INVESTMENT REPORT

September 1, 2023 - September 30, 2023

Envelope # BPKBRZBBBCSJJ Your Portfolio Value: $444,501.57

Portfolio Change from Last Period: $10,208.10
MERRIMACK COLLEGE
315 TURNPIKE ST
NORTH ANDOVER MA 01845-5806 This Period Year-to-Date
Beginning Portfolio Value $454,709.67 $401,444.66
Additions 4,000.00 9,500.00
Subtractions -14.76 -63.09
Transaction Costs, Fees & Charges -0.10 -0.74
Change in Investment Value * -14,193.34 33,620.00
Ending Portfolio Value ** $444,501.57 $444,501.57

Accrued Interest (AI) 449.11

Ending Portfolio Value incl. AI $444,950.68

Contact Information
* Reflects appreciation or depreciation of your holdings due to price changes, transactions
Online Fidelity.com from Other Activity In or Out and Multi-currency transactions, plus any distribution and
income earned during the statement period.

S
FAST®-Automated Telephone (800) 544-5555 ** Excludes unpriced securities.
Customer Service (800) 544-6666

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

Brokerage services provided by Fidelity Brokerage Services LLC (FBS), Member NYSE, SIPC (800) 544-6666. Brokerage accounts carried by National Financial Services LLC (NFS), Member NYSE, SIPC.

1 of 26

M04744281620230930
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Portfolio Summary

Accounts Included in This Report

Account
Page Account Type/Name Number Beginning Value Ending Value
FIDUCIARY
4 FIDELITY ACCOUNT MERRIMACK COLLEGE Z40-198926 $71,532.97 $71,946.18
13 FIDELITY ACCOUNT MERRIMACK COLLEGE Z50-766615 383,176.70 372,555.39
Ending Portfolio Value $454,709.67 $444,501.57

Accrued Interest(AI) $449.11

Ending including AI $444,950.68

Total Portfolio Trades Oct 2022 - Sep 2023: 9

S
MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929
2 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Portfolio Summary (continued)

Income Summary Asset Allocation

This Period Year-to-Date
3% Foreign Stock
Taxable $1,150.98 $7,045.11 11% Short Term
Dividends 1,066.50 6,488.73
Interest 33.79 383.45
U.S. Government Interest 50.69 172.93 15% Bonds

Total $1,150.98 $7,045.11

Top Holdings 71% Domestic Stock

Percent of
Description Value Portfolio
Fidelity Treasury Money Market Fund $48,810 11%
Select Sector Spdr Trust Technology
46,064 10 Percent of
Select Sector USD Dis Asset Class Portfolio
Health Care Select Sector Spdr 19,311 4 Domestic Stock 71%
Microsoft Corp 18,313 4 Bonds 15%

S
Apple INC 14,210 3 Short Term 11%
Foreign Stock 3%
Total $146,709 32%
Other -%

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

IMPORTANT: If you have any unsettled trades pending, the asset allocation presented above
may be materially impacted and, depending on the size and scope of such unsettled trades,
rendered unreliable. Asset allocation includes Other Holdings and Assets Held Away when
applicable. Please note that, due to rounding, percentages may not add to 100%. For further
details, please see "Frequently Asked Questions" at Fidelity.com/Statements.

3 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z40-198926
Account Summary MERRIMACK COLLEGE - CORPORATION

Account Value: $71,946.18 Account Holdings

4% Core Account ($3,050)

Change in Account Value $413.21 18% Other ($12,884)

This Period Year-to-Date 43% Bonds ($30,963)

Beginning Account Value $71,532.97 $64,532.54
Additions 1,450.00 6,950.00
Deposits 1,450.00 6,950.00
Subtractions -0.10 -0.23 35% Exchange Traded Products ($25,047)

Transaction Costs, Fees & Charges -0.10 -0.23

Change in Investment Value * -1,036.69 463.87
Top Holdings
Ending Account Value $71,946.18 $71,946.18 Percent of
Accrued Interest (AI) 449.11 Description Value Account
Vanguard Intermediate Term Corporate $10,637 15%
Ending Account Value Incl. AI $72,395.29
Bond ETF

S
United States Treas Ser E-2033 Fixed 9,448 13
Total Account Trades Oct 2022 - Sep 2023: 9
Coupon
Ishares Iboxx $ Investment Grade 5,713 8

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

* Reflects appreciation or depreciation of your holdings due to price changes, transactions
from Other Activity In or Out and Multi-currency transactions, plus any distribution and Corporate Bond ETF
income earned during the statement period.
Total $25,798 36%

In an effort to streamline and enhance statement viewability, we're removing Please note that, due to rounding, percentages may not add to 100%.
the Core Account Cash Flow table from statements beginning in October
2023. 1106074.1.0
Income Summary
This Period Year-to-Date
Taxable $242.17 $1,795.15
Dividends 157.69 1,325.34
Interest 33.79 383.45

4 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z40-198926
MERRIMACK COLLEGE - CORPORATION
Core Account and Credit Balance Cash Flow Income Summary (continued)
This Period Year-to-Date This Period Year-to-Date
Beginning Balance $2,761.43 $11,497.44 U.S. Government Interest 50.69 86.36
Investment Activity Total $242.17 $1,795.15
Securities Bought -$14,435.14 -$48,903.15
Securities Sold 11,082.64 28,774.83
Realized Gains and Losses from Sales
Dividends, Interest & Other Income D 191.48 1,731.29
(May not reflect all gains and losses due to incomplete cost basis)
Other Activity Out 2,000.00 3,000.00 This Period Year-to-Date
Total Investment Activity -$1,161.02 -$15,397.03 Net Short-term Gain/Loss - -59.07
Cash Management Activity Short-term Loss - -59.07
Deposits 1,450.00 6,950.00
Net Long-term Gain/Loss -1,545.06 -1,545.06
Total Cash Management Activity $1,450.00 $6,950.00
Long-term Loss -1,545.06 -1,545.06
Ending Balance $3,050.41 $3,050.41
Net Gain/Loss -$1,545.06 -$1,604.13
D Includes dividend reinvestments.

Holdings

S
Core Account
Beginning Price Ending Unrealized

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

Market Value Quantity Per Unit Market Value Total Gain/Loss EAI ($) /
Description Sep 1, 2023 Sep 30, 2023 Sep 30, 2023 Sep 30, 2023 Cost Basis Sep 30, 2023 EY (%)
FIDELITY TREASURY MONEY MARKET $2,761.43 3,050.410 $1.0000 $3,050.41 not applicable not applicable $121.66
FUND (FZFXX) 3.990%
-- 7-day yield: 4.98%
Total Core Account (4% of account $2,761.43 $3,050.41 $121.66
holdings)

5 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z40-198926
Holdings MERRIMACK COLLEGE - CORPORATION

Exchange Traded Products

Includes exchange-traded funds (ETFs), exchange-traded notes (ETNs), and other exchange-traded vehicles.
Beginning Price Ending Unrealized
Market Value Quantity Per Unit Market Value Total Gain/Loss EAI ($) /
Description Sep 1, 2023 Sep 30, 2023 Sep 30, 2023 Sep 30, 2023 Cost Basis Sep 30, 2023 EY (%)
Fixed Income ETPs
ISHARES IBOXX $ INVESTMENT GRADE $5,944.96 56.000 $102.0200 $5,713.12 $7,520.37 -$1,807.25 $238.07
CORPORATE BOND ETF (LQD) 4.170%
ISHARES TRUST 0-5YR HIGH YIELD 5,575.74 134.000 41.0300 5,498.02 5,877.89 -379.87 358.05
CORP BD ISIN #US46434V4077 SEDOL 6.510
#BFS2LL0 (SHYG)
ISHARES TRUST FALLEN ANGELS USD 3,281.76 129.000 24.8000 3,199.20 3,852.51 -653.31 178.59
BD ETF (FALN) 5.580
VANGUARD INTERMEDIATE TERM 10,960.60 140.000 75.9800 10,637.20 13,151.05 -2,513.85 401.51
CORPORATE BOND ETF (VCIT) 3.770
Total Fixed Income ETPs(35% of account $25,763.06 25,047.54 30,401.82 -5,354.28 1,176.22
holdings)

