This
example
helps
compare the cost of investing in the fund with the cost of investing in other
funds.
Let's say, hypothetically, that the annual return for shares of
the fund is 5% and that the fees and the annual operating expenses for shares of
the fund are exactly as described in the fee table. This example illustrates the
effect of fees and expenses, but is not meant to suggest actual or expected fees
and expenses or returns, all of which may vary. For every $10,000 you invested,
here's how much you would pay in total expenses if you sell all of your shares
at the end of each time period indicated:
|
1
year |
$
|
14
|
|
3
years |
$
|
49
|
|
5
years |
$
|
88
|
|
10
years |
$
|
202
|
Principal
Investment Strategies
- Normally
investing in municipal money market securities.
- Normally
investing at least 80% of assets in municipal securities whose interest is
exempt from federal income tax (but may be subject to the federal alternative
minimum tax).
- Potentially
investing up to 20% of assets in securities subject to state and/or federal
income tax.
- Potentially
investing more than 25% of total assets in municipal securities that finance
similar types of projects.
- Investing
in compliance with industry-standard regulatory requirements for money market
funds for the quality, maturity, liquidity, and diversification of
investments.
Although
the fund is a money market fund, it will price and transact at a "floating" net
asset value per share (NAV) that will fluctuate based on changes in the value of
the fund's investments.
Principal
Investment Risks
- Municipal
Market Volatility.
The
municipal market is volatile and can be significantly affected by adverse tax,
legislative, or political changes and the financial condition of the issuers of
municipal securities.
Interest
rate increases can cause the price of a money market security to
decrease.
A
low or negative interest rate environment can adversely affect the fund's
yield.
The
fund does not maintain a constant NAV per share of $1.00. The value of the
fund's shares will be calculated to four decimal places and will vary as a
result of changes in the value of the securities in which the fund
invests.
Entities
providing credit support or a maturity-shortening structure that are located in
foreign countries can be affected by adverse political, regulatory, market, or
economic developments in those countries .
A
decline in the credit quality of an issuer or a provider of credit support or a
maturity-shortening structure for a security can cause the price of a money
market security to decrease.
You
could lose money by investing in the fund .
Because
the share price of the fund will fluctuate, when you sell your shares they may
be worth more or less than what you originally paid for them.
T
he
fund may impose a fee upon the sale of your shares or may temporarily suspend
your ability to sell shares if the fund's liquidity falls below required
minimums because of market conditions or other factors .
An
investment in the fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency .
Fidelity
Investments and its affiliates, the fund's sponsor, have no legal obligation to
provide financial support to the fund, and you should not expect that the
sponsor will provide financial support to the fund at any time.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates the changes in the performance of the fund's shares from
year to year.
Past
performance is not an indication of future performance.
Visit
www.fidelity.com
for
more recent performance information.
Year-by-Year
Returns
|
|
|
|
|
|
|
|
2019
|
2020
|
2021
|
2022
|
|
|
|
|
|
|
|
|
1.44 %
|
0.53 %
|
0.02 %
|
1.10 %
|
|
During
the periods shown in the chart: |
Returns
|
Quarter
ended |
|
Highest
Quarter Return |
0.62
%
|
December
31, 2022 |
|
Lowest
Quarter Return |
-
0.02 %
|
March
31, 2022 |
|
Year-to-Date
Return |
0.73
%
|
March
31, 2023 |
Average
Annual Returns
|
For
the periods ended December 31, 2022 |
Past
1
year
|
Life
of
fund
A
|
|
Fidelity®
SAI Municipal Money Market Fund |
1.10
%
|
%
|
|
|
|
|
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Other investment advisers serve as sub-advisers for the fund.
Purchase
and Sale of Shares
The
fund is an institutional money market fund, which means that the NAV of the
fund's shares will "float," fluctuating with changes in the values of the fund's
portfolio securities. The fund may impose a fee upon the sale of fund shares or
may temporarily suspend the ability to sell shares if the fund's liquidity falls
below required minimums because of market conditions or other factors.
NOT
AVAILABLE FOR SALE TO THE GENERAL PUBLIC.
Shares
are offered exclusively to certain clients of the Adviser or its
affiliates.
