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PORTFOLIO MANAGER Q&A | AS OF MARCH 31, 2020

Fidelity Arizona College SavingsPlan

Key Takeaways

• For the fiscal year ending March 31, 2020, performance varied among the active, blend and index age-based (i.e., College, 2021, 2024, etc.) and risk-based (i.e., aggressive growth, moderate growth and conservative) portfolios of the Arizona College Savings Plan.

• In general, the portfolios designed for beneficiaries nearer to or in college have higher allocations to fixed income and generated higher absolute returns for the year relative to portfolios for beneficiaries further from college age, which have higher allocations to equities.

• All of the Fidelity age-based and risk-based Fidelity index portfolios performed within 14 basis points of their respective Composite benchmarks, whereas the age-based and risk-based actively managed Fidelity portfolios lagged their Composites.

• Looking at performance drivers for the Fidelity actively managed age-based portfolios, active asset allocation decisions were responsible forthe majority of the Funds' underperformance relative to Composites.

• In aggregate, underlying investment performance among the actively managed age-based portfolios also hurt relative results.

• As of March 31, the portfolios have an underweight to U.S. equities and an overweight to short-term debt securities in the actively managed, age-based portfolios. Also, the portfolios are overweight inflation-sensitive assets, as the co-managers believe the market may be mispricing the potential for inflation.

• There were several changes to the product structure of the Plan this period. The 529 strategic allocation and glide path were updated to include U.S. Treasury Inflation-Protected Securities and long-term U.S. Treasury bonds. In addition, the underlying investments of the Plan changed from retail funds to "Series" funds that are dedicated to Fidelity's asset allocation strategies. Finally, the Multi-Firm Portfolios were closed and replaced with the Fidelity Blend Portfolios.

INVESTMENT STRATEGIES

Active Age and Risk-Based (Static) Fidelity Fund Portfolios Passive Age-Based and Static Fidelity Index Fund Portfolios Active Age-Based Blend 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 RecapThe performance of financial assets during the 12-month period ending March 31, 2020, was influenced by many factors, including the outbreak and spread of a novel coronavirus in the first quarter of 2020. The outbreak curtailed global economic growth and the expectations for short-term corporate earnings in domestic and foreign markets. Declared a pandemic on March11, the potential health impact and containment efforts led to increased uncertainty, broad-based contraction in economic activity, and higher volatility in the financial markets.

The shift in the backdrop snapped a favorable longer-term stretch for global assets. For the year ending March 31, 2020, non-U.S. equities returned -15.42%, according to the MSCI ACWI (All Country World Index) ex USA Index. With the exception of Japan (-6%), all regions experienced a double-digit decline. The U.K. and Asia Pacific ex Japan (-23% each) fared worst, followed by resource-rich Canada (-19%) and emerging markets (-17%). Europe ex U.K. returned -12%. By sector, notable laggards included energy (-37%) and real estate (-26%), whereas health care led with a 5% gain.

The Dow Jones U.S. Total Stock Market Index returned -9.28% for the period. The energy (-55%) fared the worst, whereas information technology (+7%) stood out as the only sector with again. The defensive-oriented consumer staples and health care sectors (-2% each) provided stronger returns relative to other sectors. Large-cap stocks outpaced smaller-caps, while growth outpaced value. Elsewhere, commodities lagged equities for theone-year period.

Turning to fixed income, U.S. taxable investment-grade bonds (the Bloomberg Barclays U.S. Aggregate Bond Index) rose 8.93%, as investors generally sought perceived safer assets and yields plunged. Within the index, U.S. Treasury bonds led the way (+13%). Mortgage-backed securities and Treasury Inflation-Protected Securities (+7% each) lagged, as did corporate bonds (+5%). Notable laggards included several extended (non-core) categories, including floating-rate bank loans (-10%), high-yield bonds (-7%) and emerging-markets debt (-5%). ■

BROAD ASSET CLASS RETURNS (%) PERIOD ENDING MARCH 31, 2020

Calendar-Year Returns Average Annual Cumulative

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 5 Year 3 Year 1 Year 6 Mos 3 Mos

