Seeks to provide a high rate of income.
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 Fidelity Limited Term Composite Index. Normally maintaining a dollar-weighted average maturity between two and five years. Allocating assets across different market sectors and maturities. Investing in domestic and foreign issuers. Analyzing the credit quality of theissuer, security-specific features, current and potential future valuation, and trading opportunities to select investments. Potentially investing in lower-quality debt securities. Engaging in transactions that have a leveraging effect on the fund.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Leverage can increase market exposure and magnify investment risk.
A mutual fund registered under Fidelity Advisor Series II, and managed by Fidelity Management & Research Company. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.
Fidelity Limited Term Composite Index is a customized blend of unmanaged indexes, weighted as follows: Barclays U.S. 1-5 Year Credit Bond Index - 80%; and Barclays U.S. 1-5 Year Government Bond Index - 20%.
On November 7, 2013, an initial offering of the Fidelity Limited Term Bond Fund (Retail Class) took place. Returns and expenses prior to that date are those of the Fidelity Advisor Limited Term Bond Fund Institutional Class. Had Fidelity Limited Term Bond Fund (Retail Class) expenses been reflected in the returns shown, total returns would have been higher.
Prior to October 30, 2013, the fund was named Fidelity Advisor Intermediate Bond Fund, and the fund operated under different investment policies. The fund's historical performance may not represent its current investment policies.