Sample For Illustration Purposes Only

Transcription

1 Report Generated: Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street Smithfield, RI Sample For Illustration Purposes Only

2 TABLE OF CONTENTS Fixed Income Analysis Report Overview 3 Bond & CD Positions Overview 4 Bond Fund Positions Overview 10 Calculations Overview 11 Bonds & CDs 12 Bond & CD Analytics Overview 25 Glossary Of Terms 33

3 Fixed Income Analysis Report Overview Unless otherwise specifically stated, all position holdings data, including account balances, are gathered from brokerage accounts that you own, as well as authorized accounts and position holdings held outside of Fidelity you have identified for analysis. This report only includes your holdings in the accounts selected and identified on Fidelity.com s Fixed Income Analysis tool s Position page as Existing Portfolio (Fidelity & Outside). This report does not include any positions you identified as hypothetical. This report should not be substituted for, or considered, your account statement and is provided for educational purposes only. You should not rely on this report as the primary basis for your investment or tax-planning decisions. Please consult your most recent Fidelity account statement for information regarding your account balances, positions, and transactions. Fidelity reports data as of the most recent closing price. Fidelity is not able to verify the accuracy, timeliness or completeness of the position data reflected for positions that are held outside of Fidelity. If there are any terms referenced in this analysis that are unfamiliar to you, please refer to Important Information section at the end of this report or visit Fixed Income Analysis tool s Help/Glossary at Fidelity.com. Page 3 of 35

4 Bond & CD Positions Overview The table included on the following pages displays bond and CD positions held at Fidelity and outside positions sorted by maturity. Additional information in the table includes applicable call dates, Moody s and S&P ratings, acquisition information for open lots, adjusted cost basis, and duration. The value of your holdings in your accounts may change from day to day, and you should always ensure that you have the most up-to-date information before investing. Fidelity reports data as of the most recent closing price. Fidelity is not able to verify the accuracy, timeliness or completeness of the position data reflected for positions that are held outside of Fidelity. 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 risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. If there are any terms referenced in this analysis that are unfamiliar to you, please refer to the Glossary of Terms at the end of this report. For additional information, visit the Fixed Income Analysis Help/Glossary at Fidelity.com. IMPORTANT: If you have any unsettled trades pending in any of the accounts identified for analysis as of the date this report was generated, account balances, holdings data and analytical information presented in this report may be materially impacted and, depending on the size and scope of such unsettled trades, rendered unreliable. Page 4 of 35

5 Positions: Bonds & CDs (continued) CUSIP Description Maturity Call Date Coupon Ratings 1 Open Lot Detail Total Moody's 2 S&P 3 Acquisition Date Acquisition Yield Quantity Position Quantity Estimated Yield Duration (years) Most Recent Price Most Recent Value Adjusted Cost Basis Account Product Type 06278CUW CVW2 BANK INDIA NEW YORK N Y % 10/22/2014CD BANK INDIA NEW YORK N Y % 11/12/2014CD 10/22/2014 n/a /21/ ,000 10, $9, Z CD 11/12/2014 n/a /11/ ,000 20, $19, Z CD 08/11/ , ANV CWQ MFU DAA1 SAFRA NATL BANK NEW YORK NY % 11/14/2014CD BANK INDIA NEW YORK N Y % 11/26/2014CD MIZUHO BK USA INSTL CTF DEP % 12/05/2014CD ROYAL BK SCOTLAND GROUP PLC % 12/15/2014FR 11/14/2014 n/a /13/ ,000 10, $10, Z CD 11/26/2014 n/a /27/ ,000 10, $9, Z CD 12/05/2014 n/a /28/ ,000 10, $10, Z CD 12/15/2014 n/a BBB+ 12/12/ ,000 10, $10, Z Corporate 1Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the long-term rating, which reflects the rating agency s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security s rating is based on any credit enhancement features, the rating agency may also assign an underlying rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings. 2Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--". 3S&P Rating: A bond rating system provided by & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The McGraw-Hill Companies, Inc. Page 5 of 35