19.7 29.9 18.6 33.5 25.1 4.1 17.5 37.8 1.9 30.9 7.3 13.4 32.6 15.9 20.9

19.2 8.9 18.5 21.2 16.9 1.2 12.6 24.5 0.7 22.8 5.7 4.8 8.9 3.3 3.1

17.5 8.7 16.6 7.4 12.5 0.5 11.8 21.2 0.6 18.9 3.4 3.9 4.5 1.3 0.6

16.8 8.5 16.4 5.4 7.0 0.4 11.6 9.3 0.0 18.4 3.1 3.7 3.0 1.1 0.3

15.1 7.8 15.5 0.1 6.0 0.2 10.4 8.5 -0.3 14.8 2.8 2.5 2.3 -2.6 -2.9

12.0 4.4 12.7 -1.8 5.5 0.1 10.2 8.3 -1.8 14.4 2.7 1.8 -5.3 -9.9 -11.8

10.4 1.5 9.8 -2.0 2.5 0.1 5.3 7.5 -2.3 14.4 2.2 0.5 -7.5 -10.9 -13.1

9.4 1.1 5.0 -2.3 1.8 -0.5 4.9 4.7 -4.1 10.3 1.7 0.4 -9.3 -11.9 -13.5

9.1 0.1 4.2 -5.6 0.9 -1.2 4.0 4.3 -4.6 8.7 1.3 -0.2 -9.6 -13.8 -16.6

6.5 -12.1 3.6 -6.6 0.1 -2.9 3.0 3.5 -5.3 8.7 1.2 -0.9 -10.1 -14.5 -21.0

5.2 -13.3 0.1 -9.5 -1.8 -4.6 2.6 1.9 -11.2 7.7 0.0 -1.3 -14.7 -15.9 -23.2

0.2 -18.2 -1.1 -12.7 -4.2 -14.6 1.3 1.7 -13.9 6.9 -0.6 -1.9 -17.4 -17.2 -23.3

-- -- -- -- -17.0 -24.7 0.3 0.9 -14.2 2.3 -7.8 -8.6 -22.3 -19.9 -23.6

Best

Perfor

mance

Worst

Dispersionof Returns* 19.5 48.1 19.7 46.1 42.1 28.8 17.1 36.9 16.1 28.6 15.1 22.0 54.9 35.8 44.5

■ 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

■ Long-Term U.S. Treasury 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 BofA 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, Long-Term U.S. Treasury Debt -Bloomberg Barclays U.S. Long Treasury Index



Andrew DierdorfCo-Manager

Brett SumsionCo-Manager

Investment Approach• Fidelity Arizona College Savings Age-Based Portfolios

(the Portfolios) are designed so that the target date referenced in the Portfolio name is the approximate yearwhen we expect the beneficiaries to start college and begin gradually withdrawing their investment.

• Each of the Portfolios seeks capital appreciation with reasonable safety of principal, consistent with the ages of the beneficiaries for whom the Portfolio was designed.

• Except for AZ College Portfolio, each Portfolio's asset allocation strategy becomes increasingly conservative as it approaches its target date – and beyond. Ultimately, the Portfolios are expected to merge with AZ College Portfolio.

• The Portfolios employ a robust investment process focused on helping investors solve the challenge of saving and investing for education expenses by leveraging the depth and strength of Fidelity's investment research and resources.

Q&AAn interview with Andrew Dierdorf andBrett Sumsion, Co-Portfolio Managers of the Arizona College Savings Plan PortfoliosSM

Q: Andrew, how did the portfolios perform on an absolute basis for the fiscal year ending March 31, 2020

A.D. Performance varied among the active, blend and index age-based (i.e., College, 2021, 2024, etc.) and risk-based (i.e., aggressive growth, moderate growth and conservative) portfolios of the Arizona College Savings Plan the past 12 months.

Among the age-based portfolios, the nearer-term portfolios with higher allocations to fixed income generated higher absolute returns for the year relative to the longer-term portfolios with higher allocations to equities.

(For specific results for all of the Arizona College Savings Plan Portfolios, please refer to the performance section of this shareholder update.)

