# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0000035315-26-000158
**Filing Date:** 2026-3
**Character Count:** 577691
**Document Hash:** 208edd27248b3dfe7bd152d796f87649
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035315-26-000158.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000035315-26-000158

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**EFFECTIVENESS DATE**: 20260325

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 26789013

**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 Momentum Index Fund (Series ID: S000050321)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000158877 | Fidelity SAI Small-Mid Cap Momentum 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, MA 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (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>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;July 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;January 31, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® SAI U.S. Value Index Fund<br> **Fidelity® SAI U.S. Value Index Fund : FSWCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI U.S. Value Index Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI U.S. Value Index Fund  | $6  | 0.11% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7179207409<br>|
| Number of Holdings | 202<br>|
| Portfolio Turnover | 59%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 23.2 |
| Financials | 22.5 |
| Energy | 14.2 |
| Health Care | 12.7 |
| Communication Services | 11.2 |
| Consumer Discretionary | 4.5 |
| Consumer Staples | 4.2 |
| Materials | 3.3 |
| Industrials | 3.1 |
| Utilities | 0.6 |
| Real Estate | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3056_20260131_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 | 99.4 |
| Australia | 0.4 |
| Bermuda | 0.1 |
| Puerto Rico | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3056_20260131_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;Australia - 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;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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Micron Technology Inc | 4.9<br>|
| NVIDIA Corp | 4.2<br>|
| Exxon Mobil Corp | 4.1<br>|
| Chevron Corp | 3.4<br>|
| Bank of America Corp | 3.4<br>|
| Apple Inc | 3.1<br>|
| Wells Fargo & Co | 3.0<br>|
| Merck & Co Inc | 3.0<br>|
| Microsoft Corp | 2.3<br>|
| Alphabet Inc Class A | 2.3<br>|
|  | 33.7 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img3056_20260131_1.jpg)<br>| ![](img125510_2.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> 1.9915352.101 3056-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® SAI U.S. Quality Index Fund<br> **Fidelity® SAI U.S. Quality Index Fund : FUQIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI U.S. Quality Index Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI U.S. Quality Index Fund  | $6  | 0.11% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $26848352275<br>|
| Number of Holdings | 82<br>|
| Portfolio Turnover | 40%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 38.8 |
| Communication Services | 13.0 |
| Health Care | 12.8 |
| Financials | 11.6 |
| Consumer Staples | 6.0 |
| Industrials | 5.8 |
| Consumer Discretionary | 3.7 |
| Real Estate | 1.5 |
| Energy | 0.2 |

---

Common Stocks 93.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 6.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2803_20260131_AA.jpg) <br>|

---

Common Stocks - 93.4&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) - 6.6 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2803_20260131_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)**  |  |
| NVIDIA Corp | 8.7<br>|
| Apple Inc | 8.0<br>|
| Alphabet Inc Class A | 7.9<br>|
| Microsoft Corp | 6.9<br>|
| Meta Platforms Inc Class A | 5.0<br>|
| Eli Lilly & Co | 4.3<br>|
| Visa Inc Class A | 3.8<br>|
| Mastercard Inc Class A | 3.8<br>|
| Procter & Gamble Co/The | 3.6<br>|
| AbbVie Inc | 3.6<br>|
|  | 55.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img2803_20260131_1.jpg)<br>| ![](img125511_2.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> 1.9915332.101 2803-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® SAI U.S. Momentum Index Fund<br> **Fidelity® SAI U.S. Momentum Index Fund : FUMIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI U.S. Momentum Index Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI U.S. Momentum Index Fund  | $6  | 0.11% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6976734196<br>|
| Number of Holdings | 137<br>|
| Portfolio Turnover | 170%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 42.3 |
| Industrials | 16.0 |
| Financials | 13.2 |
| Communication Services | 9.5 |
| Health Care | 9.4 |
| Consumer Discretionary | 4.7 |
| Utilities | 1.4 |
| Materials | 1.4 |
| Real Estate | 1.1 |
| Consumer Staples | 0.7 |
| Energy | 0.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2882_20260131_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 | 99.0 |
| Switzerland | 0.5 |
| Australia | 0.3 |
| Thailand | 0.1 |
| Puerto Rico | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2882_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Thailand - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 10.1<br>|
| Alphabet Inc Class A | 8.5<br>|
| Broadcom Inc | 5.2<br>|
| JPMorgan Chase & Co | 4.0<br>|
| Johnson & Johnson | 4.0<br>|
| Microsoft Corp | 3.6<br>|
| Micron Technology Inc | 3.5<br>|
| Apple Inc | 3.2<br>|
| GE Aerospace | 2.6<br>|
| Palantir Technologies Inc Class A | 2.5<br>|
|  | 47.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img2882_20260131_1.jpg)<br>| ![](img125512_2.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> 1.9915346.101 2882-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® SAI U.S. Large Cap Index Fund<br> **Fidelity® SAI U.S. Large Cap Index Fund : FLCPX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI U.S. Large Cap Index Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI U.S. Large Cap Index Fund  | $1  | 0.02% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $15279894623<br>|
| Number of Holdings | 507<br>|
| Portfolio Turnover | 14%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 33.3 |
| Financials | 12.9 |
| Communication Services | 11.0 |
| Consumer Discretionary | 10.4 |
| Health Care | 9.4 |
| Industrials | 8.6 |
| Consumer Staples | 5.0 |
| Energy | 3.2 |
| Utilities | 2.2 |
| Materials | 2.0 |
| Real Estate | 1.7 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2807_20260131_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 99.8 <br> Switzerland 0.1 <br> Netherlands 0.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2807_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.8&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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.9<br>|
| Apple Inc | 6.5<br>|
| Microsoft Corp | 5.4<br>|
| Amazon.com Inc | 3.9<br>|
| Alphabet Inc Class A | 3.4<br>|
| Broadcom Inc | 2.7<br>|
| Alphabet Inc Class C | 2.6<br>|
| Meta Platforms Inc Class A | 2.6<br>|
| Tesla Inc | 2.1<br>|
| Berkshire Hathaway Inc Class B | 1.6<br>|
|  | 38.7 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img2807_20260131_1.jpg)<br>| ![](img125513_2.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> 1.9915333.101 2807-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® SAI Small-Mid Cap Momentum Index Fund<br> **Fidelity® SAI Small-Mid Cap Momentum Index Fund : FZFLX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI Small-Mid Cap Momentum Index Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Small-Mid Cap Momentum Index Fund  | $3  | 0.05% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2052537827<br>|
| Number of Holdings | 227<br>|
| Portfolio Turnover | 109%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 27.4 |
| Information Technology | 18.6 |
| Health Care | 11.6 |
| Financials | 11.3 |
| Consumer Discretionary | 10.1 |
| Materials | 7.2 |
| Energy | 4.3 |
| Utilities | 3.2 |
| Consumer Staples | 2.3 |
| Communication Services | 2.2 |
| Real Estate | 1.4 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2786_20260131_AA.jpg) <br>|

---

Common Stocks - 99.6&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) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 93.9 |
| Australia | 1.6 |
| Thailand | 1.2 |
| United Kingdom | 1.1 |
| Canada | 0.9 |
| Puerto Rico | 0.6 |
| Sweden | 0.6 |
| Switzerland | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2786_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 1.6&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;Thailand - 1.2&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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.9&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;Puerto Rico - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 0.6&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;Switzerland - 0.1&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)**  |  |
| Sandisk Corp/DE | 3.4<br>|
| Comfort Systems USA Inc | 1.7<br>|
| Anglogold Ashanti Plc | 1.6<br>|
| Rocket Lab Corp | 1.6<br>|
| Ciena Corp | 1.5<br>|
| Curtiss-Wright Corp | 1.4<br>|
| Albemarle Corp | 1.4<br>|
| Lumentum Holdings Inc | 1.4<br>|
| Casey's General Stores Inc | 1.4<br>|
| Tapestry Inc | 1.3<br>|
|  | 16.7 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img2786_20260131_1.jpg)<br>| ![](img125514_2.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> 1.9915331.101 2786-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® SAI Real Estate Index Fund<br> **Fidelity® SAI Real Estate Index Fund : FESIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI Real Estate Index Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Real Estate Index Fund  | $4  | 0.07% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $162811404<br>|
| Number of Holdings | 154<br>|
| Portfolio Turnover | 9%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 31.9 |
| Health Care REITs | 14.8 |
| Retail REITs | 14.0 |
| Industrial REITs | 11.4 |
| Residential REITs | 11.3 |
| Real Estate Management & Development | 9.2 |
| Office REITs | 2.8 |
| Hotel & Resort REITs | 2.2 |
| Diversified REITs | 2.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2810_20260131_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 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2810_20260131_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 | 8.2<br>|
| Welltower Inc | 7.9<br>|
| American Tower Corp | 5.7<br>|
| Equinix Inc | 4.6<br>|
| Simon Property Group Inc | 4.3<br>|
| Digital Realty Trust Inc | 3.7<br>|
| Realty Income Corp | 3.6<br>|
| CBRE Group Inc Class A | 3.4<br>|
| Public Storage | 3.0<br>|
| Crown Castle Inc | 2.6<br>|
|  | 47.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img2810_20260131_1.jpg)<br>| ![](img125515_2.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> 1.9915334.101 2810-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Index Fund<br> **Fidelity® Real Estate Index Fund : FSRNX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Index Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Real Estate Index Fund  | $4  | 0.07% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2986715192<br>|
| Number of Holdings | 155<br>|
| Portfolio Turnover | 2%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 31.9 |
| Health Care REITs | 14.8 |
| Retail REITs | 14.0 |
| Industrial REITs | 11.4 |
| Residential REITs | 11.3 |
| Real Estate Management & Development | 9.2 |
| Office REITs | 2.8 |
| Hotel & Resort REITs | 2.2 |
| Diversified REITs | 2.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2353_20260131_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 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2353_20260131_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 | 8.2<br>|
| Welltower Inc | 7.9<br>|
| American Tower Corp | 5.7<br>|
| Equinix Inc | 4.6<br>|
| Simon Property Group Inc | 4.3<br>|
| Digital Realty Trust Inc | 3.7<br>|
| Realty Income Corp | 3.6<br>|
| CBRE Group Inc Class A | 3.4<br>|
| Public Storage | 3.0<br>|
| Crown Castle Inc | 2.6<br>|
|  | 47.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img2353_20260131_1.jpg)<br>| ![](img125521_2.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> 1.9915317.101 2355-TSRS-0426 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

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**

**Semi-Annual Report**

**January 31, 2026**

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.

