This
example
helps compare the cost of investing in the fund with the cost of investing in
other funds.
Let's say, hypothetically, that the annual return for shares
of the fund is 5% and that the 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:
|
1
year |
$ |
22 |
|
3
years |
$ |
68 |
|
5
years |
$ |
118 |
|
10
years |
$ |
268 |
Portfolio
Turnover
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.
During the most recent fiscal year, the fund's portfolio turnover rate
was 55%
of the average value of its portfolio.
Principal
Investment Strategies
- 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.
- Managing
the fund to have similar overall interest rate risk to the Bloomberg U.S. 1-3
Year Government/Credit Bond Index.
- Normally
maintaining a dollar-weighted average maturity of three years or less.
- Allocating
assets across different market sectors and maturities.
- Investing
in domestic and foreign issuers.
- Analyzing
the credit quality of the issuer, security-specific features, current and
potential future valuation, and trading opportunities to select
investments.
- 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.
Principal
Investment Risks
Interest
rate increases can cause the price of a debt security to decrease.
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.
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.
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.
Leverage
can increase market exposure, magnify investment risks, and cause losses to be
realized more quickly.
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. You
could lose money by investing in the fund.
Unlike
individual debt securities, which typically pay principal at maturity, the value
of an investment in the fund will fluctuate.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates the changes in the performance of the fund's shares from
year to year and compares the performance of the fund's shares to the
performance of a securities market index over various periods of
time.
The index description appears in the "Additional Index Information" section of
the prospectus.
Past performance (before and after taxes) is not an indication of future
performance.
Visit
www.fidelity.com for
more recent performance information.
Year-by-Year
Returns
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
1.09% |
December
31, 2022 |
|
Lowest
Quarter Return |
-2.51% |
March
31, 2022 |
|
Year-to-Date
Return |
2.37% |
September
30, 2023 |
Average
Annual Returns
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates, but do not reflect the impact of state or local
taxes.
Actual after-tax returns may differ depending on your individual
circumstances.
The after-tax returns shown are not relevant if you hold your shares in a
retirement account or in another tax-deferred arrangement, such as an employee
benefit plan (profit sharing, 401(k), or 403(b)
plan).
Return After Taxes on Distributions and Sale of Fund Shares may be higher than
other returns for the same period due to a tax benefit of realizing a capital
loss upon the sale of fund shares.
|
For
the periods ended December 31, 2022 |
Past
1
year
|
Life
of
fund A |
|
Fidelity®
SAI Short-Term Bond Fund |
|
|
|
Return
Before Taxes |
-3.47%
|
-%
|
|
Return
After Taxes on Distributions |
-3.87%
|
-%
|
|
Return
After Taxes on Distributions and Sale of Fund
Shares
|
-2.06%
|
-%
|
|
Bloomberg
U.S. 1-3 Year Government/Credit Bond Index
(reflects
no deduction for fees, expenses, or taxes) |
-3.69% |
-% |
|
|
|
|
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Other investment advisers serve as sub-advisers for the fund.
Portfolio
Manager(s)
David
DeBiase (Co-Portfolio Manager) has managed the fund since 2020.
Rob
Galusza (Co-Portfolio Manager) has managed the fund since 2020.
Julian
Potenza (Co-Portfolio Manager) has managed the fund since 2020.
Purchase
and Sale of Shares
NOT
AVAILABLE FOR SALE TO THE GENERAL PUBLIC.
Shares
are offered exclusively to certain clients of the Adviser or its
affiliates.
The
price to buy one share is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
you receive from the fund are subject to federal income tax and generally will
be taxed as ordinary income or capital gains, and may also be subject to state
or local taxes, unless you are investing through a tax-advantaged retirement
account (in which case you may be taxed later, upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser or FDC), for the sale of fund shares and related
services. These payments may create a conflict of interest by influencing your
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Basics
Investment
Objective
Fidelity®
SAI Low Duration Income Fund seeks to obtain a high level of current income
consistent with preservation of capital.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in investment-grade
debt securities (those of medium and high quality) of all types and repurchase
agreements for those securities.
The
fund normally maintains a duration of 1 year or less. Duration is a measure of a
bond's price sensitivity to a change in interest rates. For example, if a bond
has a 1-year duration and interest rates rise 1%, the bond's value is likely to
fall about 1%. Similarly, if a bond fund has a 1-year duration and interest
rates rise 1%, the fund's value is likely to fall about 1%.
The
Adviser uses the Bloomberg US Treasury Bill: 6-9 Months Index as a guide in
structuring the fund and selecting its investments. The Adviser manages the fund
to have similar overall interest rate risk to the index.
