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PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2020 Fidelity® Worldwide Fund Key Takeaways MARKET RECAP • For the semiannual reporting period ending April 30 2020, the fund's Global equities returned -7.48% for the Retail Class shares returned -0.36%, well ahead of the -7.07% result of six months ending April 30, 2020, the benchmark MSCI World Index. according to the MSCI ACWI (All Country World Index) Index, as the early-2020 outbreak and spread of a new • Portfolio Managers Bill Kennedy and Steve DuFour kept focused on coronavirus hampered economic growth companies with above-average earnings growth and attractive and the outlook for corporate earnings. valuations. Their approach aided relative performance the past six Declared a pandemic on March 11, the months as growth stocks beat their value peers and as higher-quality crisis and containment efforts caused stocks held up better than lower-quality ones in the market decline. broad contraction in economic activity and significant uncertainty, volatility and • Versus the benchmark, the biggest boost came from the portfolio's dislocation in financial markets around sizable overweighting in the strong-performing information the world. The outbreak escalated technology sector. Positioning among financials and industrials stocks, globally in February, when the index and an underweighting in the energy sector, also helped. returned -8.04% after a surge in cases outside China pushed investors to safer • Geographically, security selection drove all of the fund's asset classes. In March, when the outperformance, with the most noteworthy contributors coming from outbreak spread in many countries, the index returned -13.46%, the steepest the U.S. and the Europe Ex U.K. region. Exposure to Canada and drop since the global financial crisis. A Japan also added value. historically rapid and expansive monetary/fiscal-policy response helped • Among individual standouts were Canadian online shopping platform mitigate the most acute near-term Shopify, and – in the U.S. – semiconductor company Nvidia and cloud- liquidity issues, and provided a partial based creative company Adobe. Each benefited from growing offset to the economic disruption. This demand for their products or services. was evident in April, when the index rebounded 10.75%. For the full six • Conversely, from a sector perspective, only the portfolio's positioning months, energy (-31%) was hit hardest, in consumer staples nicked relative performance. Non-benchmark pressured by falling commodity prices. In exposure to emerging markets – namely India – also had a modestly addition, the financials (-22%), industrials negative impact. (-17%) and real estate (-16%) sector's also lagged. Conversely, information • On a stock-specific basis, untimely trading in discount retailer Walmart technology (+8%) held up best, followed by health care (+7%). By region, the U.K. and electric car company Tesla hampered the fund's relative result. (-20%) fared the worst, followed by Asia Pacific ex Japan (-16%), Canada and • Bill and Steve believe the near-term outlook is uncertain largely Europe ex U.K. (-14% each), as well as because no one knows when a coronavirus vaccine will be available. Japan and emerging markets (-10% However, they are encouraged because they continue to find what each). The U.S. (-3%) was the lone they view as great companies at attractive prices. outperformer. Not FDIC Insured • May Lose Value • No Bank Guarantee
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2020 Q&A An interview with William Kennedy, Lead Portfolio Manager and manager of the non-U.S. equity subportfolio, William Kennedy Stephen DuFour Portfolio Manager Co-Manager and Stephen DuFour, Co-Manager and manager of the U.S. equity Fund Facts subportfolio Trading Symbol: FWWFX Q: Bill, how did the fund perform for the Start Date: May 30, 1990 semiannual period ending April 30, 2020 Size (in millions): $2,007.60 B.K. The fund's Retail Class shares returned -0.36%, easily outpacing the -7.07% result of the benchmark MSCI World Index and also topping the peer group average. Looking back a bit further, the fund advanced 1.13% for the Investment Approach trailing 12 months, outperforming both the benchmark and • Fidelity® Worldwide Fund is a diversified global equity the peer group average. strategy that seeks capital growth. • The fund takes a mosaic approach to investing that Q: What factors explain the fund's sizable combines the expertise of two co-portfolio managers, outperformance of its benchmark the past six emphasizing their best ideas across the globe. months • We manage the fund with a holistic and long-term B.K. Steve and I kept our bottom-up focus on companies view, focusing on high-quality companies with above- with above-average earnings growth and reasonable or average growth prospects and that are trading at reasonable prices. attractive valuations. Our strategy worked well as growth stocks