Fidelity Mid-Cap Stock Fund - Fidelity Institutional
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PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
Fidelity® Mid-Cap Stock Fund
Key Takeaways MARKET RECAP
• For the fiscal year ending April 30, 2021, the fund's Retail Class shares The S&P 500® index gained 45.98% for
advanced 64.86%, underperforming the 67.90% gain of the the 12 months ending April 30, 2021, as
benchmark, the S&P MidCap 400® Index. U.S. equities staged a historic rebound
following a steep but brief decline due to
the early-2020 outbreak and spread of
• Lead Portfolio Manager John Roth and Co-Manager Nicola Stafford COVID-19. A confluence of powerful
noted the fund lagged the very strong performance of the benchmark forces propelled risk assets, returning the
the past 12 months because it didn't own some of the best-performing stock market to pre-pandemic highs by
index components. late August. The rally slowed in
September, when stocks began a two-
• In terms of individual stocks, it hurt the most to not own Enphase month retreat amid Congress's inability
Energy, an index component that gained 334% for the period amid to reach a deal on additional fiscal
intensifying investor interest in renewable energy stocks and stimulus, as well as uncertainty about the
sustainable investing. election. But as the calendar turned,
investors grew hopeful. The rollout of
• It also hurt to avoid casinos & gaming stock Penn National Gaming, two COVID-19 vaccines was underway,
which benefited from economic reopening prospects and the the U.S. Federal Reserve pledged to hold
legalization of sports betting across several states. interest rates near zero until the economy
recovered, and the federal government
planned to deploy trillions of dollars in
• Conversely, at-home fitness company Peloton Interactive added more aid to boost consumers and the
value than any other fund position, benefiting from improved demand economy. This backdrop fueled a sharp
due to gym closures. market rotation, with small-cap value
stocks usurping long-standing leadership
• South Korea-based e-commerce firm Coupang also contributed, as from large growth shares. As part of the
consumers in the country embraced online retail, even as the "reopening" trade, investors moved out
pandemic began to ebb. of tech-driven mega-caps that had
thrived due to the work-from-home trend
• As of April 30, the managers increased their focus on stocks with in favor of cheap smaller companies that
healthy fundamental outlooks amid inflationary pressures, positioning stood to benefit from a broad cyclical
in cyclical sectors, including financials, energy and materials. The recovery. Reflecting this shift, the
managers also are keeping an eye on certain growth stocks that could financials sector (+63%) led the way for
gain in an inflationary environment. the full period, riding momentum among
banks, whose profit outlook improved
amid rising long-term interest rates and a
steeper yield curve. Materials (+63%) and
industrials (+61%) closely followed.
Conversely, notable "laggards" included
the defensive utilities (+21%) and
consumer staples (+23%) sectors.
Not FDIC Insured • May Lose Value • No Bank Guarantee
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
Q&A
An interview with Lead Portfolio
Manager John Roth and Co-Portfolio
Manager Nicola Stafford
John Roth Nicola Stafford
Lead Manager Co-Manager Q: John, how did the fund perform for the 12
months ending April 30, 2021
Fund Facts J.R. The fund's Retail Class shares advanced 64.86%,
Trading Symbol: FMCSX underperforming the 67.90% gain of the benchmark, the S&P
MidCap 400® Index, but outpacing the peer group average.
Start Date: March 29, 1994
As a reminder to shareholders, we focus on stocks with
Size (in millions): $7,982.14 market values in the $1 billion to $10 billion range, investing
in what we believe are fundamentally strong companies that
are underappreciated by the market.
The benchmark represented only about 20% of the fund's
universe, so it is no surprise that many of our most influential
Investment Approach
investments this period were not in the benchmark.
• Fidelity® Mid-Cap Stock Fund is a diversified domestic
equity strategy focused on companies valued at $1 Q: What was behind the fund's relative
billion to $10 billion across the growth-to-value universe.
performance the past 12 months
• Philosophically, we believe a company's stock price
reflects the market's collective view of its future earnings J.R. The fund lagged the very strong performance of the
power, but the collective view can be wrong. benchmark because it didn't own some of the best-
performing index components, some of which we
• We believe bottom-up, fundamental analysis can identify considered "hype" stocks. An unhelpful cash position of
those opportunities where our earnings forecasts about 2%, on average, also hurt the fund's relative return
deviate from consensus, and where the potential reward
more than offsetting helpful market allocations.
for being right is high.
