0000878467-12-000142.txt : 20121019 0000878467-12-000142.hdr.sgml : 20121019 20121019102446 ACCESSION NUMBER: 0000878467-12-000142 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121019 DATE AS OF CHANGE: 20121019 EFFECTIVENESS DATE: 20121019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SALEM STREET TRUST CENTRAL INDEX KEY: 0000035315 IRS NUMBER: 000000000 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-41839 FILM NUMBER: 121151652 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FIXED INCOME TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FLEXIBLE BOND FUND DATE OF NAME CHANGE: 19860904 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY CORPORATE BOND FUND INC DATE OF NAME CHANGE: 19851225 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SALEM STREET TRUST CENTRAL INDEX KEY: 0000035315 IRS NUMBER: 000000000 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02105 FILM NUMBER: 121151653 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FIXED INCOME TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FLEXIBLE BOND FUND DATE OF NAME CHANGE: 19860904 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY CORPORATE BOND FUND INC DATE OF NAME CHANGE: 19851225

0000035315 S000026420 Fidelity Commodity Strategy Fund

C000079289 Fidelity Commodity Strategy Fund FFCSX

0000035315 S000026421 Fidelity Series Commodity Strategy Fund

C000079290 Fidelity Series Commodity Strategy Fund FCSSX

C000079291 Class F FCSFX

0000035315 S000033639 Spartan Real Estate Index Fund

C000103376 Fidelity Advantage Class FSRVX

C000103377 Institutional Class FSRNX

C000103378 Investor Class FRXIX

485BPOS 1 main.htm

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A

REGISTRATION STATEMENT (No. 002-41839)
		UNDER THE SECURITIES ACT OF 1933	[X]
		Pre-Effective Amendment No. ____	[ ]
		Post-Effective Amendment No. 206	[X]
and
REGISTRATION STATEMENT (No. 811-02105)
		UNDER THE INVESTMENT COMPANY ACT OF 1940	[X]
		Amendment No. 206	[X]

Fidelity Salem Street Trust
(Exact Name of Registrant as Specified in Charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address Of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number: 617-563-7000

Scott C. Goebel, Secretary
82 Devonshire Street
Boston, Massachusetts 02109
(Name and Address of Agent for Service)

It is proposed that this filing will become effective
	(X)	immediately upon filing pursuant to paragraph (b).
	( )	on ( ) pursuant to paragraph (b) at 5:30 p.m. Eastern Time.
	( )	60 days after filing pursuant to paragraph (a)(1) at 5:30 p.m. Eastern Time.
	( )	on ( ) pursuant to paragraph (a)(1) of Rule 485 at 5:30 p.m. Eastern Time.
	( )	75 days after filing pursuant to paragraph (a)(2) at 5:30 p.m. Eastern Time.
	( )	on ( ) pursuant to paragraph (a)(2) of Rule 485 at 5:30 p.m. Eastern Time.

If appropriate, check the following box:
	( )	this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXHIBIT INDEX

Exhibit	Exhibit No.
XBRL Instance Document	EX-101.INS
XBRL Taxonomy Extension Schema Document	EX-101.SCH
XBRL Taxonomy Extension Calculation Linkbase Document	EX-101.CAL
XBRL Taxonomy Extension Definition Linkbase Document	EX-101.DEF
XBRL Taxonomy Extension Labels Linkbase Document	EX-101.LAB
XBRL Taxonomy Extension Presentation Linkbase Document	EX-101.PRE

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for the effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 206 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston, and Commonwealth of Massachusetts, on the 19th day of October 2012.

