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, MA 02210
(Address of principal executive offices) (Zip code)
Nicole Macarchuk, 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: | September 30, 2024 |
Item 1.
Reports to Stockholders
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® SAI Municipal Money Market Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
EFFECTIVE MATURITY DIVERSIFICATION
(% of Fund's net assets)
|
||
|
Days
|
||
1-7
|
||
|
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
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||
![]() |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914774.100 3062-TSRS-1124
|
|
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies


Contents
Investment Company - 99.7%
|
|||
Shares
|
Value ($)
|
||
Fidelity Municipal Cash Central Fund 3.50% (a)(b)
(Cost $43,011,203)
|
43,002,247
|
43,010,848
|
|
|
TOTAL INVESTMENT IN SECURITIES - 99.7%
(Cost $43,011,203)
|
43,010,848
|
NET OTHER ASSETS (LIABILITIES) - 0.3%
|
114,021
|
NET ASSETS - 100.0%
|
43,124,869
|
(a)
|
Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
|
(b)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
% ownership,
end
of period
|
Fidelity Municipal Cash Central Fund 3.50%
|
3,543,196
|
40,768,312
|
1,300,000
|
510,474
|
-
|
(660)
|
43,010,848
|
1.7%
|
Total
|
3,543,196
|
40,768,312
|
1,300,000
|
510,474
|
-
|
(660)
|
43,010,848
|
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Investment Company
|
43,010,848
|
43,010,848
|
-
|
-
|
Total Investments in Securities:
|
43,010,848
|
43,010,848
|
-
|
-
|
Statement of Assets and Liabilities
|
||||
|
As of September 30, 2024 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value - See accompanying schedule:
|
||||
Fidelity Central Funds (cost $43,011,203)
|
$
|
43,010,848
|
||
Total Investment in Securities (cost $43,011,203)
|
$
|
43,010,848
|
||
Cash
|
6,690
|
|||
Distributions receivable from Fidelity Central Funds
|
125,707
|
|||
Prepaid expenses
|
55
|
|||
Receivable from investment adviser for expense reductions
|
5,924
|
|||
Total assets
|
43,149,224
|
|||
Liabilities
|
||||
Accrued management fee
|
$
|
5,005
|
||
Audit fee payable
|
18,997
|
|||
Custody fee payable
|
350
|
|||
Other payables and accrued expenses
|
3
|
|||
Total liabilities
|
24,355
|
|||
Net Assets
|
$
|
43,124,869
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
43,151,986
|
||
Total accumulated earnings (loss)
|
(27,117)
|
|||
Net Assets
|
$
|
43,124,869
|
||
Net Asset Value, offering price and redemption price per share ($43,124,869 ÷ 43,117,033 shares)
|
$
|
1.0002
|
||
Statement of Operations
|
||||
Six months ended September 30, 2024 (Unaudited)
|
||||
Investment Income
|
||||
Interest
|
$
|
246,793
|
||
Income from Fidelity Central Funds
|
510,474
|
|||
Total income
|
757,267
|
|||
Expenses
|
||||
Management fee
|
$
|
29,906
|
||
Custodian fees and expenses
|
460
|
|||
Independent trustees' fees and expenses
|
57
|
|||
Registration fees
|
6,795
|
|||
Audit fees
|
20,654
|
|||
Legal
|
10
|
|||
Miscellaneous
|
118
|
|||
Total expenses before reductions
|
58,000
|
|||
Expense reductions
|
(42,949)
|
|||
Total expenses after reductions
|
15,051
|
|||
Net Investment income (loss)
|
742,216
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(1,570)
|
|||
Total net realized gain (loss)
|
(1,570)
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(327)
|
|||
Fidelity Central Funds
|
(660)
|
|||
Total change in net unrealized appreciation (depreciation)
|
(987)
|
|||
Net gain (loss)
|
(2,557)
|
|||
Net increase in net assets resulting from operations
|
$
|
739,659