The
Adviser considers other factors when selecting the fund's investments, including
the credit quality of the issuer, security-specific features, current valuation
relative to alternatives in the market, short-term trading opportunities
resulting from market inefficiencies, and potential future valuation. In
managing the fund's exposure to various risks, including interest rate risk, the
Adviser considers, among other things, the market's overall risk
characteristics, the market's current pricing of those risks, and internal views
of potential future market conditions.
In
addition, the fund normally maintains a dollar-weighted average maturity of two
years or less. As of August 31, 2023, the fund's dollar-weighted average
maturity was approximately 0.8 years and the index's dollar-weighted average
maturity was approximately 0.6 years. In determining a security's maturity for
purposes of calculating the fund's average maturity, an estimate of the average
time for its principal to be paid may be used. This can be substantially shorter
than its stated maturity.
The
Adviser allocates the fund's assets among different market sectors (for example,
corporate, asset-backed, or government securities) and different maturities
based on its view of the relative value of each sector or maturity.
The
Adviser will invest more than 25% of the fund's total assets in the financial
services industries.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
The
Adviser may engage in transactions that have a leveraging effect on the fund,
including investments in derivatives, regardless of whether the fund may own the
asset, instrument, or components of the index underlying the derivative, and
forward-settling securities. The Adviser may invest a significant portion of the
fund's assets in these types of investments. If the fund invests a significant
portion of its assets in derivatives, its investment exposure could far exceed
the value of its portfolio securities and its investment performance could be
primarily dependent upon securities it does not own. The fund's derivative
investments may include interest rate swaps, total return swaps, credit default
swaps, options (including options on futures and swaps), and futures contracts
(both long and short positions) on securities, other instruments, and indexes.
Depending on the Adviser's outlook and market conditions, the Adviser may engage
in these transactions to increase or decrease the fund's exposure to changing
security prices, interest rates, credit qualities, or other factors that affect
security values, or to gain or reduce exposure to an asset, instrument, or
index.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
SAI Short-Term Bond Fund seeks to obtain a high level of current income
consistent with preservation of capital.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in investment-grade
debt securities (those of medium and high quality) of all types and repurchase
agreements for those securities.
The
Adviser uses the Bloomberg U.S. 1-3 Year Government/Credit Bond Index as a guide
in structuring the fund and selecting its investments. The Adviser manages the
fund to have similar overall interest rate risk to the index.
The
Adviser considers other factors when selecting the fund's investments, including
the credit quality of the issuer, security-specific features, current valuation
relative to alternatives in the market, short-term trading opportunities
resulting from market inefficiencies, and potential future valuation. In
managing the fund's exposure to various risks, including interest rate risk, the
Adviser considers, among other things, the market's overall risk
characteristics, the market's current pricing of those risks, and internal views
of potential future market conditions.
In
addition, the fund normally maintains a dollar-weighted average maturity of
three years or less. As of August 31, 2023, the fund's dollar-weighted average
maturity was approximately 2 years and the index's dollar-weighted average
maturity was approximately 2 years. In determining a security's maturity for
purposes of calculating the fund's average maturity, an estimate of the average
time for its principal to be paid may be used. This can be substantially shorter
than its stated maturity.
The
Adviser allocates the fund's assets among different market sectors (for example,
corporate, asset-backed, or government securities) and different maturities
based on its view of the relative value of each sector or maturity.
To
earn additional income for the fund, the Adviser may use a trading strategy that
involves selling (or buying) mortgage securities and simultaneously agreeing to
purchase (or sell) mortgage securities on a later date at a set price. This
trading strategy may increase interest rate exposure and result in an increased
portfolio turnover rate which increases transaction costs and may increase
taxable gains.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
The
Adviser may engage in transactions that have a leveraging effect on the fund,
including investments in derivatives, regardless of whether the fund may own the
asset, instrument, or components of the index underlying the derivative, and
forward-settling securities. The Adviser may invest a significant portion of the
fund's assets in these types of investments. If the fund invests a significant
portion of its assets in derivatives, its investment exposure could far exceed
the value of its portfolio securities and its investment performance could be
primarily dependent upon securities it does not own. The fund's derivative
investments may include interest rate swaps, total return swaps, credit default
swaps, options (including options on futures and swaps), and futures contracts
(both long and short positions) on securities, other instruments, and indexes.
