The UNIQUE College Investing Plan (NH)

PORTFOLIO MANAGER Q&A | AS OF SEPTEMBER 30, 2023

The UNIQUE College Investing

Plan (NH)

Key Takeaways

INVESTMENT STRATEGIES

? For the fiscal year ending September 30, 2023, each of the age-based

Active Age and Risk-Based

(Static) Fidelity Fund Portfolios

and risk-based (i.e., "static") Fidelity Funds Portfolios of the UNIQUE

College Investing Plan (NH) produced a positive total return.

? There was considerable performance dispersion among various asset

classes in the financial markets during the past 12 months, illustrating

the importance of diversification, according to Co-Portfolio Managers

Andrew Dierdorf, Brett Sumsion and Bruno Weinberg Crocco.

? A majority of the age-based Fidelity Funds Portfolios outperformed

their respective Composite indexes the past 12 months, with only the

two most conservative Portfolios modestly lagging.

? Active asset allocation decisions detracted from the Portfolios' relative

performance, especially an underweighting in U.S. equities, one of the

top-performing asset classes.

? The performance of the underlying investment funds contributed to

the age-based Portfolios relative results, particularly specific

investments in U.S. equity funds and investment-grade bond funds.

? The co-managers continued to focus on the long-term objective of the

age-based Portfolios, drawing on decades of investment experience

to help participants pursue their college savings objectives.

? As of September 30, the co-managers believe bonds offer more

attractive value than they have in recent years, particularly if economic

activity weakens. During the period, the age-based Portfolios were

overweight long-term U.S. Treasury bonds and maintained an

underweight in equities overall relative to Composite benchmarks,

with a greater emphasis on non-U.S. exposure.

? Note to shareholders: Application of FMR's environmental, social and

governance (ESG) ratings process and/or its sustainable investing

exclusion criteria may affect the exposure of one or more of the

portfolios to certain issuers, sectors, regions and countries, and may

affect the portfolios' performance.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

Passive Age-Based and Static

Fidelity Index Fund Portfolios

Active Age-Based Blend Fund

Portfolios

Individual Fund Portfolios

Bank Deposit Portfolio

Stable Value Portfolio

Sustainable Multi-Asset Portfolio

PORTFOLIO MANAGER Q&A | AS OF SEPTEMBER 30, 2023

Market Recap

For the 12 months ending September 30, 2023, continued global

economic expansion and a slowing in the pace of inflation

contributed to a favorable backdrop for risk assets. After

struggling throughout much of 2022, risk assets strongly

rebounded the past 12 months, with both U.S. large-cap and

non-U.S. stocks producing strong gains. In the U.S., the upturn

was driven partly by a narrow set of companies in the

information technology and communication services sectors

amid excitement for generative artificial intelligence. Meanwhile,

monetary tightening by the U.S. Federal Reserve and other

central banks continued amid elevated inflation.

International equities rose 20.60% for the 12 months, according

to the MSCI ACWI (All Country World Index) ex USA Index. All

regions gained, with Europe ex U.K. (+31%) leading the way.

Japan (+26%) and the U.K. (+25%) also outperformed, whereas

Asia Pacific ex Japan (+11%) lagged by the widest margin. Each

of the 11 sectors advanced, with information technology (+30%),

industrials (+29%) and energy (+28%) being the top performers.

Conversely, real estate (+5%) lagged most, followed by

consumer staples (+9%).

U.S. stocks gained 20.49% for the 12 months, as measured by

the Dow Jones U.S. Total Stock Market Index, as all but two

sectors rose. Information technology (+41%), communication

services (+35%) and energy (+29%) led by the widest margins.

Conversely, utilities (-7%) and real estate (-1%) lagged most.

Growth stocks broadly outpaced value, while larger-caps topped

small-caps. Commodities returned -1.30%, according to the

Bloomberg Commodity Index Total Return.

