Fidelity Ultra Short Bond

Settlement with Defendants in Zametkin v. Fidelity Management & Research Company

The parties have reached a settlement of this action, pending in the United States District Court for the District of Massachusetts, which provides for the payment of $7,500,000 for the benefit of eligible Class Members. Plaintiff alleged that Defendants violated the federal securities laws in marketing and selling the Fidelity Ultra-Short Bond Fund (the “Fund”) as a relatively safe and stable bond fund which would be managed in a manner consistent with the preservation of capital. Plaintiff claims that the Fund’s portfolio was not consistent with the preservation of capital because it was comprised in large part by mortgage-backed securities and similar bonds, making the Fund riskier than represented. The lawsuit is brought on behalf of purchasers of shares of the Fund between June 6, 2005 and June 5, 2008, inclusive. The proposed settlement was preliminarily approved by the Court on December 23, 2011.

The Court has scheduled a final approval hearing for May 11, 2012, at 3:00 p.m. EDT. If you are a Class Member and wish to receive a payment from the settlement proceeds, you are required to submit a claim form by no later than April 27, 2012 in order to participate in the settlement. The claim form can be obtained by clicking on the Proof of Claim and Release link below. If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.

Documents:

• Stipulation of Settlement
• Notice of Pendency and Certification of Class Action, Proposed Settlement and Settlement Approval/Fairness Hearing
• Proof of Claim and Release
• Preliminary Approval Order