6 Positions: Bonds & CDs (continued) CUSIP Description Maturity Call Date Coupon Ratings 1 Open Lot Detail Total Moody's 2 S&P 3 Acquisition Date Acquisition Yield Quantity Position Quantity Estimated Yield Duration (years) Most Recent Price Most Recent Value Adjusted Cost Basis Account Product Type X EN CVV R2V CYB JQP C24 DISCOVER BK 12/26/2014 n/a /23/ ,000 10, $9, Z CD GREENWOOD DEL % 12/26/2014CD BANCO 01/02/2015 n/a /30/ ,000 10, $10, Z CD POPULAR DE P R HATO REY % 01/02/2015CD BANK INDIA 02/11/2015 n/a /11/ ,000 10, $9, Z CD NEW YORK N Y % 02/11/2015CD GE CAPITAL 02/15/2015 n/a A1 AA+ 02/02/ ,000 5, $5, Z Corporate INTERNOTE S % 02/15/2015FR BANK INDIA 04/01/2015 n/a /26/ ,000 10, $9, Z CD NEW YORK N Y % 04/01/2015CD GE CAP BK 06/01/2015 n/a /29/ ,000 10, $9, Z CD INC RETAILCD % 06/01/2015 COLE 06/05/2015 n/a /02/ ,000 10, $9, Z CD TAYLOR BK CHICAGO IL % 06/05/2015CD 1Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the long-term rating, which reflects the rating agency s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security s rating is based on any credit enhancement features, the rating agency may also assign an underlying rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings. 2Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--". 3S&P Rating: A bond rating system provided by & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The McGraw-Hill Companies, Inc. Page 6 of 35

7 Positions: Bonds & CDs (continued) CUSIP Description Maturity Call Date Coupon Ratings 1 Open Lot Detail Total Moody's 2 S&P 3 Acquisition Date Acquisition Yield Quantity Position Quantity Estimated Yield Duration (years) Most Recent Price Most Recent Value Adjusted Cost Basis Account Product Type 33583CGY VQP PY EA TCQ PP9 FIRST NIAGARA BK N A NY % 10/13/2015CD 10/13/2015 n/a /08/ ,000 10, $9, Z CD GE CAP BK 02/21/2017 n/a /17/ ,000 10, $10, Z CD INC RETAILCD % 02/21/2017 UNITED 02/28/2018 n/a AAA -- 02/24/ ,000 10, $10, Z Treasury STATES TREAS NTS % 02/28/2018 FEDERAL 06/05/2020 n/a AAA AA+ 05/28/ ,000 10, $9, Z Agency HOME LOAN BANKS % 06/05/2020CO NS BD GENERA 07/15/2020 n/a A1 AA+ 07/11/ ,000 10, $10, Z Corporate L ELECTRI C CAPITAL CORP % 07/15/2020FR UNITED 01/15/2021 n/a AAA -- 03/24/ ,000 10, n/a n/a Z Treasury STATES TREAS NTS % 01/15/2021TIP S 1Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the long-term rating, which reflects the rating agency s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security s rating is based on any credit enhancement features, the rating agency may also assign an underlying rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings. 2Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--". 3S&P Rating: A bond rating system provided by & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The McGraw-Hill Companies, Inc. Page 7 of 35

8 Positions: Bonds & CDs (continued) CUSIP Description Maturity Call Date Coupon Ratings 1 Open Lot Detail Total Moody's 2 S&P 3 Acquisition Date Acquisition Yield Quantity Position Quantity Estimated Yield Duration (years) Most Recent Price Most Recent Value Adjusted Cost Basis Account Product Type 36966TEG LVP5 3130A1MW5 3133EDN A2EX TJB9 GENERA L ELECTRI C CAPITAL CORP % 02/15/2023FR 02/15/2023 n/a A1 AA+ 01/30/ ,000 10, $10, Z Corporate DOW CHEM 02/15/ /15/ BAA2 BBB 02/10/ ,000 10, $9, Z Corporate CO SR INTERNOTE S % 02/15/2024FR FEDL HOME 04/29/ /29/ AAA AA+ 04/15/ ,000 10, $10, Z Agency LOAN BK BOND % 04/29/2024 FEDERAL 06/12/ /12/ AAA AA+ 06/09/ ,000 10, $10, Z Agency FARM CR BKS CONS BD % 06/12/2024 FEDERAL 07/10/ /10/ AAA AA+ 06/16/ ,000 10, $10, Z Agency HOME LOAN BANKS % 07/10/2025CO NS BD GENERA 05/15/2026 n/a A1 AA+ 04/29/ ,000 10, $9, Z Corporate L ELECTRI C CAPITAL CORP % 05/15/2026FR 1Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the long-term rating, which reflects the rating agency s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security s rating is based on any credit enhancement features, the rating agency may also assign an underlying rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings. 2Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--". 3S&P Rating: A bond rating system provided by & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The McGraw-Hill Companies, Inc. Page 8 of 35

