Fidelity Advisor^® Sustainable Low Duration Bond Fund: Investment Approach

• Fidelity Advisor^® Sustainable Low Duration Bond Fund is a diversified, low-duration bond strategy that seeks to obtain a high level of current income consistent with preservation of capital.
• The fund normally invests at least 80% of its assets in investment-grade debt securities (those of medium and high quality) of all types that FMR believes has positive environmental, social, and governance (ESG) benefits and repurchase agreements for those securities.
• The fund is managed to have a similar overall interest rate risk to the Bloomberg U.S. Treasury Bill: 6-9 Months Index.
• Utilizing a team-based investment process, the fund relies on experienced portfolio managers, research analysts and traders with experience evaluating each security using both a traditional bond credit, structure and relative value analysis and a consideration about the security's ESG benefits. We concentrate on areas where we believe we can repeatedly add value, including asset allocation, sector and security selection, yield-curve positioning and opportunistic trading.
• Robust governance and risk management, consisting of extensive quantitative modeling, formal and informal portfolio reviews, and proprietary tools, support the identification of both opportunities and risks.