Fidelity^® Sustainable Core Plus Bond Fund: Investment Approach

• Fidelity^® Sustainable Core Plus Bond Fund is a diversified bond strategy that seeks to obtain a high level of current income while investing at least 80% of its assets in debt securities of all types that FMR believes have positive environmental, social and governance (ESG) characteristics.
• Investments are primarily investment-grade debt securities, with up to 20% of total assets in non-investment-grade debt.
• The fund's primary benchmark is the Bloomberg U.S. Aggregate Bond Index. However, given its sustainability focus, the fund also has a secondary benchmark, the Bloomberg MSCI U.S. Aggregate ESG Choice Bond Index.
• Utilizing a team-based investment process, the fund relies on experienced portfolio managers, research analysts and traders. 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.