Q: What factors had the greatest influence on the portfolios' absolute results the past year

A.D. There were multiple factors that impacted performance over the past year. In addition to the potential impacts associated with the coronavirus, this period highlighted increasing uncertainty related to geopolitics, monetary policy, and globalization. Each of these forces impacts investor expectations for discount rates and cash flows, which we view as primary determinants of an asset's value.

Following a calendar year of strong performance for many asset classes in 2019, most markets declined in the first quarter of 2020. Thus, with the exception of the most conservative risk-based portfolios, returns were challenged for the quarter, and the three-month setback dampened the 12-month results for most portfolios.

For the age-based portfolios, performance for the 12-month period varied based on the target college start date associated with each portfolio. Portfolios designed for participants near or in college experienced greater resiliency than the portfolios designed for those furthest from their target college date.



Q: So the mix of assets in each age-based portfolio, based on the target college start date,resulted in a range of outcomes

A.D. Yes. We expect the strategic asset allocation of the portfolios – the mix of asset classes that varies throughout a participant's savings time horizon, based on the portfolio's target college start date – to drive the majority of the portfolios' investment return. The past year, the portfolios forparticipants near their target college start date, with higher strategic exposure to fixed income and short-term debt securities, experienced better absolute returns than portfolios for participants furthest from their target date, which have a higher strategic allocation to equities.

We continue to focus on the long-term investment objective of the actively managed age-based strategies, drawing on decades of investment experience to help us navigate periods of volatility, such as what transpired in the first quarter of this year. It's important to keep in mind that our strategic asset allocation is designed to endure periods of volatility. Fidelity's research and insights on participant needs, diversification, and the capital markets inform the glide path and strategic asset allocation decisions for the portfolios.

Our strategic investment decisions continue to emphasize diversification, including the most recent additions of U.S. Treasury Inflation-Protected Securities and long-term U.S. Treasury bonds to the asset mix. These moves reflected our view of increasing uncertainty in the capital markets.

Q: Brett, how did the age-based and risk-based actively managed portfolios perform relative to their Composite indexes this period

B.S. All the age-based and risk-based actively managed Fidelity portfolios lagged their respective Composite benchmarks. The age-based and risk-based Fidelity index portfolios performed within 14 basis points of their Composites.

Q: Which active decisions had the greatest impact on the age-based portfolios' relative results

B.S. Active asset allocation decisions were the primary drivers of the portfolios' underperformance. Specifically, the exposure to commodities, which is not in the Composite benchmarks, hurt performance most. An overweight to non-U.S. equities also detracted, as did an underweight to investment-grade bonds. Conversely, the portfolios' underweight to U.S. equities and overweight to both inflation-protected securities and short-term securities addedvalue.

In aggregate, security selection among the underlying investment portfolios held back the age-based actively managed portfolios' relative results, but to a lesser extent than active asset allocation decisions. In particular, security selection in underlying investment-grade bond funds hurt most, whereas active choices in non-U.S. equities were additive for the year.

Q: Do you have any final thoughts for plan participants as of March 31

A.D. We believe that the capital markets are facing unique sources of uncertainty, including the path of COVID-19 and the subsequent global monetary and fiscal responses. Our view is that the pandemic has triggered a global recession that is being discounted by investors, and the fundamental impact of these forces is likely to be realized over the next 12to 18 months, when disruption and volatility may persist.

We recognize that it has been a challenging environment for investors, and it can be unsettling when markets decline significantly in a short period. We continue to focus on the long-term investment objective of the portfolios, drawing on our decades of investment experience managing target date strategies to help us drive toward successful outcomes.

B.S. It's important to keep in mind that the Arizona College Savings Plan Portfolios are designed to help investors save for a college education, which is often a longer-term objective. We anticipate there will be periods when the portfolios underperform Composite benchmarks, given the dynamic nature of the markets and our exposure to diversified assets with varied sources of risk and return. We remain patient, long-term investors focused on executing ourinvestment process and applying our insights based on the research that underpins our intermediate and long-term views.

