UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02105
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)
Cynthia Lo Bessette, 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: |
March 31 |
|
|
|
|
Date of reporting period: |
March 31, 2020 |
Item 1.
Reports to Stockholders
Fidelity® SAI Municipal Money Market Fund
Offered exclusively to certain clients of the Adviser or its affiliates - not available for sale to the general public. Fidelity SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers LLC.
March 31, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
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Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification as of March 31, 2020
| Days | % of fund's investments 3/31/20 |
| 1 - 7 | 73.0 |
| 8 - 30 | 2.3 |
| 31 - 60 | 7.1 |
| 61 - 90 | 7.0 |
| 91 - 180 | 5.3 |
| > 180 | 5.3 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
| As of March 31, 2020 | ||
| Variable Rate Demand Notes (VRDNs) | 25.8% | |
| Tender Option Bond | 12.7% | |
| Other Municipal Security | 24.4% | |
| Investment Companies | 32.3% | |
| Net Other Assets (Liabilities) | 4.8% | |
Current 7-Day Yields
| 3/31/20 | |
| Fidelity® SAI Municipal Money Market Fund | 2.68% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending March 31, 2020, the most recent period shown in the table, would have been 2.67%.
Schedule of Investments March 31, 2020
Showing Percentage of Net Assets
| Variable Rate Demand Note - 25.8% | |||
| Principal Amount | Value | ||
| Alabama - 3.0% | |||
| Walker County Econ. & Indl. Dev. Auth. Solid Waste Disp. Rev. (Alabama Pwr. Co. Plant Gorgas Proj.) Series 2007, 0.9% 4/1/20, VRDN (a)(b) | $4,100,000 | $4,100,000 | |
| Alaska - 0.9% | |||
| Valdez Marine Term. Rev. (Exxon Pipeline Co. Proj.) Series 1985, 0.85% 4/1/20 (Exxon Mobil Corp. Guaranteed), VRDN (a) | 1,200,000 | 1,200,000 | |
| Arkansas - 0.4% | |||
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 6.5% 4/7/20, VRDN (a)(b) | 500,000 | 500,000 | |
| Connecticut - 0.6% | |||
| Connecticut Gen. Oblig. Series 2016 C, 5.2% 4/7/20 (Liquidity Facility Bank of America NA), VRDN (a) | 865,000 | 865,000 | |
| Delaware - 2.1% | |||
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
| Series 1993 C, 5.36% 4/7/20, VRDN (a) | 200,000 | 200,000 | |
| Series 1994, 1.11% 4/1/20, VRDN (a)(b) | 2,600,000 | 2,600,000 | |
| 2,800,000 | |||
| Florida - 1.1% | |||
| Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2015, 1.3% 4/1/20, VRDN (a)(b) | 1,300,000 | 1,300,000 | |
| Hillsborough County Hsg. Fin. Auth. Multi-family Rev. (Claymore Crossings Apt. Proj.) Series 2005, 4.55% 4/7/20, LOC Citibank NA, VRDN (a)(b) | 5,000 | 5,000 | |
| FNMA Hillsborough County Hsg. Fin. Auth. Multi-family Rev. (Royal Palm Key Apts. Proj.) Series 2002, 4.55% 4/7/20, LOC Fannie Mae, VRDN (a)(b) | 115,000 | 115,000 | |
| 1,420,000 | |||
| Georgia - 3.1% | |||
| Effingham County Indl. Dev. Auth. Poll Cont. 1.07% 4/1/20, VRDN (a) | 1,300,000 | 1,300,000 | |
| Monroe County Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2017, 1.25% 4/1/20, VRDN (a)(b) | 2,600,000 | 2,600,000 | |
| FHLMC Kennesaw Dev. Auth. Multi-family Hsg. Rev. (Alta Ridenour Apts. Proj.) Series 2008, 5.31% 4/7/20, LOC Freddie Mac, VRDN (a)(b) | 300,000 | 300,000 | |
| 4,200,000 | |||
| Illinois - 0.7% | |||
| Chicago Midway Arpt. Rev. Series 2004 C1, 4.81% 4/7/20, LOC Bank of Montreal, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
| Indiana - 0.2% | |||
| Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.) Series H, 4.85% 4/7/20, VRDN (a) | 200,000 | 200,000 | |
| Kansas - 1.3% | |||
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | |||
| Series 2007 A, 5.18% 4/7/20, VRDN (a) | 100,000 | 100,000 | |
| Series 2007 B, 5.18% 4/7/20, VRDN (a) | 500,000 | 500,000 | |
| Lenexa Multi-family Hsg. Rev. (Heather Glen Apts. Proj.) Series 2007, 5.31% 4/7/20, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 300,000 | 300,000 | |
| Wamego Kansas Poll. Cont. Rfdg. Rev. (Western Resources, Inc. Proj.) Series 1994, 6% 4/7/20, VRDN (a) | 900,000 | 900,000 | |
| 1,800,000 | |||
