Fidelity Intermediate Government Income Fund
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PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2022
Fidelity® Intermediate
Government Income Fund
Key Takeaways MARKET RECAP
• For the semiannual reporting period ending February 28, 2022, the U.S. taxable investment-grade bonds
fund returned -3.13%, modestly lagging, net of fees, the -2.88% result lost ground for the six months ending
of the benchmark, the Bloomberg U.S. Intermediate Government February 28, 2022, amid expectations for
policy interest rate increases. The
Bond Index. The fund trailed the Lipper peer group average.
Bloomberg U.S. Aggregate Bond Index
returned -4.07%. Bond yields fell in
• Co-Managers Sean Corcoran and Franco Castagliuolo tried to exploit September 2021, in response to weaker-
market inefficiencies and identify attractively priced securities the past than-expected economic data. Then, in
six months, in accordance with their longer-term investment strategy. the fourth quarter, rising inflation and
tighter monetary policy increased short-
• According to the co-managers, the U.S. government bond market's term yields and decreased longer-term
negative return stemmed from rising inflation, the beginning of less- yields. By early December, U.S. Federal
accommodative monetary policy from the U.S. Federal Reserve and Reserve Chair Jerome Powell stated it
geopolitical uncertainty. was time to retire the term "transitory" in
describing U.S. inflation, in recognition
• Sean and Franco added modest value versus the benchmark through that it had exceeded the central bank's
security selection, aided by an underweighting in conventional agency 2% target rate by nearly any measure.
mortgage-backed securities (MBS) with coupons of 2.5% and below. Also in December, the Fed accelerated
its tapering plans. To begin the new year,
the index returned -2.15% in January,
• A corresponding overweighting in GNMA securities with coupons of after the Federal Open Market
3.0% and above also boosted the fund's relative performance. Committee signaled it would begin
increasing policy interest rates as soon as
• Within agency debentures, overweighting bonds backed by the March, and Powell said inflation
Agency for International Development (AID) provided a modest boost remained "way above" the target rate.
versus the benchmark. The index declined again in February
(-1.12%), as market participants focused
• In contrast, a small out-of-benchmark position in commercial on the possible inflation and economic
mortgage-backed securities (CMBS) slightly detracted. implications of Russia's invasion of
Ukraine. Within the Aggregate index,
• Duration and yield-curve positioning had no material impact on corporate bonds returned -6.08% for the
relative performance. six months, underperforming the -3.43%
result for U.S. Treasuries. Outside the
index, U.S. corporate high-yield bonds
• As of February 28, Franco and Sean believe the Fed will boost policy returned -2.96% and U.S. Treasury
interest rates 0.25% in March, although they believe subsequent rate
Inflation-Protected Securities gained
hikes may fall short of market expectations. 0.43% for the six months.
Not FDIC Insured • May Lose Value • No Bank Guarantee
PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2022
Q&A
An interview with Co-Managers Franco
Castagliuolo and Sean Corcoran
Franco Castagliuolo Sean Corcoran Q: Ford, how did the fund perform for the six
Co-Manager Co-Manager months ending February 28, 2022
F.C. The fund returned -3.13% the past six months, modestly
Fund Facts
lagging, net of fees, the -2.88% result of the benchmark, the
Trading Symbol: FSTGX Bloomberg U.S. Intermediate Government Bond Index. The
fund also trailed the Lipper peer group average.
Start Date: May 02, 1988
Looking slightly longer term, the fund returned -2.73% for
Size (in millions): $387.35 the trailing 12 months, again lagging both the index and the
Lipper peer average.
Q: What shaped the environment for
government securities the past six months
Investment Approach
F.C. Rising inflation, the beginning of less-accommodative
• Fidelity® Intermediate Government Income Fund monetary policy from the U.S. Federal Reserve and
provides investors exposure to the government and
geopolitical uncertainty made it a challenging period for U.S.
government-related sectors of the U.S. bond market.
government bonds.