9 Positions: Bonds & CDs (continued) CUSIP Description Maturity Call Date Coupon Ratings 1 Open Lot Detail Total Moody's 2 S&P 3 Acquisition Date Acquisition Yield Quantity Position Quantity Estimated Yield Duration (years) Most Recent Price Most Recent Value Adjusted Cost Basis Account Product Type BX0 3133EDDG4 3130A22Z8 3136G1EF KR1 FEDERAL HOME LOAN BANKS % 09/11/2026CO NS BD 09/11/ /11/ AAA AA+ 02/19/ ,000 10, $9, Z Agency FEDERAL 01/16/ /16/ AAA AA+ 01/10/ ,000 1, $1, Z Agency FARM CR BKS CONS BD % 01/16/2029 FEDERAL 06/05/ /05/ AAA AA+ 05/27/ ,000 10, $10, Z Agency HOME LOAN BANKS % 06/05/2029CO NS BD FEDL NATL 02/28/ /28/2014 StepUp/0% AAA AA+ 02/19/ ,000 10, $9, Z Agency MTG ASSN NOTES % 02/28/2033 FEDERAL 07/01/2033 n/a AAA AA+ 06/05/ ,000 10, $9, Z Agency HOME LOAN BANKS % 07/01/2033CO NS BD 1Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the long-term rating, which reflects the rating agency s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security s rating is based on any credit enhancement features, the rating agency may also assign an underlying rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings. 2Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., Aaa for best quality bonds, Baa for a lower quality than Aaa, etc.). A rating of Baa3 is the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as "--". 3S&P Rating: A bond rating system provided by & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as "--". S&P is a registered service mark of The McGraw-Hill Companies, Inc. Page 9 of 35

10 Bond Fund Positions Overview The Existing Portfolio (Fidelity & Outside) does not currently hold any positions to display. Page 10 of 35

11 Calculations Overview The cash flow calculation illustrations on the following pages display historical and hypothetical future income for bond, CD, and bond fund positions held at Fidelity and outside positions, including:, Moody s Credit Ratings, S&P Credit Ratings,, and Taxability for Bonds and CDs. Fixed Income Illustrator for Bonds, CDs, and Bond Funds. Bond Fund Income Illustrator for Bond Funds. Unless otherwise specifically stated, all position holdings data, including account balances, are gathered from Fidelity brokerage accounts that you own, authorized accounts, and positions held outside of Fidelity you identified for analysis. You may have holdings in other accounts that are not included in this report. This report does not include any positions you identified as hypothetical. The value of your holdings in your accounts may change from day to day, and you should always ensure that you have the most up-to-date information before investing. Fidelity reports data as of the most recent closing price. Fidelity is not able to verify the accuracy, timeliness or completeness of the position data reflected for positions that are held outside of Fidelity. If there are any terms referenced in this analysis that are unfamiliar to you, please refer to the Glossary of Terms at the end of this report. For additional information, visit the Fixed Income Analysis Help/Glossary at Fidelity.com. IMPORTANT: If you have unsettled trades pending in any of the accounts identified on this page as of the date this report was generated, the account balances, holdings data and analytical information presented in this report may be materially impacted and, depending on the size and scope of such unsettled trades, rendered unreliable. Page 11 of 35

12 Calculations: Bonds & CDs This table represents historical payments of interest and return of principal and hypothetical future income for bond and CD positions. In addition to standard cash distributions, please find on the following pages, alternate views by credit ratings, events that can impact payments until maturity, and taxability. NOTICE: The report does not include positions you identified as hypothetical. The calculations displayed may differ from those displayed in the online calculator, which includes hypothetical positions. Cash Distribution (Estimated Interest & Principal) Year Interest $4, $5, $4, $4, $4, $4, $4, $3, $3, $3, Principal $80, $65, $0.00 $10, $10, $0.00 $20, $0.00 $0.00 $10, Total $84, $70, $4, $14, $14, $4, $24, $3, $3, $13, Year Interest $2, $2, $1, $1, $1, $1, $ $ $ $ Principal $30, $10, $20, $0.00 $0.00 $11, $0.00 $0.00 $0.00 $20, Total $32, $12, $21, $1, $1, $12, $ $ $ $20, Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s). Page 12 of 35