In terms of individual stocks, it hurt most to not own index
• We look for investment opportunities in emerging
component Enphase Energy (+334%). Solar names rose
growth stocks, where we have a differentiated view on
strongly amid intensifying investor interest in renewable
the magnitude of the growth rate; compounders, where
we have a differentiated view on the sustainability of the energy and sustainable investing. We considered Enphase
growth rate; and mean-reversion stocks, where we have overvalued and lacking competitive advantages that could
a differentiated view on the timing, duration or help protect its longer-term market share. Also, Enphase
magnitude of the cycle. reached a market value outside the fund's mid-cap mandate.
• In constructing the portfolio, we size positions by While we didn't own solar, we owned other alternative
assessing our conviction in the differentiated view on energy and sustainable investments, including New Fortress
future earnings power versus its potential payoff. Energy (+243%) and LG Chemical (+174%), each of which
added value for the fund.
I wouldn't call New Fortress a purely "green" company. It's a
traditional power firm that focuses on energy efficiency by
providing liquified natural gas (LNG) – a more-affordable
source with fewer emissions compared with coal and oil.
As for South Korea-based LG Chemical, it provides batteries
used by electric vehicle makers, including Tesla. In April, the
company's battery division announced plans to open a new
U.S. factory through a joint venture with General Motors to
keep up with customer demand.
2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
We reduced our positions in each of these stocks by period Q: What's your outlook as of April 30, John
end to take profits.
J.R. On one hand, we see tremendous market tailwinds at
period end, due to the unprecedented fiscal stimulus that's
Q: Nicky, which other stocks detracted
been pumped into the U.S. economy and the favorable
N.S. Foreign holdings hurt the fund, despite a boost from a macro and monetary backdrops.
weaker U.S. dollar. Within consumer staples, a stake in U.K.-
However, as economic growth continues to ramp, we are
based convenience-packaged and prepared foods company
concerned inflation and higher interest rates could put
Greencore Group (-5%) hurt the fund's relative result.
downward pressure on high-multiple growth stocks. This is
The company hit a sales slump this period as consumers because interest rates and price-earnings ratios typically
shifted their shopping habits while spending more time at move in the opposite direction. Investors demand higher
home. Looking ahead, we think Greencore Group could do returns for non-cash-generative companies as the cost of
well when the U.K. economy reopens fully. We added to the money in the economy increases.
fund's position in Greencore by period end.
The market's recent performance has been driven less by
Our position in Cabot Oil & Gas (-21%) also detracted as fundamentals and more by momentum investing, but
natural-gas prices declined toward period end due to systemic changes like higher rates historically have shifted
weaker-than-expected demand. investors' preferences.
That said, we expect to see improved demand for natural gas As fund managers, the question for us is always the same:
from LNG exports and the chemicals industry, and we What is priced into stocks and where will we find attractive
continued to own Cabot at period end. relative returns going forward
I'll also mention casinos & gaming stock Penn National Amid the current backdrop, we believe the price paid for an
Gaming, which we didn't own. Shares of Penn benefited asset matters more than ever. Our focus remains on
from reopening prospects and the legalization of sports companies with strong fundamental outlooks rather than
betting across several states, so avoiding this index trendy investment themes. ■
component weighed on relative performance.
Q: What other stocks helped
N.S. We often look to invest in mid-cap companies we think
have the potential to "graduate out" of the investment range,
and, in this spirit, it helped to own private companies we
owned before they went public.
Peloton Interactive (+347%) added more value than any
other fund position the past year, benefiting from healthy
demand as more consumers worked out at home due to gym
closures. We sold the fund's position in Peloton by period
end because much of the opportunity seemed to be priced
into the company's stock.
Also, we established a position in South Korea-based e-
commerce firm Coupang (+403%) before its initial public
offering (IPO) in May. We found the stock compelling due to
the company's opportunity to build scale methodically over
time. Some factors unique to Seoul – where Coupang
predominately operates – could set up this company for
growth, including the city's population density and a lack of
comparable in-store offerings.
