1 FOURTH QUARTER 2016

2 What Is Fidelity’s Quarterly Sector Update?The Quarterly Sector Update, including the Sector Scorecard, represents input from three distinct Fidelity investment teams—each with unique insights about sector investing—to present a comprehensive view of the performance potential of the 11* major equity market sectors. The Sector Scorecard’s proprietary methodology measures the relative attractiveness of each sector against five key factors: business cycle, fundamentals, relative valuations, momentum, and relative strength. The investment teams whose members contribute to the Quarterly Sector Update include: Asset Allocation Research Team Fidelity Management & Research Company, Equity Division Fidelity SelectCo Using this tool: The Quarterly Sector Update is a recurring report that synthesizes equity sector information from five disciplines—U.S. business cycle, fundamentals, relative valuations, momentum, and relative strength—to create a comprehensive view of the current state of each equity sector. This report represents the collaboration of three Fidelity investment teams—the Asset Allocation Research Team, FMR Equity, and Fidelity SelectCo—each providing its unique insights on sector investing. The Scorecard aggregates information from these three teams but does not attempt to provide a single, overarching Fidelity view on sectors. The Quarterly Sector Update is intended as a tool for investors to set context and perspective when evaluating the current state of market sectors. It is not meant to serve as a direct prediction regarding the future performance of any economic or financial market, nor to predict or guarantee future investment performance of any sort. *On Aug. 31, 2016, Real Estate became the 11th market sector as defined by the Global Industry Classification Standard (GICS®). It was not added to the Sector Scorecard on the next slide because it only has one month of performance as a standalone sector.

3 Scorecard: Tech, Telecom, Health Care, & Materials All PositiveThe rally in defensive sectors ended in Q3, as bond yields began to rise. Even so, Telecom still has three positive indicators, unlike Utilities, which now displays negative signals in four of five metrics. Technology had three positive signals. It benefited from strong momentum and relative strength, as did Materials. Health Care bounced back with two constructive metrics. Sector Business Cycle Fundamentals Relative Valuations Momentum Relative Strength Weight in S&P 500® Index Performance as of 9/30/16 Latest Quarter Year to Date Dividend Yield Consumer Discretionary – 12.5% 2.9% 3.6% 1.4 Consumer Staples + 9.9% -2.6% 7.6% 2.6 Energy 7.3% 2.3% 18.7% 2.9 Financials 15.8% 4.6% 1.4% 1.9 Health Care 14.7% 0.9% 1.6 Industrials 9.7% 4.1% 10.9% 2.2 Technology 21.2% 12.9% Materials 3.7% 11.4% 2.1 Telecom 2.6% -5.6% 17.9% 4.6 Utilities 3.3% -5.9% 16.1% 3.4 S&P 500® Returns 3.9% 7.8% 2.0 Longer Time Horizon View Shorter In the first half of 2016, defensive sectors like Utilities, Telecommunications, and Consumer Staples performed extremely well as investors sought higher dividends amid a low-yield environment. But the defensive rally paused in the third quarter. Treasury yields rose, concerns about Brexit grew less intense, and the stock market rallied roughly 4% in Q3 as measured by the S&P 500 Index. Against this backdrop, seven of the 10 market sectors had a positive return in Q3, led by several of the more economically sensitive sectors such as Technology and Financials. However, the gains that defensive sectors enjoyed earlier in the year were pared back somewhat. Nevertheless, Telecom ended Q3 with three positive metrics, unlike Utilities—another defensive sector—which now has negative indicators in four of the five Scorecard categories. Technology had the quarter’s best investment performance by far—gaining nearly 13%—and both it and Materials demonstrated strong momentum and relative strength. Health Care bounced back with two constructive signals, boosted by stronger fundamentals and more attractive valuations. At the end of August, Real Estate formally became the 11th market sector, as defined by the Global Industry Classification Standard (GICS). Since it only had one month of performance as a standalone sector, we have not included Real Estate in this quarter’s scorecard. It will be in all of our Quarterly Sector Update coverage moving forward. But in the interim, here is a brief look at the recent performance of Real Estate stocks, which as of Sep. 30, 2016, comprised approximately 3% of the S&P 500 Index. Real Estate stocks, primarily made up of Real Estate Investment Trusts (REITs), have sold off recently after a strong start to the year, largely because a rise in yields and anticipation of a Fed rate hike weighed on higher-yielding sectors, such as REITs. (The FTSE NAREIT All Equity REITs Index declined 1.2% in Q3, but still had a 12.3% YTD gain through Sep. 30, 2016, with a yield of 3.7% as of the same date.) See slide 10 for details on the strong fundamental backdrop for Real Estate stocks. Past performance is no guarantee of future results. Sectors as defined by the Global Industry Classification Standard (GICS®); see additional information in the appendix. Factors are based on historical analysis and are not a qualitative assessment by any individual investment professional. Green portions suggest outperformance; red portions suggest underperformance; unshaded portions indicate no clear pattern vs. the broader market as represented by the S&P 500. Quarterly and year-to-date returns reflect performance of S&P 500 Sector Indices. It is not possible to invest directly in an index. All indices are unmanaged. Percentages may not sum to 100% due to rounding. Source: FactSet, Fidelity Investments, as of Sep. 30, 2016.