| Kentucky - 1.5% | |||
| Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.) Series 1993 A, 5.25% 4/7/20 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | 2,000,000 | 2,000,000 | |
| Louisiana - 1.3% | |||
| Saint Charles Parish Poll. Cont. Rev. (Shell Oil Co.-Norco Proj.) Series 1991, 0.95% 4/1/20, VRDN (a)(b) | 1,600,000 | 1,600,000 | |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 7.5% 4/7/20, VRDN (a) | 200,000 | 200,000 | |
| 1,800,000 | |||
| Mississippi - 2.9% | |||
| Mississippi Bus. Fin. Corp. (Chevron U.S.A., Inc. Proj.): | |||
| Series 2011 E, 0.85% 4/1/20, VRDN (a) | 1,300,000 | 1,300,000 | |
| Series 2011 F, 0.85% 4/1/20, VRDN (a) | 2,610,000 | 2,610,000 | |
| 3,910,000 | |||
| Nebraska - 0.1% | |||
| Stanton County Indl. Dev. Rev. Series 1998, 7.55% 4/7/20, VRDN (a)(b) | 100,000 | 100,000 | |
| Ohio - 0.1% | |||
| Cuyahoga County Health Care Facilities Rev. (The A.M. McGregor Home Proj.) Series 2014, 4.95% 4/7/20, LOC Northern Trust Co., VRDN (a) | 100,000 | 100,000 | |
| Rhode Island - 0.3% | |||
| FHLMC Rhode Island Hsg. & Mtg. Fin. Corp. Series 2006, 4.55% 4/7/20, LOC Freddie Mac, VRDN (a)(b) | 400,000 | 400,000 | |
| South Carolina - 0.6% | |||
| Berkeley County Indl. Dev. Rev. Series A, 7.5% 4/7/20, VRDN (a)(b) | 800,000 | 800,000 | |
| Texas - 4.6% | |||
| Converse Hsg. Fin. Corp. Multi-family Hsg. Rev. (Town Square Apts. Proj.) 5.25% 4/7/20, LOC Citibank NA, VRDN (a)(b) | 880,000 | 880,000 | |
| Gulf Coast Waste Disp. Auth. Envir. Facilities Rev. (Exxon Mobil Corp. Proj.) Series 2003, 0.9% 4/1/20 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | 1,700,000 | 1,700,000 | |
| Gulf Coast Waste Disp. Auth. Poll. Cont. Rev. (Exxon Asset Fdg. Corp./Baytown Chemical Co. Proj.) Series 1995, 0.85% 4/1/20 (Exxon Mobil Corp. Guaranteed), VRDN (a) | 1,400,000 | 1,400,000 | |
| Harris County Indl. Dev. Corp. Poll. Cont. Rev. (Exxon Corp.) Series 1984, 0.85% 4/1/20, VRDN (a) | 2,100,000 | 2,100,000 | |
| Houston Hsg. Fin. Corp. Multi-family Hsg. Rev. (Fairlake Cove Apts. Proj.) Series 2005, 5.5% 4/7/20, LOC Citibank NA, VRDN (a)(b) | 110,000 | 110,000 | |
| 6,190,000 | |||
| West Virginia - 1.0% | |||
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
| (Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 5.13% 4/7/20, VRDN (a)(b) | 400,000 | 400,000 | |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 4.9% 4/7/20, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
| 1,400,000 | |||
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $34,783,404) | 34,785,000 | ||
| Tender Option Bond - 12.7% | |||
| Arizona - 0.2% | |||
| Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN: | |||
| Series Floaters ZF 27 58, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | 100,000 | 100,000 | |
| Series XF 08 46, 3.46% 4/7/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c)(d) | 200,000 | 200,000 | |
| 300,000 | |||
| Colorado - 3.0% | |||
| Denver City & County Arpt. Rev.: | |||
| Bonds Series G-114, 3.53%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | 100,000 | 100,000 | |
| Participating VRDN: | |||
| Series Floaters XG 01 96, 4.81% 4/7/20 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | 2,100,000 | 2,100,000 | |
| Series Floaters ZF 06 88, 5.08% 4/7/20 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | 1,800,000 | 1,800,000 | |
| 4,000,000 | |||
| Connecticut - 0.1% | |||
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | |||
| Bonds Series Floaters G 110, 3.41%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) (a)(c)(d)(e) | 100,000 | 100,000 | |
| Participating VRDN Series Floaters YX 10 77, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 100,000 | 100,000 | |
| 200,000 | |||
| District Of Columbia - 0.1% | |||
| Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Participating VRDN Series XG 02 67, 3.47% 4/7/20 (Liquidity Facility Bank of America NA) (a)(c)(d)(f) | 100,000 | 100,000 | |
| Florida - 1.1% | |||
| Broward County Port Facilities Rev. Bonds Series G 115, 3.29%, tender 9/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | 100,000 | 100,000 | |
