N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-2105

Fidelity Salem Street Trust
 (Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

May 31

 

 

Date of reporting period:

February 28, 2013

Item 1. Schedule of Investments

Consolidated Quarterly Holdings Report for

Fidelity Advisor®
Global Strategies Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2013

Class A, Class T, Class B, Class C
and Institutional Class
are classes of Fidelity®
Global Strategies Fund 

1.864817.105

ADYS-QTLY-0413

Consolidated Investments February 28, 2013 (Unaudited)

Showing Percentage of Net Assets

Investments reflect the categorizations of assets as defined by Morningstar as of the reporting date indicated above.

Equity Funds - 61.2%

Shares

Value

China Region Funds - 1.4%

SPDR S&P China ETF

86,000

$ 6,227,260

Diversified Emerging Markets Funds - 4.4%

Claymore/BNY Mellon Frontier Markets ETF (d)

140,000

2,683,800

EGShares Emerging Markets Consumer ETF (d)

200,000

5,280,000

Vanguard Emerging Markets ETF

254,100

11,048,268

TOTAL DIVERSIFIED EMERGING MARKETS FUNDS

19,012,068

Europe Stock Funds - 7.6%

Vanguard European ETF (d)

674,000

33,160,800

Foreign Large Blend Funds - 14.3%

Fidelity Total International Equity Fund (e)

2,271,373

17,058,009

iShares MSCI EAFE Index ETF

770,900

44,850,962

TOTAL FOREIGN LARGE BLEND FUNDS

61,908,971

Japan Stock Funds - 3.7%

WisdomTree Japan Hedged Equity ETF (d)

391,200

16,015,728

Large Blend Funds - 15.5%

Fidelity Mega Cap Stock Fund (e)

784,353

9,859,321

iShares S&P 100 Index ETF (d)

229,800

15,741,300

SPDR S&P 500 ETF

275,200

41,701,056

TOTAL LARGE BLEND FUNDS

67,301,677

Large Growth Funds - 0.3%

Fidelity Stock Selector All Cap Fund Institutional Class (e)

38,126

1,147,601

Latin America Stock Funds - 0.9%

iShares MSCI Mexico Index ETF (d)

57,400

4,093,768

Mid-Cap Value Funds - 2.9%

iShares Dow Jones Select Dividend Index ETF

209,300

12,786,137

Pacific Asia ex-Japan Stock Funds - 0.6%

iShares MSCI Thailand Investable Market Index ETF (d)

29,500

2,650,575

Sector Funds - Consumer Cyclical - 0.5%

SPDR S&P Homebuilders ETF (d)

76,500

2,164,185

Sector Funds - Consumer Defensive - 0.3%

Consumer Staples Select Sector SPDR ETF

32,300

1,229,661

Sector Funds - Energy - 1.1%

SPDR Oil & Gas Equipment & Services ETF (d)

117,000

4,585,172

Sector Funds - Financial - 1.0%

Financial Select Sector SPDR ETF

246,700

4,339,453

Equity Funds - continued

Shares

Value

Sector Funds - Health - 1.5%

Health Care Select Sector SPDR ETF (d)

101,400

$ 4,405,830

SPDR S&P Biotech ETF (d)

22,200

2,085,690

TOTAL SECTOR FUNDS - HEALTH

6,491,520

Sector Funds - Natural Resources - 1.0%

Materials Select Sector SPDR ETF

108,600

4,180,014

Sector Funds - Real Estate - 1.7%

DJ Wilshire REIT ETF (d)

70,000

5,325,600

iShares FTSE NAREIT Residential Index ETF (d)

42,400

2,141,624

TOTAL SECTOR FUNDS - REAL ESTATE

7,467,224

Sector Funds - Utilities - 0.5%

Utilities Select Sector SPDR ETF

58,000

2,170,940

World Stock Funds - 2.0%

iShares MSCI ACWI Index ETF (d)

172,400

8,592,416

TOTAL EQUITY FUNDS

(Cost $249,122,984)


265,525,170

Fixed-Income Funds - 29.9%

 

 

 

