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 |
$ |
5 |
|
3
years |
$ |
35 |
|
5
years |
$ |
71 |
|
10
years |
$ |
178 |
Portfolio
Turnover
The
fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when fund
shares are held in a taxable account. These costs, which are not reflected in
annual operating expenses or in the example, affect the fund's performance.
During the most recent fiscal year, the fund's portfolio turnover rate
was 76%
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing at least 80% of assets in securities included in the Russell SMID
500™ Index.
- Lending
securities to earn income for the fund.
Principal
Investment Risks
Stock
markets are volatile and can decline significantly in response to adverse
issuer, political, regulatory, market, or economic developments. Different parts
of the market, including different market sectors, and different types of
securities can react differently to these developments.
The
value of an individual security or particular type of security can be more
volatile than, and can perform differently from, the market as a
whole.
Changes
in the financial condition of an issuer or counterparty (e.g., broker-dealer or
other borrower in a securities lending transaction) can increase the risk of
default by an issuer or counterparty, which can affect a security's or
instrument's value or result in delays in recovering securities and/or capital
from a counterparty.
The
performance of the fund and its underlying index may vary somewhat due to
factors such as fees and expenses of the fund, transaction costs, sample
selection, regulatory restrictions, and timing differences associated with
additions to and deletions from the index. Errors in the construction or
calculation of the index may occur from time to time and may not be identified
and corrected for some period of time, which may have an adverse impact on the
fund and its shareholders.
The
fund is managed with a passive investment strategy, attempting to track the
performance of an unmanaged index of securities, regardless of the current or
projected performance of the fund's index or of the actual securities included
in the index. This differs from an actively managed fund, which typically seeks
to outperform a benchmark index. As a result, the fund's performance could be
lower than actively managed funds that may shift their portfolio assets to take
advantage of market opportunities or lessen the impact of a market decline or a
decline in the value of one or more issuers.
- Small-
and Mid-Cap Investing.
The
value of securities of small to medium size, less well-known issuers can perform
differently from the market as a whole and other types of stocks and can be more
volatile than that of larger issuers.
Securities
lending involves the risk that the borrower may fail to return the securities
loaned in a timely manner or at all. If the borrower defaults on its obligation
to return the securities loaned because of insolvency or other reasons, a fund
could experience delays and costs in recovering the securities loaned or in
gaining access to the collateral.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
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 and compares the performance of the fund's shares to the
performance of a securities market index over various periods of
time.
The index description appears in the "Additional Index Information" section of
the prospectus.
Past performance (before and after taxes) is not an indication of future
performance.
Visit
www.fidelity.com for
more recent performance information.
Year-by-Year
Returns
|
|
|
|
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
|
|
|
14.62%
|
18.40%
|
-9.25%
|
29.53%
|
19.77%
|
20.92%
|
-16.73%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
27.27% |
June
30, 2020 |
|
Lowest
Quarter Return |
-29.06% |
March
31, 2020 |
|
Year-to-Date
Return |
9.38% |
June
30, 2023 |
Average
Annual Returns
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates, but do not reflect the impact of state or local
taxes.
Actual after-tax returns may differ depending on your individual
circumstances.
The after-tax returns shown are not relevant if you hold your shares in a
retirement account or in another tax-deferred arrangement, such as an employee
benefit plan (profit sharing, 401(k), or 403(b)
plan).
Return After Taxes on Distributions and Sale of Fund Shares may be higher than
other returns for the same period due to a tax benefit of realizing a capital
loss upon the sale of fund shares.
|
For
the periods ended December 31, 2022 |
Past
1
year |
Past
5
years |
Life
of
fund A |
|
Fidelity®
SAI Small-Mid Cap 500 Index Fund |
|
|
|
|
Return
Before Taxes |
-16.73% |
7.23% |
% |
|
Return
After Taxes on Distributions |
-25.31% |
2.05% |
% |
|
Return
After Taxes on Distributions and Sale of Fund
Shares
|
-3.18% |
5.75% |
% |
|
Russell
SMID 500™ Index
(reflects
no deduction for fees, expenses, or taxes) |
-16.77% |
7.26% |
% |
|
|
|
|
|
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Geode Capital Management, LLC serves as a sub-adviser for the
fund.