| Escambia County Health Facilities Auth. Health Facilities Rev. Participating VRDN Series XG 02 75, 3% 4/7/20 (Liquidity Facility Bank of America NA) (a)(c)(d) | 200,000 | 200,000 | |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | |||
| Bonds Series Floaters G 25, 3.94%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | 100,000 | 100,000 | |
| Participating VRDN Series ZF 08 22, 4.33% 4/7/20 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | 300,000 | 300,000 | |
| Jacksonville Elec. Auth. Elec. Sys. Rev. Participating VRDN Series 2019, 5.01% 5/12/20 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 500,000 | 500,000 | |
| North Carolina Med. Care Commission Health Care Facilities Rev. Participating VRDN Series XF 28 40, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | 300,000 | 300,000 | |
| 1,500,000 | |||
| Georgia - 0.1% | |||
| Atlanta Arpt. Rev. Participating VRDN Series XM 07 97, 3.45% 4/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c)(d) | 100,000 | 100,000 | |
| Georgia Muni. Elec. Auth. Pwr. Rev. Participating VRDN Series XF 08 23, 3.92% 4/7/20 (Liquidity Facility Bank of America NA) (a)(c)(d) | 75,000 | 75,000 | |
| 175,000 | |||
| Hawaii - 0.2% | |||
| Hawaii Dept. of Budget & Fin. Spl. Purp. Rev. Participating VRDN Series Floaters XM 06 19, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | 300,000 | 300,000 | |
| Illinois - 1.8% | |||
| Chicago Gen. Oblig. Participating VRDN Series Floaters XL 01 05, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 300,000 | 300,000 | |
| Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN Series Floaters XM 06 86, 5.08% 4/7/20 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | 200,000 | 200,000 | |
| Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 5% 5/12/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 785,000 | 785,000 | |
| Illinois Gen. Oblig. Participating VRDN: | |||
| Series Floaters XF 10 13, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 400,000 | 400,000 | |
| Series Floaters XF 10 43, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 100,000 | 100,000 | |
| Series Floaters XX 10 81, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 300,000 | 300,000 | |
| Series Floaters YX 10 72, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 100,000 | 100,000 | |
| Series Floaters YX 10 86, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC)(a)(c)(d) | 100,000 | 100,000 | |
| Series XF 28 41, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 100,000 | 100,000 | |
| 2,385,000 | |||
| Maryland - 0.1% | |||
| Baltimore Proj. Rev. Bonds Series Floaters G 28, 3.58%, tender 7/1/20 (Liquidity Facility Royal Bank of Canada) (a)(c)(d)(e) | 100,000 | 100,000 | |
| Michigan - 0.1% | |||
| Michigan Fin. Auth. Rev. Participating VRDN Series Floaters ZF 07 83, 4.81% 4/1/20 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | 90,000 | 90,000 | |
| Missouri - 0.1% | |||
| Missouri Health & Edl. Facilities Rev. Participating VRDN: | |||
| Series Floaters XF 07 63, 4.37% 4/7/20 (Liquidity Facility Bank of America NA) (a)(c)(d) | 100,000 | 100,000 | |
| Series Floaters XG 01 84, 4.95% 4/7/20 (Liquidity Facility Citibank NA) (a)(c)(d) | 100,000 | 100,000 | |
| 200,000 | |||
| Ohio - 0.6% | |||
| Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 5.12% 4/7/20 (Liquidity Facility Bank of America NA) (a)(c)(d) | 400,000 | 400,000 | |
| Erie County Hosp. Facilities Rev. Participating VRDN Series BAML 5019, 4.78% 4/7/20 (Liquidity Facility Bank of America NA) (a)(c)(d) | 200,000 | 200,000 | |
| Ohio Hosp. Rev. Participating VRDN Series 002, 5% 5/12/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 200,000 | 200,000 | |
| 800,000 | |||
| Oklahoma - 0.1% | |||
| Oklahoma Dev. Fin. Auth. Health Sys. Rev. Participating VRDN Series Floaters XG 02 10, 4% 4/7/20 (Liquidity Facility Bank of America NA) (a)(c)(d) | 100,000 | 100,000 | |
| Pennsylvania - 0.3% | |||
| Allegheny County Participating VRDN Series Floaters XM 06 63, 4.88% 4/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | 100,000 | 100,000 | |
| Lehigh County Gen. Purp. Hosp. Rev. Participating VRDN Series Floaters 2019 003, 5% 5/12/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 195,000 | 195,000 | |
| Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, 4.19%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(c)(d)(e) | 100,000 | 100,000 | |
| 395,000 | |||
| South Carolina - 0.4% | |||
| South Carolina Jobs-Econ. Dev. Auth. Participating VRDN Series Floaters BAML 50 04, 3.38% 4/7/20 (Liquidity Facility Bank of America NA) (a)(c)(d) | 300,000 | 300,000 | |
| South Carolina Ports Auth. Ports Rev. Participating VRDN: | |||
| Series XF 08 20, 4% 4/7/20 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | 100,000 | 100,000 | |
| Series ZF 08 24, 4.32% 4/7/20 (Liquidity Facility Bank of America NA) (a)(b)(c)(d)(f) | 100,000 | 100,000 | |
| 500,000 | |||
| Texas - 0.3% | |||
| Brazos County Health Facilities Dev. Corp. Participating VRDN Series BAML 50 21, 4.88% 4/7/20 (Liquidity Facility Bank of America NA) (a)(c)(d) | 90,000 | 90,000 | |
| Galena Park Independent School District Bonds Series 00 15, 2.65%, tender 4/2/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 100,000 | 100,000 | |
| North Ft. Bend Wtr. Auth. Participating VRDN Series XF 08 16, 3.77% 4/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | 100,000 | 100,000 | |
| North Texas Tollway Auth. Rev. Bonds Series G-112, 3.26%, tender 7/1/20 (Liquidity Facility Royal Bank of Canada) (a)(c)(d)(e) | 100,000 | 100,000 | |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Participating VRDN Series XG 02 78, 2.79% 4/7/20 (Liquidity Facility Bank of America NA) (a)(c)(d) | 30,000 | 30,000 | |
| 420,000 | |||
| Utah - 2.2% | |||
| Salt Lake City Arpt. Rev. Participating VRDN Series DBE 8034, 3.32% 4/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(d) | 2,900,000 | 2,900,000 | |
| Washington - 1.9% | |||
| Port of Seattle Rev. Participating VRDN: | |||
| Series Floaters XM 06 65, 4.81% 4/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c)(d) | 500,000 | 500,000 | |
| Series Floaters ZM 06 69, 4.86% 4/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c)(d) | 300,000 | 300,000 | |
| Series XF 28 28, 3.19% 4/7/20 (Liquidity Facility Cr. Suisse AG) (a)(b)(c)(d) | 200,000 | 200,000 | |
| Port of Tacoma Rev. Participating VRDN Series Floaters XF 06 58, 4.31% 4/7/20 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | 200,000 | 200,000 | |
| Washington Convention Ctr. Pub. Facilities Participating VRDN: | |||
| Series Floaters XM 06 80, 5% 4/7/20 (Liquidity Facility Citibank NA) (a)(c)(d) | 100,000 | 100,000 | |
| Series Floaters XM 06 81, 5% 4/7/20 (Liquidity Facility Citibank NA) (a)(c)(d) | 1,200,000 | 1,200,000 | |
| Washington Higher Ed. Facilities Auth. Rev. Participating VRDN Series XG 02 74, 3.24% 4/7/20 (Liquidity Facility Bank of America NA) (a)(c)(d) | 100,000 | 100,000 | |
| 2,600,000 | |||
| TOTAL TENDER OPTION BOND | |||
| (Cost $17,065,000) | 17,065,000 | ||
| Other Municipal Security - 24.4% | |||
| Alabama - 0.2% | |||
| Huntsville Health Care Auth. Rev. Series 2020, 1.08% 5/7/20, CP | 300,000 | 300,000 | |
| Arizona - 0.3% | |||
| Phoenix Civic Impt. Board Arpt. Rev. Bonds Series 2013, 5% 7/1/20 (b) | 100,000 | 100,957 | |
| Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series C, 0.91% 6/2/20, CP | 300,000 | 300,000 | |
| 400,957 | |||
| California - 0.4% | |||
| California Gen. Oblig. Bonds Series 2020, 2% 3/1/21 | 500,000 | 506,363 | |
| Colorado - 1.1% | |||
| Colorado Ed. Ln. Prog. TRAN: | |||
| Series 2019 B: | |||
| 1.5% 6/29/20 | 200,000 | 200,417 | |
| 5% 6/29/20 | 100,000 | 101,008 | |
| 1.75% 6/29/20 | 700,000 | 701,732 | |
| Colorado Gen. Fdg. Rev. TRAN Series 2019: | |||
| 3% 6/26/20 | 100,000 | 100,405 | |
| 5% 6/26/20 | 400,000 | 403,496 | |
| 1,507,058 | |||
| Connecticut - 0.6% | |||
| Connecticut Gen. Oblig. Bonds Series 2012 A, 5.96% 4/15/20 (a)(g) | 100,000 | 99,998 | |
| Connecticut Health & Edl. Facilities Auth. Rev. Bonds: | |||
| Series 2010 A, 1.8%, tender 2/9/21 (a) | 100,000 | 99,999 | |
| Series 2017 B, 5%, tender 7/1/20 (a) | 200,000 | 201,876 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds: | |||
| Series 2015 A, 5% 8/1/20 | 100,000 | 101,150 | |