Depending on the Adviser's outlook and market conditions, the Adviser may engage
in these transactions to increase or decrease the fund's exposure to changing
security prices, interest rates, credit qualities, or other factors that affect
security values, or to gain or reduce exposure to an asset, instrument, or
index.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Description
of Principal Security Types
Debt
securities
are used by issuers to borrow money. The issuer usually pays a fixed, variable,
or floating rate of interest, and must repay the amount borrowed, usually at the
maturity of the security. Some debt securities, such as zero coupon bonds,
do not pay current interest but are sold at a discount from their face
values. Debt securities include corporate bonds, government securities
(including Treasury securities), repurchase agreements, money market securities,
mortgage and other asset-backed securities (including collateralized loan
obligations), loans and loan participations, and other securities believed to
have debt-like characteristics, including hybrids and synthetic
securities.
A
repurchase agreement is
an agreement to buy a security at one price and a simultaneous agreement to sell
it back at an agreed-upon price.
Derivatives
are
investments whose values are tied to an underlying asset, instrument, currency,
or index. Derivatives include futures, options, forwards, and swaps, such
as interest rate swaps (exchanging a floating rate for a fixed rate), total
return swaps (exchanging a floating rate for the total return of an index,
security, or other instrument or investment) and credit default swaps (buying or
selling credit default protection).
Forward-settling
securities
involve a commitment to purchase or sell specific securities when issued, or at
a predetermined price or yield. When a fund does not already own or have the
right to obtain securities equivalent in kind and amount, a commitment to sell
securities is equivalent to a short sale. Payment and delivery take place after
the customary settlement period.
Principal
Investment Risks
Many
factors affect each fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. A fund's share price and yield change
daily based on changes in market conditions and interest rates and in response
to other economic, political, or financial developments. A fund's reaction to
these developments will be affected by the types and maturities of securities in
which the fund invests, the financial condition, industry and economic sector,
and geographic location of an issuer, and the fund's level of investment in the
securities of that issuer. Unlike individual debt securities, which typically
pay principal at maturity, the value of an investment in a fund will fluctuate.
When you sell your shares they may be worth more or less than what you paid for
them, which means that you could lose money by investing in a fund.
The
following factors can significantly affect a fund's performance:
Interest
Rate Changes.
Debt securities, including money market securities, have varying levels of
sensitivity to changes in interest rates. In general, the price of a debt
security can fall when interest rates rise and can rise when interest rates
fall. Securities with longer maturities and certain types of securities, such as
mortgage securities and the securities of issuers in the financial services
sector, can be more sensitive to interest rate changes, meaning the longer the
maturity of a security, the greater the impact a change in interest rates could
have on the security's price. Short-term and long-term interest rates do not
necessarily move in the same amount or the same direction. Short-term securities
tend to react to changes in short-term interest rates, and long-term securities
tend to react to changes in long-term interest rates. Securities with floating
interest rates can be less sensitive to interest rate changes, but may decline
in value if their interest rates do not rise as much as interest rates in
general. Securities whose payment at maturity is based on the movement of all or
part of an index and inflation-protected debt securities may react differently
from other types of debt securities. In market environments where interest rates
are rising, issuers may be less willing or able to make principal and/or
interest payments on securities when due. Although
the transition process away from certain benchmark rates, including London
Interbank Offered Rate (LIBOR)
(an indicative measure of the average interest rate at which major global banks
could borrow from one another), has become increasingly well-defined, any
potential effects of the transition away from LIBOR
and other benchmark rates on financial markets, a fund or the financial
instruments in which a fund invests can be difficult to ascertain and may
adversely impact a fund's performance.
Foreign
Exposure. Foreign
securities and securities issued by U.S. entities with substantial foreign
operations can involve additional risks relating to political, economic, or
regulatory conditions in foreign countries. These risks include fluctuations in
foreign exchange rates; withholding or other taxes; trading, settlement,
custodial, and other operational risks; and the less stringent investor
protection and disclosure standards of some foreign markets. All of these
factors can make foreign investments more volatile and potentially less liquid
than U.S. investments. In addition, foreign markets can perform differently from
the U.S. market.
Global
economies and financial markets are becoming increasingly interconnected, which
increases the possibilities that conditions in one country or region might
adversely impact issuers or providers in, or foreign exchange rates with, a
different country or region.
Financial
Services Concentration. Financial
services companies are highly dependent on the supply of short-term financing
and can be sensitive to changes in government regulation and interest rates and
to economic downturns in the United States and abroad. These events can
significantly affect the price of issuers' securities as well as their ability
to make payments of principal or interest or otherwise meet obligations on
securities or instruments for which they serve as guarantors or
counterparties.
Prepayment.
