Abstract: A small arm ammunition bullet has a metal jacket with a first core portion of thermoplastic material filling a closed end of the interior of the jacket and a second core portion projecting through an opposite, open end of the jacket. The second core portion is formed of a plurality of individual metal fragments compacted into an at least substantially solid mass. The bullet is made by swaging lead shot and the thermoplastic material into the jacket and combines good expansion on impact with a soft target with the ability to penetrate a hard target.