outperformed their more economically sensitive value • Layered into this investment framework is a desire to peers this period. In addition, we favored companies with own businesses that have stable and high returns on decent balance sheets, which especially aided performance, capital, durable competitive positions, consistent when equities markets worldwide sank as the coronavirus profitability, solid free-cash-flow generation, good pandemic shut down entire economies. balance sheets and management teams whose interests are aligned with those of shareholders. Versus the benchmark, an overweighting in the strong- • We strive to uncover these companies through in- performing information technology sector, along with depth fundamental, technical and quantitative positioning in the financials and industrials sectors, gave the analysis, working in concert with Fidelity's global biggest boost to performance. An underweighting in the research team, with the goal of producing above- poor-performing energy sector, also helped. Geographically, index performance over a full market cycle. security selection in the U.S., which averaged roughly 60% of the fund's assets, helped most, followed by stock picks in the Europe Ex U.K. region, another 18% of assets. Exposure to Canada and Japan also added meaningful value. Q: Turning to you, Steve, which U.S. stocks stood out this period S.D. As a reminder, we tend to take more concentrated positions in the U.S., which is why our domestic holdings often tend to dominate the list of our top and bottom relative contributors. That was definitely the case this period. The 2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2020 non-U.S. subportfolio tends to be more diversified, with the company's e-commerce and lower-price grocery more holdings and smaller position sizes that can help to offerings. reduce some of the risks associated with overseas investing. Our timing also was off with electric car company Tesla. We Versus the benchmark, the portfolio's top three contributors started buying the stock in February, but the coronavirus this period were all tech stocks. The biggest winner was an pandemic hit soon thereafter. Because people were doing overweighting in Shopify, a Canadian online shopping less driving during the lockdown, we decided to sell our tiny platform. Its e-commerce, point of sale and fulfillment stake, resulting in a -47% return. We missed out when Tesla services target small- and medium-sized businesses that later reported a first-quarter profit, plus strong order growth want to control their brands. Shopify's stock gained 102% the and new product offerings, which sent its stock soaring. past six months, benefiting as growth in online purchases, Not owning health care company Johnson & Johnson (J&J) which accelerated during the COVID-19 pandemic, helped also weighed on relative performance as the stock gained drive annual revenue growth of roughly 30%. 15% for the six-month period. We thought some other An overweight position in U.S.-based Nvidia, which makes pharmaceuticals stocks, such as Eli Lilly, offered a better leading-edge semiconductors that go into videogames and opportunity. Like Eli Lilly, J&J's share price rose as the data centers, rose 44% this period. The company saw strong broader backdrop for health care stocks improved. growth in both these end markets, driven by increased online activity, especially as more people stayed home in an Q: Bill, how did the fund's positioning change effort to avoid contracting the coronavirus. Nvidia was a top- the past 12 months 10 holding on April 30. B.K. Geographically, the changes were minor and, as always, Q: Which other stocks stood out driven by bottom-up security selection. The fund's exposure to the Europe Ex U.K. region rose, largely because we found S.D. The fund's overweighting in U.S.-based creative some attractive earnings growth opportunities at reasonable software company Adobe returned 29% this period. In our prices in France. In terms of sectors, the allocation to view, the company has done a great job developing a digital information technology grew from 26% to 34% of assets, toolbox for its customers that includes a library of stock with virtually all the increase coming in the software & photos, an electronic signature product and the ability to services group. The portfolio's health care weighting also monitor how well ads – the content its products help create – went up, notably in the pharmaceuticals, biotechnology & do across the Internet. The firm benefited from a growing life sciences segment, as did our exposure to consumer customer base, especially as more people began working staples. We funded some of these purchases with cash, from home, and from its subscription-based business model. which fell to under 1% of assets by period end. Another key contributor was an overweight position in U.S.