Many
types of debt securities, including mortgage securities, are subject to
prepayment risk. Prepayment risk occurs when the issuer of a security can repay
principal prior to the security's maturity. Securities subject to prepayment can
offer less potential for gains during a declining interest rate environment and
similar or greater potential for loss in a rising interest rate environment. In
addition, the potential impact of prepayment features on the price of a debt
security can be difficult to predict and result in greater
volatility.
Issuer-Specific
Changes.
Changes in the financial condition of an issuer or counterparty, changes in
specific economic or political conditions that affect a particular type of
security or issuer, and changes in general economic or political conditions can
increase the risk of default by an issuer or counterparty, which can affect a
security's or instrument's credit quality or value. Entities providing credit
support or a maturity-shortening structure also can be affected by these types
of changes, and if the structure of a security fails to function as intended,
the security could decline in value. Lower-quality debt securities (those of
less than investment-grade quality, also referred to as high yield debt
securities or junk bonds) tend to be more sensitive to these changes than
higher-quality debt securities.
Leverage
Risk.
Derivatives, forward-settling securities, and short sale transactions involve
leverage because they can provide investment exposure in an amount exceeding the
initial investment. Leverage can magnify investment risks and cause losses to be
realized more quickly. A small change in the underlying asset, instrument, or
index can lead to a significant loss. Forward-settling securities and short sale
transactions also involve the risk that a security will not be issued,
delivered, available for purchase, or paid for when anticipated. An increase in
the market price of securities sold short will result in a loss. Government
legislation or regulation could affect the use of these transactions and could
limit a fund's ability to pursue its investment strategies.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance and the fund may
not achieve its investment objective.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, the Adviser may
invest in collateralized loan obligations.
Non-Fundamental
Investment Policies
Each
fund's investment objective is non-fundamental and may be changed without
shareholder approval.
Shareholder
Notice
The
following is subject to change only upon 60 days' prior notice to
shareholders:
Fidelity®
SAI Low Duration Income Fund normally
invests at least 80% of its assets in investment-grade debt securities (those of
medium and high quality) of all types and repurchase agreements for those
securities.
Fidelity®
SAI Short-Term Bond Fund normally
invests at least 80% of its assets in investment-grade debt securities (those of
medium and high quality) of all types and repurchase agreements for those
securities.
Each
fund is open for business each day the NYSE is open.
The
NAV is the value of a single share. Fidelity normally calculates NAV each
business day as of the times noted in the table below. Each fund's assets
normally are valued as of this time for the purpose of computing
NAV.
|
Fund |
NAV
Calculation Times
(Eastern
Time) |
|
Fidelity®
SAI Low Duration Income Fund |
4:00
p.m. |
|
Fidelity®
SAI Short-Term Bond Fund |
4:00
p.m. |
NAV
is not calculated and a fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
To
the extent that a fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of a fund's assets may not occur on
days when the fund is open for business.
NAV
is calculated using the values of other open-end funds, if any, in which a fund
invests (referred to as underlying funds). Shares of underlying funds are valued
at their respective NAVs. Other assets are valued primarily on the basis of
market quotations, official closing prices, or information furnished by a
pricing service. Certain short-term securities are valued on the basis of
amortized cost. If market quotations, official closing prices, or information
furnished by a pricing service are not readily available or, in the Adviser's
opinion, are deemed unreliable for a security, then that security will be fair
valued in good faith by the Adviser in accordance with applicable fair value
pricing policies. For example, if, in the Adviser's opinion, a security's value
has been materially affected by events occurring before a fund's pricing time
but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
Arbitrage
opportunities may exist when trading in a portfolio security or securities is
halted and does not resume before a fund calculates its NAV. These arbitrage
opportunities may enable short-term traders to dilute the NAV of long-term
investors. Securities trading in overseas markets, if applicable, present
time zone arbitrage opportunities when events affecting portfolio security
values occur after the close of the overseas markets but prior to the close of
the U.S. market. Fair valuation of a fund's portfolio securities can serve to
reduce arbitrage opportunities available to short-term traders, but there is no
assurance that fair value pricing policies will prevent dilution of NAV by
short-term traders.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
NOT
AVAILABLE FOR SALE TO THE GENERAL PUBLIC.
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
Shares
are offered exclusively to certain clients of the Adviser or its affiliates. If
you are not currently a client in a discretionary investment program offered by
the Adviser or its affiliates, please call 1-800-544-3455 (9:00 a.m. - 6:00 p.m.