| Series 2016 A, 5% 9/1/20 | 100,000 | 101,441 | |
| Greenwich Gen. Oblig. BAN Series 2020, 1.5% 1/14/21 | 200,000 | 200,436 | |
| 804,900 | |||
| Florida - 3.5% | |||
| Miami-Dade County Series A1: | |||
| 0.8% 5/21/20, LOC Bank of America NA, CP (b) | 500,000 | 500,000 | |
| 1.13% 5/21/20, LOC Bank of America NA, CP (b) | 2,043,000 | 2,043,000 | |
| 1.45% 5/21/20, LOC Bank of America NA, CP (b) | 2,100,000 | 2,100,000 | |
| Orlando & Orange County Expressway Auth. Rev. Bonds Series 2010 C, 5% 7/1/20 (Pre-Refunded to 7/1/20 @ 100) | 100,000 | 100,925 | |
| 4,743,925 | |||
| Georgia - 0.3% | |||
| Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 4.81%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(g) | 390,000 | 390,000 | |
| Illinois - 0.9% | |||
| Chicago O'Hare Int'l. Arpt. Rev. Bonds Series 2011 A, 5.75% 1/1/21 (Pre-Refunded to 1/1/21 @ 100) | 100,000 | 103,434 | |
| Illinois Fin. Auth. Rev. Bonds: | |||
| Series 2020, 1.06% tender 6/17/20, CP mode | 300,000 | 300,000 | |
| Series H, 1.18% tender 6/4/20, CP mode | 800,000 | 800,000 | |
| 1,203,434 | |||
| Kansas - 0.3% | |||
| Wichita Gen. Oblig. BAN Series 2020, 2.25% 10/15/20 (h) | 400,000 | 402,048 | |
| Kentucky - 3.6% | |||
| Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 1.2% tender 4/2/20, CP mode | 200,000 | 200,000 | |
| Kentucky Asset/Liability Commission Gen. Fund Rev. TRAN Series 2019 A, 3% 6/25/20 | 3,200,000 | 3,213,180 | |
| Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Bonds: | |||
| Series 2010 A, 6.5% 6/1/20 (Pre-Refunded to 6/1/20 @ 100) | 100,000 | 100,856 | |
| Series 2012 A, 6.375% 6/1/20 (Pre-Refunded to 6/1/20 @ 100) | 500,000 | 504,185 | |
| Kentucky State Property & Buildings Commission Rev. Bonds Series 2018, 5% 5/1/20 | 850,000 | 852,547 | |
| 4,870,768 | |||
| Louisiana - 0.3% | |||
| Louisiana Local Govt. Envir. Facilities Bonds: | |||
| (LCTCS Facilities Corp. Proj.) Series 2010, 5% 10/1/20 (Pre-Refunded to 10/1/20 @ 100) | 100,000 | 101,939 | |
| (Woman's Hosp. Foundation Proj.) Series 2010 A, 6% 10/1/20 (Pre-Refunded to 10/1/20 @ 100) | 300,000 | 306,240 | |
| 408,179 | |||
| Massachusetts - 1.5% | |||
| Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds Series 5, 1.2% tender 4/13/20 (Massachusetts Elec. Co. Guaranteed), CP mode (b) | 500,000 | 500,000 | |
| Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds Series 2020, 1.17% tender 4/9/20, CP mode | 700,000 | 700,000 | |
| Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 1999, 1.14% 8/13/20, LOC State Street Bank & Trust Co., Boston, CP | 800,000 | 800,000 | |
| 2,000,000 | |||
| Minnesota - 0.2% | |||
| Minnesota Gen. Oblig. Bonds Series 2010 A, 5% 8/1/20 (Pre-Refunded to 8/1/20 @ 100) | 200,000 | 202,610 | |
| Missouri - 0.2% | |||
| Kirkwood Indl. Dev. Retirement Commission Bonds (Aberdeen Heights Proj.) Series 2010 A: | |||
| 8% 5/15/20 (Pre-Refunded to 5/15/20 @ 100) | 200,000 | 201,500 | |
| 8.25% 5/15/20 (Pre-Refunded to 5/15/20 @ 100) | 100,000 | 100,779 | |
| 302,279 | |||
| Nebraska - 0.1% | |||
| Omaha Pub. Pwr. District Elec. Rev. Series A, 0.63% 7/8/20, CP | 100,000 | 100,000 | |
| New Hampshire - 0.7% | |||
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | |||
| Series 1990 A, 1.15% tender 4/14/20, CP mode (b) | 500,000 | 500,000 | |
| Series 1990 B: | |||
| 1.22% tender 4/9/20, CP mode | 100,000 | 99,964 | |
| 1.45% tender 6/11/20, CP mode | 300,000 | 300,000 | |
| 899,964 | |||
| New Jersey - 0.7% | |||
| Burlington County Bridge Commission Lease Rev. BAN (Governmental Leasing Prog.) Series 2019 C1, 3% 11/20/20 | 700,000 | 707,931 | |
| Montgomery Township Gen. Oblig. BAN Series 2019, 2% 8/28/20 | 100,000 | 100,316 | |
| New Jersey Econ. Dev. Auth. Rev. Bonds Series 2012 II, 5% 3/1/21 (Escrowed to Maturity) | 100,000 | 103,610 | |
| 911,857 | |||
| New York - 0.3% | |||
| New York Dorm. Auth. Sales Tax Rev. Bonds Series 2015 A, 5% 3/15/21 | 400,000 | 416,442 | |
| Ohio - 0.5% | |||
| Avon Local School District BAN Series 2019, 2% 9/30/20 | 100,000 | 100,138 | |
| Belmont County BAN Series 2019, 2% 8/27/20 | 100,000 | 99,998 | |
