Fund Description

Normally investing at least 80% of assets in investment-grade mortgage-related securities and repurchase agreements for those securities. Mortgage-related securities include mortgage-backed securities such as residential and commercial MBS, stripped MBS, collateralized mortgage obligations, inverse floating rate obligations, mortgage pass-through securities, and similar instruments representing interests in or secured by pools of mortgages. Investment grade includes BBB- or equivalent, or comparable quality if unrated. The fund invests in U.S. Government securities and instruments related to U.S. Government securities, including securities issued by entities that are chartered or sponsored by Congress but whose securities are neither issued nor guaranteed by the U.S. Treasury, allocates assets across different market sectors and maturities, and is managed to have similar overall interest rate risk to the Bloomberg U.S. MBS Index. It may invest in lower-quality debt, use derivatives and other transactions with a leveraging effect, and invest in Fidelity Central funds.