[Editor's note: See the next section of this plan participant update for the co-portfolio managers' active allocation positioning as of period end.] ■



Brett Sumsion on the active asset allocation positioning of the age-based Portfolios:

"Active asset allocation allows us to implement adjustments to the portfolios' strategic asset allocation – the long-term mix of asset classes – overan intermediate time horizon (up to five years) whenour research indicates that the market may be mispricing the distribution of future outcomes.

"As of March 31, the Fidelity actively managed, age-based portfolios are underweight U.S. equities and overweight short-term debt. More specifically, despite pressure across global risk assets in the first quarter of 2020, we believe the valuation premium of U.S. equities has grown relative to that of non-U.S. equities; we continue to favor the latter due to their significant discount and potential for growth. Our research continues to support an overweight to emerging markets, where corporate profit margins and leverage are not as stretched as in the United States. We reduced the portfolios' exposure to U.S. equities in recent months, in favor of a higher allocation to short-term fixed income securities, providing us with increased flexibility to invest whenthe implications of the pandemic shock become clearer.

"We continue to overweight inflation-sensitive assets, such as commodities and TIPS, based on our views of valuation and sentiment. Our thesis for commodities had been focused on improving globaleconomic growth and building inflationary pressure in 2019. Although the COVID-19 shock changed the trajectory of global growth, we believe commoditiescontinue to be undervalued. In our view, inflationarypressure may be greater than the market's expectations based on the potential effects of significant fiscal and monetary stimulus.

"Overall, our ultimate goal is to help investors in the Arizona College Savings Plan save for educational needs, and while we believe our glide path and the strategic asset allocation are the key driver to achieving those needs, we continue to believe that active management – through our age-based Fidelity and Blend Portfolios – can help improve outcomes over time."



Active-Age Based and Static Fidelity Fund Portfolios

FISCAL PERFORMANCE SUMMARY:Periods ending March 31, 2020

Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

InceptionDate

AZ 2036 (Fid Funds)Gross Expense Ratio: 0.94%2 -13.00% -20.35% -9.80% 2.49% -- 4.36% 12/14/2016

Arizona 2036 Portfolio Benchmark -12.01% -18.50% -8.28% 3.12% -- 4.56%

AZ 2033 (Fid Funds)Gross Expense Ratio: 0.90%2 -10.91% -17.43% -7.34% 3.06% 3.98% 5.06% 12/18/2013

Arizona 2033 Portfolio Benchmark -9.57% -15.31% -5.54% 3.81% 4.57% 5.60%






Arizona 2024 Portfolio Benchmark -2.82% -6.05% 1.48% 4.61% 4.32% 6.98%

AZ 2021 (Fid Funds)Gross Expense Ratio: 0.68%2 -2.58% -5.20% 1.24% 3.78% 3.57% 5.83% 06/14/2005

Arizona 2021 Portfolio Benchmark -0.60% -2.84% 3.65% 4.72% 4.10% 6.28%

AZ College Port (Fid Fnd)Gross Expense Ratio: 0.63%2 -1.72% -3.71% 1.84% 3.07% 2.73% 3.47% 06/14/2005

Arizona College Portfolio Benchmark 0.25% -1.41% 4.24% 4.03% 3.23% 3.63%

AZ Agrsv Gro (Fid Funds)Gross Expense Ratio: 0.99%2 -14.97% -22.79% -11.85% 1.63% 3.21% 6.99% 06/14/2005

Aggressive Growth Portfolio Benchmark -14.60% -21.67% -11.13% 2.22% 3.87% 7.64%

AZ Mod Growth (Fid Funds)Gross Expense Ratio: 0.88%2 -10.33% -16.28% -6.34% 2.57% 3.40% 6.36% 06/14/2005

Moderate Growth Portfolio Benchmark -8.91% -14.26% -4.71% 3.41% 4.02% 6.92%

AZ Consrv (Fid Funds)Gross Expense Ratio: 0.50%2 0.55% 0.21% 3.70% 2.58% 1.93% 2.17% 06/14/2005

Arizona Conservative Portfolio Benchmark 2.40% 2.06% 5.57% 3.30% 2.25% 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.



