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)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

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

Date of fiscal year end:	September 30

Date of reporting period:	December 31, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Strategic Real
Return Fund

December 31, 2011

1.825846.106

RRS-QTLY-0212

Investments December 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 2.4%
		Principal Amount (e)		Value
Convertible Bonds - 0.1%
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Morgans Hotel Group Co. 2.375% 10/15/14		$ 125,000		$ 100,000
FINANCIALS - 0.1%
Real Estate Investment Trusts - 0.1%
CapLease, Inc. 7.5% 10/1/27 (g)		1,042,000		1,044,605
Real Estate Management & Development - 0.0%
Grubb & Ellis Co. 7.95% 5/1/15 (g)		360,000		226,800
TOTAL FINANCIALS				1,271,405
TOTAL CONVERTIBLE BONDS				1,371,405
Nonconvertible Bonds - 2.3%
CONSUMER DISCRETIONARY - 0.6%
Hotels, Restaurants & Leisure - 0.1%
Times Square Hotel Trust 8.528% 8/1/26 (g)		617,462		660,886
Household Durables - 0.5%
D.R. Horton, Inc. 6.5% 4/15/16		189,000		195,851
KB Home:
5.75% 2/1/14		96,000		92,160
5.875% 1/15/15		284,000		258,440
6.25% 6/15/15		966,000		888,720
7.25% 6/15/18		330,000		300,300
9.1% 9/15/17		370,000		352,425
Lennar Corp.:
5.5% 9/1/14		758,000		758,000
5.6% 5/31/15		284,000		281,160
M/I Homes, Inc. 8.625% 11/15/18		781,000		702,900
Meritage Homes Corp. 6.25% 3/15/15		663,000		653,055
Ryland Group, Inc. 8.4% 5/15/17		129,000		134,160
Standard Pacific Corp.:
8.375% 5/15/18		1,348,000		1,283,970
10.75% 9/15/16		301,000		316,050
				6,217,191
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Multiline Retail - 0.0%
Sears Holdings Corp. 6.625% 10/15/18		$ 82,000		$ 62,320
Specialty Retail - 0.0%
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17		475,000		517,750
TOTAL CONSUMER DISCRETIONARY				7,458,147
FINANCIALS - 1.6%
Diversified Financial Services - 0.3%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 7.75% 1/15/16		508,000		527,050
Sunwest Management, Inc. 7.9726% 2/10/15		3,560,257		3,097,423
				3,624,473
Real Estate Investment Trusts - 0.7%
Camden Property Trust 5% 6/15/15		265,000		281,499
Commercial Net Lease Realty, Inc. 6.15% 12/15/15		214,000		229,970
Developers Diversified Realty Corp.:
5.375% 10/15/12		379,000		382,558
7.5% 7/15/18		563,000		602,644
9.625% 3/15/16		526,000		611,973
Equity One, Inc.:
5.375% 10/15/15		95,000		97,910
6% 9/15/16		189,000		196,465
6.25% 12/15/14		189,000		198,790
6.25% 1/15/17		189,000		197,826
Health Care Property Investors, Inc.:
6% 3/1/15		284,000		303,960
6.3% 9/15/16		900,000		987,660
7.072% 6/8/15		95,000		103,518
Healthcare Realty Trust, Inc.:
5.125% 4/1/14		189,000		193,884
6.5% 1/17/17		119,000		127,826
HMB Capital Trust V 4.1463% 12/15/36 (d)(g)(h)		4,300,000		0
Hospitality Properties Trust:
5.625% 3/15/17		292,000		295,800
6.7% 1/15/18		189,000		200,225
6.75% 2/15/13		237,000		240,838
7.875% 8/15/14		95,000		103,239
HRPT Properties Trust 6.5% 1/15/13		189,000		191,416
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
iStar Financial, Inc.:
5.875% 3/15/16		$ 689,000		$ 558,090
5.95% 10/15/13		662,000		569,320
6.05% 4/15/15		78,000		62,400
National Retail Properties, Inc. 6.875% 10/15/17		379,000		420,612
Omega Healthcare Investors, Inc.:
7% 1/15/16		435,000		443,700
7.5% 2/15/20		189,000		202,230
Potlatch Corp. 7.5% 11/1/19		189,000		190,890
ProLogis LP 7.625% 7/1/17		297,000		337,343
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20		189,000		206,747
Senior Housing Properties Trust 6.75% 4/15/20		134,000		136,519
United Dominion Realty Trust, Inc.:
5.25% 1/15/15		95,000		101,059
5.25% 1/15/16		189,000		202,189
				8,979,100
Real Estate Management & Development - 0.4%
Brandywine Operating Partnership LP:
5.4% 11/1/14		284,000		293,071
5.75% 4/1/12		189,000		190,208
6% 4/1/16		189,000		197,499
7.5% 5/15/15		95,000		104,190
CB Richard Ellis Services, Inc. 11.625% 6/15/17		189,000		217,823
Colonial Properties Trust:
6.15% 4/15/13		237,000		242,706
6.25% 6/15/14		302,000		314,158
Colonial Realty LP 6.05% 9/1/16		284,000		291,102
Duke Realty LP 6.25% 5/15/13		142,000		148,519
First Industrial LP 5.75% 1/15/16		189,000		179,062
Forest City Enterprises, Inc.:
6.5% 2/1/17		1,022,000		960,680
7.625% 6/1/15		205,000		202,438
Highwoods/Forsyth LP 5.85% 3/15/17		607,000		642,162
Host Hotels & Resorts LP:
6.875% 11/1/14		379,000		384,685
9% 5/15/17		142,000		156,200
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
Post Apartment Homes LP 6.3% 6/1/13		$ 189,000		$ 197,550
Regency Centers LP 5.875% 6/15/17		114,000		124,175
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17		189,000		195,143
				5,041,371
Thrifts & Mortgage Finance - 0.2%
Wrightwood Capital LLC 1.9% 4/20/20		5,336,609		1,835,794
TOTAL FINANCIALS				19,480,738
HEALTH CARE - 0.1%
Health Care Providers & Services - 0.1%
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18		508,000		513,080
Skilled Healthcare Group, Inc. 11% 1/15/14		326,000		306,440
				819,520
MATERIALS - 0.0%
Paper & Forest Products - 0.0%
Plum Creek Timberlands LP 5.875% 11/15/15		379,000		420,753
TOTAL NONCONVERTIBLE BONDS				28,179,158
TOTAL CORPORATE BONDS (Cost $36,553,801)			29,550,563
U.S. Treasury Inflation Protected Obligations - 26.9%

U.S. Treasury Inflation-Indexed Bonds:
1.75% 1/15/28		10,566,487		12,693,861
2% 1/15/26		11,075,566		13,606,376
2.125% 2/15/40		5,855,260		7,854,658
2.125% 2/15/41		8,847,938		11,957,710
2.375% 1/15/25		12,371,880		15,734,499
2.375% 1/15/27		14,805,768		19,118,956
2.5% 1/15/29		7,264,498		9,690,634
3.625% 4/15/28		6,120,800		9,110,775
3.875% 4/15/29		8,749,245		13,627,460
U.S. Treasury Inflation Protected Obligations - continued
		Principal Amount (e)		Value
U.S. Treasury Inflation-Indexed Notes:
0.125% 4/15/16		$ 2,725,683		$ 2,843,048
0.5% 4/15/15		10,978,449		11,478,628
0.625% 4/15/13		7,311,623		7,437,920
0.625% 7/15/21		11,223,169		12,011,431
1.125% 1/15/21		14,258,778		15,902,036
1.25% 4/15/14		6,202,500		6,497,686
1.25% 7/15/20		13,904,780		15,726,498
1.375% 7/15/18		6,340,323		7,178,922
1.375% 1/15/20		6,322,511		7,197,318
1.625% 1/15/15		11,891,904		12,816,350
1.625% 1/15/18		5,871,232		6,688,191
1.875% 7/15/13		9,028,380		9,446,774
1.875% 7/15/15		17,534,277		19,335,647
1.875% 7/15/19		5,891,078		6,940,881
2% 1/15/14		7,849,135		8,309,729
2% 7/15/14		13,278,839		14,304,872
2% 1/15/16		96,974		108,331
2.125% 1/15/19		6,623,265		7,873,943
2.375% 1/15/17		8,090,062		9,387,605
2.5% 7/15/16		25,711,154		29,734,367
2.625% 7/15/17		8,601,567		10,239,251
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS (Cost $304,883,520)			334,854,357
Asset-Backed Securities - 1.2%