The strategy may invest in U.S. Treasuries, Treasury
Inflation-Protected Securities (TIPS), debt issued by The Fed pivoted from generous accommodation to a tighter
government-related agencies (e.g., Fannie Mae, Freddie stance by the end of the period in response to surging
Mac), and mortgage-backed securities (MBS) issued by inflation, which hit roughly a 40-year high. By the end of
Fannie Mae, Freddie Mac and Ginnie Mae. February, bonds priced in expectations for eight interest rate
• Benchmarked against the Bloomberg U.S. Intermediate hikes of 25 basis point each, beginning in March. Russia's
Government Bond Index, the fund seeks to deliver invasion of Ukraine further stoked inflation, pushing prices
competitive, risk-adjusted performance commensurate for energy and other commodities significantly higher.
with investor expectations of a core government bond Yields across the entire bond market rose, and bond prices,
fund.
which move opposite yields, fell as investors began pricing in
• Utilizing a team-based investment process, the fund the expectations for aggressive rate hikes. Government
relies on experienced portfolio managers, research securities – including U.S. Treasuries, agency debentures and
analysts and traders. We concentrate on areas where we agency mortgage-backed securities – suffered some of the
believe we can repeatedly add value, including asset biggest declines amid fears of rising rates. Their poor
allocation, sector and security selection, yield-curve performance partly reflected the Fed's decision to reduce its
positioning and opportunistic trading. purchases of government securities in November.
• Robust governance and risk management support the Prior to this, the central bank had been a large regular buyer
identification of both opportunities and risks. of government securities since the onset of the COVID-19
pandemic in March 2020. The Fed also suggested it might
soon begin to sell securities it held on its balance sheet,
which added further pressure on government bonds.
Against this backdrop, we remained focused on seeking
competitive risk-adjusted performance commensurate with
investors' expectations of a government bond-focused fund.
In doing so, we attempted to exploit market inefficiencies
based on our top-down research on the global economy,
government policy, and supply and demand in the market.
2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2022
We also tried to find mispriced securities by relying on based on our view that the COVID-19 pandemic had severely
proprietary models to forecast the timing of cash flows. damaged the broad U.S. economy. We still believed this to
be the case as of February 28. We didn't foresee the outsized
Q: Sean, how did your strategy pan out inflation pressure that pushed bond yields much higher and
much faster than we anticipated. This positioning added
S.C. Security selection among MBS provided a modest
value at times, such as early in the period and when market
boost. For much of the period, we underweighted lower-
yields moved lower, but detracted in January and February,
coupon (2.5%) conventional MBS issued by Fannie Mae and
when market yields moved higher.
Freddie Mac, based on our view that alternatives offered
better value. This positioning helped versus the benchmark
because the bonds underperformed. That said, we added to Q: Gentlemen, what's your outlook for the
our stake in lower-coupon conventional MBS at points when government bond market as of February 28
we felt they were selling below what we viewed as their full
F.C. We see little doubt the Fed will enact a quarter-
value.
percentage-point increase in short-term policy rates in
At the same time, we found more-compelling values among March, taking another step toward its goal of unwinding the
certain GNMAs with coupons of 3% and higher. massive economic assistance it provided during the
pandemic. By the end of February, the market priced in as
Our research pointed to investors' overblown concerns
many as seven additional rate hikes beyond March. That
about mortgage buyouts of delinquent loans in these higher-
said, we believe two factors could make the Fed more
coupon securities.
cautious in tightening monetary policy beyond February.
GNMAs with coupons 3% and higher were priced well above
First, we believe the economy is poised to slow over the next
par – or face value – in the summer and fall. Some investors
six to 12 months. The federal pandemic support that helped
feared that fast buyouts of delinquent loans in these higher-
bolster consumers last year, including direct support of
coupon GNMAs would hurt their performance. We held a
households through stimulus checks, enhanced
contrary view, believing that buyouts would be slower than
unemployment benefits and monthly child tax-credits, is
expected. We were right, and slower buyouts meant we
rapidly waning. We think the Fed achieved higher market
were able to hold higher-coupon securities for longer and
interest rates simply by talking them higher, and this already
realize greater total returns as a result.
seems to have slowed the economy, cooled the housing
Elsewhere, our choices in the agency debenture segment market and put pressure on equity prices.
added slight value versus the benchmark.