U.S. taxable investment-grade bonds returned 0.64% for the 12

months, per the Bloomberg U.S. Aggregate Bond Index, amid

elevated inflation and rising interest rates. Since March 2022, the

Fed has hiked its benchmark interest rate 11 times, by 5.25

percentage points, while allowing up to billions in bonds to

mature each month without investing the proceeds. Short-term

U.S. Treasuries (+4.58%) topped U.S. investment-grade

corporate bonds (+3.47%), while commercial mortgage-backed

securities returned +1.19% and agencies gained +2.10%.

Outside the index, leveraged loans (+13.39%), U.S. high-yield

bonds (+10.19%) and emerging-markets debt (+8.61%) rose,

whereas Treasury Inflation-Protected Securities (+1.25%)

experienced a modest gain. ¡ö

BROAD ASSET CLASS RETURNS (%)

PERIOD ENDING SEPTEMBER 30, 2023

Calendar-Year Returns

Best

P

e

r

f

o

r

m

a

n

c

e

Worst

Dispersion

of Returns*

Average Annual

Cumulative

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

5 Year

3 Year

1 Year

6 Mos

3 Mos

33.5

25.1

13.6

17.5

37.3

1.9

30.9

20.8

27.1

16.1

9.0

16.2

24.3

6.9

4.7

21.2

16.9

4.1

12.6

24.5

0.7

22.8

18.3

25.7

1.5

6.1

9.3

20.5

4.8

3.6

14.7

12.5

1.2

11.8

21.2

0.6

18.5

17.7

12.9

-0.8

4.6

6.3

13.4

2.6

1.3

5.4

12.1

0.5

11.2

9.3

0.0

18.4

8.4

9.9

-7.3

3.7

6.3

11.7

2.2

0.5

1.9

7.0

0.4

10.4

8.5

-0.3

14.8

7.8

5.7

-11.2

2.8

1.8

10.2

2.0

-0.7

0.1

6.0

0.2

10.2

8.3

-1.8

14.4

7.5

5.4

-13.0

2.6

1.8

8.6

-0.4

-1.0

-1.8

5.5

0.1

5.3

7.5

-2.3

14.4

6.4

5.3

-13.1

1.8

-0.0

4.6

-0.8

-2.6

-2.0

1.8

0.1

4.9

4.7

-4.1

10.3

6.1

0.0

-14.1

1.4

-1.3

4.6

-1.1

-2.9

-2.5

0.9

-0.5

4.0

4.3

-4.6

8.7

5.9

-1.0

-16.5

0.8

-1.7

3.1

-1.1

-3.1

-5.6

0.1

-1.2

3.0

3.5

-5.3

8.7

3.5

-1.5

-18.8

0.6

-3.5

2.1

-2.0

-3.2

-6.6

-2.1

-2.9

2.6

1.9

-11.2

7.7

3.4

-1.5

-19.5

0.1

-4.3

0.6

-2.4

-3.3

-9.5

-4.2

-14.9

1.3

1.7

-13.9

6.9

0.7

-2.5

-20.1

-0.1

-5.2

-1.3

-4.0

-4.1

-12.7

-17.0

-24.7

0.3

0.9

-14.5

2.3

-3.1

-4.6

-29.3

-2.8

-15.7

-9.1

-13.9

-11.8

46.1

42.1

38.3

17.1

36.5

16.4

28.6

23.9

31.8

45.3

11.8

32.0

33.4

20.8

16.5

¡ö U.S. Equities

¡ö Non-U.S. DevelopedMarkets Equities

¡ö Emerging-Markets Equities

¡ö Commodities

¡ö High-Yield Debt

¡ö Floating-Rate Debt

¡ö International Debt

¡ö Emerging-Markets Debt

¡ö Real Estate Debt

¡ö Investment-Grade Debt

¡ö Inflation-Protected Debt

¡ö Short-Term Debt

¡ö Long-Term U.S. Treasury Debt

Periods greater than one year are annualized. Source: FMR

*Difference between best- and worst-performing asset classes over the given time period

You cannot invest directly in an index. Past performance is no guarantee of future results.

