Fidelity Ultra-Short Bond Fund

(FUSFX)
Buy/Trade
No Transaction Fee No Transaction Fee1
Effective June 1, 2005, FMR has contractually limited the fund's total annual fund operating expenses (except interest, taxes, brokerage commissions, securities lending fees, or extraordinary expenses), as a percentage of average net assets, to be 0.45%. This expense limit may not be increased without approval of the fund's board of trustees.
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Strategy & Objective (FUSFX)

Strategy

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Normally investing at least 80% of assets in investment-grade debt securities (those of medium and high quality) of all types, and repurchase agreements for those securities. Normally investing in U.S. dollar-denominated money market and investment-gradedebt securities, including shares of a short-term bond fund managed by an affiliate of FMR, and repurchase agreements. Normally maintaining a dollar-weighted average maturity of two years or less. Investing more than 25% of total assets in the financial services industries. Engaging in transactions that have a leveraging effect on the fund.

Objective

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Seeks to obtain a high level of current income consistent with the preservation of capital.

Fund Facts (FUSFX))

Fiscal Year End July
CUSIP 31617K808
Fund Inception 08/29/2002
Net Assets as of 10/31/2009 ($M) 225.38
Fund Number 812
Fund Symbol FUSFX
Prospectus & Reports

Holdings (FUSFX)

Portfolio Diversification (%)

 as of 09/30/2009  More information
U.S. Treasury 16.1
U.S. Agency 20.4
Other Govt Related (U.S. and Foreign) 3.6
Corporate 20.9
MBS Passthrough 6.9
ABS 16.6
CMBS 0.5
CMO 1.5
Cash 13.4
Net Other Assets 0.1
Futures, Options & Swaps 7.9
Sector Diversification

Top Five Issuers

 as of 09/30/2009  More information
UNITED STATES TREASURY
FREDDIE MAC
FANNIE MAE
FNMA GTD MTG PASS THRU CTF
CHASE ISSUANCE TR
45.4% of the portfolio
Total Holdings 161

Bond Quality (%)

 as of 09/30/2009  More information
U.S. Government 44.2
AAA 18.5
AA 5.5
A 3.7
BBB 1.9
BB 0.1
B 0.1
CCC & Below 0.5
Short-Term Rated 6.6
Not Rated/Not Available 5.2
Cash & Net Other Assets 13.7
 
Turnover Rate as of 07/31/2009 92%
In addition to fund receivables and payables, "Net Other Assets", "Cash & Other" and "Cash & Net Other Assets" may include notional assets/liabilities of certain derivative instruments
For full portfolio holdings view the most current Monthly Holdings, Quarterly Holdings, Semi-Annual, or Annual Report.
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Portfolio Data

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Years
Weighted Average Maturity as of 10/30/2009 1
Option Adjusted Duration as of 10/31/2009 0.7

Geographic Distribution (%)

 as of 09/30/2009  More information
U.S. 89.6
Foreign 10.4
Duration and Maturity Distribution
  1. No Transaction Fee Fidelity funds are available without paying a trading fee to Fidelity or a sales load to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of long-term shareholders of the fund. See Expenses & Fees for more information.

Before investing, consider the fund's investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus containing this information. Read it carefully.

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