the u.fund college investing plan (ma)...portfolio. •the portfolios employ a robust investment...

PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2019

The U.Fund® College Investing Plan (MA)

Key Takeaways

• For the fiscal year ending June 30, 2019, absolute returns for the age-based and risk-based (i.e., "static") Fidelity Funds, Multi-Firm andFidelity Index Portfolios were positive, with performance trendingmoderately higher among the more-conservative portfolios along thevintage spectrum.

• In a highly volatile market environment for both equities and fixed-income assets the past 12 months, the U.Fund College Investing PlanPortfolios generally performed as intended, with performance varyingmodestly among the Portfolios based on their varied exposures tomultiple asset classes.

• All Fidelity and Multi-Firm actively managed age-based and/or staticportfolios trailed, net of fees, their respective Composite benchmarksthe past year, with the exception of Fidelity Conservative Portfolio,which slightly outperformed.

• Versus Composites, the underperformance for the age-basedPortfolios was primarily due to both active asset allocation and theinvestment performance of the underlying funds. With respect toactive asset allocation, a non-Composite allocation to commoditieswas the largest relative detractor, while an overweighting in emerging-markets equities also hurt. Underlying U.S. equity fund investmentsdetracted as well.

• Fidelity Index Portfolios performed roughly in line with respectiveComposites, as expected for Portfolios designed to track indexescombining U.S. and non-U.S. equity, commodities, and investment-grade and short-term debt.

• As of June 30, Co-Portfolio Managers Andrew Dierdorf and BrettSumsion have underweighted U.S. equities, while emphasizingemerging-market equities, given what they feel are improvingfundamentals versus developed-market equities.

INVESTMENT STRATEGIES

Active Age and Risk-Based (Static) Fidelity Fund Portfolios Active Age-Based Multi-Firm Fund Portfolios Passive Age-Based and Static Fidelity Index Fund Portfolios

Individual Fund Portfolios

Bank Deposit Portfolio

Not FDIC Insured • May Lose Value • No Bank Guarantee


2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Market RecapGlobal economic growth slowed throughout the 12 months ending June 30, 2019, with most major economies progressing toward more-advanced stages of the business cycle. The U.S. remained firmly in the late-cycle phase but with low near-term risk of recession. Policy stimulus in China stabilized that country's growth trajectory, but most economic indicators in Europe continued to point to tempered activity, due in part to escalating trade tension between the U.S. and China. Lackluster global growth spurred a dovish shift in monetary policy expectations among several central banks, fueling demand for riskier assets, such as equities, to start the year.

Looking abroad, non-U.S. equities gained 1.47%, according to the MSCI ACWI (All Country World Index) ex USA Index. By region, Asia-Pacific ex Japan (+7%) led the way, followed by Europe ex U.K. and resource-rich Canada, both of which returned 4%. Japan (-4%) and the U.K. (-2%) lagged the index. By sector, higher dividend-oriented groups fared best, including utilities (+11%), consumer staples (+5%) and real estate (+5%). Consumer discretionary (-4%) and communication services (-3%) underperformed.

The U.S. equity bellwether S&P 500® index advanced 10.42% the past 12 months. Ten of 11 sectors had a positive return, with the exception of energy (-13%), which was held back by slowing global growth and concerns about the industry's supply/demandprofile. As in foreign equity markets, higher-dividend-paying sectors were standouts, including utilities (+19) and real estate (+17%). The growth-oriented information technology sector (+18%) also fared well, while materials (+3%) and communicationservices (+4%) lagged. Commodities lagged other assets, as reflected in the -7% result of the Bloomberg Barclays CommodityIndex Total Return.

U.S. taxable investment-grade bonds advanced broadly this period, driven by slower global economic growth and uncertainty regarding trade policy and the direction of U.S. interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index gained 7.87%. Corporate bonds gained 10.34%, topping both government-related bonds (+7.21%) and U.S. Treasuries (+7.24%). Securitized bonds rose 6.13%, led by commercial mortgage-backed securities (+8.95%). Most non-core fixed-income segments easily topped nominal U.S. Treasuries, while Treasury Inflation-Protected Securities (TIPS) gained 4.84%. ■

BROAD ASSET CLASS RETURNS (%) PERIOD ENDING JUNE 30, 2019

Calendar-Year Returns Average Annual Cumulative

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 5 Year 3 Year 1 Year 6 Mos 3 Mos