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (g)		312,000		311,969
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.6519% 3/23/19 (g)(h)		334,774		277,862
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (g)		825,332		818,729
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.4358% 1/20/37 (g)(h)		277,706		217,219
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (g)		1,330,284		1,157,347
CBRE Realty Finance CDO 2007-1/LLC 0.6336% 4/7/52 (g)(h)		1,444,855		920,199
Conseco Finance Securitizations Corp.:
Series 2002-1 Class M2, 9.546% 12/1/33		284,000		232,478
Series 2002-2 Class M2, 9.163% 3/1/33		474,000		268,260
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Countrywide Home Loan Trust Series 2006-BC2 Class N, 6.5% 2/25/47 (g)		$ 181,452		$ 0
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (g)		406,000		326,830
Class B2, 1.9238% 12/28/35 (g)(h)		399,000		273,315
Class D, 9% 12/28/35 (g)		500,000		105,000
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A:
Class B1, 2.0738% 6/28/38 (g)(h)		510,000		436,050
Class D, 9% 6/28/38 (g)		1,100,000		770,000
Crest Ltd. Series 2002-IGA Class A, 0.8747% 7/28/17 (g)(h)		2,673		2,659
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27		381,000		347,117
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.8767% 11/28/39 (g)(h)		857,915		25,737
Guggenheim Structured Real Estate Funding Ltd. Series 2006-3 Class E, 1.9436% 9/25/46 (g)(h)		750,000		13,950
Home Equity Asset Trust Series 2006-3N Class B, 6.5% 8/27/36 (g)		750,000		0
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40		893,747		333,186
Long Beach Asset Holdings Corp. Series 2006-4 Class N1, 5.877% 6/25/46 (g)		624,362		0
Merit Securities Corp. Series 13 Class M1, 7.91% 12/28/33 (h)		1,900,000		1,744,178
N-Star Real Estate CDO Ltd. Series 1A:
Class B1, 2.1867% 8/28/38 (g)(h)		836,000		712,690
Class C1B, 7.696% 8/28/38 (g)		1,211,876		893,153
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class A2, 4.646% 7/24/39 (g)		7,540		7,539
Residential Asset Securities Corp. Series 2003-KS10 Class MI3, 6.41% 12/25/33		70,512		19,265
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3.085% 2/5/36 (g)(h)		293,852		29
TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp. Series 2002-1A Class IIFX, 6.77% 5/22/37 (g)		178,076		177,630
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 0% 9/25/26 (g)(h)		$ 568,000		$ 227,200
Series 2006-1A:
Class A1A, 0.8338% 9/25/26 (g)(h)		305,327		242,735
Class A1B, 0.9038% 9/25/26 (g)(h)		609,000		453,705
Class A2A, 0.7938% 9/25/26 (g)(h)		850,405		718,593
Class F, 1.7238% 9/25/26 (g)(h)		426,000		276,900
Class G, 1.9238% 9/25/26 (g)(h)		289,000		180,625
Class H, 2.2238% 9/25/26 (g)(h)		814,000		488,400
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A:
Class A1, 0.7994% 11/21/40 (g)(h)		2,500,000		1,925,000
Class F, 2.4294% 11/21/40 (g)(h)		1,500,000		300,000
TOTAL ASSET-BACKED SECURITIES (Cost $20,103,370)			15,205,549
Collateralized Mortgage Obligations - 0.1%

Private Sponsor - 0.1%
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.4583% 6/15/22 (g)(h)		437,253		422,959
Countrywide Alternative Loan Trust Series 2006-OC5N Class N, 7.25% 7/25/37 (g)		414,656		0
Countrywide Home Loans, Inc. Series 2005-R3 Class B3, 5.5% 9/25/35 (g)(h)		6,150		158
Countrywide Home Loans, Inc. Series 2003-J15:
Class B3, 4.7014% 1/25/19 (g)(h)		46,131		35,870
Class B4, 4.7014% 1/25/19 (g)(h)		92,262		54,929
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.6184% 4/25/20 (g)(h)		95,000		88,229
Series 2010-K6 Class B, 5.5326% 12/25/46 (g)(h)		189,000		174,916
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (g)		189,000		192,062
Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (g)		395,000		394,423
RESIX Finance Ltd. floater Series 2005-C Class B7, 3.3763% 9/10/37 (g)(h)		88,993		222
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,790,706)			1,363,768
Commercial Mortgage Securities - 2.0%
		Principal Amount (e)		Value
ACGS Series 2004-1 Class P, 7.4651% 8/1/19 (k)		$ 2,266,615		$ 2,187,461
Banc of America Commercial Mortgage, Inc.:
sequential payer Series 2005-1 Class A3, 4.877% 11/10/42		26,625		26,607
Series 2005-1 Class CJ, 5.3535% 11/10/42 (h)		275,000		271,133
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.2783% 3/15/22 (g)(h)		498,000		388,440
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.6201% 3/11/39 (h)		568,000		498,049
Chase Commercial Mortgage Securities Corp. Series 1998-1 Class H, 6.34% 5/18/30 (g)		379,000		314,022
Claregold Trust Series 2007-2A:
Class F, 5.01% 5/15/44 (g)(h)	CAD	1,605,000		1,180,898
Class G, 5.01% 5/15/44 (g)(h)	CAD	351,000		234,761
Class H, 5.01% 5/15/44 (g)(h)	CAD	235,000		134,892
Class J, 5.01% 5/15/44 (g)(h)	CAD	235,000		123,576
Class K, 5.01% 5/15/44 (g)(h)	CAD	118,000		52,380
Class L, 5.01% 5/15/44 (g)(h)	CAD	421,000		172,203
Class M, 5.01% 5/15/44 (g)(h)	CAD	1,927,737		727,993
COMM pass-thru certificates:
floater Series 2006-FL12 Class AJ, 0.4083% 12/15/20 (g)(h)		379,000		345,627
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (g)		437,540		417,850
Communication Mortgage Trust Series 2011-THL Class F, 4.867% 6/9/28 (g)		850,000		700,766
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1998-C2 Class F, 6.75% 11/15/30 (g)		189,000		206,894
Series 2003-C3 Class D, 4.131% 5/15/38		379,000		376,546
CRESI Finance Ltd. Partnership floater Series 2006-A Class E, 1.9436% 3/25/17 (g)(h)		273,000		191,100
CRESIX Finance Ltd. Series 2006-AA:
Class F, 4.4936% 3/25/17 (g)(h)		417,000		271,050
Class G, 7.2936% 3/25/17 (g)(h)		354,000		212,400
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		454,000		370,040
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.4523% 6/10/31 (g)(h)		474,000		500,173
FHMLC Multi-class participation certificates guaranteed Series K013 Class X3, 2.8845% 1/25/43 (h)(j)		1,124,000		185,453
Freddie Mac Multi-class participation certificates guaranteed:
Series K011 Class X3, 2.6617% 12/25/43 (h)(j)		1,156,048		174,549
Series K012 Class X3, 2.3656% 1/25/41 (h)(j)		665,148		91,240
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (g)		$ 1,288,228		$ 1,223,816
GE Capital Commercial Mortgage Corp. Series 2002-1A Class H, 7.3638% 12/10/35 (g)(h)		242,000		241,062
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2:
Class F, 6.75% 4/15/29 (h)		106,375		110,646
Class G, 6.75% 4/15/29 (h)		256,000		279,326
Series 1999-C1 Class F, 6.02% 5/15/33 (g)		233,753		240,017
Series 1999-C3:
Class G, 6.974% 8/15/36 (g)		80,317		79,913
Class J, 6.974% 8/15/36		516,000		518,162
Series 2000-C1 Class K, 7% 3/15/33		80,608		59,256
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (g)		189,000		191,726
Series 2002-C1 Class H, 5.903% 1/11/35 (g)		216,000		216,152
GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 6.4193% 3/6/20 (g)(h)		530,000		524,072
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (g)		500,000		468,800
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2010-CNTM Class MZ, 8.5% 8/5/20 (g)		1,000,000		911,283
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2009-IWST Class D, 7.6935% 12/5/27 (g)(h)		521,000		518,485
Series 2010-CNTR Class D, 6.3899% 8/5/32 (g)(h)		284,000		265,835
JPMorgan Commercial Mortgage Finance Corp. Series 1997-C5 Class F, 7.5605% 9/15/29		149,318		151,278
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (g)		202,000		208,594
LB-UBS Commercial Mortgage Trust:
Series 2005-C2 Class AJ, 5.205% 4/15/30 (h)		1,137,000		1,112,553
Series 2006-C4 Class AJ, 6.0868% 6/15/38 (h)		379,000		308,728
Lstar Commercial Mortgage Trust:
Series 2011-1 Class D, 5.6987% 6/25/43 (g)(h)		365,500		278,124
Series 2011-1 Class B, 5.6987% 6/25/43 (g)(h)		443,000		424,237
Mezz Capital Commercial Mortgage Trust Series 2005-C3:
Class D, 7.7% 5/15/44 (g)		600,000		60
Class F, 10.813% 5/15/44 (g)		400,000		40
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Morgan Stanley Capital I Trust:
sequential payer:
Series 2004-RR2 Class A2, 5.45% 10/28/33 (g)		$ 427,660		$ 427,925
Series 2006-HQ10 Class AM, 5.36% 11/12/41		881,000		875,459
Series 1997-RR Class F, 7.4% 4/30/39 (g)(h)		90,922		83,648
Series 1998-CF1 Class G, 7.35% 7/15/32 (g)		381,064		175,290
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43		758,000		718,523
Series 2011-C2:
Class D, 5.496% 6/15/44 (g)(h)		358,000		297,383
Class E, 5.496% 6/15/44 (g)(h)		454,000		354,565
Class F, 5.496% 6/15/44 (g)(h)		343,000		234,403
Class XB, 0.54% 6/15/44 (g)(h)(j)		12,067,221		374,084
NationsLink Funding Corp. Series 1999-SL Class X, 11/10/30 (j)		945,389		822,489
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g)		198,014		205,321
Structured Asset Securities Corp. Series 1997-LLI Class F, 7.3% 10/12/34 (g)		225,000		225,108
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (g)		474,000		437,968
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.8533% 7/15/24 (g)(h)		341,000		229,035
Wachovia Bank Commercial Mortgage Trust:
Series 2004-C10 Class E, 4.931% 2/15/41		379,000		370,768
Series 2004-C12 Class D, 5.495% 7/15/41 (h)		426,000		399,552
Series 2004-C14 Class B, 5.17% 8/15/41		632,000		607,720
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $26,653,055)			25,527,509