The
price to buy one share is its NAV. Shares will be bought at the NAV next
calculated after an order is received in proper form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
Even
if the NYSE is closed, the fund will be open for business on those days on which
the Federal Reserve Bank of New York (New York Fed) is open, the primary trading
markets for the fund's portfolio instruments are open, and the fund's management
believes there is an adequate market to meet purchase and redemption
requests.
Fidelity
normally calculates Fidelity® SAI Municipal Money Market Fund's NAV each
business day as of 4:00 p.m. Eastern time.
The
fund's assets normally are valued as of this time for the purpose of computing
NAV.
There
is no purchase minimum for fund shares.
Tax
Information
The
fund seeks to earn income and pay dividends exempt from federal income tax.
Income exempt from federal income tax may be subject to state or local tax. A
portion of the dividends you receive may be subject to federal and state income
taxes and may also be subject to the federal alternative minimum tax. You may
also receive taxable distributions attributable to the fund's sale of municipal
bonds.
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser or FDC), for the sale of fund shares and related
services. These payments may create a conflict of interest by influencing your
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Basics
Investment
Objective
Fidelity®
SAI Municipal Money Market Fund seeks as high a level of interest income exempt
from federal income tax as is consistent with liquidity and stability of
principal.
Principal
Investment Strategies
The
Adviser normally invests the fund's assets in municipal money market
securities.
The
Adviser normally invests at least 80% of the fund's assets in municipal
securities whose interest is exempt from federal income tax. The Adviser may
invest all of the fund's assets in municipal securities whose interest is
subject to the federal alternative minimum tax.
The
supply of and demand for municipal money market securities can vary from time to
time. When the Adviser believes that suitable municipal money market securities
are not available, or during other unusual market conditions, the Adviser may
leave a significant portion of the fund's assets uninvested, or may invest up to
20% of the fund's assets in securities subject to state and/or federal income
tax.
The
Adviser may invest more than 25% of the fund's total assets in municipal
securities that finance similar projects, such as those relating to education,
health care, transportation, and utilities.
In
buying and selling securities for the fund, the Adviser complies with
industry-standard regulatory requirements for money market funds regarding the
quality, maturity, liquidity, and diversification of the fund's investments. The
Adviser may invest the fund's assets in municipal money market securities by
investing in other funds. Although the fund is a money market fund, it will
price and transact at a "floating" NAV that will fluctuate based on changes in
the value of the fund's investments.
Description
of Principal Security Types
Money
market securities are
high-quality, short-term securities that pay a fixed, variable, or floating
interest rate. Securities are often specifically structured so that they are
eligible investments for a money market fund. For example, in order to satisfy
the maturity restrictions for a money market fund, some money market securities
have demand or put features, which have the effect of shortening the security's
maturity. Municipal money market securities include variable rate demand
notes, commercial paper, and municipal notes.
Municipal
securities are
issued to raise money for a variety of public and private purposes, including
general financing for state and local governments, or financing for a specific
project or public facility. Municipal securities may be fully or partially
backed by the local government, by the credit of a private issuer, by the
current or anticipated revenues from a specific project or specific assets, or
by domestic or foreign entities providing credit support such as letters of
credit, guarantees, or insurance.
Principal
Investment Risks
Many
factors affect the fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. The fund's yield will change daily
based on changes in interest rates and other market conditions. For example, a
major increase in interest rates or a decrease in the credit quality of the
issuer of one of the fund's investments could cause the fund's share price to
decrease.
The
following factors can significantly affect the fund's performance:
Municipal
Market Volatility.
Municipal
securities can be significantly affected by political changes as well as
uncertainties in the municipal market related to taxation, legislative changes,
or the rights of municipal security holders. Because many municipal securities
are issued to finance similar projects, especially those relating to education,
health care, transportation, and utilities, conditions in those sectors can
affect the overall municipal market. Budgetary constraints of local, state, and
federal governments upon which the issuers may be relying for funding may also
impact municipal securities. In addition, changes in the financial condition of
an individual municipal insurer can affect the overall municipal market, and
market conditions may directly impact the liquidity and valuation of municipal
securities.