U.S. Equities - Dow Jones U.S. Total Stock Market Index, Non-U.S. Developed-Markets Equities - MSCI World ex USA Net Mass, Emerging-Markets Equities MSCI Emerging Markets Index, Commodities - Bloomberg Commodity Index Total Return, High-Yield Debt - ICE BofA U.S. High Yield Constrained Index,

Floating-Rate Debt - S&P/LSTA Leveraged Performing Loan Index, International Debt - Bloomberg Global Aggregate Credit Ex U.S. Index Hedged (USD),

Emerging-Markets Debt - J.P. Morgan Emerging Markets Bond Index Global, Real Estate Debt - Fidelity Real Estate Income Composite Index, InvestmentGrade Debt - Bloomberg U.S. Aggregate Bond Index, Inflation-Protected Debt - Bloomberg U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index

(Series-L), Short-Term Debt - Bloomberg U.S. 3 Month Treasury Bellwether Index, Long-Term U.S. Treasury Debt - Bloomberg U.S. Long Treasury Index

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 SEPTEMBER 30, 2023

Q&A

Andrew Dierdorf

Co-Manager

Brett Sumsion

Co-Manager

Bruno Weinberg

Crocco

Co-Manager

Investment Approach

? UNIQUE College Investing Age-Based Portfolios (the

Portfolios) are designed so that the target date

referenced in the Portfolio name is the approximate year

when we expect the beneficiaries to start college and

begin gradually withdrawing their investment.

? Each of the Portfolios seeks capital appreciation with

reasonable safety of principal, consistent with the ages

of the beneficiaries for whom the Portfolio was

designed.

? Except for NH College Portfolio, each Portfolio's asset

allocation strategy becomes increasingly conservative as

it approaches its target date ¨C and beyond. Ultimately,

the Portfolios are expected to merge with NH College

Portfolio.

? The Portfolios employ a robust investment process

focused on helping investors solve the challenge of

saving and investing for education expenses by

leveraging the depth and strength of Fidelity's

investment research and resources.

An interview with Co-Managers

Andrew Dierdorf and Brett Sumsion

and Bruno Weinberg Crocco

Q: Andrew, how did the UNIQUE Plan Portfolios

perform for the fiscal year ending September

30, 2023?

A.D. Each of the active age-based and risk-based (i.e.,

"static" Aggressive Growth, Moderate Growth, Conservative)

Fidelity Funds Portfolios produced a positive return the past

12 months.

For the age-based Portfolios, longer-dated and moreaggressive Portfolios with higher allocations to equities and

lower exposure to fixed income had higher returns than

nearer-term and more-conservative Portfolios.

The three risk-managed, or "static," Fidelity Fund Portfolios ¨C

NH Aggressive Growth Portfolio, NH Moderate Growth

Portfolio and NH Conservative Portfolio ¨C had mixed results

versus Composite benchmarks this period.

The age-based Fidelity Blend Portfolios of the UNIQUE

College Investing Plan (NH) all gained and had mixed results

versus Composite benchmarks.

The age-based and risk-based Fidelity Index Portfolios all

had positive returns and performed within 20 basis points

(0.2%) of their respective Composite benchmarks. [For

specific results for the UNIQUE College Investing PlanSM (NH)

Portfolios, please refer to the performance section of this

report.]

Q: What was noteworthy about the market

environment the past 12 months?

A.D. There was considerable performance dispersion among

the various asset classes in which the age-based Portfolios

invest. For example, U.S. equities gained 20.49%, as

measured by the Dow Jones U.S. Total Stock Market Index.

By comparison, U.S. investment-grade bonds gained 0.64%,

based on the Bloomberg U.S. Aggregate Bond Index. Other

asset classes in which the Portfolios invested, such as

floating-rate securities (+13.39%) and U.S. high-yield bonds

(+10.19%), also had positive returns, whereas long-term U.S.

Treasury bonds (-9.09%) and long-term U.S. inflationprotected securities (-0.76%) had negative returns.

These varied returns help illustrate how investing in multiple

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 SEPTEMBER 30, 2023

asset classes can provide some portfolio resiliency, and

particularly in distinct market environments that may emerge

throughout the horizon of an investor saving for college.

We believe diversification is a powerful tool in managing

uncertainty in the financial markets, and it's a key pillar of the

research that goes into Fidelity's glide path and the strategic

asset allocation of the age-based Portfolios.