	Fidelity Salem Street Trust
	By	/s/John R. Hebble
\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|		John R. Hebble, President

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

(Signature)		(Title)	(Date)

/s/John R. Hebble		President and Treasurer	October 19, 2012
John R. Hebble		(Principal Executive Officer)

/s/Christine Reynolds		Chief Financial Officer	October 19, 2012
Christine Reynolds		(Principal Financial Officer)

/s/Abigail P. Johnson		Trustee	October 19, 2012
Abigail P. Johnson

/s/James C. Curvey	*	Trustee	October 19, 2012
James C. Curvey

/s/Albert R. Gamper	*	Trustee	October 19, 2012
Albert R. Gamper

/s/Robert F. Gartland	*	Trustee	October 19, 2012
Robert F. Gartland

/s/Arthur E. Johnson	*	Trustee	October 19, 2012
Arthur E. Johnson

/s/Michael E. Kenneally	*	Trustee	October 19, 2012
Michael E. Kenneally

/s/James H. Keyes	*	Trustee	October 19, 2012
James H. Keyes

/s/Marie L. Knowles	*	Trustee	October 19, 2012
Marie L. Knowles

/s/Kenneth L. Wolfe	*	Trustee	October 19, 2012
Kenneth L. Wolfe

*	By:	/s/Joseph R. Fleming
		Joseph R. Fleming, pursuant to a power of attorney dated February 1, 2011 and filed herewith.

POWER OF ATTORNEY

We, the undersigned Directors or Trustees, as the case may be, of the following investment companies:

Fidelity Aberdeen Street Trust

Fidelity Advisor Series II

Fidelity Advisor Series IV

Fidelity Boylston Street Trust

Fidelity California Municipal Trust

Fidelity California Municipal Trust II

Fidelity Central Investment Portfolios II LLC

Fidelity Charles Street Trust

Fidelity Colchester Street Trust

Fidelity Court Street Trust

Fidelity Court Street Trust II

Fidelity Fixed-Income Trust

Fidelity Garrison Street Trust

Fidelity Hereford Street Trust

Fidelity Income Fund

Fidelity Massachusetts Municipal Trust

Fidelity Money Market Trust

Fidelity Municipal Trust

Fidelity Municipal Trust II

Fidelity Newbury Street Trust

Fidelity New York Municipal Trust

Fidelity New York Municipal Trust II

Fidelity Oxford Street Trust

Fidelity Phillips Street Trust

Fidelity Revere Street Trust

Fidelity School Street Trust

Fidelity Union Street Trust

Fidelity Union Street Trust II

Variable Insurance Products Fund V

in addition to any other investment company for which Fidelity Management & Research Company ("FMR") or an affiliate acts as investment adviser and for which the undersigned individuals serve as Directors or Trustees (collectively, the "Funds"), hereby revoke all previous powers of attorney we have given to sign and otherwise act in our names and behalf in matters involving any investment company for which FMR or an affiliate acts as investment adviser and hereby constitute and appoint Thomas C. Bogle, Joseph R. Fleming, John V. O'Hanlon, Robert W. Helm and Anthony H. Zacharski, each of them singly, our true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for us and in our names in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, or any successors thereto, any and all subsequent Amendments, Pre-Effective Amendments, or Post-Effective Amendments to said Registration Statements or any successors thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in our names and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission. We hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof. This power of attorney is effective for all documents filed on or after February 1, 2011.

WITNESS our hands on this first day of February 1, 2011.

/s/James C. Curvey	/s/Michael E. Kenneally
James C. Curvey	Michael E. Kenneally
/s/Albert R. Gamper, Jr.	/s/James H. Keyes
Albert R. Gamper, Jr.	James H. Keyes
/s/Robert F. Gartland	/s/Marie L. Knowles
Robert F. Gartland	Marie L. Knowles
/s/Arthur E. Johnson	/s/Kenneth L. Wolfe
Arthur E. Johnson	Kenneth L. Wolfe

