Fidelity Nasdaq Composite Index Tracking Stock Fund

Fidelity Nasdaq Composite Index Tracking Stock Fund ¹

Summary


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Chart Details

Quick Stats
Market Price (11/20/2009)	84.57
NAV (11/20/2009)	84.67
12 Month Low-High	$49.93-$85.77

Average Annual Total Returns ³ (%)
	as of 10/31/2009
	NAV	Market Price	NASDAQ Comp Index
1 Year	19.83	20.61	20.07
3 Year	-4.12	-4.07	-3.97
5 Year	1.30	1.33	1.49
Life	2.45	2.45	N/A

Performance Details

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted.

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Overview

Seeks to provide investment returns that closely correspond to the price and yield performance of the Nasdaq Composite Index.

Normally investing at least 80% of assets in common stocks included in the Nasdaq Composite Index.

Fund Manager ⁴ - Geode Capital Management

Board of Trustees

Stock markets and, as a result, stock market indexes, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. The performance of the ETF and the Index may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletions from the Index. In addition, the ETF is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund. There can be no assurance that an active trading market will be maintained. Trading may be halted, for example, due to market conditions. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.The value of securities of smaller issuers can be more volatile than that of larger issuers. The net asset value of the ETF will generally fluctuate with changes in the market value of the ETF's holding. The ETF's shares are listed on NASDAQ and traded at market place. Although it is expected that the market price of the ETF's NAV, there is no guarantee that will be the case. When you sell your shares that may be worth more or less than what you paid for them, which means that you could lose money.

ETF Disclaimer¹

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Rankings/Ratings

Lipper Ranking as of 10/31/2009
1 Year	#465 out of 2816 Growth
5 Year	#589 out of 1707 Growth

The fund is ranked based on total return. Each fund is ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund's sales load, if applicable. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

Past performance is no guarantee of future results.

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Performance

Performance (%) as of 11/20/2009
	NAV	Market Price
YTD	36.90	36.67

Cumulative Total Returns³ (%) as of 10/31/2009
	NAV	Market Price	NASDAQ Composite
YTD	30.31	30.31	30.70
1 Month	-3.64	-3.03	-3.61
3 Month	3.48	2.91	3.58
6 Month	19.47	19.16	19.62
Life as of	15.90	15.95	N/A

Life is as of inception date 09/25/2003

Average Annual Total Returns³ (%) as of 10/31/2009
	NAV	Market Price	NASDAQ Composite
1 Year	19.83	20.61	20.07
3 Year	-4.12	-4.07	-3.97
5 Year	1.30	1.33	1.49
Life	2.45	2.45	N/A

Life is as of inception date 09/25/2003

Quarter-End Average Annual Total Returns³ (%) as of 09/30/2009
	Return Before Taxes		Return After Taxes on Distributions		Return After Taxes on Distributions & Sale of Fund Shares
	Load-Adj	Not Load-Adj	Load-Adj	Category Average*	Load-Adj	Category Average*
1 Year	2.39	2.39	2.28	N/A	1.65	N/A
3 Year	-1.39	-1.39	-1.48	N/A	-1.18	N/A
5 Year	2.87	2.87	2.74	N/A	2.46	N/A
Life	3.11	3.11	3.00	N/A	2.67	N/A

Life is as of inception date 09/25/2003.

Read more about after-tax returns and Morningstar definitions.

* Category average provided by Morningstar, Inc.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted.

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Premium/Discount Analysis

Closing Price Information as of 11/20/2009
Market Price	Market Price Chg	NAV	NAV Change	Premium/Discount
$84.57	-$0.38	$84.67	-$0.42	-$0.10

Premium/Discount Analysis
Date	Basis Point Differential⁵	Closing Market Price Below NAV		Closing Market Price Above or Equal to NAV
		Days	% Total Days	Days	% Total Days
Current Quarter	0 - <25	21	56.76%	10	27.03%
as of 11/20/2009	25 - <50	2	5.41%	1	2.7%
	50 - <75	1	2.7%	1	2.7%
	75 - <100	1	2.7%	0
	100 or above	0		0
	Total	25	67.57%	12	32.43%

Quarter Ending	0 - <25	22	34.38%	17	26.56%
09/30/2009	25 - <50	10	15.63%	9	14.06%
	50 - <75	2	3.13%	1	1.56%
	75 - <100	1	1.56%	1	1.56%
	100 or above	1	1.56%	0
	Total	36	56.25%	28	43.75%

Quarter Ending	0 - <25	15	23.81%	15	23.81%
06/30/2009	25 - <50	11	17.46%	6	9.52%
	50 - <75	4	6.35%	5	7.94%
	75 - <100	3	4.76%	1	1.59%
	100 or above	2	3.17%	1	1.59%
	Total	35	55.56%	28	44.44%

Quarter Ending	0 - <25	13	21.31%	6	9.84%
03/31/2009	25 - <50	14	22.95%	8	13.11%
	50 - <75	2	3.28%	4	6.56%
	75 - <100	0		3	4.92%
	100 or above	4	6.56%	7	11.48%
	Total	33	54.1%	28	45.9%

