Treasury Auction New Issue Offerings

System availability and response time is subject to market conditions.

Investors should be aware that many Treasury and Treasury Inflation Protected Securities ("TIPS") auctions are re-openings of existing Treasury notes and TIPS. As a result the security will trade with accrued interest and, in the case of TIPSecurities, inflation compensation. The security may also be trading at a premium. This means that the amount required to settle the trade in your account may be more than the par amount of the trade. Treasuries that are reopened issues will be identifiable by the "RI" symbol in the Attributes column in the table.

Treasury securities are backed by the full faith and credit of the U.S. government for the prompt payment of interest and principal at maturity.

Non-Competitive bids are limited to no more than $5 million in a bill, note or bond auction. A bidder bidding competitively for its own account may not bid non-competitively for its own account in the same auction. Prior to the designated closing time for receipt of competitive tenders, a non-competitive bidder may not enter into any agreement to purchase or sell or otherwise dispose of the securities it is acquiring in the auction.

Discount yield is a yield equivalent based on the fact that Treasury bills are sold at a discount. Treasury Bill prices are approximate based on rounding and actual price may be slightly higher or lower.

There is a $19.95 fee on all Treasury auction orders placed through a Representative. However, U.S. Treasury auction orders placed online are free of charge.

Interest income generated by Treasury bonds and certain securities issued by U.S. territories, possessions, agencies, and instrumentalities is generally free from state income tax but is generally subject to federal income and alternative minimum taxes and may be subject to state alternative minimum taxes. Short- and long-term capital gains and gains characterized as market discount recognized when bonds are sold or mature are generally taxable at both the state and federal level.

Market prices of zero coupon bonds tend to be more volatile than bonds which pay interest regularly. The full value of zero coupon bonds, including accrued interest, is not paid until maturity. Interest on taxable zero-coupon bonds is imputed annually as accreted interest and is subject to income taxes even though no payment was actually received by you that year. This is often referred to as "phantom interest."

Fidelity's online fixed income service identifies specific fixed income securities which match the investment criteria that you select. As with all of your fixed income investments including CDs offered through Fidelity, you must make your own determination as to whether any of these securities are consistent with your investment objectives and risk tolerance. Fidelity is not recommending or endorsing any of these securities by making them available to its customers. If you enter an order, Fidelity may notify you that the security is more aggressive than your stated investment objective for your account.

The above offerings will generally not represent the universe of outstanding securities and should not be construed as all-inclusive.

Prices and yields are posted prior to the assessment of the Fidelity Brokerage Services LLC ("FBS") markup or markdown. The FBS markup or markdown will be applied for customer review prior to placement of the order. Bonds are made available through our affiliate National Financial Services LLC and from various third-party providers, including participants on the BondDesk platform, with FBS normally acting as riskless principal or agent.

The offering broker, which may be our affiliate National Financial Services LLC ("NFS"), may separately mark up or mark down the price of the security and may realize a trading profit or loss on the transaction.

During normal market hours, the prices above are live prices, which are updated for each executed trade and at least every fifteen minutes. However, due to the possibility of system outages, untimely information provided by vendors, or various other reasons, Fidelity cannot guarantee the timeliness or accuracy of prices displayed. Price is subject to change and may be affected by availability and size of order. Yields are as of standard settlement and reflect the lower of the yield to maturity or the yield to call unless otherwise noted.

Any fixed income security including CDs sold or redeemed prior to maturity may be subject to a gain or loss.

Although content is continuously supplied, it is only valid as of the date published and may become unreliable because of subsequent market conditions or other reasons.

In general, the bond market is volatile, bond prices rise when interest rates fall and vice versa. This effect is usually pronounced for longer-term securities.

Bond ratings are from Standard & Poors and/or Moody's.

Related News is supplied by various third-party sources that are not affiliated with Fidelity or its affiliates. Fidelity has not been involved in the preparation of the content, does not alter or change content from third-party sources, and does not explicitly or implicitly endorse or approve such content. Content is provided for informational and/or education purposes only. You must make your own evaluation of how the information may influence your investment decision.

The information provided herein is general in nature and should not be considered legal or tax advice. Fidelity does not provide legal or tax advice. Consult with an attorney or tax professional regarding your specific legal or tax situation.

During certain time periods, the services may not provide access to certain content with respect to securities of issuers which are the subject of public offerings that are made available to Fidelity's brokerage customers.