| East Knox Local School District BAN Series 2019, 2.375% 6/11/20 | 100,000 | 100,227 | |
| Hudson City Gen. Oblig. BAN Series 2019, 2% 12/18/20 | 100,000 | 100,197 | |
| Southwest Local School District BAN Series 2019, 2% 11/12/20 (Ohio Gen. Oblig. Guaranteed) | 100,000 | 100,475 | |
| Sycamore Cmnty. School District BAN Series 2019, 2.25% 4/15/20 | 200,000 | 200,076 | |
| 701,111 | |||
| Pennsylvania - 0.1% | |||
| Montgomery County Indl. Dev. Auth. Rev. Bonds (New Reg'l. Med. Ctr. Proj.) Series 2010, 5% 8/1/20 (Pre-Refunded to 8/1/20 @ 100) | 100,000 | 101,255 | |
| South Carolina - 0.1% | |||
| Charleston County School District BAN (Sales Tax Proj. Phase IV) Series 2019 B, 4% 5/13/20 | 150,000 | 150,556 | |
| Tennessee - 0.8% | |||
| Memphis Gen. Oblig. Series A, 0.98% 5/20/20 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 1,000,000 | 1,000,000 | |
| Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. Bonds Series 2001 B, 1.55%, tender 11/3/20 (a) | 100,000 | 99,872 | |
| 1,099,872 | |||
| Texas - 7.2% | |||
| Austin Elec. Util. Sys. Rev. Series A: | |||
| 0.92% 6/2/20 (Liquidity Facility JPMorgan Chase Bank), CP | 400,000 | 400,000 | |
| 1.18% 6/2/20 (Liquidity Facility JPMorgan Chase Bank), CP | 200,000 | 200,000 | |
| Brownsville Util. Sys. Rev. Series A, 1.29% 5/5/20, LOC Bank of America NA, CP | 100,000 | 100,000 | |
| Dallas Fort Worth Int'l. Arpt. Rev. Bonds: | |||
| Series 2012 E: | |||
| 4% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | 100,000 | 101,515 | |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | 820,000 | 837,097 | |
| Series 2012 F: | |||
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | 185,000 | 188,639 | |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | 200,000 | 203,934 | |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | 155,000 | 158,049 | |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | 470,000 | 479,245 | |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | 200,000 | 203,934 | |
| Series 2013 A: | |||
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | 200,000 | 203,934 | |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | 500,000 | 509,835 | |
| Garland Util. Sys. Rev. Series 2018, 1.08% 5/6/20, LOC Bank of America NA, CP | 100,000 | 100,000 | |
| Harris County Metropolitan Trans. Auth.: | |||
| Series A1, 1.45% 4/9/20 (Liquidity Facility JPMorgan Chase Bank), CP | 600,000 | 600,000 | |
| Series A3, 1.18% 4/9/20 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 300,000 | 300,000 | |
| Lower Colorado River Auth. Rev. Series B: | |||
| 1.23% 6/10/20, LOC State Street Bank & Trust Co., Boston, CP | 300,000 | 300,000 | |
| 1.26% 6/10/20, LOC State Street Bank & Trust Co., Boston, CP | 100,000 | 100,000 | |
| Texas Gen. Oblig. TRAN Series 2019, 4% 8/27/20 | 4,400,000 | 4,449,642 | |
| Texas Trans. Commission State Hwy. Fund Rev. Bonds Series 2014 A, 5% 4/1/21 | 300,000 | 311,633 | |
| 9,747,457 | |||
| Virginia - 0.4% | |||
| Norfolk Econ. Dev. Auth. Rev. Series 1997, 0.9% 6/2/20, CP | 600,000 | 600,000 | |
| Washington - 0.1% | |||
| Port of Seattle Rev. Bonds Series 2012 B, 5% 8/1/20 (b) | 100,000 | 101,194 | |
| TOTAL OTHER MUNICIPAL SECURITY | |||
| (Cost $32,876,826) | 32,872,229 | ||
| Shares | Value | ||
| Investment Company - 32.3% | |||
| Fidelity Municipal Cash Central Fund 2.42% (i)(j) | |||
| (Cost $43,616,000) | 43,611,639 | 43,616,000 | |
| TOTAL INVESTMENT IN SECURITIES - 95.2% | |||
| (Cost $128,341,230) | 128,338,229 | ||
| NET OTHER ASSETS (LIABILITIES) - 4.8% | 6,460,044 | ||
| NET ASSETS - 100% | $134,798,273 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
CP – COMMERCIAL PAPER
TRAN – TAX AND REVENUE ANTICIPATION NOTE
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(c) Provides evidence of ownership in one or more underlying municipal bonds.
(d) Coupon rates are determined by re-marketing agents based on current market conditions.
(e) Restricted securities (including private placements) - 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 $700,000 or 0.5% of net assets.
(f) 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 $200,000 or 0.1% of net assets.