Total Exchange Traded Products (35% of $25,763.06 $25,047.54 $30,401.82 -$5,354.28 $1,176.22
account holdings)

S
Bonds
Beginning Price End. Market Value Unrealized
Market Value Quantity Per Unit Accrued Int. (AI) Total Gain/Loss Est. Annual Coupon

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

Description Maturity Sep 1, 2023 Sep 30, 2023 Sep 30, 2023 Sep 30, 2023 Cost Basis Sep 30, 2023 Income (EAI) Rate
Corporate Bonds
JPMORGAN CHASE &CO 04/01/26 $4,752.50 5,000.000 $94.4150 $4,720.75 $4,764.95 B -$44.20 $165.00 3.300%
NOTE $82.50
FIXED COUPON MOODYS A1 S&P A- SEMIANNUALLY NEXT CALL DATE 01/01/2026 CONT CALL 01/01/2026 CUSIP: 46625HQW3
GOLDMAN SACHS GROUP 06/15/30 3,966.16 4,000.000 97.3930 3,895.72 4,121.16 B -225.44 219.96 5.500
INC MTN 9.78
FIXED COUPON MOODYS A2 S&P BBB+ MONTHLY CUSIP: 38141ED48
WASTE MGMT INC DEL 04/15/32 1,875.88 2,000.000 91.0180 1,820.36 1,921.96 B -101.60 83.00 4.150
NOTE CALL MAKE WHOLE 38.27
FIXED COUPON MOODYS Baa1 S&P A- SEMIANNUALLY NEXT CALL DATE 01/15/2032 CONT CALL 01/15/2032 MAKE WHOLE CALL CUSIP: 94106LBS7
LOCKHEED MARTIN CORP 06/15/32 4,649.05 5,000.000 89.6840 4,484.20 4,801.55 B -317.35 195.00 3.900
NOTE CALL MAKE WHOLE 57.42
FIXED COUPON MOODYS A2 S&P A- SEMIANNUALLY NEXT CALL DATE 03/15/2032 CONT CALL 03/15/2032 MAKE WHOLE CALL CUSIP: 539830BR9

6 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z40-198926
Holdings MERRIMACK COLLEGE - CORPORATION

Bonds (continued)
Beginning Price End. Market Value Unrealized
Market Value Quantity Per Unit Accrued Int. (AI) Total Gain/Loss Est. Annual Coupon
Description Maturity Sep 1, 2023 Sep 30, 2023 Sep 30, 2023 Sep 30, 2023 Cost Basis Sep 30, 2023 Income (EAI) Rate
Corporate Bonds (continued)
Total Corporate Bonds (21% of $15,243.59 $14,921.03 $15,609.62 -$688.59 $662.96
account holdings)

US Treasury/Agency Securities
UNITED STATES TREAS 03/21/24 unavailable 5,000.000 $97.4730 $4,873.65 $4,867.00 $6.65 - -
BILLS ZERO CPN -
ZERO COUPON CUSIP: 912797LL9
UNITED STATES TREAS SER 02/29/28 1,741.18 2,000.000 86.0390 1,720.78 1,726.70 B -5.92 22.50 1.125
H-2028 1.92
FIXED COUPON MOODYS Aaa SEMIANNUALLY CUSIP: 91282CBP5
UNITED STATES TREAS SER 08/15/33 unavailable 10,000.000 94.4840 9,448.40 9,528.13 B -79.73 387.50 3.875
E-2033 49.49
FIXED COUPON MOODYS Aaa S&P AAA SEMIANNUALLY CUSIP: 91282CHT1
Total US Treasury/Agency $1,741.18 $16,042.83 $16,121.83 -$79.00 $410.00
Securities (22% of account

S
holdings)

Total Bonds (43% of account holdings) $16,984.77 $30,963.86 $31,731.45 -$767.59 $1,072.96

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

Other
Beginning Price Ending Market Value Unrealized
Market Value Quantity Per Unit Accrued Interest (AI) Total Gain/Loss EAI ($) /
Description Sep 1, 2023 Sep 30, 2023 Sep 30, 2023 Sep 30, 2023 Cost Basis Sep 30, 2023 EY (%)
JPMORGAN CHASE BK N A CD $2,991.48 3,000.000 $0.9973 $2,992.02 $3,000.00 B -$7.98 $153.00
5.10000% 04/11/2024 FIXED COUPON $72.10 -
CTF DEP FDIC INSURED AT MATURITY
NEXT CALL DATE 10/12/2023 CUSIP:
46593LX46
SOFI BANK NATIONAL ASSOCIATION 2,998.26 3,000.000 0.9995 2,998.50 3,000.00 B -1.50 74.51
CD 62.83 -
4.90000% 10/30/2023 FIXED COUPON
CTF DEP FDIC INSURED AT MATURITY
CUSIP: 83407DAS5

7 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z40-198926
Holdings MERRIMACK COLLEGE - CORPORATION

Other (continued)
Beginning Price Ending Market Value Unrealized
Market Value Quantity Per Unit Accrued Interest (AI) Total Gain/Loss EAI ($) /
Description Sep 1, 2023 Sep 30, 2023 Sep 30, 2023 Sep 30, 2023 Cost Basis Sep 30, 2023 EY (%)
SOFI BANK NATIONAL ASSOCIATION 2,992.59 3,000.000 0.9978 2,993.37 3,000.00 B -6.63 111.16
CD 62.83 -
4.90000% 01/29/2024 FIXED COUPON
CTF DEP FDIC INSURED AT MATURITY
CUSIP: 83407DAU0
UBS BK USA SALT LAKE CITY UT CD 3,909.88 4,000.000 0.9751 3,900.48 4,000.00 B -99.52 182.52
4.55000% 06/07/2027 FIXED COUPON 11.97 -
CTF DEP FDIC INSURED MONTHLY
CUSIP: 90355GDW3
Total Other (18% of account holdings) $12,892.21 $12,884.37 $13,000.00 -$115.63 $521.19

Total Holdings $71,946.18 $75,133.27 -$6,237.50 $2,892.03

Accrued Interest (AI) 449.11
Total Including Accrued Interest (AI) $72,395.29

S
All positions held in cash account unless indicated otherwise.

Message about your CD: The prices shown for Certificates of Deposit (CDs) are generally estimates based upon matrix or model pricing methodology provided by an independent third-party.
CDs may be priced at face value for up to seven calendar days from date of issue if estimated prices have not been received from the third-party pricing vendor. If no price is shown, an

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

estimated market value was not available on the day your statement was generated. The prices shown for CDs may not represent the actual price you would receive if sold prior to maturity. If
you hold your CD until maturity, you will receive the CD's face value and all accrued unpaid interest, assuming no issuer default.

EAI Estimated Annual Income (EAI) & Estimated Yield (EY) - EAI is an estimate of annual income for a specific security position over the next rolling 12 months. EAI may be negative on short
& EY positions. EY is calculated by dividing the current EAI for a security position by its statement closing date market value. EAI and EY are estimates only and may include return of principal
and/or capital gains, which would render them overstated. Actual income and yield might be lower or higher than the estimated amounts. For calculation details, refer to the
"Additional Information and Endnotes" section.

-- not available

AI (Accrued Interest) - Represents interest accumulated since the last coupon date, but not yet paid by the issuer or received by NFS. There is no guarantee that AI will be paid by the
issuer. Please refer to the Help/Glossary section of Fidelity.com for additional information.