EX-101.PRE 3 fsst2-20120927_pre.xml EX-101.INS 4 fsst2-20120927.xml 0000035315 fsst2:S000026421Member fsst2:ClassFMember fsst2:C000079291Member 2011-09-30 2012-09-29 0000035315 fsst2:S000026420Member fsst2:C000079289Member 2011-09-30 2012-09-29 0000035315 fsst2:S000026420Member 2011-09-30 2012-09-29 0000035315 fsst2:S000026421Member fsst2:SeriesMember fsst2:C000079290Member 2011-09-30 2012-09-29 0000035315 fsst2:S000026421Member fsst2:ClassFMember 2011-09-30 2012-09-29 0000035315 fsst2:S000033639Member fsst2:InstitutionalClassMember 2011-09-30 2012-09-29 0000035315 fsst2:S000033639Member fsst2:InvestorClassMember fsst2:C000103378Member 2011-09-30 2012-09-29 0000035315 fsst2:S000033639Member fsst2:InvestorClassMember fsst2:C000103376Member 2011-09-30 2012-09-29 0000035315 fsst2:S000033639Member fsst2:InstitutionalClassMember fsst2:C000103377Member 2011-09-30 2012-09-29 0000035315 fsst2:S000033639Member fsst2:InvestorClassMember 2011-09-30 2012-09-29 0000035315 fsst2:S000026421Member fsst2:SeriesMember 2011-09-30 2012-09-29 0000035315 fsst2:S000026420Member fsst2:ReturnBeforeTaxesMember fsst2:C000079289Member 2011-09-30 2012-09-29 0000035315 fsst2:S000026420Member rr:AfterTaxesOnDistributionsMember fsst2:C000079289Member 2011-09-30 2012-09-29 0000035315 fsst2:S000026420Member rr:AfterTaxesOnDistributionsAndSalesMember fsst2:C000079289Member 2011-09-30 2012-09-29 0000035315 fsst2:S000026420Member fsst2:DowJonesUbsCommodityIndexTotalReturnMember 2011-09-30 2012-09-29 0000035315 fsst2:S000026421Member fsst2:SeriesMember rr:AfterTaxesOnDistributionsAndSalesMember fsst2:C000079290Member 2011-09-30 2012-09-29 0000035315 fsst2:S000026421Member fsst2:SeriesMember rr:AfterTaxesOnDistributionsMember fsst2:C000079290Member 2011-09-30 2012-09-29 0000035315 2011-09-30 2012-09-29 0000035315 fsst2:S000026421Member fsst2:SeriesMember fsst2:ReturnBeforeTaxesMember fsst2:C000079290Member 2011-09-30 2012-09-29 0000035315 fsst2:S000026421Member fsst2:SeriesMember fsst2:DowJonesUbsCommodityIndexTotalReturnMember 2011-09-30 2012-09-29 0000035315 fsst2:S000026421Member fsst2:ClassFMember fsst2:ReturnBeforeTaxesMember fsst2:C000079291Member 2011-09-30 2012-09-29 0000035315 fsst2:S000026421Member fsst2:ClassFMember rr:AfterTaxesOnDistributionsMember fsst2:C000079291Member 2011-09-30 2012-09-29 0000035315 fsst2:S000026421Member fsst2:ClassFMember rr:AfterTaxesOnDistributionsAndSalesMember fsst2:C000079291Member 2011-09-30 2012-09-29 0000035315 fsst2:S000026421Member fsst2:ClassFMember fsst2:DowJonesUbsCommodityIndexTotalReturnMember 2011-09-30 2012-09-29 pure iso4217:USD 2012-06-30 2012-06-30 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityCommodityStrategyFund column period compact * ~</div> 2012-06-30 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySeriesCommodityStrategyFundClassF column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesSpartanRealEstateIndexFundClassInstitutional column period compact * ~</div> 340 224 335 183 104 82 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesSpartanRealEstateIndexFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySeriesCommodityStrategyFund column period compact * ~</div> Fund Summary Fund/Class: Fidelity® Series Commodity Strategy Fund/F Fund Summary Fund: Fidelity® Commodity Strategy Fund 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. www.401k.com and log in for updated return information -0.039 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 0% of the average value of its portfolio. www.fidelity.com -0.0405 Fund Summary Fund/Class: Fidelity® Series Commodity Strategy Fund/Fidelity Series Commodity Strategy Fund 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. www.fidelity.com -0.0402 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. For the period from September 8, 2011 to July 31, 2012, the fund's portfolio turnover rate was 67% of the average value of its portfolio. Fund Summary Fund/Class: Spartan® Real Estate Index Fund/Institutional Fund Summary Fund/Class: Spartan® Real Estate Index Fund/Investor, Fidelity Advantage® 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. For the period from September 8, 2011 to July 31, 2012, the fund's portfolio turnover rate was 67% of the average value of its portfolio. 62 2009-10-20 2009-10-20 2009-10-20 2009-10-20 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) 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. 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) 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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesFidelityCommodityStrategyFund column period compact * ~</div> 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) 41 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. 