Dear Shareholder:
Several weeks ago, we mailed you proxy information so that you could vote
on a proposal to merge Fidelity Short-Term World Bond Fund (Short-Term
World) with Fidelity Short-Term Bond Fund (Short-Term Bond), a larger bond
fund also managed by Fidelity Management & Research Company. The
information included a proxy statement describing the merger proposal and
all the materials you needed to vote by mail. I am reminding you to vote,
if you haven't done so already, and have enclosed another proxy card for
your convenience.
YOUR VOTE IS IMPORTANT.
It is important that your vote be received before the fund's shareholder
meeting scheduled for October 11, 1996. Unless at least 50% of the shares
that are eligible to vote are voted by the meeting date, Fidelity will have
to delay or hold another meeting, which can be expensive for the fund and
its shareholders.
HERE IS A BRIEF SUMMARY OF THE PROPOSAL.
The Trustees of Short-Term World are recommending that the fund merge with
Short-Term Bond. The merger would be a tax-free reorganization, with no
gain or loss to you as a shareholder. If shareholders vote to approve the
merger, Short-Term World will cease to exist and you will become a
shareholder of Short-Term Bond instead.
The funds have similar investment objectives and offer identical
shareholder services. Short-Term Bond, however, is a much larger fund than
Short-Term World and has lower management fees and other operating
expenses. Short-Term Bond has also performed better than Short-Term World
over Short-Term World's lifetime, with a lower level of volatility.
The Trustees, most of whom are not affiliated with Fidelity, are
responsible for protecting your interests as a shareholder. The Trustees
believe that the merger is in shareholders' best interests, and recommend
that you vote for the proposal. But the final decision is up to you.
VOTING BY MAIL OR FAX IS QUICK AND EASY. EVERYTHING YOU NEED IS ENCLOSED.
We encourage you to exercise your right as a shareholder and to vote
promptly. To cast your ballot, simply record your vote on the enclosed
proxy card. Be sure to sign the card before mailing it in the postage-paid
envelope provided. If you prefer, you can fax your vote to us at
617-871-2569.
If you have any questions before you vote, please call us at
1-800-544-8888. Thank you for participating in this important initiative
for your fund. Your vote is extremely important, no matter how many shares
you own. Please return your voting card promptly.
Sincerely,
Edward C. Johnson 3d
President
