0000035315 fsst6:S000026422Member 2011-12-30 2012-12-29 0000035315 2011-12-30 2012-12-29 0000035315 fsst6:S000026422Member fsst6:C000079292Member 2011-12-30 2012-12-29 0000035315 fsst6:S000026422Member fsst6:ReturnBeforeTaxesMember fsst6:C000079292Member 2011-12-30 2012-12-29 0000035315 fsst6:S000026422Member rr:AfterTaxesOnDistributionsMember fsst6:C000079292Member 2011-12-30 2012-12-29 0000035315 fsst6:S000026422Member rr:AfterTaxesOnDistributionsAndSalesMember fsst6:C000079292Member 2011-12-30 2012-12-29 0000035315 fsst6:S000026422Member fsst6:MsciAcwiAllCountryWorldIndexMember 2011-12-30 2012-12-29 0000035315 fsst6:S000033635Member fsst6:InstAdvInstMember 2011-12-30 2012-12-29 0000035315 fsst6:S000033635Member fsst6:AdvInvMember fsst6:C000103363Member 2011-12-30 2012-12-29 0000035315 fsst6:S000033635Member fsst6:AdvInvMember fsst6:C000103360Member 2011-12-30 2012-12-29 0000035315 fsst6:S000033635Member fsst6:InstAdvInstMember fsst6:C000103362Member 2011-12-30 2012-12-29 0000035315 fsst6:S000033635Member fsst6:InstAdvInstMember fsst6:C000103361Member 2011-12-30 2012-12-29 0000035315 fsst6:S000033635Member fsst6:AdvInvMember 2011-12-30 2012-12-29 0000035315 fsst6:S000033636Member fsst6:InstAdvInstMember 2011-12-30 2012-12-29 0000035315 fsst6:S000033636Member fsst6:InstAdvInstMember fsst6:C000103366Member 2011-12-30 2012-12-29 0000035315 fsst6:S000033636Member fsst6:InstAdvInstMember fsst6:C000103365Member 2011-12-30 2012-12-29 0000035315 fsst6:S000033636Member fsst6:AdvInvMember 2011-12-30 2012-12-29 0000035315 fsst6:S000033636Member fsst6:AdvInvMember fsst6:C000103364Member 2011-12-30 2012-12-29 0000035315 fsst6:S000033636Member fsst6:AdvInvMember fsst6:C000103367Member 2011-12-30 2012-12-29 pure iso4217:USD <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySeriesGlobalexU.S.IndexFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelitySeriesGlobalexU.S.IndexFund column period compact * ~</div> 2012-12-29 485BPOS FIDELITY SALEM STREET TRUST 0000035315 2012-12-27 2012-12-29 false 2012-10-31 Fund Summary Fund: Fidelity® Series Global ex U.S. Index Fund Investment Objective The fund seeks to provide investment results that correspond to the total return of foreign developed and emerging stock markets. 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) Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) 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: 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 1% of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in securities included in the MSCI® ACWI® (All Country World Index) ex USA Index (the Index) and in depository receipts representing securities included in the Index.</li><li>Using statistical sampling techniques based on such factors as capitalization, industry exposures, dividend yield, price/earnings (P/E) ratio, price/book (P/B) ratio, earnings growth, country weightings, and the effect of foreign taxes to attempt to replicate the returns of the Index.</li><li>Lending securities to earn income for the fund.</li></ul> Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign and Emerging Market Risk. 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. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>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.</li><li>Correlation to Index. The performance of the fund and its index may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletions from its index.</li></ul>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.401k.com and log in for updated return information. Year-by-Year Returns Calendar Years <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">17.49% </div></td><td><div align="left">September 30, 2010</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-20.73% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">10.42% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> 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 0.01 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. 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. Past performance (before and after taxes) is not an indication of future performance. www.401k.com and log in for updated return information 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. 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. Year-to-Date Return 2012-09-30 0.1042 Highest Quarter Return 2010-09-30 0.1749 Lowest Quarter Return 2011-09-30 -0.2073 Fidelity Series Global ex U.S. Index Fund Fidelity Series Global ex U.S. Index Fund Fidelity Series Global ex U.S. Index Fund Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares MSCI® ACWI® (All Country World Index) ex USA Index Return Before Taxes 0 0.002 0 0 0.002 20 64 113 255 0.1087 -0.141 -0.141 -0.1435 -0.0882 -0.1361 -0.0064 -0.0091 -0.0056 0.0009 2009-09-29 2009-09-29 2009-09-29 2009-09-29 Fund Summary Fund/Class: Spartan® Emerging Markets Index Fund/Institutional, Fidelity Advantage® Institutional Investment Objective The fund seeks to provide investment results that correspond to the total return of emerging stock markets. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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 62% of the average value of its portfolio. 