 

Bank Loan Funds - 1.7%

Fidelity Floating Rate High Income Fund (e)

729,868

7,262,189

Emerging Markets Bond Funds - 2.2%

Fidelity New Markets Income Fund (e)

317,640

5,530,108

WisdomTree Emerging Markets Local Debt ETF (d)

79,500

4,211,115

TOTAL EMERGING MARKETS BOND FUNDS

9,741,223

Inflation-Protected Bond Funds - 1.8%

iShares Barclays TIPS Bond ETF

63,000

7,623,630

Intermediate-Term Bond Funds - 11.5%

Fidelity Investment Grade Bond Fund (e)

3,818,121

30,392,242

iShares Barclays Aggregate Bond ETF

174,500

19,339,835

TOTAL INTERMEDIATE-TERM BOND FUNDS

49,732,077

Fixed-Income Funds - continued

Shares

Value

Long Government Bond Funds - 2.0%

iShares Barclays 20+ Year Treasury Bond ETF

71,900

$ 8,521,588

Long-Term Bond Funds - 0.9%

iShares iBoxx $ Investment Grade Corporate Bond ETF

33,400

4,019,022

Sector Funds - Real Estate - 0.6%

Fidelity Real Estate Income Fund (e)

228,555

2,708,373

World Bond Funds - 9.2%

SPDR Barclays Capital International Treasury Bond ETF

504,200

29,682,254

SPDR DB International Government Inflation-Protected Bond ETF

165,700

10,284,999

TOTAL WORLD BOND FUNDS

39,967,253

TOTAL FIXED-INCOME FUNDS

(Cost $127,944,668)


129,575,355

Other - 6.8%

 

 

 

 

Commodity Funds - Broad Basket - 1.4%

PowerShares DB Commodity Index Tracking ETF (a)(d)

221,500

6,009,295

Commodity Funds - Energy - 0.5%

PowerShares DB Oil ETF (a)(d)

79,600

2,046,516

Commodity Funds - Precious Metals - 3.6%

iShares COMEX Gold Trust ETF (a)

1,010,000

15,523,700

Exchange - Traded Notes - Energy - 1.3%

Alerian MLP Index ETN (issued by JPMorgan Chase & Co., maturity date 5/24/24)

135,300

5,817,900

TOTAL OTHER

(Cost $26,749,458)


29,397,411

Money Market Funds - 15.5%

Shares

Value

Money Market Funds - 15.5%

Fidelity Cash Central Fund, 0.16% (b)

50,675

$ 50,675

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

67,153,525

67,153,525

TOTAL MONEY MARKET FUNDS

(Cost $67,204,200)


67,204,200

Cash Equivalents - 4.1%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.15%, dated 2/28/13 due 3/1/13 (Collateralized by U.S. Treasury Obligations) #
(Cost $17,601,000)

$ 17,601,075


17,601,000

TOTAL INVESTMENT PORTFOLIO - 117.5%

(Cost $488,622,310)

509,303,136

NET OTHER ASSETS (LIABILITIES) - (17.5)%

(75,708,548)

NET ASSETS - 100%

$ 433,594,588

Security Type Abbreviations

ETF

-

Exchange-Traded Fund

ETN

-

Exchange-Traded Note

Legend

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value

$17,601,000 due 3/01/13 at 0.15%

BNP Paribas Securities Corp.

2,730,978

Merrill Lynch, Pierce, Fenner & Smith, Inc.

5,505,880

RBS Securities, Inc.