- based pharmaceuticals company Eli Lilly (+37%), which Q: What's your outlook on April 30, Bill historically has had a strong diabetes franchise. We added B.K. Steve and I would be kidding ourselves to think we this stock during the period after management outlined a could make a call on the global economy or when we'll move multi-year plan to improve operating margins through cost past the current coronavirus pandemic. While there's cutting. The stock rose as fears around drug price caps eased optimism around developing a COVID-19 vaccine, the timing and as investors bid up health care stocks amid the COVID- remains uncertain. Plus, once it is approved, it's unclear how 19 crisis. In March, Lilly announced it was developing a long it will take to ramp up production. However, we're potential treatment for the infectious disease using encouraged that a lot of smart people worldwide are working antibodies from recovered patients, triggering added to develop a treatment. Plus, governments worldwide are investor interest. Then, in late April, Lilly reported first- remaining accommodative as they try to support their quarter earnings that topped investor expectations. economies during this challenging period. Q: What about detractors, Steve Going forward, we plan to remain flexible and true to our investment philosophy of owning the best relative earnings S.D. From a sector standpoint, only the portfolio's growth wherever we can find it. We're looking ahead to ways positioning in consumer staples nicked relative performance. we could position the fund for an economic recovery Geographically, non-benchmark exposure to emerging because ultimately, we think the world will get through this markets – namely India – had a modestly negative impact. In crisis and we want to be ready. ■ terms of individual detractors, within the staples sector, untimely positioning in the shares of discount retailer Walmart (-4.5%) hurt most. The fund owned too much of the stock when it languished earlier in the period and then didn't own enough when the pandemic hit and shoppers flocked to 3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2020 LARGEST CONTRIBUTORS VS. BENCHMARK Average Relative Bill Kennedy on the fund's health care Holding Market Segment Relative Contribution Weight (basis points)* exposure: Information Shopify, Inc. Class A 0.84% 69 Technology "Over the past six months, Steve and I found Information NVIDIA Corp. 1.50% 59 attractive opportunities among health care stocks, Technology which grew to about 16% of the fund's assets and Information Adobe, Inc. 1.86% 40 shifted to an overweighting on April 30. Technology Eli Lilly & Co. Health Care 0.96% 37 "Most of the increase came in the pharmaceuticals, Information biotechnology & life sciences segment, largely Microsoft Corp. Technology 1.29% 36 driven by companies that are seeing a massive * 1 basis point = 0.01%. improvement in their product pipelines due to exciting developments in the immunotherapy area of oncology. Immunotherapy involves treatments that either activate or suppress the immune system LARGEST DETRACTORS VS. BENCHMARK to fight cancer cells. Average Relative "Europe is a real standout in this area, with Relative Contribution pharmaceuticals companies such as Roche Holding Holding Market Segment Weight (basis points)* in Switzerland, Sanofi in France, and Lonza Group, a Walmart, Inc. Consumer Staples 0.12% -26 Switzerland-based contract manufacturer for Consumer biopharmaceuticals. In the U.K., AstraZeneca is Tesla, Inc. -0.16% -21 Discretionary another pharma company doing some interesting Johnson & Johnson Health Care -0.90% -19 immunotherapy work. Information Square, Inc. 0.77% -17 Technology "Each of these companies had what we viewed as Communication above-average earnings growth prospects and Netflix, Inc. -0.37% -16 Services reasonable valuations. Plus, we saw them as good businesses that were relatively immune to the * 1 basis point = 0.01%. economy's ups and downs. They've also been able to respond to the coronavirus outbreak. Roche, for example, introduced a test kit for COVID-19 while AstraZeneca began working with researchers at Oxford University to develop a vaccine. Sanofi, a new addition to the portfolio this period, developed a test to detect the virus and also is working with another company on a vaccine. Lastly, Lonza has supplied disinfectant products to fight the virus and has the capabilities to manufacture a vaccine once it's developed. "Within the fund's U.S. subportfolio, some of our biggest exposures within the sector are health insurers, including UnitedHealth Group and Humana. These companies have seen higher earnings due to lower costs because elective surgeries have largely been curtailed during the pandemic. We're also interested in health care companies, such as Eli Lilly, that have the opportunity to expand their profit margins as well as those with innovative new product offerings." 