Total Cost Basis does not include the cost basis on core, money market or other positions where cost basis is unknown or not applicable.

B See Additional Information and Endnotes for important information about the adjusted cost basis information provided.

8 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z40-198926
Activity MERRIMACK COLLEGE - CORPORATION

Securities Bought & Sold

Settlement Symbol/ Total Transaction
Date Security Name CUSIP Description Quantity Price Cost Basis Cost Amount
09/21 ISHARES TIPS BOND ETF 464287176 You Sold -48.000 $105.24450 $6,089.06 f -$0.05 $5,051.69
Long-term loss: $1,037.37
09/21 ISHARES 0-5 YEAR TIPS BOND ETF 46429B747 You Sold -62.000 97.27420 6,538.64 f -0.05 6,030.95
Long-term loss: $507.69
09/22 UNITED STATES TREAS BILLS ZERO CPN 912797LL9 You Bought 5,000.000 97.34000 - -4,867.00
0.00000% 03/21/2024
09/22 UNITED STATES TREAS SER E-2033 91282CHT1 You Bought 10,000.000 95.28125 - -9,568.14
3.87500% 08/15/2033 NTS NOTE Accrued interest: -$40.01
Total Securities Bought - - -$14,435.14
Total Securities Sold $12,627.70 -$0.10 $11,082.64
Net Securities Bought & Sold -$0.10 -$3,352.50

Dividends, Interest & Other Income

(Includes dividend reinvestment)

Settlement Symbol/

S
Date Security Name CUSIP Description Quantity Price Amount
09/07 UBS BK USA SALT LAKE CITY UT CD 90355GDW3 Interest - - $15.46
4.55000% 06/07/2027
09/07 VANGUARD INTERMEDIATE TERM 92206C870 Dividend Received - - 36.15

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

CORPORATE BOND ETF
09/08 ISHARES IBOXX $ INVESTMENT GRADE 464287242 Dividend Received - - 21.13
CORPORATE BOND ETF
09/08 ISHARES TIPS BOND ETF 464287176 Dividend Received - - 15.52
09/08 ISHARES TRUST FALLEN ANGELS USD 46435G474 Dividend Received - - 14.96
BD ETF
09/08 ISHARES TRUST 0-5YR HIGH YIELD 46434V407 Dividend Received - - 30.56
CORP BD ISIN #US46434V4077 SEDOL
#BFS2LL0
09/08 ISHARES 0-5 YEAR TIPS BOND ETF 46429B747 Dividend Received - - 20.05
09/15 GOLDMAN SACHS GROUP INC MTN 38141ED48 Interest - - 18.33
5.50000% 06/15/2030
09/29 FIDELITY TREASURY MONEY MARKET 316341304 Dividend Received - - 19.32
FUND
Total Dividends, Interest & Other Income $191.48

9 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z40-198926
Activity MERRIMACK COLLEGE - CORPORATION

Other Activity Out

Settlement Symbol/ Total Transaction
Date Security Name CUSIP Description Quantity Price Cost Basis Cost Amount
09/07 UNITED STATES TREAS BILLS ZERO CPN 912796YH6 Redeemed -2,000.000 - - $2,000.00
0.00000% 09/07/2023 REDEMPTION
PAYOUT #REOR R0066702950000
Total Other Activity Out - $2,000.00

Deposits
Date Reference Description Amount
09/13 Deposit Merrimackco- Corp Pay $1,450.00
Total Deposits $1,450.00

Core Fund Activity

For more information about the operation of your core account, please refer to your Customer Agreement.

Settlement Account

S
Date Type Transaction Description Quantity Price Amount Balance
09/07 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 2,051.610 $1.0000 $2,051.61 $4,813.04
MORNING TRADE @ 1
09/08 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 102.220 1.0000 102.22 4,915.26

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

MORNING TRADE @ 1
09/13 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 1,450.000 1.0000 1,450.00 6,365.26
MORNING TRADE @ 1
09/15 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 18.330 1.0000 18.33 6,383.59
MORNING TRADE @ 1
09/21 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 11,082.640 1.0000 11,082.64 17,466.23
MORNING TRADE @ 1
09/22 CASH You Sold FIDELITY TREASURY MONEY MARKET FUND -14,435.140 1.0000 -14,435.14 3,031.09
MORNING TRADE @ 1
09/29 CASH Reinvestment FIDELITY TREASURY MONEY MARKET FUND 19.320 1.0000 19.32 3,050.41
REINVEST @ $1.000
Total Core Fund Activity $288.98

10 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z40-198926
Activity MERRIMACK COLLEGE - CORPORATION

Cost basis and gain/loss information is provided as a service to our customers and is based on standards for filing US Federal Tax Returns as determined by Fidelity. This information is not
intended to address tax law or reporting requirements applicable in your country of tax residence.

f FIFO (First-In, First-Out)

Estimated Cash Flow (Rolling as of September 30, 2023)

Bond & CD Bond & CD Stock ETP Mutual Fund Other Total Est.
Month Income Principal Income Income Income Income Cash Flow
October 2023 $232 $3,000 -- $98 $10 -- $3,340
November 34 -- -- 98 10 -- 142
December 131 -- -- 98 10 -- 239
January 2024 145 3,000 -- 98 10 -- 3,253
February 239 -- -- 98 10 -- 347
March 33 5,000 -- 98 10 -- 5,141
April 311 3,000 -- 98 10 -- 3,419
May 33 -- -- 98 10 -- 141
June 131 -- -- 98 10 -- 239

S
July 33 -- -- 98 10 -- 141
August 239 -- -- 98 10 -- 347
September 34 -- -- 98 10 -- 142

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

Total $1,595 $14,000 -- $1,176 $120 -- $16,891

This table presents the estimated monthly interest and dividend income and return of principal that your current holdings may generate over the next rolling 12 months.
The cash flows displayed are estimates provided for informational purposes only and there is no guarantee that you will actually receive any of the amounts displayed.
These estimates should not be relied upon for making investment, trading or tax decisions. The estimates for fixed income are calculated using the security's coupon
rate. The estimates for all other securities are calculated using an indicated annual dividend (IAD). The IAD is an estimate of a security's dividend payments for the next
12 months calculated based on prior and/or declared dividends for that security. IADs are sourced from third party vendors believed to be reliable, but no assurance can
be made as to accuracy. There are circumstances in which these estimates will not be presented for a specific security you hold. Please refer to Help/Glossary on
Fidelity.com for additional information on these calculations.
Bond & CD Income includes interest payments for fixed and variable rate bonds, international bonds that pay in USD, and Certificates of Deposit (CDs).
Bond & CD Principal includes maturing principal payments for fixed and variable rate bonds, international bonds that pay in USD, and Certificates of Deposit (CDs).
Stock Income includes estimated dividend payments for common stocks, preferred stocks, ADRs, closed-end mutual funds, and MLPs.
ETP Income includes estimated dividend payments for Exchange Traded Funds (ETFs) and Exchange Traded Notes (ETNs).