79.0 19.7 8.9 18.6 33.5 16.9 4.1 17.5 37.8 1.9 10.1 14.0 11.3 18.7 4.1

58.1 19.2 8.7 18.5 21.2 12.5 1.2 12.6 24.5 0.7 6.0 11.1 9.2 14.8 3.9

53.5 17.5 8.5 16.6 7.4 7.0 0.5 11.8 21.2 0.6 4.7 9.3 8.9 12.9 3.8

52.5 16.8 7.8 16.4 5.4 6.0 0.4 11.6 9.3 0.0 4.5 7.5 8.6 10.8 3.2

33.9 15.1 4.4 15.5 0.1 5.5 0.2 10.4 8.3 -0.3 4.0 5.4 7.9 10.6 3.1

28.6 12.0 1.5 12.7 -1.8 2.5 0.1 10.2 7.5 -2.3 4.0 4.6 7.6 10.2 2.7

28.2 10.4 1.1 9.8 -2.0 1.8 0.1 5.3 4.7 -4.1 2.9 4.6 4.7 7.2 2.6

18.9 9.1 0.1 5.0 -2.3 0.9 -0.5 4.9 4.3 -4.6 2.9 4.2 4.0 6.1 2.5

12.0 6.5 -12.1 4.2 -5.6 0.1 -2.9 4.0 3.5 -5.3 2.2 2.3 2.3 5.8 1.7

5.9 5.2 -13.3 0.1 -6.6 -1.8 -4.6 3.0 1.9 -11.2 1.4 1.9 1.6 5.2 0.7

0.2 0.2 -18.2 -1.1 -9.5 -4.2 -14.6 2.6 1.7 -13.9 0.9 1.4 1.5 5.1 0.6

-- -- -- -- -- -17.0 -24.7 0.3 0.9 -14.2 -9.1 -2.2 -6.8 1.3 -1.2

Best

Perfor

mance

Worst

Dispersionof Returns* 78.8 19.5 27.1 19.7 43.0 33.9 28.8 17.1 36.9 16.1 19.3 16.2 18.1 17.4 5.3

■ U.S. Equities

■ Non-U.S. Developed-Markets Equities

■ Emerging-Markets Equities

■ Commodities

■ High-Yield Debt

■ Floating-Rate Debt

■ International Debt

■ Emerging-Markets Debt

■ Real Estate Debt

■ Investment-Grade Debt

■ Inflation-Protected Debt

■ Short-Term Debt

Source: FMRCo., periods greater than one year are annualized*Difference between best- and worst-performing asset classes over the given time periodYou cannot invest directly in an index. Past performance is no guarantee of future results.U.S. Equities - Dow Jones U.S. Total Stock Market Index, Non-U.S. Developed-Markets Equities - MSCI World ex USA Net Mass, Emerging-Markets Equities - MSCI Emerging Markets Index, Commodities - Bloomberg Commodity Index Total Return, High-Yield Debt - ICE BofAML U.S. High Yield Constrained Index, Floating-Rate Debt - S&P/LSTA Leveraged Performing Loan Index, International Debt - Bloomberg Barclays Global Aggregate Credit Ex U.S. Index Hedged (USD), Emerging-Markets Debt - J.P. Morgan Emerging Markets Bond Index Global, Real Estate Debt - Fidelity Real Estate Income Composite Index, Investment-Grade Debt - Bloomberg Barclays U.S. Aggregate Bond Index, Inflation-Protected Debt - Bloomberg Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index (Series-L), Short-Term Debt - Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index



Andrew DierdorfCo-Manager

Brett SumsionCo-Manager

Investment Approach• U. Fund® College Investing Age-Based Portfolios (the

Portfolios) are designed so that the target datereferenced in the Portfolio name is the approximate yearwhen we expect the beneficiaries to start college andbegin gradually withdrawing their investment.

• Each of the Portfolios seeks capital appreciation withreasonable safety of principal, consistent with the agesof the beneficiaries for whom the Portfolio wasdesigned.

• Except for MA College Portfolio, each Portfolio's assetallocation strategy becomes increasingly conservative asit approaches its target date – and beyond. Ultimately,the Portfolios are expected to merge with MA CollegePortfolio.

• The Portfolios employ a robust investment processfocused on helping investors solve the challenge ofsaving and investing for education expenses byleveraging the depth and strength of Fidelity'sinvestment research and resources.

Q&AAn interview with Andrew Dierdorf andBrett Sumsion, Co-Portfolio Managers of U.Fund College Investing Plan Portfolios.

Q: Brett, how did the Portfolios perform on an absolute basis for the fiscal year ending June 30, 2019

B.S. Absolute returns for the age-based and risk-based (i.e., "static") Fidelity Funds, Multi-Firm and Fidelity Index Portfolios were positive the past 12 months, with performance trending moderately higher among the more-conservative portfolios along the vintage spectrum. (For specific results for Fidelity Funds Portfolios, Fidelity Index Portfolios and Multi-Firm Portfolios, please refer to the performance section of this report.)

Q: Andrew, how did the age-based Fidelity Funds and Multi-Firm Portfolios perform relativeto their Composite indexes the past year

A.D. All Fidelity and Multi-Firm actively managed age-based and/or static portfolios trailed, net of fees, their respective Composite benchmarks the past year, with the exception of Fidelity Conservative Portfolio, which slightly outperformed. The underperformance for these Portfolios was due to both active asset allocation and the investment performance of the underlying funds.

In terms of active asset allocation, a non-Composite allocation to commodities was the largest relative detractor, as this asset class returned -6.75% the past year, according tothe Bloomberg Barclays Commodity Index Total Return. Overweighting emerging-markets equities also hurt the Portfolios' relative results.

Elsewhere, underweighting two stronger-performing asset classes – U.S. equities and investment-grade bonds – hindered the Portfolios' relative performance. Our overall equity allocation strategy of overweighting non-U.S. equities and underweighting U.S. equities failed to play out as we'd hoped this past year, as U.S. equities generally outperformedforeign stocks. However, we maintained our positioning here, believing it would add value over a longer time frame.

Both the active age-based Fidelity and Multi-Firm Fund Portfolios benefited relative to their respective Composites, from their non-benchmark exposure to emerging-markets



debt securities. The J.P. Morgan Emerging Markets Bond Index Global, the benchmark for EM debt, gained 11.32% the past year, outperforming U.S. investment-grade bonds, which gained 7.87%, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index.