61 28 13 2009-10-01 2009-10-01 9 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) 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) <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesSpartanRealEstateIndexFund column period compact * ~</div> Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySeriesCommodityStrategyFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesSpartanRealEstateIndexFundClassInstitutional column period compact * ~</div> Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySeriesCommodityStrategyFundClassF column period compact * ~</div> FIDELITY SALEM STREET TRUST 485BPOS 2012-09-27 -0.0004 195 -0.1395 The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 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 <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">15.62% </div></td><td><div align="left">December 31, 2010</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-11.67% </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">-3.90% </div></td><td><div align="left">June 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 The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. 0.1562 -0.1377 The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 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 <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">15.50% </div></td><td><div align="left">December 31, 2010</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-11.65% </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">-4.05% </div></td><td><div align="left">June 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 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. 0.155 The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityCommodityStrategyFundBarChart column period compact * ~</div> The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 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 <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">15.54% </div></td><td><div align="left">December 31, 2010</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-11.72% </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">-4.02% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Average Annual Returns -0.0004 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 128 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. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. -0.0004 192 -0.1389 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelitySeriesCommodityStrategyFundClassFBarChart column period compact * ~</div> -0.0007 -0.0007 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. 101 56 2009-10-01 2009-10-01 -0.0007 43 2009-10-01 2009-10-01 2009-10-01 2009-10-01 The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. 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 The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Principal Investment Strategies 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: 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. 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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelitySeriesCommodityStrategyFundBarChart column period compact * ~</div> 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. 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. 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. 0000035315 2012-07-31 false 2012-09-29 0 0.002 0.0065 -0.1395 -0.1929 -0.0856 -0.1332 0.0089 -0.0201 -0.0061 0.017 <ul><li>Normally investing in commodity-linked notes, other commodity-linked derivative instruments, short-term investment-grade debt securities, cash, and cash equivalents. </li><li>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.</li><li>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.</li><li>Investing in domestic and foreign issuers.</li><li>Engaging in commodity-linked derivatives transactions that have a leveraging effect on the fund.</li><li>Investing in Fidelity's central funds (specialized investment vehicles used by Fidelity funds to invest in particular security types or investment disciplines).</li></ul> Investment Objective Fee Table Portfolio Turnover <ul><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</li><li>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.</li><li>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.</li><li>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.</li><li>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.</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. 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.</li><li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. </li><li>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.</li></ul>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. Year-by-Year Returns Calendar Years at least one year from the effective date of the prospectus You could lose money by investing in the fund. Past performance (before and after taxes) is not an indication of future performance. 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. Lowest Quarter Return 2010-12-31 2011-09-30 Investment Objective Fee Table Portfolio Turnover <ul><li>Normally investing in commodity-linked notes, other commodity-linked derivative instruments, short-term investment-grade debt securities, cash, and cash equivalents.</li> <li>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.</li> <li>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.</li> <li>Investing in domestic and foreign issuers.</li> <li>Engaging in commodity-linked derivatives transactions that have a leveraging effect on the fund.</li> <li>Investing in Fidelity's central funds (specialized investment vehicles used by Fidelity funds to invest in particular security types or investment disciplines).