Fidelity SAI Short-Term Bond (FZOMX)

Fidelity SAI Short-Term Bond Fund is an open-end mutual fund focused on generating a high level of current income while emphasizing preservation of capital. The fund normally invests at least 80% of assets in investment‑grade debt securities across sectors, including U.S. Treasuries, agencies, corporates, asset‑backed, and mortgage‑backed securities, and maintains a dollar‑weighted average maturity of three years or less. Its portfolio tilts toward high-quality, short-duration bonds, positioning it with medium credit quality and limited interest rate sensitivity, and a category classification of short‑term bond. The strategy is supported by a sizable cost advantage, with a low expense ratio and operational scale reflected by multi‑billion‑dollar total assets. The fund distributes income monthly, aligning with its income objective, and typically holds a broad, diversified lineup of bonds with several hundred positions. In market context, it serves as a conservative core fixed income allocation for investors seeking stability and income over short horizons, offering diversification benefits versus equities and longer-duration bonds through its shorter effective duration and investment‑grade focus.