187,677

Societe Generale

7,341,172

UBS Securities LLC

1,835,293

 

$ 17,601,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

 

Fidelity Cash Central Fund

$ 241

Fidelity Securities Lending Cash Central Fund

330,255

Total

$ 330,496

Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Fidelity Funds, excluding the Fidelity Money Market Central Funds, is as follows:

Affiliate

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Fidelity Advisor Stock Selector All Cap Fund Institutional Class

$ 8,358,670

$ 19,972

$ 4,935,956

$ 17,631

$ - *

Fidelity Floating Rate High Income Fund

15,221,509

448,035

8,753,472

448,035

7,262,189

Fidelity Institutional Money Market Portfolio Institutional Class

12,554,567

76,025,172

88,579,739

25,846

-

Fidelity Investment Grade Bond Fund

36,602,897

5,404,007

12,002,950

535,585

30,392,242

Fidelity Mega Cap Stock Fund

8,234,929

128,817

-

128,817

9,859,321

Fidelity New Markets Income Fund

8,702,978

505,575

4,376,736

505,575

5,530,108

Fidelity Real Estate Income Fund

2,347,690

151,556

-

120,460

2,708,373

Fidelity Stock Selector All Cap Fund Institutional Class

-

8,568

3,042,635

8,456

1,147,601 *

Fidelity Total International Equity Fund

20,811,106

923,067

7,980,019

921,485

17,058,009

Total

$ 112,834,346

$ 83,614,769

$ 129,671,507

$ 2,711,890

$ 73,957,843

* Fidelity Advisor Stock Selector All Cap Fund merged into Fidelity Stock Selector All Cap Fund on October 26, 2012.

Consolidated Subsidiary

 

Value,
beginning of
period

Purchases

Sales
Proceeds

Value,
end of
period

Fidelity Dynamic Strategies Cayman Ltd.

$ 18,606,579

$ 11,600,000

$ 14,280,000

$ 15,569,544

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy with the exception of Repurchase Agreements which are categorized as Level 2. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At February 28, 2013, the cost of investment securities for income tax purposes, on an unconsolidated basis, was $488,879,994. Net unrealized appreciation aggregated $20,418,311, of which $23,639,832 related to appreciated investment securities and $3,221,521 related to depreciated investment securities.

Consolidated Subsidiary

The Fund invests in certain commodity-related investments through Fidelity Dynamic Strategies Cayman Ltd., a wholly-owned subsidiary (the "Subsidiary"). As of February 28, 2013, the Fund held $15,569,544 in the Subsidiary, representing 3.6% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses third party pricing vendors approved by the Board of Trustees (the Board) to value its investments. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

Valuation techniques used to value the Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less may be valued on the basis of amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Consolidated Quarterly Holdings Report for

Fidelity ® Global Strategies Fund

February 28, 2013 

1.852678.105

DYS-QTLY-0413

Consolidated Investments February 28, 2013 (Unaudited)

Showing Percentage of Net Assets

Investments reflect the categorizations of assets as defined by Morningstar as of the reporting date indicated above.

Equity Funds - 61.2%

Shares

Value

China Region Funds - 1.4%

SPDR S&P China ETF

86,000

$ 6,227,260

Diversified Emerging Markets Funds - 4.4%

Claymore/BNY Mellon Frontier Markets ETF (d)

140,000

2,683,800

EGShares Emerging Markets Consumer ETF (d)

200,000

5,280,000

Vanguard Emerging Markets ETF

254,100

11,048,268

TOTAL DIVERSIFIED EMERGING MARKETS FUNDS

19,012,068

Europe Stock Funds - 7.6%

Vanguard European ETF (d)

674,000

33,160,800

Foreign Large Blend Funds - 14.3%

Fidelity Total International Equity Fund (e)

2,271,373

17,058,009

iShares MSCI EAFE Index ETF

770,900

44,850,962

TOTAL FOREIGN LARGE BLEND FUNDS

61,908,971

Japan Stock Funds - 3.7%

WisdomTree Japan Hedged Equity ETF (d)

391,200

16,015,728

Large Blend Funds - 15.5%

Fidelity Mega Cap Stock Fund (e)

784,353

9,859,321

iShares S&P 100 Index ETF (d)

229,800

15,741,300

SPDR S&P 500 ETF

275,200

41,701,056

TOTAL LARGE BLEND FUNDS

67,301,677

Large Growth Funds - 0.3%

Fidelity Stock Selector All Cap Fund Institutional Class (e)

38,126

1,147,601

Latin America Stock Funds - 0.9%

iShares MSCI Mexico Index ETF (d)