Common Stocks - 12.9%
	Shares
CONSUMER DISCRETIONARY - 0.5%
Household Durables - 0.5%
Standard Pacific Corp. (a)	139,900		444,882
Stanley Martin Communities LLC Class B (a)	6,300		5,453,784
			5,898,666
FINANCIALS - 11.8%
Capital Markets - 0.0%
HFF, Inc. (a)	24,500		253,085
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 11.6%
Acadia Realty Trust (SBI)	242,490		$ 4,883,749
Alexandria Real Estate Equities, Inc.	28,311		1,952,610
American Campus Communities, Inc.	6,700		281,132
Annaly Capital Management, Inc.	14,100		225,036
Anworth Mortgage Asset Corp.	63,600		399,408
Apartment Investment & Management Co. Class A	5,500		126,005
AvalonBay Communities, Inc.	12,878		1,681,867
Boston Properties, Inc.	60,442		6,020,023
Brandywine Realty Trust (SBI)	20,100		190,950
Camden Property Trust (SBI)	76,135		4,738,642
CapLease, Inc.	49,800		201,192
CBL & Associates Properties, Inc.	298,620		4,688,334
Chesapeake Lodging Trust	145,166		2,244,266
CommonWealth REIT	10,200		169,728
Coresite Realty Corp.	13,800		245,916
Cousins Properties, Inc.	13,600		87,176
Cys Investments, Inc.	53,780		706,669
DCT Industrial Trust, Inc.	274,027		1,403,018
DDR Corp.	341,788		4,159,560
DiamondRock Hospitality Co.	229,510		2,212,476
Digital Realty Trust, Inc. (f)	81,760		5,450,939
Douglas Emmett, Inc.	180,430		3,291,043
Dynex Capital, Inc.	39,100		356,983
Education Realty Trust, Inc.	342,682		3,505,637
Equity Lifestyle Properties, Inc.	36,600		2,440,854
Equity One, Inc.	33,658		571,513
Equity Residential (SBI)	94,839		5,408,668
Essex Property Trust, Inc.	38,287		5,379,706
Excel Trust, Inc.	102,250		1,227,000
Glimcher Realty Trust	152,604		1,403,957
HCP, Inc.	72,261		2,993,773
Health Care REIT, Inc.	37,197		2,028,352
Healthcare Realty Trust, Inc.	14,800		275,132
Highwoods Properties, Inc. (SBI)	113,573		3,369,711
Hospitality Properties Trust (SBI)	2,700		62,046
Host Hotels & Resorts, Inc.	130,803		1,931,960
Kite Realty Group Trust	114,433		516,093
Lexington Corporate Properties Trust	46,800		350,532
LTC Properties, Inc.	10,000		308,600
MFA Financial, Inc.	293,066		1,969,404
Mid-America Apartment Communities, Inc.	1,900		118,845
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Monmouth Real Estate Investment Corp. Class A	20,900		$ 191,235
National Retail Properties, Inc.	9,200		242,696
Omega Healthcare Investors, Inc.	15,099		292,166
Pebblebrook Hotel Trust	4,800		92,064
Post Properties, Inc.	68,617		2,999,935
Prologis, Inc.	321,793		9,200,062
Public Storage	79,458		10,683,923
Senior Housing Properties Trust (SBI)	10,500		235,620
Simon Property Group, Inc.	124,221		16,017,056
SL Green Realty Corp.	76,019		5,065,906
Stag Industrial, Inc.	77,150		884,911
Summit Hotel Properties, Inc.	41,600		392,704
Sunstone Hotel Investors, Inc. (a)	148,182		1,207,683
The Macerich Co.	45,656		2,310,194
Two Harbors Investment Corp.	38,800		358,512
Ventas, Inc.	208,068		11,470,789
Vornado Realty Trust	32,572		2,503,484
Weyerhaeuser Co.	36,152		674,958
			144,402,403
Real Estate Management & Development - 0.2%
Brookfield Properties Corp.	64,730		1,015,061
Forest City Enterprises, Inc. Class A (a)	75,513		892,564
The St. Joe Co. (a)	36,621		536,864
			2,444,489
TOTAL FINANCIALS			147,099,977
HEALTH CARE - 0.6%
Health Care Providers & Services - 0.6%
Brookdale Senior Living, Inc. (a)	191,302		3,326,742
Capital Senior Living Corp. (a)	51,400		408,116
Emeritus Corp. (a)	155,975		2,731,122
Sunrise Senior Living, Inc. (a)	81,551		528,450
			6,994,430
TELECOMMUNICATION SERVICES - 0.0%
Wireless Telecommunication Services - 0.0%
American Tower Corp. Class A	9,700		582,097
TOTAL COMMON STOCKS (Cost $180,113,352)		160,575,170
Preferred Stocks - 1.5%
	Shares		Value
Convertible Preferred Stocks - 0.2%
FINANCIALS - 0.2%
Real Estate Investment Trusts - 0.2%
CommonWealth REIT 6.50%	22,800		$ 462,612
Excel Trust, Inc. 7.00% (g)	43,800		974,550
Health Care REIT, Inc. Series I, 6.50%	3,800		194,750
Lexington Corporate Properties Trust Series C 6.50%	13,700		575,263
			2,207,175
Real Estate Management & Development - 0.0%
Grubb & Ellis Co. 12.00% (g)	7,259		47,184
TOTAL FINANCIALS			2,254,359
Nonconvertible Preferred Stocks - 1.3%
FINANCIALS - 1.3%
Diversified Financial Services - 0.0%
DRA CRT Acquisition Corp. Series A, 8.50%	300		900
Red Lion Hotels Capital Trust 9.50%	26,265		651,372
			652,272
Real Estate Investment Trusts - 1.3%
Alexandria Real Estate Equities, Inc. Series C, 8.375%	10,100		267,448
American Home Mortgage Investment Corp.:
Series A, 9.375% (a)	81,500		815
Series B, 9.25% (a)	233,544		234
Annaly Capital Management, Inc. Series A, 7.875%	35,200		928,576
Anworth Mortgage Asset Corp. Series A, 8.625%	41,700		1,074,609
Apartment Investment & Management Co.:
Series T, 8.00%	15,100		381,879
Series U, 7.75%	7,627		191,133
BioMed Realty Trust, Inc. Series A, 7.375%	3,800		96,634
CBL & Associates Properties, Inc.:
(depositary shares) Series C, 7.75%	1,900		47,291
7.375%	10,347		245,017
Cedar Shopping Centers, Inc. 8.875%	9,600		228,192
CenterPoint Properties Trust Series D, 5.377%	5,280		2,917,200
Cousins Properties, Inc.:
Series A, 7.75%	15,100		363,910
Series B, 7.50%	8,259		199,703
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Duke Realty LP Series L, 6.60%	1,034		$ 25,292
Eagle Hospitality Properties Trust, Inc. 8.25% (a)	13,500		27,000
Equity Lifestyle Properties, Inc. 8.034%	22,300		564,413
Equity Residential (depositary shares) Series N, 6.48%	4,000		102,400
Essex Property Trust, Inc. Series H, 7.125%	1,900		48,640
Glimcher Realty Trust Series G, 8.125%	7,200		171,648
Health Care REIT, Inc. Series F, 7.625%	9,500		244,625
HomeBanc Mortgage Corp. Series A (a)	213,315		2
Hospitality Properties Trust:
Series B, 8.875%	27,257		707,592
Series C, 7.00%	14,198		351,117
Hudson Pacific Properties, Inc. 8.375%	5,200		134,888
Kimco Realty Corp. Series G, 7.75%	8,551		220,188
Kite Realty Group Trust 8.25%	900		20,745
LaSalle Hotel Properties:
Series E, 8.00%	17,300		438,209
Series G, 7.25%	16,540		396,960
LBA Realty Fund II Series B, 7.625% (a)	27,795		430,823
Lexington Corporate Properties Trust Series B, 8.05%	11,200		278,880
Lexington Realty Trust 7.55%	3,785		90,499
MFA Financial, Inc. Series A, 8.50%	71,600		1,817,924
Pebblebrook Hotel Trust:
Series A, 7.875%	11,500		276,115
Series B, 8.00%	7,600		173,356
Prologis, Inc.:
Series O, 7.00%	100		2,475
Series Q, 8.54%	3,700		201,997
PS Business Parks, Inc. Series P, 6.70%	12,300		306,762
Public Storage Series N, 7.00%	7,600		199,424
Regency Centers Corp. 7.25%	5,925		148,303
Saul Centers, Inc.:
8.00%	8,600		222,310
Series B (depositary shares) 9.00%	5,600		153,048
Stag Industrial, Inc. Series A, 9.00% (a)	40,000		1,002,000
Sunstone Hotel Investors, Inc. Series A, 8.00%	8,600		202,358
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
UMH Properties, Inc. Series A, 8.25%	9,500		$ 243,010
Weingarten Realty Investors (SBI) Series F, 6.50%	14,746		371,452
			16,517,096
TOTAL FINANCIALS			17,169,368
TOTAL PREFERRED STOCKS (Cost $34,796,363)		19,423,727

