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A T B C | Fidelity Total Bond Fund
Fund Summary
Fund/Class:
Fidelity® Total Bond Fund/Fidelity Advisor® Total Bond Fund A, T, B, 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 B C Fidelity Total Bond Fund
Fidelity Total Bond Fund - Class A
Fidelity Total Bond Fund - Class T
Fidelity Total Bond Fund - Class B
Fidelity Total Bond Fund - Class C
Maximum sales charge (load) on purchases (as a % of offering price)4.00%4.00% none none
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds) none [1] none [1]5.00%[2]1.00%[3]
[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]Declines over 6 years from 5.00% to 0%.
[3]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 B C Fidelity Total Bond Fund
Fidelity Total Bond Fund - Class A
Fidelity Total Bond Fund - Class T
Fidelity Total Bond Fund - Class B
Fidelity Total Bond Fund - Class C
Management fee0.32%0.32%0.32%0.32%
Distribution and/or Service (12b-1) fees0.25%0.25%0.90%1.00%
Other expenses0.26%0.23%0.30%0.19%
Total annual operating expenses0.83%0.80%1.52%1.51%

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 B C Fidelity Total Bond Fund (USD $)
Fidelity Total Bond Fund - Class A
Fidelity Total Bond Fund - Class T
Fidelity Total Bond Fund - Class B
Fidelity Total Bond Fund - Class C
1 year481478655254
3 years654645780477
5 years8428261,029824
10 years1,3841,3501,5391,802
Hold Shares
Expense Example, No Redemption A T B C Fidelity Total Bond Fund (USD $)
Fidelity Total Bond Fund - Class A
Fidelity Total Bond Fund - Class T
Fidelity Total Bond Fund - Class B
Fidelity Total Bond Fund - Class C
1 year481478155154
3 years654645480477
5 years842826829824
10 years1,3841,3501,5391,802
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 168% of the average value of its portfolio.
Principal Investment Strategies
  • Normally investing at least 80% of assets in debt securities of all types and repurchase agreements for those securities.
  • Using the Barclays Capital® U.S. Universal Bond Index as a guide in allocating assets across the investment-grade, high yield, and emerging market asset classes.
  • Investing up to 20% of assets in high yield and emerging market debt securities.
  • Managing the fund to have similar overall interest rate risk to the index.
  • Investing in domestic and foreign issuers.
  • Allocating assets across different asset classes, market sectors, and maturities.
  • Analyzing the credit quality of the issuer, the issuer's potential for success, the credit, currency, and economic risks of the security and its issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments.
  • 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, particularly emerging 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, also referred to as high yield debt securities) and certain types of other securities 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 and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.
  • 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

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 and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the Additional Information about the Indexes section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Visit www.advisor.fidelity.com for updated return information.

Year-by-Year Returns

The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.

Calendar Years

Bar Chart
During the periods shown in the chart for Class A:
Returns
Quarter ended
Highest Quarter Return7.62%June 30, 2009
Lowest Quarter Return-3.25%December 31, 2008
Year-to-Date Return5.22%September 30, 2011
Average Annual Returns
Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. 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 Class A 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. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
For the periods ended
December 31, 2010
Average Annual Total Returns A T B C Fidelity Total Bond Fund
Past 1 year
Past 5 years
Life of class
Inception Date
Return Before Taxes Fidelity Total Bond Fund - Class A
3.83%4.88%4.97%[1]Jun. 16, 2004
Return Before Taxes Fidelity Total Bond Fund - Class T
3.85%4.85%4.91%[1]Jun. 16, 2004
Return Before Taxes Fidelity Total Bond Fund - Class B
2.29%4.63%4.84%[1]Jun. 16, 2004
Return Before Taxes Fidelity Total Bond Fund - Class C
6.43%4.96%4.82%[1]Jun. 16, 2004
Return After Taxes on Distributions Fidelity Total Bond Fund - Class A
1.94%3.08%3.22%[1]Jun. 16, 2004
Return After Taxes on Distributions and Sale of Fund Shares Fidelity Total Bond Fund - Class A
2.56%3.09%3.20%[1]Jun. 16, 2004
Barclays Capital® U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)
6.54%5.80%5.57%[1]Jun. 16, 2004
Barclays Capital U.S. Universal Bond Index (reflects no deduction for fees, expenses, or taxes)
7.16%5.90%5.79%[1]Jun. 16, 2004
[1]From June 16, 2004.