Portfolio
Manager(s)
Louis
Bottari (Senior Portfolio Manager) has managed the fund since 2015.
Peter
Matthew (Senior Portfolio Manager) has managed the fund since 2015.
Robert
Regan (Portfolio Manager) has managed the fund since 2016.
Payal
Gupta (Portfolio Manager) has managed the fund since 2019.
Navid
Sohrabi (Portfolio Manager) has managed the fund since 2019.
Purchase
and Sale of Shares
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 net asset value per share (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.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
you receive from the fund are subject to federal income tax and generally will
be taxed as ordinary income or capital gains, and may also be subject to state
or local taxes, unless you are investing through a tax-advantaged retirement
account (in which case you may be taxed later, upon withdrawal of your
investment from such account).
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 Small-Mid Cap 500 Index Fund seeks to provide investment results that
correspond to the total return of stocks of small- to mid-capitalization United
States companies.
Principal
Investment Strategies
Geode
Capital Management, LLC (Geode) normally invests at least 80% of the fund's
assets in securities included in the Russell SMID 500™
Index. The Russell SMID 500™
Index is a market capitalization-weighted index of the top 500 companies in the
Russell 2500™
Index, ranked by market capitalization.
The
fund may not always hold all of the same securities as the Russell SMID 500™
Index. Geode may use statistical sampling techniques to attempt to replicate the
returns of the index. Statistical sampling techniques attempt to match the
investment characteristics of the index and the fund by taking into account such
factors as capitalization, industry exposures, dividend yield, price/earnings
(P/E) ratio, price/book (P/B) ratio, and earnings growth.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses and
transaction costs, the size and frequency of cash flows into and out of the
fund, and differences between how and when the fund and the index are valued can
cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Description
of Principal Security Types
Equity
securities
represent an ownership interest, or the right to acquire an ownership interest,
in an issuer. Different types of equity securities provide different voting and
dividend rights and priority in the event of the bankruptcy of the
issuer. Equity securities include common stocks, preferred stocks,
convertible securities, and warrants.
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 share price changes daily
based on changes in market conditions and interest rates and in response to
other economic, political, or financial developments. The fund's reaction to
these developments will be affected by the types of securities in which the fund
invests, the financial condition, industry and economic sector, and geographic
location of an issuer, and the fund's level of investment in the securities of
that issuer. When you sell your shares they may be worth more or less than what
you paid for them, which means that you could lose money by investing in the
fund.
The
following factors can significantly affect the fund's performance:
Stock
Market Volatility.
The value of equity securities fluctuates in response to issuer, political,
market, and economic developments. Fluctuations, especially in foreign markets,
can be dramatic over the short as well as long term, and different parts of the
market, including different market sectors, and different types of equity
securities can react differently to these developments. For example, stocks of
companies in one sector can react differently from those in another, large cap
stocks can react differently from small cap stocks, and "growth" stocks can
react differently from "value" stocks. Issuer, political, or economic
developments can affect a single issuer, issuers within an industry or economic
sector or geographic region, or the market as a whole. Changes in the financial
condition of a single issuer can impact the market as a whole. Terrorism and
related geo-political risks have led, and may in the future lead, to increased
short-term market volatility and may have adverse long-term effects on world
economies and markets generally.
Issuer-Specific
Changes.
Changes in the financial condition of an issuer or counterparty (e.g.,
broker-dealer or other borrower in a securities lending transaction), changes in
specific economic or political conditions that affect a particular type of
security or 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 value or result in delays in recovering securities
and/or capital from a counterparty. The value of securities of smaller, less
well-known issuers can be more volatile than that of larger
issuers.
Correlation
to Index.