Floating Rate Loans - 1.0%
	Principal Amount (e)
CONSUMER DISCRETIONARY - 0.5%
Hotels, Restaurants & Leisure - 0.3%
Extended Stay America, Inc. term loan 9.75% 11/1/15	$ 3,500,000		3,438,750
Household Durables - 0.1%
TOUSA, Inc. Tranche 1LN, term loan 7/31/12 (d)(h)	3,000,000		1,327,500
Media - 0.1%
PRIMEDIA, Inc. Tranche B, term loan 7.5% 1/13/18 (h)	1,144,250		1,018,383
Specialty Retail - 0.0%
The Pep Boys - Manny, Moe & Jack term loan 2.53% 10/27/13 (h)	91,200		89,376
TOTAL CONSUMER DISCRETIONARY			5,874,009
FINANCIALS - 0.5%
Diversified Financial Services - 0.0%
Capital Automotive LP term loan 5% 3/11/17 (h)	447,639		434,210
Real Estate Management & Development - 0.5%
CB Richard Ellis Services, Inc. Tranche D, term loan 3.7763% 9/4/19 (h)	187,030		183,289
CityCenter term loan 8.75% 7/1/13 (h)	5,000,000		4,885,000
Realogy Corp.:
Credit-Linked Deposit 3.1911% 10/10/13 (h)	54,450		50,502
Floating Rate Loans - continued
	Principal Amount (e)		Value
FINANCIALS - continued
Real Estate Management & Development - continued
Realogy Corp.: - continued
Tranche 2LN, term loan 13.5% 10/15/17	$ 281,000		$ 280,298
Tranche B, term loan 3.4414% 10/10/13 (h)	546,967		507,312
			5,906,401
TOTAL FINANCIALS			6,340,611
HEALTH CARE - 0.0%
Health Care Providers & Services - 0.0%
Community Health Systems, Inc.:
Tranche B, term loan 2.757% 7/25/14 (h)	88,583		85,483
Tranche DD, term loan 2.5463% 7/25/14 (h)	5,293		5,108
			90,591
INDUSTRIALS - 0.0%
Construction & Engineering - 0.0%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (h)	746,840		653,485
TOTAL FLOATING RATE LOANS (Cost $14,984,314)		12,958,696
Commodity Funds - 24.3%

	Shares
Fidelity Commodity Strategy Central Fund (i) (Cost $361,805,219)	28,374,995		302,761,194
Fixed-Income Funds - 25.5%

Fidelity Floating Rate Central Fund (i) (Cost $326,817,702)	3,228,275		317,339,433
Preferred Securities - 0.0%
	Principal Amount (e)		Value
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)	$ 500,000		$ 15,000
Ipswich Street CDO Series 2006-1, 6/27/46 (d)(g)	2,250,000		0
			15,000
TOTAL PREFERRED SECURITIES (Cost $2,747,213)		15,000
Money Market Funds - 1.4%
	Shares
Fidelity Cash Central Fund, 0.11% (b)	12,750,542		12,750,542
Fidelity Securities Lending Cash Central Fund, 0.13% (b)(c)	4,278,510		4,278,510
TOTAL MONEY MARKET FUNDS (Cost $17,029,052)		17,029,052
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $1,328,277,667)		1,236,604,018
NET OTHER ASSETS (LIABILITIES) - 0.8%		9,484,960
NET ASSETS - 100%		$ 1,246,088,978

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

(d) Non-income producing - Security is in default.

(e) Principal amount is stated in United States dollars unless otherwise noted.

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $31,605,829 or 2.5% of net assets.

(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(i) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's web site at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro rata share of securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's web site or upon request.

(j) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

(k) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,187,461 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ACGS Series 2004-1 Class P, 7.4651% 8/1/19	2/17/11	$ 2,194,910

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	$ 5,882
Fidelity Commodity Strategy Central Fund	113,830
Fidelity Floating Rate Central Fund	7,587,575
Fidelity Securities Lending Cash Central Fund	3,721
Total	$ 7,711,008

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds*	Value, end of period	% ownership, end of period
Fidelity Commodity Strategy Central Fund	$ 1,320,668,046	$ 15,113,839	$ 1,072,675,021	$ 302,761,194	27.7%
Fidelity Floating Rate Central Fund	1,476,044,498	-	1,189,863,532	317,339,433	11.3%
Total	$ 2,796,712,544	$ 15,113,839	$ 2,262,538,553	$ 620,100,627

* Includes the value of shares redeemed through in-kind transactions.

Other Information

The following is a summary of the inputs used, as of December 31, 2011, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 5,898,666	$ 444,882	$ -	$ 5,453,784
Financials	166,523,704	161,729,383	1,876,304	2,918,017
Health Care	6,994,430	6,994,430	-	-
Telecommunication Services	582,097	582,097	-	-
Corporate Bonds	29,550,563	-	24,617,346	4,933,217
U.S. Government and Government Agency Obligations	334,854,357	-	334,854,357	-
Asset-Backed Securities	15,205,549	-	4,342,911	10,862,638
Collateralized Mortgage Obligations	1,363,768	-	1,363,388	380
Commercial Mortgage Securities	25,527,509	-	18,275,651	7,251,858
Floating Rate Loans	12,958,696	-	4,634,946	8,323,750
Fixed-Income Funds	317,339,433	317,339,433	-	-
Preferred Securities	15,000	-	-	15,000
Money Market Funds	17,029,052	17,029,052	-	-
Commodity Funds	302,761,194	302,761,194	-	-
Total Investments in Securities:	$ 1,236,604,018	$ 806,880,471	$ 389,964,903	$ 39,758,644

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Equities - Consumer Discretionary
Beginning Balance	$ 5,171,292
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	282,492
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 5,453,784
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ 282,492
Equities - Financials
Beginning Balance	$ 2,983,444
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(65,193)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(234)
Ending Balance	$ 2,918,017
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ (65,193)
Corporate Bonds
Beginning Balance	$ 4,840,741
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	46,764
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	45,712
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 4,933,217
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ 46,764
Asset-Backed Securities
Beginning Balance	$ 31,071,949
Total Realized Gain (Loss)	(622,103)
Total Unrealized Gain (Loss)	1,177,687
Cost of Purchases	33,014
Proceeds of Sales	(23,942,024)
Amortization/Accretion	(5,345)
Transfers in to Level 3	3,149,460
Transfers out of Level 3	-
Ending Balance	$ 10,862,638
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ 1,177,687
Collateralized Mortgage Obligations
Beginning Balance	$ 781
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	224
Cost of Purchases	2,682
Proceeds of Sales	(202)
Amortization/Accretion	(4,108)
Transfers in to Level 3	1,003
Transfers out of Level 3	-
Ending Balance	$ 380
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ 224
Commercial Mortgage Securities
Beginning Balance	$ 19,990,336
Total Realized Gain (Loss)	(1,418,875)
Total Unrealized Gain (Loss)	1,005,376
Cost of Purchases	-
Proceeds of Sales	(11,825,103)
Amortization/Accretion	(29,094)
Transfers in to Level 3	-
Transfers out of Level 3	(470,782)
Ending Balance	$ 7,251,858
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ 1,005,376
Floating Rate Loans
Beginning Balance	$ 8,490,500
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(167,959)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	1,209
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 8,323,750
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ (167,959)
Preferred Securities
Beginning Balance	$ 15,017
Total Realized Gain (Loss)	(1,600,500)
Total Unrealized Gain (Loss)	1,601,311
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	(828)
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 15,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ 828

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period, and includes the value of securities delivered through affiliated in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At December 31, 2011, the cost of investment securities for income tax purposes was $1,349,752,478. Net unrealized depreciation aggregated $113,148,460, of which $43,904,377 related to appreciated investment securities and $157,052,837 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, floating rate loans, preferred securities and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