Interest
Rate Changes. Money
market securities have varying levels of sensitivity to changes in interest
rates. In general, the price of a money market security can fall when interest
rates rise and can rise when interest rates fall. Certain types of securities,
such as securities with longer maturities, can be more sensitive to interest
rate changes. Short- term securities tend to react to changes in short- term
interest rates. Some countries experience low or negative interest rates from
time to time, which may magnify interest rate risk for the market as a whole and
for a fund. In market environments where interest rates are rising, issuers may
be less willing or able to make principal and/or interest payments on securities
when due. The discontinuation and replacement of London Interbank Offered Rate
(LIBOR) (an indicative measure of the average interest rate at which major
global banks could borrow from one another) and other benchmark rates may have a
significant impact on the financial markets and may adversely impact a fund's
performance.
Income
Risk. The
fund's income, or yield, is based on short-term interest rates, which can
fluctuate significantly over short periods. A low or negative interest rate
environment can adversely affect the fund's yield and, depending on its duration
and severity, could prevent the fund from providing a positive yield. In
addition, the fund's yield will vary as the short-term securities in its
portfolio mature and the proceeds are reinvested in securities with different
interest rates.
Foreign
Exposure. Entities
providing credit support or a maturity-shortening structure that are located in
foreign countries can involve increased risks. Extensive public information
about the provider may not be available and unfavorable political, economic, or
governmental developments could affect the value of the security.
Global
economies and financial markets are becoming increasingly interconnected, which
increases the possibilities that conditions in one country or region might
adversely impact providers in a different country or region.
Floating
NAV. The
fund does not maintain a constant NAV per share of $1. 00. The fund's NAV will
be calculated to four decimal places and will vary as a result of changes in the
value of the securities in which the fund invests.
Issuer-Specific
Changes. Changes
in the financial condition of an issuer or counterparty, changes in specific
economic or political conditions that affect a particular type of issuer, and
changes in general economic or political conditions can increase the risk of
default by an issuer or counterparty, which can affect a security's or
instrument's credit quality or value. Entities providing credit support or a
maturity-shortening structure also can be affected by these types of changes,
and if the structure of a security fails to function as intended, the security
could decline in value. Municipal securities backed by current or anticipated
revenues from a specific project or specific assets can be negatively affected
by the discontinuance of the taxation supporting the project or assets or the
inability to collect revenues for the project or from the assets. If the
Internal Revenue Service (IRS) determines an issuer of a municipal security has
not complied with applicable tax requirements, interest from the security could
become taxable and the security could decline significantly in value.
Generally,
the fund purchases municipal securities whose interest, in the opinion of bond
counsel, is free from federal income tax. Neither the Adviser nor the fund
guarantees that this opinion is correct, and there is no assurance that the IRS
will agree with bond counsel's opinion. Issuers or other parties generally enter
into covenants requiring continuing compliance with federal tax requirements to
preserve the tax- free status of interest payments over the life of the
security. If at any time the covenants are not complied with, or if the IRS
otherwise determines that the issuer did not comply with relevant tax
requirements, interest payments from a security could become federally taxable,
possibly retroactively to the date the security was issued. For certain types of
structured securities, the tax status of the pass- through of tax- free income
may also be based on the federal tax treatment of the structure.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy (including leaving a significant
portion of the fund's assets uninvested) for defensive purposes. Uninvested
assets do not earn income for a fund, which may have a significant negative
impact on the fund's yield and may prevent the fund from achieving its
investment objective. In addition, different factors could affect a fund's
performance, and the fund could distribute income subject to federal income
tax.
Fundamental
Investment Policies
The
following is fundamental, that is, subject to change only by shareholder
approval:
Fidelity®
SAI Municipal Money Market Fund seeks as high a level of interest income exempt
from federal income tax as is consistent with liquidity and stability of
principal. The fund normally invests at least 80% of its assets in municipal
securities whose interest is exempt from federal income tax.
The
fund is open for business each day the NYSE is open.
Even
if the NYSE is closed, a money market fund will be open for business on those
days on which the New York Fed is open, the primary trading markets for the
money market fund's portfolio instruments are open, and the money market fund's
management believes there is an adequate market to meet purchase and redemption
requests.
The
NAV is the value of a single share. Fidelity normally calculates NAV as of the
close of business of the NYSE, normally 4:00 p.m. Eastern time. The fund's
assets normally are valued as of this time for the purpose of computing
NAV.