The performance of the fund and its index may vary somewhat due to factors such
as fees and expenses of the fund, transaction costs, imperfect correlation
between the fund's securities and those in its index, timing differences
associated with additions to and deletions from its index, and changes in the
shares outstanding of the component securities. In addition, the fund may not be
able to invest in certain securities in its index or invest in them in the exact
proportions in which they are represented in the index due to regulatory
restrictions. The fund may not be fully invested at times, either as a result of
cash flows into the fund or as a result of reserves of cash held by the fund to
meet redemptions. The use of sampling techniques or futures or other derivative
positions may affect the fund's ability to achieve close correlation with its
index. Errors in the construction or calculation of the index may occur from
time to time and may not be identified and corrected for some period of time,
which may have an adverse impact on the fund and its shareholders.
Passive
Management Risk.
An index fund is managed with a passive investment strategy, attempting to track
the performance of an unmanaged index of securities, regardless of the current
or projected performance of the fund's index or of the actual securities
included in the index. This differs from an actively managed fund, which
typically seeks to outperform a benchmark index. As a result, an index fund's
performance could be lower than actively managed funds that may shift their
portfolio assets to take advantage of market opportunities or lessen the impact
of a market decline or a decline in the value of one or more issuers. The
structure and composition of an index fund's index will affect the performance,
volatility, and risk of the index and, consequently, the performance,
volatility, and risk of the fund.
Small-
and Mid-Cap Investing.
The value of securities of small to medium size, less well-known issuers can be
more volatile than that of relatively larger issuers and can react differently
to issuer, political, market, and economic developments than the market as a
whole and other types of stocks. Smaller issuers can have more limited product
lines, markets, and financial resources.
Securities
Lending Risk.
Securities lending involves the risk that the borrower may fail to return the
securities loaned in a timely manner or at all. If the borrower defaults on its
obligation to return the securities loaned because of insolvency or other
reasons, a fund could experience delays and costs in recovering the securities
loaned or in gaining access to the collateral. These delays and costs could be
greater for foreign securities. If a fund is not able to recover the securities
loaned, the fund may sell the collateral and purchase a replacement investment
in the market. The value of the collateral could decrease below the value of the
replacement investment by the time the replacement investment is
purchased.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, Geode may use
various techniques, such as buying and selling futures contracts, swaps, and
exchange traded funds, to increase or decrease the fund's exposure to changing
security prices or other factors that affect security values.
Fundamental
Investment Policies
The
following is fundamental, that is, subject to change only by shareholder
approval:
Fidelity®
SAI Small-Mid Cap 500 Index Fund seeks to provide investment results that
correspond to the total return of stocks of small- to mid-capitalization United
States companies.
Shareholder
Notice
The
following is subject to change only upon 60 days' prior notice to
shareholders:
Fidelity®
SAI Small-Mid Cap 500 Index Fund normally
invests at least 80% of its assets in securities included in the Russell SMID
500™
Index.
The
fund is open for business each day the NYSE is open.
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. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
Arbitrage
opportunities may exist when trading in a portfolio security or securities is
halted and does not resume before a fund calculates its NAV. These arbitrage
opportunities may enable short-term traders to dilute the NAV of long-term
investors. Securities trading in overseas markets, if applicable, present
time zone arbitrage opportunities when events affecting portfolio security
values occur after the close of the overseas markets but prior to the close of
the U.S. market. Fair valuation of a fund's portfolio securities can serve to
reduce arbitrage opportunities available to short-term traders, but there is no
assurance that fair value pricing policies will prevent dilution of NAV by
short-term traders.
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
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
brokerage commissions or spreads paid to dealers who sell money market
instruments), disrupting portfolio management strategies, and diluting the value
of the shares in cases in which fluctuations in markets are not fully priced
into the fund's NAV.
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.
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.
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.
Policies
Concerning the Redemption of Fund Shares
If
your account is held directly with a fund,
the length of time that a fund typically expects to pay redemption proceeds
depends on the method you have elected to receive such proceeds. A fund
typically expects to make payment of redemption proceeds by wire, automated
clearing house (ACH) or by issuing a check by the next business day 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.