For asset backed securities, collateralized mortgage obligations and commercial mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service 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 or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 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

Quarterly Holdings Report

for

Fidelity® Advisor Strategic
Real Return Fund
Class A
Class T
Class B
Class C
Institutional Class

December 31, 2011

1.828814.106

ARRS-QTLY-0212

Investments December 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 2.4%
		Principal Amount (e)		Value
Convertible Bonds - 0.1%
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Morgans Hotel Group Co. 2.375% 10/15/14		$ 125,000		$ 100,000
FINANCIALS - 0.1%
Real Estate Investment Trusts - 0.1%
CapLease, Inc. 7.5% 10/1/27 (g)		1,042,000		1,044,605
Real Estate Management & Development - 0.0%
Grubb & Ellis Co. 7.95% 5/1/15 (g)		360,000		226,800
TOTAL FINANCIALS				1,271,405
TOTAL CONVERTIBLE BONDS				1,371,405
Nonconvertible Bonds - 2.3%
CONSUMER DISCRETIONARY - 0.6%
Hotels, Restaurants & Leisure - 0.1%
Times Square Hotel Trust 8.528% 8/1/26 (g)		617,462		660,886
Household Durables - 0.5%
D.R. Horton, Inc. 6.5% 4/15/16		189,000		195,851
KB Home:
5.75% 2/1/14		96,000		92,160
5.875% 1/15/15		284,000		258,440
6.25% 6/15/15		966,000		888,720
7.25% 6/15/18		330,000		300,300
9.1% 9/15/17		370,000		352,425
Lennar Corp.:
5.5% 9/1/14		758,000		758,000
5.6% 5/31/15		284,000		281,160
M/I Homes, Inc. 8.625% 11/15/18		781,000		702,900
Meritage Homes Corp. 6.25% 3/15/15		663,000		653,055
Ryland Group, Inc. 8.4% 5/15/17		129,000		134,160
Standard Pacific Corp.:
8.375% 5/15/18		1,348,000		1,283,970
10.75% 9/15/16		301,000		316,050
				6,217,191
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Multiline Retail - 0.0%
Sears Holdings Corp. 6.625% 10/15/18		$ 82,000		$ 62,320
Specialty Retail - 0.0%
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17		475,000		517,750
TOTAL CONSUMER DISCRETIONARY				7,458,147
FINANCIALS - 1.6%
Diversified Financial Services - 0.3%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 7.75% 1/15/16		508,000		527,050
Sunwest Management, Inc. 7.9726% 2/10/15		3,560,257		3,097,423
				3,624,473
Real Estate Investment Trusts - 0.7%
Camden Property Trust 5% 6/15/15		265,000		281,499
Commercial Net Lease Realty, Inc. 6.15% 12/15/15		214,000		229,970
Developers Diversified Realty Corp.:
5.375% 10/15/12		379,000		382,558
7.5% 7/15/18		563,000		602,644
9.625% 3/15/16		526,000		611,973
Equity One, Inc.:
5.375% 10/15/15		95,000		97,910
6% 9/15/16		189,000		196,465
6.25% 12/15/14		189,000		198,790
6.25% 1/15/17		189,000		197,826
Health Care Property Investors, Inc.:
6% 3/1/15		284,000		303,960
6.3% 9/15/16		900,000		987,660
7.072% 6/8/15		95,000		103,518
Healthcare Realty Trust, Inc.:
5.125% 4/1/14		189,000		193,884
6.5% 1/17/17		119,000		127,826
HMB Capital Trust V 4.1463% 12/15/36 (d)(g)(h)		4,300,000		0
Hospitality Properties Trust:
5.625% 3/15/17		292,000		295,800
6.7% 1/15/18		189,000		200,225
6.75% 2/15/13		237,000		240,838
7.875% 8/15/14		95,000		103,239
HRPT Properties Trust 6.5% 1/15/13		189,000		191,416
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
iStar Financial, Inc.:
5.875% 3/15/16		$ 689,000		$ 558,090
5.95% 10/15/13		662,000		569,320
6.05% 4/15/15		78,000		62,400
National Retail Properties, Inc. 6.875% 10/15/17		379,000		420,612
Omega Healthcare Investors, Inc.:
7% 1/15/16		435,000		443,700
7.5% 2/15/20		189,000		202,230
Potlatch Corp. 7.5% 11/1/19		189,000		190,890
ProLogis LP 7.625% 7/1/17		297,000		337,343
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20		189,000		206,747
Senior Housing Properties Trust 6.75% 4/15/20		134,000		136,519
United Dominion Realty Trust, Inc.:
5.25% 1/15/15		95,000		101,059
5.25% 1/15/16		189,000		202,189
				8,979,100
Real Estate Management & Development - 0.4%
Brandywine Operating Partnership LP:
5.4% 11/1/14		284,000		293,071
5.75% 4/1/12		189,000		190,208
6% 4/1/16		189,000		197,499
7.5% 5/15/15		95,000		104,190
CB Richard Ellis Services, Inc. 11.625% 6/15/17		189,000		217,823
Colonial Properties Trust:
6.15% 4/15/13		237,000		242,706
6.25% 6/15/14		302,000		314,158
Colonial Realty LP 6.05% 9/1/16		284,000		291,102
Duke Realty LP 6.25% 5/15/13		142,000		148,519
First Industrial LP 5.75% 1/15/16		189,000		179,062
Forest City Enterprises, Inc.:
6.5% 2/1/17		1,022,000		960,680
7.625% 6/1/15		205,000		202,438
Highwoods/Forsyth LP 5.85% 3/15/17		607,000		642,162
Host Hotels & Resorts LP:
6.875% 11/1/14		379,000		384,685
9% 5/15/17		142,000		156,200
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
Post Apartment Homes LP 6.3% 6/1/13		$ 189,000		$ 197,550
Regency Centers LP 5.875% 6/15/17		114,000		124,175
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17		189,000		195,143
				5,041,371
Thrifts & Mortgage Finance - 0.2%
Wrightwood Capital LLC 1.9% 4/20/20		5,336,609		1,835,794
TOTAL FINANCIALS				19,480,738
HEALTH CARE - 0.1%
Health Care Providers & Services - 0.1%
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18		508,000		513,080
Skilled Healthcare Group, Inc. 11% 1/15/14		326,000		306,440
				819,520
MATERIALS - 0.0%
Paper & Forest Products - 0.0%
Plum Creek Timberlands LP 5.875% 11/15/15		379,000		420,753
TOTAL NONCONVERTIBLE BONDS				28,179,158
TOTAL CORPORATE BONDS (Cost $36,553,801)			29,550,563
U.S. Treasury Inflation Protected Obligations - 26.9%

U.S. Treasury Inflation-Indexed Bonds:
1.75% 1/15/28		10,566,487		12,693,861
2% 1/15/26		11,075,566		13,606,376
2.125% 2/15/40		5,855,260		7,854,658
2.125% 2/15/41		8,847,938		11,957,710
2.375% 1/15/25		12,371,880		15,734,499
2.375% 1/15/27		14,805,768		19,118,956
2.5% 1/15/29		7,264,498		9,690,634
3.625% 4/15/28		6,120,800		9,110,775
3.875% 4/15/29		8,749,245		13,627,460
U.S. Treasury Inflation Protected Obligations - continued
		Principal Amount (e)		Value
U.S. Treasury Inflation-Indexed Notes:
0.125% 4/15/16		$ 2,725,683		$ 2,843,048
0.5% 4/15/15		10,978,449		11,478,628
0.625% 4/15/13		7,311,623		7,437,920
0.625% 7/15/21		11,223,169		12,011,431
1.125% 1/15/21		14,258,778		15,902,036
1.25% 4/15/14		6,202,500		6,497,686
1.25% 7/15/20		13,904,780		15,726,498
1.375% 7/15/18		6,340,323		7,178,922
1.375% 1/15/20		6,322,511		7,197,318
1.625% 1/15/15		11,891,904		12,816,350
1.625% 1/15/18		5,871,232		6,688,191
1.875% 7/15/13		9,028,380		9,446,774
1.875% 7/15/15		17,534,277		19,335,647
1.875% 7/15/19		5,891,078		6,940,881
2% 1/15/14		7,849,135		8,309,729
2% 7/15/14		13,278,839		14,304,872
2% 1/15/16		96,974		108,331
2.125% 1/15/19		6,623,265		7,873,943
2.375% 1/15/17		8,090,062		9,387,605
2.5% 7/15/16		25,711,154		29,734,367
2.625% 7/15/17		8,601,567		10,239,251
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS (Cost $304,883,520)			334,854,357
Asset-Backed Securities - 1.2%

