet your goals and your tolerance for risk. our core mission is simple: to act in your

best interest to help you achieve your investing goals. this simple principle guides us in everything we do.

You can expect outstanding personal service from any member of the client management team. If you have questions about your managed account or about investment decisions made for the model portfolio or its fund holdings, a member of the team is ready to assist you.

Team members can also explain investment decisions made on your behalf and help you make any necessary adjustments should you have a major change in your financial situation at any point that may impact your investment strategy. They will also conduct a Strategic Review of your account at least annually and keep you up to date throughout the year via personalized communications.

We believe that investors who choose to have their portfolios professionally managed by Fidelity Portfolio Advisory Service® _{can feel confident they have made a smart investment decision.}

• active, ongoing money management provided by fidelity’s Strategic advisers, inc.

• all buy, sell, and hold decisions following a disciplined and thoughtful approach to

investment selection and risk management

• access to experienced investment managers who specialize in a specific investment

style or area of expertise

• an expanded universe of investments, with the potential benefit of institutional

pricing

• in-depth due diligence and research performed on every manager and investment

under consideration

• rebalancing and reallocation of your account through the model portfolio

as needed to maintain diversification and take advantage of new investing opportunities

• Systematic monitoring of your account through the model portfolio on an

ongoing basis

• a dedicated service team ready to assist you

• Exclusive client communications, Web site, and events to keep you informed

• low annual advisory fee

Allow us to manage your investments so that you can take advantage of a host of potential benefits, including:

How our approach is designed to help you reach your

long-term goals

Communications to help you stay connected

The Strategic Advisers Tax-Managed U.S. Large Cap SMA is a separately managed component within a Fidelity Personalized Portfolio. It holds approximately 150 individual stocks and seeks to replicate the risk and return characteristics of the S&P 500® index. The SMA is actively managed using tax-sensitive investing strategies.* Over the long term, this approach seeks to further manage risk in your portfolio and enhance your after-tax return.**

Direct ownership of individual stocks

The Tax-Managed U.S. Large Cap SMA provides an increased opportunity for flexible, personalized investment management.

• Strategic Advisers, Inc. (Fidelity’s internal asset allocation specialists), monitors the account daily and may add or subtract positions based on a proprietary tax-sensitive strategy. • If you have existing stock positions, Strategic Advisers may incorporate your holdings into the account, avoiding the immediate impact of selling positions and incurring the tax liability. • If you already own a sizable position in a security, or feel uncomfortable holding a specific security, you may request that it not be purchased. A tailored large-cap strategy designed for your Fidelity® Personalized Portfolio. It seeks to provide fl exibility, core market exposure, and tax-sensitive investment management* for Fidelity clients with complex investing needs.

Strategic Advisers Tax-Managed U.S. Large Cap Separately Managed Account (SMA)

** Please note that you will be charged an additional fee for any SMAs held in your account. These fees are in addition to the basic advisory fees for Fidelity® Personalized Portfolios. Please refer to your Client Agreement for detailed fee information. The S&P 500 Index is an unmanaged, market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

Tax-Managed U.S. Large Cap SMA • U.S. Equity •International Equity • Fixed Income • Short-Term Investments

STRATEGIC ADVISERS TAX-MANAGED U.S. LARGE CAP SMA

Strategic Advisers Funds

These funds are exclusive to clients of Portfolio Advisory Services. Your investment adviser, Strategic Advisers, Inc. (SAI), uses them as building blocks to construct the proper asset allocation for your managed portfolio. They allow SAI to hire (and fire) sub-advisers as well as to buy, sell, and hold mutual funds and exchange-traded funds (ETFs) within the fund.

Who are sub-advisers and what do they do?

Sub-advisers are professional money managers. As listed in this report, the Strategic Advisers Funds can engage both Fidelity and non-Fidelity managers as sub-advisers. These investment professionals are selected by SAI to manage a portion of the mutual fund’s assets consistent with a specific investment mandate or area of expertise. The sub-advisers make the day-to- day investment decisions for the portion of the fund they manage.

How do I benefit?

You benefit from SAI’s ability to choose from an expanded group of money managers some of whom were previously available only to large institutional investors, and take advantage of Fidelity’s scale to provide the potential for improved pricing relative to other retail investors.

