# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0000035315-25-000791
**Filing Date:** 2025-9
**Character Count:** 576393
**Document Hash:** 73dd661be870c2a30005b5df29a3778c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035315-25-000791.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0000035315-25-000791

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SALEM STREET TRUST
- **CENTRAL INDEX KEY:** 0000035315

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 251328972

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FIXED INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FLEXIBLE BOND FUND
- **DATE OF NAME CHANGE:** 19860904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY CORPORATE BOND FUND INC
- **DATE OF NAME CHANGE:** 19851225

## Series and Classes Contracts Data

### Fidelity Real Estate Index Fund (Series ID: S000033639)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000103377 | Fidelity Real Estate Index Fund | FSRNX           |

### Fidelity SAI Small-Mid Cap 500 Index Fund (Series ID: S000050321)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000158877 | Fidelity SAI Small-Mid Cap 500 Index Fund | FZFLX           |

### Fidelity SAI U.S. Quality Index Fund (Series ID: S000051137)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000161034 | Fidelity SAI U.S. Quality Index Fund | FUQIX           |

### Fidelity SAI Real Estate Index Fund (Series ID: S000051993)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000163539 | Fidelity SAI Real Estate Index Fund | FESIX           |

### Fidelity SAI U.S. Large Cap Index Fund (Series ID: S000051994)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000163540 | Fidelity SAI U.S. Large Cap Index Fund | FLCPX           |

### Fidelity SAI U.S. Momentum Index Fund (Series ID: S000056275)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000177148 | Fidelity SAI U.S. Momentum Index Fund | FUMIX           |

### Fidelity SAI U.S. Value Index Fund (Series ID: S000059763)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000195574 | Fidelity SAI U.S. Value Index Fund | FSWCX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-02105</u>

<u>Fidelity Salem Street Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| Date of fiscal year end: | July 31 |
| Date of reporting period: | July 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® SAI U.S. Value Index Fund<br> **Fidelity® SAI U.S. Value Index Fund : FSWCX** <br>|

---

This annual shareholder report contains information about Fidelity® SAI U.S. Value Index Fund for the period August 1, 2024 to July 31, 2025. 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI U.S. Value Index Fund  | $11  | 0.11% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, financials gained roughly 27% and contributed most to the fund's performance for the fiscal year. Information technology stocks also helped (+20%). Communication services rose roughly 14%, utilities gained approximately 51%, and consumer discretionary advanced approximately 3%. Other contributors included the consumer staples (+2%), real estate (+9%), materials (+1%) and industrials (-1%) sectors.

• Conversely, health care returned about -14% and detracted most. This group was hampered by the health care equipment & services industry (-19%). Energy (-7%) also hurt.

• Turning to individual stocks, the top contributor was Nvidia (+51%), from the semiconductors & semiconductor equipment industry. Cisco Systems (+44%), a stock in the technology hardware & equipment group, also lifted the fund. Wells Fargo (+39%), a stock in the banks industry, helped as well. In telecommunication services, AT&T gained 49% and further contributed. Lastly, Microsoft (+29%), from the software & services industry, also helped.

• In contrast, the biggest detractor was Elevance Health (-46%), from the health care equipment & services category. Within the same group, UnitedHealth Group (-17%) and Centene (-66%) also hindered the fund. Lastly, Pfizer (-18%) and Merck (-11%), within the pharmaceuticals, biotechnology & life sciences group, further detracted.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

December 19, 2017 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI U.S. Value Index Fund<br>| $10000 | $10367<br>| $10431<br>| $9375<br>| $13348<br>| $14044<br>| $14991<br>| $17716<br>| $19237<br>|
| Fidelity U.S. Value Focus Index℠<br>| $10000 | $10382<br>| $10441<br>| $9377<br>| $13369<br>| $14083<br>| $15064<br>| $17800<br>| $19341<br>|
| S&P 500® Index<br>| $10000 | $10621<br>| $11469<br>| $12841<br>| $17520<br>| $16708<br>| $18882<br>| $23064<br>| $26831<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111484_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI U.S. Value Index Fund | 8.59% | 15.46% | 8.97% |
| Fidelity U.S. Value Focus Index℠ | 8.66%<br>| 15.58%<br>| 9.04% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.83% |

---

**A** From December 19, 2017

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5767744687<br>|
| Number of Holdings | 204<br>|
| Total Advisory Fee | $4919201<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.4 |
| Information Technology | 22.7 |
| Health Care | 15.4 |
| Energy | 13.4 |
| Communication Services | 7.9 |
| Consumer Discretionary | 4.8 |
| Consumer Staples | 4.0 |
| Industrials | 3.0 |
| Materials | 2.7 |
| Utilities | 0.7 |
| Real Estate | 0.4 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3056_20250731_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| United States | 98.6 |
| Switzerland | 0.8 |
| United Kingdom | 0.2 |
| Bailiwick Of Jersey | 0.2 |
| Bermuda | 0.1 |
| Puerto Rico | 0.1 |
| Belgium | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3056_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bermuda - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 4.2<br>|
| Exxon Mobil Corp | 4.0<br>|
| Microsoft Corp | 3.7<br>|
| Bank of America Corp | 3.5<br>|
| Cisco Systems Inc | 3.3<br>|
| Wells Fargo & Co | 3.2<br>|
| Chevron Corp | 3.1<br>|
| UnitedHealth Group Inc | 2.8<br>|
| Apple Inc | 2.5<br>|
| Merck & Co Inc | 2.4<br>|
|  | 32.7 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img3056_20250731_2.jpg)<br>| ![](img111484_3.jpg) | 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**<br> 1.9913551.101 3056-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® SAI U.S. Quality Index Fund<br> **Fidelity® SAI U.S. Quality Index Fund : FUQIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® SAI U.S. Quality Index Fund for the period August 1, 2024 to July 31, 2025. 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI U.S. Quality Index Fund  | $11  | 0.10% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, information technology gained 11% and contributed most to the fund's performance for the fiscal year. Communication services stocks also helped (+47%), benefiting from the media & entertainment industry (+47%). Financials rose about 16%, boosted by the financial services industry (+25%), consumer discretionary gained 27%, and industrials advanced roughly 12%. Other contributors included the consumer staples (+2%), real estate (+5%), energy (+9%) and materials (+11%) sectors.

• Conversely, health care returned roughly -3% and detracted most. This sector was hampered by the pharmaceuticals, biotechnology & life sciences industry (-8%).

• Turning to individual stocks, the biggest contributor was Nvidia (+51%), from the semiconductors & semiconductor equipment industry. Another notable contributor was Microsoft (+28%), a stock in the software & services group. Meta Platforms (+63%) and Alphabet (+11%), within the media & entertainment industry, lifted the fund. Lastly, in financial services, Visa gained approximately 31% and also contributed.

• In contrast, the biggest detractor was Adobe (-35%), from the software & services industry. Apple, within the technology hardware & equipment industry, returned -6% and detracted. Merck, within the pharmaceuticals, biotechnology & life sciences industry, returned roughly -16% and hindered the fund. Procter & Gamble, within the household & personal products category, returned -4% and hindered the fund. Lastly, Applied Materials, within the semiconductors & semiconductor equipment category, returned -14% and also detracted.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 8, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI U.S. Quality Index Fund<br>| $10000 | $10901<br>| $12503<br>| $15093<br>| $16556<br>| $19890<br>| $26383<br>| $24654<br>| $28344<br>| $35673<br>| $40729<br>|
| Fidelity SAI U.S. Quality Index Fund Linked Index℠<br>| $10000 | $10911<br>| $12543<br>| $15158<br>| $16640<br>| $19994<br>| $26537<br>| $24791<br>| $28554<br>| $35908<br>| $41112<br>|
| Fidelity U.S. Quality Focus Index℠<br>| $10000 | $10901<br>| $12503<br>| $15093<br>| $16573<br>| $19914<br>| $26430<br>| $24691<br>| $28439<br>| $35763<br>| $40947<br>|
| S&P 500® Index<br>| $10000 | $10983<br>| $12745<br>| $14815<br>| $15998<br>| $17911<br>| $24439<br>| $23305<br>| $26339<br>| $32172<br>| $37427<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111485_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI U.S. Quality Index Fund | 14.17% | 15.41% | 15.38% |
| Fidelity SAI U.S. Quality Index Fund Linked Index℠ | 14.49%<br>| 15.51%<br>| 15.49% |
| Fidelity U.S. Quality Focus Index℠B | 14.49%<br>| 15.51%<br>| n/a  |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 14.39% |

---

**A** **From October 8, 2015** 

**B From October 22, 2018**

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $22912261411<br>|
| Number of Holdings | 82<br>|
| Total Advisory Fee | $18172236<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 40.6 |
| Financials | 16.1 |
| Communication Services | 12.1 |
| Industrials | 7.3 |
| Health Care | 7.1 |
| Consumer Discretionary | 6.2 |
| Consumer Staples | 5.8 |
| Real Estate | 1.7 |
| Energy | 0.3 |
| Materials | 0.1 |

---

Common Stocks 97.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2803_20250731_AA.jpg) <br>|

---

Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.7 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2803_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 10.2<br>|
| NVIDIA Corp | 9.4<br>|
| Apple Inc | 7.5<br>|
| Meta Platforms Inc Class A | 6.0<br>|
| Alphabet Inc Class A | 5.2<br>|
| Visa Inc Class A | 3.8<br>|
| Mastercard Inc Class A | 3.7<br>|
| Johnson & Johnson | 3.7<br>|
| Procter & Gamble Co/The | 3.3<br>|
| Booking Holdings Inc | 2.3<br>|
|  | 55.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2803_20250731_2.jpg)<br>| ![](img111485_3.jpg) | 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**<br> 1.9913531.101 2803-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® SAI U.S. Momentum Index Fund<br> **Fidelity® SAI U.S. Momentum Index Fund : FUMIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® SAI U.S. Momentum Index Fund for the period August 1, 2024 to July 31, 2025. 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI U.S. Momentum Index Fund  | $12  | 0.11% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, information technology gained 39% and contributed most to the fund's performance for the fiscal year. Industrials, which gained 38%, also helped, benefiting from the capital goods industry (+45%), as did financials, which advanced roughly 17%. The communication services sector rose roughly 38%, boosted by the media & entertainment industry (+36%), while consumer staples gained 24% and utilities advanced approximately 51%. Other contributors included the consumer discretionary (+4%), energy (+17%), health care (+4%) and real estate (+22%) sectors.

• In contrast, materials returned roughly -3% and detracted most.

• Turning to individual stocks, the top contributor was Broadcom (+85%), from the semiconductors & semiconductor equipment category. In software & services, Palantir Technologies (+498%) also boosted the fund. In banks, JPMorgan Chase gained roughly 42% and also helped. Another notable contributor was GE Vernova (+194%), a stock in the capital goods industry. Lastly, Walmart (+44%), from the consumer staples distribution & retail category, also lifted the fund.

• Conversely, the biggest detractor was Apple (-13%), from the technology hardware & equipment category. Another notable detractor was Tesla (-24%), a stock in the automobiles & components industry. NextEra Energy, within the utilities sector, returned about -20% and detracted. Coca-Cola (-3%), from the food, beverage & tobacco category, hurt. Lastly, in financial services, Fiserv returned approximately 0% and also hindered the fund.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 9, 2017 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI U.S. Momentum Index Fund<br>| $10000 | $10980<br>| $13432<br>| $14363<br>| $16770<br>| $22301<br>| $19835<br>| $21024<br>| $28399<br>|
| MSCI USA Custom Momentum Composite Index<br>| $10000 | $11002<br>| $13464<br>| $14416<br>| $16851<br>| $22435<br>| $19974<br>| $21212<br>| $28645<br>|
| MSCI USA Index<br>| $10000 | $10768<br>| $12450<br>| $13375<br>| $15041<br>| $20620<br>| $19123<br>| $21529<br>| $26154<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111486_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI U.S. Momentum Index Fund | 22.32% | 15.68% | 15.82% |
| MSCI USA Custom Momentum Composite Index | 22.45%<br>| 15.79%<br>| 15.96% |
| MSCI USA Index | 16.51%<br>| 15.17%<br>| 14.05% |

---

**A** From February 9, 2017

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4444848013<br>|
| Number of Holdings | 185<br>|
| Total Advisory Fee | $2586685<br>|
| Portfolio Turnover | 143%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.0 |
| Information Technology | 19.6 |
| Consumer Staples | 12.2 |
| Industrials | 11.9 |
| Communication Services | 8.8 |
| Health Care | 7.6 |
| Consumer Discretionary | 7.6 |
| Utilities | 3.8 |
| Energy | 1.7 |
| Real Estate | 1.0 |
| Materials | 0.5 |

---

Common Stocks 99.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2882_20250731_AA.jpg) <br>|

---

Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.3 <br>

United States 99.4 <br> Brazil 0.4 <br> United Kingdom 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2882_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Broadcom Inc | 5.1<br>|
| JPMorgan Chase & Co | 4.8<br>|
| Netflix Inc | 4.8<br>|
| Visa Inc Class A | 4.4<br>|
| Palantir Technologies Inc Class A | 4.4<br>|
| Berkshire Hathaway Inc Class B | 4.0<br>|
| Walmart Inc | 3.6<br>|
| Philip Morris International Inc | 3.1<br>|
| Costco Wholesale Corp | 2.3<br>|
| GE Aerospace | 2.3<br>|
|  | 38.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2882_20250731_2.jpg)<br>| ![](img111486_3.jpg) | 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**<br> 1.9913545.101 2882-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® SAI U.S. Large Cap Index Fund<br> **Fidelity® SAI U.S. Large Cap Index Fund : FLCPX** <br>|

---

This annual shareholder report contains information about Fidelity® SAI U.S. Large Cap Index Fund for the period August 1, 2024 to July 31, 2025. 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI U.S. Large Cap Index Fund  | $2  | 0.02% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, information technology gained about 23% and contributed most to the fund's performance for the fiscal year. Financials stocks also helped (+21%). Communication services rose 31%, boosted by the media & entertainment industry (+31%), consumer discretionary gained 19%, and industrials advanced 20%. Other contributors included the utilities (+21%), consumer staples (+7%) and real estate (+4%) sectors.

• In contrast, health care returned about -11% and detracted most. Energy (-3%) and materials (-3%) also hurt.

• Turning to individual stocks, the top contributor was Nvidia (+52%), from the semiconductors & semiconductor equipment industry. From the same industry, Broadcom gained about 84% and contributed. Microsoft, within the software & services industry, gained 28% and contributed. Meta Platforms, within the media & entertainment industry, gained 63% and boosted the fund. Lastly, in consumer discretionary distribution & retail, Amazon.com gained about 25% and also contributed.

• Conversely, the biggest detractor was UnitedHealth Group (-55%), from the health care equipment & services category. In technology hardware & equipment, Apple (-6%) hurt the fund's performance. Another notable detractor was Adobe (-36%), a stock in the software & services category. Lastly, Merck (-29%) and Regeneron Pharmaceuticals (-49%), within the pharmaceuticals, biotechnology & life sciences category, also hindered the fund.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 2, 2016 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI U.S. Large Cap Index Fund<br>| $10180 | $11550<br>| $13401<br>| $15574<br>| $16816<br>| $18807<br>| $25659<br>| $24459<br>| $27635<br>| $33754<br>|
| S&P 500® Index<br>| $10181 | $11549<br>| $13402<br>| $15579<br>| $16823<br>| $18834<br>| $25699<br>| $24506<br>| $27696<br>| $33830<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111487_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI U.S. Large Cap Index Fund | 16.32% | 15.86% | 15.49% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 15.52% |

---

**A** From February 2, 2016

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $14101073491<br>|
| Number of Holdings | 507<br>|
| Total Advisory Fee | $2165706<br>|
| Portfolio Turnover | 64%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 34.0 |
| Financials | 13.8 |
| Consumer Discretionary | 10.4 |
| Communication Services | 9.8 |
| Health Care | 8.8 |
| Industrials | 8.6 |
| Consumer Staples | 5.2 |
| Energy | 3.0 |
| Utilities | 2.4 |
| Real Estate | 2.0 |
| Materials | 1.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2807_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 99.5 |
| Ireland | 0.3 |
| Switzerland | 0.1 |
| Netherlands | 0.1 |
| Bailiwick Of Jersey | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2807_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.2<br>|
| Microsoft Corp | 7.4<br>|
| Apple Inc | 5.8<br>|
| Amazon.com Inc | 4.1<br>|
| Meta Platforms Inc Class A | 3.1<br>|
| Broadcom Inc | 2.6<br>|
| Alphabet Inc Class A | 2.1<br>|
| Alphabet Inc Class C | 1.7<br>|
| Berkshire Hathaway Inc Class B | 1.7<br>|
| Tesla Inc | 1.6<br>|
|  | 38.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2807_20250731_2.jpg)<br>| ![](img111487_3.jpg) | 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**<br> 1.9913532.101 2807-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® SAI Small-Mid Cap 500 Index Fund<br> **Fidelity® SAI Small-Mid Cap 500 Index Fund : FZFLX** <br>|

---

This annual shareholder report contains information about Fidelity® SAI Small-Mid Cap 500 Index Fund for the period August 1, 2024 to July 31, 2025. 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Small-Mid Cap 500 Index Fund  | $5  | 0.05% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, financials gained 21% and contributed most to the fund's performance for the fiscal year, driven by the financial services industry (+35%). Industrials stocks also helped (+8%), benefiting from the capital goods industry (+13%). Utilities rose approximately 52%, information technology gained 8%, lifted by the technology hardware & equipment industry (+27%), and consumer discretionary advanced roughly 4%. Other contributors included the energy (+9%), communication services (+9%) and consumer staples (+7%) sectors.

• In contrast, health care returned -10% and detracted most. Materials (-6%) and real estate (-1%), especially the equity real estate investment trusts industry (-4%), also hurt.

• Turning to individual stocks, the biggest contributor was Robinhood Markets (+294%), from the financial services group. Within the same group, Sofi Technologies gained approximately 189% and helped. In consumer discretionary distribution & retail, Carvana (+138%) lifted the fund. NRG Energy (+118%), from the utilities sector, boosted the fund. Lastly, in consumer durables & apparel, Tapestry (+171%) also lifted the fund.

• Conversely, the biggest detractor was Sarepta Therapeutics (-89%), from the pharmaceuticals, biotechnology & life sciences group. Another notable detractor was Onto Innovation (-49%), a stock in the semiconductors & semiconductor equipment category. Globant (-58%), a stock in the software & services group, hurt the fund's performance. In health care equipment & services, Teleflex (-46%) hurt the fund. Lastly, in energy, Weatherford International returned -52% and also hurt the fund.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

August 12, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI Small-Mid Cap 500 Index Fund<br>| $10000 | $10326<br>| $11608<br>| $13455<br>| $14162<br>| $14159<br>| $20812<br>| $18952<br>| $20529<br>| $23029<br>| $24850<br>|
| Russell SMID 500™ Index<br>| $10000 | $10335<br>| $11622<br>| $13496<br>| $14206<br>| $14207<br>| $20895<br>| $19035<br>| $20592<br>| $23107<br>| $24929<br>|
| Russell 3000® Index<br>| $10000 | $10538<br>| $12239<br>| $14245<br>| $15249<br>| $16916<br>| $23466<br>| $21741<br>| $24491<br>| $29653<br>| $34304<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111488_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI Small-Mid Cap 500 Index Fund | 7.91% | 11.91% | 9.55% |
| Russell SMID 500™ Index | 7.88%<br>| 11.90%<br>| 9.59% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.15% |

---

**A** From August 12, 2015

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $210382695<br>|
| Number of Holdings | 510<br>|
| Total Advisory Fee | $1046526<br>|
| Portfolio Turnover | 9%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 22.2 |
| Financials | 16.7 |
| Consumer Discretionary | 13.3 |
| Information Technology | 12.7 |
| Health Care | 8.1 |
| Real Estate | 6.9 |
| Materials | 5.9 |
| Consumer Staples | 4.8 |
| Communication Services | 3.3 |
| Energy | 2.9 |
| Utilities | 2.9 |

---

Common Stocks 99.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2786_20250731_AA.jpg) <br>|

---

Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.3 <br>

---

| | |
|:---|:---|
| United States | 98.2 |
| United Kingdom | 0.4 |
| Bermuda | 0.3 |
| Puerto Rico | 0.2 |
| Brazil | 0.2 |
| Finland | 0.1 |
| Canada | 0.1 |
| Guatemala | 0.1 |
| Japan | 0.1 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2786_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bermuda - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Finland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Guatemala - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| EMCOR Group Inc | 0.8<br>|
| Tapestry Inc | 0.7<br>|
| Comfort Systems USA Inc | 0.6<br>|
| SoFi Technologies Inc Class A | 0.6<br>|
| Jabil Inc | 0.6<br>|
| Casey's General Stores Inc | 0.6<br>|
| Nutanix Inc Class A | 0.6<br>|
| NiSource Inc | 0.5<br>|
| Astera Labs Inc | 0.5<br>|
| Insmed Inc | 0.5<br>|
|  | 6.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2786_20250731_2.jpg)<br>| ![](img111488_3.jpg) | 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**<br> 1.9913530.101 2786-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® SAI Real Estate Index Fund<br> **Fidelity® SAI Real Estate Index Fund : FESIX** <br>|

---

This annual shareholder report contains information about Fidelity® SAI Real Estate Index Fund for the period August 1, 2024 to July 31, 2025. 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Real Estate Index Fund  | $7  | 0.07% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, health care REITs gained about 21% and contributed most to the fund's performance for the fiscal year. Real estate services stocks also helped, advancing 29%. Elsewhere, data center (+10%), retail (+5%), other specialized (+5%) and diversified (+5%) real estate firms aided performance as well.

• Conversely, industrial REITs returned -16% and detracted most, followed by self-storage, which returned -9%. Exposure to timber (-17%), hotel & resort (-10%), multi-family residential (-3%) and single-family residential (-5%) holdings also hampered the fund's result. Stakes in the telecom tower (-1%), real estate operating companies (-23%), diversified real estate activities (-18%), real estate development (-8%), office (-1%) and asset management & custody banks (+0%) categories also hurt.

• Turning to individual stocks, the biggest contributor was health care REIT Welltower (+51%). Real estate services stocks CBRE (+38%), CoStar Group (+22%) and Zillow (+63%) further boosted the fund. Data center Digital Realty Trust gained about 22% and was another plus.

• In contrast, the biggest detractor was industrial REIT Prologis (-12%). Within the same group, Americold Realty Trust (-44%) also hurt, as did health care real estate stock Alexandria Real Estate Equities (-31%), timber company Weyerhaeuser (-19%) and self-storage REIT Extra Space Storage (-12%).

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 2, 2016 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI Real Estate Index Fund<br>| $10010 | $12152<br>| $11471<br>| $11915<br>| $13200<br>| $11083<br>| $15485<br>| $14829<br>| $13395<br>| $14775<br>|
| Fidelity Real Estate Linked Index℠<br>| $10010 | $12170<br>| $11482<br>| $11924<br>| $13223<br>| $11068<br>| $15495<br>| $14841<br>| $13408<br>| $14846<br>|
| MSCI US IMI Real Estate 25/25 Index<br>| $10010 | $12152<br>| $11940<br>| $12488<br>| $14139<br>| $13422<br>| $18360<br>| $17584<br>| $15886<br>| $17591<br>|
| S&P 500® Index<br>| $10181 | $11549<br>| $13402<br>| $15579<br>| $16823<br>| $18834<br>| $25699<br>| $24506<br>| $27696<br>| $33830<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111489_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI Real Estate Index Fund | 2.45% | 6.43% | 4.46% |
| Fidelity Real Estate Linked Index℠ | 2.41%<br>| 6.56%<br>| 4.51% |
| MSCI US IMI Real Estate 25/25 IndexB | 2.41%<br>| 6.06%<br>| n/a  |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 15.52% |

---

**A** From February 2, 2016

**B** From September 1, 2016

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $172811222<br>|
| Number of Holdings | 156<br>|
| Total Advisory Fee | $79025<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 34.4 |
| Health Care REITs | 13.3 |
| Retail REITs | 13.3 |
| Residential REITs | 12.0 |
| Industrial REITs | 10.0 |
| Real Estate Management & Development | 9.5 |
| Office REITs | 3.2 |
| Hotel & Resort REITs | 2.1 |
| Diversified REITs | 2.0 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2810_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2810_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Prologis Inc | 6.9<br>|
| American Tower Corp | 6.9<br>|
| Welltower Inc | 6.8<br>|
| Equinix Inc | 4.0<br>|
| Digital Realty Trust Inc | 4.0<br>|
| Simon Property Group Inc | 3.8<br>|
| Realty Income Corp | 3.5<br>|
| CBRE Group Inc Class A | 3.3<br>|
| Crown Castle Inc | 3.2<br>|
| Public Storage Operating Co | 3.0<br>|
|  | 45.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2810_20250731_2.jpg)<br>| ![](img111489_3.jpg) | 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**<br> 1.9913533.101 2810-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Real Estate Index Fund<br> **Fidelity® Real Estate Index Fund : FSRNX** <br>|

---

This annual shareholder report contains information about Fidelity® Real Estate Index Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Real Estate Index Fund  | $7  | 0.07% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, health care REITs gained 21% and contributed most to the fund's performance for the fiscal year. Exposure to real estate services (+29%), data center (+10%), retail (+5%), other specialized (+5%) and diversified (+6%) stocks also helped.

• In contrast, industrial REITs returned approximately -16% and detracted most, followed by the self-storage group, which returned -9%. The timber subindustry returned about -17%. Hotel & resort (-10%) REITs also hurt. Multi-family residential (-3%) and single-family residential (-5%) real estate stocks hampered the fund's result as well. Other detractors included the telecom tower (0%) and real estate operating companies (-22%) subindustries. Elsewhere, diversified real estate activities (-18%), real estate development (-7%), office (-1%) and asset management & custody banks (+0%) further pressured performance.

• Turning to individual stocks, the biggest contributor was Welltower (+51%), from the health care subindustry. Real estate services stocks CBRE (+38%), CoStar Group (+22%) and Zillow (+63%) lifted the fund too. Among data centers, Digital Realty Trust gained about 22%, further bolstering the fund.