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (g)		312,000		311,969
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.6519% 3/23/19 (g)(h)		334,774		277,862
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (g)		825,332		818,729
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.4358% 1/20/37 (g)(h)		277,706		217,219
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (g)		1,330,284		1,157,347
CBRE Realty Finance CDO 2007-1/LLC 0.6336% 4/7/52 (g)(h)		1,444,855		920,199
Conseco Finance Securitizations Corp.:
Series 2002-1 Class M2, 9.546% 12/1/33		284,000		232,478
Series 2002-2 Class M2, 9.163% 3/1/33		474,000		268,260
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Countrywide Home Loan Trust Series 2006-BC2 Class N, 6.5% 2/25/47 (g)		$ 181,452		$ 0
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (g)		406,000		326,830
Class B2, 1.9238% 12/28/35 (g)(h)		399,000		273,315
Class D, 9% 12/28/35 (g)		500,000		105,000
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A:
Class B1, 2.0738% 6/28/38 (g)(h)		510,000		436,050
Class D, 9% 6/28/38 (g)		1,100,000		770,000
Crest Ltd. Series 2002-IGA Class A, 0.8747% 7/28/17 (g)(h)		2,673		2,659
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27		381,000		347,117
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.8767% 11/28/39 (g)(h)		857,915		25,737
Guggenheim Structured Real Estate Funding Ltd. Series 2006-3 Class E, 1.9436% 9/25/46 (g)(h)		750,000		13,950
Home Equity Asset Trust Series 2006-3N Class B, 6.5% 8/27/36 (g)		750,000		0
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40		893,747		333,186
Long Beach Asset Holdings Corp. Series 2006-4 Class N1, 5.877% 6/25/46 (g)		624,362		0
Merit Securities Corp. Series 13 Class M1, 7.91% 12/28/33 (h)		1,900,000		1,744,178
N-Star Real Estate CDO Ltd. Series 1A:
Class B1, 2.1867% 8/28/38 (g)(h)		836,000		712,690
Class C1B, 7.696% 8/28/38 (g)		1,211,876		893,153
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class A2, 4.646% 7/24/39 (g)		7,540		7,539
Residential Asset Securities Corp. Series 2003-KS10 Class MI3, 6.41% 12/25/33		70,512		19,265
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3.085% 2/5/36 (g)(h)		293,852		29
TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp. Series 2002-1A Class IIFX, 6.77% 5/22/37 (g)		178,076		177,630
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 0% 9/25/26 (g)(h)		$ 568,000		$ 227,200
Series 2006-1A:
Class A1A, 0.8338% 9/25/26 (g)(h)		305,327		242,735
Class A1B, 0.9038% 9/25/26 (g)(h)		609,000		453,705
Class A2A, 0.7938% 9/25/26 (g)(h)		850,405		718,593
Class F, 1.7238% 9/25/26 (g)(h)		426,000		276,900
Class G, 1.9238% 9/25/26 (g)(h)		289,000		180,625
Class H, 2.2238% 9/25/26 (g)(h)		814,000		488,400
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A:
Class A1, 0.7994% 11/21/40 (g)(h)		2,500,000		1,925,000
Class F, 2.4294% 11/21/40 (g)(h)		1,500,000		300,000
TOTAL ASSET-BACKED SECURITIES (Cost $20,103,370)			15,205,549
Collateralized Mortgage Obligations - 0.1%

Private Sponsor - 0.1%
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.4583% 6/15/22 (g)(h)		437,253		422,959
Countrywide Alternative Loan Trust Series 2006-OC5N Class N, 7.25% 7/25/37 (g)		414,656		0
Countrywide Home Loans, Inc. Series 2005-R3 Class B3, 5.5% 9/25/35 (g)(h)		6,150		158
Countrywide Home Loans, Inc. Series 2003-J15:
Class B3, 4.7014% 1/25/19 (g)(h)		46,131		35,870
Class B4, 4.7014% 1/25/19 (g)(h)		92,262		54,929
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.6184% 4/25/20 (g)(h)		95,000		88,229
Series 2010-K6 Class B, 5.5326% 12/25/46 (g)(h)		189,000		174,916
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (g)		189,000		192,062
Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (g)		395,000		394,423
RESIX Finance Ltd. floater Series 2005-C Class B7, 3.3763% 9/10/37 (g)(h)		88,993		222
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,790,706)			1,363,768
Commercial Mortgage Securities - 2.0%
		Principal Amount (e)		Value
ACGS Series 2004-1 Class P, 7.4651% 8/1/19 (k)		$ 2,266,615		$ 2,187,461
Banc of America Commercial Mortgage, Inc.:
sequential payer Series 2005-1 Class A3, 4.877% 11/10/42		26,625		26,607
Series 2005-1 Class CJ, 5.3535% 11/10/42 (h)		275,000		271,133
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.2783% 3/15/22 (g)(h)		498,000		388,440
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.6201% 3/11/39 (h)		568,000		498,049
Chase Commercial Mortgage Securities Corp. Series 1998-1 Class H, 6.34% 5/18/30 (g)		379,000		314,022
Claregold Trust Series 2007-2A:
Class F, 5.01% 5/15/44 (g)(h)	CAD	1,605,000		1,180,898
Class G, 5.01% 5/15/44 (g)(h)	CAD	351,000		234,761
Class H, 5.01% 5/15/44 (g)(h)	CAD	235,000		134,892
Class J, 5.01% 5/15/44 (g)(h)	CAD	235,000		123,576
Class K, 5.01% 5/15/44 (g)(h)	CAD	118,000		52,380
Class L, 5.01% 5/15/44 (g)(h)	CAD	421,000		172,203
Class M, 5.01% 5/15/44 (g)(h)	CAD	1,927,737		727,993
COMM pass-thru certificates:
floater Series 2006-FL12 Class AJ, 0.4083% 12/15/20 (g)(h)		379,000		345,627
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (g)		437,540		417,850
Communication Mortgage Trust Series 2011-THL Class F, 4.867% 6/9/28 (g)		850,000		700,766
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1998-C2 Class F, 6.75% 11/15/30 (g)		189,000		206,894
Series 2003-C3 Class D, 4.131% 5/15/38		379,000		376,546
CRESI Finance Ltd. Partnership floater Series 2006-A Class E, 1.9436% 3/25/17 (g)(h)		273,000		191,100
CRESIX Finance Ltd. Series 2006-AA:
Class F, 4.4936% 3/25/17 (g)(h)		417,000		271,050
Class G, 7.2936% 3/25/17 (g)(h)		354,000		212,400
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		454,000		370,040
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.4523% 6/10/31 (g)(h)		474,000		500,173
FHMLC Multi-class participation certificates guaranteed Series K013 Class X3, 2.8845% 1/25/43 (h)(j)		1,124,000		185,453
Freddie Mac Multi-class participation certificates guaranteed:
Series K011 Class X3, 2.6617% 12/25/43 (h)(j)		1,156,048		174,549
Series K012 Class X3, 2.3656% 1/25/41 (h)(j)		665,148		91,240
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (g)		$ 1,288,228		$ 1,223,816
GE Capital Commercial Mortgage Corp. Series 2002-1A Class H, 7.3638% 12/10/35 (g)(h)		242,000		241,062
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2:
Class F, 6.75% 4/15/29 (h)		106,375		110,646
Class G, 6.75% 4/15/29 (h)		256,000		279,326
Series 1999-C1 Class F, 6.02% 5/15/33 (g)		233,753		240,017
Series 1999-C3:
Class G, 6.974% 8/15/36 (g)		80,317		79,913
Class J, 6.974% 8/15/36		516,000		518,162
Series 2000-C1 Class K, 7% 3/15/33		80,608		59,256
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (g)		189,000		191,726
Series 2002-C1 Class H, 5.903% 1/11/35 (g)		216,000		216,152
GS Mortgage Securities Corp. II floater Series 2007-EOP Class L, 6.4193% 3/6/20 (g)(h)		530,000		524,072
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (g)		500,000		468,800
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2010-CNTM Class MZ, 8.5% 8/5/20 (g)		1,000,000		911,283
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2009-IWST Class D, 7.6935% 12/5/27 (g)(h)		521,000		518,485
Series 2010-CNTR Class D, 6.3899% 8/5/32 (g)(h)		284,000		265,835
JPMorgan Commercial Mortgage Finance Corp. Series 1997-C5 Class F, 7.5605% 9/15/29		149,318		151,278
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (g)		202,000		208,594
LB-UBS Commercial Mortgage Trust:
Series 2005-C2 Class AJ, 5.205% 4/15/30 (h)		1,137,000		1,112,553
Series 2006-C4 Class AJ, 6.0868% 6/15/38 (h)		379,000		308,728
Lstar Commercial Mortgage Trust:
Series 2011-1 Class D, 5.6987% 6/25/43 (g)(h)		365,500		278,124
Series 2011-1 Class B, 5.6987% 6/25/43 (g)(h)		443,000		424,237
Mezz Capital Commercial Mortgage Trust Series 2005-C3:
Class D, 7.7% 5/15/44 (g)		600,000		60
Class F, 10.813% 5/15/44 (g)		400,000		40
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Morgan Stanley Capital I Trust:
sequential payer:
Series 2004-RR2 Class A2, 5.45% 10/28/33 (g)		$ 427,660		$ 427,925
Series 2006-HQ10 Class AM, 5.36% 11/12/41		881,000		875,459
Series 1997-RR Class F, 7.4% 4/30/39 (g)(h)		90,922		83,648
Series 1998-CF1 Class G, 7.35% 7/15/32 (g)		381,064		175,290
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43		758,000		718,523
Series 2011-C2:
Class D, 5.496% 6/15/44 (g)(h)		358,000		297,383
Class E, 5.496% 6/15/44 (g)(h)		454,000		354,565
Class F, 5.496% 6/15/44 (g)(h)		343,000		234,403
Class XB, 0.54% 6/15/44 (g)(h)(j)		12,067,221		374,084
NationsLink Funding Corp. Series 1999-SL Class X, 11/10/30 (j)		945,389		822,489
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g)		198,014		205,321
Structured Asset Securities Corp. Series 1997-LLI Class F, 7.3% 10/12/34 (g)		225,000		225,108
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (g)		474,000		437,968
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.8533% 7/15/24 (g)(h)		341,000		229,035
Wachovia Bank Commercial Mortgage Trust:
Series 2004-C10 Class E, 4.931% 2/15/41		379,000		370,768
Series 2004-C12 Class D, 5.495% 7/15/41 (h)		426,000		399,552
Series 2004-C14 Class B, 5.17% 8/15/41		632,000		607,720
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $26,653,055)			25,527,509