4 Industries: Top Five & Bottom Five Performers This QuarterIn Q3, 48 of the 67 industries that comprise the MSCI USA Investable Market Index (IMI) had positive total returns, and 33 industries beat the broader market’s 4.4% gain (MSCI USA IMI). Four of the five best-performing industries came from the Technology sector, while key industries within the defensive Utilities and Consumer Staples sectors fared the worst. Top Five Industries in Q3 Sector Drivers Bottom Five Industries in Q3 Sector Drivers Technology Hardware, Storage & Peripherals 20% Technology Strong performance by the sector’s largest stock pushed the group higher Water Utilities 11% Utilities Fears of rising rates challenged the entire sector Semiconductors & Semiconductor Equipment Technology Solid earnings, improved revenue forecasts, and good M&A news buoyed the group Tobacco Concerns around increased taxation weighed on the group 19% 6% Consumer Staples Softening energy prices in the quarter dragged down renewables Internet & Direct Marketing Retail 15% Consumer Discretionary Strong growth in emerging and U.S. markets led to multiple expansion Independent Power and Renewable Electricity Producers 6% Utilities Using this tool: This chart reveals the Top Five and Bottom Five Industry Performers on a total return basis during the most recent quarter relative to the MSCI USA Investable Market Index, which covers approximately 99% of the market capitalization in the United States. In addition to detailing the specific industries that fared well or poorly, the chart provides a brief explanation of what drove the industries’ performance and it identifies their sector of origin. Additional talking points: The Technology sector was home to four of the five best-performing industries during the third quarter. Not surprisingly, the three weakest-performing industries were from defensive sectors, which took a collective step backward after extremely strong performance in the first half of 2016. Communications Equipment 14% Technology Driven by improved demand from cloud computing and networking clients Construction Materials 6% Materials Weaker-than-expected earnings after a strong first half of the year Internet Software & Services 13% Technology Digital and mobile advertising revenue growth supported higher margins Multiline Retail 6% Consumer Discretionary Continued weakness in consumer demand and large-scale store closures undermined the segment Parent Index: MSCI USA IMI. Past performance is no guarantee of future results. Return data show total return. Source: Morningstar, FactSet, Fidelity Investments, as of Sep. 30, 2016.