![](img125803_1.jpg)

![](img125803_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_USV-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI U.S. Value Index Fund](#Sub_Sec_Fund_3056_USV-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3056_USV-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_USV-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_USV-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_USV-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_USV-SANN)** |

---

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.© 2026 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 (Semi-Annual Report)**

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

**Schedule of Investments January 31, 2026 (Unaudited)**

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>|
| AUSTRALIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Anglogold Ashanti Plc  | 326079 | 30282957 |
| BERMUDA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| RenaissanceRe Holdings Ltd  | 36192 | 10195286 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 51981 | 6941023 |
| UNITED STATES - 99.2%  |  |  |
| Communication Services - 11.2% |  |  |
| Diversified Telecommunication Services - 5.2% |  |  |
| AT&T Inc  | 5498914 | 144126536 |
| Comcast Corp Class A  | 2832103 | 84255064 |
| Verizon Communications Inc  | 3242494 | 144355833 |
|  |  | 372737433 |
| Entertainment - 2.9% |  |  |
| Walt Disney Co/The  | 1355339 | 152882239 |
| Warner Bros Discovery Inc (b) | 1904070 | 52438088 |
|  |  | 205320327 |
| Interactive Media & Services - 2.3% |  |  |
| Alphabet Inc Class A  | 487817 | 164882146 |
| Media - 0.8% |  |  |
| Charter Communications Inc Class A (b)(c) | 71416 | 14720266 |
| Fox Corp Class A  | 262929 | 19135973 |
| Liberty Broadband Corp Class C (b) | 102607 | 4936423 |
| Nexstar Media Group Inc  | 21781 | 4625849 |
| Omnicom Group Inc  | 149024 | 11480809 |
| Sirius XM Holdings Inc  | 145365 | 2958178 |
| TEGNA Inc  | 124803 | 2391224 |
|  |  | 60248722 |
| TOTAL COMMUNICATION SERVICES |  | 803188628 |
| Consumer Discretionary - 4.5% |  |  |
| Automobile Components - 0.4% |  |  |
| Aptiv PLC (b) | 167455 | 12684716 |
| BorgWarner Inc  | 165790 | 7860104 |
| Lear Corp  | 41196 | 4823640 |
|  |  | 25368460 |
| Automobiles - 1.5% |  |  |
| Ford Motor Co  | 3005489 | 41716188 |
| General Motors Co  | 732102 | 61496569 |
| Harley-Davidson Inc (c) | 94998 | 1880960 |
|  |  | 105093717 |
| Broadline Retail - 0.6% |  |  |
| Amazon.com Inc (b) | 163648 | 39160966 |
| Macy's Inc  | 207851 | 4161177 |
|  |  | 43322143 |
| Distributors - 0.1% |  |  |
| LKQ Corp  | 197797 | 6497631 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Carnival Corp (b) | 834991 | 25066430 |
| Household Durables - 1.2% |  |  |
| DR Horton Inc  | 213187 | 31730753 |
| Lennar Corp Class A  | 181459 | 19842542 |
| Mohawk Industries Inc (b) | 40426 | 4785630 |
| PulteGroup Inc  | 151649 | 18969773 |
| Toll Brothers Inc  | 75458 | 10902926 |
|  |  | 86231624 |
| Specialty Retail - 0.3% |  |  |
| Bath & Body Works Inc  | 162447 | 3541344 |
| Best Buy Co Inc  | 151168 | 9841037 |
| CarMax Inc (b) | 115935 | 5163745 |
| Lithia Motors Inc Class A  | 19720 | 6378237 |
|  |  | 24924363 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Crocs Inc (b) | 41930 | 3518766 |
| PVH Corp  | 37316 | 2327025 |
|  |  | 5845791 |
| TOTAL CONSUMER DISCRETIONARY |  | 322350159 |
| Consumer Staples - 4.2% |  |  |
| Beverages - 0.7% |  |  |
| Constellation Brands Inc Class A  | 109785 | 17203310 |
| Keurig Dr Pepper Inc  | 1044509 | 28661327 |
| Molson Coors Beverage Co Class B  | 130300 | 6259611 |
|  |  | 52124248 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Albertsons Cos Inc Class A (c) | 311552 | 5187341 |
| Kroger Co/The  | 467635 | 29390860 |
| Target Corp  | 349362 | 36847210 |
|  |  | 71425411 |
| Food Products - 1.4% |  |  |
| Archer-Daniels-Midland Co  | 369453 | 24867882 |
| Conagra Brands Inc  | 368471 | 6820398 |
| General Mills Inc  | 410948 | 19010455 |
| Ingredion Inc  | 49510 | 5847131 |
| JM Smucker Co  | 82341 | 8634277 |
| Kraft Heinz Co/The  | 654987 | 15549391 |
| Tyson Foods Inc Class A  | 219672 | 14351172 |
|  |  | 95080706 |
| Tobacco - 1.1% |  |  |
| Altria Group Inc  | 1291792 | 80078186 |
| TOTAL CONSUMER STAPLES |  | 298708551 |
| Energy - 14.2% |  |  |
| Energy Equipment & Services - 1.1% |  |  |
| Halliburton Co  | 655552 | 21974103 |
| NOV Inc  | 287064 | 5267624 |
| SLB Ltd  | 1147213 | 55502165 |
|  |  | 82743892 |
| Oil, Gas & Consumable Fuels - 13.1% |  |  |
| APA Corp  | 275191 | 7267794 |
| Chevron Corp  | 1368005 | 242000085 |
| Chord Energy Corp  | 43835 | 4394020 |
| ConocoPhillips  | 960516 | 100114583 |
| Coterra Energy Inc  | 586910 | 16932354 |
| Devon Energy Corp  | 488216 | 19631165 |
| Diamondback Energy Inc  | 144706 | 23724549 |
| EOG Resources Inc  | 419874 | 47080472 |
| EQT Corp  | 479960 | 27708091 |
| Expand Energy Corp  | 183154 | 20588341 |
| Exxon Mobil Corp  | 2087641 | 295192437 |
| HF Sinclair Corp  | 122501 | 6368827 |
| Matador Resources Co  | 89722 | 4059023 |
| Murphy Oil Corp  | 103213 | 3105679 |
| Occidental Petroleum Corp  | 552681 | 25086191 |
| ONEOK Inc  | 422868 | 33486917 |
| Ovintiv Inc  | 196886 | 8558634 |
| Permian Resources Holdings Inc/DE Class A  | 535815 | 8642696 |
| Valero Energy Corp  | 238919 | 43347074 |
|  |  | 937288932 |
| TOTAL ENERGY |  | 1020032824 |
| Financials - 22.3% |  |  |
| Banks - 14.0% |  |  |
| Bank of America Corp  | 4536619 | 241348131 |
| Bank OZK  | 81213 | 3862489 |
| Citigroup Inc  | 1415754 | 163816895 |
| Citizens Financial Group Inc  | 331673 | 20888766 |
| East West Bancorp Inc  | 106009 | 12131670 |
| Fifth Third Bancorp  | 508995 | 25561729 |
| First Citizens BancShares Inc/NC Class A  | 8063 | 16686943 |
| Huntington Bancshares Inc/OH  | 1127237 | 19704103 |
| M&T Bank Corp  | 120131 | 26617426 |
| Old National Bancorp/IN  | 268356 | 6555937 |
| Pinnacle Financial Partners Inc  | 59296 | 5638457 |
| PNC Financial Services Group Inc/The  | 302838 | 67623725 |
| Prosperity Bancshares Inc  | 73411 | 5066093 |
| Regions Financial Corp  | 686160 | 19555560 |
| SOUTHSTATE BANK CORP  | 77572 | 7937943 |
| Truist Financial Corp  | 991328 | 50974086 |
| US Bancorp  | 1196715 | 67147679 |
| Valley National Bancorp  | 368229 | 4588133 |
| Webster Financial Corp  | 128323 | 8439804 |
| Wells Fargo & Co  | 2383871 | 215716487 |
| Western Alliance Bancorp  | 79623 | 7098390 |
| Zions Bancorp NA  | 113485 | 6798886 |
|  |  | 1003759332 |
| Capital Markets - 0.6% |  |  |
| State Street Corp  | 218266 | 28562289 |
| T Rowe Price Group Inc  | 169009 | 17860871 |
|  |  | 46423160 |
| Consumer Finance - 0.3% |  |  |
| Synchrony Financial  | 286082 | 20778136 |
| Financial Services - 1.4% |  |  |
| Corebridge Financial Inc  | 207274 | 6390257 |
| Essent Group Ltd  | 75363 | 4741840 |
| Fiserv Inc (b) | 418026 | 26640797 |
| Global Payments Inc  | 186562 | 13383958 |
