Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Past performance is no guarantee of future results.
1. Interest rate sensitivity, also known as duration, is based on the Barclays U.S. Credit Bond Index (all maturities), and short-term bonds represented by the subset of bonds within the index with maturities of 1-5 years (Barclays 1-5 Year U.S. Credit Bond Index). Source: Barclays as of 7/2/2015.
2. Frequency of reinvestment based on the percentage of bonds maturing within 3 years – 22.5% for the overall bond market (represented by Barclays U.S. Credit Bond Index) and 55.2% for short-term bonds (represented by Barclays 1-5 Year Credit Bond Index). Source: Barclays as of 7/2/2015.
3. Cash represented by the 3-month U.S. Treasury bill (0.01%), and short-term bonds represented by the Barclays 1-5 Year U.S. Credit Bond Index (1.90%). Short-term bonds have the potential for more interest rate and credit risk than 3-month Treasury bills. Source: Barclays as of 7/2/2015.
A standard yield calculation developed by the Securities and Exchange Comission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield."
In general, the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk, and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible.
Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies.
Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market, or economic developments, all of which are magnified in emerging markets. These risks are particularly significant for investments that focus on a single country or region.
Changes in government regulations, changes in interest rates, and economic downturns can have a significant negative effect on issuers in the financial services sector.
Prepayment of principal prior to a security's maturity can cause greater price volatility if interest rates change.
The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. A portion of the distributions you receive may be subject to federal, state, or local income tax or may be subject to the federal alternative minimum tax. The fund is not a money market fund and will have a fluctuating NAV.
Lower-quality debt securities generally offer higher yields, but they also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. As well, any fixed income security sold or redeemed prior to maturity may be subject to loss.
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