Important disclosure

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 September 2025, 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.

The securities mentioned are for illustrative purposes only and not necessarily current holdings invested in by FMR LLC. References to specific issuers or securities should not be construed as recommendations or investment advice. The statements and opinions are subject to change at any time, based on market and other conditions.

Definitions and Important Information

The Chartered Financial Analyst (CFA) designation is 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. Default Rate can be used in reference to two main things: 1. The rate of borrowers who fail to remain current on their loans. It is a critical piece of information used by lenders to determine their risk exposure and economists to evaluate the health of the overall economy; and 2. the interest rate charged to a borrower when payments on a revolving line of credit are overdue. This higher rate is applied to outstanding balances in arrears in addition to the regular interest charges for the debt. 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%.

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.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact your investment professional or visit fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.