Fidelity Advisor^® Conservative Income Bond Fund: Investment Approach

• Fidelity Advisor^® Conservative Income Bond Fund is a dollar-denominated, U.S.  investment-grade, ultra-short-duration, fixed-income strategy that seeks a high level of current income consistent with preservation of capital.
• Our investment process focuses on research and risk management. We emphasize a bottom-up research and trading strategy to construct a portfolio of high-quality securities that seek to meet the safety, liquidity and return objectives of the fund.
• The fund has multiple guideline constraints in place to help reduce NAV (net asset value) volatility by limiting interest rate and credit risk. Constraints exist at both the security and portfolio level and include a 10% limit on exposure to lower-quality investment-grade securities.
• While the fund attempts to minimize NAV fluctuations, it does provide investors exposure to potentially higher-yielding opportunities among sectors and securities not available to money market funds.