• Prospectus & Reports
  • Close

    Important legal information about the e-mail you will be sending. By using this service, you agree to input your real e-mail address and only send it to people you know. It is a violation of law in some jurisdictions to falsely identify yourself in an e-mail. All information you provide will be used by Fidelity solely for the purpose of sending the e-mail on your behalf.The subject line of the e-mail you send will be "Fidelity.com: "
    Close

    Your e-mail has been sent.
    Close

    Clicking a link will open a new window.
  • Default text sizeA
  • Larger text sizeA
  • Largest text sizeA

Fidelity® Short Duration High Income Fund

  • Symbol: FSAHX
  • No Transaction Fee No Transaction Fee 1
Close
Close

Morningstar® Snapshot*

AS OF 3/31/2014; MORNINGSTAR CATEGORY: High Yield Bond
Overall Rating Not available
Not Available
Returns Not available
Not Available
Fees Not available
Not Available
Risk of this Category Category Risk Rating:5, where 1 is Lower and 10 is Higher
LOWERHIGHER

*All data provided by Morningstar. Please click on each indicator above to learn more about comparison groups and methodology.

Performance

2 More Information
AS OF 3/31/2014 ; *YTD AS OF 4/17/2014
YTD (Daily)* 1 Yr 3 Yr 5 Yr Life of Fund
YTD (Daily)* +1.90% 1 Yr -- 3 Yr -- 5 Yr -- Life of Fund +2.01%

Hypothetical Growth of $10,000

3, 4 More Information
AS OF 03/31/2014; MORNINGSTAR CATEGORY: High Yield Bond
Shows growth of hypothetical $10,000 investment in Fidelity® Short Duration High Income Fund compared to BofA ML 1-5 BB-B US HY C,Fid Short Dur HI Fd Comp,High Yield Bond over the selected time period
Fidelity® Short Duration High Income Fund
High Yield Bond

Compare Chart| Fund Facts Search

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Fund Manager(s)

More Information
Michael Plage since 11/5/2013 Matthew Conti since 11/5/2013

Fund Overview

Objective

Seeks a high level of current income. The fund may also seek capital appreciation.

Strategy

Normally investing primarily in income producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. Normally investing primarily in securities rated BB or B by Standard & Poor's (S&P), Ba or B by Moody's Investors Service (Moody's), comparably rated by at least one nationally recognized credit rating agency, or, if unrated, considered by Fidelity Management & Research Company (FMR) to be of comparable quality. Potentially investing in non-income producing securities, including defaulted securities and common stocks. Investing in companies in troubled or uncertain financial condition. Normally maintaining an average duration of three years or less. Investing in floating rate loans, which are often lower-quality debt securities, and other floating rate securities, and in investment-grade corporate bonds and other corporate debt securities. Investing in domestic and foreign issuers. Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Risk

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 bonds can be more volatile and have greater risk of default than higher-quality bonds. Floating rate loans may not be fully collateralized and therefore may decline significantly in value. Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks.

Additional Disclosures

A mutual fund registered under Fidelity Summer Street Trust, 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.

Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration.

Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have been lower.

Details

More Information
Morningstar Category High Yield Bond
Fund Inception 11/5/2013
NAV
4/17/2014
$10.10
30-Day Yield 5
4/16/2014
2.79%
Weighted Avg MaturityGlossary definition opens in new window.
3/31/2014
3.1 years
DurationGlossary definition opens in new window.
3/31/2014
2.11 years
Exp Ratio (Gross)Glossary definition opens in new window.
11/5/2013
1.36%
($13.60 per $1000)
Exp Ratio (Net)Glossary definition opens in new window.
11/5/2013
0.80%
($8.00 per $1000)
Exp Cap (Dated) 6
11/5/2013
0.80%
($8.00 per $1000)
Redemption Fee 1.00%
Redemption Period 90 days
Minimum to Invest 7 $2,500.00
Net Assets ($M)
3/31/2014
$50.14

Top 10 Holdings

8 More Information
AS OF 3/31/2014
Top 10 Holdings
SCHAEFFLER PIK 6.875 8/18 144A
ALCATEL-LUCENT 4.625 7/17 144A
ICAHN ENTER 4.875% 3/19 144A
US AWYS GROUP 6.125% 6/1/18
NRG ENERGY INC 7.625% 1/15/18
CHS/CMNTY HEALT 5.125% 8/15/18
SAPPI PAPIER 7.75 7/15/17 144A
BASIC ENERGY 7.75% 2/15/19
UNITED CONTL HLD 6.375% 6/1/18
CEMEX SAB 6.5% 12/10/2019 144A
% of Total Portfolio 20.33%
out of 213 holdings

Quarter-End Average Annual Total Returns

3, 2 More Information
AS OF 3/31/2014; *FUND INCEPTION 11/5/2013

EXPENSE RATIO (GROSS):Glossary definition opens in new window.
1.36% AS OF 11/5/2013
1 Yr 3 Yr 5 Yr 10 Yr Life of Fund*
Before TaxesGlossary definition opens in new window.
Fidelity® Short Duration High Income Fund -- -- -- -- 2.01%

Read more about after-tax returns.

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

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. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information.

2. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumulative if the fund is less than one year old. Total returns do not reflect the fund's [%] sales charge. If sales charges were included, total returns would have been lower.

3. The Morningstar Category Average is the average return for the peer group based on the returns of each individual fund within the group, for the period shown. This average assumes reinvestment of dividends.

4. This chart illustrates the performance of a hypothetical $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is later). The inception date used for products with underlying funds, or multiple shares classes, or are offered as a separate account, strategy or sub account, may be the inception date of the underlying fund, the earliest share class of the product, or the date composite performance for the product was first made available. The product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. It is not possible to invest in an index. Past performance is no guarantee of future results. This chart is not intended to imply any future performance of the investment product.

5. A standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield".

6. Expense Cap is a limit that the fund company has placed on the level of the expenses borne by the fund until 06/30/2015 and indicates the maximum level of expenses (with certain exceptions) that the fund would be paying until that time. After the expiration date, the expense cap may be terminated or revised, which may lower the fund's yield and return.

7. Initial minimum investments into group retirement accounts such as Fidelity Simplified Employee Pension-IRA, Keogh, Self-Employed 401(k), and Non-Fidelity Prototype Retirement accounts are $500 or higher. There is no minimum for additional investments in any type of Fidelity fund you already own.

8. Any holdings, asset allocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten holdings do not include money market instruments or futures contracts, if any. Depository receipts are normally combined with the underlying security. Some breakdowns may be intentionally limited to a particular asset class or other subset of the fund's entire portfolio, particularly in multi-asset class funds where the attributes of the equity and fixed income portions are different.

Under the asset allocation section, international (or foreign) assets may be reported differently depending on how an investment option reports its holdings. Some do not report international (or foreign) holdings here, but instead report them in a "Regional Diversification" section. Some report them in this section in addition to the equity, bond and other allocation shown. Others report international (or foreign) holding as a subset of the equity and bond allocations shown. If the allocation without the foreign component equals (or rounds to) 100%, then international (or foreign) is a subset of the equity and bond percentage shown.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided by Morningstar, Inc. and data on non-mutual fund products is provided by the product's investment manager, trustee or issuer or the plan sponsor whose plan is offering the product to participants. Although Fidelity believes the data gathered from these third-party sources is reliable, it does not review such information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any use of this third-party information.

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fidelity for a free prospectus and, if available, summary prospectus containing this information. Read it carefully.