Second, our view is that Fed won't be able to achieve the
Overweighting securities backed by the Agency for delicate task of reducing its trillion-dollar balance sheet at an
International Development (AID) outpaced the benchmark, accelerated pace without upsetting the capital markets. We
due to the higher income they generated versus other think the Fed will move slowly on rate hikes as a result.
government bonds. S.C. When all is said and done, we think government bond
yields may move higher over the near term. We also think
Q: What detracted on a relative basis the yield curve could flatten. By this, I mean longer-term
S.C. Our small out-of-benchmark exposure to agency bond yields will increase by less than those of shorter-term
commercial mortgage-backed securities (CMBS) cost us a bit bonds, reflecting a slowdown in longer-term inflation and
of ground. These securities lagged the benchmark, hurt by economic growth. We do not expect material selling of
investors' growing aversion to risk. As of February 28, our mortgage securities by the Fed. Also, the supply of new
view is that the agency CMBS we held could outperform the mortgage securities could decline if housing markets begin
benchmark and provide a good source of income to the fund to slow due to lack of affordability.
over the longer term. Our goal remains to work with our experienced team to try to
find attractively priced bonds for the portfolio while
Q: Sean, please tell us about the fund's duration maintaining a disciplined approach to risk management.
and yield-curve positioning. Franco and I have seen many types of market conditions in
our combined 40-plus years in the fixed-income market. We
S.C. Duration (interest rate) and yield-curve positioning, believe our active-management approach is well-suited for
meaning how we spread investments over bonds with the investing environment we see at period end, and that the
various maturities, had no material impact on the fund's expertise of our research and trading teams provides us with
performance versus the benchmark. We positioned the fund an advantage over index-based strategies. Over the longer
with slightly more interest rate sensitivity than the term, we remain firm believers in government securities as
benchmark, as measured by its modestly longer duration. an important component of a fixed-income portfolio. ■
We felt the Fed would move slowly toward hiking rates,
3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2022
The co-portfolio managers on their
view of GNMA securities:
F.C. "Ginnie Mae securities, a sometimes
overlooked and underappreciated investment
option, offered value as of February 28, in our view.
"GNMA is the Government National Mortgage
Association, a federal agency whose securities, like
U.S. Treasuries, are backed by the full faith and
credit of the United States.
"GNMAs offer incremental yield over Treasuries,
mostly as compensation for prepayment risk,
despite this full faith and credit backing. Most U.S.
residential mortgages can be prepaid by borrowers,
in part or whole, at any time, such as through selling
a home or refinancing a loan.
"GNMA yields have materially risen the past six
months, along with yields for most other bonds.
Rising yields reflected the Fed's late-2021 pivot from
supporting the U.S. economy with low interest rates
and bond purchases to tightening monetary
conditions by raising policy interest rates and selling
bonds."
S.C. "By the end of February, the difference (spread)
between GNMA and Treasury yields widened to
levels that, to us, suggested GNMAs were relatively
cheap. If the economy slows and inflation recedes,
as we expect, GNMA yields could fall and produce
price returns that exceed current market
expectations. Even if the Fed raises rates more than
we anticipate and sells more mortgage holdings
than we expect, we see two benefits for GNMAs
relative to other bonds.
"First, GNMAs could be bolstered by increased
demand from investors seeking a haven from riskier
fixed-income alternatives that may be hurt more, in
comparison, by rising rates.
"Also, we believe the net issuance of GNMAs likely
would decline as purchases and refinancing of
homes decreases in a higher-rate environment."
4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2022
COUPON DISTRIBUTION
Coupon Portfolio Weight Portfolio Weight Six Months Ago
< 1.0% 29.36% 28.59%
>= 1.0% < 2.0% 29.46% 30.50%
>= 2.0% < 3.0% 29.99% 28.75%
>= 3.0% < 4.0% 7.71% 9.23%
>= 4.0% < 5.0% 0.31% 0.00%
>=5.0% < 6.0% 3.17% 2.93%
>= 6.0% < 7.0% 0.00% 0.00%
>= 7.0% < 8.0% 0.00% 0.00%
>= 8.0% < 9.0% 0.00% 0.00%
>= 9.0% < 10.0% 0.00% 0.00%
>= 10.0% < 11.0% 0.00% 0.00%
>= 11.0% 0.00% 0.00%
Other Debt Securities 0.00% 0.00%
WEIGHTED AVERAGE MATURITY
Six Months Ago
Years 4.0 3.9
This is a weighted average of all maturities held in the fund.