13 Calculations: Bonds & CDs (continued) Cash distribution by credit rating helps identify where income and principal payments could be subject to increased credit risk. The credit rating categories displayed in the chart represent both the main rating and its increments combined to provide the amounts displayed. NOTICE: The report does not include positions you identified as hypothetical. The calculations displayed may differ from those displayed in the online calculator, which includes hypothetical positions. Cash Distribution (Estimated Principal & Interest) Moody's Credit Rating Year AAA AA A BAA BA B CAA CA C Other Total 2014 Int. $1, $0.00 $1, $ $0.00 $0.00 $0.00 $0.00 $0.00 $1, $4, Prin. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $80, $80, Int. $2, $0.00 $1, $ $0.00 $0.00 $0.00 $0.00 $0.00 $ $5, Prin. $0.00 $0.00 $5, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $60, $65, Int. $2, $0.00 $1, $ $0.00 $0.00 $0.00 $0.00 $0.00 $ $4, Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., AAA for best quality bonds, BAA for a lower quality than AAA, etc.). A rating of BAA3 is the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as --" and included in the column titled Other. Moody's ratings ("Ratings") are proprietary to Moody's or its affiliates and are protected by copyright and other intellectual property laws. Ratings are licensed to Licensee by Moody's. Moody's is a registered trademark of Moody's Investors Service, Inc. RATINGS MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the long-term rating, which reflects the rating agency s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security s rating is based on any credit enhancement features, the rating agency may also assign an underlying rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details for more detailed credit rating information. Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s). Page 13 of 35

14 Year AAA AA A BAA BA B CAA CA C Other Total 2017 Int. $2, $0.00 $1, $ $0.00 $0.00 $0.00 $0.00 $0.00 $ $4, Prin. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10, $10, Int. $2, $0.00 $1, $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4, Prin. $10, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10, Int. $2, $0.00 $1, $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4, Int. $2, $0.00 $1, $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4, Prin. $10, $0.00 $10, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20, Int. $2, $0.00 $ $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3, Int. $2, $0.00 $ $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3, Int. $2, $0.00 $ $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3, Prin. $0.00 $0.00 $10, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10, Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., AAA for best quality bonds, BAA for a lower quality than AAA, etc.). A rating of BAA3 is the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as --" and included in the column titled Other. Moody's ratings ("Ratings") are proprietary to Moody's or its affiliates and are protected by copyright and other intellectual property laws. Ratings are licensed to Licensee by Moody's. Moody's is a registered trademark of Moody's Investors Service, Inc. RATINGS MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the long-term rating, which reflects the rating agency s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security s rating is based on any credit enhancement features, the rating agency may also assign an underlying rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details for more detailed credit rating information. Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s). Page 14 of 35

15 Year AAA AA A BAA BA B CAA CA C Other Total 2024 Int. $2, $0.00 $ $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2, Prin. $20, $0.00 $0.00 $10, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30, Int. $1, $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2, Prin. $10, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10, Int. $1, $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1, Prin. $10, $0.00 $10, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20, Int. $1, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1, Int. $1, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1, Int. $1, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1, Prin. $11, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11, Int. $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., AAA for best quality bonds, BAA for a lower quality than AAA, etc.). A rating of BAA3 is the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as --" and included in the column titled Other. Moody's ratings ("Ratings") are proprietary to Moody's or its affiliates and are protected by copyright and other intellectual property laws. Ratings are licensed to Licensee by Moody's. Moody's is a registered trademark of Moody's Investors Service, Inc. RATINGS MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the long-term rating, which reflects the rating agency s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security s rating is based on any credit enhancement features, the rating agency may also assign an underlying rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details for more detailed credit rating information. Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s). Page 15 of 35

16 Year AAA AA A BAA BA B CAA CA C Other Total 2031 Int. $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ Int. $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ Int. $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ Prin. $20, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20, Moody's Rating: A bond rating system used by Moody's to specify its assessment of the quality of bonds (e.g., AAA for best quality bonds, BAA for a lower quality than AAA, etc.). A rating of BAA3 is the lowest Moody's credit rating that is still classified as investment grade. Non-rated positions will display as --" and included in the column titled Other. Moody's ratings ("Ratings") are proprietary to Moody's or its affiliates and are protected by copyright and other intellectual property laws. Ratings are licensed to Licensee by Moody's. Moody's is a registered trademark of Moody's Investors Service, Inc. RATINGS MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the long-term rating, which reflects the rating agency s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security s rating is based on any credit enhancement features, the rating agency may also assign an underlying rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details for more detailed credit rating information. Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s). Page 16 of 35