Age-Based Fidelity Index Fund Portfolios



6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

InceptionDate

AZ 2036 (Fid Index)Gross Expense Ratio: 0.14%2 -12.13% -18.51% -8.55% 2.67% -- 4.19% 12/14/2016

Arizona 2036 Index Benchmark -12.04% -18.50% -8.41% 2.81% -- 4.20%

AZ 2033 (Fid Index)Gross Expense Ratio: 0.14%2 -9.63% -15.26% -5.75% 3.41% 4.16% 5.01% 12/18/2013

Arizona 2033 Index Benchmark -9.60% -15.31% -5.66% 3.52% 4.31% 5.21%





AZ 2024 (Fid Index)Gross Expense Ratio: 0.14%2 -2.85% -5.92% 1.30% 4.25% 3.96% 6.77% 10/23/2006

Arizona 2024 Index Benchmark -2.84% -6.05% 1.36% 4.39% 4.12% 6.98%

AZ 2021 (Fid Index)Gross Expense Ratio: 0.14%2 -0.60% -2.68% 3.48% 4.41% 3.78% 6.17% 10/23/2006

Arizona 2021 Index Benchmark -0.62% -2.84% 3.53% 4.53% 3.92% 6.37%

AZ College (Fid Index)Gross Expense Ratio: 0.14%2 0.19% -1.28% 3.99% 3.71% 2.91% 3.64% 10/23/2006

Arizona College Index Benchmark 0.23% -1.41% 4.12% 3.87% 3.07% 3.83%

AZ Agrsv Gro (Fid Index)Gross Expense Ratio: 0.13%2 -14.73% -21.74% -11.38% 1.75% 3.43% 7.40% 10/23/2006

Arizona Aggressive Growth Index Benchmark -14.63% -21.67% -11.26% 1.91% 3.58% 7.59%

AZ Mod Growth (Fid Index)Gross Expense Ratio: 0.13%2 -8.97% -14.19% -4.88% 3.02% 3.63% 6.77% 10/23/2006

Arizona Moderate Growth Index Benchmark -8.94% -14.26% -4.84% 3.14% 3.78% 6.96%

AZ Consrv (Fid Index)Gross Expense Ratio: 0.13%2 2.40% 2.18% 5.45% 3.13% 2.10% 2.27% 10/23/2006

Arizona Conservative Index Benchmark 2.40% 2.06% 5.57% 3.30% 2.25% 2.43%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.




Active Age-Based Blend Fund Portfolios



6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

InceptionDate

AZ College Port (Fid Bld)Gross Expense Ratio: 0.43%2 -- -3.04% -- -- -- -1.10% 10/01/2019

Arizona College Portfolio Benchmark 0.25% -1.41% 4.24% -- -- --

AZ Port 2021 (Fid Blend)Gross Expense Ratio: 0.47%2 -- -4.47% -- -- -- -1.70% 10/01/2019

Arizona 2021 Portfolio Benchmark -0.60% -2.84% 3.65% -- -- --


Arizona 2024 Portfolio Benchmark -2.82% -6.05% 1.48% -- -- --


Arizona 2027 Portfolio Benchmark -4.99% -9.09% -0.70% -- -- --






Arizona 2036 Portfolio Benchmark -12.01% -18.50% -8.28% -- -- --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

AZ 500 IndexGross Expense Ratio: 0.11%2 -12.33% -19.61% -7.05% 5.00% 6.60% 10.35% 10/23/2006


AZ Total Market IndexGross Expense Ratio: 0.11%2 -13.87% -21.01% -9.35% 3.84% 5.61% 9.97% 10/23/2006

Arizona Total Market Index Benchmark -13.82% -20.96% -9.28% 3.92% 5.70% 10.13%

AZ International IndexGross Expense Ratio: 0.15%2 -16.81% -23.47% -15.82% -2.66% -1.11% 2.40% 10/23/2006

Arizona International Index Benchmark -16.46% -23.32% -15.42% -2.31% -0.84% 2.66%

AZ Intmdt Treasury IndexGross Expense Ratio: 0.12%2 7.85% 8.89% 13.99% 6.08% 3.84% 4.46% 10/23/2006

Arizona Intermediate Treasury Index Benchmark 7.84% 8.66% 14.00% 6.18% 4.00% 4.71%

AZ Money MarketGross Expense Ratio: 0.58%2 0.53% 0.18% 1.44% 1.18% 0.72% 0.36% 10/23/2006

Arizona Cash Reserves Money Market Benchmark 1.05% 0.58% 2.28% 1.85% 1.21% 0.65%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-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.






