Fidelity^® Multi-Strategy Credit Fund: Investment Approach

• Fidelity's Multi-Strategy Credit Fund seeks to provide investors with a high level of current income and capital appreciation by investing across high income and private credit asset classes.
• The fund seeks to leverage the strength of Fidelity's credit platform and invest dynamically across the entire credit spectrum, including both foundational and opportunistic credit.
• The fund's management team utilizes a bottom-up fundamental process that seeks to identify superior risk-adjusted opportunities across credit markets and aims to allocate investments based on the current and expected macro environment among both liquid and illiquid securities.
• The fund's managers also seek to leverage the resources of the Fidelity high income and credit-related alternatives group, as well as the resources of the broader Fidelity research ecosystem in selecting investments.