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
September 30, 2024
(Unaudited)
|
Year ended
March 31, 2024
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
742,216
|
$
|
3,620,801
|
Net realized gain (loss)
|
(1,570)
|
195
|
||
Change in net unrealized appreciation (depreciation)
|
(987)
|
(26,965)
|
||
Net increase in net assets resulting from operations
|
739,659
|
3,594,031
|
||
Distributions to shareholders
|
(742,423)
|
(3,619,585)
|
||
Share transactions
|
||||
Proceeds from sales of shares
|
-
|
12,384,099
|
||
Reinvestment of distributions
|
742,083
|
3,619,585
|
||
Cost of shares redeemed
|
(1,968,128)
|
(132,108,751)
|
||
Net increase (decrease) in net assets and shares resulting from share transactions
|
(1,226,045)
|
(116,105,067)
|
||
Total increase (decrease) in net assets
|
(1,228,809)
|
(116,130,621)
|
||
Net Assets
|
||||
Beginning of period
|
44,353,678
|
160,484,299
|
||
End of period
|
$
|
43,124,869
|
$
|
44,353,678
|
Other Information
|
||||
Shares
|
||||
Sold
|
-
|
12,380,540
|
||
Issued in reinvestment of distributions
|
741,934
|
3,618,521
|
||
Redeemed
|
(1,967,734)
|
(132,071,921)
|
||
Net increase (decrease)
|
(1,225,800)
|
(116,072,860)
|
||
Fidelity® SAI Municipal Money Market Fund |
Six months ended
(Unaudited) September 30, 2024
|
Years ended March 31, 2024
|
2023
|
2022
|
2021
|
2020
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
1.0002
|
$
|
1.0004
|
$
|
1.0000
|
$
|
1.0004
|
$
|
1.0002
|
$
|
1.0001
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A
|
.0174
|
.0346
|
.0180
|
.0003
|
.0013
|
.0142
|
||||||
Net realized and unrealized gain (loss)
|
- B
|
(.0002)
|
.0004
|
(.0003)
|
.0002
|
.0001
|
||||||
Total from investment operations
|
.0174
|
.0344
|
.0184
|
-
|
.0015
|
.0143
|
||||||
Distributions from net investment income
|
(.0174)
|
(.0346)
|
(.0180)
|
(.0003)
|
(.0013)
|
(.0142)
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.0001)
|
(.0001)
|
-
|
||||||
Total distributions
|
(.0174)
|
(.0346)
|
(.0180)
|
(.0004)
|
(.0013) C
|
(.0142)
|
||||||
Net asset value, end of period
|
$
|
1.0002
|
$
|
1.0002
|
$
|
1.0004
|
$
|
1.0000
|
$
|
1.0004
|
$
|
1.0002
|
Total Return D,E
|
1.77 % |
3.47%
|
1.85%
|
-%
|
.15%
|
1.44%
|
||||||
Ratios to Average Net Assets A,F,G
|
||||||||||||
Expenses before reductions
|
.27% H
|
.20%
|
.16%
|
.16%
|
.16%
|
.19%
|
||||||
Expenses net of fee waivers, if any
|
.07 % H |
.14%
|
.14%
|
.09%
|
.12%
|
.14%
|
||||||
Expenses net of all reductions
|
.07% H
|
.14%
|
.14%
|
.09%
|
.12%
|
.14%
|
||||||
Net investment income (loss)
|
3.47% H
|
3.43%
|
1.57%
|
.03%
|
.08%
|
1.41%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
43,125
|
$
|
44,354
|
$
|
160,484
|
$
|
537,411
|
$
|
445,828
|
$
|
134,798
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Gross unrealized appreciation
|
$149
|
Gross unrealized depreciation
|
(504)
|
Net unrealized appreciation (depreciation)
|
$(355)
|
Tax cost
|
$43,011,203
|
Short-term
|
$(25,462)
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity SAI Municipal Money Market Fund
|
-
|
33,955,181
|
(31)
|
Strategic Advisers Tax-Sensitive Short Duration Fund
|
|
Fidelity SAI Municipal Money Market Fund
|
99%
|
Fund
|
% of shares held
|
Fidelity SAI Municipal Money Market Fund
|
100%
|
![]() |
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
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 Fidelity Salem Street Trusts Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Salem Street Trusts (the Trust) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trusts 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 Trusts internal control over financial reporting.
