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A T C | Fidelity Corporate Bond Fund
Fund Summary
Fund/Class:
Fidelity® Corporate Bond Fund/Fidelity Advisor® Corporate Bond Fund A, T, C
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, hold, or sell shares of the fund.

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. More information about these and other discounts is available from your investment professional and in the Fund Distribution section beginning on page (Click Here) of the prospectus.

Shareholder fees (fees paid directly from your investment)
Shareholder Fees A T C Fidelity Corporate Bond Fund
Fidelity Corporate Bond Fund - Class A
Fidelity Corporate Bond Fund - Class T
Fidelity Corporate Bond Fund - Class C
Maximum sales charge (load) on purchases (as a % of offering price)4.00%4.00% none
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds) none [1] none [1]1.00%[2]
[1]Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 0.75% or 0.25%, respectively.
[2]On Class C shares redeemed less than one year after purchase.
Annual class operating expenses (expenses that you pay each year as a % of the value of your investment)
Annual Class Operating Expenses A T C Fidelity Corporate Bond Fund
Fidelity Corporate Bond Fund - Class A
Fidelity Corporate Bond Fund - Class T
Fidelity Corporate Bond Fund - Class C
Management fee0.35%0.35%0.35%
Distribution and/or Service (12b-1) fees0.25%0.25%1.00%
Other expenses0.15%0.15%0.12%
Total annual operating expenses0.75%0.75%1.47%

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 and if you hold your shares:

Sell All Shares
Expense Example A T C Fidelity Corporate Bond Fund (USD $)
Fidelity Corporate Bond Fund - Class A
Fidelity Corporate Bond Fund - Class T
Fidelity Corporate Bond Fund - Class C
1 year474474250
3 years630630465
5 years800800803
10 years1,2931,2931,757
Hold Shares
Expense Example, No Redemption A T C Fidelity Corporate Bond Fund (USD $)
Fidelity Corporate Bond Fund - Class A
Fidelity Corporate Bond Fund - Class T
Fidelity Corporate Bond Fund - Class C
1 year474474150
3 years630630465
5 years800800803
10 years1,2931,2931,757
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 242% of the average value of its portfolio.
Principal Investment Strategies
  • Normally investing at least 80% of assets in investment-grade corporate bonds and other corporate debt securities and repurchase agreements for those securities.
  • Managing the fund to have similar overall interest rate risk to the Barclays Capital® U.S. Credit Bond Index.
  • Investing in domestic and foreign issuers.
  • Analyzing the credit quality of the issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments.
  • Potentially investing in lower-quality debt securities.
  • Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default) and futures contracts - and forward-settling securities, to adjust the fund's risk exposure.
  • Investing in Fidelity's central funds (specialized investment vehicles used by Fidelity funds to invest in particular security types or investment disciplines).
Principal Investment Risks
  • Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
  • Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
  • 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. Lower-quality debt securities (those of less than investment-grade quality) involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.
  • Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

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
Performance history will be available for the fund after the fund has been in operation for one calendar year.