(g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(h) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(i) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(j) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost |
| Baltimore Proj. Rev. Bonds Series Floaters G 28, 3.58%, tender 7/1/20 (Liquidity Facility Royal Bank of Canada) | 7/12/18 | $100,000 |
| Broward County Port Facilities Rev. Bonds Series G 115, 3.29%, tender 9/1/20 (Liquidity Facility Royal Bank of Canada) | 9/26/19 | $100,000 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 3.41%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) | 5/16/19 | $100,000 |
| Denver City & County Arpt. Rev. Bonds Series G-114, 3.53%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) | 6/6/19 | $100,000 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 3.94%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) | 7/12/18 | $100,000 |
| North Texas Tollway Auth. Rev. Bonds Series G-112, 3.26%, tender 7/1/20 (Liquidity Facility Royal Bank of Canada) | 6/6/19 | $100,000 |
| Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, 4.19%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) | 8/2/18 | $100,000 |
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 Municipal Cash Central Fund | $308,941 |
| Total | $308,941 |
Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2020, 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 below, please refer to the Investment 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: | ||||
| Variable Rate Demand Note | $34,785,000 | $-- | $34,785,000 | $-- |
| Tender Option Bond | 17,065,000 | -- | 17,065,000 | -- |
| Other Municipal Security | 32,872,229 | -- | 32,872,229 | -- |
| Investment Company | 43,616,000 | 43,616,000 | -- | -- |
| Total Investments in Securities: | $128,338,229 | $43,616,000 | $84,722,229 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| March 31, 2020 | ||
| Assets | ||
|
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $84,725,230) |
$84,722,229 | |
| Fidelity Central Funds (cost $43,616,000) | 43,616,000 | |
| Total Investment in Securities (cost $128,341,230) | $128,338,229 | |
| Receivable for investments sold | 7,205,208 | |
| Interest receivable | 554,508 | |
| Distributions receivable from Fidelity Central Funds | 43,694 | |
| Prepaid expenses | 177 | |
| Receivable from investment adviser for expense reductions | 1,941 | |
| Other receivables | 777 | |
| Total assets | 136,144,534 | |
| Liabilities | ||
| Payable to custodian bank | $216,968 | |
| Payable for investments purchased on a delayed delivery basis | 401,488 | |
| Payable for fund shares redeemed | 666,207 | |
| Accrued management fee | 24,932 | |
| Other payables and accrued expenses | 36,666 | |
| Total liabilities | 1,346,261 | |
| Net Assets | $134,798,273 | |
| Net Assets consist of: | ||
| Paid in capital | $134,796,279 | |
| Total accumulated earnings (loss) | 1,994 | |
| Net Assets | $134,798,273 | |
| Net Asset Value, offering price and redemption price per share ($134,798,273 ÷ 134,768,798 shares) | $1.0002 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Year ended March 31, 2020 | ||
| Investment Income | ||
| Interest | $3,393,280 | |
| Income from Fidelity Central Funds | 308,941 | |
| Total income | 3,702,221 | |
| Expenses | ||
| Management fee | $333,908 | |
| Transfer agent fees | 27,497 | |
| Accounting fees and expenses | 14,299 | |
| Custodian fees and expenses | 3,056 | |
| Independent trustees' fees and expenses | 952 | |
| Registration fees | 20,451 | |
| Audit | 40,173 | |
| Legal | 271 | |
| Miscellaneous | 919 | |
| Total expenses before reductions | 441,526 | |
| Expense reductions | (107,742) | |
| Total expenses after reductions | 333,784 | |
| Net investment income (loss) | 3,368,437 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 10,040 | |
| Capital gain distributions from Fidelity Central Funds | 200 | |
| Total net realized gain (loss) | 10,240 | |
| Change in net unrealized appreciation (depreciation) on investment securities | (47,259) | |
| Net increase in net assets resulting from operations | $3,331,418 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended March 31, 2020 | Year ended March 31, 2019 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $3,368,437 | $5,142,013 |
| Net realized gain (loss) | 10,240 | 6,886 |
| Change in net unrealized appreciation (depreciation) | (47,259) | 62,761 |
| Net increase in net assets resulting from operations | 3,331,418 | 5,211,660 |
| Distributions to shareholders | (3,376,686) | (5,142,521) |
| Share transactions | ||
| Proceeds from sales of shares | 66,131,356 | 146,943,525 |
| Reinvestment of distributions | 3,376,686 | 5,142,521 |
| Cost of shares redeemed | (230,174,797) | (121,948,707) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (160,666,755) | 30,137,339 |
| Total increase (decrease) in net assets | (160,712,023) | 30,206,478 |
| Net Assets | ||
| Beginning of period | 295,510,296 | 265,303,818 |
| End of period | $134,798,273 | $295,510,296 |
| Other Information | ||
| Shares | ||
| Sold | 66,131,356 | 146,946,236 |
| Issued in reinvestment of distributions | 3,376,493 | 5,142,432 |
| Redeemed | (230,210,210) | (121,941,352) |
| Net increase (decrease) | (160,702,361) | 30,147,316 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity SAI Municipal Money Market Fund
| Years ended March 31, | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | |||
| Net asset value, beginning of period | $1.0001 | $.9999 | $1.0000 |
| Income from Investment Operations | |||
| Net investment income (loss) | .0142 | .0146 | .0023 |
| Net realized and unrealized gain (loss) | .0001B | .0002 | (.0001) |
| Total from investment operations | .0143 | .0148 | .0022 |
| Distributions from net investment income | (.0142) | (.0146) | (.0023) |
| Total distributions | (.0142) | (.0146) | (.0023) |
| Net asset value, end of period | $1.0002 | $1.0001 | $.9999 |
| Total ReturnC,D | 1.44% | 1.49% | .23% |
| Ratios to Average Net AssetsE,F | |||
| Expenses before reductions | .19% | .21% | .23%G,H |
| Expenses net of fee waivers, if any | .14% | .14% | .14%G |
| Expenses net of all reductions | .14% | .14% | .14%G |
| Net investment income (loss) | 1.41% | 1.46% | 1.09%G |
| Supplemental Data | |||
| Net assets, end of period (000 omitted) | $134,798 | $295,510 | $265,304 |
A For the period January 11, 2018 (commencement of operations) to March 31, 2018.