Q: Could you elaborate on the impact underlying investment performance had on the aged-based Portfolios' performance versus Composites

A.D. Their exposure to U.S. equities detracted most. More specifically, an investment in Fidelity® Stock Selector All Cap Fund (+4.52%) hurt most, as this strategy lagged the broader Composite benchmark for U.S. equities – the Dow Jones U.S.Total Stock Market Index, which gained 8.88% the past year. Similarly, investments in Fidelity® Growth Company Fund (+4.95%) and Fidelity Large Cap Stock Fund (+5.14%) also held back the Portfolios' relative results.

Partially offsetting that relative underperformance in U.S. equities was superior results among underlying non-U.S. equity funds versus Composites. An investment in Fidelity Emerging Markets Fund added the most value, as this fund's 5.89% gain outdistanced the 1.24% result of the benchmark MSCI Emerging Markets Index. The Fidelity age-based Portfolios got a boost from investments in Fidelity Investment Grade Bond Fund (8.42%), which topped the benchmark Bloomberg Barclays U.S. Aggregate Bond Index the past 12 months.

Looking at the age-based Multi-Firm Portfolios, performance trends were similar. Underlying investments in U.S. equities lagged the Composites' benchmark for this asset class – the Dow Jones U.S. Total Stock Market Index. Here, both LSV Value Equity Fund (+0.27%) and Fidelity Growth Company Fund lagged, whereas an investment in JPMorgan Small CapEquity Fund (+3.12%) added value relative to Composites, as this fund outperformed the Russell 2000 Index (-3.31%), the benchmark for small-cap U.S. equities.

The age-based Multi-Firm Portfolios got a relative boost fromperformance among underlying investment-grade bond funds. The notable standout in this category was PGIM Total Return Bond Fund (+9.13%), which handily outperformed thebenchmark Bloomberg Barclays U.S. Aggregate Bond Index.

Q: How did Fidelity Index Portfolios perform versus their benchmarks

A.D. Returns for the Fidelity Index Portfolios were roughly in line with respective Composites, as we would expect for portfolios designed to track indexes with various mixes of five underlying asset classes: U.S. and non-U.S. equity, commodities, and investment-grade and short-term debt.

Q: Turning back to you, Brett, any final thoughts

for shareholders

B.S. The U.Fund College Investing Plan Portfolios are designed to help investors save for educational expenses. We recognize that there will be short-term intervals when theFunds outperform or underperform their Composites – that'ssomething we expect, given the dynamic nature of the markets and our exposure to diversified assets with varied sources of risk and return.

We continue to focus on college savings outcomes for investors in 529 portfolios. Our investment process emphasizes strategic allocation as the primary driver of performance, and applies research that is focused on customer needs and capital markets over long-term periods. In Fidelity active and multi-firm portfolios, active management decisions are implemented to add value over intermediate time periods of one to five years. Active management decisions seek to identify mispriced assets through research on asset allocation and individual securities. [Editor's note: For more detail on the U.Fund Portfolios' active allocation positioning, please see the callout portion of this review.] ■



Andrew Dierdorf on the co-managers'active asset allocation approach as part of the investment process for theage-based U.Fund College Investing Plan Portfolios:

"We believe that financial markets are largely efficient, and that fundamentals drive markets and security prices over the long term. This belief is reflected in our strategic asset allocation for the U.Fund Portfolios. We also believe that prices of financial assets can periodically diverge from underlying fair value, due to such factors as overreaction, regimes and cycles, and liquidity preferences, among others. Here, our active asset allocation process strives to capitalize on the mispricing of assets and inefficiencies in the marketplace, and this is reflected in modest asset allocation adjustments relative to the strategic glide path of the U.Fund Portfolios. We take a 'gradual contrarian' approach to active asset allocation – often seeking to be ahead of anticipated trends in the intermediate term, and tilting the Portfolios toward where we think they could be rewarded for taking risk over a one- to five-year time frame.

"In the first half of 2019, we adjusted the positioningof the portfolios to be closer to Composite indexes across primary risk factors. As of June 30, we believenon-U.S. stocks are more attractively valued than U.S. equities. Within non-U.S. equities, positioning emphasizes emerging markets (EM) based on our views of improving fundamentals and stronger growth prospects than developed-markets (DM) economies. We also believe that EM equities remainfavorably valued and less exposed to risks relative toU.S. equities. Versus Composites, the Portfolios are positioned to be overweight EM and non-U.S. DM equities, and underweight U.S. equities.

"We consider inflation-sensitive assets to be attractively valued following a long period of low inflation. As late-cycle pressure builds in developed economies against the backdrop of accommodative monetary and fiscal policy, we think market participants may be mispricing inflation potential. Assuch, we've maintained exposure to commodities and other inflation-sensitive assets.

"We remain committed to ongoing excellence in theU.Fund College Investing Plan Portfolios, and we believe the Portfolios' dynamic and diversified investment strategy can provide an effective approach to saving for education."