• Conversely, the biggest detractor was industrial REIT Prologis (-12%). Within the same subindustry, Americold Realty Trust returned -44% and hurt as well. Another notable detractor was Alexandria Real Estate Equities (-31%), a firm in the health care subindustry. Timber REIT Weyerhaeuser (-19%), was another performance challenge. Lastly, Extra Space Storage (-12%), from the self-storage subindustry, also hurt.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Real Estate Index Fund<br>| $10000 | $12071<br>| $11394<br>| $11838<br>| $13121<br>| $10977<br>| $15338<br>| $14692<br>| $13267<br>| $14677<br>| $15043<br>|
| Fidelity Real Estate Linked Index℠<br>| $10000 | $12092<br>| $11407<br>| $11847<br>| $13138<br>| $10996<br>| $15395<br>| $14745<br>| $13321<br>| $14750<br>| $15106<br>|
| MSCI US IMI Real Estate 25/25 Index<br>| $10000 | $12071<br>| $11865<br>| $12409<br>| $14051<br>| $13338<br>| $18245<br>| $17474<br>| $15787<br>| $17480<br>| $17902<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111495_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Real Estate Index Fund | 2.50% | 6.50% | 4.17% |
| Fidelity Real Estate Linked Index℠ | 2.41%<br>| 6.56%<br>| 4.21% |
| MSCI US IMI Real Estate 25/25 IndexA | 2.41%<br>| 6.06%<br>| n/a  |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

**A** **From September 1, 2016**

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2673273191<br>|
| Number of Holdings | 157<br>|
| Total Advisory Fee | $1896845<br>|
| Portfolio Turnover | 13%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 34.4 |
| Health Care REITs | 13.3 |
| Retail REITs | 13.3 |
| Residential REITs | 12.0 |
| Industrial REITs | 10.0 |
| Real Estate Management & Development | 9.5 |
| Office REITs | 3.2 |
| Hotel & Resort REITs | 2.1 |
| Diversified REITs | 2.0 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2353_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2353_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Prologis Inc | 6.9<br>|
| American Tower Corp | 6.9<br>|
| Welltower Inc | 6.8<br>|
| Equinix Inc | 4.0<br>|
| Digital Realty Trust Inc | 4.0<br>|
| Simon Property Group Inc | 3.8<br>|
| Realty Income Corp | 3.5<br>|
| CBRE Group Inc Class A | 3.3<br>|
| Crown Castle Inc | 3.2<br>|
| Public Storage Operating Co | 3.0<br>|
|  | 45.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2353_20250731_2.jpg)<br>| ![](img111495_3.jpg) | 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**<br> 1.9913516.101 2355-TSRA-0925 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, July 31, 2025, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Laura M. Bishop is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bishop is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Real Estate Index Fund, Fidelity SAI Real Estate Index Fund, Fidelity SAI Small-Mid Cap 500 Index Fund, Fidelity SAI U.S. Large Cap Index Fund, Fidelity SAI U.S. Momentum Index Fund and Fidelity SAI U.S. Quality Index Fund (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>July 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;<br>Fidelity Real Estate Index Fund | &nbsp;&nbsp;$37300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9100  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;Fidelity SAI Real Estate Index Fund | &nbsp;&nbsp;$39700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9100  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;Fidelity SAI Small-Mid Cap 500 Index Fund | &nbsp;&nbsp;$42600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity SAI U.S. Large Cap Index Fund | &nbsp;&nbsp;$40800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9500  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;Fidelity SAI U.S. Momentum Index Fund | &nbsp;&nbsp;$42000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;Fidelity SAI U.S. Quality Index Fund | &nbsp;&nbsp;$42300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$700  |

---

**<u>July 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Real Estate Index Fund | &nbsp;&nbsp;$35600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9800  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;Fidelity SAI Real Estate Index Fund | &nbsp;&nbsp;$39000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10000  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity SAI Small-Mid Cap 500 Index Fund | &nbsp;&nbsp;$40800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8400  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity SAI U.S. Large Cap Index Fund | &nbsp;&nbsp;$39000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10200  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity SAI U.S. Momentum Index Fund | &nbsp;&nbsp;$41400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8400  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity SAI U.S. Quality Index Fund | &nbsp;&nbsp;$40600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8400  | &nbsp;&nbsp;$1000  |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity SAI U.S. Value Index Fund (the "Fund(s)"):

**<u>July 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity SAI U.S. Value Index Fund | &nbsp;&nbsp;$40000  | &nbsp;&nbsp;$3200  | &nbsp;&nbsp;$10100  | &nbsp;&nbsp;$1300  |

---

**<u>July 31, 2024 Fees</u> <sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity SAI U.S. Value Index Fund | &nbsp;&nbsp;$38100  | &nbsp;&nbsp;$3500  | &nbsp;&nbsp;$9800  | &nbsp;&nbsp;$1500  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>July 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>July 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$125000 | &nbsp;&nbsp;$200000 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$2970400 | &nbsp;&nbsp;$1929500 |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>July 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>July 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$9680100  | &nbsp;&nbsp;$9437800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$35000  |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>July 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>July 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$3487300  | &nbsp;&nbsp;$5009600  |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$14652200  | &nbsp;&nbsp;$15023200  |

---

<sup>A</sup> Amounts may reflect rounding

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® SAI U.S. Value Index Fund**

**Annual Report**

**July 31, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img111423_1.jpg)

![](img111423_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_USV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI U.S. Value Index Fund](#Sub_Sec_Fund_3056_USV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3056_USV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_USV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_USV-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_USV-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_USV-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_USV-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_USV-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.

The index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for us by Fidelity. S&P®;, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® SAI U.S. Value Index Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Aptiv PLC  | 163064 | 11192713 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 233322 | 2337886 |
| BERMUDA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| RenaissanceRe Holdings Ltd  | 34953 | 8519444 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 49773 | 5702990 |
| SWITZERLAND - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| TE Connectivity PLC  | 211761 | 43569826 |
| UNITED KINGDOM - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglogold Ashanti Plc  | 303778 | 14049733 |
| UNITED STATES - 98.0%  |  |  |
| Communication Services - 7.9% |  |  |
| Diversified Telecommunication Services - 4.6% |  |  |
| AT&T Inc  | 5094962 | 139652909 |
| Verizon Communications Inc  | 2987970 | 127765597 |
|  |  | 267418506 |
| Entertainment - 0.4% |  |  |
| Warner Bros Discovery Inc (b) | 1584520 | 20868128 |
| Interactive Media & Services - 0.3% |  |  |
| Alphabet Inc Class A  | 91422 | 17543882 |
| Media - 2.6% |  |  |
| Charter Communications Inc Class A (b) | 68511 | 18454123 |
| Comcast Corp Class A  | 2677003 | 88956810 |
| Fox Corp Class A  | 240943 | 13434982 |
| Interpublic Group of Cos Inc/The  | 264366 | 6503404 |
| Nexstar Media Group Inc  | 20694 | 3872054 |
| Omnicom Group Inc  | 139452 | 10047517 |
| Paramount Global Class B (c) | 422312 | 5308462 |
| Sirius XM Holdings Inc  | 156289 | 3300823 |
| TEGNA Inc  | 114355 | 1909728 |
|  |  | 151787903 |
| TOTAL COMMUNICATION SERVICES |  | 457618419 |
| Consumer Discretionary - 4.6% |  |  |
| Automobile Components - 0.2% |  |  |
| BorgWarner Inc  | 155080 | 5706944 |
| Lear Corp  | 38032 | 3586037 |
|  |  | 9292981 |
| Automobiles - 1.2% |  |  |
| Ford Motor Co  | 2762826 | 30584484 |
| General Motors Co  | 706232 | 37670415 |
| Harley-Davidson Inc  | 81322 | 1978564 |
|  |  | 70233463 |
| Broadline Retail - 0.7% |  |  |
| Amazon.com Inc (b) | 158387 | 37079981 |
| Macy's Inc  | 196998 | 2488084 |
|  |  | 39568065 |
| Distributors - 0.0% |  |  |
| LKQ Corp  | 184400 | 5434268 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Carnival Corp (b) | 743687 | 22139562 |
| Expedia Group Inc Class A  | 87538 | 15776098 |
|  |  | 37915660 |
| Household Durables - 1.4% |  |  |
| DR Horton Inc  | 201289 | 28752121 |
| Lennar Corp Class A  | 173127 | 19421387 |
| Mohawk Industries Inc (b) | 37171 | 4256451 |
| PulteGroup Inc  | 143686 | 16225023 |
| Toll Brothers Inc  | 70883 | 8389712 |
| Whirlpool Corp (c) | 39302 | 3263638 |
|  |  | 80308332 |
| Specialty Retail - 0.3% |  |  |
| Best Buy Co Inc  | 138419 | 9005540 |
| Lithia Motors Inc Class A  | 18900 | 5443200 |
|  |  | 14448740 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Crocs Inc (b) | 39774 | 3966661 |
| PVH Corp  | 39475 | 2898255 |
|  |  | 6864916 |
| TOTAL CONSUMER DISCRETIONARY |  | 264066425 |
| Consumer Staples - 4.0% |  |  |
| Beverages - 0.1% |  |  |
| Molson Coors Beverage Co Class B  | 122178 | 5952512 |
| Consumer Staples Distribution & Retail - 1.3% |  |  |
| Albertsons Cos Inc Class A  | 287787 | 5531266 |
| Kroger Co/The  | 472494 | 33121830 |
| Target Corp  | 325220 | 32684610 |
| Walgreens Boots Alliance Inc  | 509075 | 5925633 |
|  |  | 77263339 |
| Food Products - 1.3% |  |  |
| Archer-Daniels-Midland Co  | 339639 | 18401641 |
| Bunge Global SA  | 94729 | 7555585 |
| Conagra Brands Inc  | 338649 | 6183731 |
| Ingredion Inc  | 45761 | 6019402 |
| JM Smucker Co  | 75516 | 8105887 |
| Kraft Heinz Co/The  | 619099 | 17000459 |
| Tyson Foods Inc Class A  | 203408 | 10638238 |
|  |  | 73904943 |
| Tobacco - 1.3% |  |  |
| Altria Group Inc  | 1202921 | 74508927 |
| TOTAL CONSUMER STAPLES |  | 231629721 |
| Energy - 13.4% |  |  |
| Energy Equipment & Services - 1.4% |  |  |
| Baker Hughes Co Class A  | 606195 | 27309085 |
| Halliburton Co  | 616237 | 13803709 |
| NOV Inc (c) | 270228 | 3399468 |
| Schlumberger NV  | 994263 | 33606089 |
| Weatherford International PLC  | 51695 | 2923352 |
|  |  | 81041703 |
| Oil, Gas & Consumable Fuels - 12.0% |  |  |
| APA Corp  | 262548 | 5064551 |
| Chevron Corp  | 1186262 | 179884770 |
| Chord Energy Corp  | 43380 | 4786115 |
| Civitas Resources Inc  | 63015 | 1913135 |
| ConocoPhillips  | 905587 | 86338665 |
| Coterra Energy Inc  | 523047 | 12757116 |
| Devon Energy Corp  | 466241 | 15488526 |
| EOG Resources Inc  | 399214 | 47913664 |
| Exxon Mobil Corp  | 2021697 | 225702253 |
| Marathon Petroleum Corp  | 223982 | 38119497 |
| Matador Resources Co  | 82345 | 4107369 |
| Murphy Oil Corp (c) | 97294 | 2413864 |
| Occidental Petroleum Corp  | 479524 | 21070285 |
| Ovintiv Inc  | 184755 | 7608211 |
| Permian Resources Corp Class A  | 453970 | 6428215 |
| Valero Energy Corp  | 224706 | 30854381 |
|  |  | 690450617 |
| TOTAL ENERGY |  | 771492320 |
| Financials - 24.2% |  |  |
| Banks - 13.5% |  |  |
| Bank of America Corp  | 4274222 | 202042474 |
| Bank OZK  | 74867 | 3690942 |
| Cadence Bank  | 130221 | 4538202 |
| Citigroup Inc  | 1332345 | 124840727 |
| Citizens Financial Group Inc  | 310333 | 14809091 |
| Comerica Inc  | 93256 | 6301308 |
| East West Bancorp Inc  | 98570 | 9881643 |
| Fifth Third Bancorp  | 475427 | 19763500 |
| First Citizens BancShares Inc/NC Class A  | 8202 | 16361022 |
| Huntington Bancshares Inc/OH  | 1031761 | 16951833 |
| M&T Bank Corp  | 117765 | 22222256 |
| Old National Bancorp/IN  | 226356 | 4778375 |
| PNC Financial Services Group Inc/The  | 281026 | 53470817 |
| Regions Financial Corp  | 645113 | 16340712 |
| US Bancorp  | 1107250 | 49781960 |
| Valley National Bancorp  | 336995 | 3123943 |
| Webster Financial Corp  | 121628 | 7011854 |
| Wells Fargo & Co  | 2293677 | 184939177 |
| Western Alliance Bancorp  | 77407 | 6003687 |
| Zions Bancorp NA  | 104922 | 5625918 |
|  |  | 772479441 |
| Capital Markets - 1.7% |  |  |
| Bank of New York Mellon Corp/The  | 506628 | 51397411 |
| Invesco Ltd  | 317933 | 6679771 |
| State Street Corp  | 204750 | 22880813 |
| T Rowe Price Group Inc  | 158006 | 16029709 |
|  |  | 96987704 |
| Consumer Finance - 1.3% |  |  |
| Capital One Financial Corp  | 265193 | 57016495 |
| Synchrony Financial  | 275917 | 19223137 |
|  |  | 76239632 |
| Financial Services - 1.4% |  |  |
| Berkshire Hathaway Inc Class B (b) | 122562 | 57834557 |
| Essent Group Ltd  | 74513 | 4171982 |
| Global Payments Inc  | 175757 | 14051772 |
| MGIC Investment Corp  | 176284 | 4565756 |
|  |  | 80624067 |
| Insurance - 6.0% |  |  |
| Allstate Corp/The  | 188084 | 38228073 |
| American International Group Inc  | 421130 | 32692322 |
| Arch Capital Group Ltd  | 266071 | 22898070 |
| Assured Guaranty Ltd  | 33945 | 2871068 |
| Axis Capital Holdings Ltd  | 54013 | 5068580 |
| Chubb Ltd  | 264500 | 70367580 |
| Everest Group Ltd  | 30560 | 10262048 |
| Globe Life Inc  | 59577 | 8368781 |
| Hartford Insurance Group Inc/The  | 204120 | 25390487 |
| Lincoln National Corp  | 120882 | 4606813 |
| Loews Corp  | 125381 | 11351996 |
| MetLife Inc  | 410903 | 31208083 |
| Prudential Financial Inc  | 251255 | 26024993 |
| Reinsurance Group of America Inc  | 46745 | 8996075 |
| The Travelers Companies, Inc.  | 160924 | 41878862 |
| Unum Group  | 116610 | 8373764 |
|  |  | 348587595 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.3% |  |  |
| AGNC Investment Corp  | 636874 | 6005722 |
| Annaly Capital Management Inc  | 410481 | 8345079 |
| Rithm Capital Corp  | 369536 | 4445518 |
|  |  | 18796319 |
| TOTAL FINANCIALS |  | 1393714758 |
| Health Care - 15.4% |  |  |
| Biotechnology - 1.1% |  |  |
| Biogen Inc (b) | 103937 | 13303936 |
| Regeneron Pharmaceuticals Inc  | 74674 | 40731680 |
| United Therapeutics Corp (b) | 31686 | 8704144 |
|  |  | 62739760 |
| Health Care Equipment & Supplies - 2.2% |  |  |
| Becton Dickinson & Co  | 203800 | 36327350 |
| Medtronic PLC  | 820487 | 74040747 |
| Teleflex Inc  | 32956 | 3938242 |
| Zimmer Biomet Holdings Inc  | 141352 | 12954911 |
|  |  | 127261250 |
| Health Care Providers & Services - 6.5% |  |  |
| Centene Corp (b) | 351975 | 9175988 |
| Cigna Group/The  | 194331 | 51960223 |
| CVS Health Corp  | 894896 | 55573042 |
| Elevance Health Inc  | 164615 | 46599214 |
| Humana Inc  | 85629 | 21396118 |
| Molina Healthcare Inc (b) | 39391 | 6218657 |
| Tenet Healthcare Corp (b) | 67497 | 10885916 |
| UnitedHealth Group Inc  | 653204 | 163013591 |
| Universal Health Services Inc Class B  | 41672 | 6936304 |
|  |  | 371759053 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Avantor Inc (b) | 483200 | 6494208 |
| Pharmaceuticals - 5.5% |  |  |
| Bristol-Myers Squibb Co  | 1440365 | 62382208 |
| Jazz Pharmaceuticals PLC (b) | 42906 | 4918315 |
| Merck & Co Inc  | 1795489 | 140263601 |
| Pfizer Inc  | 4022318 | 93679786 |
| Royalty Pharma PLC Class A  | 264493 | 9733342 |
| Viatris Inc  | 847166 | 7404231 |
|  |  | 318381483 |
| TOTAL HEALTH CARE |  | 886635754 |
| Industrials - 3.0% |  |  |
| Air Freight & Logistics - 1.5% |  |  |
| FedEx Corp  | 157271 | 35148495 |
| United Parcel Service Inc Class B  | 519097 | 44725398 |
|  |  | 79873893 |
| Building Products - 0.3% |  |  |
| Builders FirstSource Inc (b) | 81798 | 10398980 |
| Owens Corning  | 60856 | 8485152 |
|  |  | 18884132 |
| Machinery - 0.2% |  |  |
| Oshkosh Corp  | 46168 | 5841637 |
| Stanley Black & Decker Inc  | 109391 | 7400301 |
|  |  | 13241938 |
| Marine Transportation - 0.0% |  |  |
| Matson Inc  | 23565 | 2516271 |
| Passenger Airlines - 1.0% |  |  |
| Alaska Air Group Inc (b) | 87354 | 4626268 |
| American Airlines Group Inc (b)(c) | 466642 | 5361717 |
| Delta Air Lines Inc  | 455425 | 24233164 |
| United Airlines Holdings Inc (b) | 233432 | 20614380 |
|  |  | 54835529 |
| Professional Services - 0.0% |  |  |
| Concentrix Corp (c) | 32870 | 1708254 |
| TOTAL INDUSTRIALS |  | 171060017 |
| Information Technology - 21.9% |  |  |
| Communications Equipment - 3.3% |  |  |
| Cisco Systems Inc  | 2770778 | 188634566 |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Arrow Electronics Inc (b) | 37019 | 4294204 |
| Flex Ltd (b) | 271966 | 13562944 |
| TD SYNNEX Corp  | 53467 | 7720100 |
| Teledyne Technologies Inc (b) | 33076 | 18225538 |
|  |  | 43802786 |
| IT Services - 0.8% |  |  |
| Akamai Technologies Inc (b) | 106616 | 8135867 |
| Amdocs Ltd  | 80060 | 6833922 |
| Cognizant Technology Solutions Corp Class A  | 351057 | 25191850 |
| DXC Technology Co (b) | 128469 | 1748462 |
| Kyndryl Holdings Inc (b) | 165150 | 6237716 |
|  |  | 48147817 |
| Semiconductors & Semiconductor Equipment - 8.5% |  |  |
| First Solar Inc (b) | 76007 | 13280703 |
| Micron Technology Inc  | 790822 | 86310313 |
| MKS Inc  | 47761 | 4545892 |
| NVIDIA Corp  | 1367219 | 243187245 |
| ON Semiconductor Corp (b) | 299112 | 16857952 |
| Qorvo Inc (b) | 66286 | 5541510 |
| QUALCOMM Inc  | 785020 | 115209535 |
| Skyworks Solutions Inc  | 114078 | 7818906 |
|  |  | 492752056 |
| Software - 4.2% |  |  |
| Dropbox Inc Class A (b) | 153567 | 4172415 |
| Gen Digital Inc  | 385343 | 11363765 |
| Microsoft Corp  | 396433 | 211497006 |
| Zoom Communications Inc Class A (b) | 186078 | 13779076 |
|  |  | 240812262 |
| Technology Hardware, Storage & Peripherals - 4.3% |  |  |
| Apple Inc  | 697122 | 144701614 |
| Dell Technologies Inc Class C  | 221421 | 29380352 |
| Hewlett Packard Enterprise Co  | 932233 | 19287901 |
| HP Inc  | 665605 | 16507004 |
| NetApp Inc  | 144297 | 15025647 |
| Sandisk Corp/DE  | 81794 | 3510598 |
| Western Digital Corp  | 246876 | 19426672 |
|  |  | 247839788 |
| TOTAL INFORMATION TECHNOLOGY |  | 1261989275 |
| Materials - 2.5% |  |  |
| Chemicals - 1.0% |  |  |
| Celanese Corp  | 77566 | 4051272 |
| CF Industries Holdings Inc  | 123640 | 11477501 |
| DuPont de Nemours Inc  | 296677 | 21331077 |
| Eastman Chemical Co  | 81679 | 5930712 |
| LyondellBasell Industries NV Class A1  | 184177 | 10669374 |
| Mosaic Co/The  | 225418 | 8117302 |
|  |  | 61577238 |
| Metals & Mining - 1.5% |  |  |
| Alcoa Corp  | 183362 | 5495359 |
| Commercial Metals Co  | 80653 | 4182664 |
| Newmont Corp  | 808051 | 50179967 |
| Nucor Corp  | 166666 | 23844905 |
|  |  | 83702895 |
| TOTAL MATERIALS |  | 145280133 |
| Real Estate - 0.4% |  |  |
| Specialized REITs - 0.4% |  |  |
| VICI Properties Inc  | 748246 | 24392820 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.6% |  |  |
| Edison International  | 274814 | 14323306 |
| PG&E Corp  | 1556969 | 21828705 |
|  |  | 36152011 |
| Gas Utilities - 0.1% |  |  |
| UGI Corp  | 152485 | 5516907 |
| TOTAL UTILITIES |  | 41668918 |
| TOTAL UNITED STATES |  | 5649548560 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,304,774,798) |  | <br> **5734921152** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $1,057,520)<br>| 4.25 | 1060000 | **1057470** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 19470262 | 19474156 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 12303972 | 12305202 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $31,779,358) |  |  | **31779358** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $5,337,611,676)<br>| <br>**5767757980** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(13293)** |
| **NET ASSETS - 100.0%** | **5767744687** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 94 | Sep 2025 | 29958975 | 761312 | 761312 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Security or a portion of the security is on loan at period end.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,057,470.

(f) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 16466792 | 345393810 | 342386446 | 437104 | - | - | 19474156 | 19470262 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 18187221 | 192166780 | 198048799 | 22539 | - | - | 12305202 | 12303972 | 0.0% |
| Total | 34654013 | 537560590 | 540435245 | 459643 | - | - | 31779358 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 459956305 | 459956305 | - | - |
| Consumer Discretionary | 275259138 | 275259138 | - | - |
| Consumer Staples | 231629721 | 231629721 | - | - |
| Energy | 771492320 | 771492320 | - | - |
| Financials | 1407937192 | 1407937192 | - | - |
| Health Care | 886635754 | 886635754 | - | - |
| Industrials | 171060017 | 171060017 | - | - |
| Information Technology | 1305559101 | 1305559101 | - | - |
| Materials | 159329866 | 159329866 | - | - |
| Real Estate | 24392820 | 24392820 | - | - |
| Utilities | 41668918 | 41668918 | - | - |
|  **U.S. Treasury Obligations** | 1057470 | - | 1057470 | - |
|  **Money Market Funds** | 31779358 | 31779358 | - | - |
| **Total Investments in Securities:** | 5767757980 | 5766700510 | 1057470 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 761312 | 761312 | - | - |
| Total Assets | 761312 | 761312 | - | - |
| **Total Derivative Instruments:** | 761312 | 761312 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 761312 | 0 |
| **Total Equity Risk**  | 761312 | 0 |
| **Total Value of Derivatives** | 761312 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $11,562,497) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,305,832,318) | $5735978622 |  |
| Fidelity Central Funds (cost $31,779,358) | 31779358 |  |
| Total Investment in Securities (cost $5,337,611,676) |  | $5767757980 |
| Segregated cash with brokers for derivative instruments |  | 829326 |
| Cash |  | 26670 |
| Foreign currency held at value (cost $2,022) |  | 2023 |
| Receivable for fund shares sold |  | 14107480 |
| Dividends receivable |  | 8399704 |
| Distributions receivable from Fidelity Central Funds |  | 51885 |
| Prepaid expenses |  | 984 |
| Other receivables |  | 26670 |
| **Total assets** |  | 5791202722 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9883160 |  |
| Payable for fund shares redeemed | 481637 |  |
| Accrued management fee | 476837 |  |
| Payable for daily variation margin on futures contracts | 103557 |  |
| Other payables and accrued expenses | 208013 |  |
| Collateral on securities loaned | 12304831 |  |
| **Total liabilities** |  | 23458035 |
| **Net Assets**  |  | $5767744687 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5114991380 |
| Total accumulated earnings (loss) |  | 652753307 |
| **Net Assets** |  | $5767744687 |
| **Net Asset Value**, offering price and redemption price per share ($5,767,744,687 ÷ 457,354,096 shares) |  | $12.61 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $130699714 |
| Interest  |  | 46125 |
| Income from Fidelity Central Funds (including $22,539 from security lending)  |  | 459643 |
| **Total income** |  | 131205482 |
| **Expenses** |  |  |
| Management fee | $4919201 |  |
| Custodian fees and expenses | 37765 |  |
| Independent trustees' fees and expenses | 11709 |  |
| Registration fees | 164644 |  |
| Audit fees | 57001 |  |
| Legal | 7955 |  |
| Interest | 5890 |  |
| Miscellaneous | 14115 |  |
| Total expenses before reductions | 5218280 |  |
| Expense reductions | (2004) |  |
| Total expenses after reductions |  | 5216276 |
| **Net Investment income (loss)** |  | 125989206 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 261516574 |  |
| Futures contracts | 1853843 |  |
| Total net realized gain (loss) |  | 263370417 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 19940482 |  |
| Assets and liabilities in foreign currencies | 12 |  |
| Futures contracts | 748768 |  |
| Total change in net unrealized appreciation (depreciation) |  | 20689262 |
| **Net gain (loss)** |  | 284059679 |
| **Net increase (decrease) in net assets resulting from operations** |  | $410048885 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $125989206 | $51883700 |
| &nbsp;&nbsp;Net realized gain (loss) | 263370417<br>| 54861139<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 20689262 | 332680951<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 410048885<br>| 439425790<br>|
| Distributions to shareholders | (249759972)<br>| (49337422)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1470083947 | 3406284858 |
| Reinvestment of distributions | 246464474<br>| 44602754<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (222576847) | (119829910) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1493971574<br>| 3331057702<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1654260487<br>| 3721146070<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4113484200 | 392338130<br>|
| &nbsp;&nbsp;End of period | $5767744687 | $4113484200 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 120105939 | 307055096 |
| Issued in reinvestment of distributions | 20835917<br>| 4371902<br>|
| &nbsp;&nbsp;Redeemed | (18351682) | (10833391) |
| &nbsp;&nbsp;Net increase (decrease) | 122590174 | 300593607 |

---

**Financial Highlights** 

**Fidelity® SAI U.S. Value Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.29 | $11.48 | $12.13 | $12.22 | $8.82 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .31  | .31  | .32  | .31  | .31  |
| Net realized and unrealized gain (loss)  | .69  | 1.54  | .40  | .31  | 3.35  |
| Total from investment operations  | 1.00  | 1.85  | .72  | .62  | 3.66  |
| Distributions from net investment income  | (.25)  | (.59)  | (.38)  | (.28)  | (.26)  |
| Distributions from net realized gain  | (.43)  | (.45)  | (.99)  | (.42)  | -  |
| Total distributions  | (.68)  | (1.04)  | (1.37)  | (.71) C | (.26)  |
| Net asset value, end of period  | $12.61 | $12.29 | $11.48 | $12.13 | $12.22 |
| **Total Return** D | 8.59% <br>| 18.17%  | 6.74%  | 5.21%  | 42.39%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .11%  | .11%  | .12%  | .10%  | .11%  |
| Expenses net of fee waivers, if any  | .11% <br>| .11%  | .12%  | .10%  | .11%  |
| Expenses net of all reductions, if any  | .11%  | .11%  | .12%  | .10%  | .11%  |
| Net investment income (loss)  | 2.56%  | 2.77%  | 2.90%  | 2.49%  | 2.89%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5767745 | $4113484 | $392338 | $2952541 | $3589260 |
| Portfolio turnover rate G | 61% <br>| 63%  | 86%  | 62%  | 80%  |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying 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.*

F*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.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended July 31, 2025

**1. Organization.**

Fidelity SAI U.S. Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $769800383 |
| **Gross unrealized depreciation**  | <u>(393838113)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$375962270</u> |
| **Tax Cost**  | <u>$5391795710</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$217789420</u> |
| **Undistributed long-term capital gain**  | <u>$59001614</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$375962270</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income** | $215813310 | $30621895 |
| **Long-term Capital Gains** | <u>33946662</u> | <u>18715527</u> |
| **Total** | <u>$249759972</u> | <u>$49337422</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI U.S. Value Index Fund** | 4380577721 | 3015042489 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .10% of the Fund's average net assets.

**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity SAI U.S. Value Index Fund** | Borrower | 15107667 | 4.68% | 5890 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI U.S. Value Index Fund** | 107531329 | 54785328 | (2896211) |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI U.S. Value Index Fund** | 5209 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity SAI U.S. Value Index Fund** | 53974 | - | - |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,004.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Strategic Advisers Fidelity U.S. Total Stock Fund** |
| **Fidelity SAI U.S. Value Index Fund** | 86% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI U.S. Value Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI U.S. Value Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of July 31, 2025, the related statement of operations for the year ended July 31, 2025, the statement of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 10, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $75,221,409, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $638,028 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 44% and 35% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 45.57% and 38.57% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.62% and 0.73% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img111423_4.jpg)<br>

1.9885515.107 USV-ANN-0925

**Fidelity® SAI U.S. Quality Index Fund**

**Annual Report**

**July 31, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img111424_1.jpg)

![](img111424_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SV4-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI U.S. Quality Index Fund](#Sub_Sec_Fund_2803_SV4-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2803_SV4-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SV4-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SV4-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SV4-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SV4-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SV4-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SV4-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.