5 Business Cycle: Energy in FocusA mix of mid- and late-cycle dynamics continues in the U.S. A business cycle approach to sector allocation may produce active returns, and the Energy sector has traditionally outperformed during the late-cycle phase. In addition, contracting global oil production could bring supply and demand into better balance going forward, potentially resulting in higher oil prices. Business Cycle Approach to Sectors Global Crude Oil Supply Growth Sector Early Mid Late Recession Financials + Real Estate ++ -- Consumer Discretionary Technology Industrials Materials - Consumer Staples Health Care Energy Telecom Utilities Millions of Barrels per Day The business cycle approach offers considerable potential for taking advantage of relative sector performance opportunities (see left chart). As the probability of a shift in phase increases—for instance, from mid cycle to late cycle—such a strategy allows investors to adjust their exposures to sectors that have prominent performance patterns in the next phase of the cycle. Our views on these phase shifts are presented in recurring monthly updates on the business cycle. By its very nature, the business cycle focuses on an intermediate time horizon (i.e., cycle phases on average rotate every few months to few years). This makes it more practical to execute than tactical shorter-term approaches, while reducing the potential for being whipsawed by the reversal of a short-term indicator. Currently, we continue to see a mix of mid- and late-cycle indicators. Historically, Energy is one of the sectors that has performed well in the late cycle. Going forward, that and other ongoing dynamics in the sector could bode well for Energy stocks. Past performance is no guarantee of future results. Sectors as defined by GICS. LEFT: Unshaded (white) portions above suggest no clear pattern of over- or underperformance vs. broader market. Double +/– signs indicate that the sector is showing a consistent signal across all three metrics: full-phase average performance, median monthly difference, and cycle hit rate. A single +/– indicates a mixed or less consistent signal. Source: The Business Cycle Approach to Sector Investing, Fidelity Investments (AART), Sep RIGHT: Data shown as a three-month average. Source: Based on IEA data from the IEA Oil Data Service. © OECD/IEA 9/16, IEA Publishing, Fidelity Investments (AART), as of Sep. 30, 2016.

6 Fundamentals: Telecom and Consumer Staples StrongFundamentals for Telecom have been driven by accelerated earnings per share (EPS) and solid free-cash-flow margins, while Consumer Staples has benefited from strong returns on equity and EPS growth. Energy continues to lag, but recent indicators—such as rising oil prices and contracting supply—may bode well for the sector’s fundamentals going forward. EPS Growth (Last 12 Months) EBITDA Growth (Last 12 Months) Return on Equity (Last 12 Months) Free-Cash-Flow Margin (Last 12 Months) Fundamentals: Strong and improving fundamentals historically have been an intermediate-term indicator of sector performance. Fundamental analysis gives a view into how each sector is doing in terms of growth and profitability. EPS bars for Telecom (+100%) and Energy (-99%) are broken to better demonstrate scale. Telecom EPS and EBITDA growth largely reflect an industry accounting change and is not representative of typical economic earnings growth. EPS = earnings per share. EBITDA = earnings before interest, taxes, depreciation, and amortization. Financials sector is not represented in the EBITDA Growth or Free-Cash-Flow Margin charts. See the Glossary and Methodology slide for further explanation. Source: FactSet, Fidelity Investments, as of Sep. 30, 2016.

7 Relative Valuations: Financials, Telecom, and Health on TopFinancials is the least expensive sector based on price-to-book (P/B) and price-to-earnings (P/E) ratios. Telecom also looks compelling on a P/E basis, but much less so on a P/B level. Health Care’s valuation has become more attractive after recent struggles, but Utilities now appears somewhat overvalued. Meanwhile, Energy valuations continue to send mixed signals. Earnings Yield Free-Cash-Flow Yield Relative Forward Earnings Yield to S&P 500 Index (%) Relative Free-Cash-Flow Yield to S&P 500 Index (%) Relative Valuations: On their own, valuations are not necessarily the best indicator of sector performance, but when combined with other factors, valuations can be a useful tool in determining the risk-and-reward profile. Forward earnings yield reflects analysts’ published earnings-per-share estimates for the next 12 months, divided by market price per share; it is the inverse of the price-to-earnings (P/E) ratio. Free-cash-flow yield reflects free cash flow divided by market price per share; it is the inverse of the price-to-free-cash-flow ratio. The Financials sector is not represented in the Free-Cash-Flow Yield chart. Please see the Glossary and Methodology slide for further explanation. Source: FactSet, Fidelity Investments, as of Sep. 30, 2016.