Active-Age Based and Static Fidelity Fund Portfolios

FISCAL PERFORMANCE SUMMARY:Periods ending June 30, 2019

Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

InceptionDate

MA 2036 (Fid Funds)Gross Expense Ratio: 0.97%2 17.23% 17.23% 4.74% -- -- 11.77% 12/14/2016

Massachusetts 2036 Portfolio Benchmark 16.43% 16.43% 6.85% -- -- 11.22%

MA 2033 (Fid Funds)Gross Expense Ratio: 0.93%2 15.92% 15.92% 5.16% 11.77% 7.14% 7.97% 12/18/2013

Massachusetts 2033 Portfolio Benchmark 15.10% 15.10% 7.16% 11.54% 7.24% 8.19%











MA College Port (Fid Fnd)Gross Expense Ratio: 0.65%2 7.28% 7.28% 5.49% 4.33% 3.20% 4.65% 02/19/1999

Massachusetts College Portfolio Benchmark 6.88% 6.88% 6.22% 4.17% 3.34% 4.36%

MA Agrsv Gro (Fid Funds)Gross Expense Ratio: 0.99%2 17.98% 17.98% 4.65% 12.38% 7.48% 11.56% 05/07/2001

Massachusetts Aggressive Growth Portfolio Benchmark 17.21% 17.21% 6.68% 12.72% 7.80% 12.19%

MA Mod Growth (Fid Funds)Gross Expense Ratio: 0.89%2 14.82% 14.82% 5.98% 9.76% 6.25% 9.93% 05/07/2001

Massachusetts Moderate Growth Portfolio Benchmark 13.96% 13.96% 7.40% 9.67% 6.49% 10.26%

MA Consrv (Fid Funds)Gross Expense Ratio: 0.53%2 3.83% 3.83% 4.84% 1.98% 1.79% 2.59% 12/13/2001

Massachusetts Conservative Portfolio Benchmark 3.42% 3.42% 4.80% 1.82% 1.82% 2.04%1 Life of Fund (LOF) if performance is less than 10 years.2 Expense Ratio is the total annual Portfolio operating expense ratio from the Portfolio's most recent Fact Kit. The total annual operating expense ratio includes applicable program administration fees. This ratio may be higher or lower depending on the allocation of the Portfolio's assets among the underlying Fidelity funds and the actual expenses of the underlying Fidelity funds.

The performance data reflects past performance, which 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 Units. Current performance may be higher or lower than the performance stated. To learn more or to obtain the most recent month-end performance, please visit fidelity.com/529-plans/overview. Average annual total returns include changes in Unit price, reinvestment of dividends and capital gains, and the deduction of all applicable portfolio and mutual fund expenses. 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.



Active-Age Based Multi-Firm Fund Portfolios

FISCAL PERFORMANCE SUMMARY:

Periods ending June 30, 2019Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

InceptionDate

MA 2036 (Multi-Firm)Gross Expense Ratio: 1.13%2 16.00% 16.00% 4.93% -- -- 10.80% 12/14/2016


MA 2033 (Multi-Firm)Gross Expense Ratio: 1.09%2 14.86% 14.86% 5.28% 11.21% 6.59% 7.29% 12/18/2013












MA College (Multi-Firm)Gross Expense Ratio: 0.89%2 6.89% 6.89% 5.22% 4.41% 3.17% 3.94% 09/28/2011

Massachusetts College Portfolio Benchmark 6.88% 6.88% 6.22% 4.17% 3.34% 4.00%1 Life of Fund (LOF) if performance is less than 10 years.2 Expense Ratio is the total annual Portfolio operating expense ratio from the Portfolio's most recent Fact Kit. The total annual operating expense ratio includes applicable program administration fees. This ratio may be higher or lower depending on the allocation of the Portfolio's assets among the underlying Fidelity funds and the actual expenses of the underlying Fidelity funds.




Age-Based Fidelity Index Fund Portfolios



6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

InceptionDate

MA 2036 (Fid Index)Gross Expense Ratio: 0.13%2 16.10% 16.10% 6.57% -- -- 10.80% 12/14/2016


MA 2033 (Fid Index)Gross Expense Ratio: 0.13%2 14.80% 14.80% 6.85% 10.92% 6.67% 7.56% 12/18/2013





Massachusetts 2027 Index Benchmark 11.85% 11.85% 6.98% 8.55% 5.65% 10.37%







MA College (Fid Index)Gross Expense Ratio: 0.17%2 6.57% 6.57% 5.86% 3.74% 2.89% 4.14% 10/30/2006

Massachusetts College Index Benchmark 6.73% 6.73% 6.04% 3.95% 3.08% 4.34%

MA Agrsv Gro (Fid Index)Gross Expense Ratio: 0.13%2 16.88% 16.88% 6.30% 12.03% 7.21% 11.93% 10/30/2006

Massachusetts Aggressive Growth Index Benchmark 17.01% 17.01% 6.46% 12.25% 7.38% 12.13%

MA Mod Growth (Fid Index)Gross Expense Ratio: 0.13%2 13.64% 13.64% 7.10% 9.09% 5.91% 9.70% 10/30/2006

Massachusetts Moderate Growth Index Benchmark 13.77% 13.77% 7.19% 9.30% 6.08% 9.95%

MA Consrv (Fid Index)Gross Expense Ratio: 0.20%2 3.26% 3.26% 4.65% 1.60% 1.66% 2.00% 10/30/2006

Massachusetts Conservative Index Benchmark 3.42% 3.42% 4.80% 1.82% 1.82% 2.18%1 Life of Fund (LOF) if performance is less than 10 years.2 Expense Ratio is the total annual Portfolio operating expense ratio from the Portfolio's most recent Fact Kit. The total annual operating expense ratio includes applicable program administration fees. This ratio may be higher or lower depending on the allocation of the Portfolio's assets among the underlying Fidelity funds and the actual expenses of the underlying Fidelity funds.