11 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z40-198926
Estimated Cash Flow (Rolling as of September 30, 2023) MERRIMACK COLLEGE - CORPORATION

Mutual Fund Income includes estimated dividend payments for Fidelity and non-Fidelity mutual funds.
Other Income includes, but is not limited to estimated dividend payments for Unit Investment Trusts (UITs), REITs, and LPs.
This table does not include cash flow from foreign denominated fixed income.
-- not available

S
MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929
12 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z50-766615
Account Summary MERRIMACK COLLEGE - CORPORATION

Account Value: $372,555.39 Account Holdings

2% Other ($8,353)
12% Core Account ($45,760)
Change in Account Value $10,621.31
This Period Year-to-Date
Beginning Account Value $383,176.70 $336,912.12 27% Exchange Traded Products
Additions 2,550.00 2,550.00 ($99,338)
59% Stocks ($219,103)
Deposits 2,550.00 2,550.00
Subtractions -14.66 -62.86
Transaction Costs, Fees & Charges - -0.51
Taxes Withheld -14.66 -62.35
Top Holdings
Change in Investment Value * -13,156.65 33,156.13 Percent of
Ending Account Value $372,555.39 $372,555.39 Description Value Account

0.00 Select Sector Spdr Trust Technology $46,064 12%

Accrued Interest (AI)
Select Sector USD Dis

S
Ending Account Value Incl. AI $372,555.39
Fidelity Treasury Money Market Fund 45,760 12
Health Care Select Sector Spdr 19,311 5
Total Account Trades Oct 2022 - Sep 2023: 0

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

Total $111,135 29%
* Reflects appreciation or depreciation of your holdings due to price changes, transactions
from Other Activity In or Out and Multi-currency transactions, plus any distribution and Please note that, due to rounding, percentages may not add to 100%.
income earned during the statement period.

In an effort to streamline and enhance statement viewability, we're removing Income Summary
the Core Account Cash Flow table from statements beginning in October This Period Year-to-Date
2023. 1106074.1.0 Taxable $908.81 $5,249.96
Dividends 908.81 5,163.39
U.S. Government Interest - 86.57
Total $908.81 $5,249.96

13 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z50-766615
MERRIMACK COLLEGE - CORPORATION
Core Account and Credit Balance Cash Flow Realized Gains and Losses from Sales
(May not reflect all gains and losses due to incomplete cost basis)
This Period Year-to-Date
This Period Year-to-Date
Beginning Balance $42,316.05 $35,648.70
Net Short-term Gain/Loss - 691.21
Investment Activity
Short-term Gain - 826.18
Securities Bought - -$46,298.44
Securities Sold - 38,758.90 Short-term Loss - -134.97
Dividends, Interest & Other Income D 908.81 5,163.39 Net Long-term Gain/Loss - -4,111.51
Other Activity Out - 10,000.00 Long-term Gain - 2,969.65
Total Investment Activity $908.81 $7,623.85 Long-term Loss - -7,081.16
Cash Management Activity Net Gain/Loss - -$3,420.30
Deposits 2,550.00 2,550.00
Taxes Withheld -14.66 -62.35
Total Cash Management Activity $2,535.34 $2,487.65
Ending Balance $45,760.20 $45,760.20

D Includes dividend reinvestments.

Holdings

S
Core Account

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

Beginning Price Ending Unrealized
Market Value Quantity Per Unit Market Value Total Gain/Loss EAI ($) /
Description Sep 1, 2023 Sep 30, 2023 Sep 30, 2023 Sep 30, 2023 Cost Basis Sep 30, 2023 EY (%)
FIDELITY TREASURY MONEY MARKET $42,316.05 45,760.200 $1.0000 $45,760.20 not applicable not applicable $1,825.05
FUND (FZFXX) 3.990%
-- 7-day yield: 4.98%
Total Core Account (12% of account $42,316.05 $45,760.20 $1,825.05
holdings)

14 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z50-766615
Holdings MERRIMACK COLLEGE - CORPORATION

Exchange Traded Products

Includes exchange-traded funds (ETFs), exchange-traded notes (ETNs), and other exchange-traded vehicles.
Beginning Price Ending Unrealized
Market Value Quantity Per Unit Market Value Total Gain/Loss EAI ($) /
Description Sep 1, 2023 Sep 30, 2023 Sep 30, 2023 Sep 30, 2023 Cost Basis Sep 30, 2023 EY (%)
Equity ETPs
HEALTH CARE SELECT SECTOR SPDR $19,981.50 150.000 $128.7400 $19,311.00 $19,379.41 -$68.41 $319.08
(XLV) 1.650%
CONSUMER DISCRETIONARY SELECT 10,413.31 61.000 160.9800 9,819.78 10,642.83 -823.05 87.57
SECTOR SPDR FUND (XLY) 0.890
SELECT SECTOR SPDR TR ENERGY 4,623.84 52.000 90.3900 4,700.28 4,453.28 247.00 157.79
(XLE) 3.360
SELECT SECTOR SPDR TR FINANCIAL 10,245.24 298.000 33.1700 9,884.66 11,499.56 -1,614.90 198.94
(XLF) 2.010
SELECT SECTOR SPDR TR INDL (XLI) 7,684.33 71.000 101.3800 7,197.98 7,199.05 -1.07 121.17
1.680
SELECT SECTOR SPDR TRUST 49,360.46 281.000 163.9300 46,064.33 39,358.93 6,705.40 394.15
TECHNOLOGY 0.860
SELECT SECTOR USD DIS (XLK)
SELECT SECTOR SPDR TR 2,438.28 36.000 65.5700 2,360.52 1,978.38 382.14 19.45
COMMUNICATION (XLC) 0.820

S
Total Equity ETPs (27% of account $104,746.96 99,338.55 94,511.44 4,827.11 1,298.15
holdings)

Total Exchange Traded Products (27% of $104,746.96 $99,338.55 $94,511.44 $4,827.11 $1,298.15

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

account holdings)

Stocks
Beginning Price Ending Unrealized
Market Value Quantity Per Unit Market Value Total Gain/Loss EAI ($) /
Description Sep 1, 2023 Sep 30, 2023 Sep 30, 2023 Sep 30, 2023 Cost Basis Sep 30, 2023 EY (%)
Common Stock
LINDE PLC COM EUR0.001(LIN) $3,483.36 9.000 $372.3500 $3,351.15 $2,570.49 $780.66 $45.90
1.370%
ABBVIE INC COM USD0.01(ABBV) 7,054.08 48.000 149.0600 7,154.88 5,172.48 1,982.40 284.16
3.970
ALPHABET INC CAP STK CL C(GOOG) 10,988.00 80.000 131.8500 10,548.00 7,647.92 2,900.08 -
-

15 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z50-766615
Holdings MERRIMACK COLLEGE - CORPORATION

Stocks (continued)
Beginning Price Ending Unrealized
Market Value Quantity Per Unit Market Value Total Gain/Loss EAI ($) /
Description Sep 1, 2023 Sep 30, 2023 Sep 30, 2023 Sep 30, 2023 Cost Basis Sep 30, 2023 EY (%)
Common Stock (continued)
AMAZON.COM INC (AMZN) 9,660.70 70.000 127.1200 8,898.40 7,666.16 1,232.24 -
-
AMERICAN EXPRESS CO COM USD0.20 5,371.66 34.000 149.1900 5,072.46 5,451.22 -378.76 81.60
(AXP) 1.610
AMGEN INC (AMGN) 5,639.48 22.000 268.7600 5,912.72 5,550.71 362.01 187.44
3.170
APPLE INC (AAPL) 15,593.21 83.000 171.2100 14,210.43 6,091.28 8,119.15 79.68
0.560
CVS HEALTH CORPORATION COM 2,150.61 33.000 69.8200 2,304.06 2,474.01 -169.95 79.86
USD0.01 (CVS) 3.470
CATERPILLAR INC COM (CAT) 4,498.08 16.000 273.0000 4,368.00 3,537.07 830.93 83.20
1.900
COMCAST CORP (CMCSA) 2,805.60 60.000 44.3400 2,660.40 2,340.55 319.85 69.60
2.620
CONOCOPHILLIPS COM(COP) 4,999.26 42.000 119.8000 5,031.60 2,837.97 2,193.63 85.68
1.700
COSTCO WHOLESALE CORP COM 9,337.76 17.000 564.9600 9,604.32 8,666.29 938.03 69.36