Common Stocks - 12.9%
	Shares
CONSUMER DISCRETIONARY - 0.5%
Household Durables - 0.5%
Standard Pacific Corp. (a)	139,900		444,882
Stanley Martin Communities LLC Class B (a)	6,300		5,453,784
			5,898,666
FINANCIALS - 11.8%
Capital Markets - 0.0%
HFF, Inc. (a)	24,500		253,085
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 11.6%
Acadia Realty Trust (SBI)	242,490		$ 4,883,749
Alexandria Real Estate Equities, Inc.	28,311		1,952,610
American Campus Communities, Inc.	6,700		281,132
Annaly Capital Management, Inc.	14,100		225,036
Anworth Mortgage Asset Corp.	63,600		399,408
Apartment Investment & Management Co. Class A	5,500		126,005
AvalonBay Communities, Inc.	12,878		1,681,867
Boston Properties, Inc.	60,442		6,020,023
Brandywine Realty Trust (SBI)	20,100		190,950
Camden Property Trust (SBI)	76,135		4,738,642
CapLease, Inc.	49,800		201,192
CBL & Associates Properties, Inc.	298,620		4,688,334
Chesapeake Lodging Trust	145,166		2,244,266
CommonWealth REIT	10,200		169,728
Coresite Realty Corp.	13,800		245,916
Cousins Properties, Inc.	13,600		87,176
Cys Investments, Inc.	53,780		706,669
DCT Industrial Trust, Inc.	274,027		1,403,018
DDR Corp.	341,788		4,159,560
DiamondRock Hospitality Co.	229,510		2,212,476
Digital Realty Trust, Inc. (f)	81,760		5,450,939
Douglas Emmett, Inc.	180,430		3,291,043
Dynex Capital, Inc.	39,100		356,983
Education Realty Trust, Inc.	342,682		3,505,637
Equity Lifestyle Properties, Inc.	36,600		2,440,854
Equity One, Inc.	33,658		571,513
Equity Residential (SBI)	94,839		5,408,668
Essex Property Trust, Inc.	38,287		5,379,706
Excel Trust, Inc.	102,250		1,227,000
Glimcher Realty Trust	152,604		1,403,957
HCP, Inc.	72,261		2,993,773
Health Care REIT, Inc.	37,197		2,028,352
Healthcare Realty Trust, Inc.	14,800		275,132
Highwoods Properties, Inc. (SBI)	113,573		3,369,711
Hospitality Properties Trust (SBI)	2,700		62,046
Host Hotels & Resorts, Inc.	130,803		1,931,960
Kite Realty Group Trust	114,433		516,093
Lexington Corporate Properties Trust	46,800		350,532
LTC Properties, Inc.	10,000		308,600
MFA Financial, Inc.	293,066		1,969,404
Mid-America Apartment Communities, Inc.	1,900		118,845
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Monmouth Real Estate Investment Corp. Class A	20,900		$ 191,235
National Retail Properties, Inc.	9,200		242,696
Omega Healthcare Investors, Inc.	15,099		292,166
Pebblebrook Hotel Trust	4,800		92,064
Post Properties, Inc.	68,617		2,999,935
Prologis, Inc.	321,793		9,200,062
Public Storage	79,458		10,683,923
Senior Housing Properties Trust (SBI)	10,500		235,620
Simon Property Group, Inc.	124,221		16,017,056
SL Green Realty Corp.	76,019		5,065,906
Stag Industrial, Inc.	77,150		884,911
Summit Hotel Properties, Inc.	41,600		392,704
Sunstone Hotel Investors, Inc. (a)	148,182		1,207,683
The Macerich Co.	45,656		2,310,194
Two Harbors Investment Corp.	38,800		358,512
Ventas, Inc.	208,068		11,470,789
Vornado Realty Trust	32,572		2,503,484
Weyerhaeuser Co.	36,152		674,958
			144,402,403
Real Estate Management & Development - 0.2%
Brookfield Properties Corp.	64,730		1,015,061
Forest City Enterprises, Inc. Class A (a)	75,513		892,564
The St. Joe Co. (a)	36,621		536,864
			2,444,489
TOTAL FINANCIALS			147,099,977
HEALTH CARE - 0.6%
Health Care Providers & Services - 0.6%
Brookdale Senior Living, Inc. (a)	191,302		3,326,742
Capital Senior Living Corp. (a)	51,400		408,116
Emeritus Corp. (a)	155,975		2,731,122
Sunrise Senior Living, Inc. (a)	81,551		528,450
			6,994,430
TELECOMMUNICATION SERVICES - 0.0%
Wireless Telecommunication Services - 0.0%
American Tower Corp. Class A	9,700		582,097
TOTAL COMMON STOCKS (Cost $180,113,352)		160,575,170
Preferred Stocks - 1.5%
	Shares		Value
Convertible Preferred Stocks - 0.2%
FINANCIALS - 0.2%
Real Estate Investment Trusts - 0.2%
CommonWealth REIT 6.50%	22,800		$ 462,612
Excel Trust, Inc. 7.00% (g)	43,800		974,550
Health Care REIT, Inc. Series I, 6.50%	3,800		194,750
Lexington Corporate Properties Trust Series C 6.50%	13,700		575,263
			2,207,175
Real Estate Management & Development - 0.0%
Grubb & Ellis Co. 12.00% (g)	7,259		47,184
TOTAL FINANCIALS			2,254,359
Nonconvertible Preferred Stocks - 1.3%
FINANCIALS - 1.3%
Diversified Financial Services - 0.0%
DRA CRT Acquisition Corp. Series A, 8.50%	300		900
Red Lion Hotels Capital Trust 9.50%	26,265		651,372
			652,272
Real Estate Investment Trusts - 1.3%
Alexandria Real Estate Equities, Inc. Series C, 8.375%	10,100		267,448
American Home Mortgage Investment Corp.:
Series A, 9.375% (a)	81,500		815
Series B, 9.25% (a)	233,544		234
Annaly Capital Management, Inc. Series A, 7.875%	35,200		928,576
Anworth Mortgage Asset Corp. Series A, 8.625%	41,700		1,074,609
Apartment Investment & Management Co.:
Series T, 8.00%	15,100		381,879
Series U, 7.75%	7,627		191,133
BioMed Realty Trust, Inc. Series A, 7.375%	3,800		96,634
CBL & Associates Properties, Inc.:
(depositary shares) Series C, 7.75%	1,900		47,291
7.375%	10,347		245,017
Cedar Shopping Centers, Inc. 8.875%	9,600		228,192
CenterPoint Properties Trust Series D, 5.377%	5,280		2,917,200
Cousins Properties, Inc.:
Series A, 7.75%	15,100		363,910
Series B, 7.50%	8,259		199,703
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Duke Realty LP Series L, 6.60%	1,034		$ 25,292
Eagle Hospitality Properties Trust, Inc. 8.25% (a)	13,500		27,000
Equity Lifestyle Properties, Inc. 8.034%	22,300		564,413
Equity Residential (depositary shares) Series N, 6.48%	4,000		102,400
Essex Property Trust, Inc. Series H, 7.125%	1,900		48,640
Glimcher Realty Trust Series G, 8.125%	7,200		171,648
Health Care REIT, Inc. Series F, 7.625%	9,500		244,625
HomeBanc Mortgage Corp. Series A (a)	213,315		2
Hospitality Properties Trust:
Series B, 8.875%	27,257		707,592
Series C, 7.00%	14,198		351,117
Hudson Pacific Properties, Inc. 8.375%	5,200		134,888
Kimco Realty Corp. Series G, 7.75%	8,551		220,188
Kite Realty Group Trust 8.25%	900		20,745
LaSalle Hotel Properties:
Series E, 8.00%	17,300		438,209
Series G, 7.25%	16,540		396,960
LBA Realty Fund II Series B, 7.625% (a)	27,795		430,823
Lexington Corporate Properties Trust Series B, 8.05%	11,200		278,880
Lexington Realty Trust 7.55%	3,785		90,499
MFA Financial, Inc. Series A, 8.50%	71,600		1,817,924
Pebblebrook Hotel Trust:
Series A, 7.875%	11,500		276,115
Series B, 8.00%	7,600		173,356
Prologis, Inc.:
Series O, 7.00%	100		2,475
Series Q, 8.54%	3,700		201,997
PS Business Parks, Inc. Series P, 6.70%	12,300		306,762
Public Storage Series N, 7.00%	7,600		199,424
Regency Centers Corp. 7.25%	5,925		148,303
Saul Centers, Inc.:
8.00%	8,600		222,310
Series B (depositary shares) 9.00%	5,600		153,048
Stag Industrial, Inc. Series A, 9.00% (a)	40,000		1,002,000
Sunstone Hotel Investors, Inc. Series A, 8.00%	8,600		202,358
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
UMH Properties, Inc. Series A, 8.25%	9,500		$ 243,010
Weingarten Realty Investors (SBI) Series F, 6.50%	14,746		371,452
			16,517,096
TOTAL FINANCIALS			17,169,368
TOTAL PREFERRED STOCKS (Cost $34,796,363)		19,423,727