Eastern time, Monday through Friday) for more information. Additional fees apply
for discretionary investment programs. For more information on these fees,
please refer to the "Buying and Selling Information" section of the Statement of
Additional Information (SAI).
A
fund may reject for any reason, or cancel as permitted or required by law, any
purchase orders.
Excessive
trading of fund shares can harm shareholders in various ways, including reducing
the returns to long-term shareholders by increasing costs to a fund (such as
brokerage commissions or spreads paid to dealers who sell money market
instruments), disrupting portfolio management strategies, and diluting the value
of the shares in cases in which fluctuations in markets are not fully priced
into the fund's NAV.
Because
investments in each fund can only be made by the Adviser or an affiliate on
behalf of its clients, the potential for excessive or short-term disruptive
purchases and sales is reduced. Accordingly, the Board of Trustees has not
adopted policies and procedures designed to discourage excessive trading of fund
shares and each fund accommodates frequent trading.
Each
fund does not place a limit on purchases or sales of fund shares by the Adviser
or its affiliates. Each fund reserves the right, but does not have the
obligation, to reject any purchase transaction at any time. In addition, each
fund reserves the right to impose restrictions on disruptive, excessive, or
short-term trading.
Each
fund has no exchange privilege with any other fund.
There
is no minimum balance or purchase minimum for fund shares.
The
price to buy one share is its NAV. Shares are sold without a sales
charge.
Shares
will be bought at the NAV next calculated after an order is received in proper
form.
Shares
are generally available only to investors residing in the United
States.
Each
fund may stop offering shares completely or may offer shares only on a limited
basis, for a period of time or permanently.
Under
applicable anti-money laundering rules and other regulations, purchase orders
may be suspended, restricted, or canceled and the monies may be
withheld.
The
price to sell one share is its NAV.
Shares
will be sold at the NAV next calculated after an order is received in proper
form.
Normally,
redemptions will be processed by the next business day, but it may take up to
seven days to pay the redemption proceeds if making immediate payment would
adversely affect a fund.
See
"Policies Concerning the Redemption of Fund Shares" below for additional
redemption information.
Redemptions
may be suspended or payment dates postponed when the NYSE is closed (other than
weekends or holidays), when trading on the NYSE is restricted, or as permitted
by the SEC.
Redemption
proceeds may be paid in securities or other property rather than in cash if the
Adviser determines it is in the best interests of a fund.
When
you terminate your relationship with the Adviser, or one of its affiliates, your
shares may be sold at the NAV next calculated, in which case proceeds from such
redemption would be sent to you.
Under
applicable anti-money laundering rules and other regulations, redemption
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
If
applicable, orders by funds of funds for which the Adviser or its affiliates
serve as investment manager will be treated as received by the fund at the same
time that the corresponding orders are received in proper form by the funds of
funds.
Policies
Concerning the Redemption of Fund Shares
If
your account is held directly with a fund,
the length of time that a fund typically expects to pay redemption proceeds
depends on the method you have elected to receive such proceeds. A fund
typically expects to make payment of redemption proceeds by wire, automated
clearing house (ACH) or by issuing a check by the next business day following
receipt of a redemption order in proper form. Proceeds from the periodic and
automatic sale of shares of a Fidelity®
money
market fund that are used to buy shares of another Fidelity®
fund
are settled simultaneously.
If
your account is held through an intermediary,
the length of time that a fund typically expects to pay redemption proceeds
depends, in part, on the terms of the agreement in place between the
intermediary and a fund. For redemption proceeds that are paid either directly
to you from a fund or to your intermediary for transmittal to you, a fund
typically expects to make payments by wire, by ACH or by issuing a check on the
next business day following receipt of a redemption order in proper form from
the intermediary by a fund. Redemption orders that are processed through
investment professionals that utilize the National Securities Clearing
Corporation will generally settle one to three business days following receipt
of a redemption order in proper form.
As
noted elsewhere, payment of redemption proceeds may take longer than the time a
fund typically expects and may take up to seven days from the date of receipt of
the redemption order as permitted by applicable law.
Redemption
Methods Available. Generally
a fund expects to pay redemption proceeds in cash. To do so, a fund typically
expects to satisfy redemption requests either by using available cash (or cash
equivalents) or by selling portfolio securities. On a less regular basis, a fund
may also satisfy redemption requests by utilizing one or more of the following
sources, if permitted: borrowing from another Fidelity®
fund;
drawing on an available line or lines of credit from a bank or banks; or using
reverse repurchase agreements. These methods may be used during both normal and
stressed market conditions.