NAV
is not calculated and the fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
To
the extent that the fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of the fund's assets may not occur on
days when the fund is open for business.
NAV
is calculated using the values of other open-end funds, if any, in which the
fund invests (referred to as underlying funds). Shares of underlying funds are
valued at their respective NAVs. Other assets are valued primarily on the basis
of market quotations, official closing prices, or information furnished by a
pricing service. Certain short-term securities are valued on the basis of
amortized cost. If market quotations, official closing prices, or information
furnished by a pricing service are not readily available or, in the Adviser's
opinion, are deemed unreliable for a security, then that security will be fair
valued in good faith by the Adviser in accordance with applicable fair value
pricing policies. For example, if, in the Adviser's opinion, a security's value
has been materially affected by events occurring before a fund's pricing time
but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies.
The
value of the fund's shares will be calculated to four decimal places using
"basis point" rounding (rounding to the nearest 1/100th of one percent).
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
The
fund is an institutional money market fund, which means that the NAV of the
fund's shares will "float," fluctuating with changes in the values of the fund's
portfolio securities. The fund may impose a fee upon the sale of fund shares or
may temporarily suspend the ability to sell shares if the fund's liquidity falls
below required minimums because of market conditions or other factors.
NOT
AVAILABLE FOR SALE TO THE GENERAL PUBLIC.
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
Shares
are offered exclusively to certain clients of the Adviser or its affiliates. If
you are not currently a client in a discretionary investment program offered by
the Adviser or its affiliates, please call 1-800-544-3455 (9:00 a.m. - 6:00 p.m.
Eastern time, Monday through Friday) for more information. Additional fees apply
for discretionary investment programs. For more information on these fees,
please refer to the "Buying and Selling Information" section of the Statement of
Additional Information (SAI).
The
fund may reject for any reason, or cancel as permitted or required by law, any
purchase orders.
Excessive
trading of fund shares can harm shareholders in various ways, including reducing
the returns to long-term shareholders by increasing costs to the fund (such as
spreads paid to dealers who sell money market instruments to a fund) and
disrupting portfolio management strategies.
The
Adviser anticipates that shares of the fund will be purchased and sold
frequently because a money market fund is designed to offer a liquid cash
option.
Because
investments in the fund can only be made by the Adviser or an affiliate on
behalf of its clients, the potential for excessive or short-term disruptive
purchases and sales is reduced. Accordingly, the Board of Trustees has not
adopted policies and procedures designed to discourage excessive trading of fund
shares and the fund accommodates frequent trading.
The
fund does not place a limit on purchases or sales of fund shares by the Adviser
or its affiliates. The fund reserves the right, but does not have the
obligation, to reject any purchase transaction at any time. In addition, the
fund reserves the right to impose restrictions on disruptive, excessive, or
short-term trading.
The
fund has no exchange privilege with any other fund.
Investors
may be required to demonstrate eligibility to buy shares of the fund before an
investment is accepted.
There
is no minimum balance or purchase minimum for fund shares.
The
price to buy one share is its NAV. Shares are sold without a sales
charge.
Shares
will be bought at the NAV next calculated after an order is received in proper
form.
Shares
are generally available only to investors residing in the United States.
The
fund may stop offering shares completely or may offer shares only on a limited
basis, for a period of time or permanently, including, if applicable, periods
when redemptions are suspended.
Under
applicable anti-money laundering rules and other regulations, purchase orders
may be suspended, restricted, or canceled and the monies may be withheld.
The
price to sell one share is its NAV.
Shares
will be sold at the NAV next calculated after an order is received in proper
form.
Normally,
redemptions will be processed by the next business day, but it may take up to
seven days to pay the redemption proceeds if making immediate payment would
adversely affect the fund.
See
"Policies Concerning the Redemption of Fund Shares" below for additional
redemption information.
Redemptions
may be suspended or payment dates postponed when the NYSE is closed (other than
weekends or holidays), when trading on the NYSE is restricted, or as permitted
by the SEC.
Redemption
proceeds may be paid in securities or other property rather than in cash if the
Adviser determines it is in the best interests of the fund.
When
you terminate your relationship with the Adviser, or one of its affiliates, your
shares may be sold at the NAV next calculated, in which case proceeds from such
redemption would be sent to you.