8 Momentum: Telecom Still Tops; Materials and Tech RisingThe robust momentum of the Telecom sector in the first half of 2016 carried it through Q3, despite a late pullback. Higher prices for gold and other commodities drove Materials’ acceleration, while Technology was propelled by several of the largest stocks in the sector. But, with no rate hikes since December 2015, the Financials sector lagged on a momentum basis. Momentum Leaders Momentum Laggards Price Indexed to 100 Price Indexed to 100 12-month review 12-month review Momentum: Momentum compares the rate of acceleration in the price of securities within a sector, over time. It can be used to analyze relative sector performance as well as to evaluate performance for a sector separately from the broader market. Past performance is no guarantee of future results. Charts show performance of S&P 500 Sector Indices, indexed to 100, from 9/30/14 to 9/30/16. It is not possible to invest directly in an index. All indices are unmanaged. Source: FactSet, Fidelity Investments, as of Sep. 30, 2016.

9 Relative Strength: The Return of Energy and MaterialsRenewed interest in the previously out-of-favor Energy and Materials sectors is apparent in their relative strength. Technology also came back strong as the rally in less economically sensitive sectors subsided. Accordingly, the relative strength of the defensive-oriented Utilities and Telecom sectors dropped in the late stages of the period. Sectors Exhibiting Relative Strength Sectors Exhibiting Relative Weakness Price Relative to S&P 500 Index Price Relative to S&P 500 Index 6-month review 6-month review Relative Strength: This indicator compares the performance of each sector with the performance of the broad market based on changes in the ratio of the securities’ respective prices over time. Past performance is no guarantee of future results. Charts represent performance of specified S&P 500 Sector Indices relative to the broader S&P 500 Index. It is not possible to invest directly in an index. All indices are unmanaged. Source: FactSet, Fidelity Investments, as of Sep. 30, 2016.

10 Positive U.S. Commercial Real Estate FundamentalsReal Estate fundamentals remain strong amid a favorable supply/demand backdrop. Vacancy levels are historically low and net operating income for REITs has been growing. New supply of U.S. commercial real estate is below its historical average and below levels needed to keep pace with population growth and the obsolescence of existing buildings. New Supply as % of Total Stock is Below Historical Average % of Total Stock % of Total Stock (Historical Average) As discussed earlier, Real Estate formally became the 11th market sector, as defined by GICS, at the end of August. Real Estate will be included in our Sector Scorecard and all Quarterly Sector Update coverage beginning in Q Here’s a brief look at the macroeconomic backdrop for the sector, which is primarily composed of REITs. Real Estate fundamentals remain strong amid a favorable supply/demand backdrop. Vacancy levels are historically low and net operating income for REITs has been growing. New supply of U.S. commercial real estate is below its historical average, and is also below levels needed to maintain pace with population growth and obsolescence of existing buildings. These dynamics should bode well for higher real estate pricing and rental incomes, which could potentially be favorable for investment returns in the sector. Percent of total stock represents new supply as a percent of the total existing U.S. commercial real estate. Source: Citi Investment Research and Analysis, as of Jun. 30, 2016.