Lastly, we owned a position in outdoor sports and lifestyle
retailer Academy Sports well before its IPO in October 2020.
The stock gained this period as management focused on
operating margins and as more people sought outdoor
activities amid in-person business closures due to COVID-19.
3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
LARGEST CONTRIBUTORS VS. BENCHMARK
Average Relative
Lead Manager John Roth on how he's Holding Market Segment
Relative Contribution
Weight (basis points)*
positioned for inflation: Peloton Interactive, Consumer
0.84% 278
Inc. Class A Discretionary
"Inflation remains a major concern for us at period Consumer
Coupang Corp. unit 0.33% 107
end, given the uptick in both the core consumer Discretionary
price index (CPI) and the producer price index (PPI) Allstar Co-Invest
Financials 0.36% 92
in recent months. Prices for steel, copper and Blocker LP
lumber, corn, used cars and other goods all have Tapestry, Inc.
Consumer
0.50% 62
increased. Companies report that wages are on the Discretionary
rise as well. New Fortress Energy
Energy 0.47% 62
LLC
"We can't say if inflation is here to stay, but we
* 1 basis point = 0.01%.
worry that a protracted period of rising prices
implies that long-term interest rates will continue to
increase. This could put downward pressure on
high-multiple growth stocks if investors worry that
LARGEST DETRACTORS VS. BENCHMARK
rising costs could dent their earnings power.
Average Relative
"Early in the period, we pivoted the fund toward Relative Contribution
value-oriented stocks because we started to see Holding Market Segment Weight (basis points)*
significantly lower price multiples in the former Information
Enphase Energy, Inc. -0.36% -126
group. This valuation gap narrowed considerably as Technology
of April 30, yet prices for mid-cap growth stocks Penn National Consumer
-0.43% -84
remain historically high. Gaming, Inc. Discretionary
Novagold Resources,
"If investors begin to worry too much about Materials 0.59% -84
Inc.
inflation, we think it could result in lower valuations Cabot Oil & Gas Corp. Energy 0.53% -74
and potential buying opportunities in this segment. Centene Corp. Health Care 0.73% -73
"At period end, the fund is positioned in market * 1 basis point = 0.01%.
areas we think could benefit from inflation, such as
financials, energy and materials.
"Financials represented the fund's biggest sector
overweighting at period end. Within banks, we
maintained large positions in Huntington
Bancshares and First Horizon, while American
Financial Group and Arch Financial were our largest
insurance holdings at period end.
"The fund also holds a material overweighting in
energy, where we are partial to companies exposed
to the liquid natural gas chain, which we believe will
be a secular-growth story. Our biggest holding in
energy at period end is our position in offshore
driller Hess.
"In materials we own gold stocks like Novagold and
Franco-Nevada – two holdings that detracted this
period. Gold is a traditional inflation hedge, but
we're also bullish on mining, where supply
dynamics look attractive to us."
4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 84.74% 100.00% -15.26% -1.55%
International Equities 13.53% 0.00% 13.53% 2.08%
Developed Markets 10.76% 0.00% 10.76% 2.09%
Emerging Markets 2.77% 0.00% 2.77% -0.01%
Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00%
Bonds 0.09% 0.00% 0.09% -0.35%
Cash & Net Other Assets 1.64% 0.00% 1.64% -0.18%
Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of
the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future
settlement, Net Other Assets can be a negative number.
"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.
MARKET-SEGMENT DIVERSIFICATION
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
Financials 20.28% 15.92% 4.36% -0.82%
Industrials 18.65% 18.55% 0.10% -1.63%
Consumer Discretionary 15.48% 14.82% 0.66% 0.54%
Real Estate 7.46% 9.31% -1.85% 1.66%
Health Care 7.16% 11.73% -4.57% -1.17%
Materials 6.86% 6.26% 0.60% 1.09%
Information Technology 6.47% 13.44% -6.97% -0.75%
Energy 5.06% 1.24% 3.82% -0.28%
Communication Services 3.99% 1.79% 2.20% 1.53%
Utilities 3.82% 3.36% 0.46% 0.11%
Consumer Staples 3.11% 3.57% -0.46% 0.03%
Other 0.00% 0.00% 0.00% 0.00%
5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Molina Healthcare, Inc. Health Care 1.83% 1.84%
First Horizon National Corp. Financials 1.54% 1.21%
American Financial Group, Inc. Financials 1.39% 0.83%
Arch Capital Group Ltd. Financials 1.27% 0.90%
Huntington Bancshares, Inc. Financials 1.27% 1.19%
Radian Group, Inc. Financials 1.23% 1.21%
NVR, Inc. Consumer Discretionary 1.19% 1.66%
M&T Bank Corp. Financials 1.18% 1.07%
Wintrust Financial Corp. Financials 1.16% 1.02%
AECOM Industrials 1.15% 1.07%
10 Largest Holdings as a % of Net Assets 13.21% 14.26%
Total Number of Holdings 181 181
The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings
do not include money market investments.
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending April 30, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Mid-Cap Stock Fund
43.14% 19.81% 64.86% 15.93% 15.44% 12.10%
Gross Expense Ratio: 0.92%2
S&P MidCap 400 Index 44.34% 18.58% 67.90% 15.18% 15.10% 12.11%
Morningstar Fund Mid-Cap Blend 38.94% 15.94% 61.29% 14.22% 13.93% 10.94%
% Rank in Morningstar Category (1% = Best) -- -- 38% 28% 22% 22%
# of Funds in Morningstar Category -- -- 410 377 308 215
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 03/29/1994.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance,
institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains,
if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar-
quarter performance.
6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
Definitions and Important Information % Rank in Morningstar Category is the fund's total-return
percentile rank relative to all funds that have the same Morningstar
Category. The highest (or most favorable) percentile rank is 1 and
Information provided in this document is for informational and
the lowest (or least favorable) percentile rank is 100. The top-
educational purposes only. To the extent any investment information
performing fund in a category will always receive a rank of 1%. %
in this material is deemed to be a recommendation, it is not meant to
Rank in Morningstar Category is based on total returns which
be impartial investment advice or advice in a fiduciary capacity and is
include reinvested dividends and capital gains, if any, and exclude
not intended to be used as a primary basis for you or your client's
sales charges. Multiple share classes of a fund have a common
investment decisions. Fidelity, and its representatives may have a
portfolio but impose different expense structures.
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 RELATIVE WEIGHTS
management, distribution and/or servicing of these products or Relative weights represents the % of fund assets in a particular
services including Fidelity funds, certain third-party funds and market segment, asset class or credit quality relative to the
products, and certain investment services. benchmark. A positive number represents an overweight, and a
negative number is an underweight. The fund's benchmark is listed
FUND RISKS immediately under the fund name in the Performance Summary.
Stock markets, especially foreign markets, are volatile and can
decline significantly in response to adverse issuer, political,
regulatory, market, or economic developments. The securities of
smaller, less well-known companies can be more volatile than those
of larger companies. Foreign securities are subject to interest rate,
currency exchange rate, economic, and political risks
IMPORTANT FUND INFORMATION
Relative positioning data presented in this commentary is based on
the fund's primary benchmark (index) unless a secondary benchmark
is provided to assess performance.
INDICES
It is not possible to invest directly in an index. All indices represented
are unmanaged. All indices include reinvestment of dividends and
interest income unless otherwise noted.
S&P MidCap 400 Index is a market-capitalization-weighted index of
400 mid cap stocks of U.S. companies chosen for market size,
liquidity, and industry group representation.
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.
MARKET-SEGMENT WEIGHTS
Market-segment weights illustrate examples of sectors or
industries in which the fund may invest, and may not be
representative of the fund's current or future investments. They
should not be construed or used as a recommendation for any
sector or industry.
RANKING INFORMATION
© 2021 Morningstar, Inc. All rights reserved. The Morningstar
information contained herein: (1) is proprietary to Morningstar
and/or its content providers; (2) may not be copied or
redistributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this
information. Fidelity does not review the Morningstar data and, for
mutual fund performance, you should check the fund's current
prospectus for the most up-to-date information concerning
applicable loads, fees and expenses.
