Fidelity Short Term Bond Fund

The fund customarily allocates a minimum of 80% of its capital to investment-grade debt instruments (classified as medium to high quality) and related repurchase agreements. Its portfolio managers strive to align the fund's overall interest rate risk exposure with that of the Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index. Typically, the fund maintains a dollar-weighted average maturity of no more than three years. The portfolio diversifies its holdings across various market sectors and maturity horizons. Investments are made in securities issued by both domestic and international entities.