The index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for us by Fidelity. S&P®;, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® SAI U.S. Quality Index Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 97.3%  |  |  |
| Communication Services - 12.1% |  |  |
| Interactive Media & Services - 11.2% |  |  |
| Alphabet Inc Class A  | 6259509 | 1201199777 |
| Meta Platforms Inc Class A  | 1759155 | 1360600843 |
|  |  | 2561800620 |
| Media - 0.9% |  |  |
| Trade Desk Inc (The) Class A (b) | 2436458 | 211874388 |
| TOTAL COMMUNICATION SERVICES |  | 2773675008 |
| Consumer Discretionary - 6.2% |  |  |
| Broadline Retail - 0.8% |  |  |
| Amazon.com Inc (b) | 808094 | 189182886 |
| Hotels, Restaurants & Leisure - 2.9% |  |  |
| Booking Holdings Inc  | 96161 | 529275914 |
| Domino's Pizza Inc  | 90719 | 42021948 |
| Yum! Brands Inc  | 695341 | 100233405 |
|  |  | 671531267 |
| Household Durables - 0.4% |  |  |
| Garmin Ltd  | 368929 | 80706908 |
| Specialty Retail - 1.9% |  |  |
| AutoZone Inc (b) | 43356 | 163381883 |
| O'Reilly Automotive Inc (b) | 2290070 | 225159682 |
| Williams-Sonoma Inc  | 298575 | 55848454 |
|  |  | 444390019 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Deckers Outdoor Corp (b) | 431421 | 45803968 |
| TOTAL CONSUMER DISCRETIONARY |  | 1431615048 |
| Consumer Staples - 5.8% |  |  |
| Beverages - 0.5% |  |  |
| Monster Beverage Corp (b) | 2045929 | 120198329 |
| Household Products - 4.0% |  |  |
| Colgate-Palmolive Co  | 1965461 | 164803905 |
| Procter & Gamble Co/The  | 4973388 | 748345692 |
|  |  | 913149597 |
| Tobacco - 1.3% |  |  |
| Altria Group Inc  | 4655809 | 288380809 |
| TOTAL CONSUMER STAPLES |  | 1321728735 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Texas Pacific Land Corp (c) | 60117 | 58201071 |
| Financials - 16.1% |  |  |
| Capital Markets - 2.5% |  |  |
| Ameriprise Financial Inc  | 282919 | 146605797 |
| Evercore Inc Class A  | 59661 | 17966314 |
| FactSet Research Systems Inc  | 112166 | 45191681 |
| LPL Financial Holdings Inc  | 252140 | 99779362 |
| Moody's Corp  | 453885 | 234082111 |
| SEI Investments Co  | 220590 | 19438391 |
|  |  | 563063656 |
| Consumer Finance - 1.9% |  |  |
| American Express Co  | 1498806 | 448607624 |
| Financial Services - 7.7% |  |  |
| Equitable Holdings Inc  | 259560 | 13328406 |
| Jack Henry & Associates Inc  | 69515 | 11804690 |
| Mastercard Inc Class A  | 1505334 | 852726551 |
| Visa Inc Class A  | 2551743 | 881550654 |
|  |  | 1759410301 |
| Insurance - 4.0% |  |  |
| Aon PLC  | 571275 | 203208230 |
| Erie Indemnity Co Class A  | 46291 | 16490706 |
| Kinsale Capital Group Inc (c) | 58399 | 25735855 |
| Marsh & McLennan Cos Inc  | 1275840 | 254147328 |
| Progressive Corp/The  | 1714091 | 414878586 |
|  |  | 914460705 |
| TOTAL FINANCIALS |  | 3685542286 |
| Health Care - 7.1% |  |  |
| Biotechnology - 0.2% |  |  |
| Exelixis Inc (b)(c) | 762708 | 27625284 |
| United Therapeutics Corp (b) | 92106 | 25301518 |
|  |  | 52926802 |
| Health Care Equipment & Supplies - 1.1% |  |  |
| IDEXX Laboratories Inc (b) | 241292 | 128924729 |
| ResMed Inc  | 429824 | 116886338 |
|  |  | 245811067 |
| Health Care Technology - 0.7% |  |  |
| Doximity Inc Class A (b)(c) | 467001 | 27436309 |
| Veeva Systems Inc Class A (b) | 442459 | 125746848 |
|  |  | 153183157 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Medpace Holdings Inc (b)(c) | 67500 | 28836000 |
| Mettler-Toledo International Inc (b) | 50706 | 62554978 |
|  |  | 91390978 |
| Pharmaceuticals - 4.7% |  |  |
| Eli Lilly & Co  | 85053 | 62945173 |
| Johnson & Johnson  | 5115558 | 842737025 |
| Zoetis Inc Class A  | 1161763 | 169373428 |
|  |  | 1075055626 |
| TOTAL HEALTH CARE |  | 1618367630 |
| Industrials - 7.3% |  |  |
| Building Products - 0.1% |  |  |
| Lennox International Inc  | 84074 | 51201066 |
| Commercial Services & Supplies - 1.3% |  |  |
| Cintas Corp  | 1090251 | 242635360 |
| Veralto Corp  | 498240 | 52230499 |
|  |  | 294865859 |
| Ground Transportation - 1.5% |  |  |
| Union Pacific Corp  | 1595828 | 354225941 |
| Machinery - 1.0% |  |  |
| Allison Transmission Holdings Inc  | 126550 | 11398358 |
| Illinois Tool Works Inc  | 702490 | 179816365 |
| Snap-on Inc  | 102472 | 32912982 |
|  |  | 224127705 |
| Professional Services - 2.4% |  |  |
| Automatic Data Processing Inc  | 1184784 | 366690648 |
| Paychex Inc  | 845442 | 122022644 |
| Paycom Software Inc  | 141585 | 32782591 |
| Paylocity Holding Corp (b) | 95769 | 17705773 |
|  |  | 539201656 |
| Trading Companies & Distributors - 1.0% |  |  |
| Fastenal Co  | 2845811 | 131277262 |
| WW Grainger Inc  | 83493 | 86794313 |
|  |  | 218071575 |
| TOTAL INDUSTRIALS |  | 1681693802 |
| Information Technology - 40.6% |  |  |
| Communications Equipment - 2.8% |  |  |
| Arista Networks Inc  | 2855360 | 351837459 |
| F5 Inc (b) | 211402 | 66257615 |
| Motorola Solutions Inc  | 489070 | 214691949 |
|  |  | 632787023 |
| IT Services - 0.3% |  |  |
| Gartner Inc (b) | 240200 | 81343730 |
| Semiconductors & Semiconductor Equipment - 14.8% |  |  |
| Applied Materials Inc  | 2489866 | 448325272 |
| KLA Corp  | 439442 | 386282701 |
| Lam Research Corp  | 4209256 | 399205839 |
| NVIDIA Corp  | 12169952 | 2164669363 |
|  |  | 3398483175 |
| Software - 14.5% |  |  |
| Adobe Inc (b) | 1184275 | 423603325 |
| Autodesk Inc (b) | 637059 | 193098953 |
| Fair Isaac Corp (b) | 67248 | 96616547 |
| Fortinet Inc (b) | 1914172 | 191225783 |
| Manhattan Associates Inc (b)(c) | 115846 | 25446732 |
| Microsoft Corp  | 4332627 | 2311456505 |
| PTC Inc (b) | 317668 | 68238263 |
| Qualys Inc (b) | 30224 | 4021907 |
|  |  | 3313708015 |
| Technology Hardware, Storage & Peripherals - 8.2% |  |  |
| Apple Inc  | 8283791 | 1719466498 |
| NetApp Inc  | 1469899 | 153060583 |
|  |  | 1872527081 |
| TOTAL INFORMATION TECHNOLOGY |  | 9298849024 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Royal Gold Inc  | 235112 | 35600659 |
| Real Estate - 1.7% |  |  |
| Retail REITs - 0.5% |  |  |
| Simon Property Group Inc  | 758221 | 124189017 |
| Specialized REITs - 1.2% |  |  |
| American Tower Corp  | 1229622 | 256240929 |
| TOTAL REAL ESTATE |  | 380429946 |
| TOTAL UNITED STATES |  | 22285703209 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $15,305,389,073) |  | <br> **22285703209** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $3,452,901)<br>| 4.25 | 3461000 | **3452739** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 577669580 | 577785115 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 4425425 | 4425867 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $582,210,982) |  |  | **582210982** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $15,891,052,956)<br>| <br>**22871366930** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **40894481** |
| **NET ASSETS - 100.0%** | **22912261411** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini Nasdaq 100 Index Contracts (United States) | 1342 | Sep 2025 | 627116600 | 11961176 | 11961176 |
| The notional amount of futures purchased as a percentage of Net Assets is 2.7% | The notional amount of futures purchased as a percentage of Net Assets is 2.7% | The notional amount of futures purchased as a percentage of Net Assets is 2.7% | The notional amount of futures purchased as a percentage of Net Assets is 2.7% | The notional amount of futures purchased as a percentage of Net Assets is 2.7% | The notional amount of futures purchased as a percentage of Net Assets is 2.7% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Security or a portion of the security is on loan at period end.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,452,739.

(f) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 27070895 | 1602845257 | 1052131037 | 3013572 | - | - | 577785115 | 577669580 | 1.0% |
| Fidelity Securities Lending Cash Central Fund | 42161979 | 689921233 | 727657345 | 14962 | - | - | 4425867 | 4425425 | 0.0% |
| Total | 69232874 | 2292766490 | 1779788382 | 3028534 | - | - | 582210982 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 2773675008 | 2773675008 | - | - |
| Consumer Discretionary | 1431615048 | 1431615048 | - | - |
| Consumer Staples | 1321728735 | 1321728735 | - | - |
| Energy | 58201071 | 58201071 | - | - |
| Financials | 3685542286 | 3685542286 | - | - |
| Health Care | 1618367630 | 1618367630 | - | - |
| Industrials | 1681693802 | 1681693802 | - | - |
| Information Technology | 9298849024 | 9298849024 | - | - |
| Materials | 35600659 | 35600659 | - | - |
| Real Estate | 380429946 | 380429946 | - | - |
|  **U.S. Treasury Obligations** | 3452739 | - | 3452739 | - |
|  **Money Market Funds** | 582210982 | 582210982 | - | - |
| **Total Investments in Securities:** | 22871366930 | 22867914191 | 3452739 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 11961176 | 11961176 | - | - |
| Total Assets | 11961176 | 11961176 | - | - |
| **Total Derivative Instruments:** | 11961176 | 11961176 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 11961176 | 0 |
| **Total Equity Risk**  | 11961176 | 0 |
| **Total Value of Derivatives** | 11961176 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $8,985,341) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $15,308,841,974) | $22289155948 |  |
| Fidelity Central Funds (cost $582,210,982) | 582210982 |  |
| Total Investment in Securities (cost $15,891,052,956) |  | $22871366930 |
| Segregated cash with brokers for derivative instruments |  | 37569251 |
| Receivable for fund shares sold |  | 459501 |
| Dividends receivable |  | 12063537 |
| Distributions receivable from Fidelity Central Funds |  | 1335512 |
| Prepaid expenses |  | 3790 |
| **Total assets** |  | 22922798521 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $702869 |  |
| Accrued management fee | 1875077 |  |
| Payable for daily variation margin on futures contracts | 3094663 |  |
| Other payables and accrued expenses | 451958 |  |
| Collateral on securities loaned | 4412543 |  |
| **Total liabilities** |  | 10537110 |
| **Net Assets**  |  | $22912261411 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $15556317401 |
| Total accumulated earnings (loss) |  | 7355944010 |
| **Net Assets** |  | $22912261411 |
| **Net Asset Value**, offering price and redemption price per share ($22,912,261,411 ÷ 987,975,410 shares) |  | $23.19 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $209209930 |
| Interest  |  | 150854 |
| Income from Fidelity Central Funds (including $14,962 from security lending)  |  | 3028534 |
| **Total income** |  | 212389318 |
| **Expenses** |  |  |
| Management fee | $18172236 |  |
| Custodian fees and expenses | 109215 |  |
| Independent trustees' fees and expenses | 43004 |  |
| Registration fees | 425498 |  |
| Audit fees | 57486 |  |
| Legal | 16146 |  |
| Miscellaneous | 52505 |  |
| Total expenses before reductions | 18876090 |  |
| Expense reductions | (25627) |  |
| Total expenses after reductions |  | 18850463 |
| **Net Investment income (loss)** |  | 193538855 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 621493223 |  |
| Futures contracts | 10108634 |  |
| Total net realized gain (loss) |  | 631601857 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1760197111 |  |
| Futures contracts | 12358312 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1772555423 |
| **Net gain (loss)** |  | 2404157280 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2597696135 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $193538855 | $140910687 |
| &nbsp;&nbsp;Net realized gain (loss) | 631601857<br>| 1582979150<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1772555423 | 1402624349<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2597696135<br>| 3126514186<br>|
| Distributions to shareholders | (1874106399)<br>| (317078481)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 6754552365 | 1055257787 |
| Reinvestment of distributions | 1848266135<br>| 312161986<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (590969923) | (3073561656) |
| **Net increase (decrease) in net assets resulting from share transactions** | 8011848577<br>| (1706141883)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 8735438313<br>| 1103293822<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 14176823098 | 13073529276<br>|
| &nbsp;&nbsp;End of period | $22912261411 | $14176823098 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 312619234 | 53032086 |
| Issued in reinvestment of distributions | 86684232<br>| 16907890<br>|
| &nbsp;&nbsp;Redeemed | (28775269) | (151753582) |
| &nbsp;&nbsp;Net increase (decrease) | 370528197 | (81813606) |

---

**Financial Highlights** 

**Fidelity® SAI U.S. Quality Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.96 | $18.70 | $16.49 | $19.24 | $15.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .23  | .21  | .23  | .23  | .22  |
| Net realized and unrealized gain (loss)  | 2.72  | 4.51  | 2.20  | (1.36)  | 4.58  |
| Total from investment operations  | 2.95  | 4.72  | 2.43  | (1.13)  | 4.80  |
| Distributions from net investment income  | (.23)  | (.23)  | (.22)  | (.20)  | (.28)  |
| Distributions from net realized gain  | (2.50)  | (.23)  | -  | (1.42)  | (1.25)  |
| Total distributions  | (2.72) C | (.46)  | (.22)  | (1.62)  | (1.52) C |
| Net asset value, end of period  | $23.19 | $22.96 | $18.70 | $16.49 | $19.24 |
| **Total Return** D | 14.17% <br>| 25.86%  | 14.97%  | (6.55)%  | 32.64%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .10%  | .11%  | .11%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .11%  | .11%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .11%  | .11%  | .10%  | .10%  |
| Net investment income (loss)  | 1.06%  | 1.06%  | 1.43%  | 1.30%  | 1.30%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $22912261 | $14176823 | $13073529 | $11408951 | $10136091 |
| Portfolio turnover rate G | 51% <br>| 53%  | 58%  | 47%  | 71%  |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying 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.*

F*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.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended July 31, 2025

**1. Organization.**

Fidelity SAI U.S. Quality Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $7325145605 |
| **Gross unrealized depreciation**  | <u>(456399416)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$6868746189</u> |
| **Tax Cost**  | <u>$16002620741</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$117497508</u> |
| **Undistributed long-term capital gain**  | <u>$547452761</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$6868746189</u> |

---

The Fund intends to elect to defer to its next fiscal year $177,752,449 of capital losses recognized during the period November 1, 2024 to July 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $430977562 | $157333391 |
| **Long-term Capital Gains**  | <u>1443128837</u> | <u>159745090</u> |
| **Total**  | <u>$1874106399</u> | <u>$317078481</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI U.S. Quality Index Fund** | 15098597472 | 9336430110 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .10% of the Fund's average net assets.

**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI U.S. Quality Index Fund** | 31986919 | 14929626 | 415214 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI U.S. Quality Index Fund** | 18842 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity SAI U.S. Quality Index Fund** | 1627 | - | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI U.S. Quality Index Fund** | 4920886 |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $25,627.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | | |
|:---|:---|:---|
|  | **Strategic Advisers Fidelity U.S. Total Stock Fund** | **Strategic Advisers U.S. Total Stock Fund** |
| Fidelity SAI U.S. Quality Index Fund | 82% | 14% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity SAI U.S. Quality Index Fund | 96% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity SAI U.S. Quality Index Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity SAI U.S. Quality Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 11, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $884,707,881, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $2,005,660 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 25%, and 65% of the dividends distributed in September and December respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 24.90%, and 68.78% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1.93%, and 2.91% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img111424_4.jpg)<br>

1.9868208.109 SV4-ANN-0925

**Fidelity® SAI U.S. Momentum Index Fund**

**Annual Report**

**July 31, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img111425_1.jpg)

![](img111425_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SY1-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI U.S. Momentum Index Fund](#Sub_Sec_Fund_2882_SY1-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2882_SY1-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SY1-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SY1-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SY1-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SY1-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SY1-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SY1-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® SAI U.S. Momentum Index Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| MercadoLibre Inc (b) | 7039 | 16709812 |
| UNITED KINGDOM - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Flutter Entertainment PLC (b) | 23479 | 7096763 |
| UNITED STATES - 99.1%  |  |  |
| Communication Services - 8.8% |  |  |
| Diversified Telecommunication Services - 1.8% |  |  |
| AT&T Inc  | 2929318 | 80292606 |
| Entertainment - 6.0% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (b) | 45571 | 4573050 |
| Live Nation Entertainment Inc (b) | 43750 | 6461875 |
| Netflix Inc (b) | 178583 | 207049130 |
| ROBLOX Corp Class A (b) | 205402 | 28302342 |
| Take-Two Interactive Software Inc (b) | 86407 | 19245431 |
|  |  | 265631828 |
| Interactive Media & Services - 0.0% |  |  |
| Reddit Inc Class A (b) | 12770 | 2050734 |
| Media - 0.3% |  |  |
| Charter Communications Inc Class A (b) | 25377 | 6835549 |
| Fox Corp Class A  | 83871 | 4676647 |
| Fox Corp Class B  | 53763 | 2749440 |
|  |  | 14261636 |
| Wireless Telecommunication Services - 0.7% |  |  |
| T-Mobile US Inc  | 125295 | 29871581 |
| TOTAL COMMUNICATION SERVICES |  | 392108385 |
| Consumer Discretionary - 7.0% |  |  |
| Automobiles - 1.6% |  |  |
| Rivian Automotive Inc Class A (b)(c) | 179043 | 2304283 |
| Tesla Inc (b) | 216345 | 66692674 |
|  |  | 68996957 |
| Broadline Retail - 0.2% |  |  |
| eBay Inc  | 142448 | 13069603 |
| Hotels, Restaurants & Leisure - 2.9% |  |  |
| Booking Holdings Inc  | 5904 | 32495970 |
| Darden Restaurants Inc  | 45830 | 9242536 |
| Domino's Pizza Inc  | 5282 | 2446675 |
| DoorDash Inc Class A (b) | 115781 | 28974195 |
| McDonald's Corp  | 88352 | 26511785 |
| Royal Caribbean Cruises Ltd  | 62061 | 19727330 |
| Yum! Brands Inc  | 62645 | 9030277 |
|  |  | 128428768 |
| Specialty Retail - 2.3% |  |  |
| AutoZone Inc (b) | 6107 | 23013497 |
| Carvana Co Class A (b) | 25288 | 9866619 |
| O'Reilly Automotive Inc (b) | 319067 | 31370667 |
| TJX Cos Inc/The  | 278056 | 34626314 |
| Ulta Beauty Inc (b) | 1832 | 943498 |
| Williams-Sonoma Inc  | 10850 | 2029493 |
|  |  | 101850088 |
| TOTAL CONSUMER DISCRETIONARY |  | 312345416 |
| Consumer Staples - 12.2% |  |  |
| Beverages - 2.0% |  |  |
| Coca-Cola Co/The  | 1152022 | 78210774 |
| Monster Beverage Corp (b) | 180370 | 10596737 |
|  |  | 88807511 |
| Consumer Staples Distribution & Retail - 6.5% |  |  |
| Albertsons Cos Inc Class A  | 108215 | 2079892 |
| Costco Wholesale Corp  | 107442 | 100956801 |
| Dollar General Corp  | 46668 | 4895473 |
| Dollar Tree Inc (b) | 48611 | 5519779 |
| Kroger Co/The  | 265593 | 18618069 |
| Walmart Inc  | 1591357 | 155921160 |
|  |  | 287991174 |
| Food Products - 0.0% |  |  |
| Kellanova  | 32536 | 2597348 |
| Tobacco - 3.7% |  |  |
| Altria Group Inc  | 450029 | 27874796 |
| Philip Morris International Inc  | 823428 | 135083364 |
|  |  | 162958160 |
| TOTAL CONSUMER STAPLES |  | 542354193 |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Cheniere Energy Inc  | 70781 | 16695822 |
| EQT Corp  | 194864 | 10473940 |
| Expand Energy Corp  | 64837 | 6793621 |
| Kinder Morgan Inc  | 507574 | 14242526 |
| Targa Resources Corp  | 15923 | 2649746 |
| Texas Pacific Land Corp  | 4025 | 3896723 |
| Williams Cos Inc/The  | 364498 | 21851656 |
|  |  | 76604034 |
| Financials - 25.0% |  |  |
| Banks - 5.9% |  |  |
| Citigroup Inc  | 138371 | 12965362 |
| JPMorgan Chase & Co  | 713729 | 211435079 |
| Wells Fargo & Co  | 485639 | 39157073 |
|  |  | 263557514 |
| Capital Markets - 5.6% |  |  |
| Bank of New York Mellon Corp/The  | 194239 | 19705547 |
| Cboe Global Markets Inc  | 13464 | 3245363 |
| Charles Schwab Corp/The  | 273968 | 26774893 |
| CME Group Inc Class A  | 161456 | 44929976 |
| Goldman Sachs Group Inc/The  | 71605 | 51812662 |
| Interactive Brokers Group Inc Class A  | 128364 | 8415544 |
| Intercontinental Exchange Inc  | 111596 | 20626289 |
| LPL Financial Holdings Inc  | 17095 | 6765004 |
| Moody's Corp  | 5044 | 2601342 |
| Morgan Stanley  | 39518 | 5629734 |
| Nasdaq Inc  | 69539 | 6691043 |
| Northern Trust Corp  | 10984 | 1427919 |
| Robinhood Markets Inc Class A (b) | 414546 | 42718965 |
| S&P Global Inc  | 10012 | 5517613 |
| Tradeweb Markets Inc Class A  | 15026 | 2081852 |
|  |  | 248943746 |
| Consumer Finance - 0.4% |  |  |
| Capital One Financial Corp  | 72645 | 15618675 |
| Financial Services - 10.3% |  |  |
| Berkshire Hathaway Inc Class B (b) | 375901 | 177380164 |
| Equitable Holdings Inc  | 75240 | 3863574 |
| Mastercard Inc Class A  | 137038 | 77627916 |
| Toast Inc Class A (b) | 94668 | 4623585 |
| Visa Inc Class A  | 567693 | 196120901 |
|  |  | 459616140 |
| Insurance - 2.8% |  |  |
| AFLAC Inc  | 71301 | 7084467 |
| Allstate Corp/The  | 17450 | 3546713 |
| American International Group Inc  | 22116 | 1716865 |
| Arthur J Gallagher & Co  | 78873 | 22656269 |
| Brown & Brown Inc  | 49390 | 4512764 |
| Hartford Insurance Group Inc/The  | 77311 | 9616715 |
| Loews Corp  | 27942 | 2529869 |
| Markel Group Inc (b) | 3916 | 7864464 |
| Marsh & McLennan Cos Inc  | 14783 | 2944774 |
| Progressive Corp/The  | 175321 | 42434695 |
| The Travelers Companies, Inc.  | 37121 | 9660369 |
| W R Berkley Corp  | 123166 | 8475052 |
| Willis Towers Watson PLC  | 2721 | 859319 |
|  |  | 123902335 |
| TOTAL FINANCIALS |  | 1111638410 |
| Health Care - 7.6% |  |  |
| Biotechnology - 1.6% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 15781 | 6189939 |
| Gilead Sciences Inc  | 482235 | 54150168 |
| Natera Inc (b) | 34069 | 4553663 |
| Vertex Pharmaceuticals Inc (b) | 9452 | 4318335 |
|  |  | 69212105 |
| Health Care Equipment & Supplies - 3.5% |  |  |
| Abbott Laboratories  | 540558 | 68213014 |
| Boston Scientific Corp (b) | 599472 | 62896602 |
| Edwards Lifesciences Corp (b) | 24584 | 1949757 |
| Insulet Corp (b) | 9147 | 2637995 |
| Intuitive Surgical Inc (b) | 36955 | 17778681 |
|  |  | 153476049 |
| Health Care Providers & Services - 2.4% |  |  |
| Cardinal Health Inc  | 117154 | 18184644 |
| Cencora Inc  | 80790 | 23112403 |
| CVS Health Corp  | 303286 | 18834061 |
| McKesson Corp  | 58432 | 40524929 |
| Quest Diagnostics Inc  | 36290 | 6075309 |
|  |  | 106731346 |
| Health Care Technology - 0.0% |  |  |
| Veeva Systems Inc Class A (b) | 16453 | 4675943 |
| Pharmaceuticals - 0.1% |  |  |
| Royalty Pharma PLC Class A  | 140560 | 5172608 |
| TOTAL HEALTH CARE |  | 339268051 |
| Industrials - 11.9% |  |  |
| Aerospace & Defense - 6.0% |  |  |
| Axon Enterprise Inc (b) | 31211 | 23579598 |
| Boeing Co (b) | 178922 | 39692056 |
| GE Aerospace  | 360716 | 97782894 |
| HEICO Corp  | 7660 | 2503288 |
| HEICO Corp Class A  | 16440 | 4243000 |
| Howmet Aerospace Inc  | 203287 | 36544904 |
| RTX Corp  | 320879 | 50560904 |
| TransDigm Group Inc  | 6532 | 10506461 |
|  |  | 265413105 |
| Building Products - 0.6% |  |  |
| Johnson Controls International plc  | 134744 | 14148120 |
| Trane Technologies PLC  | 31816 | 13937953 |
|  |  | 28086073 |
| Commercial Services & Supplies - 1.4% |  |  |
| Cintas Corp  | 37335 | 8308904 |
| Copart Inc (b) | 204790 | 9283131 |
| Republic Services Inc  | 104390 | 24077554 |
| Rollins Inc  | 96496 | 5526326 |
| Waste Connections Inc (United States)  | 60216 | 11240521 |
| Waste Management Inc  | 12646 | 2897956 |
|  |  | 61334392 |
| Electrical Equipment - 1.9% |  |  |
| GE Vernova Inc  | 126598 | 83591394 |
| Ground Transportation - 0.1% |  |  |
| Uber Technologies Inc (b) | 67693 | 5940061 |
| Industrial Conglomerates - 0.5% |  |  |
| 3M Co  | 137011 | 20444781 |
| Machinery - 0.7% |  |  |
| Deere & Co  | 59418 | 31157017 |
| Professional Services - 0.7% |  |  |
| Automatic Data Processing Inc  | 44603 | 13804629 |
| Broadridge Financial Solutions Inc  | 32281 | 7989870 |
| Paychex Inc  | 24629 | 3554704 |
| Paycom Software Inc  | 2333 | 540182 |
| SS&C Technologies Holdings Inc  | 17995 | 1538213 |
| Verisk Analytics Inc  | 12640 | 3522894 |
|  |  | 30950492 |
| TOTAL INDUSTRIALS |  | 526917315 |
| Information Technology - 19.6% |  |  |
| Communications Equipment - 1.2% |  |  |
| Cisco Systems Inc  | 681497 | 46396316 |
| F5 Inc (b) | 19518 | 6117332 |
| Motorola Solutions Inc  | 5838 | 2562765 |
|  |  | 55076413 |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Amphenol Corp Class A  | 375653 | 40010801 |
| Jabil Inc  | 29604 | 6606725 |
|  |  | 46617526 |
| IT Services - 3.5% |  |  |
| Cloudflare Inc Class A (b) | 90777 | 18852567 |
| GoDaddy Inc Class A (b) | 30451 | 4920273 |
| IBM Corporation  | 348159 | 88136451 |
| Okta Inc Class A (b) | 50021 | 4892054 |
| Snowflake Inc (b) | 86000 | 19221000 |
| Twilio Inc Class A (b) | 39671 | 5117559 |
| VeriSign Inc  | 46981 | 12631781 |
|  |  | 153771685 |
| Semiconductors & Semiconductor Equipment - 5.1% |  |  |
| Broadcom Inc  | 767995 | 225560132 |
| Software - 8.8% |  |  |
| AppLovin Corp Class A (b) | 99997 | 39068828 |
| Atlassian Corp Class A (b) | 22466 | 4308529 |
| Crowdstrike Holdings Inc Class A (b) | 88043 | 40021707 |
| Docusign Inc (b) | 24639 | 1863693 |
| Fair Isaac Corp (b) | 1835 | 2636381 |
| Fortinet Inc (b) | 219714 | 21949429 |
| Intuit Inc  | 11796 | 9261393 |
| MicroStrategy Inc Class A (b) | 91480 | 36762153 |
| Oracle Corp  | 93097 | 23625226 |
| Palantir Technologies Inc Class A (b) | 1214373 | 192295965 |
| Servicenow Inc (b) | 6890 | 6498097 |
| Zscaler Inc (b) | 26179 | 7475675 |
|  |  | 385767076 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Seagate Technology Holdings PLC  | 13918 | 2185264 |
| TOTAL INFORMATION TECHNOLOGY |  | 868978096 |
| Materials - 0.5% |  |  |
| Chemicals - 0.1% |  |  |
| Corteva Inc  | 66279 | 4780704 |
| Metals & Mining - 0.4% |  |  |
| Newmont Corp  | 274393 | 17039806 |
| TOTAL MATERIALS |  | 21820510 |
| Real Estate - 1.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| WP Carey Inc  | 46079 | 2956429 |
| Health Care REITs - 0.9% |  |  |
| Ventas Inc  | 71221 | 4784627 |
| Welltower Inc  | 204758 | 33799403 |
|  |  | 38584030 |
| Real Estate Management & Development - 0.1% |  |  |
| CBRE Group Inc Class A (b) | 10135 | 1578425 |
| Zillow Group Inc Class C (b) | 17806 | 1416467 |
|  |  | 2994892 |
| Residential REITs - 0.0% |  |  |
| Mid-America Apartment Communities Inc  | 4036 | 574847 |
| TOTAL REAL ESTATE |  | 45110198 |
| Utilities - 3.8% |  |  |
| Electric Utilities - 2.0% |  |  |
| Alliant Energy Corp  | 22954 | 1492239 |
| American Electric Power Co Inc  | 108127 | 12233489 |
| Constellation Energy Corp  | 16392 | 5701793 |
| Duke Energy Corp  | 90821 | 11047466 |
| Entergy Corp  | 125051 | 11308362 |
| Evergy Inc  | 67437 | 4774540 |
| Exelon Corp  | 328113 | 14745398 |
| NRG Energy Inc  | 75969 | 12702017 |
| PPL Corp  | 194437 | 6939457 |
| Southern Co/The  | 40482 | 3824739 |
| Xcel Energy Inc  | 67908 | 4987164 |
|  |  | 89756664 |
| Gas Utilities - 0.2% |  |  |
| Atmos Energy Corp  | 51714 | 8063247 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| Vistra Corp  | 82971 | 17302772 |
| Multi-Utilities - 1.2% |  |  |
| Ameren Corp  | 80238 | 8114469 |
| CenterPoint Energy Inc  | 283719 | 11013972 |
| CMS Energy Corp  | 10620 | 783755 |
| Consolidated Edison Inc  | 90488 | 9365508 |
| DTE Energy Co  | 43648 | 6041320 |
| NiSource Inc  | 137146 | 5821848 |
| WEC Energy Group Inc  | 100720 | 10986538 |
|  |  | 52127410 |
| Water Utilities - 0.0% |  |  |
| American Water Works Co Inc  | 7027 | 985466 |
| TOTAL UTILITIES |  | 168235559 |
| TOTAL UNITED STATES |  | 4405380167 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,859,987,556) |  | <br> **4429186742** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $910,863)<br>| 4.25 | 913000 | **910820** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 12029186 | 12031592 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 2397360 | 2397600 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $14,429,192) |  |  | **14429192** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $3,875,327,611)<br>| <br>**4444526754** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **321259** |
| **NET ASSETS - 100.0%** | **4444848013** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 68 | Sep 2025 | 21672450 | 782580 | 782580 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Security or a portion of the security is on loan at period end.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $910,820.