| MGIC Investment Corp  | 176226 | 4744004 |
| PayPal Holdings Inc  | 734800 | 38716612 |
| Voya Financial Inc  | 74424 | 5705344 |
|  |  | 100322812 |
| Insurance - 5.7% |  |  |
| Allstate Corp/The  | 202622 | 40319752 |
| American International Group Inc  | 425977 | 31897158 |
| Arch Capital Group Ltd (b) | 285781 | 27446407 |
| Axis Capital Holdings Ltd  | 60194 | 6210817 |
| Chubb Ltd  | 285123 | 88262676 |
| Everest Group Ltd  | 32241 | 10680798 |
| Fidelity National Financial Inc  | 196361 | 10680075 |
| Globe Life Inc  | 62494 | 8762909 |
| Hartford Insurance Group Inc/The  | 216167 | 29195515 |
| Lincoln National Corp (c) | 130391 | 5425570 |
| MetLife Inc  | 429539 | 33882036 |
| Principal Financial Group Inc  | 155864 | 14763438 |
| Prudential Financial Inc  | 270625 | 30069144 |
| Reinsurance Group of America Inc  | 50827 | 10305174 |
| Travelers Companies Inc/The  | 173122 | 49254940 |
| Unum Group  | 120686 | 9168515 |
|  |  | 406324924 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.3% |  |  |
| AGNC Investment Corp  | 802701 | 9150791 |
| Annaly Capital Management Inc  | 494534 | 11379228 |
| Rithm Capital Corp  | 405128 | 4432100 |
|  |  | 24962119 |
| TOTAL FINANCIALS |  | 1602570483 |
| Health Care - 12.7% |  |  |
| Biotechnology - 0.3% |  |  |
| Biogen Inc (b) | 112723 | 20277740 |
| BioMarin Pharmaceutical Inc (b) | 148235 | 8381207 |
|  |  | 28658947 |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Baxter International Inc  | 393666 | 7900877 |
| Becton Dickinson & Co  | 220439 | 44854928 |
| Teleflex Inc  | 33944 | 3542735 |
| Zimmer Biomet Holdings Inc  | 152357 | 13265724 |
|  |  | 69564264 |
| Health Care Providers & Services - 5.2% |  |  |
| Centene Corp (b) | 358773 | 15542046 |
| Cigna Group/The  | 205247 | 56260255 |
| CVS Health Corp  | 975303 | 72679580 |
| Elevance Health Inc  | 173152 | 59865572 |
| Humana Inc  | 92484 | 18052877 |
| Molina Healthcare Inc (b) | 41850 | 7515842 |
| Tenet Healthcare Corp (b) | 67934 | 12858548 |
| UnitedHealth Group Inc  | 413270 | 118579561 |
| Universal Health Services Inc Class B  | 43467 | 8748168 |
|  |  | 370102449 |
| Pharmaceuticals - 6.2% |  |  |
| Bristol-Myers Squibb Co  | 1565324 | 86171086 |
| Jazz Pharmaceuticals PLC (b) | 46485 | 7646318 |
| Merck & Co Inc  | 1920902 | 211817864 |
| Pfizer Inc  | 4372302 | 115603665 |
| Royalty Pharma PLC Class A  | 292558 | 12193817 |
| Viatris Inc  | 896646 | 11737096 |
|  |  | 445169846 |
| TOTAL HEALTH CARE |  | 913495506 |
| Industrials - 3.1% |  |  |
| Air Freight & Logistics - 1.6% |  |  |
| FedEx Corp  | 166903 | 53784492 |
| United Parcel Service Inc Class B  | 566024 | 60123069 |
|  |  | 113907561 |
| Building Products - 0.1% |  |  |
| Owens Corning  | 64068 | 7677909 |
| Construction & Engineering - 0.1% |  |  |
| Fluor Corp (b) | 124767 | 5762987 |
| Electrical Equipment - 0.1% |  |  |
| Regal Rexnord Corp  | 50847 | 8211791 |
| Machinery - 0.3% |  |  |
| CNH Industrial NV Class A (c) | 681220 | 7329927 |
| Oshkosh Corp  | 49078 | 7058398 |
| Stanley Black & Decker Inc  | 119053 | 9364709 |
|  |  | 23753034 |
| Passenger Airlines - 0.9% |  |  |
| American Airlines Group Inc (b) | 506023 | 6730106 |
| Delta Air Lines Inc  | 498966 | 32876870 |
| United Airlines Holdings Inc (b) | 249032 | 25480954 |
|  |  | 65087930 |
| TOTAL INDUSTRIALS |  | 224401212 |
| Information Technology - 23.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Arrow Electronics Inc (b) | 39369 | 5215999 |
| CDW Corp/DE  | 100792 | 12739101 |
| Insight Enterprises Inc (b) | 24531 | 2061095 |
| TD SYNNEX Corp  | 59099 | 9377238 |
|  |  | 29393433 |
| IT Services - 2.5% |  |  |
| Accenture PLC Class A  | 479003 | 126284351 |
| Akamai Technologies Inc (b) | 110284 | 10714091 |
| Amdocs Ltd  | 85517 | 7007263 |
| Cognizant Technology Solutions Corp Class A  | 375605 | 30822146 |
| DXC Technology Co (b) | 139490 | 2012841 |
| Kyndryl Holdings Inc (b) | 176888 | 4068424 |
|  |  | 180909116 |
| Semiconductors & Semiconductor Equipment - 11.6% |  |  |
| First Solar Inc (b) | 82481 | 18601115 |
| Micron Technology Inc  | 852915 | 353857375 |
| NVIDIA Corp  | 1563571 | 298845325 |
| ON Semiconductor Corp (b) | 314536 | 18837561 |
| QUALCOMM Inc  | 829425 | 125732536 |
| Skyworks Solutions Inc  | 114110 | 6362774 |
|  |  | 822236686 |
| Software - 4.5% |  |  |
| Adobe Inc (b) | 320991 | 94130611 |
| Dropbox Inc Class A (b) | 141984 | 3617752 |
| Gen Digital Inc  | 431030 | 10340410 |
| Microsoft Corp  | 385853 | 166028687 |
| Strategy Inc Class A (b)(c) | 202961 | 30385291 |
| Zoom Communications Inc Class A (b) | 200176 | 18436210 |
|  |  | 322938961 |
| Technology Hardware, Storage & Peripherals - 4.2% |  |  |
| Apple Inc  | 864066 | 224207846 |
| Dell Technologies Inc Class C  | 233188 | 26686035 |
| Hewlett Packard Enterprise Co  | 1009133 | 21716542 |
| HP Inc  | 722279 | 14041103 |
| NetApp Inc  | 153876 | 14825953 |
|  |  | 301477479 |
| TOTAL INFORMATION TECHNOLOGY |  | 1656955675 |
| Materials - 2.9% |  |  |
| Chemicals - 0.9% |  |  |
| Celanese Corp  | 83904 | 3728694 |
| CF Industries Holdings Inc  | 124569 | 11613568 |
| DuPont de Nemours Inc  | 321989 | 14141757 |
| Eastman Chemical Co  | 88468 | 6132602 |
| International Flavors & Fragrances Inc  | 197114 | 13760528 |
| LyondellBasell Industries NV Class A1  | 197916 | 9697884 |
| Mosaic Co/The  | 244018 | 6710495 |
|  |  | 65785528 |
| Containers & Packaging - 0.5% |  |  |
| Amcor PLC  | 354551 | 15688882 |
| Smurfit WestRock PLC  | 401505 | 16714653 |
| Sonoco Products Co (c) | 75686 | 3632927 |
|  |  | 36036462 |
| Metals & Mining - 1.5% |  |  |
| Alcoa Corp  | 199140 | 11313143 |
| Newmont Corp  | 844766 | 94909461 |
|  |  | 106222604 |
| TOTAL MATERIALS |  | 208044594 |
| Real Estate - 0.3% |  |  |
| Specialized REITs - 0.3% |  |  |
| VICI Properties Inc  | 819972 | 23024814 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.6% |  |  |
| Edison International  | 295985 | 18433946 |
| PG&E Corp  | 1690377 | 26065613 |
| TOTAL UTILITIES |  | 44499559 |
| TOTAL UNITED STATES |  | 7117272005 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $6,004,741,871) |  | <br> **7164691271** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 2/12/2026 (e)<br>(Cost $1,086,743)<br>| 3.82 | 1088000 | **1086913** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 2279776 | 2280232 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 36198444 | 36202064 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $38,482,296) |  |  | **38482296** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $6,044,310,910)<br>| <br>**7204260480** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(25053071)** |
| **NET ASSETS - 100.0%** | **7179207409** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 42 | 3/2026 | 14628075 | 123666 |
| The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures 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 $972,028.