Item 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
| (a) | (1) | Not applicable. |
| (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 (Principal Executive Officer) |
| | |
| Date: | November 21, 2024 |
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 (Principal Executive Officer) |
| | |
| Date: | November 21, 2024 |
| By: | /s/Stephanie Caron |
| | Stephanie Caron |
| | Chief Financial Officer (Principal Financial Officer) |
| | |
| Date: | November 21, 2024 |
Exhibit EX-99.CERT
I, Laura M. Del Prato, certify that:
1.
I have reviewed this report on Form N-CSR of Fidelity Salem Street Trust;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
November 21, 2024
/s/Laura M. Del Prato |
Laura M. Del Prato |
President and Treasurer (Principal Executive Officer) |
I, Stephanie Caron, certify that:
1.
I have reviewed this report on Form N-CSR of Fidelity Salem Street Trust;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
November 21, 2024
/s/Stephanie Caron |
Stephanie Caron |
Chief Financial Officer (Principal Financial Officer) |
Exhibit EX-99.906CERT
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)
In connection with the attached Report of Fidelity Salem Street Trust (the “Trust”) on Form N-CSR to be filed with the Securities and Exchange Commission (the “Report”), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer’s knowledge:
1.
The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.
Dated: November 21, 2024
/s/Laura M. Del Prato |
Laura M. Del Prato |
President and Treasurer (Principal Executive Officer) |
Dated: November 21, 2024
/s/Stephanie Caron |
Stephanie Caron |
Chief Financial Officer (Principal Financial Officer) |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.
Form N-CSR Cover |
6 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Shareholder Report [Line Items] | |
| Document Type | N-CSRS |
| Amendment Flag | false |
| Registrant Name | Fidelity Salem Street Trust |
| Entity Central Index Key | 0000035315 |
| Entity Investment Company Type | N-1A |
| Document Period End Date | Sep. 30, 2024 |
Shareholder Report |
6 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2024
USD ($)
shares
| ||||||||||
| Shareholder Report [Line Items] | ||||||||||
| Document Type | N-CSRS | |||||||||
| Amendment Flag | false | |||||||||
| Registrant Name | Fidelity Salem Street Trust | |||||||||
| Entity Central Index Key | 0000035315 | |||||||||
| Entity Investment Company Type | N-1A | |||||||||
| Document Period End Date | Sep. 30, 2024 | |||||||||
| Fidelity SAI Municipal Money Market Fund | ||||||||||
| Shareholder Report [Line Items] | ||||||||||
| Fund Name | Fidelity® SAI Municipal Money Market Fund | |||||||||
| Class Name | Fidelity® SAI Municipal Money Market Fund | |||||||||
| Trading Symbol | FMQXX | |||||||||
| Annual or Semi-Annual Statement [Text Block] | This semi-annual shareholder report contains information about Fidelity® SAI Municipal Money Market Fund for the period April 1, 2024 to September 30, 2024. | |||||||||
| Shareholder Report Annual or Semi-Annual | semi-annual shareholder report | |||||||||
| Additional Information [Text Block] | You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com. | |||||||||
| Additional Information Phone Number | 1-800-544-3455 | |||||||||
| Additional Information Email | fidfunddocuments@fidelity.com | |||||||||
| Additional Information Website | fundresearch.fidelity.com/prospectus/sec | |||||||||
| Expenses [Text Block] | What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
|||||||||
| Expenses Paid, Amount | $ 4 | |||||||||
| Expense Ratio, Percent | 0.07% | |||||||||
| Net Assets | $ 43,124,869 | |||||||||
| Holdings Count | shares | 1 | |||||||||
| Additional Fund Statistics [Text Block] | Key Fund Statistics
(as of September 30, 2024)
|
|||||||||
| Holdings [Text Block] | EFFECTIVE MATURITY DIVERSIFICATION (% of Fund's net assets) Days 1-7 99.7 Net Other Assets (Liabilities) 100.0 ASSET ALLOCATION (% of Fund's net assets) |
Shareholder Report, Holdings (Details) - Fidelity SAI Municipal Money Market Fund |
Sep. 30, 2024 |
|---|---|
| EMD0Member | |
| Holdings [Line Items] | |
| Percent of Net Asset Value | 99.70% |
| AANetOtherAssetsLiabilitiesMember | |
| Holdings [Line Items] | |
| Percent of Net Asset Value | 100.00% |
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