(f) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 865005 | 229566041 | 218399454 | 372108 | - | - | 12031592 | 12029186 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 84800 | 345328838 | 343016038 | 6158 | - | - | 2397600 | 2397360 | 0.0% |
| Total | 949805 | 574894879 | 561415492 | 378266 | - | - | 14429192 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 392108385 | 392108385 | - | - |
| Consumer Discretionary | 336151991 | 336151991 | - | - |
| Consumer Staples | 542354193 | 542354193 | - | - |
| Energy | 76604034 | 76604034 | - | - |
| Financials | 1111638410 | 1111638410 | - | - |
| Health Care | 339268051 | 339268051 | - | - |
| Industrials | 526917315 | 526917315 | - | - |
| Information Technology | 868978096 | 868978096 | - | - |
| Materials | 21820510 | 21820510 | - | - |
| Real Estate | 45110198 | 45110198 | - | - |
| Utilities | 168235559 | 168235559 | - | - |
|  **U.S. Treasury Obligations** | 910820 | - | 910820 | - |
|  **Money Market Funds** | 14429192 | 14429192 | - | - |
| **Total Investments in Securities:** | 4444526754 | 4443615934 | 910820 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 782580 | 782580 | - | - |
| Total Assets | 782580 | 782580 | - | - |
| **Total Derivative Instruments:** | 782580 | 782580 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 782580 | 0 |
| **Total Equity Risk**  | 782580 | 0 |
| **Total Value of Derivatives** | 782580 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,285,712) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,860,898,419) | $4430097562 |  |
| Fidelity Central Funds (cost $14,429,192) | 14429192 |  |
| Total Investment in Securities (cost $3,875,327,611) |  | $4444526754 |
| Segregated cash with brokers for derivative instruments |  | 185677 |
| Cash |  | 4813 |
| Receivable for investments sold |  | 166345902 |
| Receivable for fund shares sold |  | 5839047 |
| Dividends receivable |  | 2029792 |
| Distributions receivable from Fidelity Central Funds |  | 66669 |
| Prepaid expenses |  | 1095 |
| **Total assets** |  | 4618999749 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $170723785 |  |
| Payable for fund shares redeemed | 537437 |  |
| Accrued management fee | 368578 |  |
| Payable for daily variation margin on futures contracts | 34600 |  |
| Other payables and accrued expenses | 89736 |  |
| Collateral on securities loaned | 2397600 |  |
| **Total liabilities** |  | 174151736 |
| **Net Assets**  |  | $4444848013 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3873676908 |
| Total accumulated earnings (loss) |  | 571171105 |
| **Net Assets** |  | $4444848013 |
| **Net Asset Value**, offering price and redemption price per share ($4,444,848,013 ÷ 235,856,428 shares) |  | $18.85 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $32705001 |
| Interest  |  | 25388 |
| Income from Fidelity Central Funds (including $6,158 from security lending)  |  | 378266 |
| **Total income** |  | 33108655 |
| **Expenses** |  |  |
| Management fee | $2586685 |  |
| Custodian fees and expenses | 44839 |  |
| Independent trustees' fees and expenses | 5254 |  |
| Registration fees | 79219 |  |
| Audit fees | 56435 |  |
| Legal | 5346 |  |
| Interest | 1933 |  |
| Miscellaneous | 3748 |  |
| Total expenses before reductions | 2783459 |  |
| Expense reductions | (1884) |  |
| Total expenses after reductions |  | 2781575 |
| **Net Investment income (loss)** |  | 30327080 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 41619049 |  |
| Futures contracts | (1950363) |  |
| Total net realized gain (loss) |  | 39668686 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 429477846 |  |
| Futures contracts | 770495 |  |
| Total change in net unrealized appreciation (depreciation) |  | 430248341 |
| **Net gain (loss)** |  | 469917027 |
| **Net increase (decrease) in net assets resulting from operations** |  | $500244107 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $30327080 | $3045104 |
| &nbsp;&nbsp;Net realized gain (loss) | 39668686<br>| 29592126<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 430248341 | 87584673<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 500244107<br>| 120221903<br>|
| Distributions to shareholders | (81440685)<br>| (55039241)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3641042729 | 337347841 |
| Reinvestment of distributions | 78621575<br>| 50595189<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (339314632) | (142340861) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3380349672<br>| 245602169<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3799153094<br>| 310784831<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 645694919 | 334910088<br>|
| &nbsp;&nbsp;End of period | $4444848013 | $645694919 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 211151493 | 22317838 |
| Issued in reinvestment of distributions | 4709888<br>| 4023283<br>|
| &nbsp;&nbsp;Redeemed | (19519809) | (9948777) |
| &nbsp;&nbsp;Net increase (decrease) | 196341572 | 16392344 |

---

**Financial Highlights** 

**Fidelity® SAI U.S. Momentum Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.34 | $14.48 | $13.95 | $19.05 | $15.74 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .10  | .30  | .19  | .10  |
| Net realized and unrealized gain (loss)  | 3.30  | 4.17  | .52 C | (1.81)  | 4.66  |
| Total from investment operations  | 3.50  | 4.27  | .82  | (1.62)  | 4.76  |
| Distributions from net investment income  | (.08)  | (.11)  | (.29)  | (.10)  | (.18)  |
| Distributions from net realized gain  | (.90)  | (2.30)  | -  | (3.38)  | (1.27)  |
| Total distributions  | (.99) D | (2.41)  | (.29)  | (3.48)  | (1.45)  |
| Net asset value, end of period  | $18.85 | $16.34 | $14.48 | $13.95 | $19.05 |
| **Total Return** E | 22.32% <br>| 35.08%  | 5.99% C | (11.06)%  | 32.98%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .11%  | .13%  | .11%  | .11%  | .11%  |
| Expenses net of fee waivers, if any  | .11% <br>| .13%  | .11%  | .11%  | .11%  |
| Expenses net of all reductions, if any  | .11%  | .13%  | .11%  | .11%  | .11%  |
| Net investment income (loss)  | 1.18%  | .68%  | 2.15%  | 1.25%  | .58%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4444848 | $645695 | $334910 | $4524235 | $2908860 |
| Portfolio turnover rate H | 143% <br>| 104%  | 85%  | 138%  | 128%  |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

C*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 5.95%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*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.*

G*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.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended July 31, 2025

**1. Organization.**

Fidelity SAI U.S. Momentum Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC) and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $632172373 |
| **Gross unrealized depreciation**  | <u>(72242888)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$559929485</u> |
| **Tax Cost**  | <u>$3884597269</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$24435128</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$559929485</u> |

---

The Fund intends to elect to defer to its next fiscal year $13,193,507 of capital losses recognized during the period November 1, 2024 to July 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $17132333 | $2427968 |
| **Long-term Capital Gains**  | <u>64308352</u> | <u>52611273</u> |
| **Total**  | <u>$81440685</u> | <u>$55039241</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI U.S. Momentum Index Fund** | 6981656481 | 3667387978 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .10% of the Fund's average net assets.

**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity SAI U.S. Momentum Index Fund**  | Borrower | 4649667 | 4.99% | 1933 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI U.S. Momentum Index Fund** | 3805972 | 4034345 | (36351) |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI U.S. Momentum Index Fund** | 2108 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity SAI U.S. Momentum Index Fund** | 659 | - | - |

---

**9. Expense Reductions.**

Through arrangements with the Fund's, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,884.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | | |
|:---|:---|:---|
|  | **Strategic Advisers Fidelity U.S. Total Stock Fund** | **Strategic Advisers U.S. Total Stock Fund** |
| Fidelity SAI U.S. Momentum Index Fund | 72% | 10% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity SAI U.S. Momentum Index Fund | 82% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity SAI U.S. Momentum Index Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity SAI U.S. Momentum Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 10, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $46,922,439 or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% and 29% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 99.59% and 28.72% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.01% and 1.72% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img111425_4.jpg)<br>