How does SAI manage these funds within your overall portfolio?

SAI continues to select the most appropriate money managers and investment vehicles within each of these funds. SAI also continues to determine the appropriate mix or allocation of assets within the model portfolio. The Portfolio Manager at SAI manages each Strategic Advisers Fund by allocating the fund’s assets among Fidelity and non-Fidelity sub-advisers, mutual funds, and ETFs. When it hires a sub-adviser, SAI provides ongoing oversight of the sub-adviser’s activities. They also allocate assets across the various Strategic Advisers Funds within your model portfolio. This will be done according to your recommended investment strategy, and the allocation may change over time.

Where do I go for more information?

For more information on the investment strategies employed by the Strategic Advisers Funds, please see the prospectuses for the funds. You may also obtain fund information, including a full list of holdings, on Fidelity.com.

Strategic Advisers Funds

Information on the funds and investment professionals who manage your portfolio.

WHITE PAPERS AND FACT SHEETS

Informative reports and straightforward analysis from the Investment Team at Strategic Advisers, Inc., to help you understand their investment selection and approach.

MONTHLY STATEMENTS

Monthly statementsthat detail your holdings and account activities, including trades and fees applied to your account, if applicable. Trade confirmations provide a rationale for the specific trading activity within your account.

INSIGHTS

Messages from your Investment Team providing their perspective on the markets, what’s driving performance, and adjustments being made on your behalf.

Quarterly Investment Perspective — Q3 2012 BY B I L L EBS W O R T H, C H I EF I N V E S T M EN T O F F I C ER , S T R AT E G I C A DV I S ER S, I N C .

What a year so far! Confronted by grim economic, political, and fi nancial headlines, many investors have stayed on the sidelines for quite some time. Others followed the old wisdom “Sell in May, go away” and believed they’d done the right thing when stocks gave back fi rst-quarter gains through early June. But then markets rallied this summer, catching even experts by surprise. So far this year the S&P 500® has returned 16.5%, international stocks 10%,1 and U.S. bonds 4%.2

This year is a reminder that investing is not just about fundamentals. You also have to consider investor sentiment and stock market valuation. Investments can surprise us, heading south even as the good news keeps coming, because investors expected even better news. Or, like we’ve seen recently, they can rally in the face of bad news because, among other things, starting valuations were reasonable and expectations were muted. So where are we on corporate and economic fundamentals? In Europe there is still no shortage of bleak news around economies,

employment, currency, and debt. But the European Central Bank has announced a new round of stimulus, as has the Bank of Japan. The Chinese economy likely faces a cyclical slowdown in fi xed capital investment—or infrastructure and real estate build out—just as the government manages an important leadership transition. But there are signs of life for Chinese consumers because the government has continued efforts to raise the standard of living. Here at home, our slow economic recovery has been helped by another round of monetary stimulus or “Quantitative Easing,” OCTOBER 2012 QUESTIONS? CALL 800.544.3455. (continued)

FIDELITY.COM

Access to exclusive content on Fidelity.com that keeps you connected to your managed account 24/7.

FI DELIT Y IN V E S T M ENT S 9 0 0 SA LEM S TR EE T SM ITHFIEL D, R HO DE ISL A N D 02 917

Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917 385955.3.0 1.803779.103

Mr. John Q. Sample HNW Uncovered Conference Call, DM CORE, 11-Apr 123 Main Street Anywhere, US 12345-6789

2011 FIDELIT Y CONFERENCE CALL SERIES Straight talk about the market’s direction.

Hear it firsthand.

Fidelity’s top investment professionals Stimulating talk about the current market Thought-provoking Q-and-A session

ExCLUSIvE CLIENT EvENTS

Exclusive events with your Investment Team where they discuss the thinking behind their investment selections, and where you will have an opportunity for a live question-and-answer session with them.

Last Chance: Join us for a conference call with your Investment Team

http://faaeagencydev.fmr.com:8080/faaework/_email/2012/24218_Q312_PAS_Client_Conf_Call_EM/p04/r01/24218p04.html[11/07/2012 5:40:40 PM]

Don't miss your chance to hear directly from your Investment Team.

Dear John Q. Sample:

Please join the Investment Team for an exclusive client call.