Q: Turning to you, Bruno, how did the agebased Fidelity Funds Portfolios perform versus

Composite benchmarks the past 12 months?

B.W.C. A majority of the actively managed, age-based

Fidelity Funds Portfolios outperformed their Composite

benchmarks, with only the two most conservative Portfolios

modestly lagging.

Q: What contributed most to the relative

performance of the age-based Fidelity Funds

Portfolios?

Q: Turning back to you, Andrew, any final

thoughts for plan participants?

A.D. We continue to focus on the long-term investment

objective of the age-based Portfolios, drawing on decades of

investment experience to help participants pursue their

college savings objectives.

Fidelity's age-based college savings strategies reflect our

research and insights, with an emphasis on experienced

portfolio management teams. We believe the independence

of thought and complementary investment processes of the

underlying portfolio managers offer the potential for

favorable returns in excess of Composite benchmarks over

an extended horizon.

Thank you for your confidence in our stewardship of the

Portfolios, and in Fidelity's investment management

capabilities.

[Editor's note: See the next section of this shareholder update

for the co-portfolio managers' active allocation positioning as

of September 30, 2023.] ¡ö

B.W.C. The performance of the underlying investment funds

meaningfully contributed to the age-based Portfolios'

relative results. In particular, security selection among the

underlying U.S. equity funds added value versus

Composites, especially Fidelity? Series Large Cap Stock Fund

(28.08%), which outpaced its benchmark, the S&P 500? index

(+21.62%). Fidelity? Series Growth Company Fund (+31.60%)

also contributed, given its outperformance of the Russell

3000? Growth Index.

Underlying investments among U.S. investment-grade bonds

also helped. In particular, Fidelity? Series Investment Grade

Bond Fund (+1.78%) outperformed the 0.64% result of its

benchmark, the Bloomberg U.S. Aggregate Bond Index.

As a reminder, Fidelity's investment strategy for the UNIQUE

College Investing Plan (NH) is designed to help investors

solve for the challenge of investing for college. We apply a

disciplined investment process founded on durable and

time-tested principles to design and manage portfolios for

college savings goals.

Q: Brett, what detracted from the age-based

Fidelity Funds Portfolios' relative results this

period?

B.S. Active asset allocation modestly detracted from the agebased Portfolios' performance versus Composites the past

12 months. More specifically, an underweight in

outperforming U.S. equities weighed on the Portfolios'

relative results.

An overweight in lagging long-term U.S. Treasury bonds also

detracted, as did out-of-Composite exposure to

commodities.

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 SEPTEMBER 30, 2023

Co-Manager Brett Sumsion on the

active asset allocation of the agebased Portfolios in the UNIQUE Plan

(NH):

"We believe active management decisions (active

asset allocation and underlying fund performance)

can improve outcomes and provide incremental

performance for the age-based Portfolios over an

extended horizon, potentially leading to additional

years of retirement income.

"Active asset allocation relative to each Portfolio's

Composite benchmark continues to emphasize

areas of the market that we believe are mispriced

relative to our view of fair value. Our process

emphasizes risk management, and we expect that

excess returns will be realized for most positions

over an intermediate time horizon, typically up to

five years.

"As of September 30, the Portfolios' active asset

allocation positioning relative to Composite indexes

includes:

"An underweight in equities overall, with a

greater emphasis on non-U.S. exposure. We

believe investor expectations for U.S. growth are

too high, given tighter monetary policy and credit

conditions. U.S. equity prices embed expectations

that suggest a continuation of the status quo, while

many indicators suggest risks to economic growth.

Non-U.S. equity markets are undervalued across

many measures and embed expectations for

deteriorating future growth. A weakening U.S. dollar

also may skew the range of potential outcomes in

favor of non-U.S. equities.

"Overweight long-term U.S. Treasury bonds. With

the U.S. Federal Reserve focused on fighting

inflation via higher interest rates and quantitative

tightening, we believe bonds offer more attractive

value than they have in recent years, particularly if

economic activity weakens.

"The past 12 months, we maintained an overweight

in long-term U.S. Treasury bonds, resulting in a

longer duration position relative to Composite

benchmarks."

5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

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