S
USD0.01 (COST) 0.720
DISNEY WALT CO COM (DIS) 4,769.76 57.000 81.0500 4,619.85 6,522.63 -1,902.78 -
-
FORTINET INC COM USD0.001(FTNT) 5,418.90 90.000 58.6800 5,281.20 5,172.75 108.45 -

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

-
HOLOGIC INC (HOLX) 5,605.50 75.000 69.4000 5,205.00 5,327.11 -122.11 -
-
INTEL CORP COM USD0.001(INTC) 4,568.20 130.000 35.5500 4,621.50 3,513.26 1,108.24 65.00
1.410
JPMORGAN CHASE & CO (JPM) 6,731.18 46.000 145.0200 6,670.92 5,774.35 896.57 193.20
2.900
L3HARRIS TECHNOLOGIES INC COM 6,055.06 34.000 174.1200 5,920.08 6,395.40 -475.32 155.04
(LHX) 2.620
MP MATERIALS CORP COM CL A (MP) 5,214.06 249.000 19.1000 4,755.90 7,032.25 -2,276.35 -
-
MASCO CORP COM USD1.00 (MAS) 4,307.73 73.000 53.4500 3,901.85 3,130.09 771.76 83.22
2.130
MCDONALD S CORP (MCD) 4,498.40 16.000 263.4400 4,215.04 2,769.18 1,445.86 97.28
2.310

16 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z50-766615
Holdings MERRIMACK COLLEGE - CORPORATION

Stocks (continued)
Beginning Price Ending Unrealized
Market Value Quantity Per Unit Market Value Total Gain/Loss EAI ($) /
Description Sep 1, 2023 Sep 30, 2023 Sep 30, 2023 Sep 30, 2023 Cost Basis Sep 30, 2023 EY (%)
Common Stock (continued)
MICROSOFT CORP (MSFT) 19,010.08 58.000 315.7500 18,313.50 14,096.23 4,217.27 174.00
0.950
MORGAN STANLEY COM USD0.01 (MS) 5,790.20 68.000 81.6700 5,553.56 3,355.84 2,197.72 231.20
4.160
NEXTERA ENERGY INC COM USD0.01 3,540.40 53.000 57.2900 3,036.37 3,186.48 -150.11 99.11
(NEE) 3.260
NIKE INC CLASS B COM NPV(NKE) 3,356.43 33.000 95.6200 3,155.46 3,623.07 -467.61 44.88
1.420
PEPSICO INC (PEP) 6,049.28 34.000 169.4400 5,760.96 5,068.29 692.67 172.04
2.990
PROCTER AND GAMBLE CO COM(PG) 5,401.90 35.000 145.8600 5,105.10 4,660.53 444.57 131.70
2.580
REGENERON PHARMACEUTICALS INC 4,958.94 6.000 822.9600 4,937.76 3,413.10 1,524.66 -
(REGN) -
ROYAL BANK OF CANADA MONTREAL 2,252.50 25.000 87.4400 2,186.00 2,494.07 -308.07 -
QUE COM NPV -
ISIN #CA7800871021 SEDOL #2754383

S
(RY)
SEMPRA COM (SRE) 4,634.52 66.000 68.0300 4,489.98 4,763.55 -273.57 157.08
3.500
SUNCOR ENERGY INC NEW COM 5,149.76 152.000 34.3800 5,225.76 3,817.48 1,408.28 -

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

ISIN #CA8672241079 SEDOL #B3NB1P2 -
(SU)
T-MOBILE US INC COM (TMUS) 5,177.50 38.000 140.0500 5,321.90 5,307.90 14.00 -
-
TESLA INC COM (TSLA) 6,968.16 27.000 250.2200 6,755.94 4,580.44 2,175.50 -
-
THERMO FISHER SCIENTIFIC INC (TMO) 8,356.50 15.000 506.1700 7,592.55 5,148.68 2,443.87 21.00
0.280
UNION PAC CORP COM(UNP) 3,087.98 14.000 203.6300 2,850.82 2,398.98 451.84 72.80
2.550
UNITEDHEALTH GROUP INC(UNH) 3,812.64 8.000 504.1900 4,033.52 3,086.92 946.60 60.16
1.490
VISA INC (V) 1,965.44 8.000 230.0100 1,840.08 1,530.52 309.56 14.40
0.780
WALMART INC COM (WMT) 8,780.94 54.000 159.9300 8,636.22 7,481.40 1,154.82 123.12
1.430

17 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z50-766615
Holdings MERRIMACK COLLEGE - CORPORATION

Stocks (continued)
Beginning Price Ending Unrealized
Market Value Quantity Per Unit Market Value Total Gain/Loss EAI ($) /
Description Sep 1, 2023 Sep 30, 2023 Sep 30, 2023 Sep 30, 2023 Cost Basis Sep 30, 2023 EY (%)
Common Stock (continued)
Total Common Stock (59% of account $227,043.76 $219,103.24 $183,656.65 $35,446.59 $2,961.71
holdings)

Total Stocks (59% of account holdings) $227,043.76 $219,103.24 $183,656.65 $35,446.59 $2,961.71

Other
Beginning Price Ending Market Value Unrealized
Market Value Quantity Per Unit Accrued Interest (AI) Total Gain/Loss EAI ($) /
Description Sep 1, 2023 Sep 30, 2023 Sep 30, 2023 Sep 30, 2023 Cost Basis Sep 30, 2023 EY (%)
AMERICAN TOWER CORP NEW COM $3,445.08 19.000 $164.4500 $3,124.55 $4,288.33 -$1,163.78 $123.12
(AMT) - 3.940%
INVITATION HOMES INC COM (INVH) 5,624.85 165.000 31.6900 5,228.85 5,326.18 -97.33 171.60
- 3.280
Total Other (2% of account holdings) $9,069.93 $8,353.40 $9,614.51 -$1,261.11 $294.72

S
Total Holdings $372,555.39 $287,782.60 $39,012.59 $6,379.63

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

All positions held in cash account unless indicated otherwise.

EAI Estimated Annual Income (EAI) & Estimated Yield (EY) - EAI is an estimate of annual income for a specific security position over the next rolling 12 months. EAI may be negative on short
& EY positions. EY is calculated by dividing the current EAI for a security position by its statement closing date market value. EAI and EY are estimates only and may include return of principal
and/or capital gains, which would render them overstated. Actual income and yield might be lower or higher than the estimated amounts. For calculation details, refer to the
"Additional Information and Endnotes" section.

Total Cost Basis does not include the cost basis on core, money market or other positions where cost basis is unknown or not applicable.

18 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z50-766615
Activity MERRIMACK COLLEGE - CORPORATION

Dividends, Interest & Other Income

(Includes dividend reinvestment)

Settlement Symbol/
Date Security Name CUSIP Description Quantity Price Amount
09/01 CONOCOPHILLIPS COM 20825C104 Dividend Received - - $21.42
09/01 INTEL CORP COM USD0.001 458140100 Dividend Received - - 16.25
09/01 VISA INC 92826C839 Dividend Received - - 3.60
09/05 WALMART INC COM 931142103 Dividend Received - - 30.78
09/08 AMGEN INC 031162100 Dividend Received - - 46.86
09/08 COSTCO WHOLESALE CORP COM 22160K105 Dividend Received - - 17.34
USD0.01
09/14 MICROSOFT CORP 594918104 Dividend Received - - 39.44
09/15 NEXTERA ENERGY INC COM USD0.01 65339F101 Dividend Received - - 24.78
09/18 MCDONALD S CORP 580135101 Dividend Received - - 24.32
09/19 LINDE PLC COM EUR0.001 G54950103 Dividend Received - - 11.48
09/19 L3HARRIS TECHNOLOGIES INC COM 502431109 Dividend Received - - 38.76
09/19 UNITEDHEALTH GROUP INC 91324P102 Dividend Received - - 15.04
09/21 CONSUMER DISCRETIONARY SELECT 81369Y407 Dividend Received - - 18.62
SECTOR SPDR FUND
09/21 HEALTH CARE SELECT SECTOR SPDR 81369Y209 Dividend Received - - 80.93