Quarter Ending	0 - <25	16	25%	10	15.63%
12/31/2008	25 - <50	11	17.19%	5	7.81%
	50 - <75	6	9.38%	2	3.13%
	75 - <100	1	1.56%	2	3.13%
	100 or above	6	9.38%	5	7.81%
	Total	40	62.5%	24	37.5%

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Volatility Measures

as of 10/31/2009
Beta:	1.09	R²:	0.90	Standard Deviation:	22.49
All measures are over a 3 Year period

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Holdings

⁶ as of 09/30/2009

MICROSOFT CORP

APPLE INC

CISCO SYSTEMS INC

GOOGLE INC A

INTEL CORP

ORACLE CORP

QUALCOMM INC

AMGEN INC

GILEAD SCIENCES INC

AMAZON.COM INC

of the portfolio

1944

Geographic Diversification (%)⁶
as of 09/30/2009
USA	93.2
Canada	1.7
Israel	1.7
China	1.0

Percent Foreign Holdings
7% of the portfolio

Major Market Sectors ⁶ as of 09/30/2009
	09/30/2009	08/31/2009	03/31/2009
Consumer Discretionary	13.6%	13.1%	12.8%
Consumer Staples	1.9%	1.9%	2.0%
Energy	1.2%	1.1%	0.0%
Financials	8.1%	8.4%	9.1%
Health Care	14.9%	15.1%	16.3%
Industrials	5.6%	5.5%	5.4%
Information Technology	52.4%	52.8%	51.2%
Materials	1.1%	1.1%	1.0%
Telecommunication Services	1.1%	1.0%	1.0%
Utilities	0.0%	0.0%	0.0%

Asset Allocation⁶ as of 09/30/2009
	09/30/2009	08/31/2009	03/31/2009

Equities	100.0%	100.0%	100.0%

Currency Diversification (%)
as of 09/30/2009
US Dollar	98.4
Canadian Dollar	1.6

Browse Our Proxy Voting Results

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Facts

Facts
Fiscal Year End	November
CUSIP	315912808
Inception Date	09/25/2003
Net Assets as of 10/31/2009 ($M)	120.89
Fund Number	1283
Symbol	ONEQ

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Distributions

Distribution Schedule
Dividends:	March, June, September, December
Capital Gains:	January, December

Dividends
Date	Per Share Amount
12/19/2008	$0.220000
03/20/2009	$0.050000
06/19/2009	$0.100000
09/18/2009	$0.100000

Capital Gains
Date	Per Share Amount
12/16/2005	$0.500000
12/21/2007	$0.110000

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Information for this fund is not yet fully available on the website but can be accessed through the prospectus link on this page. Please carefully consider the fund's investment objectives, risks, charges and expenses before investing. For this and other information, call or write to Fidelity for a free prospectus, or view one online. Read it carefully before you invest or send money.

¹	Fidelity^®, Fidelity Investments^®, ONEQ^TM, Fidelity^® Nasdaq Composite Index^® Tracking Stock^TM and Fidelity^® Nasdaq Composite Index^® Fund^TM are trademarks of FMR Corp., Fidelity Brokerage Services LLC, Fidelity Distributors Corporation and Fidelity Management & Research Company, Inc. (collectively, "Fidelity"). Nasdaq^®, Nasdaq Composite^® and Nasdaq Composite Index^® are registered trademarks of The Nasdaq Stock Market, Inc. The Fidelity and Nasdaq trademarks are licensed for use by Fidelity. The product(s) have not been passed on by Fidelity or Nasdaq as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by Fidelity or Nasdaq. FIDELITY AND NASDAQ MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
²	The chart illustrates the performance of a hypothetical $10,000 investment made in the fund ten years ago or on commencement of operations (whichever is later). Figures include reinvestment of capital gains and dividends, but do not reflect the effect of any applicable sales charges or redemption fees, which would lower these figures. This chart is not intended to imply any future performance of the fund.
³	Total returns include changes in share price and reinvestment of dividends and capital gains, if any. Quarter-end returns include the effect of any applicable recurring and non-recurring fees (including short-term trading fees or redemption fees).
⁴	The fund is managed by Geode Capital Management, LLC. Consistent with its investment objectives, the fund may hire or terminate money managers at any time without prior notification. See the prospectus for details.
⁵	Based on Net Asset Value (NAV).
⁶	The holdings data is presented to illustrate examples of the securities that the fund has bought and the diversity of areas in which the fund may invest and may not be representative of the fund's current or future investments. The top ten holdings do not include money market instruments and/or futures contracts. The figures presented are as of date shown, do not include the fund's entire investment portfolio and may change at any time. Depositary receipts are normally combined with the underlying security.


	For more complete information on any Fidelity fund, including fees and expenses, visit Fidelity.com or call anytime 800-FIDELITY for a free prospectus, which you should read carefully before investing.


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