57,400

4,093,768

Mid-Cap Value Funds - 2.9%

iShares Dow Jones Select Dividend Index ETF

209,300

12,786,137

Pacific Asia ex-Japan Stock Funds - 0.6%

iShares MSCI Thailand Investable Market Index ETF (d)

29,500

2,650,575

Sector Funds - Consumer Cyclical - 0.5%

SPDR S&P Homebuilders ETF (d)

76,500

2,164,185

Sector Funds - Consumer Defensive - 0.3%

Consumer Staples Select Sector SPDR ETF

32,300

1,229,661

Sector Funds - Energy - 1.1%

SPDR Oil & Gas Equipment & Services ETF (d)

117,000

4,585,172

Sector Funds - Financial - 1.0%

Financial Select Sector SPDR ETF

246,700

4,339,453

Equity Funds - continued

Shares

Value

Sector Funds - Health - 1.5%

Health Care Select Sector SPDR ETF (d)

101,400

$ 4,405,830

SPDR S&P Biotech ETF (d)

22,200

2,085,690

TOTAL SECTOR FUNDS - HEALTH

6,491,520

Sector Funds - Natural Resources - 1.0%

Materials Select Sector SPDR ETF

108,600

4,180,014

Sector Funds - Real Estate - 1.7%

DJ Wilshire REIT ETF (d)

70,000

5,325,600

iShares FTSE NAREIT Residential Index ETF (d)

42,400

2,141,624

TOTAL SECTOR FUNDS - REAL ESTATE

7,467,224

Sector Funds - Utilities - 0.5%

Utilities Select Sector SPDR ETF

58,000

2,170,940

World Stock Funds - 2.0%

iShares MSCI ACWI Index ETF (d)

172,400

8,592,416

TOTAL EQUITY FUNDS

(Cost $249,122,984)


265,525,170

Fixed-Income Funds - 29.9%

 

 

 

 

Bank Loan Funds - 1.7%

Fidelity Floating Rate High Income Fund (e)

729,868

7,262,189

Emerging Markets Bond Funds - 2.2%

Fidelity New Markets Income Fund (e)

317,640

5,530,108

WisdomTree Emerging Markets Local Debt ETF (d)

79,500

4,211,115

TOTAL EMERGING MARKETS BOND FUNDS

9,741,223

Inflation-Protected Bond Funds - 1.8%

iShares Barclays TIPS Bond ETF

63,000

7,623,630

Intermediate-Term Bond Funds - 11.5%

Fidelity Investment Grade Bond Fund (e)

3,818,121

30,392,242

iShares Barclays Aggregate Bond ETF

174,500

19,339,835

TOTAL INTERMEDIATE-TERM BOND FUNDS

49,732,077

Fixed-Income Funds - continued

Shares

Value

Long Government Bond Funds - 2.0%

iShares Barclays 20+ Year Treasury Bond ETF

71,900

$ 8,521,588

Long-Term Bond Funds - 0.9%

iShares iBoxx $ Investment Grade Corporate Bond ETF

33,400

4,019,022

Sector Funds - Real Estate - 0.6%

Fidelity Real Estate Income Fund (e)

228,555

2,708,373

World Bond Funds - 9.2%

SPDR Barclays Capital International Treasury Bond ETF

504,200

29,682,254

SPDR DB International Government Inflation-Protected Bond ETF

165,700

10,284,999

TOTAL WORLD BOND FUNDS

39,967,253

TOTAL FIXED-INCOME FUNDS

(Cost $127,944,668)


129,575,355

Other - 6.8%

 

 

 

 

Commodity Funds - Broad Basket - 1.4%

PowerShares DB Commodity Index Tracking ETF (a)(d)

221,500

6,009,295

Commodity Funds - Energy - 0.5%

PowerShares DB Oil ETF (a)(d)

79,600

2,046,516

Commodity Funds - Precious Metals - 3.6%

iShares COMEX Gold Trust ETF (a)

1,010,000

15,523,700

Exchange - Traded Notes - Energy - 1.3%

Alerian MLP Index ETN (issued by JPMorgan Chase & Co., maturity date 5/24/24)