If
your account is held through an intermediary,
the length of time that a fund typically expects to pay redemption proceeds
depends, in part, on the terms of the agreement in place between the
intermediary and a fund. For redemption proceeds that are paid either directly
to you from a fund or to your intermediary for transmittal to you, a fund
typically expects to make payments by wire, by ACH or by issuing a check on the
next business day following receipt of a redemption order in proper form from
the intermediary by a fund. Redemption orders that are processed through
investment professionals that utilize the National Securities Clearing
Corporation will generally settle one to three business days following receipt
of a redemption order in proper form.
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. 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
also realizes capital gains from its investments, and distributes these gains
(less any losses) to shareholders as capital gain distributions.
The
fund normally declares dividends and pays capital gain distributions per the
tables below:
|
Fund
Name |
|
Dividends
Paid |
|
Fidelity®
SAI Small-Mid Cap 500 Index Fund |
|
September,
December |
|
Fund
Name |
|
Capital
Gains Paid |
|
Fidelity®
SAI Small-Mid Cap 500 Index Fund |
|
September,
December |
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 (for non-retirement accounts).
Taxes
on Distributions
Distributions
you receive from the fund are subject to federal income tax, and may also be
subject to state or local taxes.
For
federal tax purposes, certain distributions, including dividends and
distributions of short-term capital gains, are taxable to you as ordinary
income, while certain distributions, including distributions of long-term
capital gains, are taxable to you generally as capital gains. A percentage of
certain distributions of dividends may qualify for taxation at long-term capital
gains rates (provided certain holding period requirements are
met).
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.
Taxes
on Transactions
Your
redemptions 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 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 is responsible for handling the fund's business
affairs.
Sub-Adviser(s)
Geode,
at 100 Summer Street, 12th Floor, Boston, Massachusetts 02110, serves as a
sub-adviser for the fund. As of December 31, 2022, Geode had approximately
$803.4 billion in discretionary assets under management.
Geode
chooses the fund's investments and places orders to buy and sell the fund's
investments.
Portfolio
Manager(s)
Louis
Bottari is Senior Portfolio Manager of Fidelity®
SAI Small-Mid Cap 500 Index Fund, which he has managed since 2015. He also
manages other funds. Since joining Geode in 2008, Mr. Bottari has worked as an
assistant portfolio manager, portfolio manager, and senior portfolio
manager.
Peter
Matthew is Senior Portfolio Manager of Fidelity®
SAI Small-Mid Cap 500 Index Fund, which he has managed since 2015. He also
manages other funds. Since joining Geode in 2007, Mr. Matthew has worked as a
senior operations associate, portfolio manager assistant, assistant portfolio
manager, portfolio manager, and senior portfolio manager.
Robert
Regan is Portfolio Manager of Fidelity®
SAI Small-Mid Cap 500 Index Fund, which he has managed since 2016. He also
manages other funds. Since joining Geode in 2016, Mr. Regan has worked as a
portfolio manager.
Payal
Gupta is Portfolio Manager of Fidelity®
SAI Small-Mid Cap 500 Index Fund, which she has managed since 2019. She also
manages other funds. Since joining Geode in 2019, Ms. Gupta has worked as a
portfolio manager. Prior to joining Geode, Ms. Gupta worked at State Street
Global Advisors from 2005 to 2019, most recently as senior portfolio
manager.
Navid
Sohrabi is Portfolio Manager of Fidelity®
SAI Small-Mid Cap 500 Index Fund, which he has managed since 2019. He also
manages other funds. Since joining Geode in 2019, Mr. Sohrabi has worked as a
portfolio manager. Prior to joining Geode, Mr. Sohrabi worked at DWS, most
recently as an index portfolio manager.
The
SAI provides additional information about the compensation of, any other
accounts managed by, and any fund shares held by the portfolio
manager(s).
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 Small-Mid Cap 500 Index Fund |
0.11% |
The
Adviser pays Geode for providing investment management services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreement for the fund is available in the fund's semi-annual
report for the fiscal period ended January 31, 2023.