1.9878817.108 SY1-ANN-0925

**Fidelity® SAI U.S. Large Cap Index Fund**

**Annual Report**

**July 31, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img111426_1.jpg)

![](img111426_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SV9-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI U.S. Large Cap Index Fund](#Sub_Sec_Fund_2807_SV9-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2807_SV9-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SV9-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SV9-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SV9-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SV9-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SV9-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SV9-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for us by Fidelity. S&P®;, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® SAI U.S. Large Cap Index Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Aptiv PLC  | 56994 | 3912068 |
| IRELAND - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Accenture PLC Class A  | 163884 | 43773416 |
| NETHERLANDS - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 66137 | 14138106 |
| SWITZERLAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| TE Connectivity PLC  | 77632 | 15972784 |
| UNITED STATES - 99.3%  |  |  |
| Communication Services - 9.8% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| AT&T Inc  | 1883685 | 51631806 |
| Verizon Communications Inc  | 1103681 | 47193399 |
|  |  | 98825205 |
| Entertainment - 1.6% |  |  |
| Electronic Arts Inc  | 59737 | 9109295 |
| Live Nation Entertainment Inc (b) | 41255 | 6093364 |
| Netflix Inc (b) | 111407 | 129165277 |
| Take-Two Interactive Software Inc (b) | 44354 | 9878966 |
| TKO Group Holdings Inc Class A  | 17549 | 2948407 |
| Walt Disney Co/The  | 470611 | 56054476 |
| Warner Bros Discovery Inc (b) | 589460 | 7763188 |
|  |  | 221012973 |
| Interactive Media & Services - 6.9% |  |  |
| Alphabet Inc Class A  | 1523588 | 292376537 |
| Alphabet Inc Class C  | 1228981 | 237021276 |
| Match Group Inc  | 64195 | 2199963 |
| Meta Platforms Inc Class A  | 568367 | 439597772 |
|  |  | 971195548 |
| Media - 0.5% |  |  |
| Charter Communications Inc Class A (b) | 24987 | 6730498 |
| Comcast Corp Class A  | 974929 | 32396892 |
| Fox Corp Class A  | 56192 | 3133266 |
| Fox Corp Class B  | 34350 | 1756659 |
| Interpublic Group of Cos Inc/The  | 96807 | 2381452 |
| News Corp Class A  | 100250 | 2939330 |
| News Corp Class B (c) | 27763 | 927839 |
| Omnicom Group Inc  | 51077 | 3680098 |
| Paramount Global Class B (c) | 157732 | 1982691 |
| Trade Desk Inc (The) Class A (b) | 117318 | 10201973 |
|  |  | 66130698 |
| Wireless Telecommunication Services - 0.1% |  |  |
| T-Mobile US Inc  | 124841 | 29763343 |
| TOTAL COMMUNICATION SERVICES |  | 1386927767 |
| Consumer Discretionary - 10.4% |  |  |
| Automobiles - 1.8% |  |  |
| Ford Motor Co  | 1022486 | 11318920 |
| General Motors Co  | 251689 | 13425091 |
| Tesla Inc (b) | 733576 | 226139474 |
|  |  | 250883485 |
| Broadline Retail - 4.2% |  |  |
| Amazon.com Inc (b) | 2473459 | 579061487 |
| eBay Inc  | 120675 | 11071931 |
|  |  | 590133418 |
| Distributors - 0.1% |  |  |
| Genuine Parts Co  | 36332 | 4682468 |
| LKQ Corp  | 67576 | 1991465 |
| Pool Corp  | 9844 | 3033330 |
|  |  | 9707263 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Airbnb Inc Class A (b) | 112987 | 14960609 |
| Booking Holdings Inc  | 8518 | 46883583 |
| Caesars Entertainment Inc (b) | 54466 | 1453152 |
| Carnival Corp (b) | 274854 | 8182404 |
| Chipotle Mexican Grill Inc (b) | 352716 | 15124462 |
| Darden Restaurants Inc  | 30632 | 6177555 |
| Domino's Pizza Inc  | 8963 | 4151751 |
| DoorDash Inc Class A (b) | 89758 | 22461940 |
| Expedia Group Inc Class A  | 31831 | 5736583 |
| Hilton Worldwide Holdings Inc  | 62221 | 16680206 |
| Las Vegas Sands Corp  | 88792 | 4652701 |
| Marriott International Inc/MD Class A1  | 59508 | 15699996 |
| McDonald's Corp  | 187181 | 56167403 |
| MGM Resorts International (b) | 54147 | 1973658 |
| Norwegian Cruise Line Holdings Ltd (b) | 116958 | 2989446 |
| Royal Caribbean Cruises Ltd  | 65401 | 20789016 |
| Starbucks Corp  | 297487 | 26523941 |
| Wynn Resorts Ltd  | 23039 | 2511942 |
| Yum! Brands Inc  | 72762 | 10488642 |
|  |  | 283608990 |
| Household Durables - 0.3% |  |  |
| DR Horton Inc  | 72381 | 10338902 |
| Garmin Ltd  | 40323 | 8821059 |
| Lennar Corp Class A  | 60792 | 6819647 |
| Mohawk Industries Inc (b) | 13590 | 1556191 |
| NVR Inc (b) | 765 | 5775360 |
| PulteGroup Inc  | 52475 | 5925477 |
|  |  | 39236636 |
| Leisure Products - 0.0% |  |  |
| Hasbro Inc  | 34483 | 2591742 |
| Specialty Retail - 1.7% |  |  |
| AutoZone Inc (b) | 4379 | 16501736 |
| Best Buy Co Inc  | 50433 | 3281171 |
| CarMax Inc (b) | 39887 | 2258003 |
| Home Depot Inc/The  | 260190 | 95622427 |
| Lowe's Cos Inc  | 146520 | 32757476 |
| O'Reilly Automotive Inc (b) | 223775 | 22001558 |
| Ross Stores Inc  | 86085 | 11754046 |
| TJX Cos Inc/The  | 292269 | 36396259 |
| Tractor Supply Co  | 138805 | 7904945 |
| Ulta Beauty Inc (b) | 11820 | 6087418 |
| Williams-Sonoma Inc  | 32186 | 6020391 |
|  |  | 240585430 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Deckers Outdoor Corp (b) | 39725 | 4217603 |
| Lululemon Athletica Inc (b) | 28935 | 5802336 |
| NIKE Inc Class B  | 308402 | 23034545 |
| Ralph Lauren Corp Class A  | 10436 | 3117755 |
| Tapestry Inc  | 54358 | 5872295 |
|  |  | 42044534 |
| TOTAL CONSUMER DISCRETIONARY |  | 1458791498 |
| Consumer Staples - 5.2% |  |  |
| Beverages - 1.1% |  |  |
| Brown-Forman Corp Class B  | 47713 | 1376520 |
| Coca-Cola Co/The  | 1014042 | 68843311 |
| Constellation Brands Inc Class A  | 40081 | 6695130 |
| Keurig Dr Pepper Inc  | 355581 | 11609720 |
| Molson Coors Beverage Co Class B  | 44846 | 2184897 |
| Monster Beverage Corp (b) | 183833 | 10800189 |
| PepsiCo Inc  | 358930 | 49503626 |
|  |  | 151013393 |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Costco Wholesale Corp  | 116149 | 109138247 |
| Dollar General Corp  | 57587 | 6040876 |
| Dollar Tree Inc (b) | 51717 | 5872465 |
| Kroger Co/The  | 160370 | 11241937 |
| Sysco Corp  | 126905 | 10101638 |
| Target Corp  | 118954 | 11954877 |
| Walgreens Boots Alliance Inc  | 187969 | 2187959 |
| Walmart Inc  | 1131029 | 110818222 |
|  |  | 267356221 |
| Food Products - 0.5% |  |  |
| Archer-Daniels-Midland Co  | 125778 | 6814652 |
| Bunge Global SA  | 35182 | 2806116 |
| Conagra Brands Inc  | 124961 | 2281788 |
| General Mills Inc  | 143357 | 7021626 |
| Hershey Co/The  | 38744 | 7211421 |
| Hormel Foods Corp  | 76302 | 2143323 |
| JM Smucker Co  | 27873 | 2991888 |
| Kellanova  | 70366 | 5617318 |
| Kraft Heinz Co/The  | 226196 | 6211342 |
| Lamb Weston Holdings Inc  | 36943 | 2108337 |
| McCormick & Co Inc/MD  | 66155 | 4672528 |
| Mondelez International Inc  | 338971 | 21928034 |
| The Campbell's Company (c) | 51529 | 1644805 |
| Tyson Foods Inc Class A  | 74922 | 3918421 |
|  |  | 77371599 |
| Household Products - 0.9% |  |  |
| Church & Dwight Co Inc  | 64477 | 6046008 |
| Clorox Co/The  | 32261 | 4050691 |
| Colgate-Palmolive Co  | 212162 | 17789784 |
| Kimberly-Clark Corp  | 86858 | 10824244 |
| Procter & Gamble Co/The  | 613763 | 92352919 |
|  |  | 131063646 |
| Personal Care Products - 0.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 61319 | 5723515 |
| Kenvue Inc  | 502584 | 10775401 |
|  |  | 16498916 |
| Tobacco - 0.7% |  |  |
| Altria Group Inc  | 440935 | 27311513 |
| Philip Morris International Inc  | 407470 | 66845454 |
|  |  | 94156967 |
| TOTAL CONSUMER STAPLES |  | 737460742 |
| Energy - 3.0% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Baker Hughes Co Class A  | 259348 | 11683627 |
| Halliburton Co  | 225029 | 5040650 |
| Schlumberger NV  | 392873 | 13279107 |
|  |  | 30003384 |
| Oil, Gas & Consumable Fuels - 2.8% |  |  |
| APA Corp  | 94470 | 1822326 |
| Chevron Corp  | 502036 | 76128740 |
| ConocoPhillips  | 330472 | 31507201 |
| Coterra Energy Inc  | 199797 | 4873049 |
| Devon Energy Corp  | 168089 | 5583917 |
| Diamondback Energy Inc  | 48948 | 7276610 |
| EOG Resources Inc  | 142872 | 17147497 |
| EQT Corp  | 156715 | 8423431 |
| Expand Energy Corp  | 56695 | 5940502 |
| Exxon Mobil Corp  | 1128273 | 125960399 |
| Kinder Morgan Inc  | 506057 | 14199959 |
| Marathon Petroleum Corp  | 80423 | 13687190 |
| Occidental Petroleum Corp  | 185494 | 8150606 |
| ONEOK Inc  | 163510 | 13425806 |
| Phillips 66  | 106664 | 13181537 |
| Targa Resources Corp  | 56789 | 9450257 |
| Texas Pacific Land Corp  | 4935 | 4777722 |
| Valero Energy Corp  | 81995 | 11258733 |
| Williams Cos Inc/The  | 319633 | 19161998 |
|  |  | 391957480 |
| TOTAL ENERGY |  | 421960864 |
| Financials - 13.8% |  |  |
| Banks - 3.6% |  |  |
| Bank of America Corp  | 1715364 | 81085256 |
| Citigroup Inc  | 488937 | 45813397 |
| Citizens Financial Group Inc  | 113540 | 5418129 |
| Fifth Third Bancorp  | 174759 | 7264732 |
| Huntington Bancshares Inc/OH  | 381396 | 6266336 |
| JPMorgan Chase & Co  | 727514 | 215518747 |
| KeyCorp  | 258283 | 4628431 |
| M&T Bank Corp  | 42017 | 7928608 |
| PNC Financial Services Group Inc/The  | 103547 | 19701888 |
| Regions Financial Corp  | 235342 | 5961213 |
| Truist Financial Corp  | 342820 | 14984662 |
| US Bancorp  | 407871 | 18337880 |
| Wells Fargo & Co  | 851873 | 68686520 |
|  |  | 501595799 |
| Capital Markets - 3.5% |  |  |
| Ameriprise Financial Inc  | 24928 | 12917440 |
| Bank of New York Mellon Corp/The  | 187278 | 18999353 |
| Blackrock Inc  | 38124 | 42165525 |
| Blackstone Inc  | 191014 | 33037781 |
| Cboe Global Markets Inc  | 27412 | 6607388 |
| Charles Schwab Corp/The  | 447110 | 43696060 |
| CME Group Inc Class A  | 94331 | 26250431 |
| Coinbase Global Inc Class A (b) | 55343 | 20906372 |
| FactSet Research Systems Inc  | 9933 | 4002006 |
| Franklin Resources Inc  | 81200 | 1948800 |
| Goldman Sachs Group Inc/The  | 80325 | 58122368 |
| Intercontinental Exchange Inc  | 150162 | 27754442 |
| Invesco Ltd  | 117183 | 2462015 |
| KKR & Co Inc Class A  | 177204 | 25974562 |
| MarketAxess Holdings Inc  | 9819 | 2017805 |
| Moody's Corp  | 40503 | 20888612 |
| Morgan Stanley  | 323383 | 46069142 |
| MSCI Inc  | 20254 | 11369785 |
| Nasdaq Inc  | 108213 | 10412255 |
| Northern Trust Corp  | 50929 | 6620770 |
| Raymond James Financial Inc  | 47532 | 7944023 |
| S&P Global Inc  | 82175 | 45286643 |
| State Street Corp  | 74650 | 8342138 |
| T Rowe Price Group Inc  | 57682 | 5851839 |
|  |  | 489647555 |
| Consumer Finance - 0.6% |  |  |
| American Express Co  | 144885 | 43365529 |
| Capital One Financial Corp  | 167444 | 36000460 |
| Synchrony Financial  | 99636 | 6941640 |
|  |  | 86307629 |
| Financial Services - 4.2% |  |  |
| Apollo Global Management Inc  | 118192 | 17175661 |
| Berkshire Hathaway Inc Class B (b) | 480037 | 226519861 |
| Block Inc Class A (b) | 145447 | 11237235 |
| Corpay Inc (b) | 18456 | 5962211 |
| Fidelity National Information Services Inc  | 137544 | 10922369 |
| Fiserv Inc (b) | 145144 | 20166307 |
| Global Payments Inc  | 63846 | 5104488 |
| Jack Henry & Associates Inc  | 19063 | 3237183 |
| Mastercard Inc Class A  | 212339 | 120283673 |
| PayPal Holdings Inc (b) | 254603 | 17506502 |
| Visa Inc Class A  | 447902 | 154736704 |
|  |  | 592852194 |
| Insurance - 1.9% |  |  |
| AFLAC Inc  | 127384 | 12656874 |
| Allstate Corp/The  | 69326 | 14090510 |
| American International Group Inc  | 150876 | 11712504 |
| Aon PLC  | 56529 | 20107931 |
| Arch Capital Group Ltd  | 97703 | 8408320 |
| Arthur J Gallagher & Co  | 67044 | 19258389 |
| Assurant Inc  | 13275 | 2486408 |
| Brown & Brown Inc  | 73376 | 6704365 |
| Chubb Ltd  | 97556 | 25953798 |
| Cincinnati Financial Corp  | 40922 | 6036404 |
| Erie Indemnity Co Class A  | 6531 | 2326603 |
| Everest Group Ltd  | 11134 | 3738797 |
| Globe Life Inc  | 21606 | 3034995 |
| Hartford Insurance Group Inc/The  | 74370 | 9250884 |
| Loews Corp  | 45548 | 4123916 |
| Marsh & McLennan Cos Inc  | 128987 | 25694210 |
| MetLife Inc  | 147615 | 11211359 |
| Principal Financial Group Inc  | 54002 | 4202976 |
| Progressive Corp/The  | 153463 | 37144185 |
| Prudential Financial Inc  | 92674 | 9599173 |
| The Travelers Companies, Inc.  | 59309 | 15434574 |
| W R Berkley Corp  | 78454 | 5398420 |
| Willis Towers Watson PLC  | 25957 | 8197480 |
|  |  | 266773075 |
| TOTAL FINANCIALS |  | 1937176252 |
| Health Care - 8.8% |  |  |
| Biotechnology - 1.6% |  |  |
| AbbVie Inc  | 462420 | 87406629 |
| Amgen Inc  | 140768 | 41540637 |
| Biogen Inc (b) | 38380 | 4912640 |
| Gilead Sciences Inc  | 325653 | 36567575 |
| Incyte Corp (b) | 42078 | 3151221 |
| Moderna Inc (b) | 88630 | 2619903 |
| Regeneron Pharmaceuticals Inc  | 27189 | 14830512 |
| Vertex Pharmaceuticals Inc (b) | 67230 | 30715370 |
|  |  | 221744487 |
| Health Care Equipment & Supplies - 2.2% |  |  |
| Abbott Laboratories  | 455452 | 57473488 |
| Align Technology Inc (b) | 17839 | 2301409 |
| Baxter International Inc  | 134366 | 2923804 |
| Becton Dickinson & Co  | 75026 | 13373385 |
| Boston Scientific Corp (b) | 387281 | 40633523 |
| Cooper Cos Inc/The (b) | 52357 | 3701116 |
| Dexcom Inc (b) | 102651 | 8291121 |
| Edwards Lifesciences Corp (b) | 153558 | 12178685 |
| GE HealthCare Technologies Inc  | 119872 | 8549271 |
| Hologic Inc (b) | 58336 | 3898012 |
| IDEXX Laboratories Inc (b) | 21053 | 11248828 |
| Insulet Corp (b) | 18423 | 5313193 |
| Intuitive Surgical Inc (b) | 93827 | 45139231 |
| Medtronic PLC  | 335741 | 30297268 |
| ResMed Inc  | 38385 | 10438417 |
| Solventum Corp (b) | 36232 | 2585516 |
| STERIS PLC  | 25720 | 5825323 |
| Stryker Corp  | 90036 | 35359838 |
| Zimmer Biomet Holdings Inc  | 51792 | 4746737 |
|  |  | 304278165 |
| Health Care Providers & Services - 1.5% |  |  |
| Cardinal Health Inc  | 62475 | 9697370 |
| Cencora Inc  | 45153 | 12917370 |
| Centene Corp (b) | 130271 | 3396165 |
| Cigna Group/The  | 69934 | 18698953 |
| CVS Health Corp  | 331163 | 20565222 |
| DaVita Inc (b) | 10869 | 1525681 |
| Elevance Health Inc  | 59147 | 16743333 |
| HCA Healthcare Inc  | 45344 | 16051323 |
| Henry Schein Inc (b) | 31864 | 2155600 |
| Humana Inc  | 31597 | 7895142 |
| Labcorp Holdings Inc  | 21912 | 5698873 |
| McKesson Corp  | 32751 | 22714129 |
| Molina Healthcare Inc (b) | 14190 | 2240175 |
| Quest Diagnostics Inc  | 29223 | 4892222 |
| UnitedHealth Group Inc  | 237475 | 59264261 |
| Universal Health Services Inc Class B  | 14972 | 2492089 |
|  |  | 206947908 |
| Life Sciences Tools & Services - 0.8% |  |  |
| Agilent Technologies Inc  | 74636 | 8568959 |
| Bio-Techne Corp  | 41057 | 2247049 |
| Charles River Laboratories International Inc (b) | 12859 | 2181400 |
| Danaher Corp  | 166742 | 32874853 |
| IQVIA Holdings Inc (b) | 43025 | 7996627 |
| Mettler-Toledo International Inc (b) | 5441 | 6712453 |
| Revvity Inc  | 30864 | 2712946 |
| Thermo Fisher Scientific Inc  | 98821 | 46216605 |
| Waters Corp (b) | 15579 | 4498592 |
| West Pharmaceutical Services Inc  | 18807 | 4499763 |
|  |  | 118509247 |
| Pharmaceuticals - 2.7% |  |  |
| Bristol-Myers Squibb Co  | 532748 | 23073316 |
| Eli Lilly & Co  | 205924 | 152398175 |
| Johnson & Johnson  | 629867 | 103764290 |
| Merck & Co Inc  | 657346 | 51351870 |
| Pfizer Inc  | 1488369 | 34664114 |
| Viatris Inc  | 307452 | 2687129 |
| Zoetis Inc Class A  | 116554 | 16992408 |
|  |  | 384931302 |
| TOTAL HEALTH CARE |  | 1236411109 |
| Industrials - 8.6% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| Axon Enterprise Inc (b) | 19361 | 14627042 |
| Boeing Co (b) | 197388 | 43788554 |
| GE Aerospace  | 279161 | 75674964 |
| General Dynamics Corp  | 65946 | 20549433 |
| Howmet Aerospace Inc  | 105677 | 18997554 |
| Huntington Ingalls Industries Inc  | 10274 | 2865008 |
| L3Harris Technologies Inc  | 48941 | 13449966 |
| Lockheed Martin Corp  | 54588 | 22980456 |
| Northrop Grumman Corp  | 35417 | 20421796 |
| RTX Corp  | 349724 | 55106011 |
| Textron Inc  | 47262 | 3675566 |
| TransDigm Group Inc  | 14703 | 23649187 |
|  |  | 315785537 |
| Air Freight & Logistics - 0.3% |  |  |
| CH Robinson Worldwide Inc  | 31079 | 3584030 |
| Expeditors International of Washington Inc  | 35850 | 4167204 |
| FedEx Corp  | 57702 | 12895820 |
| United Parcel Service Inc Class B  | 192072 | 16548924 |
|  |  | 37195978 |
| Building Products - 0.5% |  |  |
| A O Smith Corp  | 30430 | 2154140 |
| Allegion plc  | 22522 | 3736850 |
| Builders FirstSource Inc (b) | 28935 | 3678507 |
| Carrier Global Corp  | 208725 | 14322710 |
| Johnson Controls International plc  | 172260 | 18087300 |
| Lennox International Inc  | 8360 | 5091240 |
| Masco Corp  | 55216 | 3761866 |
| Trane Technologies PLC  | 58381 | 25575548 |
|  |  | 76408161 |
| Commercial Services & Supplies - 0.5% |  |  |
| Cintas Corp  | 89856 | 19997453 |
| Copart Inc (b) | 230164 | 10433334 |
| Republic Services Inc  | 53175 | 12264814 |
| Rollins Inc  | 73606 | 4215415 |
| Veralto Corp  | 64896 | 6803048 |
| Waste Management Inc  | 95861 | 21967507 |
|  |  | 75681571 |
| Construction & Engineering - 0.1% |  |  |
| Quanta Services Inc  | 38793 | 15755000 |
| Electrical Equipment - 1.0% |  |  |
| AMETEK Inc  | 60430 | 11170486 |
| Eaton Corp PLC  | 102434 | 39408408 |
| Emerson Electric Co  | 147247 | 21425911 |
| GE Vernova Inc  | 71449 | 47177060 |
| Generac Holdings Inc (b) | 15468 | 3011465 |
| Hubbell Inc  | 13971 | 6112033 |
| Rockwell Automation Inc  | 29506 | 10377555 |
|  |  | 138682918 |
| Ground Transportation - 0.9% |  |  |
| CSX Corp  | 491753 | 17476902 |
| JB Hunt Transport Services Inc  | 20520 | 2955905 |
| Norfolk Southern Corp  | 59016 | 16406448 |
| Old Dominion Freight Line Inc  | 48692 | 7267281 |
| Uber Technologies Inc (b) | 547433 | 48037246 |
| Union Pacific Corp  | 156407 | 34717662 |
|  |  | 126861444 |
| Industrial Conglomerates - 0.4% |  |  |
| 3M Co  | 140887 | 21023158 |
| Honeywell International Inc  | 168241 | 37408386 |
|  |  | 58431544 |
| Machinery - 1.6% |  |  |
| Caterpillar Inc  | 123120 | 53929022 |
| Cummins Inc  | 36060 | 13256377 |
| Deere & Co  | 66078 | 34649321 |
| Dover Corp  | 35892 | 6501477 |
| Fortive Corp  | 88976 | 4264620 |
| IDEX Corp  | 19775 | 3233410 |
| Illinois Tool Works Inc  | 69797 | 17865938 |
| Ingersoll Rand Inc  | 105622 | 8938790 |
| Nordson Corp  | 14158 | 3032785 |
| Otis Worldwide Corp  | 103317 | 8853234 |
| PACCAR Inc  | 137420 | 13571599 |
| Parker-Hannifin Corp  | 33450 | 24482055 |
| Pentair PLC  | 43068 | 4401550 |
| Snap-on Inc  | 13688 | 4396449 |
| Stanley Black & Decker Inc  | 40513 | 2740704 |
| Westinghouse Air Brake Technologies Corp  | 44797 | 8603264 |
| Xylem Inc/NY  | 63706 | 9213162 |
|  |  | 221933757 |
| Passenger Airlines - 0.2% |  |  |
| Delta Air Lines Inc  | 170923 | 9094813 |
| Southwest Airlines Co  | 149175 | 4613983 |
| United Airlines Holdings Inc (b) | 85494 | 7549975 |
|  |  | 21258771 |
| Professional Services - 0.6% |  |  |
| Automatic Data Processing Inc  | 106259 | 32887161 |
| Broadridge Financial Solutions Inc  | 30750 | 7610933 |
| Dayforce Inc (b) | 41862 | 2414181 |
| Equifax Inc  | 32518 | 7811799 |
| Jacobs Solutions Inc  | 31455 | 4462521 |
| Leidos Holdings Inc  | 33699 | 5380045 |
| Paychex Inc  | 83920 | 12112174 |
| Paycom Software Inc  | 12759 | 2954219 |
| Verisk Analytics Inc  | 36616 | 10205245 |
|  |  | 85838278 |
| Trading Companies & Distributors - 0.3% |  |  |
| Fastenal Co  | 300325 | 13853992 |
| United Rentals Inc  | 17016 | 15024107 |
| WW Grainger Inc  | 11442 | 11894417 |
|  |  | 40772516 |
| TOTAL INDUSTRIALS |  | 1214605475 |
| Information Technology - 33.5% |  |  |
| Communications Equipment - 0.9% |  |  |
| Arista Networks Inc  | 269599 | 33219989 |
| Cisco Systems Inc  | 1041396 | 70898240 |
| F5 Inc (b) | 15030 | 4710702 |
| Motorola Solutions Inc  | 43690 | 19179036 |
|  |  | 128007967 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Amphenol Corp Class A  | 316651 | 33726499 |
| CDW Corp/DE  | 34472 | 6011227 |
| Corning Inc  | 201791 | 12761263 |
| Jabil Inc  | 28100 | 6271077 |
| Keysight Technologies Inc (b) | 45242 | 7415616 |
| Teledyne Technologies Inc (b) | 12265 | 6758260 |
| Trimble Inc (b) | 62447 | 5238679 |
| Zebra Technologies Corp Class A (b) | 13314 | 4513712 |
|  |  | 82696333 |
| IT Services - 0.7% |  |  |
| Akamai Technologies Inc (b) | 38284 | 2921452 |
| Cognizant Technology Solutions Corp Class A  | 129054 | 9260915 |
| EPAM Systems Inc (b) | 14835 | 2339628 |
| Gartner Inc (b) | 20149 | 6823459 |
| GoDaddy Inc Class A (b) | 37297 | 6026449 |
| IBM Corporation  | 243300 | 61591395 |
| VeriSign Inc  | 22007 | 5917022 |
|  |  | 94880320 |
| Semiconductors & Semiconductor Equipment - 13.4% |  |  |
| Advanced Micro Devices Inc (b) | 424458 | 74836190 |
| Analog Devices Inc  | 129839 | 29165735 |
| Applied Materials Inc  | 212682 | 38295521 |
| Broadcom Inc  | 1230886 | 361511218 |
| Enphase Energy Inc (b) | 34356 | 1111760 |
| First Solar Inc (b) | 28075 | 4905545 |
| Intel Corp  | 1141918 | 22609976 |
| KLA Corp  | 34618 | 30430261 |
| Lam Research Corp  | 334853 | 31757459 |
| Microchip Technology Inc  | 140799 | 9516604 |
| Micron Technology Inc  | 292562 | 31930217 |
| Monolithic Power Systems Inc  | 12535 | 8915393 |
| NVIDIA Corp  | 6384224 | 1135561924 |
| ON Semiconductor Corp (b) | 109404 | 6166009 |
| QUALCOMM Inc  | 287224 | 42152994 |
| Skyworks Solutions Inc  | 39305 | 2693965 |
| Teradyne Inc  | 42001 | 4512167 |
| Texas Instruments Inc  | 237821 | 43059870 |
|  |  | 1879132808 |
| Software - 11.8% |  |  |
| Adobe Inc (b) | 111572 | 39908189 |
| Autodesk Inc (b) | 56005 | 16975676 |
| Cadence Design Systems Inc (b) | 71479 | 26059099 |
| Crowdstrike Holdings Inc Class A (b) | 65203 | 29639328 |
| Datadog Inc Class A (b) | 83639 | 11707787 |
| Fair Isaac Corp (b) | 6372 | 9154780 |
| Fortinet Inc (b) | 166309 | 16614269 |
| Gen Digital Inc  | 142876 | 4213413 |
| Intuit Inc  | 73184 | 57458954 |
| Microsoft Corp  | 1945705 | 1038033618 |
| Oracle Corp  | 425777 | 108049429 |
| Palantir Technologies Inc Class A (b) | 556846 | 88176564 |
| Palo Alto Networks Inc (b) | 173327 | 30089567 |
| PTC Inc (b) | 31402 | 6745464 |
| Roper Technologies Inc  | 28144 | 15490458 |
| Salesforce Inc  | 251172 | 64885263 |
| Servicenow Inc (b) | 54189 | 51106730 |
| Synopsys Inc (b) | 48418 | 30671350 |
| Tyler Technologies Inc (b) | 11290 | 6599682 |
| Workday Inc Class A (b) | 56711 | 13008369 |
|  |  | 1664587989 |
| Technology Hardware, Storage & Peripherals - 6.1% |  |  |
| Apple Inc  | 3909929 | 811583963 |
| Dell Technologies Inc Class C  | 78424 | 10406081 |
| Hewlett Packard Enterprise Co  | 343871 | 7114691 |
| HP Inc  | 246766 | 6119797 |
| NetApp Inc  | 53246 | 5544505 |
| Seagate Technology Holdings PLC  | 55554 | 8722534 |
| Super Micro Computer Inc (b)(c) | 134366 | 7923563 |
| Western Digital Corp  | 91331 | 7186836 |
|  |  | 864601970 |
| TOTAL INFORMATION TECHNOLOGY |  | 4713907387 |
| Materials - 1.8% |  |  |
| Chemicals - 1.2% |  |  |
| Air Products and Chemicals Inc  | 58267 | 16773904 |
| Albemarle Corp (c) | 30352 | 2059383 |
| CF Industries Holdings Inc  | 42412 | 3937106 |
| Corteva Inc  | 178599 | 12882346 |
| Dow Inc  | 185138 | 4311864 |
| DuPont de Nemours Inc  | 109590 | 7879521 |
| Eastman Chemical Co  | 30248 | 2196307 |
| Ecolab Inc  | 66061 | 17292127 |
| International Flavors & Fragrances Inc  | 66999 | 4758939 |
| Linde PLC  | 123232 | 56718760 |
| LyondellBasell Industries NV Class A1  | 67342 | 3901122 |
| Mosaic Co/The  | 83067 | 2991243 |
| PPG Industries Inc  | 59449 | 6271870 |
| Sherwin-Williams Co/The  | 60361 | 19972248 |
|  |  | 161946740 |
| Construction Materials - 0.1% |  |  |
| Martin Marietta Materials Inc  | 15785 | 9074480 |
| Vulcan Materials Co  | 34586 | 9499737 |
|  |  | 18574217 |
| Containers & Packaging - 0.2% |  |  |
| Amcor PLC  | 599937 | 5609411 |
| Avery Dennison Corp  | 20467 | 3433748 |
| Ball Corp  | 72635 | 4159080 |
| International Paper Co  | 138204 | 6459655 |
| Packaging Corp of America  | 23389 | 4531619 |
| Smurfit WestRock PLC  | 129833 | 5761989 |
|  |  | 29955502 |
| Metals & Mining - 0.3% |  |  |
| Freeport-McMoRan Inc  | 375992 | 15129918 |
| Newmont Corp  | 291366 | 18093829 |
| Nucor Corp  | 60408 | 8642573 |
| Steel Dynamics Inc  | 36141 | 4610145 |
|  |  | 46476465 |
| TOTAL MATERIALS |  | 256952924 |
| Real Estate - 2.0% |  |  |
| Health Care REITs - 0.3% |  |  |
| Alexandria Real Estate Equities Inc  | 40323 | 3081887 |
| Healthpeak Properties Inc  | 181904 | 3081454 |
| Ventas Inc  | 118147 | 7937115 |
| Welltower Inc  | 162637 | 26846490 |
|  |  | 40946946 |
| Hotel & Resort REITs - 0.0% |  |  |
| Host Hotels & Resorts Inc  | 181626 | 2855161 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 242928 | 25939852 |
| Office REITs - 0.0% |  |  |
| BXP Inc  | 38139 | 2495434 |
| Real Estate Management & Development - 0.2% |  |  |
| CBRE Group Inc Class A (b) | 76880 | 11973291 |
| CoStar Group Inc (b) | 110453 | 10514021 |
|  |  | 22487312 |
| Residential REITs - 0.2% |  |  |
| AvalonBay Communities Inc  | 37221 | 6933528 |
| Camden Property Trust  | 27968 | 3054105 |
| Equity Residential  | 89510 | 5657032 |
| Essex Property Trust Inc  | 16854 | 4385074 |
| Invitation Homes Inc  | 149232 | 4573961 |
| Mid-America Apartment Communities Inc  | 30640 | 4364055 |
| UDR Inc  | 78916 | 3100610 |
|  |  | 32068365 |
| Retail REITs - 0.2% |  |  |
| Federal Realty Investment Trust  | 20327 | 1873336 |
| Kimco Realty Corp  | 177142 | 3760725 |
| Realty Income Corp  | 236431 | 13270872 |
| Regency Centers Corp  | 42761 | 3053135 |
| Simon Property Group Inc  | 80321 | 13155777 |
|  |  | 35113845 |
| Specialized REITs - 0.9% |  |  |
| American Tower Corp  | 122553 | 25538820 |
| Crown Castle Inc  | 114013 | 11981626 |
| Digital Realty Trust Inc  | 82880 | 14623347 |
| Equinix Inc  | 25608 | 20106633 |
| Extra Space Storage Inc  | 55565 | 7465713 |
| Iron Mountain Inc  | 77242 | 7520281 |
| Public Storage Operating Co  | 41336 | 11240912 |
| SBA Communications Corp Class A  | 28132 | 6321823 |
| VICI Properties Inc  | 276588 | 9016769 |
| Weyerhaeuser Co  | 189930 | 4757747 |
|  |  | 118573671 |
| TOTAL REAL ESTATE |  | 280480586 |
| Utilities - 2.4% |  |  |
| Electric Utilities - 1.6% |  |  |
| Alliant Energy Corp  | 67247 | 4371727 |
| American Electric Power Co Inc  | 139855 | 15823195 |
| Constellation Energy Corp  | 82049 | 28539924 |
| Duke Energy Corp  | 203482 | 24751550 |
| Edison International  | 100735 | 5250308 |
| Entergy Corp  | 116851 | 10566836 |
| Evergy Inc  | 60238 | 4264850 |
| Eversource Energy  | 96199 | 6358754 |
| Exelon Corp  | 264290 | 11877193 |
| FirstEnergy Corp  | 134506 | 5744751 |
| NextEra Energy Inc  | 538929 | 38296296 |
| NRG Energy Inc  | 51183 | 8557798 |
| PG&E Corp  | 575354 | 8066463 |
| Pinnacle West Capital Corp  | 31261 | 2832872 |
| PPL Corp  | 193563 | 6908263 |
| Southern Co/The  | 287735 | 27185203 |
| Xcel Energy Inc  | 150993 | 11088926 |
|  |  | 220484909 |
| Gas Utilities - 0.0% |  |  |
| Atmos Energy Corp  | 41632 | 6491261 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 186396 | 2451107 |
| Vistra Corp  | 88834 | 18525443 |
|  |  | 20976550 |
| Multi-Utilities - 0.6% |  |  |
| Ameren Corp  | 70757 | 7155655 |
| CenterPoint Energy Inc  | 170868 | 6633096 |
| CMS Energy Corp  | 78323 | 5780237 |
| Consolidated Edison Inc  | 94341 | 9764294 |
| Dominion Energy Inc  | 223277 | 13050541 |
| DTE Energy Co  | 54332 | 7520092 |
| NiSource Inc  | 123234 | 5231283 |
| Public Service Enterprise Group Inc  | 130642 | 11730345 |
| Sempra  | 170752 | 13947024 |
| WEC Energy Group Inc  | 83564 | 9115161 |
|  |  | 89927728 |
| Water Utilities - 0.1% |  |  |
| American Water Works Co Inc  | 50684 | 7107924 |
| TOTAL UTILITIES |  | 344988372 |
| TOTAL UNITED STATES |  | 13989662976 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,005,913,484) |  | <br> **14067459350** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $2,844,329)<br>| 4.25 | 2851000 | **2844195** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 23950757 | 23955548 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 11711828 | 11712999 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $35,668,547) |  |  | **35668547** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $5,044,426,360)<br>| <br>**14105972092** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(4898601)** |
| **NET ASSETS - 100.0%** | **14101073491** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 106 | Sep 2025 | 33783525 | 417832 | 417832 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Security or a portion of the security is on loan at period end.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,260,591.

(f) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 32967378 | 985809438 | 994821268 | 1068028 | - | - | 23955548 | 23950757 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 10593974 | 198373856 | 197254831 | 13425 | - | - | 11712999 | 11711828 | 0.0% |
| Total | 43561352 | 1184183294 | 1192076099 | 1081453 | - | - | 35668547 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1386927767 | 1386927767 | - | - |
| Consumer Discretionary | 1462703566 | 1462703566 | - | - |
| Consumer Staples | 737460742 | 737460742 | - | - |
| Energy | 421960864 | 421960864 | - | - |
| Financials | 1937176252 | 1937176252 | - | - |
| Health Care | 1236411109 | 1236411109 | - | - |
| Industrials | 1214605475 | 1214605475 | - | - |
| Information Technology | 4787791693 | 4787791693 | - | - |
| Materials | 256952924 | 256952924 | - | - |
| Real Estate | 280480586 | 280480586 | - | - |
| Utilities | 344988372 | 344988372 | - | - |
|  **U.S. Treasury Obligations** | 2844195 | - | 2844195 | - |
|  **Money Market Funds** | 35668547 | 35668547 | - | - |
| **Total Investments in Securities:** | 14105972092 | 14103127897 | 2844195 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 417832 | 417832 | - | - |
| Total Assets | 417832 | 417832 | - | - |
| **Total Derivative Instruments:** | 417832 | 417832 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 417832 | 0 |
| **Total Equity Risk**  | 417832 | 0 |
| **Total Value of Derivatives** | 417832 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $13,098,170) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,008,757,813) | $14070303545 |  |
| Fidelity Central Funds (cost $35,668,547) | 35668547 |  |
| Total Investment in Securities (cost $5,044,426,360) |  | $14105972092 |
| Cash |  | 5421 |
| Receivable for fund shares sold |  | 5083889 |
| Dividends receivable |  | 7769040 |
| Distributions receivable from Fidelity Central Funds |  | 68362 |
| Prepaid expenses |  | 1548 |
| Receivable from investment adviser for expense reductions |  | 32266 |
| Other receivables |  | 23680 |
| **Total assets** |  | 14118956298 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $5768201 |  |
| Accrued management fee | 177036 |  |
| Payable for daily variation margin on futures contracts | 111559 |  |
| Other payables and accrued expenses | 82836 |  |
| Collateral on securities loaned | 11743175 |  |
| **Total liabilities** |  | 17882807 |
| **Net Assets**  |  | $14101073491 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5179134178 |
| Total accumulated earnings (loss) |  | 8921939313 |
| **Net Assets** |  | $14101073491 |
| **Net Asset Value**, offering price and redemption price per share ($14,101,073,491 ÷ 558,943,377 shares) |  | $25.23 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $189616191 |
| Interest  |  | 104100 |
| Income from Fidelity Central Funds (including $13,425 from security lending)  |  | 1081453 |
| **Total income** |  | 190801744 |
| **Expenses** |  |  |
| Management fee | $2165706 |  |
| Custodian fees and expenses | 222455 |  |
| Independent trustees' fees and expenses | 36281 |  |
| Registration fees | 80613 |  |
| Audit fees | 57722 |  |
| Legal | 19197 |  |
| Interest | 10160 |  |
| Miscellaneous | 51034 |  |
| Total expenses before reductions | 2643168 |  |
| Expense reductions | (435048) |  |
| Total expenses after reductions |  | 2208120 |
| **Net Investment income (loss)** |  | 188593624 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 640105813 |  |
| Futures contracts | 1715343 |  |
| Total net realized gain (loss) |  | 641821156 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1117458231 |  |
| Futures contracts | (103233) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1117354998 |
| **Net gain (loss)** |  | 1759176154 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1947769778 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $188593624 | $181886360 |
| &nbsp;&nbsp;Net realized gain (loss) | 641821156<br>| 69535835<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1117354998 | 2364727255<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1947769778<br>| 2616149450<br>|
| Distributions to shareholders | (891382777)<br>| (724077694)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 11117313962 | 9140804990 |
| Reinvestment of distributions | 859575873<br>| 711398422<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (13843254587) | (7003466492) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1866364752)<br>| 2848736920<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (809977751)<br>| 4740808676<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 14911051242 | 10170242566<br>|
| &nbsp;&nbsp;End of period | $14101073491 | $14911051242 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 463726803 | 452527025 |
| Issued in reinvestment of distributions | 36760944<br>| 38357677<br>|
| &nbsp;&nbsp;Redeemed | (589271914) | (344834208) |
| &nbsp;&nbsp;Net increase (decrease) | (88784167) | 146050494 |

---

**Financial Highlights** 

**Fidelity® SAI U.S. Large Cap Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.02 | $20.27 | $19.87 | $23.16 | $17.68 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .31  | .30  | .30  | .30  | .31  |
| Net realized and unrealized gain (loss)  | 3.32  | 3.84  | 1.99  | (1.23)  | 5.94  |
| Total from investment operations  | 3.63  | 4.14  | 2.29  | (.93)  | 6.25  |
| Distributions from net investment income  | (.30)  | (.32)  | (.33)  | (.34)  | (.35)  |
| Distributions from net realized gain  | (1.12)  | (1.07)  | (1.56)  | (2.02)  | (.42)  |
| Total distributions  | (1.42)  | (1.39)  | (1.89)  | (2.36)  | (.77)  |
| Net asset value, end of period  | $25.23 | $23.02 | $20.27 | $19.87 | $23.16 |
| **Total Return** C | 16.32% <br>| 22.14%  | 12.98%  | (4.68)%  | 36.43%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .02%  | .02%  | .03%  | .02%  | .02%  |
| Expenses net of fee waivers, if any  | .02% <br>| .02%  | .03%  | .02%  | .02%  |
| Expenses net of all reductions, if any  | .02%  | .02%  | .03%  | .02%  | .02%  |
| Net investment income (loss)  | 1.31%  | 1.48%  | 1.66%  | 1.43%  | 1.52%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14101073 | $14911051 | $10170243 | $12126586 | $13967770 |
| Portfolio turnover rate F | 64% <br>| 40%  | 75%  | 75%  | 86%  |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

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.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended July 31, 2025

**1. Organization.**

Fidelity SAI U.S. Large Cap Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to short-term capital gain dividends, futures contracts and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $9148753610 |
| **Gross unrealized depreciation**  | <u>(181561292)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$8967192318</u> |
| **Tax Cost**  | <u>$5138779774</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$7279390</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$8967192318</u> |

---

The Fund intends to elect to defer to its next fiscal year $52,532,396 of capital losses recognized during the period November 1, 2024 to July 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $544375348 | $167590242 |
| **Long-term Capital Gains**  | <u>347007429</u> | <u>556487452</u> |
| **Total**  | <u>$891382777</u> | <u>$724077694</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI U.S. Large Cap Index Fund** | 9197551251 | 11745345863 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .015% of the Fund's average net assets.