(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 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 | 19474156 | 167623919 | 184819828 | 256821 | 1985 | - | 2280232 | 2279776 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 12305202 | 230037937 | 206139367 | 783322 | (1708) | - | 36202064 | 36198444 | 0.1% |
| Total | 31779358 | 397661856 | 390959195 | 1040143 | 277 | - | 38482296 |  |  |

---

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 January 31, 2026, 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 | 803188628 | 803188628 | - | - |
| Consumer Discretionary | 322350159 | 322350159 | - | - |
| Consumer Staples | 298708551 | 298708551 | - | - |
| Energy | 1020032824 | 1020032824 | - | - |
| Financials | 1619706792 | 1619706792 | - | - |
| Health Care | 913495506 | 913495506 | - | - |
| Industrials | 224401212 | 224401212 | - | - |
| Information Technology | 1656955675 | 1656955675 | - | - |
| Materials | 238327551 | 238327551 | - | - |
| Real Estate | 23024814 | 23024814 | - | - |
| Utilities | 44499559 | 44499559 | - | - |
|  **U.S. Treasury Obligations** | 1086913 | - | 1086913 | - |
|  **Money Market Funds** | 38482296 | 38482296 | - | - |
| **Total Investments in Securities:** | 7204260480 | 7203173567 | 1086913 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 123666 | 123666 | - | - |
| Total Assets | 123666 | 123666 | - | - |
| **Total Derivative Instruments:** | 123666 | 123666 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 123666 | - |
| **Total Equity Risk**  | 123666 | - |
| **Total Value of Derivatives** | 123666 | - |

---

(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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $51,368,419) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $6,005,828,614) | $7165778184 |  |
| Fidelity Central Funds (cost $38,482,296) | 38482296 |  |
| Total Investment in Securities (cost $6,044,310,910) |  | $7204260480 |
| Foreign currency held at value (cost $2,022) |  | 2058 |
| Receivable for investments sold |  | 1787804 |
| Receivable for fund shares sold |  | 545872 |
| Dividends receivable |  | 10125275 |
| Distributions receivable from Fidelity Central Funds |  | 35226 |
| Prepaid expenses |  | 3435 |
| **Total assets** |  | 7216760150 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $479431 |  |
| Accrued management fee | 577866 |  |
| Payable for daily variation margin on futures contracts | 56644 |  |
| Other payables and accrued expenses | 235400 |  |
| Collateral on securities loaned | 36203400 |  |
| **Total liabilities** |  | 37552741 |
| **Net Assets**  |  | $7179207409 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5945375330 |
| Total accumulated earnings (loss) |  | 1233832079 |
| **Net Assets** |  | $7179207409 |
| **Net Asset Value**, offering price and redemption price per share ($7,179,207,409 ÷ 520,117,857 shares) |  | $13.80 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $78793224 |
| Interest  |  | 29412 |
| Income from Fidelity Central Funds (including $783,322 from security lending)  |  | 1040143 |
| **Total income** |  | 79862779 |
| **Expenses** |  |  |
| Management fee | $3213442 |  |
| Custodian fees and expenses | 20219 |  |
| Independent trustees' fees and expenses | 7205 |  |
| Registration fees | 221619 |  |
| Audit fees | 27922 |  |
| Legal | 6209 |  |
| Miscellaneous | 9207 |  |
| Total expenses before reductions | 3505823 |  |
| Expense reductions | (769) |  |
| Total expenses after reductions |  | 3505054 |
| **Net Investment income (loss)** |  | 76357725 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 243769415 |  |
| Fidelity Central Funds | 277 |  |
| Futures contracts | 1600629 |  |
| Total net realized gain (loss) |  | 245370321 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 729803266 |  |
| Assets and liabilities in foreign currencies | 35 |  |
| Futures contracts | (637646) |  |
| Total change in net unrealized appreciation (depreciation) |  | 729165655 |
| **Net gain (loss)** |  | 974535976 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1050893701 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $76357725 | $125989206 |
| &nbsp;&nbsp;Net realized gain (loss) | 245370321<br>| 263370417<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 729165655 | 20689262<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1050893701<br>| 410048885<br>|
| Distributions to shareholders | (469814929)<br>| (249759972)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 470655516 | 1470083947 |
| Reinvestment of distributions | 461323388<br>| 246464474<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (101594954) | (222576847) |
| **Net increase (decrease) in net assets resulting from share transactions** | 830383950<br>| 1493971574<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1411462722<br>| 1654260487<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5767744687 | 4113484200<br>|
| &nbsp;&nbsp;End of period | $7179207409 | $5767744687 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 35212386 | 120105939 |
| Issued in reinvestment of distributions | 35237316<br>| 20835917<br>|
| &nbsp;&nbsp;Redeemed | (7685941) | (18351682) |
| &nbsp;&nbsp;Net increase (decrease) | 62763761 | 122590174 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.61 | $12.29 | $11.48 | $12.13 | $12.22 | $8.82 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .31  | .31  | .32  | .31  | .31  |
| Net realized and unrealized gain (loss)  | 2.03  | .69  | 1.54  | .40  | .31  | 3.35  |
| Total from investment operations  | 2.19  | 1.00  | 1.85  | .72  | .62  | 3.66  |
| Distributions from net investment income  | (.31)  | (.25)  | (.59)  | (.38)  | (.28)  | (.26)  |
| Distributions from net realized gain  | (.69)  | (.43)  | (.45)  | (.99)  | (.42)  | -  |
| Total distributions  | (1.00)  | (.68)  | (1.04)  | (1.37)  | (.71) C | (.26)  |
| Net asset value, end of period  | $13.80 | $12.61 | $12.29 | $11.48 | $12.13 | $12.22 |
| **Total Return** D,E | 17.91% <br>| 8.59%  | 18.17%  | 6.74%  | 5.21%  | 42.39%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .11% H | .11%  | .11%  | .12%  | .10%  | .11%  |
| Expenses net of fee waivers, if any  | .11% H<br>| .11%  | .11%  | .12%  | .10%  | .11%  |
| Expenses net of all reductions, if any  | .11% H | .11%  | .11%  | .12%  | .10%  | .11%  |
| Net investment income (loss)  | 2.38% H | 2.56%  | 2.77%  | 2.90%  | 2.49%  | 2.89%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7179207 | $5767745 | $4113484 | $392338 | $2952541 | $3589260 |
| Portfolio turnover rate I | 59% H<br>| 61%  | 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 for periods of less than one year are not annualized.*

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*Annualized.*

I*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** **(Unaudited)**

For the period ended January 31, 2026

**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.

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

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*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 January 31, 2026 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. 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.

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:

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| | |
|:---|:---|
| **Gross unrealized appreciation** | $1372040146 |
| **Gross unrealized depreciation** | <u>(265676299)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1106363847</u> |
| **Tax cost** | <u>$6098020299</u> |

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**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>|

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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 U.S. Value Index Fund** | 2349147185 | 1892771329 |

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**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.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI U.S. Value Index Fund** | 67668844 | 56542260 | (1140927) |

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**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.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI U.S. Value Index Fund** | 4909 |

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**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 U.S. Value Index Fund** | 17775 | - | - |

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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.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI U.S. Value Index Fund** | 13889455 |

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**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 $769.

**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.

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| | |
|:---|:---|
|  | **Strategic Advisers Fidelity U.S. Total Stock Fund** |
| Fidelity SAI U.S. Value Index Fund | 87% |

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**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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

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

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

The Board concluded, taking into account the analysis of the Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img125803_4.jpg)<br>

1.9885516.108 USV-SANN-0426

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

**Semi-Annual Report**

**January 31, 2026**

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.

![](img125804_1.jpg)

![](img125804_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SV4-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI U.S. Quality Index Fund](#Sub_Sec_Fund_2803_SV4-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2803_SV4-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SV4-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SV4-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SV4-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SV4-SANN)** |

---

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.© 2026 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 (Semi-Annual Report)**