17 Calculations: Bonds & CDs (continued) Cash distribution by credit rating helps identify where income and principal payments could be subject to increased credit risk. The credit rating categories displayed in the chart represent the letter rating and any modifiers (+/- for S&P credit ratings) to provide the amounts displayed. NOTICE: The report does not include positions you identified as hypothetical. The calculations displayed may differ from those displayed in the online calculator, which includes hypothetical positions. Cash Distribution (Estimated Interest & Principal) S&P Credit Rating Year AAA AA A BBB BB B CCC CC C Other Total 2014 Int. $0.00 $3, $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $ $4, Prin. $0.00 $0.00 $0.00 $10, $0.00 $0.00 $0.00 $0.00 $0.00 $70, $80, Int. $0.00 $3, $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $ $5, Prin. $0.00 $5, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $60, $65, Int. $0.00 $3, $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $ $4, S&P Rating: A bond rating system provided by & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as --" and included in the column titled Other. S&P is a registered service mark of The McGraw-Hill Companies, Inc. Ratings information from & Poor's ( S&P ) may not be reproduced. S&P credit ratings are statements of opinion and are not statements of fact or recommendations to purchase, hold, or sell securities, nor do they address the suitability of securities for investment purposes, and should not be relied on as investment advice. S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for errors or omissions (negligent or otherwise). S&P gives no express or implied warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose or use. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of ratings. Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the long-term rating, which reflects the rating agency s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security s rating is based on any credit enhancement features, the rating agency may also assign an underlying rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings. Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions paes(s). Page 17 of 35

18 Year AAA AA A BBB BB B CCC CC C Other Total 2017 Int. $0.00 $3, $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $ $4, Prin. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10, $10, Int. $0.00 $3, $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $ $4, Prin. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10, $10, Int. $0.00 $3, $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4, Int. $0.00 $3, $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4, Prin. $0.00 $20, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20, Int. $0.00 $3, $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3, Int. $0.00 $3, $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3, Int. $0.00 $3, $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3, Prin. $0.00 $10, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10, Int. $0.00 $2, $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2, Prin. $0.00 $20, $0.00 $10, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30, S&P Rating: A bond rating system provided by & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as --" and included in the column titled Other. S&P is a registered service mark of The McGraw-Hill Companies, Inc. Ratings information from & Poor's ( S&P ) may not be reproduced. S&P credit ratings are statements of opinion and are not statements of fact or recommendations to purchase, hold, or sell securities, nor do they address the suitability of securities for investment purposes, and should not be relied on as investment advice. S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for errors or omissions (negligent or otherwise). S&P gives no express or implied warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose or use. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of ratings. Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the long-term rating, which reflects the rating agency s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security s rating is based on any credit enhancement features, the rating agency may also assign an underlying rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings. Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions paes(s). Page 18 of 35

19 Year AAA AA A BBB BB B CCC CC C Other Total 2025 Int. $0.00 $2, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2, Prin. $0.00 $10, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10, Int. $0.00 $1, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1, Prin. $0.00 $20, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20, Int. $0.00 $1, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1, Int. $0.00 $1, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1, Int. $0.00 $1, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1, Prin. $0.00 $11, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11, Int. $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ Int. $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ Int. $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ S&P Rating: A bond rating system provided by & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as --" and included in the column titled Other. S&P is a registered service mark of The McGraw-Hill Companies, Inc. Ratings information from & Poor's ( S&P ) may not be reproduced. S&P credit ratings are statements of opinion and are not statements of fact or recommendations to purchase, hold, or sell securities, nor do they address the suitability of securities for investment purposes, and should not be relied on as investment advice. S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for errors or omissions (negligent or otherwise). S&P gives no express or implied warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose or use. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of ratings. Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the long-term rating, which reflects the rating agency s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security s rating is based on any credit enhancement features, the rating agency may also assign an underlying rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings. Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions paes(s). Page 19 of 35