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: Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in securities included in the FTSE® Emerging Index and in depository receipts representing securities included in the index.</li><li>Using statistical sampling techniques based on such factors as capitalization, industry exposures, dividend yield, price/earnings (P/E) ratio, price/book (P/B) ratio, earnings growth, country weightings, and the effect of foreign taxes to attempt to replicate the returns of the FTSE® Emerging Index.</li><li>Lending securities to earn income for the fund. </li></ul> Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign and Emerging Market Risk. 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. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>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.</li><li>Correlation to Index. The performance of the fund and its index may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletions from its index.</li></ul>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 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySeriesGlobalexUSIndexFund column period compact * ~</div> -0.015 -0.015 0.0025 0.0025 0 0 0.0021 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelitySeriesGlobalexU.S.IndexFundBarChart column period compact * ~</div> 0.001 0.0046 0.0035 -0.0013 -0.0013 December 31, 2012 You could lose money by investing in the 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. Performance history will be available for the fund after the fund has been in operation for one calendar year. 0.0033 0.0022 34 23 134 99 244 183 566 430 0.62 -0.015 -0.015 0.0025 0.0025 0 0 0.0003 0 0.0028 0.0025 -0.0013 -0.0013 0.0015 0.0012 10 10 15 12 77 67 144 127 343 305 Fund Summary Fund/Class: Spartan® Emerging Markets Index Fund/Investor, Fidelity Advantage® Investment Objective The fund seeks to provide investment results that correspond to the total return of emerging stock markets. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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: 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 62% of the average value of its portfolio. Principal Investment Strategies <ul type="disc"><li style="margin-left:20px">Normally investing at least 80% of assets in securities included in the FTSE® Emerging Index and in depository receipts representing securities included in the index.</li><li style="margin-left:20px">Using statistical sampling techniques based on such factors as capitalization, industry exposures, dividend yield, price/earnings (P/E) ratio, price/book (P/B) ratio, earnings growth, country weightings, and the effect of foreign taxes to attempt to replicate the returns of the FTSE® Emerging Index.</li><li style="margin-left:20px">Lending securities to earn income for the fund.</li></ul> Principal Investment Risks <ul type="disc"><li style="margin-left:20px">Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li style="margin-left:20px">Foreign and Emerging Market Risk. 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. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li style="margin-left:20px">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. </li><li style="margin-left:20px">Correlation to Index. The performance of the fund and its index may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletions from its index. </li></ul>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 December 31, 2012 0.62 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesSpartanEmergingMarketsIndexFundClassInstitutionalFDA column period compact * ~</div> You could lose money by investing in the 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. Performance history will be available for the fund after the fund has been in operation for one calendar year. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesSpartanEmergingMarketsIndexFundClassInstitutionalFDA column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualfundOperatingExpensesFidelitySeriesGlobalexUSIndexFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleSpartanEmergingMarketsIndexFundClassInstitutionalFDA column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesSpartanEmergingMarketsIndexFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesSpartanEmergingMarketsIndexFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleSpartanEmergingMarketsIndexFund column period compact * ~</div> Fund Summary Fund/Class: Spartan® Global ex U.S. Index Fund/Institutional, Fidelity Advantage® Institutional Investment Objective The fund seeks to provide investment results that correspond to the total return of foreign developed and emerging stock markets. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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: 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 7% of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in securities included in the MSCI® ACWI® (All Country World Index) ex USA Index and in depository receipts representing securities included in the index.