11 Health Care Valuation at Historically Attractive LevelHealth Care’s trailing price-to-earnings (P/E) ratio relative to the market is well below its historical average. Over the past decade, when Health Care’s relative P/E was this low, it outperformed the S&P 500 Index 93% of the time over the next 12 months. Health Care companies also have generated strong relative earnings growth and free cash flow of late. Health Care Relative Trailing P/E Ratio (Dec to Aug. 2016) Health Care: Odds of Outperformance (%) at Current Trailing Relative P/E (1962 to Aug. 2016) Now, let’s turn from the newest sector to one we think is worthy of a fresh look—Health Care. The Health Care sector’s year-to-date performance has been flat, and that’s largely due to political rhetoric surrounding drug pricing. However, with the presidential campaign nearly over, we believe now is still a compelling entry point. Why? For one, Health Care’s relative valuation is well below its historical average. And over the past decade, when Health Care’s valuation has gotten this cheap, it outperformed the S&P 500 Index 93% of the time over the next 12 months. Health care companies have also generated strong relative earnings growth and free cash flow of late—both of which are historically positive for stock prices in the sector. Dating back to 1962, the Health Care sector outperformed the S&P 500 Index 54% of the time when its relative valuation was as inexpensive as it is now. And those odds of outperformance rise to 65% when 1992 is excluded from the analysis (a year when Health Care stocks fell sharply due to uncertainty surrounding then-presidential candidate Bill Clinton’s proposed health care reforms). LEFT: Trailing P/E: price-to-earnings ratio using earnings for the four most recently completed quarters. Source: FactSet, Fidelity Investments, as of Aug. 31, RIGHT: Source: FactSet, Fidelity Investments, as of Aug. 31, 2016.

12 Homebuilders May Be Well Positioned for GrowthA combination of strong data and attractive valuations provides a nice setup for the homebuilders industry within the Consumer Discretionary sector. The group’s low relative price-to-book (P/B) ratio, solid rising trend of new home sales, and low inventory levels are potential signals for future strong relative performance. Homebuilders Relative P/B New One-Family Houses Sold: U.S. (SAAR, Thous) Like many of the more cyclical segments of the market, the economically sensitive homebuilding industry struggled earlier this year amid extreme stock market volatility. Moving forward, however, we see several reasons for optimism. First, the performance of homebuilding stocks historically is closely tied to interest-rate and employment levels. When mortgage rates are low and employment levels are strong—as they are currently—people are more able to afford and build new homes. As a result, homebuilders typically benefit in these environments. Second, homebuilding stocks are attractively priced right now on a price-to-earnings and price-to-book basis—both are below their historical averages relative to the market. In addition, new home sales are on the rise against a backdrop of low inventory levels. All of these conditions point to potentially strong future performance for homebuilding stocks. Of course, the caveat here is the business cycle. The strong odds of outperformance are contingent upon the absence of a recession. Should we slip into a recession—something we feel is unlikely at this time—homebuilders would likely underperform. Source: LEFT: Haver Analytics, Fidelity Investments, as of Aug. 31, RIGHT: SAAR: seasonally adjusted annual rate. Source: U.S. Census Bureau, Haver Analytics, Fidelity Investments, as of Aug. 31, 2016.

