Fund Description

The fund normally invests at least 80% of assets in investment-grade debt securities of all types and repurchase agreements for those securities. It may invest in corporate bonds, government securities (including Treasury securities), money market securities, mortgage and other asset-backed securities, loans and loan participations, and hybrids or synthetic securities with debt-like characteristics. Investment grade includes BBB- or equivalent, or unrated securities deemed comparable. It targets interest rate risk similar to the Bloomberg U.S. Aggregate Bond Index, allocates across sectors and maturities, and may invest in domestic and foreign issuers, lower-quality debt securities (less than investment-grade quality, also referred to as high yield debt securities or junk bonds), transactions that have a leveraging effect on the fund, including derivatives such as swaps (interest rate, total return, and credit default), options, and futures contracts, and forward-settling securities, and Fidelity Central funds.