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

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 93.4%** | &nbsp;&nbsp;**Common Stocks - 93.4%** | &nbsp;&nbsp;**Common Stocks - 93.4%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 93.4%  |  |  |
| Communication Services - 13.0% |  |  |
| Interactive Media & Services - 12.9% |  |  |
| Alphabet Inc Class A  | 6259509 | 2115714042 |
| Meta Platforms Inc Class A  | 1867271 | 1337899672 |
|  |  | 3453613714 |
| Media - 0.1% |  |  |
| Trade Desk Inc (The) Class A (b) | 1073351 | 32554735 |
| TOTAL COMMUNICATION SERVICES |  | 3486168449 |
| Consumer Discretionary - 3.7% |  |  |
| Broadline Retail - 0.3% |  |  |
| Amazon.com Inc (b) | 291669 | 69796391 |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Booking Holdings Inc  | 92636 | 463350450 |
| Domino's Pizza Inc  | 102864 | 42208185 |
| Yum! Brands Inc  | 754065 | 117257108 |
|  |  | 622815743 |
| Specialty Retail - 1.1% |  |  |
| O'Reilly Automotive Inc (b) | 2408841 | 237054043 |
| Williams-Sonoma Inc  | 255438 | 52275387 |
|  |  | 289329430 |
| TOTAL CONSUMER DISCRETIONARY |  | 981941564 |
| Consumer Staples - 6.0% |  |  |
| Beverages - 0.5% |  |  |
| Monster Beverage Corp (b) | 1812281 | 146359814 |
| Household Products - 4.4% |  |  |
| Colgate-Palmolive Co  | 2410289 | 217624994 |
| Procter & Gamble Co/The  | 6386385 | 969261651 |
|  |  | 1186886645 |
| Tobacco - 1.1% |  |  |
| Altria Group Inc  | 4578867 | 283843965 |
| TOTAL CONSUMER STAPLES |  | 1617090424 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Antero Midstream Corp  | 1296006 | 24390833 |
| Texas Pacific Land Corp  | 164565 | 57327863 |
| TOTAL ENERGY |  | 81718696 |
| Financials - 11.6% |  |  |
| Capital Markets - 1.6% |  |  |
| Ameriprise Financial Inc  | 237598 | 125259290 |
| Evercore Inc Class A  | 57691 | 20380500 |
| FactSet Research Systems Inc  | 51623 | 13130826 |
| Moody's Corp  | 452545 | 233314100 |
| SEI Investments Co  | 386511 | 33954991 |
|  |  | 426039707 |
| Consumer Finance - 0.8% |  |  |
| American Express Co  | 676060 | 238088050 |
| Financial Services - 7.7% |  |  |
| Jack Henry & Associates Inc  | 98366 | 17628171 |
| Mastercard Inc Class A  | 1888115 | 1017297481 |
| Visa Inc Class A  | 3171459 | 1020670650 |
|  |  | 2055596302 |
| Insurance - 1.5% |  |  |
| Erie Indemnity Co Class A  | 55120 | 15599511 |
| Kinsale Capital Group Inc (c) | 34945 | 13834027 |
| Primerica Inc  | 48197 | 12677739 |
| Progressive Corp/The  | 1715888 | 356904704 |
|  |  | 399015981 |
| TOTAL FINANCIALS |  | 3118740040 |
| Health Care - 12.8% |  |  |
| Biotechnology - 5.0% |  |  |
| AbbVie Inc  | 4253518 | 948577049 |
| Amgen Inc  | 882258 | 301626365 |
| Exelixis Inc (b)(c) | 632328 | 26153086 |
| United Therapeutics Corp (b) | 113610 | 53338759 |
|  |  | 1329695259 |
| Health Care Equipment & Supplies - 1.0% |  |  |
| IDEXX Laboratories Inc (b) | 229687 | 153995946 |
| ResMed Inc  | 438112 | 113168711 |
|  |  | 267164657 |
| Health Care Technology - 0.3% |  |  |
| Doximity Inc Class A (b) | 266197 | 9974401 |
| Veeva Systems Inc Class A (b) | 409518 | 83508911 |
|  |  | 93483312 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Medpace Holdings Inc (b) | 70508 | 41069499 |
| Mettler-Toledo International Inc (b) | 64440 | 88491586 |
|  |  | 129561085 |
| Pharmaceuticals - 6.0% |  |  |
| Bristol-Myers Squibb Co  | 5624629 | 309635826 |
| Corcept Therapeutics Inc (b)(c) | 207147 | 8258951 |
| Eli Lilly & Co  | 1110892 | 1152161638 |
| Zoetis Inc Class A  | 1223629 | 152733372 |
|  |  | 1622789787 |
| TOTAL HEALTH CARE |  | 3442694100 |
| Industrials - 5.8% |  |  |
| Commercial Services & Supplies - 1.4% |  |  |
| Cintas Corp  | 1047052 | 200395282 |
| Copart Inc (b) | 2349490 | 95342304 |
| Veralto Corp  | 716150 | 70884527 |
|  |  | 366622113 |
| Ground Transportation - 1.5% |  |  |
| Union Pacific Corp  | 1693419 | 398122807 |
| Machinery - 1.3% |  |  |
| Allison Transmission Holdings Inc  | 75816 | 8241199 |
| Fortive Corp  | 592506 | 31290242 |
| Graco Inc  | 498848 | 43564396 |
| Illinois Tool Works Inc  | 854174 | 223161499 |
| Snap-on Inc  | 108753 | 39815561 |
|  |  | 346072897 |
| Professional Services - 1.1% |  |  |
| Automatic Data Processing Inc  | 1202835 | 296883735 |
| Paycom Software Inc  | 69922 | 9421990 |
| Paylocity Holding Corp (b) | 8851 | 1194707 |
|  |  | 307500432 |
| Trading Companies & Distributors - 0.5% |  |  |
| Fastenal Co  | 2928835 | 126994286 |
| TOTAL INDUSTRIALS |  | 1545312535 |
| Information Technology - 38.8% |  |  |
| Communications Equipment - 1.7% |  |  |
| Arista Networks Inc (b) | 2985790 | 423205875 |
| F5 Inc (b) | 159411 | 43935265 |
|  |  | 467141140 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Keysight Technologies Inc (b) | 466332 | 100881602 |
| IT Services - 0.2% |  |  |
| Gartner Inc (b) | 201099 | 42152361 |
| Semiconductors & Semiconductor Equipment - 15.8% |  |  |
| KLA Corp  | 395965 | 565414262 |
| Lam Research Corp  | 3681038 | 859375131 |
| NVIDIA Corp  | 12169952 | 2326042927 |
| QUALCOMM Inc  | 3181098 | 482222646 |
|  |  | 4233054966 |
| Software - 12.4% |  |  |
| Adobe Inc (b) | 1226588 | 359696931 |
| AppLovin Corp Class A (b) | 767761 | 363235407 |
| Autodesk Inc (b) | 636995 | 161076926 |
| Cadence Design Systems Inc (b) | 766047 | 227025689 |
| Dolby Laboratories Inc Class A  | 220427 | 14149209 |
| Fair Isaac Corp (b) | 69494 | 101681536 |
| Fortinet Inc (b) | 1855080 | 150743801 |
| Manhattan Associates Inc (b) | 199348 | 30103541 |
| Microsoft Corp  | 4332627 | 1864286073 |
| PTC Inc (b) | 348655 | 54435505 |
| Qualys Inc (b)(c) | 61420 | 8101298 |
|  |  | 3334535916 |
| Technology Hardware, Storage & Peripherals - 8.3% |  |  |
| Apple Inc  | 8283791 | 2149478089 |
| NetApp Inc  | 795628 | 76658757 |
|  |  | 2226136846 |
| TOTAL INFORMATION TECHNOLOGY |  | 10403902831 |
| Real Estate - 1.5% |  |  |
| Retail REITs - 0.7% |  |  |
| Simon Property Group Inc  | 965397 | 184690100 |
| Specialized REITs - 0.8% |  |  |
| American Tower Corp  | 1243054 | 222854721 |
| TOTAL REAL ESTATE |  | 407544821 |
| TOTAL UNITED STATES |  | 25085113460 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $17,102,391,497) |  | <br> **25085113460** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 2/12/2026 (e)<br>(Cost $12,331,733)<br>| 3.82 | 12346000 | **12333677** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.2%** | &nbsp;&nbsp;**Money Market Funds - 6.2%** | &nbsp;&nbsp;**Money Market Funds - 6.2%** | &nbsp;&nbsp;**Money Market Funds - 6.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 1643049427 | 1643378037 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 8762892 | 8763768 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,652,144,243) |  |  | **1652141805** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.6%**<br> (Cost $18,766,867,473)<br>| <br>**26749588942** |
| **NET OTHER ASSETS (LIABILITIES) - 0.4%**  | **98763333** |
| **NET ASSETS - 100.0%** | **26848352275** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Nasdaq 100 Index Contracts (United States) | 3435 | 3/2026 | 1763529000 | 13084719 |
| The notional amount of long futures as a percentage of Net Assets is 6.6%. | The notional amount of long futures as a percentage of Net Assets is 6.6%. | The notional amount of long futures as a percentage of Net Assets is 6.6%. | The notional amount of long futures as a percentage of Net Assets is 6.6%. | The notional amount of long futures as a percentage of Net Assets is 6.6%. |

---

**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 $12,333,677.

(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 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 | 577785115 | 2364479210 | 1298922870 | 24139393 | 39020 | (2438) | 1643378037 | 1643049427 | 2.9% |
| Fidelity Securities Lending Cash Central Fund | 4425867 | 106907745 | 102570662 | 8008 | 818 | - | 8763768 | 8762892 | 0.0% |
| Total | 582210982 | 2471386955 | 1401493532 | 24147401 | 39838 | (2438) | 1652141805 |  |  |

---

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 January 31, 2026, 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 | 3486168449 | 3486168449 | - | - |
| Consumer Discretionary | 981941564 | 981941564 | - | - |
| Consumer Staples | 1617090424 | 1617090424 | - | - |
| Energy | 81718696 | 81718696 | - | - |
| Financials | 3118740040 | 3118740040 | - | - |
| Health Care | 3442694100 | 3442694100 | - | - |
| Industrials | 1545312535 | 1545312535 | - | - |
| Information Technology | 10403902831 | 10403902831 | - | - |
| Real Estate | 407544821 | 407544821 | - | - |
|  **U.S. Treasury Obligations** | 12333677 | - | 12333677 | - |
|  **Money Market Funds** | 1652141805 | 1652141805 | - | - |
| **Total Investments in Securities:** | 26749588942 | 26737255265 | 12333677 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 13084719 | 13084719 | - | - |
| Total Assets | 13084719 | 13084719 | - | - |
| **Total Derivative Instruments:** | 13084719 | 13084719 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 13084719 | - |
| **Total Equity Risk**  | 13084719 | - |
| **Total Value of Derivatives** | 13084719 | - |