13 Glossary and MethodologyPrice-to-Book (P/B) Ratio The ratio of a company’s share price to reported accumulated profits and capital. Relative Valuations Valuation metrics for each sector are relative to the S&P 500 Index. Ratios compute the current relative valuation divided by the 10-year historical average relative valuation, eliminating the top 5% and bottom 5% values to reduce the effect of potential outliers. Sectors are then ranked by their weighted average ratios, weighted as follows: P/E: 35%; P/B: 20%; P/S: 20%; FCF yield: 20%; dividend yield: 5%. However, the Financials sector is weighted as follows: P/E: 59%; P/B: 33%; dividend yield: 8%. Bear Market At least a 20% correction in the stock market. Price-to-Earnings (P/E) Ratio The ratio of a company's current share price to its reported earnings. A forward P/E ratio typically uses an average of analysts’ published earnings estimates for the next 12 mos. Cycle Hit Rate Calculates the frequency of a sector outperforming the broader equity market over each business cycle phase since 1962. Price-to-Sales (P/S) Ratio The ratio of a company’s current share price to reported sales. Dividend Yield Annual dividends per share divided by share price. Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) A non-GAAP measure often used to compare profitability between companies and industries, because it eliminates the effects of financing and accounting decisions. Primary Contributors Relative Strength The comparison of a security’s performance relative to a benchmark, typically a market index. Asset Allocation Research Team (AART) AART is part of the Global Asset Allocation division of Fidelity’s Asset Management organization. AART conducts economic, fundamental, and quantitative research to develop asset allocation recommendations for Fidelity’s portfolio managers and investment teams. Return on Equity (ROE) The amount, expressed as a percentage, earned on a company’s common stock investment for a given period. Earnings per Share Growth Measures the growth in reported earnings per share over the specified past time period. Risk Decomposition A mathematical analysis that estimates the relative contribution of various sources of volatility. Fidelity Management & Research Company Equity Division The Equity Division within Fidelity Asset Management consists of 11 portfolio groups, as well as Select and Advisor Focus sector portfolios. Each group is responsible for portfolio management supported by in-depth fundamental research. Earnings Yield Earnings per share divided by share price. It is the inverse of the price-to-earnings (P/E) ratio. Methodology Free Cash Flow (FCF) The amount of cash a company has remaining after expenses, debt service, capital expenditures, and dividends. High free cash flow typically suggests stronger company value. Business Cycle The business cycle as used herein reflects fluctuation of activity in the U.S. economy and is based on Fidelity’s analysis of historical trends. Fidelity SelectCo SelectCo is a division within Fidelity’s Asset Management organization and is focused exclusively on expanding the company’s 30-year heritage of sector investing to help meet the evolving needs of investors and advisers for innovative sector-specific tools, resources, and products. Fundamentals Sector rankings are based on equally weighting the following four fundamental factors: EBITDA growth, earnings growth, ROE, and FCF margin. However, we evaluate the Financials sector only on earnings growth and ROE because of differences in its business model and accounting standards. Free-Cash-Flow Yield Free cash flow per share divided by share price. A high FCF yield often represents a good investment opportunity, because investors would be paying a reasonable price for healthy cash earnings. Full-Phase Average Performance Calculates the (geometric) average performance of a sector in a particular phase of the business cycle and subtracts the performance of the broader equity market. Momentum Compares the price change of a sector versus itself over a 12-month period, with a one-month reversal on the latest month. Persistence in returns can be a useful indicator of sector performance during a six- to 12-month period. Median Monthly Difference Calculates the difference in the monthly performance of a sector compared with the broader equity market, and then takes the midpoint of those observations. Relative Strength Compares the strength of a sector versus the S&P 500 Index over a six-month period, with a one-month reversal on the latest month; identifying relative strength patterns can be a useful indicator for short-term sector performance.