</li></ul> <ul><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</li> <li>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.</li> <li>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. </li> <li>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. </li> <li>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. </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. 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. </li> <li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. </li> <li>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. </li></ul> 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. Year-by-Year Returns Calendar Years at least one year from the effective date of the prospectus You could lose money by investing in the fund. Past performance (before and after taxes) is not an indication of future performance. 2010-12-31 Lowest Quarter Return 2011-09-30 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. Fidelity Commodity Strategy Fund Fidelity Commodity Strategy Fund Fidelity Commodity Strategy Fund Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityCommodityStrategyFund column period compact * ~</div> 0 0 0 0.0044 Investment Objective Fee Table Portfolio Turnover <ul><li>Normally investing in commodity-linked notes, other commodity-linked derivative instruments, short-term investment-grade debt securities, cash, and cash equivalents.</li><li>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.</li><li>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.</li><li>Investing in domestic and foreign issuers.</li><li>Engaging in commodity-linked derivatives transactions that have a leveraging effect on the fund.</li><li>Investing in Fidelity's central funds (specialized investment vehicles used by Fidelity funds to invest in particular security types or investment disciplines).</li></ul> <ul><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease. </li><li>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.</li><li>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. </li><li>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. </li><li>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.</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. 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. </li><li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. </li><li>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. </li></ul>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. Year-by-Year Returns Calendar Years -0.1377 -0.1885 -0.1332 -0.0813 0.0469 0.0166 0.0262 0.0533 You could lose money by investing in the fund. Past performance (before and after taxes) is not an indication of future performance. 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. 2010-12-31 0.1554 Lowest Quarter Return 2011-09-30 0 0 0.002 0.0064 -0.1389 -0.1892 -0.0822 -0.1332 0.0451 0.0152 0.025 0.0533 Dow Jones-UBS Commodity Index Total ReturnSM Class F Class F Class F Dow Jones-UBS Commodity Index Total ReturnSM Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelitySeriesCommodityStrategyFundClassF column period compact * ~</div> Fidelity Series Commodity Strategy Fund Fidelity Series Commodity Strategy Fund Fidelity Series Commodity Strategy Fund Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes Dow Jones-UBS Commodity Index Total ReturnSM 0 0 0.002 0.0006 0.0034 0.002 Investment Objective 0 0.0016 Fee Table Portfolio Turnover <ul><li style="margin-left:20px">Normally investing at least 80% of assets in securities included in the Dow Jones U.S. Select Real Estate Securities IndexSM (the Index).</li><li style="margin-left:20px">Lending securities to earn income for the fund.</li></ul> <ul><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 can react differently to these developments.</li><li style="margin-left:20px">Real Estate Industry Concentration. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry.</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>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. You could lose money by investing in the fund. Investment Objective Fee Table Portfolio Turnover <ul><li>Normally investing at least 80% of assets in securities included in the Dow Jones U.S. Select Real Estate Securities IndexSM (the Index). </li><li>Lending securities to earn income for the fund.</li></ul> <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 can react differently to these developments. </li> <li>Real Estate Industry Concentration. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. </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>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. September 30, 2013 You could lose money by investing in the fund. September 30, 2013 0 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelitySeriesCommodityStrategyFund column period compact * ~</div> at least one year from the effective date of the prospectus 10.00 10.00 2012-09-29 0.004 0.0005 0.0061 762 0.1584 The fund seeks to provide investment returns that correspond to the performance of the commodities market. Principal Investment Risks 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. 