Fidelity Multi-Strategy Credit Fund

*Source: Fidelity Investments, as of 3/31/23. Data is unaudited. Research professionals include both analysts and associates.

1. The fund is an unlisted closed-end interval fund that cannot be redeemed outside of its quarterly repurchase schedule, which will be limited to between 5% and 25% of the fund's outstanding shares at NAV. Unlike most closed-end funds, the fund's shares will not be listed on any securities exchange. Although the fund intends to implement a quarterly share repurchase program, there is no guarantee that an investor will be able to sell all of the Shares that the investor desires to sell. The fund should therefore be considered to offer limited liquidity.

The fund is designed primarily for long~term investors and not as a trading vehicle. The fund should be considered a speculative, illiquid investment that entails substantial risks, and a prospective investor should invest in the fund only if they can sustain a complete loss of their investment.

Risk Factors

• The fund is exposed to risks associated with changes in interest rates. The fund may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates.
• The fund's distributions may be funded from offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the fund for investment. Any capital returned to shareholders through distributions will be distributed after payment of fees and expenses, as well as any applicable sales load.
• The fund invests in or holds instruments that are illiquid (generally, those securities that cannot be disposed of within seven days in the ordinary course of business at approximately the value at which the fund has valued the securities).
• The fund may invest in bank loans that are not typically registered under the federal securities laws like stocks and bonds; therefore investors in bank loans have less protection against improper practices than investors in registered securities.
• The fund's investments in securities and other obligations of companies that are experiencing distress involve a substantial degree of risk. require a high level of analytical sophistication for successful investment, and require active monitoring.
• The fund may invest a portion of its assets in securities and credit instruments associated with real estate and companies in the real estate industry, which have historically experienced substantial price volatility.
• The fund may invest in below-investment-grade instruments, (also known as "junk bonds") which have predominantly speculative characteristics and may be particularly susceptible to economic downturns, which could cause losses.
• Derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the fund.
• Collateralized loan obligations (CLOs) may present risks similar to those of other types of debt obligations and, in fact, such risks may be of greater significance in the case of (105 depending upon the fund's ranking in the capital structure. Investments in structured vehicles, including equity and junior debt securities issued by CLOs, involve risks, including credit risk and market risk.
• The fund may invest in securities of other investment companies, and any such assets will be subject to the risks of the purchased investment company's portfolio securities. The fund's shareholders would bear not only their proportionate share of the expenses of the fund, but also would indirectly bear similar expenses of the underlying investment company.
• The fund may borrow money, which magnifies the potential for gain or loss on amounts invested, subjects the fund to certain covenants with which it must comply and may increase the risk of investing with the fund.
• Non-U5. securities may be traded in undeveloped, ineficient, and less liquid markets and may experience greater price volatility and changes in value—changes in foreign currency exchange rates may adversely affect the US. dollar value of and returns on foreign denominated investments.
• Please refer to the fund's prospectus for a more complete discussion of the fund's risks.

2. There is no guarantee that a shareholder will be able to sell all or any of their requested fund shares in a periodic repurchase offer. There is no secondary market for the fund's shares and none is expected to develop. Investors should consider shares of the fund to be an illiquid investment.

Alternative investment strategies may not be suitable for all investors and are not intended to be a complete investment program. Alternatives may be relatively illiquid; it may be difficult to determine the current market value of the asset; and there may be limited historical risk and return data. Costs of purchase and sale may be relatively high. A high degree of investment analysis may be required before investing.

Investing involves risk, including risk of loss.

Diversification does not ensure a profit or guarantee against a loss.