This is a reminder to join your Investment Team to hear their perspective on portfolio performance, the markets, and potential tax law changes. Participate in a live question-and-answer session. You'll hear directly from Bill Ebsworth, Chief Investment Officer; Scott Kuldell, Senior Vice President, Director of Portfolio Management; and Chris Fuse, Vice President, Investment Management, all of Strategic Advisers, Inc.

Sign Up Now: PASClientCall.com You can also RSVP for this event by calling 877.343.3548. Using the Reply button will not work with this nonreturnable message. We hope you can attend. Sincerely, John F. Sweeney Executive Vice President Planning and Advisory Services Fidelity Investments

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Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Fidelity Portfolio Advisory Service® is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company. Fidelity® Personalized Portfolios may be offered through the following Fidelity Investments companies: Strategic Advisers, Inc.; Fidelity Personal Trust Company, FSB ("FPT"), a federal savings bank; or Fidelity Management Trust Company ("FMTC"). Nondeposit investment products and trust services offered through FPT and FMTC and their affiliates are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, are not obligations of any bank, and are subject to risk, including possible loss of principal. These services provide discretionary money management for a fee. Brokerage services are provided by Fidelity Brokerage Services LLC. Custody and other services are provided by National Financial Services LLC. Both are Fidelity Investments companies and Members of NYSE and SIPC. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

KEY TAKEAWAYS • The expertise provided by SAI’s Research team drives investment selection for the fi rm’s managed accounts. • SAI’s proprietary process defi nes its own invest-ment style categories to seek diversifi cation and a performance edge. • Each Analyst adds value by identifying managers with consistent strate-gies and style discipline. • A key element of the process is SAI‘s ongoing, face-to-face interaction with Investment Managers.

Investors today face an overwhelming array of investment choices. Selecting among them to create a properly diversified portfolio requires time, experience, and a proven approach for assessing both consistency and performance. This Perspective describes the proprietary process that the Fundamental Research team at Fidelity’s Strategic Advisers, Inc. (SAI), Fidelity’s registered investment adviser, follows to identify and monitor the investment choices they recommend to the SAI Portfolio Management team.1

Introduction

It’s one thing to recognize the value of diversifying an invest-ment portfolio to achieve a balance of risk and return. It’s quite another to narrow down thousands of available choices to arrive at the right combination of securities for use in SAI’s invest-ment strategies that refl ect different investor time frames, risk tolerances, and goals. The investment professionals at SAI are focused entirely on making these decisions for our clients. The Portfolio Managers at SAI make the investment selections and construct the portfolios. Throughout this process, they work closely with SAI’s Fundamental Research Analysts. It’s the Analysts’ job to continuously identify, evaluate, and recommend the most appropriate investments for each Portfolio Manager’s consideration. They bring the skills and experience necessary to execute a rigorous, propri-etary investment selection process that is unique in the industry.

A Disciplined, Proprietary Investment Selection Process

The process starts with the SAI Portfolio Managers and Analysts working together to defi ne the various approaches to investing (investment styles) within each asset class that will be required to build properly diversifi ed portfolios. They also look at how these styles performed in a variety of markets. From this joint effort, they identify the investment

SAI’s Fundamental Research Process: A Unique, Style-Based Approach

By Jeff Mitchell, Senior Vice President, Director of Research, Strategic Advisers, Inc. STRATEGIC ADVISERS, INC.

1 The Strategic Advisers, Inc., Portfolio Management team includes Portfolio Managers (PMs) for model-based managed account products and Investment Managers (IMs) for personalized, account-based products. For convenience, we refer to both groups in this Perspective as “SAI Portfolio Managers.”

Fidelity Portfolio Advisory Service® Quarterly Investment Review

Mr. John Q. Sample OCTOBER 1–DECEMBER 31, 2010

Your Dedicated Portfolio Specialist:

John Smith 1.800.544.3455, extension 0000

qUARTERLY INvESTMENT REvIEWS

Quarterly investment reviews that include account-level performance, market commentary from your Investment Team, and other information about your account’s performance.