Under
applicable anti-money laundering rules and other regulations, redemption
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
If
applicable, orders by funds of funds for which the Adviser or its affiliates
serve as investment manager will be treated as received by the fund at the same
time that the corresponding orders are received in proper form by the funds of
funds.
Special
Limitations Affecting Redemptions:
A
fund may impose liquidity fees and temporarily suspend redemptions based on the
amount of fund assets that are "weekly liquid assets." Weekly liquid assets
generally include cash, direct obligations of the U.S. government, certain other
U.S. government or agency securities, and securities that will mature or are
subject to a demand feature that is exercisable and payable within five business
days.
If,
at any time, the weekly liquid assets of a fund fall below 30% of total assets
and the fund's Board of Trustees determines it is in the fund's best interests,
the fund may, as early as the same day, impose a liquidity fee of no more than
2% and/or temporarily suspend redemptions for up to 10 business days in any 90
day period.
If,
at the end of any business day, the weekly liquid assets of a fund fall below
10% of total assets, the fund will impose a liquidity fee of 1% on all
redemptions beginning on the next business day, unless the fund's Board of
Trustees determines that imposing such a fee would not be in the fund's best
interests or determines that a lower or higher fee (not to exceed 2%) would be
in the fund's best interests. Any such fee would remain in effect until weekly
liquid assets return to 30% or the fund's Board of Trustees determines that the
fee is no longer in the fund's best interests. The Board of Trustees of the fund
may determine that it would not be in the fund's best interests to continue
operating if a fund's weekly liquid assets fall below 10% or under other
circumstances, at which point, the fund may permanently suspend redemptions and
liquidate.
Liquidity
fees are designed to transfer the costs of liquidating fund securities from
shareholders who remain in a fund to those who leave the fund during periods
when liquidity is scarce. The fees are payable to the fund and any fees charged
to a shareholder will fully or partially offset the gain or increase the loss
realized by that shareholder upon redemption.
If
liquidity fees are imposed or redemptions are suspended, a fund will notify
shareholders on the fund's website or by press release.
Policies
Concerning the Redemption of Fund Shares
Regardless
of whether your account is held directly with a fund or through an
intermediary ,
a fund typically expects to pay redemption proceeds on the next business day (or
earlier to the extent a fund offers a same day settlement feature) following
receipt of a redemption order in proper form. Proceeds from the periodic and
automatic sale of shares of a Fidelity ®
money
market fund that are used to buy shares of another Fidelity ®
fund
are settled simultaneously. To the extent your account is held through an
intermediary, it is the responsibility of your investment professional to
transmit your order to sell shares to Fidelity before the close of business on
the day you place your order.
As
noted elsewhere, payment of redemption proceeds may take longer than the time a
fund typically expects and may take up to seven days from the date of receipt of
the redemption order as permitted by applicable law.
Redemption
Methods Available. Generally
a fund expects to pay redemption proceeds in cash. To do so, a fund typically
expects to satisfy redemption requests either by using available cash (or cash
equivalents) or by selling portfolio securities. On a less regular basis, a fund
may also satisfy redemption requests by utilizing one or more of the following
sources, if permitted: borrowing from another Fidelity ®
fund;
drawing on an available line or lines of credit from a bank or banks; or using
reverse repurchase agreements (if authorized). These methods may be used during
both normal and stressed market conditions.
In
addition to paying redemption proceeds in cash, a fund reserves the right to pay
part or all of your redemption proceeds in readily marketable securities instead
of cash (redemption in-kind). Redemption in-kind proceeds will typically be made
by delivering the selected securities to the redeeming shareholder within seven
days after the receipt of the redemption order in proper form by a fund.
Dividends
and Capital Gain Distributions
The
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. The fund
may also realize capital gains from its investments, and distributes these gains
(less losses), if any, to shareholders as capital gain distributions.
Distributions
from a money market fund consist primarily of dividends. A money market fund
normally declares dividends daily and pays them monthly.
Earning
Dividends
The
fund processes purchase and redemption requests only on days it is open for
business.
Shares
generally begin to earn dividends on the first business day following the day of
purchase.
Shares
generally earn dividends until, but not including, the next business day
following the day of redemption.