</li><li>Using statistical sampling techniques based on such factors as capitalization, industry exposures, dividend yield, price/earnings (P/E) ratio, price/book (P/B) ratio, earnings growth, country weightings, and the effect of foreign taxes to attempt to replicate the returns of the MSCI® ACWI® (All Country World Index) ex USA Index.</li><li>Lending securities to earn income for the fund. </li></ul> Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign and Emerging Market Risk. 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. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>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. </li><li>Correlation to Index. The performance of the fund and its index may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletions from its index.</li></ul>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 Performance history will be available for the fund after the fund has been in operation for one calendar year. 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. -0.01 -0.01 0.002 0.002 0 0 0.0003 0 0.0023 0.002 -0.001 -0.001 0.0013 0.001 13 10 63 54 119 102 282 245 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesSpartanGlobalexU.S.IndexFundClassInstitutionaFDA column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleSpartanGlobalexUSIndexFundClassInstitutionaFDA column period compact * ~</div> 0.07 December 31, 2012 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesSpartanGlobalexUSIndexFundClassInstitutionaFDA column period compact * ~</div> Fund Summary Fund/Class: Spartan® Global ex U.S. Index Fund/Investor, Fidelity Advantage® Investment Objective The fund seeks to provide investment results that correspond to the total return of foreign developed and emerging stock markets. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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: 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 7% of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in securities included in the MSCI® ACWI® (All Country World Index) ex USA Index and in depository receipts representing securities included in the index.</li><li>Using statistical sampling techniques based on such factors as capitalization, industry exposures, dividend yield, price/earnings (P/E) ratio, price/book (P/B) ratio, earnings growth, country weightings, and the effect of foreign taxes to attempt to replicate the returns of the MSCI® ACWI® (All Country World Index) ex USA Index.</li><li>Lending securities to earn income for the fund.</li></ul> Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign and Emerging Market Risk. 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. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>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.</li><li>Correlation to Index. The performance of the fund and its index may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletions from its index.</li></ul>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 December 31, 2012 0.07 You could lose money by investing in the 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. Performance history will be available for the fund after the fund has been in operation for one calendar year. -0.01 -0.01 10 10 0.002 0.002 0 0 0.0014 0.0008 0.0034 0.0028 -0.001 -0.001 0.0024 0.0018 25 18 99 79 181 147 421 345 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesSpartanGlobalexU.S.IndexFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesSpartanGlobalexUSIndexFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleSpartanGlobalexUSIndexFund column period compact * ~</div> From September 29, 2009. Fidelity Management & Research Company (FMR) has contractually agreed to reimburse Investor Class and Fidelity Advantage Class of the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed 0.33% and 0.22%. These arrangements will remain in effect through December 31, 2012. FMR may not terminate these arrangements before the expiration date without the approval of the Board of Trustees. Fidelity Management & Research Company (FMR) has contractually agreed to reimburse Institutional Class and Fidelity Advantage Institutional Class of the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed 0.13% and 0.10%. These arrangements will remain in effect through December 31, 2012. FMR may not terminate these arrangements before the expiration date without the approval of the Board of Trustees. Fidelity Management & Research Company (FMR) has contractually agreed to reimburse Institutional Class and Fidelity Advantage Institutional Class of the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed 0.15% and 0.12%. These arrangements will remain in effect through December 31, 2012. FMR may not terminate these arrangements before the expiration date without the approval of the Board of Trustees. Fidelity Management & Research Company (FMR) has contractually agreed to reimburse Investor Class and Fidelity Advantage Class of the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed 0.24% and 0.18%. These arrangements will remain in effect through December 31, 2012. FMR may not terminate these arrangements before the expiration date without the approval of the Board of Trustees.