6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

InceptionDate

MA 500 IndexGross Expense Ratio: 0.11%2 18.47% 18.47% 10.31% 14.07% 10.57% 14.48% 10/30/2006


MA Total Market IndexGross Expense Ratio: 0.11%2 18.67% 18.67% 8.80% 13.91% 10.04% 14.49% 10/30/2006

Massachusetts Total Market Index Benchmark 18.70% 18.70% 8.88% 13.99% 10.13% 14.68%

MA International IndexGross Expense Ratio: 0.15%2 13.53% 13.53% 1.33% 8.37% 1.87% 6.64% 10/30/2006

Massachusetts International Index Benchmark 13.75% 13.75% 1.47% 8.82% 2.16% 6.92%

MA Intmdt Treasury IndexGross Expense Ratio: 0.12%2 5.88% 5.88% 9.01% 1.22% 2.78% 3.67% 10/30/2006

Massachusetts Intermediate Treasury Index Benchmark 6.05% 6.05% 9.08% 1.39% 2.98% 3.96%

MA Money Market*Gross Expense Ratio: 0.57%2 1.00% 1.00% 1.73% 0.88% 0.53% 0.27% 10/30/2006

Massachusetts Cash Reserves Money Market Benchmark 1.25% 1.25% 2.33% 1.40% 0.89% 0.50%1 Life of Fund (LOF) if performance is less than 10 years.2 Expense Ratio is the total annual Portfolio operating expense ratio from the Portfolio's most recent Fact Kit. The total annual operating expense ratio includes applicable program administration fees. This ratio may be higher or lower depending on the allocation of the Portfolio's assets among the underlying Fidelity funds and the actual expenses of the underlying Fidelity funds.

The performance data reflects past performance, which 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 Units. Current performance may be higher or lower than the performance stated. To learn more or to obtain the most recent month-end performance, please visit fidelity.com/529-plans/overview. Average annual total returns include changes in Unit price, reinvestment of dividends and capital gains, and the deduction of all applicable portfolio and mutual fund expenses. 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 and 7-day annualized yield.

*The current yield more closely reflects the current earnings of the Portfolio, while total return refers to a specific past holding period. 7-dayannualized yields are stated for month end. Annualized yields are based on net investment income for the stated periods. Annualized yields are historical, will fluctuate, and are based on the Portfolio's total net investment income during the period. Certain expenses were voluntarily reimbursed by the Portfolio's investment adviser during these periods to avoid expenses exceeding the yield on the Money Market Portfolio.






6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

InceptionDate

MA Bank Deposit*Gross Expense Ratio: 0.50%2 0.97% 0.97% 1.76% 1.02% 0.67% 0.43% 09/16/2010

1 Life of Fund (LOF) if performance is less than 10 years.2 Expense Ratio is the total annual Portfolio operating expense ratio from the Portfolio's most recent Fact Kit. The total annual operating expense ratio includes applicable program administration fees. This ratio may be higher or lower depending on the allocation of the Portfolio's assets among the underlying Fidelity funds and the actual expenses of the underlying Fidelity funds.

The performance data reflects past performance, which 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 Units. Current performance may be higher or lower than the performance stated. To learn more or to obtain the most recent month-end performance, please visit fidelity.com/529-plans/overview. Average annual total returns include changes in Unit price, reinvestment of dividends and capital gains, and the deduction of all applicable portfolio and mutual fund expenses. 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, interest rate and Annual Percentage Yield (APY).

Although the underlying deposits are eligible for FDIC insurance, subject to applicable federal deposit insurance limits, the Units of the Bank Deposit Portfolio are not insured or guaranteed by the FDIC or any other government agency. You are responsible for monitoring the total amount ofyour assets on deposit at the depository bank, including amounts held directly at the depository bank. All such deposits held in the same ownershipcapacity at the depository bank are subject to aggregation and to the current FDIC insurance coverage limitation of $250,000. Please see a 529 fact kit for more details.

*The quoted interest rate and APY are current and net of fees applicable to the Bank Deposit Portfolio. The interest rate and APY are subject tochange daily.


11 |

Definitions and Important Information

Information provided in this document is for informational and educational purposes only. To the extent any investment information 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 not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

BROAD ASSET CLASS RETURNS A graphical representation of historical market performance and the variations in returns among asset classes, as represented by thefollowing indexes:

Bloomberg Barclays Global Aggregate Credit Ex US Index Hedged (USD) is a market value weighted index that measures theperformance, hedged in USD, of the global non-US dollar denominated investment-grade corporate fixed-rate debt issues with maturities of one year or more.

Bloomberg Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index (Series-L) is a market value-weighted indexthat measures the performance of inflation-protected securities issued by the U.S. Treasury that have a remaining average life between 1 and 10 years.

Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index is a market value-weighted index of investment-grade fixed-rate publicobligations of the U.S. Treasury with maturities of 3 months, excluding zero coupon strips.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, market-value-weighted benchmark that measures the performance of the investment grade, U.S. dollardenominated, fixed-rate taxable bond market. Sectors in the index include Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

ICE BofAML U.S. High Yield Constrained Index is a modified market capitalization–weighted index of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). The country of risk of qualifying issuers must be an FX-G10 member, a Western European nation, or a territory of the US or a Western European nation. The FX-G10 includes all Euro members, the US, Japan, the UK, Canada, Australia, New Zealand, Switzerland, Norway and Sweden. In addition, qualifying securities must have at least one year remaining to final maturity, a fixed coupon schedule and at least $100 million in outstanding face value. Defaulted securities are excluded. The index contains all securities of ICE BofAML U.S. High Yield Index but caps issuer exposure at 2%.

Bloomberg Commodity Index Total Return measures the performance of the commodities market. It consists of exchange-traded futures contracts on physical commodities that are

weighted to account for the economic significance and market liquidity of each commodity.

Dow Jones U.S. Total Stock Market Index is a float-adjusted market capitalization–weighted index of all equity securities of U.S.headquartered companies with readily available price data.

Fidelity Real Estate Income Composite Index is a customized blend of unmanaged indexes, weighted as follows: The BofA Merrill Lynch US Real Estate Index - 40%; MSCI REIT Preferred Index - 40%; and FTSE NAREIT All REITs Index - 20%.

J.P. Morgan Emerging Markets Bond Index Global tracks total returns for the U.S. dollar-denominated debt instruments issued byEmerging Market sovereign and quasi-sovereign entities, such as Brady bonds, loans, and Eurobonds.

MSCI World ex USA Index is a market capitalization weighted index that is designed to measure the investable equity market performance for global investors of developed markets outside theUnited States.

MSCI Emerging Markets Index is a market capitalization-weightedindex that is designed to measure the investable equity market performance for global investors in emerging markets.

S&P/LSTA Leveraged Performing Loan Index is a market value-weighted index designed to represent the performance of U.S. dollar-denominated institutional leveraged performing loan portfolios (excluding loans in payment default) using current market weightings, spreads and interest payments.

FUND RISKSPerformance of the U.Fund College Investing Plan Portfolios depends on performance of the underlying funds/securities in which they invest and asset allocation changes that may occur within applicable Portfolios over time. Performance of the underlying investment vehicles in turn depends on the performance of stock, fixed-income and money markets in the U.S. and abroad. The value of the Portfolios will vary from day to day, reflecting changes in these markets and in the values of the underlying investment vehicles. When your Portfolio units are sold, they may be worth more or less than what you paid for them.

IMPORTANT FUND INFORMATIONUnits of the portfolios are municipal securities and may be subject tomarket volatility and fluctuation.

The U.Fund College Investing Plan is offered by MEFA and managed by Fidelity Investments. If you or the designated beneficiary is not a Massachusetts resident, you may want to consider, before investing, whether your state or the beneficiary's home state offers its residents a plan with alternate state tax advantages or other benefits.

INDICESIt is not possible to invest directly in an index. All indices representedare unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

Massachusetts 2018 Portfolio Benchmark is an approximate weighted combination of the following unmanaged indices: the DowJones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Barclays U.S. Aggregate


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Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to April 1, 2014. The index weightings may be adjusted periodically to reflectthe Portfolio's changing asset allocations.

Massachusetts College Portfolio Benchmark is an approximate weighted combination of the following unmanaged indices: the DowJones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to April 1, 2014. The index weightings may be adjusted periodically to reflectthe Portfolio's changing asset allocations.

Massachusetts 2021 Portfolio Benchmark is an approximate weighted combination of the following unmanaged indices: the DowJones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to April 1, 2014. The index weightings may be adjusted periodically to reflectthe Portfolio's changing asset allocations.


Massachusetts College Index Benchmark is an approximate weighted combination of the following unmanaged indices: the DowJones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Commodity Index Total Return, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to March 1, 2018. The index weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.

Massachusetts 2018 Index Benchmark is an approximate weighted combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Commodity Index Total Return,the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to March 1, 2018. The index weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.

Massachusetts 2021 Index Benchmark is an approximate weighted combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Commodity Index Total Return,the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to March 1, 2018. The index weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.

Massachusetts 2024 Index Benchmark is an approximate weighted combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Commodity Index Total Return,

the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to March 1, 2018. The index weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.

Massachusetts Conservative Index Benchmark is an approximate weighted combination of the following unmanaged indices: the DowJones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to April 1, 2014. The index weightings may be adjusted periodically to reflectthe Portfolio's changing asset allocations.

Massachusetts Moderate Growth Index Benchmark is an approximate weighted combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Commodity Index Total Return, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to March 1, 2018. The index weightings may be adjusted periodicallyto reflect the Portfolio's changing asset allocations.

Massachusetts Aggressive Growth Index Benchmark is an approximate weighted combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Commodity Index Total Return, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to March 1, 2018. The index weightings may be adjusted periodicallyto reflect the Portfolio's changing asset allocations.

Massachusetts 500 Index Benchmark is a customized blend of unmanaged indices, weighted as follows: S&P 500 Index - 100%

Massachusetts Total Market Index Benchmark is a customized blend of unmanaged indices, weighted as follows: Dow Jones U.S. Total Stock Market Index - 100%.

Massachusetts International Index Benchmark is a customized blend of unmanaged indices, weighted as follows: MSCI All Country World ex U.S. Index (Net Massachusetts tax) - 100%.

Massachusetts Intermediate Treasury Index Benchmark is a customized blend of unmanaged indices, weighted as follows: Bloomberg Barclays U.S. 5-10 Year Treasury Bond Index - 100%.

Massachusetts Cash Reserves Money Market Benchmark is a customized blend of unmanaged indices, weighted as follows: Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index - 100%.


Massachusetts 2027 Index Benchmark is an approximate weighted combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Commodity Index Total Return,


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the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to March 1, 2018. The index weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.

Massachusetts 2030 Portfolio Benchmark is an approximate weighted combination of the following unmanaged indices: the DowJones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Commodity Index Total Return, ICE BofAML U.S. High Yield Index, the Fidelity Real Estate Income Composite Index, and the S&P/LSTA (Loan Syndications and TradingAssociation) Leveraged Loan Index. The index weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.

Massachusetts Conservative Portfolio Benchmark is an approximate weighted combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed inperiods prior to April 1, 2014. The index weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.

Massachusetts Aggressive Growth Portfolio Benchmark is an approximate weighted combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Commodity Index Total Return, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to March 1, 2018. The index weightings may be adjusted periodicallyto reflect the Portfolio's changing asset allocations.

Massachusetts 2033 Portfolio Benchmark is a customized blend of unmanaged indices, weighted as follows: Bloomberg Barclays U.S. Aggregate Bond Index - 17.96%, MSCI All Country World ex U.S. Index (Net Massachusetts tax) - 24.61%, and Dow Jones U.S. Total Stock Market Index - 57.43%. The composition differed in periods prior to Septemeber 3, 2018.

Massachusetts Moderate Growth Portfolio Benchmark is an approximate weighted combination of the following unmanaged indices: the Dow Jones U.S. Total Stock Market Index, the MSCI ACWI (All Country World Index) ex USA Index, the Bloomberg Commodity Index Total Return, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to March 1, 2018. The index weightings may be adjusted periodicallyto reflect the Portfolio's changing asset allocations.

Massachusetts 2036 Portfolio Benchmark is a customized blend of unmanaged indices, weighted as follows: Dow Jones U.S. Total Stock Market Index - 66.02%, MSCI All Country World ex U.S. Index (Net Massachusetts tax) - 28.3%, and Bloomberg Barclays U.S. Aggregate Bond Index - 5.68%. The composition differed in periods prior to Septemeber 3, 2018.

MSCI ACWI (All Country World Index) ex USA Index is a market-capitalization-weighted index designed to measure the investable equity market performance for global investors of large and mid-cap stocks in developed and emerging markets, excluding the United States.

Bloomberg Barclays Global Aggregate Bond Index is a market

value weighted index that measures the performance of the investment-grade U.S. dollar-denominated, fixed-rate taxable bond market.

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.

RELATIVE WEIGHTSRelative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listedimmediately under the fund name in the Performance Summary.



Manager Facts

Andrew Dierdorf is a portfolio manager in the Global Asset Allocation (GAA) group 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. Dierdorf co-manages Fidelity's target date strategies, including Fidelity-managed 529 plans and Canadian target date funds. Additionally, he co-manages Fidelity Four-in-One Index Fund.

Prior to assuming his current responsibilities, Mr. Dierdorf co-managed Fidelity Global Strategies Fund and Fidelity Tactical Strategies Fund.

Before joining Fidelity in 2004, Mr. Dierdorf worked as an actuary at several insurance companies. He has been working in the financial services industry since 1993.

Mr. Dierdorf earned his bachelor of science degree in statistics, with a minor in economics, from the University of Delaware. He is also a CFA® charterholder, a Fellow of the Society of Actuaries(FSA), a Chartered Market Technician (CMT), and a Member of the American Academy of Actuaries (MAAA).

Brett Sumsion is a portfolio manager in the Global Asset Allocation (GAA) group 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. Sumsion co-manages Fidelity's target date strategies, including Fidelity-managed 529 plans and Canadian target date plans.

Prior to joining Fidelity in 2014, Mr. Sumsion held various positions at DuPont Capital Management, Inc., including managing director of asset allocation and portfolio manager. While at DuPont, Mr. Sumsion managed strategic and tactical asset allocation strategies for institutional clients. He has been inthe financial industry since 2001.

Mr. Sumsion earned his bachelor of arts degree in economics from Brigham Young University and his master of business administration degree in finance from The Wharton School of the University of Pennsylvania. He is also a CFA® charterholder.

