Fidelity^® Series Treasury Bill Index Fund

Seeks a high level of current income consistent with preservation of capital.

Normally investing at least 80% of assets in securities included in the Bloomberg U.S. 3-6 Month Treasury Bill Index, a market capitalization-weighted index of investment-grade, fixed-rate public obligations of the U.S. Treasury with maturities from three up to (but not including) six months, excluding zero coupon strips. Using statistical sampling techniques based on duration, maturity, interest rate sensitivity, security structure, and credit quality to attempt to replicate the returns of the Bloomberg U.S. 3-6 Month Treasury Bill Index using a smaller number of securities.

Interest rate increases can cause the price of a debt security in the Fund to decrease. The value of an individual security or particular type of security held by the Fund 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 held by the Fund can cause the price of a security to decrease. Fund and index performance may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with index additions and deletions.

This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund.

The Bloomberg U.S. 3-6 Month Treasury Bills Index is the 3-6 months component of the U.S. Treasury Bills index. The Bloomberg Treasury Bill Index includes publicly issued U.S. Treasury Bills with a remaining maturity from 1 up to (but not including) 12 months. It excludes zero coupon strips.

Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration.