Unless otherwise expressly disclosed to you in writing, the information provided in this material is for educational purposes only. Any viewpoints expressed by Fidelity are not intended to be used as a primary basis for your investment decisions and are based on facts and circumstances at the point in time they are made and are not particular to you. Accordingly, nothing in this material constitutes impartial investment advice or advice in a fiduciary capacity, as defined or under the Employee Retirement Income Security Act of 1974 or the Internal Revenue Code of 1986, both as amended. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in the products or services and may receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services. Before making any investment decisions, you should take into account all of the particular facts and circumstances of your or your client’s individual situation and reach out to an investment professional, if applicable.

Important disclosure
This information is intended for institutional investor and investment professional use only.

Information provided in and presentation of this document are for informational and educational purposes only, and are not a recommendation to take any particular action, or any action at all, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice.

Fidelity does not provide legal or tax advice.

Before making any investment decision, you should consult with your own professional advisors, and take into account all of the particular facts and circumstances of your individual situation.

Fidelity and its representatives may have a conflict of interest in the products or services mentioned in these materials, because they have a financial interest in them, and receive compensation directly or indirectly in connection with the management, distribution, and or servicing of these products or services, including Fidelity funds, certain third -party funds and products, and certain investment services.

Views expressed are as of May 2026, and may change based on market and other conditions, unless otherwise noted the opinions provided are those of the speakers, and not necessarily those of Fidelity Investments or its affiliates.

Fidelity does not assume any duty to update any of the information. Some of this information is forward-looking and is subject to past performance.

Past performance is no guarantee of future results. Investment results cannot be predicted or projected.

Definitions and Important Information [ INCLUDE AS REFERENCED ]
Bloomberg U.S. Aggregate Bond Index is a broad-based, market value-weighted benchmark that measures the performance of the investment-grade, U.S. dollar- denominated, fixed-rate taxable bond market. Sectors in the index include Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.
The Chartered Financial Analyst (CFA)vis offered by the CFA Institute. To obtain the CFA charter, candidates must pass three exams demonstrating their competence, integrity, and extensive knowledge in accounting, ethical and professional standards, economics, portfolio management, and security analysis, and must also have at least 4,000 hours of qualifying work experience completed in a minimum of 36 months, among other requirements. CFA is a trademark owned by CFA Institute.
Credit ratings for a rated issuer or security are categorized using Moody’s Investors Service (Moody’s). If Moody’s does not publish a rating for a security or issuer, the Standard & Poor’s Ratings Services (S&P) rating is used. When S&P and Moody’s provide different ratings for the same issuer or security, the Moody’s rating is used. Securities that are not rated by these Nationally Recognized Statistical Rating Organizations (e.g., equity securities, if held) are categorized as Not Rated. All U.S. government securities are included in the U.S. Government category. The table information is based on the combined investments of the fund and its pro rata share of any investments in other Fidelity funds.
ICE BofA U.S. High Yield Constrained Index is a modified market capitalization-weighted index of U.S. dollar-denominated, below-investment-grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have a below-investment-grade rating (based on an average of Moody’s, S&P, and Fitch). The country of risk of qualifying issuers must be an FX-G10 member, a Western European nation, or a territory of the U.S. The FX-G10 includes all Euro members, the U.S., Japan, the UK, Canada, Australia, New Zealand, Switzerland, Norway, and Sweden. In addition, qualifying securities must have at least one year remaining to final maturity, a fixed coupon schedule, and at least $100 million in outstanding face value. Defaulted securities are excluded. The index contains all securities of ICE BofA U.S. High Yield Index but caps issuer exposure at 2%.
J.P. Morgan Emerging Markets Bond Index Global tracks total returns for the U.S. dollar-denominated debt instruments issued by emerging-market sovereign and quasi-sovereign entities, such as Brady bonds, loans, and Eurobonds.
S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Morningstar LSTA US Performing Loans Index is a market value-weighted index designed to represent the performance of U.S. dollar-denominated institutional leveraged performing loan portfolios (excluding loans in payment default) using current market weightings, spreads and interest payments.
Morningstar LSTA US Leveraged Loan Index is a capitalization-weighted syndicated loan indexes based upon market weightings, spreads, and interest payments. The index covers the U.S. market back to 1997 and currently calculates on a daily basis.

Sectors and Industries are defined by Global Industry Classification Standards (GICS^®), except where noted otherwise. S&P 500 sectors: Consumer Discretionary—companies that tend to be the most sensitive to economic cycles. Consumer Staples—companies whose businesses are less sensitive to economic cycles. Energy—companies whose businesses are dominated by either of the following activities: the construction or provision of oil rigs, drilling equipment, and other energy-related services and equipment; or the exploration, production, marketing, refining, and/or transportation of oil and gas products, coal, and consumable fuels. Financials—companies involved in activities such as banking, consumer finance, investment banking and brokerage, asset management, insurance and investments, and mortgage real estate investment trusts (REITs). Health Care—companies in two main industry groups: health care equipment suppliers, manufacturers, and providers of health care services; and companies involved in research, development, production, and marketing of pharmaceuticals and biotechnology products. Industrials—companies that manufacture and distribute capital goods, provide commercial services and supplies, or provide transportation services. Information Technology—companies in technology software and services and technology hardware and equipment. Materials—companies that engage in a wide range of commodity-related manufacturing. Real Estate—companies in real estate development, operations, and related services, as well as equity REITs. Communication Services—companies that facilitate communication and offer related content through various media. Utilities—companies considered electric, gas, or water utilities, or that operate as independent producers and/or distributors of power.

Information provided herein is for informational purposes only, and is not a recommendation or an offer or solicitation to buy or sell any security or for any investment advisory service.

Fidelity Investments provides investment products through Fidelity Distributors Company LLC, and Clearing, Custody, or Other Brokerage Services through National Financial Services LLC, or Fidelity Brokerage Services LLC, members NYSE, SIPC.

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