At Fidelity, we believe in adding value to everything we do. That's why we're offering you these index funds with incredibly low expenses: just 10 basis points. Investors in these funds can rest assured that the only way their expenses will increase is if they vote to raise them. Feel confident you're getting the best value out there.

Comparing Costs: Fidelity vs. the Competition Fidelity Spartan 500 Index Fund Fidelity Spartan Total Market Fund Fidelity Spartan Extended Market Fund


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In addition, our Spartan International Index Fund,4 is currently offered for 10 basis points and fixed at 20 basis points.


1 An expense ratio represents the annual percentage of a fund's assets paid out in expenses. The comparison is based on the following funds: Fidelity Spartan 500 Index Fund versus Vanguard 500 Index Fund (both of which track the S&P 500); Fidelity Spartan Total Market Index Fund (which tracks the DJ Wilshire 5000 Index) versus Vanguard Total Stock Market Index Fund (which tracks the MSCI US Broad Market Index); Fidelity Spartan Extended Market Index Fund (which tracks the DJ Wilshire 4500 Index) versus Vanguard Extended Market Index Fund (which tracks the S&P Completion Index). The Fidelity and Vanguard funds have substantially the same investment objectives. The Fidelity funds use the float-adjusted market capitalization version of the DJ Wilshire 4500 and 5000 Indexes. The funds may have different minimum investments and other fees and features that you should consider before investing. For example, the Fidelity funds listed above carry redemption fees of .50%-.75% for shares held less than 90 days; the Vanguard funds do not carry redemption fees. You can view the prospectuses for all of these funds on Vanguard funds are represented by their Investor Shares, which Fidelity considers more comparable to the Fidelity funds than Vanguard's Admiral Shares.

2 The S&P 500 is a registered trademark of The McGraw-Hill Companies, Inc., licensed for use by Fidelity Distributors Corporation. It is an unmanaged market capitalization-weighted index of common stocks.

DJ Wilshire 5000 Composite Index is an unmanaged, market capitalization-weighted index of substantially all equity securities of U.S.-headquartered companies with readily available price data. DJ Wilshire 4500 Completion Index is an unmanaged, market capitalization-weighted index of substantially all equity securities of U.S.-headquartered companies with readily available price data, except those included in the Standard & Poor's 500 Index (S&P 500). For DJ Wilshire 4500 and 5000 Indexes, two versions of the index are maintained, one weighted by full market capitalization and the other weighted by float-adjusted market capitalization. The MSCI EAFE is a registered service mark of Morgan Stanley and has been licensed for use by FMR Corp. The MSCI EAFE Index is an unmanaged market capitalization weighted index of over 1,000 equity securities of companies located in Europe, Australasia and the Far East. You can not invest directly in an index.

3 The Industry Average Expense Ratio, calculated by Fidelity, represents the median total expense ratio of no-load or front-end-load index funds that are in the same Morningstar® fund categories as each of the Fidelity Spartan Index Funds listed. We excluded certain funds from this calculation if they had a back-end sales load, expenses exceeding 1.50, and/or initial minimum investments of $250,000 or more. Although Fidelity has reviewed this data for accuracy, it does not guarantee that the information is accurate or complete. Morningstar data is as of 6/02/06.

4 You must also consider that the Fidelity Spartan International Index Fund, which tracks the MSCI EAFE TM currently has an expense ratio of 10 bps because the fund's investment advisor has agreed, voluntarily and indefinitely, to reimburse the fund to the extent that annual operating expenses exceed 10 bps. This arrangement may be discontinued at any time. Absent such reimbursement, fund expenses are contractually limited to 20 bps. All things being equal, a fund with lower expenses may offer higher returns than a fund with higher expenses.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus containing this information. Read it carefully.

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