7 |PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021
Manager Facts Co. and Fidelity International Limited (FIL) in London, covering
U.S. consumer durable retail and European consumer staples
John Roth is a portfolio manager in the Equity division at Fidelity stocks, respectively. While in London, she also managed a global
Investments. Fidelity Investments is a leading provider of consumer industries fund and co-managed a global diversified
investment management, retirement planning, portfolio fund. Prior to relocating to London, she managed Fidelity Select
guidance, brokerage, benefits outsourcing, and other financial IT Services Portfolio and followed IT services and U.S. consumer
products and services to institutions, financial intermediaries, discretionary companies. She has been in the financial industry
and individuals. since joining Fidelity in 2001.
In this role, Mr. Roth manages Fidelity New Millennium Fund Ms. Stafford earned her bachelor of science degree in
and Fidelity Mid-Cap Stock Fund. He also co-manages Fidelity mechanical engineering and economics from the Massachusetts
Advisor New Insights Fund. Institute of Technology (MIT).
Prior to assuming his current responsibilities, Mr. Roth was co-
manager of Fidelity Balanced Fund, Fidelity Advisor Balanced
Fund and Fidelity Series All-Sector Equity Fund. He also
managed the consumer discretionary sub-portfolio of VIP
Contrafund. Previously, Mr. Roth held various other roles at
Fidelity, including that of consumer sector leader/portfolio
manager of Select Consumer Discretionary Portfolio, VIP
Consumer Discretionary Portfolio, Fidelity Advisor Consumer
Discretionary Fund, and Fidelity Select Multimedia Portfolio.
Additionally, he was portfolio manager of Select Chemicals
Portfolio and Select Utilities Portfolio, and an equity analyst
starting in 1999.
Before joining Fidelity full-time in 1999, Mr. Roth worked as an
equity trader at Tucker Anthony from 1992 to 1997. He has been
in the financial industry since 1992.
Mr. Roth earned his bachelor of arts degree in economics from
Colby College and his master of business administration degree
from the MIT Sloan School of Management. He is also a CFA®
charterholder.
Nicola Stafford is a portfolio manager in the Equity division at
Fidelity Investments. Fidelity Investments is a leading provider of
investment management, retirement planning, portfolio
guidance, brokerage, benefits outsourcing, and other financial
products and services to institutions, financial intermediaries,
and individuals.
In this role, Ms. Stafford co-manages the Fidelity Mid-Cap Stock
Fund and manages the consumer discretionary sleeves of
Fidelity and Fidelity Advisor Balanced Funds, Fidelity VIP
Balanced Fund, Fidelity Series All-Sector Equity Fund.
Additionally, she co-manages Fidelity and Fidelity Advisor Stock
Selector All Cap Fund, Fidelity Select Consumer Staples
Portfolio, Fidelity Advisor Consumer Staples Fund, Fidelity VIP
Consumer Staples Portfolio, and Fidelity Consumer Staples
Central Fund.
Prior to assuming her current responsibilities Ms. Stafford
managed the consumer staples sleeves* of Fidelity and Fidelity
Advisor Balanced Funds, Fidelity VIP Balanced Fund, Fidelity
Series All-Sector Equity Fund and co-managed Fidelity Select
Retailing Portfolio. She also served as a research analyst for FMR
8 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PERFORMANCE SUMMARY: Annualized
Quarter ending June 30, 2021 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Mid-Cap Stock Fund
54.21% 14.85% 15.20% 12.49%
Gross Expense Ratio: 0.83%2
1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 03/29/1994.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance,
institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains,
if any. Cumulative total returns are reported as of the period indicated.
Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar
the investment objectives, risks, charges, and expenses. For quarter.
this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial
prospectus or, if available, a summary prospectus. Read it Services LLC.
carefully before you invest. Other third-party marks appearing herein are the property of their
respective owners.
Past performance is no guarantee of future results.
All other marks appearing herein are registered or unregistered
Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company.
necessarily represent the views of Fidelity. Views are subject to change at
Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street,
any time based upon market or other conditions and Fidelity disclaims any
Smithfield, RI 02917.
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a Fidelity fund Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI
are based on numerous factors, may not be relied on as an indication of 02917.
trading intent on behalf of any Fidelity fund. The securities mentioned are © 2021 FMR LLC. All rights reserved.
not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.
LLC. References to specific company securities should not be construed
706110.14.0
as recommendations or investment advice.
Diversification does not ensure a profit or guarantee against a loss.You can also read