**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity SAI U.S. Large Cap Index Fund** | Borrower | 7297000 | 5.01% | 10160 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI U.S. Large Cap Index Fund** | 1880 | - | - |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI U.S. Large Cap Index Fund** | 16536 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity SAI U.S. Large Cap Index Fund** | 21062 | - | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI U.S. Large Cap Index Fund** | 2049707 |

---

**9. Expense Reductions.**

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .015% of average net assets. This reimbursement will remain in place through November 30, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $432,425.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,623.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Strategic Advisers Fidelity U.S. Total Stock Fund** |
| Fidelity SAI U.S. Large Cap Index Fund | 19% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity SAI U.S. Large Cap Index Fund | 28% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity SAI U.S. Large Cap Index Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity SAI U.S. Large Cap Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 11, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $346,595,351, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $2,173,842 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 57%, and 20% of the dividends distributed in September and December, respectively, during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 59.42%, and 20.81% of the dividends distributed in September and December, respectively, during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 2.36%, and 1.31% of the dividends distributed in September and December, respectively, during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img111426_4.jpg)<br>

1.9870993.109 SV9-ANN-0925

**Fidelity® SAI Small-Mid Cap 500 Index Fund**

**Annual Report**

**July 31, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img111427_1.jpg)

![](img111427_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SV3-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Small-Mid Cap 500 Index Fund](#Sub_Sec_Fund_2786_SV3-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2786_SV3-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SV3-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SV3-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SV3-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SV3-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SV3-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SV3-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The fund is not in any way connected to or sponsored, endorsed, sold or promoted by Frank Russell Company ("Russell") or by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of a fund or the underlying data.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® SAI Small-Mid Cap 500 Index Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Liberty Global Ltd Class A (b) | 9189 | 92074 |
| Liberty Global Ltd Class C (b) | 7790 | 79691 |
| TOTAL BELGIUM |  | 171765 |
| BERMUDA - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| RenaissanceRe Holdings Ltd  | 2631 | 641280 |
| BRAZIL - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| XP Inc Class A  | 22325 | 360326 |
| CANADA - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Brookfield Renewable Corp Class A (United States)  | 7439 | 272491 |
| FINLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Amer Sports Inc (b) | 8217 | 308466 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Birkenstock Holding Plc (b) | 2946 | 147564 |
| GUATEMALA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Millicom International Cellular SA  | 5664 | 227410 |
| JAPAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Allegro MicroSystems Inc (b) | 6780 | 212960 |
| KAZAKHSTAN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Freedom Holding Corp/NV (b) | 976 | 181355 |
| PUERTO RICO - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Popular Inc  | 3725 | 426811 |
| UNITED KINGDOM - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| TechnipFMC PLC  | 22882 | 832218 |
| UNITED STATES - 97.9%  |  |  |
| Communication Services - 3.1% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 9495 | 504849 |
| Frontier Communications Parent Inc (b) | 12912 | 474387 |
| GCI LLC Class A  | 168 | 5550 |
| GCI LLC Class C  | 1246 | 41430 |
| Iridium Communications Inc  | 5241 | 128195 |
|  |  | 1154411 |
| Entertainment - 0.5% |  |  |
| Liberty Media Corp-Liberty Live Class A (b) | 1061 | 86789 |
| Liberty Media Corp-Liberty Live Class C (b) | 2542 | 214113 |
| Madison Square Garden Sports Corp Class A (b) | 888 | 179465 |
| Roku Inc Class A (b) | 7100 | 668536 |
|  |  | 1148903 |
| Interactive Media & Services - 0.4% |  |  |
| IAC Inc Class A (b) | 3715 | 146000 |
| Match Group Inc  | 13464 | 461411 |
| Trump Media & Technology Group Corp (b) | 5674 | 99806 |
| ZoomInfo Technologies Inc (b) | 16327 | 176821 |
|  |  | 884038 |
| Media - 1.6% |  |  |
| DoubleVerify Holdings Inc (b) | 7409 | 113506 |
| Interpublic Group of Cos Inc/The  | 20315 | 499749 |
| Liberty Broadband Corp Class A (b) | 844 | 51593 |
| Liberty Broadband Corp Class C (b) | 6233 | 382208 |
| New York Times Co/The Class A  | 8840 | 458708 |
| News Corp Class A  | 21124 | 619356 |
| News Corp Class B  | 5916 | 197712 |
| Nexstar Media Group Inc  | 1553 | 290582 |
| Paramount Global Class A (c) | 1868 | 35660 |
| Paramount Global Class B (c) | 30483 | 383171 |
| Sirius XM Holdings Inc  | 10455 | 220810 |
|  |  | 3253055 |
| TOTAL COMMUNICATION SERVICES |  | 6440407 |
| Consumer Discretionary - 13.1% |  |  |
| Automobile Components - 0.6% |  |  |
| BorgWarner Inc  | 11997 | 441490 |
| Gentex Corp  | 12454 | 329035 |
| Lear Corp  | 2937 | 276930 |
| QuantumScape Corp Class A (b)(c) | 22778 | 195890 |
|  |  | 1243345 |
| Automobiles - 0.5% |  |  |
| Harley-Davidson Inc  | 6163 | 149946 |
| Lucid Group Inc Class A (b)(c) | 68699 | 169000 |
| Rivian Automotive Inc Class A (b)(c) | 42683 | 549330 |
| Thor Industries Inc (c) | 2803 | 255045 |
|  |  | 1123321 |
| Broadline Retail - 0.5% |  |  |
| Dillard's Inc Class A (c) | 162 | 75642 |
| Etsy Inc (b) | 5685 | 331265 |
| Macy's Inc  | 15290 | 193113 |
| Ollie's Bargain Outlet Holdings Inc (b) | 3372 | 460716 |
|  |  | 1060736 |
| Distributors - 0.5% |  |  |
| LKQ Corp  | 14294 | 421243 |
| Pool Corp  | 1979 | 609809 |
|  |  | 1031052 |
| Diversified Consumer Services - 1.2% |  |  |
| ADT Inc  | 22465 | 187583 |
| Bright Horizons Family Solutions Inc (b) | 3131 | 354116 |
| Duolingo Inc Class A (b) | 2070 | 717359 |
| Grand Canyon Education Inc (b) | 1532 | 258341 |
| H&R Block Inc  | 7304 | 396899 |
| Service Corp International/US  | 7674 | 585603 |
|  |  | 2499901 |
| Hotels, Restaurants & Leisure - 3.7% |  |  |
| Aramark  | 14539 | 618780 |
| Boyd Gaming Corp  | 3200 | 271680 |
| Caesars Entertainment Inc (b) | 11368 | 303298 |
| Cava Group Inc (b) | 5497 | 483791 |
| Choice Hotels International Inc (c) | 1491 | 190416 |
| Churchill Downs Inc  | 3582 | 383417 |
| Dutch Bros Inc Class A (b) | 6371 | 377609 |
| Hyatt Hotels Corp Class A  | 2216 | 312390 |
| Light & Wonder Inc Class A (b) | 4559 | 439123 |
| MGM Resorts International (b) | 11286 | 411375 |
| Norwegian Cruise Line Holdings Ltd (b) | 24365 | 622769 |
| Penn Entertainment Inc (b) | 8246 | 148923 |
| Planet Fitness Inc Class A (b) | 4622 | 504676 |
| Texas Roadhouse Inc  | 3646 | 674984 |
| Travel + Leisure Co  | 3467 | 205420 |
| Vail Resorts Inc  | 1975 | 296764 |
| Wendy's Co/The  | 8954 | 88196 |
| Wingstop Inc  | 1530 | 577330 |
| Wyndham Hotels & Resorts Inc  | 4181 | 359566 |
| Wynn Resorts Ltd  | 4601 | 501647 |
|  |  | 7772154 |
| Household Durables - 1.5% |  |  |
| Mohawk Industries Inc (b) | 2825 | 323491 |
| Newell Brands Inc  | 23078 | 129467 |
| SharkNinja Inc (b) | 3876 | 450004 |
| Somnigroup International Inc  | 11136 | 806024 |
| Toll Brothers Inc  | 5448 | 644825 |
| TopBuild Corp (b) | 1606 | 594911 |
| Whirlpool Corp (c) | 2955 | 245383 |
|  |  | 3194105 |
| Leisure Products - 0.6% |  |  |
| Brunswick Corp/DE  | 3610 | 210427 |
| Hasbro Inc  | 7279 | 547090 |
| Mattel Inc (b) | 17682 | 300771 |
| YETI Holdings Inc (b) | 4563 | 167644 |
|  |  | 1225932 |
| Specialty Retail - 2.4% |  |  |
| AutoNation Inc (b) | 1513 | 291464 |
| Bath & Body Works Inc  | 11727 | 339614 |
| CarMax Inc (b) | 8397 | 475354 |
| Dick's Sporting Goods Inc  | 2981 | 630511 |
| Five Below Inc (b) | 2966 | 404918 |
| Floor & Decor Holdings Inc Class A (b) | 5862 | 449264 |
| GameStop Corp Class A (b)(c) | 22572 | 506741 |
| Gap Inc/The  | 12671 | 246578 |
| Lithia Motors Inc Class A  | 1409 | 405792 |
| Murphy USA Inc  | 991 | 359218 |
| Penske Automotive Group Inc  | 1020 | 170758 |
| Restoration Hardware Inc (b) | 843 | 173338 |
| Valvoline Inc (b) | 6998 | 246680 |
| Wayfair Inc Class A (b)(c) | 5162 | 338834 |
|  |  | 5039064 |
| Textiles, Apparel & Luxury Goods - 1.6% |  |  |
| Columbia Sportswear Co  | 1424 | 80555 |
| Crocs Inc (b) | 2994 | 298592 |
| PVH Corp  | 2880 | 211450 |
| Ralph Lauren Corp Class A  | 2155 | 643806 |
| Skechers USA Inc Class A (b) | 7194 | 455021 |
| Tapestry Inc  | 11391 | 1230570 |
| Under Armour Inc Class A (b) | 10868 | 72163 |
| Under Armour Inc Class C (b) | 9925 | 62527 |
| VF Corp  | 19344 | 226712 |
|  |  | 3281396 |
| TOTAL CONSUMER DISCRETIONARY |  | 27471006 |
| Consumer Staples - 4.8% |  |  |
| Beverages - 0.6% |  |  |
| Boston Beer Co Inc/The Class A (b) | 447 | 92565 |
| Celsius Holdings Inc (b) | 9057 | 410644 |
| Coca-Cola Consolidated Inc  | 2852 | 318711 |
| Primo Brands Corp Class A  | 14147 | 390599 |
|  |  | 1212519 |
| Consumer Staples Distribution & Retail - 2.9% |  |  |
| Albertsons Cos Inc Class A  | 22814 | 438484 |
| BJ's Wholesale Club Holdings Inc (b) | 7200 | 762480 |
| Casey's General Stores Inc  | 2038 | 1060025 |
| Maplebear Inc (b) | 9491 | 455283 |
| Performance Food Group Co (b) | 8407 | 844063 |
| Sprouts Farmers Market Inc (b) | 5392 | 817104 |
| US Foods Holding Corp (b) | 12650 | 1054125 |
| Walgreens Boots Alliance Inc  | 39358 | 458127 |
|  |  | 5889691 |
| Food Products - 0.9% |  |  |
| Darling Ingredients Inc (b) | 8615 | 278954 |
| Flowers Foods Inc  | 10315 | 163493 |
| Freshpet Inc (b) | 2626 | 179408 |
| Ingredion Inc  | 3519 | 462890 |
| Lamb Weston Holdings Inc  | 7506 | 428367 |
| Pilgrim's Pride Corp  | 2265 | 107338 |
| Post Holdings Inc (b) | 2779 | 294046 |
| Seaboard Corp  | 14 | 44341 |
| Smithfield Foods Inc  | 1402 | 33816 |
|  |  | 1992653 |
| Household Products - 0.0% |  |  |
| Reynolds Consumer Products Inc  | 2987 | 67178 |
| Personal Care Products - 0.4% |  |  |
| BellRing Brands Inc (b) | 6993 | 381678 |
| Coty Inc Class A (b) | 18900 | 91665 |
| elf Beauty Inc (b) | 3017 | 365630 |
|  |  | 838973 |
| TOTAL CONSUMER STAPLES |  | 10001014 |
| Energy - 2.5% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| NOV Inc  | 20576 | 258846 |
| Weatherford International PLC  | 3925 | 221958 |
|  |  | 480804 |
| Oil, Gas & Consumable Fuels - 2.3% |  |  |
| Antero Midstream Corp  | 18420 | 338007 |
| Antero Resources Corp (b) | 15958 | 557413 |
| APA Corp  | 19533 | 376792 |
| Chord Energy Corp  | 3253 | 358903 |
| Civitas Resources Inc  | 5102 | 154897 |
| DT Midstream Inc  | 5588 | 574055 |
| HF Sinclair Corp  | 8798 | 386584 |
| Matador Resources Co  | 6432 | 320828 |
| Ovintiv Inc  | 14300 | 588874 |
| Permian Resources Corp Class A  | 35104 | 497073 |
| Range Resources Corp  | 13003 | 477470 |
| Viper Energy Inc Class A  | 7229 | 272244 |
|  |  | 4903140 |
| TOTAL ENERGY |  | 5383944 |
| Financials - 15.9% |  |  |
| Banks - 3.5% |  |  |
| Bank OZK  | 5878 | 289785 |
| BOK Financial Corp  | 1238 | 125694 |
| Columbia Banking System Inc  | 11509 | 273914 |
| Comerica Inc  | 7189 | 485761 |
| Commerce Bancshares Inc/MO  | 6790 | 415548 |
| Cullen/Frost Bankers Inc  | 3275 | 417268 |
| East West Bancorp Inc  | 7529 | 754783 |
| First Hawaiian Inc  | 6913 | 167640 |
| First Horizon Corp  | 27692 | 603964 |
| FNB Corp/PA  | 19547 | 299460 |
| Pinnacle Financial Partners Inc  | 4205 | 369577 |
| Prosperity Bancshares Inc  | 5036 | 335498 |
| SouthState Corp  | 5524 | 520195 |
| Synovus Financial Corp  | 7637 | 360772 |
| TFS Financial Corp  | 2867 | 37586 |
| Webster Financial Corp  | 9216 | 531302 |
| Western Alliance Bancorp  | 5942 | 460862 |
| Wintrust Financial Corp  | 3636 | 465335 |
| Zions Bancorp NA  | 7987 | 428263 |
|  |  | 7343207 |
| Capital Markets - 3.8% |  |  |
| Affiliated Managers Group Inc  | 1539 | 322990 |
| Carlyle Group Inc/The  | 14406 | 873869 |
| Evercore Inc Class A  | 2030 | 611314 |
| FactSet Research Systems Inc  | 2092 | 842867 |
| Franklin Resources Inc  | 16928 | 406272 |
| Hamilton Lane Inc Class A  | 2201 | 335212 |
| Houlihan Lokey Inc Class A  | 2979 | 567976 |
| Invesco Ltd  | 20041 | 421061 |
| Janus Henderson Group PLC  | 6912 | 299290 |
| Jefferies Financial Group Inc  | 8434 | 486304 |
| Lazard Inc  | 6055 | 314739 |
| MarketAxess Holdings Inc  | 2008 | 412644 |
| Morningstar Inc  | 1295 | 358016 |
| SEI Investments Co  | 5730 | 504928 |
| Stifel Financial Corp  | 5503 | 628002 |
| TPG Inc Class A  | 7132 | 407023 |
| Virtu Financial Inc Class A  | 4450 | 196423 |
|  |  | 7988930 |
| Consumer Finance - 1.3% |  |  |
| Ally Financial Inc  | 15199 | 575282 |
| Credit Acceptance Corp (b)(c) | 379 | 185816 |
| OneMain Holdings Inc  | 6560 | 379102 |
| SLM Corp  | 11521 | 366368 |
| SoFi Technologies Inc Class A (b) | 58571 | 1322534 |
|  |  | 2829102 |
| Financial Services - 2.5% |  |  |
| Affirm Holdings Inc Class A (b) | 14781 | 1013386 |
| Corebridge Financial Inc  | 13228 | 470388 |
| Equitable Holdings Inc  | 16847 | 865093 |
| Euronet Worldwide Inc (b) | 2234 | 217100 |
| Jack Henry & Associates Inc  | 3999 | 679090 |
| MGIC Investment Corp  | 12847 | 332737 |
| Mr Cooper Group Inc (b) | 3457 | 538324 |
| Shift4 Payments Inc Class A (b)(c) | 3656 | 376568 |
| UWM Holdings Corp Class A  | 8587 | 34520 |
| Voya Financial Inc  | 5296 | 370720 |
| Western Union Co/The  | 18254 | 146945 |
| WEX Inc (b) | 1869 | 317132 |
|  |  | 5362003 |
| Insurance - 3.9% |  |  |
| American Financial Group Inc/OH  | 3642 | 454886 |
| Assurant Inc  | 2791 | 522754 |
| Assured Guaranty Ltd  | 2567 | 217117 |
| Axis Capital Holdings Ltd  | 4177 | 391970 |
| Brighthouse Financial Inc (b) | 3157 | 151062 |
| Everest Group Ltd  | 2313 | 776706 |
| First American Financial Corp  | 5415 | 325171 |
| Globe Life Inc  | 4567 | 641526 |
| Hanover Insurance Group Inc/The  | 1972 | 338454 |
| Kemper Corp  | 3371 | 207620 |
| Kinsale Capital Group Inc  | 1218 | 536760 |
| Lincoln National Corp  | 9379 | 357434 |
| Old Republic International Corp  | 12584 | 455163 |
| Primerica Inc  | 1816 | 482384 |
| Reinsurance Group of America Inc  | 3633 | 699171 |
| RLI Corp  | 4506 | 297351 |
| Ryan Specialty Holdings Inc Class A  | 5783 | 353862 |
| Unum Group  | 9532 | 684493 |
| White Mountains Insurance Group Ltd  | 138 | 246716 |
|  |  | 8140600 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.9% |  |  |
| AGNC Investment Corp  | 52188 | 492133 |
| Annaly Capital Management Inc  | 32940 | 669670 |
| Rithm Capital Corp  | 29141 | 350565 |
| Starwood Property Trust Inc  | 18843 | 366685 |
|  |  | 1879053 |
| TOTAL FINANCIALS |  | 33542895 |
| Health Care - 8.1% |  |  |
| Biotechnology - 2.6% |  |  |
| Apellis Pharmaceuticals Inc (b) | 5902 | 131851 |
| Exact Sciences Corp (b) | 10261 | 481754 |
| Exelixis Inc (b) | 14860 | 538229 |
| Halozyme Therapeutics Inc (b) | 6750 | 404798 |
| Insmed Inc (b) | 9834 | 1054992 |
| Ionis Pharmaceuticals Inc (b) | 8559 | 367866 |
| Neurocrine Biosciences Inc (b) | 5335 | 684107 |
| Revolution Medicines Inc (b) | 9545 | 355742 |
| Roivant Sciences Ltd (b) | 20875 | 237140 |
| Sarepta Therapeutics Inc (b)(c) | 5077 | 83363 |
| Summit Therapeutics Inc (b)(c) | 6456 | 170245 |
| Ultragenyx Pharmaceutical Inc (b) | 4955 | 135371 |
| United Therapeutics Corp (b) | 2447 | 672191 |
| Viking Therapeutics Inc (b)(c) | 6018 | 196006 |
|  |  | 5513655 |
| Health Care Equipment & Supplies - 1.0% |  |  |
| DENTSPLY SIRONA Inc  | 10990 | 157266 |
| Envista Holdings Corp (b) | 9264 | 174997 |
| Globus Medical Inc Class A (b) | 6177 | 325096 |
| Inspire Medical Systems Inc (b) | 1578 | 196524 |
| Masimo Corp (b) | 2483 | 381861 |
| Penumbra Inc (b) | 2060 | 519676 |
| Teleflex Inc  | 2459 | 293851 |
|  |  | 2049271 |
| Health Care Providers & Services - 1.5% |  |  |
| Acadia Healthcare Co Inc (b) | 4982 | 108457 |
| Amedisys Inc (b) | 1781 | 175606 |
| Chemed Corp  | 791 | 326129 |
| DaVita Inc (b) | 2107 | 295760 |
| Encompass Health Corp  | 5487 | 604174 |
| Henry Schein Inc (b) | 6035 | 408268 |
| Tenet Healthcare Corp (b) | 5045 | 813658 |
| Universal Health Services Inc Class B  | 3033 | 504843 |
|  |  | 3236895 |
| Health Care Technology - 0.2% |  |  |
| Certara Inc (b) | 6637 | 65307 |
| Doximity Inc Class A (b) | 7194 | 422648 |
|  |  | 487955 |
| Life Sciences Tools & Services - 1.8% |  |  |
| Avantor Inc (b) | 36397 | 489176 |
| Bio-Rad Laboratories Inc Class A (b)(c) | 1068 | 258403 |
| Bio-Techne Corp  | 8641 | 472922 |
| Bruker Corp  | 5692 | 218743 |
| Charles River Laboratories International Inc (b) | 2687 | 455823 |
| Medpace Holdings Inc (b) | 1258 | 537418 |
| QIAGEN NV  | 11743 | 579400 |
| Repligen Corp (b) | 2902 | 339737 |
| Sotera Health Co (b) | 8445 | 97032 |
| Tempus AI Inc Class A (b)(c) | 4534 | 256579 |
|  |  | 3705233 |
| Pharmaceuticals - 1.0% |  |  |
| Corcept Therapeutics Inc (b) | 5177 | 347739 |
| Elanco Animal Health Inc (b) | 27107 | 370824 |
| Jazz Pharmaceuticals PLC (b) | 3267 | 374496 |
| Organon & Co  | 14371 | 139399 |
| Perrigo Co PLC  | 7512 | 200345 |
| Viatris Inc  | 65323 | 570923 |
|  |  | 2003726 |
| TOTAL HEALTH CARE |  | 16996735 |
| Industrials - 22.2% |  |  |
| Aerospace & Defense - 3.2% |  |  |
| ATI Inc (b) | 7705 | 592823 |
| BWX Technologies Inc  | 5025 | 763448 |
| Curtiss-Wright Corp  | 2070 | 1014755 |
| Hexcel Corp  | 4405 | 263904 |
| Huntington Ingalls Industries Inc  | 2148 | 598991 |
| Karman Holdings Inc  | 2619 | 135402 |
| Leonardo DRS Inc  | 4172 | 173555 |
| Loar Holdings Inc (b) | 2353 | 173910 |
| Rocket Lab Corp  | 21565 | 990265 |
| Spirit AeroSystems Holdings Inc Class A (b) | 6432 | 253421 |
| StandardAero Inc  | 7805 | 222833 |
| Textron Inc  | 9914 | 771012 |
| Woodward Inc  | 3266 | 839623 |
|  |  | 6793942 |
| Air Freight & Logistics - 0.5% |  |  |
| CH Robinson Worldwide Inc  | 6471 | 746236 |
| GXO Logistics Inc (b) | 6325 | 314415 |
|  |  | 1060651 |
| Building Products - 2.1% |  |  |
| A O Smith Corp  | 6368 | 450791 |
| AAON Inc  | 3701 | 309034 |
| Advanced Drainage Systems Inc  | 3892 | 446607 |
| Allegion plc  | 4741 | 786627 |
| Armstrong World Industries Inc  | 2369 | 445775 |
| Fortune Brands Innovations Inc  | 6662 | 363345 |
| Hayward Holdings Inc (b) | 10971 | 168734 |
| Owens Corning  | 4676 | 651975 |
| Simpson Manufacturing Co Inc  | 2308 | 414124 |
| Trex Co Inc (b) | 5877 | 377538 |
|  |  | 4414550 |
| Commercial Services & Supplies - 0.7% |  |  |
| Clean Harbors Inc (b) | 2791 | 658146 |
| MSA Safety Inc  | 2038 | 362499 |
| Tetra Tech Inc  | 14711 | 540482 |
|  |  | 1561127 |
| Construction & Engineering - 2.8% |  |  |
| AECOM  | 7290 | 821875 |
| API Group Corp (b) | 20296 | 732077 |
| Comfort Systems USA Inc  | 1916 | 1347523 |
| EMCOR Group Inc  | 2436 | 1528566 |
| Everus Construction Group Inc  | 2808 | 208522 |
| MasTec Inc (b) | 3426 | 648233 |
| Valmont Industries Inc  | 1093 | 397797 |
| WillScot Holdings Corp  | 9800 | 287630 |
|  |  | 5972223 |
| Electrical Equipment - 1.3% |  |  |
| Acuity Inc  | 1701 | 529606 |
| Generac Holdings Inc (b) | 3216 | 626123 |
| nVent Electric PLC  | 8973 | 703663 |
| Regal Rexnord Corp  | 3638 | 556177 |
| Sensata Technologies Holding PLC  | 7989 | 245742 |
|  |  | 2661311 |
| Ground Transportation - 1.5% |  |  |
| Avis Budget Group Inc (b)(c) | 932 | 158664 |
| Knight-Swift Transportation Holdings Inc  | 8671 | 368518 |
| Landstar System Inc  | 1910 | 254737 |
| Lyft Inc Class A (b) | 21924 | 308251 |
| Ryder System Inc  | 2216 | 393805 |
| Saia Inc (b) | 1468 | 443688 |
| Schneider National Inc Class B  | 2828 | 69145 |
| U-Haul Holding Co (b) | 403 | 23318 |
| U-Haul Holding Co Class N  | 5592 | 290784 |
| XPO Inc (b)(c) | 6315 | 759631 |
|  |  | 3070541 |
| Machinery - 5.3% |  |  |
| AGCO Corp  | 3417 | 403103 |
| Allison Transmission Holdings Inc  | 4679 | 421438 |
| Crane Co  | 2710 | 530537 |
| Donaldson Co Inc  | 6562 | 472267 |
| Esab Corp  | 3135 | 420623 |
| Flowserve Corp  | 7176 | 402143 |
| Gates Industrial Corp PLC (b) | 13965 | 346332 |
| Graco Inc  | 9147 | 768165 |
| ITT Inc  | 4441 | 754792 |
| Lincoln Electric Holdings Inc  | 2987 | 727335 |
| Middleby Corp/The (b) | 2777 | 403220 |
| Mueller Industries Inc  | 5973 | 509915 |
| Nordson Corp  | 2969 | 635989 |
| Oshkosh Corp  | 3523 | 445765 |
| Pentair PLC  | 9011 | 920925 |
| RBC Bearings Inc (b) | 1707 | 661189 |
| Snap-on Inc  | 2823 | 906720 |
| Stanley Black & Decker Inc  | 8514 | 575972 |
| Timken Co/The  | 3445 | 262130 |
| Toro Co/The  | 5493 | 407855 |
|  |  | 10976415 |
| Marine Transportation - 0.1% |  |  |
| Kirby Corp (b) | 3119 | 297271 |
| Passenger Airlines - 0.4% |  |  |
| Alaska Air Group Inc (b) | 6744 | 357162 |
| American Airlines Group Inc (b) | 35920 | 412721 |
|  |  | 769883 |
| Professional Services - 2.0% |  |  |
| Amentum Holdings Inc  | 8778 | 219187 |
| CACI International Inc (b) | 1196 | 550842 |
| Clarivate PLC (b)(c) | 19377 | 74600 |
| Concentrix Corp  | 2508 | 130341 |
| Dayforce Inc (b) | 8409 | 484947 |
| Dun & Bradstreet Holdings Inc  | 17008 | 154773 |
| ExlService Holdings Inc (b) | 8716 | 378536 |
| FTI Consulting Inc (b) | 1842 | 306417 |
| Genpact Ltd  | 8866 | 390547 |
| KBR Inc  | 7077 | 330779 |
| ManpowerGroup Inc  | 2521 | 103991 |
| Parsons Corp (b) | 2909 | 215848 |
| Paylocity Holding Corp (b) | 2483 | 459057 |
| Robert Half Inc  | 5449 | 201123 |
| Science Applications International Corp  | 2589 | 288622 |
|  |  | 4289610 |
| Trading Companies & Distributors - 2.3% |  |  |
| Air Lease Corp Class A  | 5737 | 317830 |
| Applied Industrial Technologies Inc  | 2099 | 569879 |
| Core & Main Inc Class A (b) | 10457 | 665483 |
| FTAI Aviation Ltd  | 5611 | 772130 |
| MSC Industrial Direct Co Inc Class A  | 2423 | 209880 |
| QXO Inc (b) | 32786 | 657687 |
| SiteOne Landscape Supply Inc (b) | 2434 | 335478 |
| Watsco Inc  | 1917 | 864338 |
| Wesco International Inc  | 2639 | 546167 |
|  |  | 4938872 |
| TOTAL INDUSTRIALS |  | 46806396 |
| Information Technology - 12.6% |  |  |
| Communications Equipment - 1.0% |  |  |
| Ciena Corp (b) | 7770 | 721367 |
| F5 Inc (b) | 3172 | 994168 |
| Lumentum Holdings Inc (b) | 3785 | 416653 |
|  |  | 2132188 |
| Electronic Equipment, Instruments & Components - 2.8% |  |  |
| Arrow Electronics Inc (b) | 2843 | 329788 |
| Avnet Inc  | 4731 | 250459 |
| Cognex Corp  | 9242 | 376796 |
| Coherent Corp (b) | 8451 | 909328 |
| Crane NXT Co  | 2708 | 160693 |
| Flex Ltd (b) | 20998 | 1047170 |
| Ingram Micro Holding Corp (c) | 1123 | 22145 |
| IPG Photonics Corp (b) | 1368 | 102450 |
| Jabil Inc  | 5811 | 1296841 |
| Littelfuse Inc  | 1353 | 348167 |
| TD SYNNEX Corp  | 4334 | 625786 |
| Vontier Corp  | 8146 | 337815 |
|  |  | 5807438 |
| IT Services - 0.9% |  |  |
| Amdocs Ltd  | 6082 | 519160 |
| DXC Technology Co (b) | 9915 | 134942 |
| EPAM Systems Inc (b) | 3017 | 475811 |
| Globant SA (b) | 2380 | 200539 |
| Kyndryl Holdings Inc (b) | 12741 | 481228 |
|  |  | 1811680 |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Amkor Technology Inc  | 6320 | 142579 |
| Astera Labs Inc (b) | 7889 | 1078663 |
| Cirrus Logic Inc (b) | 2916 | 293670 |
| Enphase Energy Inc (b) | 7011 | 226876 |
| Lattice Semiconductor Corp (b) | 7489 | 373177 |
| MACOM Technology Solutions Holdings Inc (b) | 3485 | 477933 |
| MKS Inc  | 3700 | 352166 |
| Onto Innovation Inc (b) | 2679 | 253835 |
| Qorvo Inc (b) | 5131 | 428952 |
| Skyworks Solutions Inc  | 8442 | 578615 |
| Universal Display Corp  | 2420 | 349448 |
|  |  | 4555914 |
| Software - 5.1% |  |  |
| Appfolio Inc Class A (b) | 1211 | 323797 |
| Aurora Innovation Inc Class A (b)(c) | 54259 | 315245 |
| Bentley Systems Inc Class B  | 8673 | 502861 |
| BILL Holdings Inc (b) | 5078 | 217592 |
| Ccc Intelligent Solutions Holdings Inc Class A (b)(c) | 28527 | 275856 |
| Confluent Inc Class A (b) | 15249 | 270289 |
| Dolby Laboratories Inc Class A  | 3332 | 251033 |
| Dropbox Inc Class A (b) | 11151 | 302973 |
| Dynatrace Inc (b) | 16177 | 851072 |
| Elastic NV (b) | 4995 | 418082 |
| Gen Digital Inc  | 30268 | 892603 |
| Gitlab Inc Class A (b) | 7240 | 317184 |
| Guidewire Software Inc (b) | 4613 | 1043553 |
| Informatica Inc Class A (b) | 5800 | 143260 |
| Manhattan Associates Inc (b) | 3303 | 725537 |
| nCino Inc (b)(c) | 5889 | 164450 |
| Nutanix Inc Class A (b) | 14054 | 1056439 |
| Pegasystems Inc  | 4789 | 281162 |
| Procore Technologies Inc (b) | 6313 | 452200 |
| RingCentral Inc Class A (b) | 4383 | 111723 |
| Rubrik Inc Class A (b) | 5348 | 507793 |
| SailPoint Inc  | 3292 | 73542 |
| SentinelOne Inc Class A (b) | 16052 | 294394 |
| Teradata Corp (b) | 5213 | 109108 |
| UiPath Inc Class A (b) | 23993 | 281918 |
| Unity Software Inc (b) | 17446 | 581999 |
|  |  | 10765665 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| Pure Storage Inc Class A (b) | 17110 | 1018387 |
| Sandisk Corp/DE  | 7429 | 318853 |
|  |  | 1337240 |
| TOTAL INFORMATION TECHNOLOGY |  | 26410125 |
| Materials - 5.9% |  |  |
| Chemicals - 2.1% |  |  |
| Albemarle Corp (c) | 6473 | 439193 |
| Ashland Inc  | 2589 | 133489 |
| Axalta Coating Systems Ltd (b) | 12020 | 340406 |
| Celanese Corp  | 6146 | 321006 |
| Eastman Chemical Co  | 6322 | 459040 |
| Element Solutions Inc  | 12406 | 292782 |
| FMC Corp  | 6834 | 266799 |
| Huntsman Corp  | 8994 | 87242 |
| Mosaic Co/The  | 17381 | 625890 |
| NewMarket Corp  | 326 | 223962 |
| Olin Corp  | 6286 | 119057 |
| RPM International Inc  | 7004 | 822340 |
| Scotts Miracle-Gro Co/The  | 2412 | 151136 |
|  |  | 4282342 |
| Construction Materials - 0.3% |  |  |
| Eagle Materials Inc  | 1816 | 407311 |
| James Hardie Industries PLC ADR (b) | 8055 | 208946 |
|  |  | 616257 |
| Containers & Packaging - 1.9% |  |  |
| AptarGroup Inc  | 3604 | 566333 |
| Avery Dennison Corp  | 4285 | 718894 |
| Crown Holdings Inc  | 6375 | 633420 |
| Graphic Packaging Holding CO  | 16404 | 366793 |
| Packaging Corp of America  | 4866 | 942788 |
| Sealed Air Corp  | 8031 | 235067 |
| Silgan Holdings Inc  | 4866 | 226415 |
| Sonoco Products Co  | 5422 | 244370 |
|  |  | 3934080 |
| Metals & Mining - 1.5% |  |  |
| Alcoa Corp  | 14233 | 426563 |
| Carpenter Technology Corp  | 2651 | 661133 |
| Cleveland-Cliffs Inc (b)(c) | 26807 | 282009 |
| MP Materials Corp (b)(c) | 7122 | 438003 |
| Reliance Inc  | 2908 | 843698 |
| Royal Gold Inc  | 3618 | 547838 |
|  |  | 3199244 |
| Paper & Forest Products - 0.1% |  |  |
| Louisiana-Pacific Corp  | 3471 | 313813 |
| TOTAL MATERIALS |  | 12345736 |
| Real Estate - 6.9% |  |  |
| Health Care REITs - 0.5% |  |  |
| Healthcare Realty Trust Inc  | 18071 | 277571 |
| Medical Properties Trust Inc (c) | 27304 | 112492 |
| Omega Healthcare Investors Inc  | 15819 | 615359 |
|  |  | 1005422 |
| Hotel & Resort REITs - 0.3% |  |  |
| Host Hotels & Resorts Inc  | 37778 | 593870 |
| Park Hotels & Resorts Inc  | 10750 | 114595 |
|  |  | 708465 |
| Industrial REITs - 0.9% |  |  |
| Americold Realty Trust Inc  | 15702 | 252488 |
| EastGroup Properties Inc  | 2872 | 468825 |
| First Industrial Realty Trust Inc  | 7050 | 343476 |
| Rexford Industrial Realty Inc  | 13055 | 476900 |
| STAG Industrial Inc Class A  | 10282 | 352981 |
|  |  | 1894670 |
| Office REITs - 0.8% |  |  |
| BXP Inc  | 8725 | 570877 |
| Cousins Properties Inc  | 9189 | 249022 |
| Highwoods Properties Inc  | 5852 | 169766 |
| Kilroy Realty Corp  | 6464 | 238263 |
| Vornado Realty Trust  | 9714 | 373212 |
|  |  | 1601140 |
| Real Estate Management & Development - 0.8% |  |  |
| Howard Hughes Holdings Inc (b) | 1694 | 116428 |
| Jones Lang LaSalle Inc (b) | 2599 | 702666 |
| Zillow Group Inc Class A (b) | 2797 | 214670 |
| Zillow Group Inc Class C (b) | 8911 | 708870 |
|  |  | 1742634 |
| Residential REITs - 0.9% |  |  |
| American Homes 4 Rent Class A  | 18823 | 652970 |
| Camden Property Trust  | 5921 | 646573 |
| Equity LifeStyle Properties Inc  | 10442 | 625685 |
|  |  | 1925228 |
| Retail REITs - 1.5% |  |  |
| Agree Realty Corp  | 5963 | 427547 |
| Brixmor Property Group Inc (c) | 16770 | 438200 |
| Federal Realty Investment Trust  | 4686 | 431862 |
| Kimco Realty Corp  | 36809 | 781455 |
| NNN REIT Inc  | 10300 | 424978 |
| Regency Centers Corp  | 9952 | 710573 |
|  |  | 3214615 |
| Specialized REITs - 1.2% |  |  |
| CubeSmart  | 12469 | 485169 |
| EPR Properties  | 4110 | 226214 |
| Gaming and Leisure Properties Inc  | 14540 | 662733 |
| Lamar Advertising Co Class A  | 4827 | 590101 |
| Millrose Properties Inc Class A  | 6612 | 198294 |
| National Storage Affiliates Trust  | 3900 | 114894 |
| Rayonier Inc  | 8542 | 199114 |
|  |  | 2476519 |
| TOTAL REAL ESTATE |  | 14568693 |
| Utilities - 2.8% |  |  |
| Electric Utilities - 0.7% |  |  |
| IDACORP Inc  | 2969 | 372105 |
| OGE Energy Corp  | 11066 | 502618 |
| Pinnacle West Capital Corp  | 6562 | 594648 |
|  |  | 1469371 |
| Gas Utilities - 0.5% |  |  |
| MDU Resources Group Inc  | 11190 | 193028 |
| National Fuel Gas Co  | 4939 | 428656 |
| UGI Corp  | 11841 | 428407 |
|  |  | 1050091 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| AES Corp/The  | 39109 | 514283 |
| Clearway Energy Inc Class A  | 1868 | 57497 |
| Clearway Energy Inc Class C  | 4524 | 147618 |
| Talen Energy Corp (b) | 2499 | 943548 |
|  |  | 1662946 |
| Multi-Utilities - 0.5% |  |  |
| NiSource Inc  | 25920 | 1100304 |
| Water Utilities - 0.3% |  |  |
| Essential Utilities Inc  | 15184 | 558771 |
| TOTAL UTILITIES |  | 5841483 |
| TOTAL UNITED STATES |  | 205808434 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $126,482,408) |  | <br> **209591080** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $246,422)<br>| 4.25 | 247000 | **246410** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 424383 | 424468 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 6361844 | 6362480 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $6,786,948) |  |  | **6786948** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.0%**<br> (Cost $133,515,778)<br>| <br>**216624438** |
| **NET OTHER ASSETS (LIABILITIES) - (3.0)%**  | **(6241743)** |
| **NET ASSETS - 100.0%** | **210382695** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 2 | Sep 2025 | 633020 | 26783 | 26783 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Security or a portion of the security is on loan at period end.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $76,816.