---

(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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $16,059,814) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $17,114,723,230) | $25097447137 |  |
| Fidelity Central Funds (cost $1,652,144,243) | 1652141805 |  |
| Total Investment in Securities (cost $18,766,867,473) |  | $26749588942 |
| Segregated cash with brokers for derivative instruments |  | 103033026 |
| Receivable for fund shares sold |  | 750202 |
| Dividends receivable |  | 25173600 |
| Distributions receivable from Fidelity Central Funds |  | 4478602 |
| Prepaid expenses |  | 13484 |
| **Total assets** |  | 26883037856 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $388553 |  |
| Accrued management fee | 2226417 |  |
| Payable for daily variation margin on futures contracts | 22619496 |  |
| Other payables and accrued expenses | 701490 |  |
| Collateral on securities loaned | 8749625 |  |
| **Total liabilities** |  | 34685581 |
| **Net Assets**  |  | $26848352275 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $18759040689 |
| Total accumulated earnings (loss) |  | 8089311586 |
| **Net Assets** |  | $26848352275 |
| **Net Asset Value**, offering price and redemption price per share ($26,848,352,275 ÷ 1,123,695,989 shares) |  | $23.89 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $135649576 |
| Interest  |  | 1383848 |
| Income from Fidelity Central Funds (including $8,008 from security lending)  |  | 24147401 |
| **Total income** |  | 161180825 |
| **Expenses** |  |  |
| Management fee | $12622762 |  |
| Custodian fees and expenses | 61245 |  |
| Independent trustees' fees and expenses | 28302 |  |
| Registration fees | 640038 |  |
| Audit fees | 28235 |  |
| Legal | 14493 |  |
| Miscellaneous | 35944 |  |
| Total expenses before reductions | 13431019 |  |
| Expense reductions | (16765) |  |
| Total expenses after reductions |  | 13414254 |
| **Net Investment income (loss)** |  | 147766571 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 399498316 |  |
| Fidelity Central Funds | 39838 |  |
| Futures contracts | 78681841 |  |
| Total net realized gain (loss) |  | 478219995 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1002409933 |  |
| Fidelity Central Funds  | (2438) |  |
| Futures contracts | 1123543 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1003531038 |
| **Net gain (loss)** |  | 1481751033 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1629517604 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $147766571 | $193538855 |
| &nbsp;&nbsp;Net realized gain (loss) | 478219995<br>| 631601857<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1003531038 | 1772555423<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1629517604<br>| 2597696135<br>|
| Distributions to shareholders | (896150028)<br>| (1874106399)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2402602576 | 6754552365 |
| Reinvestment of distributions | 888782574<br>| 1848266135<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (88661862) | (590969923) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3202723288<br>| 8011848577<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3936090864<br>| 8735438313<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 22912261411 | 14176823098<br>|
| &nbsp;&nbsp;End of period | $26848352275 | $22912261411 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 101540269 | 312619234 |
| Issued in reinvestment of distributions | 37916747<br>| 86684232<br>|
| &nbsp;&nbsp;Redeemed | (3736437) | (28775269) |
| &nbsp;&nbsp;Net increase (decrease) | 135720579 | 370528197 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.19 | $22.96 | $18.70 | $16.49 | $19.24 | $15.96 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .14  | .23  | .21  | .23  | .23  | .22  |
| Net realized and unrealized gain (loss)  | 1.43  | 2.72  | 4.51  | 2.20  | (1.36)  | 4.58  |
| Total from investment operations  | 1.57  | 2.95  | 4.72  | 2.43  | (1.13)  | 4.80  |
| Distributions from net investment income  | (.21)  | (.23)  | (.23)  | (.22)  | (.20)  | (.28)  |
| Distributions from net realized gain  | (.66)  | (2.50)  | (.23)  | -  | (1.42)  | (1.25)  |
| Total distributions  | (.87)  | (2.72) C | (.46)  | (.22)  | (1.62)  | (1.52) C |
| Net asset value, end of period  | $23.89 | $23.19 | $22.96 | $18.70 | $16.49 | $19.24 |
| **Total Return** D,E | 6.87% <br>| 14.17%  | 25.86%  | 14.97%  | (6.55)%  | 32.64%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .11% H | .10%  | .11%  | .11%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .11% H<br>| .10%  | .11%  | .11%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .11% H | .10%  | .11%  | .11%  | .10%  | .10%  |
| Net investment income (loss)  | 1.17% H | 1.06%  | 1.06%  | 1.43%  | 1.30%  | 1.30%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $26848352 | $22912261 | $14176823 | $13073529 | $11408951 | $10136091 |
| Portfolio turnover rate I | 40% H<br>| 51%  | 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 for periods of less than one year are not annualized.*

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*Annualized.*

I*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** **(Unaudited)**

For the period ended January 31, 2026

**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 January 31, 2026 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. 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 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** | $8857161298 |
| **Gross unrealized depreciation** | <u>(945613323)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$7911547975</u> |
| **Tax cost** | <u>$18851125686</u> |

---

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

**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** | 6201493608 | 4802294566 |

---

**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. 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 U.S. Quality Index Fund** | 19082 |

---

**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** | 870 | - | - |

---

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** | 7801434 |

---

**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 $16,765.

**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** | 83% | 12% |

---

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** | 95% |

---

**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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

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

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024.

The Board noted that the fund has a flat fee that covers expenses beyond portfolio management, unlike the majority of funds within the mapped group. The total expense ratio for the fund was below the total peer group competitive median. The Board noted that, although total expenses ranked above the asset-sized peer group median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

The Board concluded, taking into account the analysis of the Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img125804_4.jpg)<br>

1.9868210.110 SV4-SANN-0426

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

**Semi-Annual Report**

**January 31, 2026**

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.

![](img125805_1.jpg)

![](img125805_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SY1-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI U.S. Momentum Index Fund](#Sub_Sec_Fund_2882_SY1-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2882_SY1-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SY1-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SY1-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SY1-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SY1-SANN)** |

---

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.

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.© 2026 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 (Semi-Annual Report)**