S
09/21 SELECT SECTOR SPDR TR ENERGY 81369Y506 Dividend Received - - 35.03
09/21 SELECT SECTOR SPDR TR FINANCIAL 81369Y605 Dividend Received - - 46.21
09/21 SELECT SECTOR SPDR TR INDL 81369Y704 Dividend Received - - 30.28

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

09/21 SELECT SECTOR SPDR TRUST 81369Y803 Dividend Received - - 101.24
TECHNOLOGY
SELECT SECTOR USD DIS
09/21 SELECT SECTOR SPDR TR 81369Y852 Dividend Received - - 6.04
COMMUNICATION
09/25 SUNCOR ENERGY INC NEW COM 867224107 Dividend Received - - 58.65
ISIN #CA8672241079 SEDOL #B3NB1P2
09/29 FIDELITY TREASURY MONEY MARKET 316341304 Dividend Received - - 180.53
FUND
09/29 PEPSICO INC 713448108 Dividend Received - - 43.01
09/29 UNION PAC CORP COM 907818108 Dividend Received - - 18.20
Total Dividends, Interest & Other Income $908.81

19 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z50-766615
Activity MERRIMACK COLLEGE - CORPORATION

Deposits
Date Reference Description Amount
09/13 Deposit Merrimackco- Corp Pay $2,550.00
Total Deposits $2,550.00

Taxes Withheld
Date Security Description Amount
09/25 SUNCOR ENERGY INC NEW COM ISIN #CA8672241079 Foreign Tax Paid -$14.66
SEDOL #B3NB1P2
Total Other Taxes Withheld -14.66
Total Taxes Withheld -$14.66

Core Fund Activity

For more information about the operation of your core account, please refer to your Customer Agreement.

Settlement Account
Date Type Transaction Description Quantity Price Amount Balance

S
09/01 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 41.270 $1.0000 $41.27 $42,357.32
MORNING TRADE @ 1
09/05 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 30.780 1.0000 30.78 42,388.10

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

MORNING TRADE @ 1
09/08 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 64.200 1.0000 64.20 42,452.30
MORNING TRADE @ 1
09/13 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 2,550.000 1.0000 2,550.00 45,002.30
MORNING TRADE @ 1
09/14 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 39.440 1.0000 39.44 45,041.74
MORNING TRADE @ 1
09/15 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 24.780 1.0000 24.78 45,066.52
MORNING TRADE @ 1
09/18 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 24.320 1.0000 24.32 45,090.84
MORNING TRADE @ 1
09/19 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 11.480 1.0000 11.48 45,102.32
@1
09/19 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 53.800 1.0000 53.80 45,156.12
MORNING TRADE @ 1

20 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z50-766615
Activity MERRIMACK COLLEGE - CORPORATION

Core Fund Activity (continued)

For more information about the operation of your core account, please refer to your Customer Agreement.

Settlement Account
Date Type Transaction Description Quantity Price Amount Balance
09/21 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 318.350 1.0000 318.35 45,474.47
MORNING TRADE @ 1
09/25 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 43.990 1.0000 43.99 45,518.46
@1
09/29 CASH You Bought FIDELITY TREASURY MONEY MARKET FUND 61.210 1.0000 61.21 45,579.67
MORNING TRADE @ 1
09/29 CASH Reinvestment FIDELITY TREASURY MONEY MARKET FUND 180.530 1.0000 180.53 45,760.20
REINVEST @ $1.000
Total Core Fund Activity $3,444.15

Estimated Cash Flow (Rolling as of September 30, 2023)

Bond & CD Bond & CD Stock ETP Mutual Fund Other Total Est.

S
Month Income Principal Income Income Income Income Cash Flow
October 2023 -- -- $152 -- $152 $31 $335
November -- -- 264 -- 152 43 459

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

December -- -- 325 325 152 -- 802
January 2024 -- -- 152 -- 152 31 335
February -- -- 264 -- 152 43 459
March -- -- 325 325 152 -- 802
April -- -- 152 -- 152 31 335
May -- -- 264 -- 152 43 459
June -- -- 325 325 152 -- 802
July -- -- 152 -- 152 31 335
August -- -- 264 -- 152 43 459
September -- -- 325 325 152 -- 802
Total -- -- $2,964 $1,300 $1,824 $296 $6,384

This table presents the estimated monthly interest and dividend income and return of principal that your current holdings may generate over the next rolling 12 months.
The cash flows displayed are estimates provided for informational purposes only and there is no guarantee that you will actually receive any of the amounts displayed.

21 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z50-766615
Estimated Cash Flow (Rolling as of September 30, 2023) MERRIMACK COLLEGE - CORPORATION

These estimates should not be relied upon for making investment, trading or tax decisions. The estimates for fixed income are calculated using the security's coupon
rate. The estimates for all other securities are calculated using an indicated annual dividend (IAD). The IAD is an estimate of a security's dividend payments for the next
12 months calculated based on prior and/or declared dividends for that security. IADs are sourced from third party vendors believed to be reliable, but no assurance can
be made as to accuracy. There are circumstances in which these estimates will not be presented for a specific security you hold. Please refer to Help/Glossary on
Fidelity.com for additional information on these calculations.
Bond & CD Income includes interest payments for fixed and variable rate bonds, international bonds that pay in USD, and Certificates of Deposit (CDs).
Bond & CD Principal includes maturing principal payments for fixed and variable rate bonds, international bonds that pay in USD, and Certificates of Deposit (CDs).
Stock Income includes estimated dividend payments for common stocks, preferred stocks, ADRs, closed-end mutual funds, and MLPs.
ETP Income includes estimated dividend payments for Exchange Traded Funds (ETFs) and Exchange Traded Notes (ETNs).
Mutual Fund Income includes estimated dividend payments for Fidelity and non-Fidelity mutual funds.
Other Income includes, but is not limited to estimated dividend payments for Unit Investment Trusts (UITs), REITs, and LPs.
This table does not include cash flow from foreign denominated fixed income.
-- not available

Additional Information and Endnotes

S
The following interested party information is on file for your account:
MERRIMACK COLLEGE MARY PAPAZIAN

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

JOANNE FORAN MERRIMACK COLLEGE
315 TURNPIKE ST 315 TURNPIKE ST
NORTH ANDOVER MA 01845-5806 NORTH ANDOVER MA 01845-5806

22 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z50-766615
Additional Information and Endnotes MERRIMACK COLLEGE - CORPORATION

Order Flow Practices: As the introducing broker for your account, FBS routes your orders to our clearing firm affiliate, National Financial Services ("NFS"). In deciding
where to send orders received for execution, NFS looks at a number of factors, such as size of the order, trading characteristics of the security, favorable execution
prices (including the opportunity for price improvement), access to reliable market data, availability of efficient automated transaction processing, and execution cost.
Some market centers or broker-dealers may execute orders at prices superior to the publicly quoted market. NFS's order routing policies are designed to result in
transaction processing that is favorable to its customers. Where a customer directs the market center to which an order is routed, FBS or NFS will route the order to
such market center in accordance with the customer's instructions without regard to its general order-routing practices.

FBS and/or NFS receives remuneration, compensation, or other consideration for directing customer orders to certain market centers. Such consideration may take
the form of financial credits, monetary payments, rebates, volume discounts, or reciprocal business. The details of any credit, payment, rebate, or other form of
compensation received in connection with the routing of a particular order will be provided on your request. Unless your account is managed on a discretionary basis
by Strategic Advisers LLC, an affiliate of NFS, NFS may execute certain transactions as principal. In addition, from time to time, Fidelity may provide aggregated trade
execution data to customers and prospective customers.