20 Year AAA AA A BBB BB B CCC CC C Other Total 2033 Int. $0.00 $ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ Prin. $0.00 $20, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20, S&P Rating: A bond rating system provided by & Poor's (S&P) to rate the quality of bonds based on the rating agency's assessment of the quality of the bonds (e.g., AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. Non-rated positions will display as --" and included in the column titled Other. S&P is a registered service mark of The McGraw-Hill Companies, Inc. Ratings information from & Poor's ( S&P ) may not be reproduced. S&P credit ratings are statements of opinion and are not statements of fact or recommendations to purchase, hold, or sell securities, nor do they address the suitability of securities for investment purposes, and should not be relied on as investment advice. S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for errors or omissions (negligent or otherwise). S&P gives no express or implied warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose or use. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of ratings. Multiple credit ratings may be assigned to a municipal security by a single rating agency. The ratings reflected in the table are typically the long-term rating, which reflects the rating agency s opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance. If a municipal security s rating is based on any credit enhancement features, the rating agency may also assign an underlying rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. See Bond Details on Fidelity.com for more detailed credit rating information including underlying ratings. Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions paes(s). Page 20 of 35

21 Calculations: Bonds & CDs (continued) The Event Table represents the potential impact of issuer events on estimated income payments. This table represents the impact to the portfolio should the nearest possible event be triggered for each considered security. include calls, puts, sinking funds, and pre-refunding. To view details about the event types that make up the Reduced Due to column, please see the Fixed Income Analysis tool on Fidelity.com (Portfolio Summary, Select Action/Fixed Income Analysis) and view the chart under the Calculations tab. NOTICE: The report does not include positions you identified as hypothetical. The calculations displayed may differ from those displayed in the online calculator, which includes hypothetical positions. Cash Distribution (Estimated Interest & Principal) Int. $4, $1, $5, $ $4, $0.00 $4, $0.00 $4, $0.00 Prin. $80, $70, $65, $21, $0.00 $0.00 $10, $0.00 $10, $0.00 Total $84, $71, $70, $21, $4, $0.00 $14, $0.00 $14, $ Int. $4, $0.00 $4, $0.00 $3, $0.00 $3, $0.00 $3, $0.00 Prin. $0.00 $0.00 $20, $0.00 $0.00 $0.00 $0.00 $0.00 $10, $0.00 Total $4, $0.00 $24, $0.00 $3, $0.00 $3, $0.00 $13, $0.00 Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s). Page 21 of 35

22 Int. $2, $0.00 $2, $0.00 $1, $0.00 $1, $0.00 $1, $0.00 Prin. $30, $0.00 $10, $0.00 $20, $0.00 $0.00 $0.00 $0.00 $0.00 Total $32, $0.00 $12, $0.00 $21, $0.00 $1, $0.00 $1, $ Int. $1, $0.00 $ $0.00 $ $0.00 $ $0.00 $ $0.00 Prin. $11, $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20, $0.00 Total $12, $0.00 $ $0.00 $ $0.00 $ $0.00 $20, $0.00 Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s). Page 22 of 35

23 Calculations: Bonds & CDs (continued) The Taxability table represents the percentage of bond and CD positions that are federally taxable or tax exempt. Corporate bonds, agency/government-sponsored enterprise (GSE) bonds, U.S. Treasury bonds and CDs are categorized as taxable because their interest is not exempt from federal income tax. Interest income generated by tax-exempt municipal bonds is generally expected to be exempt from federal income taxes and, if the bonds are held by an investor residing in the state of issuance, state and local income taxes. Such interest income may be subject to federal and/or state alternative minimum taxes. NOTICE: The report does not include positions you identified as hypothetical. The calculations displayed may differ from those displayed in the online calculator, which includes hypothetical positions. Cash Distribution (Estimated Interest & Principal) - Taxability Tax Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Status Taxable $80, $4, $65, $5, $0.00 $4, $10, $4, $10, $4, Tax $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Exempt Total $80, $4, $65, $5, $0.00 $4, $10, $4, $10, $4, Tax Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Status Taxable $0.00 $4, $20, $4, $0.00 $3, $0.00 $3, $10, $3, Tax $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Exempt Total $0.00 $4, $20, $4, $0.00 $3, $0.00 $3, $10, $3, Cash flow calculations are for educational purposes only and should not be relied upon as the primary basis of your investment, financial, or tax-planning decisions. Actual income may differ significantly from the amounts displayed. There are circumstances in which cash flow calculations will not be performed for specific securities listed on the Positions page(s). Page 23 of 35