14 Appendix 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. Early-cycle: economy bottoms and picks up steam until it exits recession, then begins the recovery as activity accelerates. Inflationary pressures are typically low, monetary policy is accommodative, and the yield curve is steep. Mid-cycle: economy exits recovery and enters into expansion, characterized by broader and more self-sustaining economic momentum but a more moderate pace of growth. Inflationary pressures typically begin to rise, monetary policy becomes tighter, and the yield curve experiences some flattening. Information presented herein is for discussion and illustrative purposes only and is not a recommendation or an offer or solicitation to buy or sell any securities. Views expressed are as of the date indicated, based on the informa­tion available at that time, and may change based on market and other conditions. Unless otherwise noted, the opinions provided are those of the authors and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information. Late-cycle: economic expansion matures, inflationary pressures continue to rise, and the yield curve may eventually become flat or inverted. Eventually, the economy contracts and enters recession, with monetary policy shifting from tightening to easing. Please note that there is no uniformity of time among phases, nor is the chronological progression always in this order. For example, business cycles have varied between one and 10 years in the U.S., and there have been examples when the economy has skipped a phase or retraced an earlier one. References to specific investment themes are for illustrative purposes only and should not be construed as recommendations or investment advice. Investment decisions should be based on an individual’s own goals, time horizon, and tolerance for risk. Market Indices The FTSE NAREIT All Equity REITs Index is a market capitalization–weighted index that is designed to measure the performance of tax–qualified Real Estate Investment Trusts (REITs) that are listed on the New York Stock Exchange, the NYSE MKT LLC, or the NASDAQ National Market List with more than fifty percent of total assets in qualifying real estate assets secured by real property. Mortgage REITs are excluded. This piece may contain assumptions that are “forward-looking statements,” which are based on certain assumptions of future events. Actual events are difficult to predict and may differ from those assumed. There can be no assurance that forward-looking statements will materialize or that actual returns or results will not be materially different from those described here. Past performance is no guarantee of future results. The S&P 500® Index 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. S&P 500 is a registered service mark of Standard & Poor’s Financial Services LLC. Sectors and industries are defined by the Global Industry Classification Standard (GICS). Investing involves risk, including risk of loss. All indices are unmanaged. You cannot invest directly in an index. Index or benchmark performance presented in this document does not reflect the deduction of advisory fees, transaction charges, and other expenses, which would reduce performance. The S&P 500 sector indices include the standard GICS sectors that make up the S&P 500 Index. The market capitalization of all S&P 500 sector indices together composes the market capitalization of the parent S&P 500 Index; each member of the S&P 500 Index is assigned to one (and only one) sector. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Because of its narrow focus, sector investing tends to be more volatile than investments that diversify across many sectors and companies. Sector investing is also subject to the additional risks associated with its particular industry. MSCI USA Investable Market Index (IMI) is designed to measure the performance of the large-, mid-, and small-cap segments of the U.S. market. With 2,505 constituents, the index covers approximately 99% of the free-float-adjusted market cap in the U.S. Business Cycle Definition The typical Business Cycle depicts the general pattern of economic cycles throughout history, though each cycle is different. In general, the typical business cycle demonstrates the following:

15 Appendix Sectors are defined as follows: Consumer Discretionary: companies that provide goods and services that people want but don’t necessarily need, such as televisions, cars, and sporting goods; these businesses tend to be the most sensitive to economic cycles. Consumer Staples: companies that provide goods and services that people use on a daily basis, like food, household products, and personal-care products; these businesses tend to be less sensitive to economic cycles. Energy: companies whose businesses are dominated by either of the following activities: the construction or provision of oil rigs, drilling equipment, or other energy-related services and equipment, including seismic data collection; or the exploration, production, marketing, refining, and/or transportation of oil and gas products, coal, and consumable fuels. Financials: companies involved in activities such as banking, consumer finance, investment banking and brokerage, asset management, insurance and investments, and real estate, including REITs. Health Care: companies in two main industry groups: health care equipment suppliers and manufacturers, and providers of health care services; and companies involved in the research, development, production, and marketing of pharmaceuticals and biotechnology products. Industrials: companies whose businesses manufacture and distribute capital goods, provide commercial services and supplies, or provide transportation services. Technology: companies in technology software and services and technology hardware and equipment. Materials: companies that are engaged in a wide range of commodity-related manufacturing. Telecommunication Services: companies that provide communications services primarily through fixed-line, cellular, wireless, high bandwidth, and/or fiber-optic cable networks. Utilities: companies considered to be electric, gas, or water utilities, or companies that operate as independent producers and/or distributors of power. Third-party marks are the property of their respective owners; all other marks are the property of FMR LLC. If receiving this piece through your relationship with Fidelity Institutional Asset Management® (FIAM), this publication is provided by Fidelity Investments Institutional Services Company, Inc.. If receiving this piece through your relationship with Fidelity Personal & Workplace Investing (PWI) or Fidelity Family Office Services (FFOS) this publication is provided through Fidelity Brokerage Services LLC, Member NYSE, SIPC. If receiving this piece through your relationship with Fidelity Clearing and Custody Solutions or Fidelity Capital Markets, this publication is for institutional investor or investment professional use only. Clearing, custody or other brokerage services are provided through National Financial Services LLC or Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2016 FMR LLC. All rights reserved.