Summary

• Fidelity Floating Rate High Income Fund is a diversified leveraged-loan strategy focused on investing primarily in loans that banks have made to non-investment-grade companies.
• For the quarter, the fund's Retail Class shares gained 0.06%, topping the -0.67% return of the benchmark, the Morningstar LSTA US Performing Loans Index.
• As of March 31, we believe loan credit spreads are attractive relative to other credit-driven investments, particularly given their position in a company's capital structure and their collateral protection.

Investment Approach

• Fidelity® Floating Rate High Income Fund is a diversified leveraged-loan strategy focused on investing primarily in loans that banks have made to non-investment-grade companies.
• We apply a core investment approach, with the majority of

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