DURATION
Six Months Ago
Years 4.0 4.0
5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2022
MARKET-SEGMENT DIVERSIFICATION
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
U.S. Treasury 85.31% 96.17% -10.86% 2.15%
U.S. Agency 2.56% 3.78% -1.22% 0.67%
Other Government Related (U.S. & Non-U.S.) 3.26% 0.05% 3.21% 0.05%
Corporate 0.00% 0.00% 0.00% 0.00%
MBS Pass-Through 6.69% 0.00% 6.69% -0.37%
ABS 0.00% 0.00% 0.00% 0.00%
CMBS 5.32% 0.00% 5.32% 1.33%
CMOs 0.00% 0.00% 0.00% 0.00%
Cash 8.29% 0.00% 8.29% 0.83%
Net Other Assets -11.43% 0.00% -11.43% -4.66%
Futures, Options & Swaps 12.88% 0.00% 12.88% 0.76%
Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of
the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future
settlement, Net Other Assets can be a negative number.
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending February 28, 2022 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Intermediate Government Income Fund
-3.13% -1.74% -2.73% 1.98% 1.58% 1.32%
Gross Expense Ratio: 0.45%2
Bloomberg US Intermediate Government Bond Index -2.88% -1.72% -2.36% 2.31% 1.87% 1.49%
Lipper Short-Intermediate U.S. Government Funds
-2.34% -1.28% -2.42% 1.27% 1.08% 0.78%
Classification
Morningstar Fund Intermediate Government -3.15% -2.13% -2.73% 2.28% 1.76% 1.55%
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 05/02/1988.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year, or
estimated amounts for the current fiscal year in the case of a newly launched fund. It does not include any fee waivers or reimbursements, which would
be reflected in the fund's net expense ratio.
Past performance 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 stated. Performance shown is that of the
fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.
fidelity.com, or 401k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendar-quarter
performance.
DIVIDENDS AND YIELD: Fiscal Periods ending February 28, 2022
Past One Month Past Six Months Past One Year
30-Day SEC Yield 0.98% -- --
30-Day SEC Restated Yield -- -- --
Average Share Price $10.36 $10.58 $10.67
Dividends Per Share 0.75¢ 4.63¢ 9.10¢
Fiscal period represents the fund's semiannual or annual review period.
6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2022
Definitions and Important Information
INDICES
Information provided in this document is for informational and It is not possible to invest directly in an index. All indices represented
educational purposes only. To the extent any investment information are unmanaged. All indices include reinvestment of dividends and
in this material is deemed to be a recommendation, it is not meant to interest income unless otherwise noted.
be impartial investment advice or advice in a fiduciary capacity and is
Bloomberg U.S. Intermediate Government Bond Index is a market-
not intended to be used as a primary basis for you or your client's
value-weighted index of U.S. Government fixed-rate debt issues with
investment decisions. Fidelity, and its representatives may have a
maturities between one and 10 years.
conflict of interest in the products or services mentioned in this
material because they have a financial interest in, and receive
compensation, directly or indirectly, in connection with the LIPPER INFORMATION
management, distribution and/or servicing of these products or Lipper Averages are averages of the performance of all mutual
services including Fidelity funds, certain third-party funds and funds within their respective investment classification category.
products, and certain investment services. The number of funds in each category periodically changes.
Lipper, a Refinitiv company, is a nationally recognized organization
COUPON DISTRIBUTION that ranks the performance of mutual funds.
