Mutual Fund Summary Prospectus (497k)
January 04 2013 - 9:36AM
Edgar (US Regulatory)
Spartan
®
Long-Term Treasury Bond Index Fund
|
Class
/Ticker
|
|
|
|
|
Investor
/FLBIX
|
Fidelity Advantage
®
/FLBAX
|
Summary Prospectus
April 28, 2012
As Revised January 4, 2013
Fund Summary
Fund
/Class:
Spartan
®
Long-Term Treasury Bond Index Fund
/Investor, Fidelity Advantage
®
Investment Objective
The fund seeks a high level of current income.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
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Shareholder fees
(fees paid directly from your investment)
|
None
|
Annual class operating expenses
(expenses that you pay each year as a % of the value of your investment)
|
|
Investor
Class
|
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Fidelity
Advantage
Class
|
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Management fee
A
|
0.05%
|
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0.05%
|
|
Distribution and/or Service (12b-1) fees
|
None
|
|
None
|
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Other expenses
A
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0.15%
|
|
0.05%
|
|
Total annual operating expenses
|
0.20%
|
|
0.10%
|
A
Based on historical expenses, adjusted to reflect current fees.
This
example
helps compare the cost of investing in the fund with the cost of investing in other mutual funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses
for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in
total expenses if you sell all of your shares at the end of each time period indicated:
|
Investor
Class
|
|
Fidelity
Advantage
Class
|
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1 year
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$ 20
|
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$ 10
|
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3 years
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$ 64
|
|
$ 32
|
|
5 years
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$ 113
|
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$ 56
|
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10 years
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$ 255
|
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$ 128
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Summary Prospectus
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which
are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's
portfolio turnover rate was 52% of the average value of its portfolio.
Principal Investment Strategies
-
Normally investing at least 80% of assets in securities included in the Barclays Capital
®
U.S. Long Treasury Bond Index (the Index).
-
Normally maintaining a dollar-weighted average maturity of 10 years or more.
-
Using statistical sampling techniques based on duration, maturity, interest rate sensitivity, security structure, and credit quality to attempt to
replicate the returns of the Index using a smaller number of securities.
Principal Investment Risks
-
Interest Rate Changes.
Interest rate increases can cause the price of a debt security to decrease.
-
Prepayment.
The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
-
Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure
for a security can cause the price of a security to decrease.
-
Correlation to Index.
The performance of the fund and its index may vary somewhat due to factors such as transaction costs, sample selection,
and timing differences associated with additions to and deletions from its index.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Unlike individual debt securities, which typically pay principal at maturity, the value of an investment in the fund will fluctuate. You could lose money by investing in the fund.
Performance
The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the
performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market
index over various periods of time. The index description appears in the Additional Information about the Indexes section of the prospectus.
Past performance (before and after taxes) is not an indication of future performance.
Summary Prospectus
Fund Summary - continued
Visit www.fidelity.com for updated return information.
Year-by-Year Returns
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Calendar Years
|
|
|
|
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2006
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2007
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2008
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2009
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2010
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2011
|
|
|
|
|
|
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1.67%
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9.54%
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24.14%
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-13.41%
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9.16%
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29.49%
|
|
During the periods shown in the chart
for Investor Class:
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Returns
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Quarter ended
|
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Highest Quarter Return
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24.97%
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September 30, 2011
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Lowest Quarter Return
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-8.17%
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December 31, 2010
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Year-to-Date Return
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-5.91%
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March 31, 2012
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Average Annual Returns
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state
or local taxes. After-tax returns for Investor Class are shown in the table below and after-tax returns for other classes will vary. Actual after-tax
returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement.
|
For the periods ended
December 31, 2011
|
Past 1
year
|
Past 5
years
|
Life of
class
A
|
|
Investor Class - Return Before Taxes
|
29.49%
|
10.73%
|
9.33%
|
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Return After Taxes on Distributions
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27.74%
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9.08%
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7.68%
|
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Return After Taxes on Distributions and Sale of Fund Shares
|
19.16%
|
8.28%
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7.07%
|
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Fidelity Advantage Class - Return Before Taxes
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29.49%
|
10.84%
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9.44%
|
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Barclays Capital
®
U.S. Long Treasury Bond Index
(reflects no deduction for fees, expenses, or taxes)
|
29.93%
|
11.00%
|
9.61%
|
A
From December 20, 2005.
Summary Prospectus
Investment Advisers
Fidelity Management & Research Company (FMR) is the fund's manager. Fidelity Investments Money Management, Inc. (FIMM) and other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Alan Bembenek (co-manager) has managed the fund since March 2012.
Curt Hollingsworth (co-manager) has managed the fund since February 2009.
Purchase and Sale of Shares
You may buy or sell Investor Class and Fidelity Advantage Class shares of the fund through a Fidelity brokerage or mutual fund account, through
a retirement account, or through an investment professional. You may buy or sell shares in various ways:
|
Internet
www.fidelity.com
|
|
Phone
Fidelity Automated Service Telephone (FAST
®
) 1-800-544-5555
To reach a Fidelity representative 1-800-544-6666
|
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Mail
|
|
Additional purchases:
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
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Redemptions:
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
|
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TDD - Service for the Deaf and Hearing Impaired
1-800-544-0118
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The price to buy one share of Investor Class or Fidelity Advantage Class is its net asset value per share (NAV). Your shares will be bought at the
NAV next calculated after your investment is received in proper form.
The price to sell one share of Investor Class or Fidelity Advantage Class is its NAV. Your shares will be sold at the NAV next calculated after your
order is received in proper form.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
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Initial Purchase Minimum - Investor Class
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$2,500
|
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For Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype Retirement accounts
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$500
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Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)
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$200
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Initial Purchase Minimum - Fidelity Advantage Class
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$10,000
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The fund may waive or lower purchase minimums in other circumstances.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may
also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later,
upon withdrawal of your investment from such account).
Summary Prospectus
Fund Summary - continued
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, FMR, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, including banks, broker-dealers, retirement
plan sponsors, administrators, or service-providers (who may be affiliated with FMR or FDC), for the sale of fund shares and related services. These
payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at
202-371-8300.
Spartan, Fidelity Advantage, Fidelity Investments & Pyramid Design, and FAST are registered service marks of FMR LLC. © 2013 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.925681.104 LBX-SUM-0412-01
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