You will be aware of what is happening with your account, and why. Here are a few examples of what you will receive as a client:

Your Fidelity managed account:

Helping you put your financial dreams within reach

Whether you are saving for retirement, need a steady retirement income stream, or want to leave a legacy to your loved ones, your Fidelity managed account is designed to help you reach the financial goals that are most important to you.

Take advantage of what we do best — managing money in a thoughtful and prudent way for clients who have unique savings needs. We’ve been helping thousands of investors achieve financial success for more than 65 years. Today, more than 500,000 investors have put their faith and trust in a Fidelity managed account, and feel comfortable knowing that Fidelity professionals are managing their investments on a full-time basis.

Let our team of professionals manage your account so you don’t have to.

Call 800-544-3455 to complete an Investor Profile questionnaire or

visit Fidelity.com/pas/IPq.

You will receive a free, no-obligation investment proposal based on your

specific needs, and see how we’ll help you meet your investing goals.

A partner to help you reach your goals

Dedicated contact:

Your Portfolio Specialist or a Client Management Team member*

Your personal Portfolio Specialist or a Client Management Team member is the key contact for your Fidelity managed account and the liaison between you and your Investment Team at Strategic Advisers, Inc. His or her role is to answer any questions you may have about your managed account and investment decisions being made on your behalf.

* Clients with balances greater than $250,000 will be assigned a knowledgeable Financial Consultant and a dedicated Portfolio Specialist, who will both be available to answer questions and provide assistance. Clients with balances between $200,000 and $250,000 will be assigned a dedicated Portfolio Specialist. Clients with balances of less than $200,000 will be assigned to dedicated members of a Client Management Team.

* Source: Strategic Advisers, 12/31/2014.

† _{The CFA designation is offered by the CFA Institute. To obtain the CFA charter, candidates must pass three exams}

demonstrating their competence, integrity, and extensive knowledge in accounting, ethical and professional standards, economics, portfolio management, and security analysis, and must also have at least four years of qualifying work experience, among other requirements.

‡ _{Please see the Program Fundamentals for more details regarding mutual fund fees and other potential fees, including}

sales loads and transaction fees, redemption fees, and miscellaneous fees. Investments in mutual funds will continue to be subject to each underlying fund’s fees and expenses. See the fund’s prospectus for information on fund fees and expenses.

strategic Advisers, inc.

• More than 25 years of experience in discretionary money management, with more than $175 billion in assets under management*

• Originator of Fidelity’s approach to diversification and risk management • Construction and management of

diverse asset allocation portfolios while aiming to maintain a level of risk that is consistent with a certain profile

• More than 60 analysts who conduct research on over 1,350 investment managers across the globe*

• More than 130 investment professionals, of whom more than 60 are Chartered

Financial Analyst® _(CFA®_{) charterholders*}†

Fidelity Portfolio Advisory service

The facts:

• A Fidelity managed account designed to help meet your financial goals • A dedicated relationship with a Fidelity

team to help ensure that your managed account needs are met

• Personalized communications to keep you informed on your investments • Access to a dedicated site on

Fidelity.com for managed account clients only

• One annual advisory fee — with no

Consider a professionally managed account from Fidelity.

Call a Fidelity representative at 800-544-3455.

Before investing, consider the fund’s investment objectives, risks, charges, and expenses.

Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Keep in mind that investing involves risk. the value of your investment will fluctuate over time, and you may gain or lose money.

Past performance does not guarantee future results.

Asset allocation and/or diversification does not ensure a profit or protect against a loss.

For more information on the investment strategies employed by the Strategic Advisers Funds, please see the prospectuses for those funds, or visit Fidelity.com. In addition to hiring sub-advisers, each of the Strategic Advisers Funds listed in this report may also own mutual funds and/or exchange-traded funds. Please refer to the most recent full holdings reports on Fidelity.com for more details. Fidelity Portfolio Advisory Service® _{is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments}

company. this service provides discretionary money management for a fee.

Brokerage services are provided by Fidelity Brokerage Services LLC. Custody and other services are provided by National Financial Services LLC. Both are Fidelity Investments companies and members of NYSE and SIPC.

Strategic Advisers is a registered service mark of FMR LLC.

Fidelity Brokerage Services LLC, Member NYSE and SIPC, 900 Salem Street, Smithfield, RI 02917 © 2015 FMR LLC. All rights reserved.