135,300

5,817,900

TOTAL OTHER

(Cost $26,749,458)


29,397,411

Money Market Funds - 15.5%

Shares

Value

Money Market Funds - 15.5%

Fidelity Cash Central Fund, 0.16% (b)

50,675

$ 50,675

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

67,153,525

67,153,525

TOTAL MONEY MARKET FUNDS

(Cost $67,204,200)


67,204,200

Cash Equivalents - 4.1%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.15%, dated 2/28/13 due 3/1/13 (Collateralized by U.S. Treasury Obligations) #
(Cost $17,601,000)

$ 17,601,075


17,601,000

TOTAL INVESTMENT PORTFOLIO - 117.5%

(Cost $488,622,310)

509,303,136

NET OTHER ASSETS (LIABILITIES) - (17.5)%

(75,708,548)

NET ASSETS - 100%

$ 433,594,588

Security Type Abbreviations

ETF

-

Exchange-Traded Fund

ETN

-

Exchange-Traded Note

Legend

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value

$17,601,000 due 3/01/13 at 0.15%

BNP Paribas Securities Corp.

2,730,978

Merrill Lynch, Pierce, Fenner & Smith, Inc.

5,505,880

RBS Securities, Inc.

187,677

Societe Generale

7,341,172

UBS Securities LLC

1,835,293

 

$ 17,601,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

 

Fidelity Cash Central Fund

$ 241

Fidelity Securities Lending Cash Central Fund

330,255

Total

$ 330,496

Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Fidelity Funds, excluding the Fidelity Money Market Central Funds, is as follows:

Affiliate

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Fidelity Advisor Stock Selector All Cap Fund Institutional Class

$ 8,358,670

$ 19,972

$ 4,935,956

$ 17,631

$ - *

Fidelity Floating Rate High Income Fund

15,221,509

448,035

8,753,472

448,035

7,262,189

Fidelity Institutional Money Market Portfolio Institutional Class

12,554,567

76,025,172

88,579,739

25,846

-

Fidelity Investment Grade Bond Fund

36,602,897

5,404,007

12,002,950

535,585

30,392,242

Fidelity Mega Cap Stock Fund

8,234,929

128,817

-

128,817

9,859,321

Fidelity New Markets Income Fund

8,702,978

505,575

4,376,736

505,575

5,530,108

Fidelity Real Estate Income Fund

2,347,690

151,556

-

120,460

2,708,373

Fidelity Stock Selector All Cap Fund Institutional Class

-

8,568

3,042,635

8,456

1,147,601 *

Fidelity Total International Equity Fund

20,811,106

923,067

7,980,019

921,485

17,058,009

Total

$ 112,834,346

$ 83,614,769

$ 129,671,507

$ 2,711,890

$ 73,957,843

* Fidelity Advisor Stock Selector All Cap Fund merged into Fidelity Stock Selector All Cap Fund on October 26, 2012.

Consolidated Subsidiary

 

Value,
beginning of
period

Purchases

Sales
Proceeds

Value,
end of
period

Fidelity Dynamic Strategies Cayman Ltd.

$ 18,606,579

$ 11,600,000

$ 14,280,000

$ 15,569,544

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy with the exception of Repurchase Agreements which are categorized as Level 2. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At February 28, 2013, the cost of investment securities for income tax purposes, on an unconsolidated basis, was $488,879,994. Net unrealized appreciation aggregated $20,418,311, of which $23,639,832 related to appreciated investment securities and $3,221,521 related to depreciated investment securities.

Consolidated Subsidiary

The Fund invests in certain commodity-related investments through Fidelity Dynamic Strategies Cayman Ltd., a wholly-owned subsidiary (the "Subsidiary"). As of February 28, 2013, the Fund held $15,569,544 in the Subsidiary, representing 3.6% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses third party pricing vendors approved by the Board of Trustees (the Board) to value its investments. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

Valuation techniques used to value the Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less may be valued on the basis of amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Salem Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Salem Street Trust

By:

/s/Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

April 29, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

April 29, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

April 29, 2013