Order Routing Disclosure Quarterly reports: Quarterly information regarding the routing of orders by NFS in listed equity securities and listed options is available online
at Fidelity.com. The reports are formatted in accordance with Securities and Exchange Commission requirements. Investor Inquiry: You can request your specific order
routing and execution information for the preceding six months. This information will include the identity of the marketplace where your orders were routed for
execution, whether the orders were directed or non-directed, and, if executed, the time of the execution. You may contact Fidelity for additional details on the
information that is available.

BrokerCheck(R) by FINRA: As part of the Financial Industry Regulatory Authority (FINRA) BrokerCheck program, you have access to the BrokerCheck hotline at

S
800-289-9999 and FINRA website at www.finra.org. You can call or email your inquiries and request a brochure that includes information detailing the BrokerCheck
program.

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

Municipal Securities Rulemaking Board Investor Brochure: Fidelity Brokerage Services LLC is registered with the U.S. Securities and Exchange Commission (SEC)
and the Municipal Securities Rulemaking Board (MSRB). An investor brochure may be obtained at MSRB.org that describes the protections that may be provided by
the MSRB and how to file a complaint with an appropriate regulatory authority.
Fidelity is required by the Securities Exchange Act of 1934 to provide certain financial information from the Statement of Financial Condition of National Financial
Services LLC (NFS). At July 31, 2023, NFS, an affiliate of Fidelity Brokerage Services LLC, had net capital of $9,274 million, which was 23.40% of aggregate debit
items and exceeded its minimum requirement by $8,481 million. To acquire the Statement of Financial Condition of National Financial Services LLC (NFS), go to
fidelity.com/customer-service/nfs-statement-financial-condition. If you wish to obtain a copy of this document at no cost, or have any questions regarding its contents,
please call Fidelity at 800-343-3548. 457389.41.0
The 2023 Fidelity Investments and Fidelity Funds Privacy Notice is available at Fidelity.com/privacy.

Cost basis and gain/loss information is provided as a service to our customer, and is based on standards for filing US Federal Tax Returns as determined by Fidelity. This
information is not intended to address tax law or reporting requirements applicable in your country of tax residence.

23 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z50-766615
Additional Information and Endnotes MERRIMACK COLLEGE - CORPORATION

Amortization, accretion and similar adjustments to cost basis are provided for many fixed income securities (and some bond-like equities), however they are not provided
for certain fixed income securities, such as short-term instruments, Unit Investment Trusts, foreign fixed income securities, or those that are subject to early prepayment of
principal (pay downs).
B Adjusted cost basis information is shown where this indicator is displayed. Adjusted cost basis reflects any cumulative original issue discount, premium, or acquisition
premium (including any year-to-date amount). It assumes such amounts were amortized or accrued for tax purposes from the acquisition date through the disposition
date. Premium amortization was calculated using the yield-to-maturity method. Acquisition premium was calculated using the ratable accrual method. Any market
discount accretion for this position was calculated using the constant yield method unless a different fixed income election has been made and, if applicable,
recognized upon disposition. Gain/loss displayed for this transaction is calculated using the cost basis adjustments, as described above. The adjusted cost basis used
here may not reflect all adjustments necessary for tax purposes (such as wash sale adjustments) and may not apply if you are using an alternative amortization
calculation method. Refer to IRS Publication 550, Investment Income and Expenses, for additional information.
If total cost basis information is provided for multiple tax lots, that total cost basis information (and any associated gain/loss displayed) may have been calculated using a
combination of adjusted cost basis information (as described above) and non-adjusted cost basis information. Total cost basis information (and any associated gain/loss
displayed) is calculated using adjusted cost basis for lots for which adjusted cost basis is provided and non-adjusted cost basis for lots for which adjusted cost basis is not
provided or not applicable.
Estimated Annual Income (EAI) & Estimated Yield (EY) - EAI for fixed income is calculated using the coupon rate. For all other securities, EAI is calculated using an
indicated annual dividend (IAD). The IAD is an estimate of a security's dividend payments for the next 12 months calculated based on prior and/or declared dividends for
that security. EY reflects only the income generated by an investment and not changes in its price which may fluctuate. Interest and dividend rates are subject to change at
any time and may be affected by current and future economic, political and business conditions. EAI and EY are provided for informational purposes only and should not

S
be used or relied on for making investment, trading or tax decisions. EAI and EY are based on data obtained from information providers believed to be reliable, but no
assurance can be made as to accuracy, timeliness or completeness. Please refer to the Help/Glossary on Fidelity.com for additional information regarding these
calculations.

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

Copyright 2022, S&P Global Market Intelligence. Reproduction of any information, data or material, including ratings ("Content") in any form is prohibited except with the
prior written permission of the relevant party. Such party, its affiliates and suppliers ("Content Providers") do not guarantee the accuracy, adequacy, completeness,
timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained
from the use of such Content. In no event shall Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and
opportunity costs) in connection with any use of the Content. A reference to a particular investment or security, a rating or any observation concerning an investment that is
part of the Content is not a recommendation to buy, sell or hold such investment or security, does not address the suitability of an investment or security and should not be
relied on as investment advice. Credit ratings are statements of opinions and are not statements of fact.
Moody's© Copyright 2022, Moody's Investors Service, Inc. ("Moody's"). 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. 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. Moody's® is a registered trademark.

24 of 26
 INVESTMENT REPORT
September 1, 2023 - September 30, 2023

Account # Z50-766615
Additional Information and Endnotes MERRIMACK COLLEGE - CORPORATION

Please go to Fidelity.com/disclosures to review important legal and regulatory disclosures. Historical statements, confirms and other regulatory documents are available to
access and download at Fidelity.com/statements.
For more information about your statement, please refer to our Frequently Asked Questions document at Fidelity.com/statements .

S
MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929
25 of 26
Information About Your Fidelity Statement using the FIFO method if shares were purchased at different times or prices. Statement Mailing We deliver
statements at least four times during the calendar year for any account with a balance.
Lost or Stolen Cards For 24-Hour worldwide customer service, call 800-529-2164 for American Express or Statement Discrepancies Please review your statement and report any inaccuracies or discrepancies.
800-323-5353 for Fidelity® Debit Card. Inquiries, concerns or questions regarding your brokerage account or the activity therein should be
Additional Investments with Fidelity Make checks payable to Fidelity Investments. Include your account directed to FBS by calling 800-544-6666, and NFS, who carries your brokerage accounts, by calling
number on the check. For retirement and health savings accounts (HSA), designate in the memo field whether 866-408-1138. Any oral communications regarding inaccuracies or discrepancies should be reconfirmed in
your contribution is for the current or prior year. Mail checks or other inquiries to: Fidelity Investments, P.O. Box writing to protect your rights, including those under the Securities Investor Protection Act (SIPA).
770001, Cincinnati, OH 45277-0003. Material Changes Please advise us of material changes in your investment objectives or financial situation
Income Summary Shows income by tax status for the statement and year-to-date periods. Except for interest related to your brokerage account(s).
income earned on, or distributed by, tax-exempt securities, Fidelity reports dividends and capital gains held in Mutual Funds and Performance Before investing, consider the funds' investment objectives, risks,
taxable accounts as taxable income. A portion of income reported as tax-exempt income may be subject to charges and expenses. Contact Fidelity for a prospectus containing this information. Read it carefully.
alternative minimum taxes and/or state and local taxes. In Traditional IRAs, Rollover IRAs, SEP-IRAs, SIMPLE Performance data shown represents past performance and is no guarantee of future results.
IRAs and Keoghs, earnings are reported as tax-deferred income. In Roth IRAs and HSAs, earnings are reported Investment return and principal value will fluctuate, so you may have a gain or loss when shares are
as tax-exempt income as they may be federally tax-exempt if certain conditions are met. sold. Current performance may be higher or lower than that quoted. Visit Fidelity.com/performance for
Cost Basis, Gain/Loss, and Holding Period Information NFS is required to report certain cost basis and most recent month-end performance.
holding period information to the IRS on Form 1099-B. Unless otherwise specified, NFS applies the average Sales Loads & Fees Each fund reserves the right to terminate or modify its exchange privilege in the future. In
cost method for open-end mutual funds and the first-in, first-out (FIFO) method for all other securities. Cost connection with (i) access to, purchase, sale, exchange or redemption of, and/or maintenance of positions in
basis is adjusted for wash sales on securities with the same CUSIP held in the same account (unless your mutual funds, ETFs and other investment products ("funds") or (ii) infrastructure needed to support such funds,
account receives mark-to-market reporting). Your statement may not reflect all adjustments required for tax some funds, or their investment affiliates, pay FBS and/or NFS sales loads and 12b-1 fees described in the
purposes. Customers should consult their tax advisors for further information. prospectus as well as additional compensation for shareholder services, start-up fees, platform support and
Cost Fidelity provides purchase cost information for securities held in retirement and HSA accounts. Such maintenance, and marketing, engagement and analytics programs. Additional information about the source(s)
information may be adjusted for certain transactions and does not reflect dividends or capital gains and amount(s) of compensation as well as other remuneration received by FBS or NFS will be furnished to you
reinvestments. Fidelity reports transaction profit or loss information when securities are sold within a retirement upon written request. At the time you purchase shares of funds those shares will be assigned either a load,
or HSA account. Transaction profit or loss is calculated by subtracting purchase cost from sales proceeds transaction fee (TF) or no transaction fee (NTF) status. When you subsequently sell those shares, any fees
applicable to your transaction will be assessed based on the status assigned to the shares at the time of
purchase.