In
addition to paying redemption proceeds in cash, a fund reserves the right to pay
part or all of your redemption proceeds in readily marketable securities instead
of cash (redemption in-kind). Redemption in-kind proceeds will typically be made
by delivering the selected securities to the redeeming shareholder within seven
days after the receipt of the redemption order in proper form by a
fund.
Dividends
and Capital Gain Distributions
Each
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. Each fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) to shareholders as capital gain distributions.
Each
fund normally declares dividends and pays capital gain distributions per the
tables below:
|
Fund
Name |
|
Dividends
Paid |
|
Fidelity®
SAI Low Duration Income Fund |
|
Declares
daily and pays monthly |
|
Fidelity®
SAI Short-Term Bond Fund |
|
Declares
daily and pays monthly |
|
Fund
Name |
|
Capital
Gains Paid |
|
Fidelity®
SAI Low Duration Income Fund |
|
October,
December |
|
Fidelity®
SAI Short-Term Bond Fund |
|
October,
December |
Earning
Dividends
A
fund processes purchase and redemption requests only on days it is open for
business.
Shares
generally begin to earn dividends on the first business day following the day of
purchase.
Shares
generally earn dividends until, but not including, the next business day
following the day of redemption.
Distribution
Options
Any
dividends and capital gain distributions may be reinvested in additional shares
or paid in cash.
As
with any investment, your investment in a fund could have tax consequences for
you (for non-retirement accounts).
Taxes
on Distributions
Distributions
you receive from each fund are subject to federal income tax, and may also be
subject to state or local taxes.
For
federal tax purposes, certain distributions, including dividends and
distributions of short-term capital gains, are taxable to you as ordinary
income, while certain distributions, including distributions of long-term
capital gains, are taxable to you generally as capital gains. Because a fund's
income is primarily derived from interest, dividends from a fund generally will
not qualify for the long-term capital gains tax rates available to
individuals.
If
the Adviser buys shares on your behalf when a fund has realized but not yet
distributed income or capital gains, you will be "buying a dividend" by paying
the full price for the shares and then receiving a portion of the price back in
the form of a taxable distribution.
Any
taxable distributions you receive from a fund will normally be taxable to you
when you receive them, regardless of your distribution option.
For
each fund, if you elect to receive distributions in cash, you will receive
certain December distributions in January, but those distributions will be
taxable as if you received them on December 31.
Taxes
on Transactions
Your
redemptions may result in a capital gain or loss for federal tax purposes. A
capital gain or loss on your investment in a fund generally is the difference
between the cost of your shares and the price you receive when you sell
them.
Fund
Services
Each
fund is a mutual fund, an investment that pools shareholders' money and invests
it toward a specified goal.
Adviser
FMR.
The
Adviser is each fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2022, the Adviser had approximately $3.1 trillion in
discretionary assets under management, and approximately $3.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser has overall responsibility for directing each fund's
investments and handling its business affairs.
Sub-Adviser(s)
FMR
Investment Management (UK) Limited (FMR UK),
at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a
sub-adviser for each fund. As of December 31, 2022, FMR UK had approximately
$14.7 billion in discretionary assets under management. FMR UK is an affiliate
of the Adviser.
FMR
UK may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for Fidelity®
SAI Low Duration Income Fund and Fidelity® SAI Short-Term Bond
Fund.
Fidelity
Management & Research (Hong Kong) Limited (FMR H.K.),
at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for
each fund. As of December 31, 2022, FMR H.K. had approximately $21.4 billion in
discretionary assets under management. FMR H.K. is an affiliate of the
Adviser.
FMR
H.K. may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for Fidelity®
SAI Low Duration Income Fund and Fidelity® SAI Short-Term Bond
Fund.
Fidelity
Management & Research (Japan) Limited (FMR Japan),
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for each fund. As of March 31, 2023, FMR Japan had
approximately $2.9 billion in discretionary assets under management. FMR Japan
is an affiliate of the Adviser.
FMR
Japan may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for Fidelity®
SAI Low Duration Income Fund and Fidelity® SAI Short-Term Bond
Fund.
Portfolio
Manager(s)
David
DeBiase is Co-Portfolio Manager of each fund, which he has managed since 2020.
He also manages other funds. Since joining Fidelity Investments in 2006, Mr.
DeBiase has worked as a trader and portfolio manager.
Rob
Galusza is Co-Portfolio Manager of each fund, which he has managed since 2020.
He also manages other funds. Since joining Fidelity Investments in 1987, Mr.
Galusza has worked as a research analyst and portfolio manager.
Julian
Potenza is Co-Portfolio Manager of each fund, which he has managed since 2020.