6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

InceptionDate

AZ Bank DepositGross Expense Ratio: 0.50%2 0.58% 0.29% 1.45% 1.24% 0.84% 0.50% 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 to change 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.

Bloomberg Barclays U.S. Long Treasury Index is a market value–weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of ten years or more.

ICE BofA 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 BofA 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 ICE BofA 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 by Emerging 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 the United States.

MSCI Emerging Markets Index is a market capitalization-weighted index 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 Arizona College Savings 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 to market volatility and fluctuation.

The Fidelity Arizona College Savings Plan is offered by the Arizona Commission for Postsecondary Education,and managed by Fidelity Investments. If you or the designated beneficiary is not a Arizona 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 represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

Arizona 2021 Portfolio Benchmark is an approximate weighted


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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 BellwetherIndex. The composition differed in periods prior to April 1, 2014. Theindex weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.

Arizona 2024 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 BellwetherIndex. The composition differed in periods prior to April 1, 2014. Theindex weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.

Arizona Conservative Portfolio Benchmark is a customized blend ofthe following unmanaged indices: Bloomberg Barclays U.S. Aggregate Bond Index and Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index. The index weightings are adjusted monthly to reflect the fund's changing asset allocations.

Arizona College 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 BellwetherIndex. The composition differed in periods prior to April 1, 2014. Theindex weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.

Arizona College 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.

Arizona 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.


Arizona 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.

Arizona Moderate Growth 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.

Arizona Aggressive Growth 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.

Arizona 500 Index Benchmark represents the performance of the S&P 500 Index since Setember 29, 2006.

Arizona Total Market Index Benchmark represents the performanceof the Dow Jones U.S. Total Stock Market Index since Setember 29, 2006.

Arizona International Index Benchmark represents the performance of the MSCI All Country World ex U.S. Index (Net MA) since February 16, 2016, and the MSCI EAFE Index (Net MA) prior to that date.

Arizona Intermediate Treasury Index Benchmark represents the performance of the Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index since Setember 29, 2006.

Arizona Cash Reserves Money Market Benchmark represents the performance of the Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index since Setember 29, 2006.

Aggressive Growth 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, and the Commodity Index Total Return Index. The index weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.


Arizona 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,the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The


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composition differed in periods prior to March 1, 2018. The index weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.

Arizona 2030 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 Commodity Index Total Return, ICE BofA U.S. High Yield Index, the Fidelity Real Estate Income Composite Index, and the S&P/LSTA (Loan Syndications and Trading Association) Leveraged Loan Index. The index weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.



Arizona 2033 Index Benchmark is a customized blend of the following unmanaged indices: Dow Jones U.S. Total Stock Market Index; MSCI All Country World ex U.S. Index (Net MA); Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Commodity Index Total Return. The index weightings are adjusted monthly to reflect the fund's changing asset allocations.

Moderate Growth Portfolio Benchmark is an approximate weightedcombination 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 Commodity Index Total Return, ICE BofA U.S. High Yield Index, the Fidelity Real Estate Income Composite Index, the S&P/LSTA (Loan Syndications and Trading Association) Leveraged Loan Index, the Bloomberg Barclays U.S. Aggregate BondIndex, and the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series-L). The index weightings may be adjusted periodically to reflect the Portfolio's changing asset allocations.

Arizona 2036 Portfolio Benchmark is a customized blend of the following unmanaged indices: Dow Jones U.S. Total Stock Market Index; MSCI All Country World ex U.S. Index (Net MA); and Bloomberg Barclays U.S. Aggregate Bond IndexTotal Return. The index weightings are adjusted monthly to reflect the fund's changingasset allocations.

Arizona 2036 Index Benchmark is a customized blend of the following unmanaged indices: Dow Jones U.S. Total Stock Market Index; MSCI All Country World ex U.S. Index (Net MA); Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Commodity Index Total Return. The index weightings are adjusted monthly to reflect the fund's changing asset allocations.

