Investment objective & strategy
As of Aug. 26, 2025 · prospectusObjective. Fidelity SAI Municipal Bond Index Fund seeks to provide a high current yield exempt from federal income tax.
Strategy. 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). Normally investing at least 80% of assets in securities included in the Bloomberg Municipal Bond Index . The Bloomberg Municipal Bond Index is a market value-weighted index of investment-grade municipal bonds with maturities of one year or more. Effective December 11, 2025, derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Using statistical sampling techniques based on … 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). Normally investing at least 80% of assets in securities included in the Bloomberg Municipal Bond Index . The Bloomberg Municipal Bond Index is a market value-weighted index of investment-grade municipal bonds with maturities of one year or more. Effective December 11, 2025, derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Using statistical sampling techniques based on duration, maturity, interest rate sensitivity, security structure, and credit quality to attempt to replicate the returns of the Bloomberg Municipal Bond Index using a smaller number of securities.
Top holdings
As of Sept. 30, 2025 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Fidelity Municipal Cash Central Fund | — | $999.79K | 1.29% |
| CALIFORNIA COMMUNITY VAR | CCEDEV | $773.85K | 1.00% |
| NY ST URBAN DEV-A | — | $521.81K | 0.67% |
| LOS ANGELES UNIF SD-A | — | $465.74K | 0.60% |
| NY STATE UR D 5% 3/15/2037 | — | $457.11K | 0.59% |
| NYC MUNI WTR FIN-BB-2 | — | $423.43K | 0.55% |
| CA ST 3% 11/1/2035 | — | $410.31K | 0.53% |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | SALAGR | $391.14K | 0.50% |
| MAIN STR NAT GA 5% MT | MAIUTL | $381.11K | 0.49% |
| State of New Jersey, Series 2020, GO Bonds | NJS | $379.53K | 0.49% |
Portfolio moves
Jun 30, 2025 → Sep 30, 2025How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Fidelity Systematic Municipal Bond Index ETF · FMUN | 13% | 0.05% |
| Fidelity Municipal Bond Index Fund · FMBIX | 12% | 0.07% |
| Invesco National AMT-Free Municipal Bond ETF · PZA | 4% | 0.28% |
Advisers
| Firm | Role |
|---|---|
| FMR Investment Management (UK) Limited | Sub-adviser |
| Fidelity Management & Research (Japan) Limited | Sub-adviser |
| Fidelity Management & Research (Hong Kong) Limited | Sub-adviser |
| Fidelity Management & Research Company LLC | Adviser |
Footnotes
- Expense ratio as of August 26, 2025, from the fund's prospectus.
- Net assets and holdings count as of September 30, 2025, from the fund's N-PORT filing.
- Total return for calendar year 2024, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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