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

**Schedule of Investments January 31, 2026 (Unaudited)**

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>|
| AUSTRALIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Anglogold Ashanti Plc  | 224891 | 20885627 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 35637 | 4758608 |
| SWITZERLAND - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| TE Connectivity PLC  | 156596 | 34886457 |
| THAILAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Fabrinet (b) | 18952 | 9275867 |
| UNITED STATES - 98.7%  |  |  |
| Communication Services - 9.5% |  |  |
| Entertainment - 0.8% |  |  |
| Electronic Arts Inc  | 119428 | 24353758 |
| Roku Inc Class A (b) | 68991 | 6567943 |
| Take-Two Interactive Software Inc (b) | 91683 | 20197765 |
| TKO Group Holdings Inc Class A  | 33652 | 6817222 |
|  |  | 57936688 |
| Interactive Media & Services - 8.5% |  |  |
| Alphabet Inc Class A  | 1752153 | 592227714 |
| Media - 0.2% |  |  |
| Fox Corp Class A  | 180088 | 13106805 |
| TOTAL COMMUNICATION SERVICES |  | 663271207 |
| Consumer Discretionary - 4.7% |  |  |
| Automobile Components - 0.2% |  |  |
| Aptiv PLC (b) | 115153 | 8722840 |
| BorgWarner Inc  | 115183 | 5460826 |
|  |  | 14183666 |
| Automobiles - 0.6% |  |  |
| General Motors Co  | 504522 | 42379848 |
| Broadline Retail - 0.9% |  |  |
| Amazon.com Inc (b) | 157841 | 37771351 |
| eBay Inc  | 242504 | 22121215 |
| Macy's Inc  | 145606 | 2915032 |
|  |  | 62807598 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Carnival Corp (b) | 483231 | 14506595 |
| Household Durables - 0.1% |  |  |
| Somnigroup International Inc  | 110939 | 9745991 |
| Specialty Retail - 2.4% |  |  |
| Five Below Inc (b) | 29321 | 5619076 |
| O'Reilly Automotive Inc (b) | 449577 | 44242873 |
| TJX Cos Inc/The  | 591072 | 88548496 |
| Ulta Beauty Inc (b) | 23795 | 15403931 |
| Wayfair Inc Class A (b) | 55773 | 5771948 |
|  |  | 159586324 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Ralph Lauren Corp Class A  | 20494 | 7242785 |
| Tapestry Inc  | 110306 | 13998934 |
|  |  | 21241719 |
| TOTAL CONSUMER DISCRETIONARY |  | 324451741 |
| Consumer Staples - 0.7% |  |  |
| Beverages - 0.5% |  |  |
| Celsius Holdings Inc (b) | 84307 | 4424431 |
| Monster Beverage Corp (b) | 377876 | 30517266 |
|  |  | 34941697 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Casey's General Stores Inc  | 19740 | 11972310 |
| TOTAL CONSUMER STAPLES |  | 46914007 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| HF Sinclair Corp  | 84069 | 4370747 |
| Financials - 13.1% |  |  |
| Banks - 5.6% |  |  |
| Citigroup Inc  | 975743 | 112903223 |
| JPMorgan Chase & Co  | 915269 | 279971634 |
|  |  | 392874857 |
| Capital Markets - 6.8% |  |  |
| Affiliated Managers Group Inc  | 15176 | 4751454 |
| Bank of New York Mellon Corp/The  | 373693 | 44813265 |
| Cboe Global Markets Inc  | 55385 | 14680348 |
| Charles Schwab Corp/The  | 904268 | 93971531 |
| Goldman Sachs Group Inc/The  | 160437 | 150074374 |
| Interactive Brokers Group Inc Class A  | 53429 | 4000763 |
| Morgan Stanley  | 642973 | 117535464 |
| Robinhood Markets Inc Class A (b) | 410224 | 40809084 |
|  |  | 470636283 |
| Consumer Finance - 0.2% |  |  |
| SoFi Technologies Inc Class A (b) | 633755 | 14455951 |
| Insurance - 0.5% |  |  |
| Globe Life Inc  | 40108 | 5623944 |
| Hartford Insurance Group Inc/The  | 148839 | 20102195 |
| Loews Corp  | 89945 | 9495494 |
|  |  | 35221633 |
| TOTAL FINANCIALS |  | 913188724 |
| Health Care - 9.4% |  |  |
| Biotechnology - 2.0% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 69507 | 23497536 |
| Gilead Sciences Inc  | 657616 | 93348592 |
| Insmed Inc (b) | 111837 | 17543870 |
| Ionis Pharmaceuticals Inc (b) | 84503 | 6985863 |
|  |  | 141375861 |
| Health Care Equipment & Supplies - 0.6% |  |  |
| IDEXX Laboratories Inc (b) | 42413 | 28436220 |
| Insulet Corp (b) | 33744 | 8632053 |
| iRhythm Technologies Inc (b) | 16849 | 2603339 |
|  |  | 39671612 |
| Health Care Providers & Services - 2.5% |  |  |
| Cardinal Health Inc  | 126611 | 27206172 |
| Cencora Inc  | 102731 | 36903030 |
| Ensign Group Inc/The  | 30551 | 5244384 |
| Guardant Health Inc (b) | 56165 | 6405056 |
| HCA Healthcare Inc  | 86788 | 42375977 |
| McKesson Corp  | 65904 | 54780064 |
|  |  | 172914683 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Medpace Holdings Inc (b) | 11764 | 6852294 |
| Pharmaceuticals - 4.2% |  |  |
| Elanco Animal Health Inc (b) | 263532 | 6345851 |
| Johnson & Johnson  | 1226477 | 278716898 |
| Royalty Pharma PLC Class A  | 195657 | 8154984 |
|  |  | 293217733 |
| TOTAL HEALTH CARE |  | 654032183 |
| Industrials - 16.0% |  |  |
| Aerospace & Defense - 7.1% |  |  |
| BWX Technologies Inc  | 48293 | 9920831 |
| Carpenter Technology Corp  | 26370 | 8381177 |
| Curtiss-Wright Corp  | 19995 | 13130517 |
| GE Aerospace  | 562028 | 172424571 |
| General Dynamics Corp  | 133821 | 46983215 |
| Howmet Aerospace Inc  | 213716 | 44470025 |
| Huntington Ingalls Industries Inc  | 20765 | 8731890 |
| L3Harris Technologies Inc  | 99185 | 34005577 |
| RTX Corp  | 709423 | 142544363 |
| Woodward Inc  | 31682 | 10069807 |
|  |  | 490661973 |
| Building Products - 0.6% |  |  |
| Armstrong World Industries Inc  | 21088 | 3874709 |
| Johnson Controls International plc  | 346855 | 41365927 |
|  |  | 45240636 |
| Commercial Services & Supplies - 0.1% |  |  |
| Rollins Inc  | 148637 | 9414668 |
| Construction & Engineering - 1.2% |  |  |
| API Group Corp (b) | 195896 | 8143397 |
| Comfort Systems USA Inc  | 18676 | 21329860 |
| Everus Construction Group Inc (b) | 26809 | 2372327 |
| MasTec Inc (b) | 32474 | 7809348 |
| Quanta Services Inc  | 79034 | 37511907 |
| Valmont Industries Inc  | 10403 | 4635161 |
|  |  | 81802000 |
| Electrical Equipment - 1.8% |  |  |
| Acuity Inc  | 16194 | 5007832 |
| GE Vernova Inc  | 144281 | 104801390 |
| Nextpower Inc Class A (b) | 78298 | 9167913 |
| nVent Electric PLC  | 85072 | 9550183 |
|  |  | 128527318 |
| Ground Transportation - 1.3% |  |  |
| Uber Technologies Inc (b) | 1105239 | 88474382 |
| Machinery - 3.6% |  |  |
| Caterpillar Inc  | 248289 | 163215257 |
| Cummins Inc  | 73045 | 42279907 |
| Donaldson Co Inc  | 61807 | 6300605 |
| ITT Inc  | 41297 | 7528443 |
| Mueller Industries Inc  | 58611 | 7979302 |
| RBC Bearings Inc (b) | 16631 | 8310012 |
| Xylem Inc/NY  | 128767 | 17753106 |
|  |  | 253366632 |
| Professional Services - 0.2% |  |  |
| Leidos Holdings Inc  | 68082 | 12818479 |
| Trading Companies & Distributors - 0.1% |  |  |
| Air Lease Corp Class A (c) | 55860 | 3610232 |
| TOTAL INDUSTRIALS |  | 1113916320 |
| Information Technology - 41.7% |  |  |
| Communications Equipment - 2.8% |  |  |
| Ciena Corp (b) | 74801 | 18835640 |
| Cisco Systems Inc  | 2079920 | 162899334 |
| Lumentum Holdings Inc (b)(c) | 37024 | 14507484 |
|  |  | 196242458 |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| Amphenol Corp Class A  | 647054 | 93227540 |
| Corning Inc  | 413169 | 42659699 |
| Flex Ltd (b) | 199118 | 12552399 |
| TD SYNNEX Corp  | 40704 | 6458504 |
|  |  | 154898142 |
| IT Services - 2.4% |  |  |
| Cloudflare Inc Class A (b) | 165850 | 29413498 |
| IBM Corporation  | 350202 | 107406953 |
| Snowflake Inc (b) | 176852 | 34079380 |
|  |  | 170899831 |
| Semiconductors & Semiconductor Equipment - 21.4% |  |  |
| Broadcom Inc  | 1079280 | 357565464 |
| Lam Research Corp  | 670732 | 156589093 |
| Micron Technology Inc  | 593096 | 246063668 |
| Monolithic Power Systems Inc  | 25389 | 28541044 |
| NVIDIA Corp  | 3659222 | 699387102 |
|  |  | 1488146371 |
| Software - 7.8% |  |  |
| AppLovin Corp Class A (b) | 106373 | 50326130 |
| Crowdstrike Holdings Inc Class A (b) | 132098 | 58308718 |
| Microsoft Corp  | 568405 | 244578987 |
| Palantir Technologies Inc Class A (b) | 1205287 | 176683021 |
| Unity Software Inc (b) | 179005 | 5209046 |
| Zscaler Inc (b) | 51678 | 10336117 |
|  |  | 545442019 |
| Technology Hardware, Storage & Peripherals - 5.1% |  |  |
| Apple Inc  | 856078 | 222135119 |
| Sandisk Corp/DE  | 73157 | 42156721 |
| Seagate Technology Holdings PLC  | 112714 | 45952371 |
| Western Digital Corp  | 183865 | 46008539 |
|  |  | 356252750 |
| TOTAL INFORMATION TECHNOLOGY |  | 2911881571 |
| Materials - 1.1% |  |  |
| Metals & Mining - 1.1% |  |  |
| Commercial Metals Co  | 59010 | 4536099 |
| MP Materials Corp (b)(c) | 65150 | 3828865 |
| Newmont Corp  | 582190 | 65409047 |
| TOTAL MATERIALS |  | 73774011 |
| Real Estate - 1.1% |  |  |
| Diversified REITs - 0.1% |  |  |
| WP Carey Inc  | 115920 | 8085420 |
| Health Care REITs - 1.0% |  |  |
| American Healthcare REIT Inc  | 89088 | 4179118 |
| Welltower Inc  | 354453 | 66764767 |
|  |  | 70943885 |
| TOTAL REAL ESTATE |  | 79029305 |
| Utilities - 1.4% |  |  |
| Electric Utilities - 0.7% |  |  |
| Entergy Corp  | 214365 | 20555461 |
| Evergy Inc  | 121752 | 9342031 |
| NRG Energy Inc  | 102451 | 15637096 |
|  |  | 45534588 |
| Gas Utilities - 0.2% |  |  |
| Atmos Energy Corp  | 85053 | 14147716 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Ormat Technologies Inc  | 32175 | 4019944 |
| Talen Energy Corp (b) | 24185 | 8425087 |
|  |  | 12445031 |
| Multi-Utilities - 0.4% |  |  |
| CenterPoint Energy Inc  | 346334 | 13745996 |
| NiSource Inc  | 243038 | 10764153 |
|  |  | 24510149 |
| TOTAL UTILITIES |  | 96637484 |
| TOTAL UNITED STATES |  | 6881467300 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $6,159,729,581) |  | <br> **6951273859** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 2/12/2026 (e)<br>(Cost $797,078)<br>| 3.82 | 798000 | **797204** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 34484262 | 34491159 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 16846474 | 16848158 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $51,339,317) |  |  | **51339317** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $6,211,865,976)<br>| <br>**7003410380** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(26676184)** |
| **NET ASSETS - 100.0%** | **6976734196** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Nasdaq 100 Index Contracts (United States) | 12 | 3/2026 | 6160800 | 100643 |
| CME E-Mini S&P 500 Index Contracts (United States) | 55 | 3/2026 | 19155813 | 300437 |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **401080** |
| The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures 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 $797,204.

(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 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 | 12031592 | 639814764 | 617325211 | 1409301 | (29986) | - | 34491159 | 34484262 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 2397600 | 190026383 | 175574217 | 6909 | (1608) | - | 16848158 | 16846474 | 0.1% |
| Total | 14429192 | 829841147 | 792899428 | 1416210 | (31594) | - | 51339317 |  |  |

---

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 January 31, 2026, 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 | 663271207 | 663271207 | - | - |
| Consumer Discretionary | 324451741 | 324451741 | - | - |
| Consumer Staples | 46914007 | 46914007 | - | - |
| Energy | 4370747 | 4370747 | - | - |
| Financials | 917947332 | 917947332 | - | - |
| Health Care | 654032183 | 654032183 | - | - |
| Industrials | 1113916320 | 1113916320 | - | - |
| Information Technology | 2956043895 | 2956043895 | - | - |
| Materials | 94659638 | 94659638 | - | - |
| Real Estate | 79029305 | 79029305 | - | - |
| Utilities | 96637484 | 96637484 | - | - |
|  **U.S. Treasury Obligations** | 797204 | - | 797204 | - |
|  **Money Market Funds** | 51339317 | 51339317 | - | - |
| **Total Investments in Securities:** | 7003410380 | 7002613176 | 797204 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 401080 | 401080 | - | - |
| Total Assets | 401080 | 401080 | - | - |
| **Total Derivative Instruments:** | 401080 | 401080 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 401080 | - |
| **Total Equity Risk**  | 401080 | - |
| **Total Value of Derivatives** | 401080 | - |