Distribution
Options
Any
dividends and capital gain distributions may be reinvested in additional shares
or paid in cash.
As
with any investment, your investment in the fund could have tax consequences for
you.
The
fund seeks to earn income and pay dividends exempt from federal income
tax.
Income
exempt from federal income tax may be subject to state or local tax. A portion
of the dividends you receive may be subject to federal and state income taxes
and may also be subject to the federal alternative minimum tax. You may also
receive taxable distributions attributable to the fund's sale of municipal
bonds.
For
federal tax purposes, certain distributions, including distributions of
short-term capital gains and gains on the sale of bonds characterized as market
discount, are taxable to you as ordinary income, while certain distributions of
long-term capital gains are taxable to you generally as capital gains.
If
the Adviser buys shares on your behalf when a fund has realized but not yet
distributed income or capital gains, you will be "buying a dividend" by paying
the full price for the shares and then receiving a portion of the price back in
the form of a taxable distribution.
Any
taxable distributions you receive from the fund will normally be taxable to you
when you receive them, regardless of your distribution option.
If
you elect to receive distributions in cash, you will receive certain December
distributions in January, but those distributions will be taxable as if you
received them on December 31.
Redemptions
from the fund may result in a capital gain or loss for federal tax purposes. A
capital gain or loss on your investment in the fund generally is the difference
between the cost of your shares and the price you receive (net of any liquidity
fees imposed) when you sell them.
Fund
Services
The
fund is a mutual fund, an investment that pools shareholders' money and invests
it toward a specified goal.
Adviser
FMR.
The
Adviser is the fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2022, the Adviser had approximately $3.1 trillion in
discretionary assets under management, and approximately $3.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser has overall responsibility for directing the fund's
investments and handling its business affairs.
Sub-Adviser(s)
FMR
Investment Management (UK) Limited (FMR UK) ,
at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a
sub-adviser for the fund. As of December 31, 2022, FMR UK had approximately
$14.7 billion in discretionary assets under management. FMR UK is an affiliate
of the Adviser.
FMR
UK may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Fidelity
Management & Research (Hong Kong) Limited (FMR H.K.) ,
at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for
the fund. As of December 31, 2022, FMR H.K. had approximately $21.4 billion in
discretionary assets under management. FMR H.K. is an affiliate of the
Adviser.
FMR
H.K. may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Fidelity
Management & Research (Japan) Limited (FMR Japan) ,
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for the fund. As of March 31, 2022, FMR Japan had
approximately $6.9 billion in discretionary assets under management. FMR Japan
is an affiliate of the Adviser.
FMR
Japan may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
The
fund pays a management fee to the Adviser.
The
management fee is calculated and paid to the Adviser every month.
The
annual management fee rate, as a percentage of the fund's average net assets, is
shown in the following table:
|
Fund
|
Management
Fee Rate |
|
Fidelity®
SAI Municipal Money Market Fund |
0.14%
|
The
Adviser pays FMR Investment Management (UK) Limited, Fidelity Management &
Research (Hong Kong) Limited, and Fidelity Management & Research (Japan)
Limited for providing sub-advisory services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreements for the fund is available in the fund's semi-annual
report for the fiscal period ended September 30, 2022.
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
FDC
distributes the fund's shares.
Distribution
and Service Plan(s)
The
fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under
the Investment Company Act of 1940 (1940 Act) with respect to its shares that
recognizes that the Adviser may use its management fee revenues, as well as its
past profits or its resources from any other source, to pay FDC for expenses
incurred in connection with providing services intended to result in the sale of
shares of the fund and/or shareholder support services. The Adviser, directly or
through FDC, may pay significant amounts to intermediaries that provide those
services. Currently, the Board of Trustees of the fund has authorized such
payments for shares of the fund.
Affiliates
of the Adviser may receive service fees or distribution fees or both with
respect to underlying funds that participate in Fidelity's FundsNetwork
®
.