PERFORMANCE SUMMARY:Quarter ending March 31, 2020

Annualized

1Year

3Year

5Year

10 Year/ LOF1

Gross Exp. Ratio

InceptionDate

Active-Age Based and Static Fidelity Fund Portfolios

MA 2036 (Fid Funds) -9.79% 2.49% -- 4.39% 0.94%2 12/14/2016

MA 2033 (Fid Funds) -7.34% 3.04% 3.97% 5.05% 0.90%2 12/18/2013

MA 2030 (Fid Funds) -5.05% 3.36% 3.99% 6.70% 0.84%2 12/28/2010

MA 2027 (Fid Funds) -3.00% 3.53% 3.89% 6.85% 0.79%2 12/14/2007

MA 2024 (Fid Funds) -0.95% 3.65% 3.74% 6.41% 0.74%2 12/27/2004

MA 2021 (Fid Funds) 1.15% 3.76% 3.55% 5.84% 0.68%2 12/13/2001

MA 2018 (Fid Funds) -- -- -- -- 0.63%2 02/19/1999

MA College Port (Fid Fnd) 1.86% 3.07% 2.71% 3.47% 0.63%2 02/19/1999

MA Agrsv Gro (Fid Funds) -11.86% 1.64% 3.20% 6.99% 0.99%2 05/07/2001

MA Mod Growth (Fid Funds) -6.36% 2.57% 3.39% 6.36% 0.88%2 05/07/2001

MA Consrv (Fid Funds) 3.63% 2.54% 1.89% 2.15% 0.50%2 12/13/2001

Age-Based Fidelity Index Fund Portfolios

MA 2036 (Fid Index) -8.55% 2.67% -- 4.19% 0.14%2 12/14/2016

MA 2033 (Fid Index) -5.74% 3.40% 4.18% 5.04% 0.14%2 12/18/2013

MA 2030 (Fid Index) -3.19% 3.82% 4.21% 7.05% 0.14%2 12/28/2010

MA 2027 (Fid Index) -0.86% 4.08% 4.12% 7.22% 0.14%2 12/14/2007

MA 2024 (Fid Index) 1.37% 4.28% 3.97% 6.78% 0.14%2 10/30/2006

MA 2021 (Fid Index) 3.51% 4.41% 3.78% 6.16% 0.14%2 10/30/2006

MA 2018 (Fid Index) -- -- -- -- 0.14%2 10/30/2006

MA College (Fid Index) 3.99% 3.71% 2.91% 3.64% 0.14%2 10/30/2006

MA Agrsv Gro (Fid Index) -11.43% 1.75% 3.42% 7.40% 0.13%2 10/30/2006

MA Mod Growth (Fid Index) -4.89% 3.02% 3.63% 6.75% 0.13%2 10/30/2006

MA Consrv (Fid Index) 5.47% 3.11% 2.09% 2.26% 0.13%2 10/30/2006


MA 500 Index -7.09% 4.99% 6.60% 10.35% 0.11%2 10/30/2006

MA Total Market Index -9.37% 3.83% 5.60% 9.97% 0.11%2 10/30/2006

MA International Index -15.81% -2.66% -1.12% 2.40% 0.15%2 10/30/2006

MA Intmdt Treasury Index 14.00% 6.10% 3.85% 4.46% 0.12%2 10/30/2006

MA Money Market7-Day Yield 0.01%

1.44% 1.18% 0.71% 0.36% 0.58%2 10/30/2006


MA Bank DepositAnnual Percentage Yield (APY) 0.09%Interest Rate 0.09%

1.45% 1.21% 0.84% 0.49% 0.50%2 09/16/2010

1 Life of Fund (LOF) if performance is less than 10 years.2 Expense Ratio is the total annual Portfolio operating expense ratio from the Portfolio's most recent Fact Kit. The total annual operating expense ratio includes applicable program administration fees. This ratio may be higher or lower depending on the allocation of the Portfolio's assets among the underlying Fidelity funds and the actual expenses of the underlying Fidelity funds.

The performance data reflects past performance, which 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 Units. Current performance may be higher or lower than the performance stated. To learn more or to obtain the most recent month-end performance, please visit fidelity.com/529-plans/overview. Average annual total returns include changes in Unit price, reinvestment of dividends and capital gains, and the deduction of all applicable portfolio and mutual fund expenses. Cumulative total returns are reported as of the period indicated.

The current yield more closely reflects the current earnings of the Portfolio, while total return refers to a specific past holding period. 7-day annualized yields are stated for month end. Annualized yields are based on net investment income for the stated periods. Annualized yields are historical, will fluctuate, and are based on the Portfolio's total net investment income during the period. Certain expenses were voluntarily reimbursed by the Portfolio's investment adviser during these periods to avoid expenses exceeding the yield on the Money Market Portfolio.

You could lose money by investing in this 529 money market investment option. Although the money market fund in which your investment option

invests (the "underlying fund") seeks to preserve its value at $1.00 per share, the underlying fund cannot guarantee it will do so. An investment in this 529 money market investment option is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The underlying fund's sponsor has no legal obligation to provide financial support to the underlying fund, and you should not expect that the sponsor will provide financial support to the underlying fund at any time.

Although the underlying deposits are eligible for FDIC insurance, subject to applicable federal deposit insurance limits, the Units of the Bank Deposit Portfolio are not insured or guaranteed by the FDIC or any other government agency. You are responsible for monitoring the total amount ofyour assets on deposit at the depository bank, including amounts held directly at the depository bank. All such deposits held in the same ownershipcapacity at the depository bank are subject to aggregation and to the current FDIC insurance coverage limitation of $250,000. Please see a 529 fact kit for more details.

The quoted interest rate and APY are current and net of fees applicable to the Bank Deposit Portfolio. The interest rate and APY are subject to change daily.

Please carefully consider each Plan's investment objectives, risks, charges and expenses before investing. For this and other information on any 529 College Savings Plan managed by Fidelity, contact Fidelity for a free Fact Kit, or view 529 Fact Kit online. Read it carefully before you invest or send money.

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 anyresponsibility 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.

Diversification does not ensure a profit or guarantee against a loss.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.© 2020 FMR LLC. All rights reserved.Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

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