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 June 30, 2020

Annualized

1Year

3Year

5Year

10 Year/ LOF1

Gross Exp. Ratio

InceptionDate

AZ 2036 (Fid Funds) 3.32% 6.79% -- 9.29% 0.94%2 12/14/2016

Active-Age Based and Static Fidelity Fund Portfolios

AZ 2033 (Fid Funds) 4.19% 6.82% 7.07% 7.38% 0.90%2 12/18/2013

AZ 2030 (Fid Funds) 4.58% 6.55% 6.66% 7.99% 0.84%2 12/28/2010

AZ 2027 (Fid Funds) 4.79% 6.10% 6.15% 9.28% 0.79%2 12/14/2007

AZ 2024 (Fid Funds) 4.96% 5.64% 5.60% 8.47% 0.74%2 06/14/2005

AZ 2021 (Fid Funds) 4.63% 4.97% 4.90% 7.42% 0.68%2 06/14/2005

AZ College Port (Fid Fnd) 4.37% 4.17% 3.89% 4.13% 0.63%2 06/14/2005

AZ Agrsv Gro (Fid Funds) 3.22% 6.75% 7.14% 10.56% 0.99%2 06/14/2005

AZ Mod Growth (Fid Funds) 5.07% 6.56% 6.55% 8.97% 0.88%2 06/14/2005

AZ Consrv (Fid Funds) 4.55% 3.26% 2.61% 2.32% 0.50%2 06/14/2005

Age-Based Fidelity Index Fund Portfolios

AZ 2036 (Fid Index) 4.32% 7.21% -- 8.90% 0.14%2 12/14/2016

AZ 2033 (Fid Index) 5.29% 7.25% 7.18% 7.18% 0.14%2 12/18/2013

AZ 2030 (Fid Index) 5.97% 7.06% 6.83% 8.27% 0.14%2 12/28/2010

AZ 2027 (Fid Index) 6.30% 6.66% 6.33% 9.43% 0.14%2 12/14/2007

AZ 2024 (Fid Index) 6.51% 6.20% 5.72% 8.60% 0.14%2 10/23/2006

AZ 2021 (Fid Index) 6.28% 5.55% 5.01% 7.48% 0.14%2 10/23/2006

AZ College (Fid Index) 6.04% 4.70% 3.97% 4.06% 0.14%2 10/23/2006

AZ Agrsv Gro (Fid Index) 3.05% 6.91% 7.29% 10.82% 0.13%2 10/23/2006

AZ Mod Growth (Fid Index) 5.64% 6.83% 6.63% 8.99% 0.13%2 10/23/2006

AZ Consrv (Fid Index) 5.08% 3.32% 2.52% 2.10% 0.13%2 10/23/2006

Active Age-Based Blend Fund Portfolios

AZ College Port (Fid Bld) -- -- -- 3.50% 0.43%2 10/01/2019

AZ Port 2021 (Fid Blend) -- -- -- 4.00% 0.47%2 10/01/2019

AZ Port 2024 (Fid Blend) -- -- -- 4.70% 0.51%2 10/01/2019

AZ Port 2027 (Fid Blend) -- -- -- 4.80% 0.55%2 10/01/2019

AZ Port 2030 (Fid Blend) -- -- -- 5.00% 0.59%2 10/01/2019

AZ Port 2033 (Fid Blend) -- -- -- 5.00% 0.61%2 10/01/2019

AZ Port 2036 (Fid Blend) -- -- -- 4.70% 0.65%2 10/01/2019


AZ 500 Index 7.38% 10.61% 10.60% 13.80% 0.11%2 10/23/2006

AZ Total Market Index 6.31% 9.89% 9.88% 13.52% 0.11%2 10/23/2006

AZ International Index -4.57% 0.41% 1.83% 5.68% 0.15%2 10/23/2006

AZ Intmdt Treasury Index 11.00% 5.92% 4.37% 3.87% 0.12%2 10/23/2006

AZ Money Market7-Day Yield 0.01%

0.98% 1.18% 0.72% 0.36% 0.58%2 10/23/2006


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

0.96% 1.20% 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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