If
payments made by the Adviser to FDC or to intermediaries under the Distribution
and Service Plan were considered to be paid out of the fund's assets on an
ongoing basis, they might increase the cost of your investment and might cost
you more than paying other types of sales charges.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the fund or FDC. This
prospectus and the related SAI do not constitute an offer by the fund or by FDC
to sell shares of the fund to, or to buy shares of the fund from, any person to
whom it is unlawful to make such offer.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
The annual information has been audited by PricewaterhouseCoopers LLP,
independent registered public accounting firm, whose report(s), along with
fund financial statements, is included in the annual report. Annual reports are
available for free upon request.
|
Fidelity®
SAI Municipal Money Market Fund |
|
Years
ended March 31, |
|
2023
|
|
2022
|
|
2021
|
|
2020
|
|
2019
|
|
Selected
Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$
|
1.0000
|
$
|
1.0004
|
$
|
1.0002
|
$
|
1.0001
|
$
|
.9999
|
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A
|
|
.0180
|
|
.0003
|
|
.0013
|
|
.0142
|
|
.0146
|
|
Net
realized and unrealized gain (loss) |
|
.0004
|
|
(.0003)
|
|
.0002
|
|
.0001
|
|
.0002
|
|
Total
from investment operations |
|
.0184
|
|
-
|
|
.0015
|
|
.0143
|
|
.0148
|
|
Distributions
from net investment income |
|
(.0180)
|
|
(.0003)
|
|
(.0013)
|
|
(.0142)
|
|
(.0146)
|
|
Distributions
from net realized gain |
|
-
|
|
(.0001)
|
|
(.0001)
|
|
-
|
|
-
|
|
Total
distributions |
|
(.0180)
|
|
(.0004)
|
|
(.0013)
B
|
|
(.0142)
|
|
(.0146)
|
|
Net
asset value, end of period |
$
|
1.0004
|
$
|
1.0000
|
$
|
1.0004
|
$
|
1.0002
|
$
|
1.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return
C
|
|
1.85%
|
|
-%
|
|
.15%
|
|
1.44%
|
|
1.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets A,D,E
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.16%
|
|
.16%
|
|
.16%
|
|
.19%
|
|
.21%
|
|
Expenses
net of fee waivers, if any |
|
.14%
|
|
.09%
|
|
.12%
|
|
.14%
|
|
.14%
|
|
Expenses
net of all reductions |
|
.14%
|
|
.09%
|
|
.12%
|
|
.14%
|
|
.14%
|
|
Net
investment income (loss) |
|
1.57%
|
|
.03%
|
|
.08%
|
|
1.41%
|
|
1.46%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$
|
160,484
|
$
|
537,411
|
$
|
445,828
|
$
|
134,798
|
$
|
295,510
|
A
Net
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
B
Total
distributions per share do not sum due to rounding.
C
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
D
Fees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
E
Expense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
|
IMPORTANT
INFORMATION ABOUT OPENING A NEW ACCOUNT
To
help the government fight the funding of terrorism and money laundering
activities, the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT ACT), requires all financial institutions to obtain, verify, and
record information that identifies each person or entity that opens an
account.
For
individual investors opening an account: When
you open an account, you will be asked for your name, address, date of
birth, and other information that will allow Fidelity to identify you. You
may also be asked to provide documents that may help to establish your
identity, such as your driver's license.
For
investors other than individuals:
When
you open an account, you will be asked for the name of the entity, its
principal place of business and taxpayer identification number (TIN). You
will be asked to provide information about the entity's control person and
beneficial owners, and person(s) with authority over the account,
including name, address, date of birth and social security number. You may
also be asked to provide documents, such as drivers' licenses, articles of
incorporation, trust instruments or partnership agreements and other
information that will help Fidelity identify the entity.
|
You
can obtain additional information about the fund. A description of the fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about the fund and its investments. The
SAI is incorporated herein by reference (legally forms a part
of the prospectus). The fund's annual and semi-annual reports also include
additional information.
For
a free copy of any of these documents or to request other information or ask
questions about the fund, call Fidelity at 1-800-544-3455. In addition, you may
visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus,
SAI, or annual or semi-annual report or to request other information.
The
SAI, the fund's annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to [email protected] or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the fund, including the fund's SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
|
Investment
Company Act of 1940, File Number(s), 811-02105
|
Fidelity
Distributors Company LLC (FDC) is a member of the Securities Investor Protection
Corporation (SIPC). You may obtain information about SIPC, including the SIPC
brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
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.
© 2023 FMR LLC. All rights reserved.
|
1.9885503.106
|
OMM-PRO-0523
|