Coupon distribution shows the range of stated interest rates on the
fund's investments, excluding short-term investments. MORNINGSTAR INFORMATION
© 2022 Morningstar, Inc. All rights reserved. The Morningstar
information contained herein: (1) is proprietary to Morningstar
DIVIDENDS AND YIELD
and/or its content providers; (2) may not be copied or
30-Day SEC Restated Yield is the fund's 30-day yield without redistributed; and (3) is not warranted to be accurate, complete or
applicable waivers or reimbursements, stated as of month-end. timely. Neither Morningstar nor its content providers are
30-day SEC Yield is a standard yield calculation developed by the responsible for any damages or losses arising from any use of this
Securities and Exchange Commission for bond funds. The yield is information. Fidelity does not review the Morningstar data and, for
calculated by dividing the net investment income per share earned mutual fund performance, you should check the fund's current
during the 30-day period by the maximum offering price per share prospectus for the most up-to-date information concerning
on the last day of the period. The yield figure reflects the dividends applicable loads, fees and expenses.
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
WEIGHTED AVERAGE MATURITY
Yield" or "standardized yield".
Weighted average maturity (WAM) can be used as a measure of
Dividends per share show the income paid by the fund for a set sensitivity to interest rate changes and market changes. Generally,
period of time. If you annualize this number, you can compare the the longer the maturity, the greater the sensitivity to such changes.
fund's income over different periods. WAM is based on the dollar-weighted average length of time until
principal payments must be paid. Depending on the types of
securities held in a fund, certain maturity shortening devices (e.g.,
DURATION demand features, interest rate resets, and call options) may be
Duration is a measure of a security's price sensitivity to changes in taken into account when calculating the WAM.
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.
FUND RISKS
Interest rate increases can cause the price of a debt security to
decrease. Leverage can increase market exposure and magnify
investment risk.
IMPORTANT FUND INFORMATION
Relative positioning data presented in this commentary is based on
the fund's primary benchmark (index) unless a secondary benchmark
is provided to assess performance.
7 |PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2022 Manager Facts Franco Castagliuolo is a portfolio manager in the Fixed Income division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Mr. Castagliuolo is responsible for managing various government and mortgage fixed income portfolios. Prior to assuming his current position in November 2009, Mr. Castagliuolo served as a research analyst and mortgage trader in Fidelity's Taxable Bond group. Previously, Mr. Castagliuolo held various roles in Fidelity's Municipal Bond group, including trader and research associate. He has been in the financial industry since joining Fidelity in 1996. Mr. Castagliuolo earned his bachelor of science in business administration degree in finance, with a minor in economics, from Bryant University. He is also a CFA® charterholder. Sean Corcoran is a portfolio manager in the Fixed Income division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Mr. Corcoran manages Fidelity and Fidelity Advisor Mortgage Securities Funds, Fidelity GNMA Fund, Fidelity and Fidelity Advisor Government Income Funds, Fidelity Intermediate Government Income Fund, Fidelity Limited Term Government Fund, as well as the U.S. government sub-portfolios of Fidelity and Fidelity Advisor Strategic Income Funds, the inflation-protected debt sub-portfolio of Fidelity and Fidelity Advisor Strategic Real Return Funds, and the high-grade sub- portfolio of VIP Strategic Income Portfolio. He also manages institutional portfolios within government and mortgage strategies. Prior to assuming his current position, Mr. Corcoran was a research analyst responsible for security level research of asset- backed taxable bonds and has developed insights in structured products, including CMBS. Previously, he was a research associate in Fidelity's Taxable Bond group. He has been in the financial industry since 2002. Mr. Corcoran earned his bachelor of science in chemical engineering from the Colorado School of Mines and his master of business administration degree from Northeastern University. He is also a CFA® charterholder. 8 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PERFORMANCE SUMMARY: Annualized
Quarter ending March 31, 2022 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Intermediate Government Income Fund
-4.64% 0.63% 1.00% 1.08%
Gross Expense Ratio: 0.45%2
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 05/02/1988.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year, or
estimated amounts for the current fiscal year in the case of a newly launched fund. It does not include any fee waivers or reimbursements, which would
be reflected in the fund's net expense ratio.
Past performance 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 stated. Performance shown is that of the
fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.
fidelity.com, or 401k.com. 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.
Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar
the investment objectives, risks, charges, and expenses. For quarter.
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