He also manages other funds. Since joining Fidelity Investments in 2007, Mr.
Potenza has worked as a research analyst and portfolio manager.
The
SAI provides additional information about the compensation of, any other
accounts managed by, and any fund shares held by the portfolio
manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
Each
fund pays a management fee to the Adviser.
The
management fee is calculated and paid to the Adviser every month.
For
Fidelity®
SAI Low Duration Income Fund, the total management fee for the fiscal year ended
August 31, 2023, was 0.25% of the fund's average net assets. On April 1, 2023,
Fidelity®
SAI Low Duration Income Fund's annual management fee rate has been reduced to
0.20% of its average net assets.
For
Fidelity®
SAI Short-Term Bond Fund, the total management fee for the fiscal year ended
August 31, 2023, was 0.25% of the fund's average net assets. On April 1, 2023,
the Adviser replaced Fidelity®
SAI Short-Term Bond Fund's management fee, which consisted of a group fee rate
component plus an individual fee rate, with a flat rate. Effective April 1,
2023, Fidelity®
SAI Short-Term Bond Fund's annual management fee rate has been reduced to 0.20%
of its average net assets.
The
Adviser pays FMR Investment Management (UK) Limited, Fidelity Management &
Research (Hong Kong) Limited, and Fidelity Management & Research (Japan)
Limited for providing sub-advisory services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreements for each fund is available in each fund's semi-annual
report for the fiscal period ended February 28, 2023 and in each fund's annual
report for the fiscal period ended August 31, 2023.
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
FDC
distributes each fund's shares.
Distribution
and Service Plan(s)
Each
fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under
the Investment Company Act of 1940 (1940 Act) with respect to its shares that
recognizes that the Adviser may use its management fee revenues, as well as its
past profits or its resources from any other source, to pay FDC for expenses
incurred in connection with providing services intended to result in the sale of
shares of each fund and/or shareholder support services. The Adviser, directly
or through FDC, may pay significant amounts to intermediaries that provide those
services. Currently, the Board of Trustees of each fund has authorized such
payments for shares of each fund.
Affiliates
of the Adviser may receive service fees or distribution fees or both with
respect to underlying funds that participate in Fidelity's
FundsNetwork®.
If
payments made by the Adviser to FDC or to intermediaries under a Distribution
and Service Plan were considered to be paid out of a fund's assets on an ongoing
basis, they might increase the cost of your investment and might cost you more
than paying other types of sales charges.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the funds or FDC. This
prospectus and the related SAI do not constitute an offer by the funds or by FDC
to sell shares of the funds to, or to buy shares of the funds from, any person
to whom it is unlawful to make such offer.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
The annual information has been audited by Deloitte & Touche LLP (for
Fidelity® SAI Low Duration Income Fund) and PricewaterhouseCoopers LLP (for
Fidelity® SAI Short-Term Bond Fund), independent registered public accounting
firms, whose reports, along with fund financial statements, are included in
the annual report. Annual reports are available for free upon
request.
|
Fidelity®
SAI Low Duration Income Fund |
|
|
|
Years
ended August 31, |
|
2023
|
|
2022 |
|
2021 A
|
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
9.91 |
$ |
10.01 |
$ |
10.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.426
|
|
.063
|
|
.016
|
|
Net
realized and unrealized gain (loss) |
|
.016
|
|
(.102)
|
|
.007
|
|
Total
from investment operations |
|
.442
|
|
(.039)
|
|
.023
|
|
Distributions
from net investment income |
|
(.342)
|
|
(.059)
|
|
(.013)
|
|
Distributions
from net realized gain |
|
-
|
|
(.002)
|
|
-
|
|
Total
distributions |
|
(.342)
|
|
(.061)
|
|
(.013)
|
|
Net
asset value, end of period |
$ |
10.01 |
$ |
9.91 |
$ |
10.01 |
|
Total
Return D,E |
|
4.54%
|
|
(.38)%
|
|
.23%
|
|
Ratios
to Average Net Assets C,F,G |
|
|
|
|
|
|
|
Expenses
before reductions |
|
.26%
|
|
.30%
|
|
.34%
H |
|
Expenses
net of fee waivers, if any |
|
.21%
|
|
.22%
|
|
.22%
H |
|
Expenses
net of all reductions |
|
.21%
|
|
.22%
|
|
.22%
H |
|
Net
investment income (loss) |
|
4.30%
|
|
.63%
|
|
.17%
H |
|
Supplemental
Data |
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
6,265,416 |
$ |
4,176,846 |
$ |
4,227,685 |
|
Portfolio
turnover rate I |
|
46%
|
|
59%
|
|
15%
H,J |
AFor
the period September 15, 2020 (commencement of operations) through August 31,
2021.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns for periods of less than one year are not annualized.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
GExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
JPortfolio
turnover rate excludes securities received or delivered
in-kind.