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 Deloitte & Touche LLP,
independent registered public accounting firm, whose report, along with
fund financial statements, is included in the annual report. Annual reports are
available for free upon request.
|
Fidelity®
SAI Small-Mid Cap 500 Index Fund |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
9.84 |
$ |
16.46 |
$ |
12.19 |
$ |
12.80 |
$ |
12.95 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.10
|
|
.16
|
|
.20
|
|
.20
|
|
.19
|
|
Net
realized and unrealized gain (loss) |
|
.38
|
|
(1.07)
|
|
5.09
|
|
(.20)
C |
|
.46
|
|
Total
from investment operations |
|
.48
|
|
(.91)
|
|
5.29
|
|
-
|
|
.65
|
|
Distributions
from net investment income |
|
(.11)
|
|
(.22)
|
|
(.17)
|
|
(.22)
|
|
(.18)
|
|
Distributions
from net realized gain |
|
(4.15)
|
|
(5.48)
|
|
(.85)
|
|
(.39)
|
|
(.63)
|
|
Total
distributions |
|
(4.25)
D |
|
(5.71)
D |
|
(1.02)
|
|
(.61)
|
|
(.80)
D |
|
Net
asset value, end of period |
$ |
6.07 |
$ |
9.84 |
$ |
16.46 |
$ |
12.19 |
$ |
12.80 |
|
Total
Return E |
|
8.32%
|
|
(8.94)%
|
|
46.99%
|
|
(.03)%
C |
|
5.26%
|
|
Ratios
to Average Net Assets B,F,G |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.15%
|
|
.14%
|
|
.13%
|
|
.13%
|
|
.22%
|
|
Expenses
net of fee waivers, if any |
|
.06%
|
|
.05%
|
|
.05%
|
|
.05%
|
|
.08%
|
|
Expenses
net of all reductions |
|
.06%
|
|
.05%
|
|
.05%
|
|
.05%
|
|
.08%
|
|
Net
investment income (loss) |
|
1.77%
|
|
1.35%
|
|
1.37%
|
|
1.66%
|
|
1.53%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
1,610,937 |
$ |
246,496 |
$ |
1,087,415 |
$ |
1,921,810 |
$ |
1,862,285 |
|
Portfolio
turnover rate H |
|
76%
|
|
93%
|
|
69%
|
|
79%
|
|
41%
|
ACalculated
based on average shares outstanding during the period.
BNet
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.
CAmount
includes a reimbursement from the investment adviser for an operational error
which amounted to less than $.02 per share. Excluding this reimbursement, the
total return would have been (.16)%.
DTotal
distributions per share do not sum due to rounding.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FFees
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.
GExpense
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.
HAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Additional
Index Information
Russell
SMID 500TM Index is
a custom index that measures the performance of the largest securities within
the Russell 2500TM
Index. The Russell 2500TM
Index measures the performance of the small to mid-cap segment of the U.S.
equity universe, commonly referred to as "smid" cap. The Russell SMID
500TM
Index includes approximately 500 of the largest securities based on a
combination of their market cap and current index membership. It is constructed
to provide a comprehensive and unbiased barometer for the largest 500 securities
held within the smid cap segment. The index is completely reconstituted annually
to ensure the performance and characteristics remain representative of the true
opportunity set.
Source:
London Stock Exchange Group plc and its group undertakings (collectively, the
"LSE Group"). © LSE Group 2023. FTSE Russell is a trading name of certain of the
LSE Group companies. "Russell®"
is/are a trademark(s) of the relevant LSE Group companies and is/are used by any
other LSE Group company under license. All rights in the FTSE Russell indexes or
data vest in the relevant LSE Group company which owns the index or the data.
Neither LSE Group nor its licensors accept any liability for any errors or
omissions in the indexes or data and no party may rely on any indexes or data
contained in this communication. No further distribution of data from the LSE
Group is permitted without the relevant LSE Group company's express written
consent. The LSE Group does not promote, sponsor or endorse the content of this
communication.
|
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. The fund's annual report includes a discussion of the fund's
holdings and recent market conditions and the fund's investment strategies that
affected performance.
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.
|
1.9866047.108 |
SV3-PRO-0923 |