(f) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2441647 | 58198008 | 60215187 | 138798 | - | - | 424468 | 424383 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 55893492 | 151612914 | 201143926 | 112131 | - | - | 6362480 | 6361844 | 0.0% |
| Total | 58335139 | 209810922 | 261359113 | 250929 | - | - | 6786948 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 6839582 | 6839582 | - | - |
| Consumer Discretionary | 27927036 | 27927036 | - | - |
| Consumer Staples | 10001014 | 10001014 | - | - |
| Energy | 6216162 | 6216162 | - | - |
| Financials | 35152667 | 35152667 | - | - |
| Health Care | 16996735 | 16996735 | - | - |
| Industrials | 46806396 | 46806396 | - | - |
| Information Technology | 26623085 | 26623085 | - | - |
| Materials | 12345736 | 12345736 | - | - |
| Real Estate | 14568693 | 14568693 | - | - |
| Utilities | 6113974 | 6113974 | - | - |
|  **U.S. Treasury Obligations** | 246410 | - | 246410 | - |
|  **Money Market Funds** | 6786948 | 6786948 | - | - |
| **Total Investments in Securities:** | 216624438 | 216378028 | 246410 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 26783 | 26783 | - | - |
| Total Assets | 26783 | 26783 | - | - |
| **Total Derivative Instruments:** | 26783 | 26783 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 26783 | 0 |
| **Total Equity Risk**  | 26783 | 0 |
| **Total Value of Derivatives** | 26783 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $6,036,047) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $126,728,830) | $209837490 |  |
| Fidelity Central Funds (cost $6,786,948) | 6786948 |  |
| Total Investment in Securities (cost $133,515,778) |  | $216624438 |
| Cash |  | 45162 |
| Dividends receivable |  | 68709 |
| Distributions receivable from Fidelity Central Funds |  | 6000 |
| Receivable from investment adviser for expense reductions |  | 27139 |
| Other receivables |  | 59257 |
| **Total assets** |  | 216830705 |
| **Liabilities** |  |  |
| Accrued management fee | $19408 |  |
| Payable for daily variation margin on futures contracts | 7140 |  |
| Other payables and accrued expenses | 68312 |  |
| Collateral on securities loaned | 6353150 |  |
| **Total liabilities** |  | 6448010 |
| **Net Assets**  |  | $210382695 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $48009701 |
| Total accumulated earnings (loss) |  | 162372994 |
| **Net Assets** |  | $210382695 |
| **Net Asset Value**, offering price and redemption price per share ($210,382,695 ÷ 31,649,756 shares) |  | $6.65 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $13879710 |
| Interest  |  | 13346 |
| Income from Fidelity Central Funds (including $112,131 from security lending)  |  | 250929 |
| **Total income** |  | 14143985 |
| **Expenses** |  |  |
| Management fee | $1046526 |  |
| Custodian fees and expenses | 85088 |  |
| Independent trustees' fees and expenses | 2765 |  |
| Registration fees | 8593 |  |
| Audit fees | 57058 |  |
| Legal | 5736 |  |
| Miscellaneous | 5241 |  |
| Total expenses before reductions | 1211007 |  |
| Expense reductions | (732133) |  |
| Total expenses after reductions |  | 478874 |
| **Net Investment income (loss)** |  | 13665111 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 226165841 |  |
| Foreign currency transactions | (18) |  |
| Futures contracts | 477430 |  |
| Total net realized gain (loss) |  | 226643253 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (229519688) |  |
| Assets and liabilities in foreign currencies | (183) |  |
| Futures contracts | (99499) |  |
| Total change in net unrealized appreciation (depreciation) |  | (229619370) |
| **Net gain (loss)** |  | (2976117) |
| **Net increase (decrease) in net assets resulting from operations** |  | $10688994 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $13665111 | $24408762 |
| &nbsp;&nbsp;Net realized gain (loss) | 226643253<br>| 64755956<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (229619370) | 97086106<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 10688994<br>| 186250824<br>|
| Distributions to shareholders | (88229190)<br>| (37672815)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1891549 | 228116525 |
| Reinvestment of distributions | 88200889<br>| 37661887<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1536629181) | (290833750) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1446536743)<br>| (25055338)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (1524076939)<br>| 123522671<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1734459634 | 1610936963<br>|
| &nbsp;&nbsp;End of period | $210382695 | $1734459634 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 319036 | 37001333 |
| Issued in reinvestment of distributions | 13940801<br>| 6626293<br>|
| &nbsp;&nbsp;Redeemed | (243876896) | (47867432) |
| &nbsp;&nbsp;Net increase (decrease) | (229617059) | (4239806) |

---

**Financial Highlights** 

**Fidelity® SAI Small-Mid Cap 500 Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $6.64 | $6.07 | $9.84 | $16.46 | $12.19 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .09  | .10  | .16  | .20  |
| Net realized and unrealized gain (loss)  | .40 C | .62  | .38  | (1.07)  | 5.09  |
| Total from investment operations  | .49  | .71  | .48  | (.91)  | 5.29  |
| Distributions from net investment income  | (.12)  | (.09)  | (.11)  | (.22)  | (.17)  |
| Distributions from net realized gain  | (.36)  | (.05)  | (4.15)  | (5.48)  | (.85)  |
| Total distributions  | (.48)  | (.14)  | (4.25) D | (5.71) D | (1.02)  |
| Net asset value, end of period  | $6.65 | $6.64 | $6.07 | $9.84 | $16.46 |
| **Total Return** E | 7.91% <br>| 12.18%  | 8.32%  | (8.94)%  | 46.99%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .13%  | .12%  | .15%  | .14%  | .13%  |
| Expenses net of fee waivers, if any  | .05% <br>| .05%  | .06%  | .05%  | .05%  |
| Expenses net of all reductions, if any  | .05%  | .05%  | .06%  | .05%  | .05%  |
| Net investment income (loss)  | 1.44%  | 1.53%  | 1.77%  | 1.35%  | 1.37%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $210383 | $1734460 | $1610937 | $246496 | $1087415 |
| Portfolio turnover rate H | 9% <br>| 31%  | 76%  | 93%  | 69%  |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

C*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*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.*

G*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.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended July 31, 2025

**1. Organization.**

Fidelity SAI Small-Mid Cap 500 Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to short-term capital gain dividends, foreign currency transactions, futures contracts and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $89194416 |
| **Gross unrealized depreciation**  | <u>(6912905)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$82281511</u> |
| **Tax Cost**  | <u>$134342927</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$4802301</u> |
| **Undistributed long-term capital gain**  | <u>$75289578</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$82281115</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $21227750 | $29749451 |
| **Long-term Capital Gains**  | <u>67001440</u> | <u>7923364</u> |
| **Total**  | <u>$88229190</u> | <u>$37672815</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

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| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI Small-Mid Cap 500 Index Fund** | 86896913 | 1587276908 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .11% of the Fund's average net assets.

**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI Small-Mid Cap 500 Index Fund** | - | 12147 | 856 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Small-Mid Cap 500 Index Fund** | 1341 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity SAI Small-Mid Cap 500 Index Fund** | 14627 | 738 | - |

---

**9. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .05% of average net assets. This reimbursement will remain in place through November 30, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $730,708.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,425.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Strategic Advisers Fidelity U.S. Total Stock Fund** |
| Fidelity SAI Small-Mid Cap 500 Index Fund | 99% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity SAI Small-Mid Cap 500 Index Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity SAI Small-Mid Cap 500 Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 11, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $206,348,121, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $231,013 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 73% and 66% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 79.67% and 74.24% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 19.68% and 25.51% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img111427_4.jpg)<br>

1.9868212.109 SV3-ANN-0925

**Fidelity® SAI Real Estate Index Fund**

**Annual Report**

**July 31, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img111428_1.jpg)

![](img111428_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SV8-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Real Estate Index Fund](#Sub_Sec_Fund_2810_SV8-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2810_SV8-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SV8-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SV8-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SV8-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SV8-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SV8-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SV8-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

The index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for us by Fidelity. S&P®;, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® SAI Real Estate Index Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 99.8%  |  |  |
| Real Estate - 99.8% |  |  |
| Diversified REITs - 2.0% |  |  |
| Alexander & Baldwin Inc  | 8931 | 160579 |
| American Assets Trust Inc  | 6208 | 118138 |
| Armada Hoffler Properties Inc Class A  | 10677 | 72924 |
| Broadstone Net Lease Inc Class A  | 23486 | 381413 |
| CTO Realty Growth Inc  | 3465 | 57207 |
| Essential Properties Realty Trust Inc  | 20635 | 629162 |
| Gladstone Commercial Corp  | 5181 | 68130 |
| Global Net Lease Inc  | 24751 | 173009 |
| NexPoint Diversified Real Estate Trust  | 5285 | 23201 |
| One Liberty Properties Inc  | 2198 | 49191 |
| WP Carey Inc  | 26582 | 1705502 |
|  |  | 3438456 |
| Health Care REITs - 13.3% |  |  |
| Alexandria Real Estate Equities Inc  | 19242 | 1470666 |
| American Healthcare REIT Inc  | 17801 | 687831 |
| CareTrust REIT Inc  | 22139 | 704020 |
| Community Healthcare Trust Inc  | 3623 | 55685 |
| Diversified Healthcare Trust  | 20503 | 67045 |
| Global Medical REIT Inc  | 8842 | 59064 |
| Healthcare Realty Trust Inc  | 46607 | 715884 |
| Healthpeak Properties Inc  | 86439 | 1464277 |
| LTC Properties Inc  | 5424 | 184633 |
| Medical Properties Trust Inc (b) | 72941 | 300517 |
| National Health Investors Inc  | 5425 | 378991 |
| Omega Healthcare Investors Inc  | 32078 | 1247834 |
| Sabra Health Care REIT Inc (b) | 28216 | 508734 |
| Sila Realty Trust Inc (b) | 6614 | 161646 |
| Universal Health Realty Income Trust  | 1696 | 65788 |
| Ventas Inc  | 49668 | 3336696 |
| Welltower Inc  | 70001 | 11555065 |
|  |  | 22964376 |
| Hotel & Resort REITs - 2.1% |  |  |
| Apple Hospitality REIT Inc  | 28566 | 335651 |
| Chatham Lodging Trust  | 5778 | 39406 |
| DiamondRock Hospitality Co  | 25271 | 195092 |
| Host Hotels & Resorts Inc  | 85529 | 1344516 |
| Park Hotels & Resorts Inc  | 26678 | 284387 |
| Pebblebrook Hotel Trust (b) | 14469 | 145124 |
| RLJ Lodging Trust  | 19537 | 144574 |
| Ryman Hospitality Properties Inc  | 6855 | 651636 |
| Service Properties Trust (b) | 20721 | 54496 |
| Summit Hotel Properties Inc  | 13672 | 71368 |
| Sunstone Hotel Investors Inc  | 23601 | 206509 |
| Xenia Hotels & Resorts Inc  | 12395 | 157540 |
|  |  | 3630299 |
| Industrial REITs - 10.0% |  |  |
| Americold Realty Trust Inc  | 33080 | 531926 |
| EastGroup Properties Inc  | 5847 | 954464 |
| First Industrial Realty Trust Inc  | 16040 | 781469 |
| Lineage Inc (b) | 8160 | 352104 |
| LXP Industrial Trust  | 36602 | 284032 |
| Plymouth Industrial REIT Inc  | 5358 | 77797 |
| Prologis Inc  | 111075 | 11860589 |
| Rexford Industrial Realty Inc  | 26566 | 970456 |
| STAG Industrial Inc Class A  | 22115 | 759208 |
| Terreno Realty Corp  | 11818 | 655781 |
|  |  | 17227826 |
| Office REITs - 3.2% |  |  |
| Brandywine Realty Trust  | 21901 | 87604 |
| BXP Inc  | 18120 | 1185592 |
| COPT Defense Properties  | 13649 | 372345 |
| Cousins Properties Inc  | 19726 | 534575 |
| Douglas Emmett Inc  | 20420 | 309567 |
| Easterly Government Properties Inc  | 5165 | 113630 |
| Empire State Realty Trust Inc Class A  | 16895 | 122320 |
| Highwoods Properties Inc  | 12980 | 376550 |
| Hudson Pacific Properties Inc (c) | 38977 | 95494 |
| JBG SMITH Properties  | 10625 | 225038 |
| Kilroy Realty Corp (b) | 13627 | 502291 |
| NET Lease Office Properties (c) | 1621 | 53800 |
| Paramount Group Inc (c) | 20779 | 127167 |
| Peakstone Realty Trust  | 4565 | 62084 |
| Piedmont Realty Trust Inc Class A1  | 15372 | 116212 |
| SL Green Realty Corp  | 8476 | 485251 |
| Vornado Realty Trust  | 19572 | 751956 |
|  |  | 5521476 |
| Real Estate Management & Development - 9.5% |  |  |
| Anywhere Real Estate Inc (c) | 12259 | 56637 |
| CBRE Group Inc Class A (c) | 36985 | 5760044 |
| Compass Inc Class A (c) | 52946 | 420391 |
| CoStar Group Inc (c) | 50956 | 4850502 |
| Cushman & Wakefield PLC (c) | 27705 | 337724 |
| eXp World Holdings Inc  | 9763 | 105245 |
| Forestar Group Inc (c) | 2551 | 63265 |
| Howard Hughes Holdings Inc (c) | 3928 | 269971 |
| Jones Lang LaSalle Inc (c) | 5750 | 1554570 |
| Kennedy-Wilson Holdings Inc  | 14053 | 102868 |
| Landbridge Co LLC Class A (b) | 1720 | 97490 |
| Marcus & Millichap Inc (b) | 3086 | 96160 |
| Newmark Group Inc Class A  | 17491 | 265338 |
| Opendoor Technologies Inc Class A (b)(c) | 71998 | 132476 |
| RMR Group Inc/The Class A  | 2495 | 40070 |
| Seritage Growth Properties Class A (c) | 3994 | 12741 |
| St Joe Co/The  | 4804 | 242602 |
| Tejon Ranch Co (b)(c) | 2390 | 42924 |
| Zillow Group Inc Class A (c) | 6517 | 500180 |
| Zillow Group Inc Class C (c) | 19219 | 1528871 |
|  |  | 16480069 |
| Residential REITs - 12.0% |  |  |
| American Homes 4 Rent Class A  | 39858 | 1382674 |
| Apartment Investment and Management Co Class A  | 15087 | 126882 |
| AvalonBay Communities Inc  | 17222 | 3208115 |
| BRT Apartments Corp  | 1202 | 17489 |
| Camden Property Trust  | 12955 | 1414686 |
| Centerspace  | 1955 | 106411 |
| Elme Communities  | 10630 | 160300 |
| Equity LifeStyle Properties Inc  | 21530 | 1290078 |
| Equity Residential  | 41386 | 2615595 |
| Essex Property Trust Inc  | 7780 | 2024200 |
| Independence Realty Trust Inc  | 27206 | 456245 |
| Invitation Homes Inc  | 74282 | 2276743 |
| Mid-America Apartment Communities Inc  | 14161 | 2016951 |
| NexPoint Residential Trust Inc  | 2834 | 88364 |
| Sun Communities Inc  | 15104 | 1873349 |
| UDR Inc  | 37843 | 1486851 |
| UMH Properties Inc  | 8802 | 143297 |
| Veris Residential Inc  | 9453 | 133098 |
|  |  | 20821328 |
| Retail REITs - 13.3% |  |  |
| Acadia Realty Trust  | 14228 | 266348 |
| Agree Realty Corp  | 12266 | 879472 |
| Alexander's Inc  | 291 | 73096 |
| Brixmor Property Group Inc  | 36535 | 954660 |
| CBL & Associates Properties Inc  | 1515 | 40995 |
| Curbline Properties Corp  | 11348 | 250791 |
| Federal Realty Investment Trust  | 9095 | 838195 |
| Getty Realty Corp  | 6450 | 179246 |
| InvenTrust Properties Corp  | 9046 | 249398 |
| Kimco Realty Corp  | 81963 | 1740074 |
| Kite Realty Group Trust  | 26611 | 584910 |
| Macerich Co/The  | 30056 | 502236 |
| NETSTREIT Corp (b) | 9675 | 176375 |
| NNN REIT Inc  | 22299 | 920057 |
| Phillips Edison & Co Inc  | 14772 | 499146 |
| Realty Income Corp  | 104793 | 5882031 |
| Regency Centers Corp  | 21260 | 1517964 |
| Saul Centers Inc  | 1663 | 53582 |
| Simon Property Group Inc  | 39538 | 6475929 |
| SITE Centers Corp  | 5949 | 64071 |
| Tanger Inc  | 13151 | 394793 |
| Urban Edge Properties  | 14737 | 290614 |
| Whitestone REIT  | 5465 | 66618 |
|  |  | 22900601 |
| Specialized REITs - 34.4% |  |  |
| American Tower Corp  | 56084 | 11687346 |
| Crown Castle Inc  | 52805 | 5549277 |
| CubeSmart  | 27440 | 1067690 |
| Digital Realty Trust Inc  | 39307 | 6935327 |
| EPR Properties  | 9160 | 504166 |
| Equinix Inc  | 8903 | 6990370 |
| Extra Space Storage Inc  | 25725 | 3456411 |
| Farmland Partners Inc  | 5425 | 56800 |
| Four Corners Property Trust Inc  | 11546 | 291421 |
| Gaming and Leisure Properties Inc  | 33059 | 1506829 |
| Gladstone Land Corp  | 4581 | 42145 |
| Iron Mountain Inc  | 35564 | 3462511 |
| Lamar Advertising Co Class A  | 10633 | 1299884 |
| Millrose Properties Inc Class A  | 13790 | 413562 |
| National Storage Affiliates Trust  | 9237 | 272122 |
| Outfront Media Inc  | 16196 | 283916 |
| PotlatchDeltic Corp  | 9693 | 396347 |
| Public Storage Operating Co  | 19216 | 5225599 |
| Rayonier Inc  | 18163 | 423380 |
| Safehold Inc  | 5921 | 82835 |
| SBA Communications Corp Class A  | 13115 | 2947203 |
| Uniti Group Inc (c) | 29004 | 154301 |
| VICI Properties Inc  | 126800 | 4133680 |
| Weyerhaeuser Co  | 88707 | 2222110 |
|  |  | 59405232 |
| TOTAL REAL ESTATE |  | 172389663 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $177,387,313) |  | <br> **172389663** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $41,902)<br>| 4.25 | 42000 | **41900** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 321085 | 321149 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 1708229 | 1708400 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,029,549) |  |  | **2029549** |

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| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%**<br> (Cost $179,458,764)<br>| <br>**174461112** |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(1649890)** |
| **NET ASSETS - 100.0%** | **172811222** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CBOT Dow Jones US Total Market Real Estate Index Contracts (United States) | 11 | Sep 2025 | 398090 | (1264) | (1264) |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

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**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security or a portion of the security is on loan at period end.