|
Fidelity®
SAI Short-Term Bond Fund |
|
|
|
Years
ended August 31, |
|
2023
|
|
2022 |
|
2021 A
|
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
9.55 |
$ |
10.01 |
$ |
10.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.312
|
|
.075
|
|
.047
|
|
Net
realized and unrealized gain (loss) |
|
(.105)
|
|
(.475)
|
|
.007
|
|
Total
from investment operations |
|
.207
|
|
(.400)
|
|
.054
|
|
Distributions
from net investment income |
|
(.237)
|
|
(.056)
|
|
(.044)
|
|
Distributions
from net realized gain |
|
-
|
|
(.004)
|
|
-
|
|
Total
distributions |
|
(.237)
|
|
(.060)
|
|
(.044)
|
|
Net
asset value, end of period |
$ |
9.52 |
$ |
9.55 |
$ |
10.01 |
|
Total
Return D,E |
|
2.20%
|
|
(4.01)%
|
|
.54%
|
|
Ratios
to Average Net Assets C,F,G |
|
|
|
|
|
|
|
Expenses
before reductions |
|
.26%
|
|
.31%
|
|
.34%
H |
|
Expenses
net of fee waivers, if any |
|
.26%
|
|
.30%
|
|
.34%
H |
|
Expenses
net of all reductions |
|
.26%
|
|
.30%
|
|
.34%
H |
|
Net
investment income (loss) |
|
3.30%
|
|
.77%
|
|
.49%
H |
|
Supplemental
Data |
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
3,202,289 |
$ |
1,843,086 |
$ |
1,845,225 |
|
Portfolio
turnover rate I |
|
55%
|
|
74%
|
|
70%
J,K |
AFor
the period September 15, 2020 (commencement of operations) through August 31,
2021.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns for periods of less than one year are not annualized.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
GExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
JPortfolio
turnover rate excludes securities received or delivered
in-kind.
KAmount
not annualized.
Additional
Index Information
Bloomberg
U.S. 1-3 Year Government/Credit Bond Index is
a market value-weighted index of investment-grade fixed-rate debt securities
with maturities from one to three years from the U.S. Treasury, U.S.
Government-Related, and U.S. Corporate indexes.
Bloomberg
US Treasury Bill: 6-9 Months Index is
a market value-weighted index of investment-grade fixed-rate public obligations
of the U.S. Treasury with maturities between six and nine months.
|
IMPORTANT
INFORMATION ABOUT OPENING A NEW ACCOUNT
To
help the government fight the funding of terrorism and money laundering
activities, the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT ACT), requires all financial institutions to obtain, verify, and
record information that identifies each person or entity that opens an
account.
For
individual investors opening an account: When
you open an account, you will be asked for your name, address, date of
birth, and other information that will allow Fidelity to identify you. You
may also be asked to provide documents that may help to establish your
identity, such as your driver's license.
For
investors other than individuals: When
you open an account, you will be asked for the name of the entity, its
principal place of business and taxpayer identification number (TIN). You
will be asked to provide information about the entity's control person and
beneficial owners, and person(s) with authority over the account,
including name, address, date of birth and social security number. You may
also be asked to provide documents, such as drivers' licenses, articles of
incorporation, trust instruments or partnership agreements and other
information that will help Fidelity identify the
entity. |
You
can obtain additional information about the funds. A description of each fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about each fund and its investments. The
SAI is incorporated herein by reference (legally forms a part of the
prospectus). Each fund's annual and semi-annual reports also include additional
information. Each fund's annual report includes a discussion of the fund's
holdings and recent market conditions and the fund's investment strategies that
affected performance.
For
a free copy of any of these documents or to request other information or ask
questions about a fund, call Fidelity at 1-800-544-3455. In addition, you may
visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus,
SAI, or annual or semi-annual report or to request other
information.
The
SAI, the funds' annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to [email protected] or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the funds, including the funds' SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
|
Investment
Company Act of 1940, File Number(s), 811-02105 |
Fidelity
Distributors Company LLC (FDC) is a member of the Securities Investor Protection
Corporation (SIPC). You may obtain information about SIPC, including the SIPC
brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2023 FMR LLC. All rights reserved.
|
1.9899551.104 |
SST-LDI-PRO-1023 |