Additional Information About Your Brokerage Account, If Applicable value at which the security may be sold or purchased based on various market factors. The sale or redemption
of any fixed income security prior to maturity may result in a loss. Prices for Certificates of Deposits (CDs) on
Free credit balances (FCB) are funds payable to you on demand. FCB are subject to open commitments such your statement are generally estimates and are not based on actual market prices. The secondary market for
as uncleared checks and exclude proceeds from sales of certificated securities without delivery of the CDs is generally illiquid. You should always request a current valuation for your securities prior to making a
certificate. If your FCB is swept to a core position, you can liquidate the core position and have the proceeds financial decision or placing an order.
sent to you or held in your account subject to the terms of your account agreement. Required rule 10b-10(a) Executing Orders on the Floor of the NYSE The Floor broker may permit the Designated Market Maker to
information not contained herein will be provided on written request. Fidelity may use this free credit balance in trade on parity with the order for some or all of the executions associated with filling that order, where such
connection with its business, subject to applicable law. Assets Separate from Your Brokerage Account Only permission would not be inconsistent with the broker's best execution obligations.
securities in the margin portion of your brokerage account contribute to margin and maintenance requirements. SIPC Securities in accounts carried by NFS, a Fidelity Investments company, are protected in accordance with
Other Assets, which may be reported on your statement, including insurance products that are distributed by the SIPC up to $500,000 (including cash claims limited to $250,000). For details, including the SIPC brochure,
FBS and Fidelity Insurance Agency, Inc. and mutual fund only accounts held directly with the fund (Fidelity please see www.sipc.org or call 1-202-371-8300. NFS has arranged for additional protection for cash and
Mutual Fund Accounts) are not carried by NFS, not covered by the Securities Investor Protection Corporation covered securities to supplement its SIPC coverage. Neither coverage protects against a decline in the market
(SIPC) and do not count toward your margin and maintenance requirements. Assets held in brokerage value of securities.
accounts managed by Fidelity Personal and Workplace Advisors LLC (FPWA) are carried by NFS and covered Fidelity Investments Fidelity Distributors Company LLC (FDC) is the distributor for Fidelity Funds with
by SIPC but do not contribute to your margin and maintenance requirements. Short Account Balances marketing and shareholder services provided by FBS or NFS. Brokerage services are provided by FBS,

S
Securities sold short are held in a segregated short account. These securities are marked-to-market for margin which clears all transactions through its affiliate, NFS. NFS carries all brokerage accounts. FBS and
purposes, and any increase or decrease from the previous week's value is transferred weekly to your margin NFS are members of the NYSE and SIPC. Upon written request, Fidelity will mail an NFS financial statement,
account. Fidelity represents your short account balance as of the last weekly mark-to-market, not as of the which is also available for inspection at its office. Fidelity Investments (with pyramid logo) is a trademark of
statement end date. Information About Your Option Transactions Each transaction confirmation previously FMR LLC.
delivered to you contains full information about commissions and other charges, and such information is FPWA Services Fidelity Go®, Fidelity Managed FidFolios SM and Fidelity® Strategic Disciplines are advisory

MR_CE _BPKBRZBBBCSJJ_BBBBB 20230929

available promptly upon request. Assignments of American and European-style options are allocated among services offered by FPWA, a registered investment adviser. Fidelity® Strategic Disciplines includes the
customer short positions pursuant to a random allocation procedure, a description is available upon request. Breckinridge Intermediate Municipal Strategy, the Fidelity® Equity-Income Strategy, the Fidelity® Tax-Managed
Short positions in American-style options are liable for assignment anytime. The writer of a European-style U.S. Equity Index Strategy, the Fidelity® U.S. Large Cap Equity Strategy, the Fidelity® International Equity
option is subject to exercise assignment only during the exercise period. For more information, please call Strategy, the Fidelity® Tax-Managed International Equity Index Strategy, the Fidelity® Intermediate Municipal
Fidelity at 800-544-6666. Equity Dividend Reinvestment Shares credited to your account resulted from Strategy and the Fidelity® Core Bond Strategy. Fidelity® Wealth Services are advisory services offered by
transactions by FBS acting as agent for your account, or the Depository Trust Company (DTC). Price FPWA or Fidelity Personal Trust Company, FSB (FPTC), a federal savings bank. Nondeposit investment
Information/Total Market Value The Total Market Value has been calculated out to 9 decimal places but the products and trust services offered by FPTC and its affiliates are not insured or guaranteed by the Federal
individual unit price is displayed in 5 decimal places. The Total Market Value represents prices obtained from Deposit Insurance Corporation or any other government agency, are not obligations of any bank, and are
various sources, may be impacted by the frequency with which such prices are reported and such prices are subject to risk, including possible loss of principal. These advisory services are provided for a fee. FBS,
not guaranteed. Prices received from pricing vendors are generally based on current market quotes, but when NFS, FDC, FPWA and FPTC are direct or indirect subsidiaries of FMR LLC.
such quotes are not available the pricing vendors use a variety of techniques to estimate value. These Miscellaneous Mutual fund shares, other securities held in your account, and insurance products are neither
estimates, particularly for fixed income securities, may be based on certain minimum principal amounts (e.g. $1 deposits nor obligations of, nor endorsed or guaranteed by, any bank or other depositing institution, nor are they
million) and may not reflect all of the factors that affect the value of the security, including liquidity risk. In federally insured by the FDIC or any other agency. If you request a reprint of your statement, the disclosure
certain situations, a price may be derived from a single market participant, also known as a "single broker information may not be the same as the information originally provided. To confirm that an authorized, direct
quote". The prices provided are not firm bids or offers. Certain securities may reflect as N/A or unavailable deposit has been made to your Fidelity Account or Fidelity Mutual Fund Account, call Fidelity at
where the price for such security is generally not available from a pricing source. The Market Value of a 1-800-544-5555.
security, including those priced at par value, may differ from its purchase price and may not closely reflect the 588130.55.0

26 of 26