4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2020 ASSET ALLOCATION Relative Change From Six Months Asset Class Portfolio Weight Index Weight Relative Weight Ago International Equities 40.14% 34.36% 5.78% 5.85% Developed Markets 35.64% 34.36% 1.28% 6.26% Emerging Markets 4.50% 0.00% 4.50% -0.41% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Domestic Equities 59.11% 65.64% -6.53% -3.64% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 0.75% 0.00% 0.75% -2.21% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. MARKET-SEGMENT DIVERSIFICATION Relative Change From Six Months Market Segment Portfolio Weight Index Weight Relative Weight Ago Information Technology 34.22% 19.57% 14.65% 4.91% Health Care 16.13% 14.67% 1.46% 1.70% Consumer Discretionary 9.87% 10.78% -0.91% -0.41% Industrials 9.35% 10.00% -0.65% 1.80% Consumer Staples 7.51% 8.70% -1.19% 1.59% Financials 6.96% 13.02% -6.06% -6.49% Communication Services 5.84% 8.89% -3.05% -2.65% Real Estate 5.31% 3.11% 2.20% 0.34% Utilities 1.97% 3.50% -1.53% 0.61% Materials 1.28% 4.18% -2.90% 0.06% Energy 0.80% 3.58% -2.78% 0.75% Other 0.00% 0.00% 0.00% 0.00% 5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2020 COUNTRY DIVERSIFICATION Relative Change From Six Months Country Portfolio Weight Index Weight Relative Weight Ago United States 59.11% 65.66% -6.55% -3.66% United Kingdom 6.86% 4.67% 2.19% 1.77% Japan 6.31% 8.11% -1.80% 0.29% France 4.52% 3.30% 1.22% 2.77% Switzerland 4.09% 3.26% 0.83% -0.10% Germany 3.06% 2.65% 0.41% -0.38% Canada 2.24% 3.15% -0.91% 0.89% Netherlands 2.18% 1.32% 0.86% 0.44% China 1.60% -- 1.60% 0.49% India 1.22% -- 1.22% -0.67% Sweden 1.14% 0.87% 0.27% -0.04% Other Countries 6.91% N/A N/A N/A Cash & Net Other Assets 0.76% 0.00% 0.76% -2.25% 6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2020 10 LARGEST HOLDINGS Portfolio Weight Market Segment Portfolio Weight Holding Six Months Ago Microsoft Corp. Information Technology 4.43% 3.57% Amazon.com, Inc. Consumer Discretionary 3.80% 2.35% MasterCard, Inc. Class A Information Technology 3.18% 1.81% Visa, Inc. Class A Information Technology 2.95% 1.89% Square, Inc. Information Technology 2.69% 0.05% Apple, Inc. Information Technology 2.68% 3.01% NVIDIA Corp. Information Technology 2.64% 1.48% UnitedHealth Group, Inc. Health Care 2.49% 0.65% Estee Lauder Companies, Inc. Class A Consumer Staples 2.42% 0.24% Prologis, Inc. Real Estate 2.29% 1.26% 10 Largest Holdings as a % of Net Assets 29.55% 24.42% Total Number of Holdings 244 264 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: Cumulative Annualized Periods ending April 30, 2020 6 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Fidelity Worldwide Fund -0.36% -7.23% 1.13% 10.20% 7.66% 9.58% Gross Expense Ratio: 0.99%2 MSCI World (Net MA) Index -7.07% -12.29% -3.56% 5.46% 5.39% 8.14% Morningstar Fund World Large Stock -7.76% -12.78% -5.83% 3.89% 4.04% 6.78% % Rank in Morningstar Category (1% = Best) -- -- 17% 12% 16% 13% # of Funds in Morningstar Category -- -- 864 764 623 368 1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 05/30/1990. 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. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. 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. Please see the last page(s) of this Q&A document for most-recent calendar- quarter performance. 7 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2020 Definitions and Important Information 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 Information provided in this document is for informational and prospectus for the most up-to-date information concerning educational purposes only. To the extent any investment information applicable loads, fees and expenses. in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is % Rank in Morningstar Category is the fund's total-return not intended to be used as a primary basis for you or your client's percentile rank relative to all funds that have the same Morningstar investment decisions. Fidelity, and its representatives may have a Category. The highest (or most favorable) percentile rank is 1 and conflict of interest in the products or services mentioned in this the lowest (or least favorable) percentile rank is 100. The top- material because they have a financial interest in, and receive performing fund in a category will always receive a rank of 1%. % compensation, directly or indirectly, in connection with the Rank in Morningstar Category is based on total returns which management, distribution and/or servicing of these products or include reinvested dividends and capital gains, if any, and exclude services including Fidelity funds, certain third-party funds and sales charges. Multiple share classes of a fund have a common products, and certain investment services. portfolio but impose different expense structures. FUND RISKS RELATIVE WEIGHTS Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, Relative weights represents the % of fund assets in a particular regulatory, market, or economic developments. Foreign securities market segment, asset class or credit quality relative to the are subject to interest rate, currency exchange rate, economic, and benchmark. A positive number represents an overweight, and a political risks, all of which are magnified in emerging markets. negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. 