| Retail | Fidelity Series Commodity Strategy Fund |
Fund Summary
Fund/Class:
Fidelity® Series Commodity Strategy Fund/Fidelity Series Commodity Strategy Fund |
| Investment Objective |
| The fund seeks to provide investment returns that correspond to the performance of the commodities market. |
| Fee Table |
| The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. |
Shareholder fees
(fees paid directly from your investment) |
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Annual class operating expenses
(expenses that you pay each year as a % of the value of your investment) |
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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: |
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Expense Example
(USD $)
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Retail
Fidelity Series Commodity Strategy Fund
Class: Fidelity Series Commodity Strategy Fund
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| 1 year |
61 |
| 3 years |
192 |
| 5 years |
335 |
| 10 years |
750 |
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| 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 148% of the average value of its portfolio. |
| Principal Investment Strategies |
- Normally investing in commodity-linked notes, other commodity-linked derivative instruments, short-term investment-grade debt securities, cash, and cash equivalents.
- Investing up to 25% of assets in a wholly-owned subsidiary that invests in commodity-linked total return swaps based on the value of commodities or commodities indices and in other commodity-linked derivative instruments.
- Managing the fund to track an index chosen to represent the commodities market, as well as short-term investment-grade debt securities, which as of July 31, 2012 was the Dow Jones-UBS Commodity Index Total ReturnSM.
- Investing in domestic and foreign issuers.
- Engaging in commodity-linked derivatives transactions that have a leveraging effect on the fund.
- Investing in Fidelity's central funds (specialized investment vehicles used by Fidelity funds to invest in particular security types or investment disciplines).
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| 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.
- Financial Services Exposure. Changes in government regulation and interest rates and economic downturns can have a significant negative effect on issuers in the financial services sector, including the price of their securities or their ability to meet their payment obligations.
- Subsidiary Risk. Investment in an unregistered subsidiary is not subject to the investor protections of the Investment Company Act of 1940 (1940 Act) and is subject to the risks associated with investing in derivatives and commodity-linked investing in general. Changes in tax and other laws could negatively affect investments in the subsidiary.
- 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.
- Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
- Commodity-Linked Investing. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures and their value may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments.
In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.
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. 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 Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit www.fidelity.com for updated return information. |
Year-by-Year Returns
Calendar Years |
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During the periods shown in the chart: | Returns | Quarter ended | Highest Quarter Return | 15.54% | December 31, 2010 | Lowest Quarter Return | -11.72% | September 30, 2011 | Year-to-Date Return | -4.02% | June 30, 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. 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, 2011 |
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Average Annual Total Returns
Retail
Fidelity Series Commodity Strategy Fund
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Past 1 year
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Life of class
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Inception Date
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Class: Fidelity Series Commodity Strategy Fund Return Before Taxes
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(13.89%) |
4.51% |
[1] |
Oct.
01,
2009 |
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Class: Fidelity Series Commodity Strategy Fund Return After Taxes on Distributions
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(18.92%) |
1.52% |
[1] |
Oct.
01,
2009 |
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Class: Fidelity Series Commodity Strategy Fund Return After Taxes on Distributions and Sale of Fund Shares
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(8.22%) |
2.50% |
[1] |
Oct.
01,
2009 |
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Dow Jones-UBS Commodity Index Total Return℠ (reflects no deduction for fees, expenses, or taxes)
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(13.32%) |
5.33% |
[1] |
Oct.
01,
2009 |
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