B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Audit fees are not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended March 31, 2020
1. Organization.
Fidelity SAI Municipal Money Market Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund has been designated an institutional money market fund, and the value of the Fund's shares are calculated to four decimal places that fluctuates based upon changes in the value of the Fund's investments.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
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:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in the Fidelity Central Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2020, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
| Gross unrealized appreciation | $8,163 |
| Gross unrealized depreciation | (11,164) |
| Net unrealized appreciation (depreciation) | $(3,001) |
| Tax Cost | $128,341,230 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $1,681 |
| Undistributed long-term capital gain | $3,480 |
| Net unrealized appreciation (depreciation) on securities and other investments | $(3,001) |
The tax character of distributions paid was as follows:
| March 31, 2020 | March 31, 2019 | |
| Tax-exempt Income | $3,368,719 | $5,142,521 |
| Ordinary Income | 7,967 | – |
| Total | $3,376,686 | $ 5,142,521 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .14% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. Effective August 1, 2019 transfer agent fees are not paid by the Fund and are instead paid by the investment adviser or an affiliate. Prior to August 1, 2019, FIIOC received account fees and asset-based fees that varied according to account size and type of account. FIIOC paid for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to a rate of .03% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Effective August 1, 2019 accounting fees are not paid by the Fund and are instead paid by the investment adviser or an affiliate. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity SAI Municipal Money Market Fund | .01 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
5. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .14% of average net assets. This reimbursement will remain in place through July 31, 2021. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $106,834.
In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $908.
6. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers Tax-Sensitive Short Duration Fund was the owner of record of approximately 100% of the total outstanding shares of the Fund.
7. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Municipal Money Market Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Municipal Money Market Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the “Fund”) as of March 31, 2020, the related statement of operations for the year ended March 31, 2020, the statement of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended March 31, 2020 and for the period January 11, 2018 (commencement of operations) through March 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2020 and the financial highlights for each of the two years in the period ended March 31, 2020 and for the period January 11, 2018 (commencement of operations) through March 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 11, 2020
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 279 funds. Mr. Chiel oversees 172 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management and Executive Vice President and Chief Investment Officer of Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager for various institutional equity accounts and mutual funds and Portfolio Manager for a number of institutional fixed-income clients. Mr. Kenneally began his career as a Research Analyst in 1983 and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray currently serves as Vice Chairman of Meijer, Inc. (regional retail chain, 2013-present). Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present) and a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of certain funds (2017-2019), as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Previously, Mr. McGinty served as Chief Compliance Officer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2019). Prior to joining Fidelity Investments, Mr. McGinty served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President of Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as President (2016-2019) and Director (2014-2019) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), Vice President of Global Asset Allocation Funds (2017-2019); Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), and President, Money Market and Short Duration Bond Group of Fidelity Management & Research Company (FMR) (investment adviser firm, 2013-2014).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2019 to March 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized Expense Ratio-A |
Beginning
Account Value October 1, 2019 |
Ending
Account Value March 31, 2020 |
Expenses Paid
During Period-B October 1, 2019 to March 31, 2020 |
|
| Actual | .14% | $1,000.00 | $1,006.90 | $.70 |
| Hypothetical-C | $1,000.00 | $1,024.30 | $.71 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity SAI Municipal Money Market Fund voted to pay on May 11, 2020, to shareholders of record at the opening of business on May 8, 2020, a distribution of $.00003 per share derived from capital gains realized from sales of portfolio securities.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended March 31, 2020, $3,480, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2020, 100% of the fund's income dividends was free from federal income tax, and 72.83% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
OMM-ANN-0520
1.9885508.102
Item 2.
Code of Ethics
As of the end of the period, March 31, 2020, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity SAI Municipal Money Market Fund (the “Fund”):
Services Billed by PwC
March 31, 2020 FeesA
|
|
Audit Fees |
Audit-Related Fees |
Tax Fees |
All Other Fees |
|
Fidelity SAI Municipal Money Market Fund |
$33,100 |
$2,800 |
$1,900 |
$1,500 |
March 31, 2019 FeesA
|
|
Audit Fees |
Audit-Related Fees |
Tax Fees |
All Other Fees |
|
Fidelity SAI Municipal Money Market Fund |
$35,000 |
$2,700 |
$2,000 |
$1,500 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by PwC
|
|
March 31, 2020A |
March 31, 2019A |
|
Audit-Related Fees |
$8,596,700 |
$7,890,000 |
|
Tax Fees |
$17,700 |
$20,000 |
|
All Other Fees |
$- |
$- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
|
Billed By |
March 31, 2020A |
March 31, 2019A |
|
PwC |
$13,455,700 |
$12,385,000 |
|
|
|
|
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
|
(a) |
(1) |
Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
|
(a) |
(2) |
|
|
(a) |
(3) |
Not applicable. |
|
(b) |
|
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/Laura M. Del Prato |
|
|
Laura M. Del Prato |
|
|
President and Treasurer |
|
|
|
|
Date: |
May 21, 2020 |
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/Laura M. Del Prato |
|
|
Laura M. Del Prato |
|
|
President and Treasurer |
|
|
|
|
Date: |
May 21, 2020 |
|
By: |
/s/John J. Burke III |
|
|
John J. Burke III |
|
|
Chief Financial Officer |
|
|
|
|
Date: |
May 21, 2020 |