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. 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. MSCI World Index (Net MA Tax) is a market-capitalization weighted index that is designed to measure the investable equity market performance for global investors of developed markets. Index returns are adjusted for tax withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts. MSCI World (Net MA) Linked Index represents the performance of the MSCI World (Net MA) Index since November 1, 2001 and the MSCI World Index (Net) prior to that date. MSCI ACWI (All Country World Index) Index is a market- capitalization-weighted index that is designed to measure the investable equity market performance for global investors of developed and emerging markets. 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. They should not be construed or used as a recommendation for any sector or industry. RANKING INFORMATION © 2020 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 8 |
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2020 Manager Facts William Kennedy is a portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Mr. Kennedy manages Fidelity International Discovery Fund, Fidelity Advisor International Discovery Fund, Fidelity Worldwide Fund, and Fidelity Advisor Worldwide Fund. Prior to assuming his current responsibilities, Mr. Kennedy managed Fidelity Pacific Basin Fund and Fidelity Advisor Japan Fund. Previously, he served as an assistant portfolio manager and as a research analyst covering investment opportunities in India and the regional power sector. Mr. Kennedy also served as director of equity research in Fidelity's Hong Kong office as well as group leader of the Global Research group. He has been in the financial industry since 1990. Mr. Kennedy earned his bachelor of arts degree in economics from the University of Notre Dame. He is also a CFA® charterholder. Stephen DuFour is a portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Mr. DuFour manages Fidelity Focused Stock Fund and Fidelity U.S. Focused Stock Fund. Additionally, he co- manages Fidelity Worldwide and Fidelity Advisor Worldwide Funds. Prior to assuming his current responsibilities, Mr. DuFour managed various other Fidelity funds, including Fidelity Advisor Equity Value Fund and Fidelity VIP Value Portfolio, Fidelity Equity-Income II Fund, and Fidelity Balanced Fund. Previously, Mr. DuFour served as sector leader of Fidelity's Natural Resources Equity Research group. During this time, he also managed Fidelity Convertible Securities Fund, Fidelity Advisor Energy Fund, and Select Energy Portfolio. Prior to that, Mr. DuFour managed Select Transportation Portfolio and Select Multimedia Portfolio. Before joining Fidelity as an equity analyst in 1992, Mr. DuFour worked at General Electric Capital Corporation and Paine Webber, Inc. He has been in the financial industry since 1988. Mr. DuFour earned his bachelor of arts degree in American studies from the University of Notre Dame and his master of business administration degree in finance from the University of Chicago. 9 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PERFORMANCE SUMMARY: Annualized Quarter ending June 30, 2020 1 3 5 10 Year/ Year Year Year LOF1 Fidelity Worldwide Fund 13.91% 13.55% 10.02% 12.55% Gross Expense Ratio: 0.99%2 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 05/30/1990. 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. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. 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 Information included on this page is as of the most recent calendar the investment objectives, risks, charges, and expenses. For quarter. this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial prospectus or, if available, a summary prospectus. Read it Services LLC. carefully before you invest. Other third-party marks appearing herein are the property of their respective owners. Past performance is no guarantee of future results. All other marks appearing herein are registered or unregistered Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company. necessarily represent the views of Fidelity. Views are subject to change at Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, any time based upon market or other conditions and Fidelity disclaims any Smithfield, RI 02917. responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI are based on numerous factors, may not be relied on as an indication of 02917. trading intent on behalf of any Fidelity fund. The securities mentioned are © 2020 FMR LLC. All rights reserved. not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. LLC. References to specific company securities should not be construed 726170.11.0 as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss.
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