(c) Non-income producing.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $41,900.

(f) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 174317 | 8765417 | 8618585 | 13830 | - | - | 321149 | 321085 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 5757 | 13448583 | 11745940 | 3472 | - | - | 1708400 | 1708229 | 0.0% |
| Total | 180074 | 22214000 | 20364525 | 17302 | - | - | 2029549 |  |  |

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Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Real Estate | 172389663 | 172389663 | - | - |
|  **U.S. Treasury Obligations** | 41900 | - | 41900 | - |
|  **Money Market Funds** | 2029549 | 2029549 | - | - |
| **Total Investments in Securities:** | 174461112 | 174419212 | 41900 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (1264) | (1264) | - | - |
| Total Liabilities | (1264) | (1264) | - | - |
| **Total Derivative Instruments:** | (1264) | (1264) | - | - |

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**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

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| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 0 | (1264) |
| **Total Equity Risk**  | 0 | (1264) |
| **Total Value of Derivatives** | 0 | (1264) |

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(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

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| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,627,855) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $177,429,215) | $172431563 |  |
| Fidelity Central Funds (cost $2,029,549) | 2029549 |  |
| Total Investment in Securities (cost $179,458,764) |  | $174461112 |
| Segregated cash with brokers for derivative instruments |  | 30225 |
| Cash |  | 38136 |
| Receivable for fund shares sold |  | 118774 |
| Dividends receivable |  | 38185 |
| Distributions receivable from Fidelity Central Funds |  | 2024 |
| Prepaid expenses |  | 37 |
| Receivable from investment adviser for expense reductions |  | 4644 |
| Other receivables |  | 17819 |
| **Total assets** |  | 174710956 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $129438 |  |
| Accrued management fee | 10215 |  |
| Payable for daily variation margin on futures contracts | 5940 |  |
| Other payables and accrued expenses | 45741 |  |
| Collateral on securities loaned | 1708400 |  |
| **Total liabilities** |  | 1899734 |
| **Net Assets**  |  | $172811222 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $189060659 |
| Total accumulated earnings (loss) |  | (16249437) |
| **Net Assets** |  | $172811222 |
| **Net Asset Value**, offering price and redemption price per share ($172,811,222 ÷ 33,736,207 shares) |  | $5.12 |

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---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $3696464 |
| Interest  |  | 2285 |
| Income from Fidelity Central Funds (including $3,472 from security lending)  |  | 17302 |
| **Total income** |  | 3716051 |
| **Expenses** |  |  |
| Management fee | $79025 |  |
| Custodian fees and expenses | 27460 |  |
| Independent trustees' fees and expenses | 250 |  |
| Registration fees | 40519 |  |
| Audit fees | 55495 |  |
| Legal | 310 |  |
| Miscellaneous | 267 |  |
| Total expenses before reductions | 203326 |  |
| Expense reductions | (126066) |  |
| Total expenses after reductions |  | 77260 |
| **Net Investment income (loss)** |  | 3638791 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (454290) |  |
| Futures contracts | (34048) |  |
| Total net realized gain (loss) |  | (488338) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (5804861) |  |
| Futures contracts | (3967) |  |
| Total change in net unrealized appreciation (depreciation) |  | (5808828) |
| **Net gain (loss)** |  | (6297166) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(2658375) |

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| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3638791 | $2685524 |
| &nbsp;&nbsp;Net realized gain (loss) | (488338)<br>| 15218862<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (5808828) | (9802455)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (2658375)<br>| 8101931<br>|
| Distributions to shareholders | (3028436)<br>| (3751888)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 207858606 | - |
| Reinvestment of distributions | 2370527<br>| 3751888<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (34309743) | (88653526) |
| **Net increase (decrease) in net assets resulting from share transactions** | 175919390<br>| (84901638)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 170232579<br>| (80551595)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2578643 | 83130238<br>|
| &nbsp;&nbsp;End of period | $172811222 | $2578643 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 39573340 | - |
| Issued in reinvestment of distributions | 459005<br>| 549404<br>|
| &nbsp;&nbsp;Redeemed | (6639631) | (11868156) |
| &nbsp;&nbsp;Net increase (decrease) | 33392714 | (11318752) |

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**Financial Highlights** 

**Fidelity® SAI Real Estate Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.51 | $7.13 | $11.98 | $13.17 | $9.67 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .17  | .23  | .26  | .29  | .28  |
| Net realized and unrealized gain (loss)  | .08 C | .47  | (1.38)  | (.79)  | 3.48  |
| Total from investment operations  | .25  | .70  | (1.12)  | (.50)  | 3.76  |
| Distributions from net investment income  | (1.86)  | (.11)  | (.34)  | (.21)  | (.26)  |
| Distributions from net realized gain  | (.78)  | (.20)  | (3.39)  | (.48)  | -  |
| Total distributions  | (2.64)  | (.32) D | (3.73)  | (.69)  | (.26)  |
| Net asset value, end of period  | $5.12 | $7.51 | $7.13 | $11.98 | $13.17 |
| **Total Return** E | 2.45% <br>| 10.30%  | (9.67)%  | (4.24)%  | 39.72%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .18%  | .18%  | .16%  | .09%  | .09%  |
| Expenses net of fee waivers, if any  | .07% <br>| .07%  | .09%  | .07%  | .07%  |
| Expenses net of all reductions, if any  | .07%  | .07%  | .09%  | .07%  | .07%  |
| Net investment income (loss)  | 3.22%  | 3.36%  | 3.10%  | 2.28%  | 2.58%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $172811 | $2579 | $83130 | $406787 | $747826 |
| Portfolio turnover rate H | 15% <br>| 7%  | 8%  | 13%  | 53%  |

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A*Calculated based on average shares outstanding during the period.*

B*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.*

C*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*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.*

G*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.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended July 31, 2025

**1. Organization.**

Fidelity SAI Real Estate Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to short-term capital gain dividends, certain corporate actions, futures contracts, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $8452459 |
| **Gross unrealized depreciation**  | <u>(14062994)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(5610535)</u> |
| **Tax Cost**  | <u>$180071647</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(608222) |
| Long-term | <u>(11418962)</u> |
| **Total capital loss carryforward** | <u>$(12027184)</u> |

---

Due to large redemptions in a prior period, approximately $12,027,184 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $70,663 of those capital losses per year to offset capital gains.

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$1231893</u> |
| **Undistributed long-term capital gain**  | <u>$156391</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(5610535)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $2761885 | $1711135 |
| **Long-term Capital Gains**  | <u>266551</u> | <u>2040753</u> |
| **Total**  | <u>$3028436</u> | <u>$3751888</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI Real Estate Index Fund** | 192846745 | 16024719 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .07% of the Fund's average net assets.

**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Real Estate Index Fund** | 100 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity SAI Real Estate Index Fund** | 325 | 12 | - |

---

**9. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .07% of average net assets. This reimbursement will remain in place through November 30, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $124,217.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,849.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity SAI Real Estate Index Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity SAI Real Estate Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 10, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $224,880, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.04% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates 0%, 0%, and 3% of the dividends distributed in September, December and June, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 0.01%, 0.83% and 2.50% of the dividends distributed in September, December and June, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 100%, 99.17% and 97.51% of the dividends distributed in September, December and June, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img111428_4.jpg)<br>

1.9870987.109 SV8-ANN-0925

**Fidelity® Real Estate Index Fund**

**Annual Report**

**July 31, 2025**

![](img111431_1.jpg)

![](img111431_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_URX-I-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Real Estate Index Fund](#Sub_Sec_Fund_2353_URX-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2353_URX-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_URX-I-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_URX-I-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_URX-I-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_URX-I-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_URX-I-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_URX-I-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

The index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for us by Fidelity. S&P®;, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Real Estate Index Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 99.8%  |  |  |
| Real Estate - 99.8% |  |  |
| Diversified REITs - 2.0% |  |  |
| Alexander & Baldwin Inc  | 138364 | 2487785 |
| American Assets Trust Inc  | 95848 | 1823987 |
| Armada Hoffler Properties Inc Class A  | 161613 | 1103817 |
| Broadstone Net Lease Inc Class A  | 363737 | 5907089 |
| CTO Realty Growth Inc  | 53715 | 886835 |
| Essential Properties Realty Trust Inc  | 319162 | 9731249 |
| Gladstone Commercial Corp  | 81732 | 1074776 |
| Global Net Lease Inc  | 385410 | 2694016 |
| NexPoint Diversified Real Estate Trust  | 84568 | 371253 |
| One Liberty Properties Inc  | 34299 | 767612 |
| WP Carey Inc  | 411076 | 26374636 |
|  |  | 53223055 |
| Health Care REITs - 13.3% |  |  |
| Alexandria Real Estate Equities Inc  | 297676 | 22751377 |
| American Healthcare REIT Inc  | 275373 | 10640413 |
| CareTrust REIT Inc  | 342260 | 10883868 |
| Community Healthcare Trust Inc  | 55806 | 857737 |
| Diversified Healthcare Trust  | 313431 | 1024919 |
| Global Medical REIT Inc  | 138335 | 924078 |
| Healthcare Realty Trust Inc  | 721731 | 11085788 |
| Healthpeak Properties Inc  | 1336297 | 22636871 |
| LTC Properties Inc  | 84017 | 2859939 |
| Medical Properties Trust Inc (b) | 1130500 | 4657660 |
| National Health Investors Inc  | 83750 | 5850775 |
| Omega Healthcare Investors Inc  | 496049 | 19296306 |
| Sabra Health Care REIT Inc  | 437110 | 7881093 |
| Sila Realty Trust Inc (b) | 101708 | 2485744 |
| Universal Health Realty Income Trust  | 26269 | 1018975 |
| Ventas Inc  | 768301 | 51614461 |
| Welltower Inc  | 1082739 | 178727727 |
|  |  | 355197731 |
| Hotel & Resort REITs - 2.1% |  |  |
| Apple Hospitality REIT Inc  | 440214 | 5172515 |
| Chatham Lodging Trust  | 91283 | 622549 |
| DiamondRock Hospitality Co  | 391289 | 3020751 |
| Host Hotels & Resorts Inc  | 1322660 | 20792215 |
| Park Hotels & Resorts Inc  | 411490 | 4386483 |
| Pebblebrook Hotel Trust  | 224666 | 2253400 |
| RLJ Lodging Trust  | 302938 | 2241741 |
| Ryman Hospitality Properties Inc  | 106094 | 10085296 |
| Service Properties Trust  | 315471 | 829689 |
| Summit Hotel Properties Inc  | 205974 | 1075184 |
| Sunstone Hotel Investors Inc  | 364218 | 3186908 |
| Xenia Hotels & Resorts Inc  | 190228 | 2417798 |
|  |  | 56084529 |
| Industrial REITs - 10.0% |  |  |
| Americold Realty Trust Inc  | 512565 | 8242045 |
| EastGroup Properties Inc  | 90443 | 14763915 |
| First Industrial Realty Trust Inc  | 248084 | 12086652 |
| Lineage Inc (b) | 126599 | 5462747 |
| LXP Industrial Trust  | 566095 | 4392897 |
| Plymouth Industrial REIT Inc  | 83582 | 1213611 |
| Prologis Inc  | 1718207 | 183470144 |
| Rexford Industrial Realty Inc  | 411455 | 15030451 |
| STAG Industrial Inc Class A  | 341997 | 11740757 |
| Terreno Realty Corp  | 182798 | 10143461 |
|  |  | 266546680 |
| Office REITs - 3.2% |  |  |
| Brandywine Realty Trust  | 336676 | 1346704 |
| BXP Inc  | 280254 | 18337020 |
| COPT Defense Properties  | 211635 | 5773403 |
| Cousins Properties Inc  | 305032 | 8266367 |
| Douglas Emmett Inc  | 314899 | 4773869 |
| Easterly Government Properties Inc  | 79614 | 1751508 |
| Empire State Realty Trust Inc Class A  | 261214 | 1891189 |
| Highwoods Properties Inc  | 200741 | 5823496 |
| Hudson Pacific Properties Inc (c) | 603541 | 1478675 |
| JBG SMITH Properties  | 164126 | 3476189 |
| Kilroy Realty Corp (b) | 210432 | 7756524 |
| NET Lease Office Properties (c) | 24859 | 825070 |
| Paramount Group Inc (c) | 323372 | 1979037 |
| Peakstone Realty Trust  | 70502 | 958827 |
| Piedmont Realty Trust Inc Class A1  | 237263 | 1793708 |
| SL Green Realty Corp  | 131381 | 7521562 |
| Vornado Realty Trust (b) | 302716 | 11630349 |
|  |  | 85383497 |
| Real Estate Management & Development - 9.5% |  |  |
| Anywhere Real Estate Inc (c) | 191069 | 882739 |
| CBRE Group Inc Class A (c) | 572091 | 89097452 |
| Compass Inc Class A (c) | 817643 | 6492085 |
| CoStar Group Inc (c) | 788329 | 75041038 |
| Cushman & Wakefield PLC (c) | 429430 | 5234752 |
| eXp World Holdings Inc  | 148086 | 1596367 |
| Forestar Group Inc (c) | 39369 | 976351 |
| Howard Hughes Holdings Inc (b)(c) | 60967 | 4190262 |
| Jones Lang LaSalle Inc (c) | 88979 | 24056362 |
| Kennedy-Wilson Holdings Inc (b) | 216052 | 1581501 |
| Landbridge Co LLC Class A (b) | 26838 | 1521178 |
| Marcus & Millichap Inc (b) | 48062 | 1497612 |
| Newmark Group Inc Class A  | 271517 | 4118913 |
| Opendoor Technologies Inc Class A (b)(c) | 1111588 | 2045322 |
| RMR Group Inc/The Class A  | 38520 | 618631 |
| Seritage Growth Properties Class A (b)(c) | 61222 | 195298 |
| St Joe Co/The  | 74394 | 3756897 |
| Tejon Ranch Co (b)(c) | 36951 | 663640 |
| Zillow Group Inc Class A (c) | 88702 | 6807878 |
| Zillow Group Inc Class C (c) | 308834 | 24567745 |
|  |  | 254942023 |
| Residential REITs - 12.0% |  |  |
| American Homes 4 Rent Class A  | 616495 | 21386212 |
| Apartment Investment and Management Co Class A  | 232319 | 1953803 |
| AvalonBay Communities Inc  | 266382 | 49621639 |
| BRT Apartments Corp  | 18938 | 275547 |
| Camden Property Trust  | 200331 | 21876145 |
| Centerspace  | 30234 | 1645637 |
| Elme Communities  | 164682 | 2483405 |
| Equity LifeStyle Properties Inc  | 333045 | 19956056 |
| Equity Residential  | 640090 | 40453688 |
| Essex Property Trust Inc  | 120317 | 31304077 |
| Independence Realty Trust Inc  | 421056 | 7061109 |
| Invitation Homes Inc  | 1149024 | 35217586 |
| Mid-America Apartment Communities Inc  | 218966 | 31187327 |
| NexPoint Residential Trust Inc  | 44195 | 1378000 |
| Sun Communities Inc  | 233634 | 28977625 |
| UDR Inc  | 585182 | 22991801 |
| UMH Properties Inc  | 136069 | 2215203 |
| Veris Residential Inc  | 147484 | 2076575 |
|  |  | 322061435 |
| Retail REITs - 13.3% |  |  |
| Acadia Realty Trust  | 219944 | 4117352 |
| Agree Realty Corp  | 189748 | 13604932 |
| Alexander's Inc  | 4533 | 1138644 |
| Brixmor Property Group Inc  | 565009 | 14763685 |
| CBL & Associates Properties Inc  | 23820 | 644569 |
| Curbline Properties Corp  | 175480 | 3878108 |
| Federal Realty Investment Trust  | 140681 | 12965161 |
| Getty Realty Corp  | 100183 | 2784086 |
| InvenTrust Properties Corp  | 140446 | 3872096 |
| Kimco Realty Corp  | 1267617 | 26911509 |
| Kite Realty Group Trust  | 412315 | 9062684 |
| Macerich Co/The  | 465078 | 7771453 |
| NETSTREIT Corp  | 148363 | 2704657 |
| NNN REIT Inc  | 344877 | 14229625 |
| Phillips Edison & Co Inc  | 228449 | 7719292 |
| Realty Income Corp  | 1621157 | 90995542 |
| Regency Centers Corp  | 328830 | 23478462 |
| Saul Centers Inc  | 25738 | 829278 |
| Simon Property Group Inc  | 611577 | 100170198 |
| SITE Centers Corp  | 92924 | 1000791 |
| Tanger Inc  | 203567 | 6111081 |
| Urban Edge Properties  | 227797 | 4492157 |
| Whitestone REIT  | 84009 | 1024070 |
|  |  | 354269432 |
| Specialized REITs - 34.4% |  |  |
| American Tower Corp  | 867560 | 180790829 |
| Crown Castle Inc  | 816738 | 85830996 |
| CubeSmart  | 424467 | 16516011 |
| Digital Realty Trust Inc  | 608012 | 107277638 |
| EPR Properties  | 141636 | 7795645 |
| Equinix Inc  | 137719 | 108132828 |
| Extra Space Storage Inc  | 397949 | 53468428 |
| Farmland Partners Inc  | 84678 | 886579 |
| Four Corners Property Trust Inc  | 178351 | 4501579 |
| Gaming and Leisure Properties Inc  | 511277 | 23304006 |
| Gladstone Land Corp  | 70826 | 651599 |
| Iron Mountain Inc  | 550161 | 53563675 |
| Lamar Advertising Co Class A  | 164440 | 20102790 |
| Millrose Properties Inc Class A  | 213260 | 6395667 |
| National Storage Affiliates Trust  | 143251 | 4220174 |
| Outfront Media Inc  | 250433 | 4390090 |
| PotlatchDeltic Corp  | 150222 | 6142578 |
| Public Storage Operating Co  | 297285 | 80843683 |
| Rayonier Inc  | 280746 | 6544189 |
| Safehold Inc  | 92538 | 1294607 |
| SBA Communications Corp Class A  | 202878 | 45590744 |
| Uniti Group Inc (c) | 445981 | 2372619 |
| VICI Properties Inc  | 1961252 | 63936815 |
| Weyerhaeuser Co  | 1372224 | 34374211 |
|  |  | 918927980 |
| TOTAL REAL ESTATE |  | 2666636362 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,325,266,429) |  | <br> **2666636362** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $487,856)<br>| 4.25 | 489000 | **487833** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 6386949 | 6388226 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 23204196 | 23206517 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $29,594,743) |  |  | **29594743** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $2,355,349,028)<br>| <br>**2696718938** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(23445747)** |
| **NET ASSETS - 100.0%** | **2673273191** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CBOT Dow Jones US Total Market Real Estate Index Contracts (United States) | 65 | Sep 2025 | 2352350 | (5119) | (5119) |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 14 | Sep 2025 | 4431140 | 25149 | 25149 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **20030** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security or a portion of the security is on loan at period end.

(c) Non-income producing

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $487,833.

(f) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 7753491 | 205605963 | 206971228 | 247344 | - | - | 6388226 | 6386949 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 14078636 | 207890910 | 198763029 | 84535 | - | - | 23206517 | 23204196 | 0.1% |
| Total | 21832127 | 413496873 | 405734257 | 331879 | - | - | 29594743 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Real Estate | 2666636362 | 2666636362 | - | - |
|  **U.S. Treasury Obligations** | 487833 | - | 487833 | - |
|  **Money Market Funds** | 29594743 | 29594743 | - | - |
| **Total Investments in Securities:** | 2696718938 | 2696231105 | 487833 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 25149 | 25149 | - | - |
| Total Assets | 25149 | 25149 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (5119) | (5119) | - | - |
| Total Liabilities | (5119) | (5119) | - | - |
| **Total Derivative Instruments:** | 20030 | 20030 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 25149 | (5119) |
| **Total Equity Risk**  | 25149 | (5119) |
| **Total Value of Derivatives** | 25149 | (5119) |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $26,685,977) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,325,754,285) | $2667124195 |  |
| Fidelity Central Funds (cost $29,594,743) | 29594743 |  |
| Total Investment in Securities (cost $2,355,349,028) |  | $2696718938 |
| Segregated cash with brokers for derivative instruments |  | 47833 |
| Receivable for fund shares sold |  | 1574523 |
| Dividends receivable |  | 589245 |
| Distributions receivable from Fidelity Central Funds |  | 40016 |
| Other receivables |  | 231619 |
| **Total assets** |  | 2699202174 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $2489509 |  |
| Accrued management fee | 157458 |  |
| Payable for daily variation margin on futures contracts | 85481 |  |
| Other payables and accrued expenses | 54 |  |
| Collateral on securities loaned | 23196481 |  |
| **Total liabilities** |  | 25928983 |
| **Net Assets**  |  | $2673273191 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2521407893 |
| Total accumulated earnings (loss) |  | 151865298 |
| **Net Assets** |  | $2673273191 |
| **Net Asset Value**, offering price and redemption price per share ($2,673,273,191 ÷ 163,552,257 shares) |  | $16.35 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $80570242 |
| Interest  |  | 32036 |
| Income from Fidelity Central Funds (including $84,535 from security lending)  |  | 331879 |
| **Total income** |  | 80934157 |
| **Expenses** |  |  |
| Management fee | $1896845 |  |
| Independent trustees' fees and expenses | 6744 |  |
| Interest | 3240 |  |
| Total expenses before reductions | 1906829 |  |
| Expense reductions | (2277) |  |
| Total expenses after reductions |  | 1904552 |
| **Net Investment income (loss)** |  | 79029605 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (6735529) |  |
| Futures contracts | (8739) |  |
| Total net realized gain (loss) |  | (6744268) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3259986) |  |
| Futures contracts | (340044) |  |
| Total change in net unrealized appreciation (depreciation) |  | (3600030) |
| **Net gain (loss)** |  | (10344298) |
| **Net increase (decrease) in net assets resulting from operations** |  | $68685307 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $79029605 | $80938902 |
| &nbsp;&nbsp;Net realized gain (loss) | (6744268)<br>| (17610274)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (3600030) | 200762871<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 68685307<br>| 264091499<br>|
| Distributions to shareholders | (74131318)<br>| (74163935)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 768227550 | 582720334 |
| Reinvestment of distributions | 65034407<br>| 64941837<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (880778269) | (600106753) |
| **Net increase (decrease) in net assets resulting from share transactions** | (47516312)<br>| 47555418<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (52962323)<br>| 237482982<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2726235514 | 2488752532<br>|
| &nbsp;&nbsp;End of period | $2673273191 | $2726235514 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 46200228 | 39317946 |
| Issued in reinvestment of distributions | 3974855<br>| 4293111<br>|
| &nbsp;&nbsp;Redeemed | (52895090) | (40308949) |
| &nbsp;&nbsp;Net increase (decrease) | (2720007) | 3302108 |

---

**Financial Highlights** 

**Fidelity® Real Estate Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.40 | $15.27 | $17.43 | $18.44 | $13.58 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .49  | .49  | .49  | .44  | .39  |
| Net realized and unrealized gain (loss)  | (.08)  | 1.09  | (2.18)  | (1.19)  | 4.88  |
| Total from investment operations  | .41  | 1.58  | (1.69)  | (.75)  | 5.27  |
| Distributions from net investment income  | (.46)  | (.45)  | (.47)  | (.26)  | (.41)  |
| Total distributions  | (.46)  | (.45)  | (.47)  | (.26)  | (.41)  |
| Net asset value, end of period  | $16.35 | $16.40 | $15.27 | $17.43 | $18.44 |
| **Total Return** C | 2.50% <br>| 10.63%  | (9.70)%  | (4.21)%  | 39.73%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .07%  | .07%  | .07%  | .07%  | .07%  |
| Expenses net of fee waivers, if any  | .07% <br>| .07%  | .07%  | .07%  | .07%  |
| Expenses net of all reductions, if any  | .07%  | .07%  | .07%  | .07%  | .07%  |
| Net investment income (loss)  | 2.92%  | 3.30%  | 3.25%  | 2.45%  | 2.53%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2673273 | $2726236 | $2488753 | $2873997 | $2939615 |
| Portfolio turnover rate F | 13% <br>| 5%  | 13%  | 10%  | 44%  |

---

A*Calculated based on average shares outstanding during the period.*

B*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.*

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.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended July 31, 2025

**1. Organization.**

Fidelity Real Estate Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to short-term capital gains, futures contracts, capital loss carryforwards, certain corporate actions and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $608636170 |
| **Gross unrealized depreciation**  | <u>(289222088)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$319414082</u> |
| **Tax Cost**  | <u>$2377304856</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$18386730</u> |
| **Capital loss carryforward**  | <u>$(185935514)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$319414082</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(77902626) |
| Long-term | <u>(108032888)</u> |
| **Total capital loss carryforward** | <u>$(185935514)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | <u>$74131318</u> | <u>$74163935</u> |
| **Total**  | <u>$74131318</u> | <u>$74163935</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Real Estate Index Fund** | 357881323 | 375118987 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .07% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Real Estate Index Fund** | Borrower | 12730000 | 4.58% | 3240 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Real Estate Index Fund** | 387754 | - | - |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Real Estate Index Fund** | 8731 | 535 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Real Estate Index Fund** | 4688067 |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,277.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Real Estate Index Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Real Estate Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 10, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

A total of 0.03% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $136,461 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 3% of the dividend distributed in June during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 0.12%, 0.79%, and 2.31% of the dividends distributed in September, December, and June, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 99.89%, 99.22%, and 97.70% of the dividends distributed in September, December, and June, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img111431_4.jpg)<br>

1.929343.113 URX-I-ANN-0925

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm)

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**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:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;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: September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;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.

<br>