Fixed Income Investments

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

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

In general, the bond market is volatile. Bonds entail interest rate risk (as interest rates rise, bond prices usually fall, and vice versa) and the risk of default. This effect is usually more pronounced for longer-term securities. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Foreign investments involve greater risks than U.S. investments, and can decline significantly in response to adverse issuer, political, regulatory, market, and economic risks. Any fixed-income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Fidelity is not recommending or endorsing these investments by making them available to you. Investment decisions should be based on an individual’s own goals, time horizon, and tolerance for risk.

For the purposes of FDIC insurance, all depository assets of the account holder at the institution that issued the CD will generally be counted toward the applicable aggregate limit, for each applicable category of account. Additional information can be found on the FDIC web site. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss. Your ability to sell a CD on the secondary market is subject to market conditions.

If your CD has a step rate, the interest rate of your CD may be higher or lower than prevailing market rates. The initial rate on a step rate CD is not the yield to maturity. If your CD has a call provision, which many step rate CD's do, please be aware the decision to call the CD is at the issuer’s sole discretion. Also, if the issuer calls the CD, you may be confronted with a less favorable interest rate at which to reinvest your funds. Fidelity makes no judgment as to the credit worthiness of the issuing institution.

Past performance is no guarantee of future results. Diversification does not ensure a profit or guarantee against loss.

* Methodology Disclosure: Standard deviation for each asset class is based on the returns of specific indices: Short-Term (CD’s, Treasury Bills, Money Market Funds) is based on Barclay’s Capital 3-month U.S. Treasury Bill Index; Intermediate Government Bonds (Treasury Bonds, Medium/Long Term CD’s) are based on Barclays Capital U.S. Intermediate Government Bond Index; Government Agency Bonds are based on Barclay’s Capital U.S. Government Agency Bond Index; Municipal Bonds and Bond Funds are based on Barclay’s Capital Municipal Bond Index; Investment Grade Corporate Bonds are based on Barclay’s Capital U.S.Credit Index; Developed-Markets Foreign Bonds are based on Citigroup (CG) G-7 ex-U.S. Bond Index; Emerging Markets Foreign Bonds are based on JP Morgan (JPM) Emerging Market Bond Index Global Index ; Non-Investment Grade Corporate Bonds are based on Merrill Lynch U.S. High Yield Master II Constrained Index; Domestic Stocks are based on Standard & Poor’s 500 Index (S&P 500®); Foreign Stocks are based on Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index. This investment spectrum is designed to provide investors with information relating to each benchmark and product’s historical volatility. The placement of indices and products along the investment spectrum is determined by each index and fund’s 3-year standard deviation of returns. This spectrum does not represent actualperformance or suggest future results. Fidelity funds displayed represent examples with lower and higher volatility as measure by the standard deviation of their returns. Standard deviation measures the dispersion of a fund’s or index’s return over a specified time period. Fidelity calculates standard deviations for its mutual funds by comparing its monthly returns to its average monthly return over a 36-month period, and then annualizes the number. Investors may use historical standard deviation in conjunction with historical returns to decide whether a fund’s volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how the fund actually performed, but merely indicates the volatility of its returns over time.