Floating Rate Loans - 1.0%
	Principal Amount (e)
CONSUMER DISCRETIONARY - 0.5%
Hotels, Restaurants & Leisure - 0.3%
Extended Stay America, Inc. term loan 9.75% 11/1/15	$ 3,500,000		3,438,750
Household Durables - 0.1%
TOUSA, Inc. Tranche 1LN, term loan 7/31/12 (d)(h)	3,000,000		1,327,500
Media - 0.1%
PRIMEDIA, Inc. Tranche B, term loan 7.5% 1/13/18 (h)	1,144,250		1,018,383
Specialty Retail - 0.0%
The Pep Boys - Manny, Moe & Jack term loan 2.53% 10/27/13 (h)	91,200		89,376
TOTAL CONSUMER DISCRETIONARY			5,874,009
FINANCIALS - 0.5%
Diversified Financial Services - 0.0%
Capital Automotive LP term loan 5% 3/11/17 (h)	447,639		434,210
Real Estate Management & Development - 0.5%
CB Richard Ellis Services, Inc. Tranche D, term loan 3.7763% 9/4/19 (h)	187,030		183,289
CityCenter term loan 8.75% 7/1/13 (h)	5,000,000		4,885,000
Realogy Corp.:
Credit-Linked Deposit 3.1911% 10/10/13 (h)	54,450		50,502
Floating Rate Loans - continued
	Principal Amount (e)		Value
FINANCIALS - continued
Real Estate Management & Development - continued
Realogy Corp.: - continued
Tranche 2LN, term loan 13.5% 10/15/17	$ 281,000		$ 280,298
Tranche B, term loan 3.4414% 10/10/13 (h)	546,967		507,312
			5,906,401
TOTAL FINANCIALS			6,340,611
HEALTH CARE - 0.0%
Health Care Providers & Services - 0.0%
Community Health Systems, Inc.:
Tranche B, term loan 2.757% 7/25/14 (h)	88,583		85,483
Tranche DD, term loan 2.5463% 7/25/14 (h)	5,293		5,108
			90,591
INDUSTRIALS - 0.0%
Construction & Engineering - 0.0%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (h)	746,840		653,485
TOTAL FLOATING RATE LOANS (Cost $14,984,314)		12,958,696
Commodity Funds - 24.3%

	Shares
Fidelity Commodity Strategy Central Fund (i) (Cost $361,805,219)	28,374,995		302,761,194
Fixed-Income Funds - 25.5%

Fidelity Floating Rate Central Fund (i) (Cost $326,817,702)	3,228,275		317,339,433
Preferred Securities - 0.0%
	Principal Amount (e)		Value
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)	$ 500,000		$ 15,000
Ipswich Street CDO Series 2006-1, 6/27/46 (d)(g)	2,250,000		0
			15,000
TOTAL PREFERRED SECURITIES (Cost $2,747,213)		15,000
Money Market Funds - 1.4%
	Shares
Fidelity Cash Central Fund, 0.11% (b)	12,750,542		12,750,542
Fidelity Securities Lending Cash Central Fund, 0.13% (b)(c)	4,278,510		4,278,510
TOTAL MONEY MARKET FUNDS (Cost $17,029,052)		17,029,052
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $1,328,277,667)		1,236,604,018
NET OTHER ASSETS (LIABILITIES) - 0.8%		9,484,960
NET ASSETS - 100%		$ 1,246,088,978

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

(d) Non-income producing - Security is in default.

(e) Principal amount is stated in United States dollars unless otherwise noted.

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

(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(j) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ACGS Series 2004-1 Class P, 7.4651% 8/1/19	2/17/11	$ 2,194,910

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	$ 5,882
Fidelity Commodity Strategy Central Fund	113,830
Fidelity Floating Rate Central Fund	7,587,575
Fidelity Securities Lending Cash Central Fund	3,721
Total	$ 7,711,008

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds*	Value, end of period	% ownership, end of period
Fidelity Commodity Strategy Central Fund	$ 1,320,668,046	$ 15,113,839	$ 1,072,675,021	$ 302,761,194	27.7%
Fidelity Floating Rate Central Fund	1,476,044,498	-	1,189,863,532	317,339,433	11.3%
Total	$ 2,796,712,544	$ 15,113,839	$ 2,262,538,553	$ 620,100,627

* Includes the value of shares redeemed through in-kind transactions.

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 5,898,666	$ 444,882	$ -	$ 5,453,784
Financials	166,523,704	161,729,383	1,876,304	2,918,017
Health Care	6,994,430	6,994,430	-	-
Telecommunication Services	582,097	582,097	-	-
Corporate Bonds	29,550,563	-	24,617,346	4,933,217
U.S. Government and Government Agency Obligations	334,854,357	-	334,854,357	-
Asset-Backed Securities	15,205,549	-	4,342,911	10,862,638
Collateralized Mortgage Obligations	1,363,768	-	1,363,388	380
Commercial Mortgage Securities	25,527,509	-	18,275,651	7,251,858
Floating Rate Loans	12,958,696	-	4,634,946	8,323,750
Fixed-Income Funds	317,339,433	317,339,433	-	-
Preferred Securities	15,000	-	-	15,000
Money Market Funds	17,029,052	17,029,052	-	-
Commodity Funds	302,761,194	302,761,194	-	-
Total Investments in Securities:	$ 1,236,604,018	$ 806,880,471	$ 389,964,903	$ 39,758,644

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Equities - Consumer Discretionary
Beginning Balance	$ 5,171,292
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	282,492
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 5,453,784
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ 282,492
Equities - Financials
Beginning Balance	$ 2,983,444
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(65,193)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(234)
Ending Balance	$ 2,918,017
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ (65,193)
Corporate Bonds
Beginning Balance	$ 4,840,741
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	46,764
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	45,712
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 4,933,217
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ 46,764
Asset-Backed Securities
Beginning Balance	$ 31,071,949
Total Realized Gain (Loss)	(622,103)
Total Unrealized Gain (Loss)	1,177,687
Cost of Purchases	33,014
Proceeds of Sales	(23,942,024)
Amortization/Accretion	(5,345)
Transfers in to Level 3	3,149,460
Transfers out of Level 3	-
Ending Balance	$ 10,862,638
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ 1,177,687
Collateralized Mortgage Obligations
Beginning Balance	$ 781
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	224
Cost of Purchases	2,682
Proceeds of Sales	(202)
Amortization/Accretion	(4,108)
Transfers in to Level 3	1,003
Transfers out of Level 3	-
Ending Balance	$ 380
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ 224
Commercial Mortgage Securities
Beginning Balance	$ 19,990,336
Total Realized Gain (Loss)	(1,418,875)
Total Unrealized Gain (Loss)	1,005,376
Cost of Purchases	-
Proceeds of Sales	(11,825,103)
Amortization/Accretion	(29,094)
Transfers in to Level 3	-
Transfers out of Level 3	(470,782)
Ending Balance	$ 7,251,858
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ 1,005,376
Floating Rate Loans
Beginning Balance	$ 8,490,500
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(167,959)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	1,209
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 8,323,750
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ (167,959)
Preferred Securities
Beginning Balance	$ 15,017
Total Realized Gain (Loss)	(1,600,500)
Total Unrealized Gain (Loss)	1,601,311
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	(828)
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 15,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011	$ 828

Income Tax Information

Investment Valuation

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

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/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	February 28, 2012

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/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	February 28, 2012

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	February 28, 2012