Fidelity Alternative Fund Accumulation Shares

The Fund aims to increase the value of investor's investment over a period of 5 years or more. The Fund provides a minimum 80% exposure to alternative investments, which may include gold, real estate assets (e.g. REITs), infrastructure, financial and operating leases (e.g. securities issued by companies in the aircraft or real estate leasing industry), structured credit (e.g. shares of an investment company that acquires public and private asset-backed securities) insurance-linked contracts. The Fund typically seeks to gain indirect exposure mainly by investing in other funds (including those operated by Fidelity), which may be index tracking or actively managed, alongside direct investments.