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2018-08-16
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2018-08-16
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<font size="5"><b>Fund Summary </b></font><br/><br/><font size="3"><b>Fund: </b><br/><b>Fidelity</b><sup>®</sup><b> Series Investment Grade Securitized Fund </b></font>
<font size="4"><b>Investment Objective </b></font>
<font style="FONT-FAMILY: Times New Roman" size="3">The fund seeks a high level of current income.</font>
<font size="4"><b>Fee Table </b></font>
<font style="FONT-FAMILY: Times New Roman" size="3">The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. </font>
<font size="3"><b>Shareholder fees</b></font><br/><font size="-2"><b>(fees paid directly from your investment)</b></font>
<font size="3"><b>Annual Operating Expenses</b></font><br/><font size="-2"><b>(expenses that you pay each year as a % of the value of your investment)</b></font>
<font style="FONT-FAMILY: Times New Roman" size="3">This <b>example</b> helps compare the cost of investing in the fund with the cost of investing in other funds. <br/><br/>Let’s say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here’s how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: </font>
<font size="4"><b>Portfolio Turnover </b></font>
<font style="FONT-FAMILY: Times New Roman" size="3">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund’s performance. </font>
<font size="4"><b>Principal Investment Strategies </b></font>
<ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Normally investing at least 80% of assets in investment-grade securitized debt securities (those of medium and high quality) and repurchase agreements for those securities.</font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing in securitized debt securities (including mortgage-backed securities, commercial mortgage-backed securities, and other asset-backed securities) issued by the U.S. Government and its agencies or instrumentalities, foreign governments, and corporations. </font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing in U.S. Government securities issued by entities that are chartered or sponsored by Congress but whose securities are neither issued nor guaranteed by the U.S. Treasury. </font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Managing the fund to have similar overall interest rate risk to the Bloomberg Barclays U.S. Securitized Index. </font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Allocating assets across different market sectors and maturities. </font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing in domestic and foreign issuers. </font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Analyzing the credit quality of the issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments. </font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing in lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). </font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default), options, and futures contracts - and forward-settling securities, to adjust the fund’s risk exposure. </font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity<sup>®</sup> funds to invest in particular security types or investment disciplines).</font></li></ul>
<font size="4"><b>Principal Investment Risks </b></font>
<ul><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Interest Rate Changes</i>. Interest rate increases can cause the price of a debt security to decrease. </font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Foreign Exposure</i>. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Securitized Debt Securities Exposure. </i>Securitized debt securities are dependent on the cash flows generated by the underlying assets and can be significantly affected by changes in interest rates, the availability of information concerning the underlying assets and their structure, and the creditworthiness of the originators of the loans or other receivables or the entities providing credit support. </font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Prepayment</i>. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change. </font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Issuer-Specific Changes</i>. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. </font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Leverage Risk</i>. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Unlike individual debt securities, which typically pay principal at maturity, the value of an investment in the fund will fluctuate. You could lose money by investing in the fund. </font>
<font size="4"><b>Performance </b></font>
<font style="FONT-FAMILY: Times New Roman" size="3">Performance history will be available for the fund after the fund has been in operation for one calendar year.</font>
<font style="FONT-FAMILY: Times New Roman" size="2">Based on estimated amounts for the current fiscal year.</font>
<font style="FONT-FAMILY: Times New Roman" size="2">December 31, 2021</font>
<font style="FONT-FAMILY: Times New Roman" size="3">You could lose money by investing in the fund. </font>
<font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </font>
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