1.48 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. Highest Quarter Return Year-to-Date Return -0.1167 0.1623 The fund seeks to provide investment returns that correspond to the performance of the commodities market. Principal Investment Risks 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. 0 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. Year-to-Date Return Highest Quarter Return -0.1165 0.004 0.0004 The fund seeks to provide investment returns that correspond to the performance of the commodities market. Principal Investment Risks 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. 0.004 1.48 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. 505 Highest Quarter Return -0.1172 Year-to-Date Return 0.004 0.0004 0.006 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityCommodityStrategyFund column period compact * ~</div> 750 0.1596 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySeriesCommodityStrategyFundClassF column period compact * ~</div> -0.0075 -0.0075 0.0014 0.0014 0.0027 0.0013 423 247 -0.0075 0.0014 0.0002 0.0009 196 The fund seeks to provide investment results that correspond to the total return of equity REITs and other real estate-related investments. Principal Investment Risks 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. 0.67 Performance <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleSpartanRealEstateIndexFundClassInstitutional column period compact * ~</div> The fund seeks to provide investment results that correspond to the total return of equity REITs and other real estate-related investments. Principal Investment Risks Performance 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. 0.67 Performance history will be available for the fund after the fund has been in operation for one calendar year. 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/ScheduleExpenseExampleSpartanRealEstateIndexFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySeriesCommodityStrategyFund column period compact * ~</div> <ul><li>Normally investing at least 80% of assets in securities included in the Dow Jones U.S. Select Real Estate Securities IndexSM (the Index). </li></ul> <ul><li style="margin-left:20px">Normally investing at least 80% of assets in securities included in the Dow Jones U.S. Select Real Estate Securities IndexSM (the Index).</li></ul> The fund may invest in a wholly-owned subsidiary. The subsidiary has entered into a separate contract with Fidelity Management & Research Company (FMR) for the management of its portfolio pursuant to which the subsidiary pays FMR a fee at an annual rate of 0.30% of its net assets. The subsidiary also pays certain other expenses including custody fees. FMR has contractually agreed to waive the fund's management fee in an amount equal to the management fee paid to FMR by the subsidiary. This arrangement will remain in effect for at least one year from the effective date of the prospectus, and will remain in effect thereafter as long as FMR's contract with the subsidiary is in place. If FMR's contract with the subsidiary is terminated, FMR, in its sole discretion, may discontinue the arrangement. The fund may invest in a wholly-owned subsidiary. The subsidiary has entered into a separate contract with Fidelity Management & Research Company (FMR) for the management of its portfolio pursuant to which the subsidiary pays FMR a fee at an annual rate of 0.30% of its net assets. The subsidiary also pays certain other expenses including custody fees. FMR has contractually agreed to waive the fund's management fee in an amount equal to the management fee paid to FMR by the subsidiary. The fund also may invest in Fidelity Commodity Strategy Central Fund, which in turn invests in its own wholly-owned subsidiary that invests in commodity-linked derivative instruments. FMR has contractually agreed to waive the fund's management fee in an amount equal to its proportionate share of the management fee paid to FMR by the central fund's subsidiary based on the fund's proportionate ownership of the central fund. These arrangements will remain in effect for at least one year from the effective date of the prospectus, and will remain in effect thereafter as long as FMR's contract with the applicable subsidiary is in place. If FMR's contract with a subsidiary is terminated, FMR, in its sole discretion, may discontinue the arrangement. From October 1, 2009. Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses. For the period, acquired fund fees and expenses are less than 0.01% and are included in other expenses. As a result, the total annual operating expenses after fee waiver and/or expense reimbursement in the fee table exceed the contractual expense limitations of the fund. 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 0.26% and 0.12%, respectively. These arrangements will remain in effect through September 30, 2013, after which date FMR, in its sole discretion, may discontinue these arrangements at any time. From October 20, 2009. Fidelity Management & Research Company (FMR) has contractually agreed to reimburse 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 its average net assets, exceed 0.08%. This arrangement will remain in effect through September 30, 2013, after which date FMR, in its sole discretion, may discontinue the arrangement at any time. 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Exhibit

Exhibit No.