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	Evolve Your Approach to Portfolio Construction

We hope you enjoyed hearing Paul Ma's thoughts on equity portfolio construction myths and realities. In our meeting, we discussed: • Why sectors matter when constructing portfolios • How active management can outperform in less-efficient markets and why it may help pinpoint international opportunities • Key considerations for managing inflation risk One of our primary goals is to offer actionable insights you can use to help differentiate, protect, and grow your practice. These resources can help you evolve your portfolio construction discussions with clients and prospects: The Evolution of Portfolio Construction Presentation The Evolution of Portfolio Construction Active Management Can Outperform Flyer Raymond James Alignment Flyer For more information about our portfolio construction program offerings or to schedule a portfolio review, call your Fidelity representative at 800‑544‑9999 or visit institutional.fidelity.com. REQUEST CE CREDIT The Fidelity Portfolio Construction Program Our program offers advisors a range of portfolio construction and fund analysis services, including: – Detailed portfolio reviews – Online portfolio quick check – In-depth insights

Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. For investment professional use only. Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with any investment or transaction described herein. Fiduciaries are solely responsible for exercising independent judgment in evaluating any transaction(s) and are assumed to be capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies. Fidelity has a financial interest in any transaction(s) that fiduciaries, and if applicable, their clients, may enter into involving Fidelity's products or services. Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. • In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation, credit, and default risks, for both issuers and counterparties. • Sector funds can be more volatile because of their narrow concentration in a specific industry. Third-party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliated company. Before investing, have your client consider the fund's investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Have your client read it carefully. FIDELITY INVESTMENTS INSTITUTIONAL SERVICES COMPANY, INC., 500 SALEM STREET, SMITHFIELD, RI  02917 796576.2.1  |  FIAM-BD 1.9882005.100 1017

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