---

(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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $16,641,052) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $6,160,526,659) | $6952071063 |  |
| Fidelity Central Funds (cost $51,339,317) | 51339317 |  |
| Total Investment in Securities (cost $6,211,865,976) |  | $7003410380 |
| Segregated cash with brokers for derivative instruments |  | 1718775 |
| Receivable for fund shares sold |  | 1100027 |
| Dividends receivable |  | 2795799 |
| Distributions receivable from Fidelity Central Funds |  | 764535 |
| Prepaid expenses |  | 2666 |
| **Total assets** |  | 7009792182 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $14832435 |  |
| Payable for fund shares redeemed | 336980 |  |
| Accrued management fee | 560797 |  |
| Payable for daily variation margin on futures contracts | 235527 |  |
| Other payables and accrued expenses | 242772 |  |
| Collateral on securities loaned | 16849475 |  |
| **Total liabilities** |  | 33057986 |
| **Net Assets**  |  | $6976734196 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6250337377 |
| Total accumulated earnings (loss) |  | 726396819 |
| **Net Assets** |  | $6976734196 |
| **Net Asset Value**, offering price and redemption price per share ($6,976,734,196 ÷ 359,549,310 shares) |  | $19.40 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $25385158 |
| Interest  |  | 51445 |
| Income from Fidelity Central Funds (including $6,909 from security lending)  |  | 1416210 |
| **Total income** |  | 26852813 |
| **Expenses** |  |  |
| Management fee | $2712916 |  |
| Custodian fees and expenses | 24118 |  |
| Independent trustees' fees and expenses | 5776 |  |
| Registration fees | 228983 |  |
| Audit fees | 28851 |  |
| Legal | 5273 |  |
| Miscellaneous | 7512 |  |
| Total expenses before reductions | 3013429 |  |
| Expense reductions | (58) |  |
| Total expenses after reductions |  | 3013371 |
| **Net Investment income (loss)** |  | 23839442 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 66049126 |  |
| Fidelity Central Funds | (31594) |  |
| Futures contracts | 5999247 |  |
| Total net realized gain (loss) |  | 72016779 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 222345261 |  |
| Futures contracts | (381500) |  |
| Total change in net unrealized appreciation (depreciation) |  | 221963761 |
| **Net gain (loss)** |  | 293980540 |
| **Net increase (decrease) in net assets resulting from operations** |  | $317819982 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $23839442 | $30327080 |
| &nbsp;&nbsp;Net realized gain (loss) | 72016779<br>| 39668686<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 221963761 | 430248341<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 317819982<br>| 500244107<br>|
| Distributions to shareholders | (162594268)<br>| (81440685)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2278931868 | 3641042729 |
| Reinvestment of distributions | 160327602<br>| 78621575<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (62599001) | (339314632) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2376660469<br>| 3380349672<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2531886183<br>| 3799153094<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4444848013 | 645694919<br>|
| &nbsp;&nbsp;End of period | $6976734196 | $4444848013 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 118536569 | 211151493 |
| Issued in reinvestment of distributions | 8382887<br>| 4709888<br>|
| &nbsp;&nbsp;Redeemed | (3226574) | (19519809) |
| &nbsp;&nbsp;Net increase (decrease) | 123692882 | 196341572 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.85 | $16.34 | $14.48 | $13.95 | $19.05 | $15.74 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .20  | .10  | .30  | .19  | .10  |
| Net realized and unrealized gain (loss)  | .99  | 3.30  | 4.17  | .52 C | (1.81)  | 4.66  |
| Total from investment operations  | 1.08  | 3.50  | 4.27  | .82  | (1.62)  | 4.76  |
| Distributions from net investment income  | (.16)  | (.08)  | (.11)  | (.29)  | (.10)  | (.18)  |
| Distributions from net realized gain  | (.37)  | (.90)  | (2.30)  | -  | (3.38)  | (1.27)  |
| Total distributions  | (.53)  | (.99) D | (2.41)  | (.29)  | (3.48)  | (1.45)  |
| Net asset value, end of period  | $19.40 | $18.85 | $16.34 | $14.48 | $13.95 | $19.05 |
| **Total Return** E,F | 5.77% <br>| 22.32%  | 35.08%  | 5.99% C | (11.06)%  | 32.98%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .11% I | .11%  | .13%  | .11%  | .11%  | .11%  |
| Expenses net of fee waivers, if any  | .11% I<br>| .11%  | .13%  | .11%  | .11%  | .11%  |
| Expenses net of all reductions, if any  | .11% I | .11%  | .13%  | .11%  | .11%  | .11%  |
| Net investment income (loss)  | .88% I | 1.18%  | .68%  | 2.15%  | 1.25%  | .58%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6976734 | $4444848 | $645695 | $334910 | $4524235 | $2908860 |
| Portfolio turnover rate J | 170% I<br>| 143%  | 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 for periods of less than one year are not annualized.*

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

G*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.*

H*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.*

I*Annualized.*

J*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** **(Unaudited)**

For the period ended January 31, 2026

**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 January 31, 2026 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. 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 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** | $944828560 |
| **Gross unrealized depreciation** | <u>(173487189)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$771341371</u> |
| **Tax cost** | <u>$6232470089</u> |

---

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

**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** | 6866037771 | 4626397080 |

---

**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. Momentum Index Fund** | 54427130 | 35384934 | (1862524) |

---

**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** | 3866 |

---

**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** | 754 | - | - |

---

**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 $58.

**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 | 64% | 21% |

---

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 | 85 |

---

**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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

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

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

The Board concluded, taking into account the analysis of the Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img125805_4.jpg)<br>

1.9878818.108 SY1-SANN-0426

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

**Semi-Annual Report**

**January 31, 2026**

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.

![](img125806_1.jpg)

![](img125806_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SV9-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI U.S. Large Cap Index Fund](#Sub_Sec_Fund_2807_SV9-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2807_SV9-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SV9-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SV9-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SV9-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SV9-SANN)** |

---

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.© 2026 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 (Semi-Annual Report)**

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

**Schedule of Investments January 31, 2026 (Unaudited)**

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>|
| NETHERLANDS - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 64691 | 14629222 |
| SWITZERLAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| TE Connectivity PLC  | 75619 | 16846401 |
| UNITED STATES - 99.5%  |  |  |
| Communication Services - 11.0% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| AT&T Inc  | 1822286 | 47762116 |
| Comcast Corp Class A  | 934206 | 27792629 |
| Verizon Communications Inc  | 1083798 | 48250687 |
|  |  | 123805432 |
| Entertainment - 1.3% |  |  |
| Electronic Arts Inc  | 57697 | 11765572 |
| Live Nation Entertainment Inc (b) | 40587 | 5903379 |
| Netflix Inc (b) | 1089170 | 90934804 |
| Take-Two Interactive Software Inc (b) | 44646 | 9835514 |
| TKO Group Holdings Inc Class A  | 17040 | 3451963 |
| Walt Disney Co/The  | 458894 | 51763243 |
| Warner Bros Discovery Inc (b) | 636944 | 17541438 |
|  |  | 191195913 |
| Interactive Media & Services - 8.6% |  |  |
| Alphabet Inc Class A  | 1495477 | 505471226 |
| Alphabet Inc Class C  | 1195244 | 404625951 |
| Match Group Inc  | 60680 | 1890182 |
| Meta Platforms Inc Class A  | 559809 | 401103149 |
|  |  | 1313090508 |
| Media - 0.2% |  |  |
| Charter Communications Inc Class A (b)(c) | 22619 | 4662228 |
| Fox Corp Class A  | 53514 | 3894749 |
| Fox Corp Class B  | 38199 | 2504708 |
| News Corp Class A  | 96255 | 2601773 |
| News Corp Class B  | 31731 | 986834 |
| Omnicom Group Inc  | 81991 | 6316587 |
| Paramount Skydance Corp Class B  | 79884 | 895500 |
| Trade Desk Inc (The) Class A (b) | 113180 | 3432749 |
|  |  | 25295128 |
| Wireless Telecommunication Services - 0.1% |  |  |
| T-Mobile US Inc  | 123626 | 24380283 |
| TOTAL COMMUNICATION SERVICES |  | 1677767264 |
| Consumer Discretionary - 10.4% |  |  |
| Automobile Components - 0.0% |  |  |
| Aptiv PLC (b) | 55541 | 4207231 |
| Automobiles - 2.3% |  |  |
| Ford Motor Co  | 1005971 | 13962877 |
| General Motors Co  | 239784 | 20141856 |
| Tesla Inc (b) | 722273 | 310873522 |
|  |  | 344978255 |
| Broadline Retail - 4.0% |  |  |
| Amazon.com Inc (b) | 2500530 | 598376830 |
| eBay Inc  | 116183 | 10598213 |
|  |  | 608975043 |
| Distributors - 0.0% |  |  |
| Genuine Parts Co  | 35757 | 4969866 |
| Pool Corp  | 8426 | 2140962 |
|  |  | 7110828 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| Airbnb Inc Class A (b) | 109318 | 14142470 |
| Booking Holdings Inc  | 8285 | 41440244 |
| Carnival Corp (b) | 279100 | 8378582 |
| Chipotle Mexican Grill Inc (b) | 339881 | 13211174 |
| Darden Restaurants Inc  | 29898 | 5960166 |
| Domino's Pizza Inc  | 7990 | 3278537 |
| DoorDash Inc Class A (b) | 96090 | 19661936 |
| Expedia Group Inc Class A  | 30076 | 7965328 |
| Hilton Worldwide Holdings Inc  | 59746 | 17834778 |
| Las Vegas Sands Corp  | 78205 | 4123750 |
| Marriott International Inc/MD Class A1  | 57252 | 18051556 |
| McDonald's Corp  | 183054 | 57662010 |
| MGM Resorts International (b) | 52727 | 1768464 |
| Norwegian Cruise Line Holdings Ltd (b) | 117020 | 2569759 |
| Royal Caribbean Cruises Ltd  | 65192 | 21164583 |
| Starbucks Corp  | 292231 | 26870640 |
| Wynn Resorts Ltd  | 21701 | 2331772 |
| Yum! Brands Inc  | 71368 | 11097724 |
|  |  | 277513473 |
| Household Durables - 0.2% |  |  |
| DR Horton Inc  | 70394 | 10477443 |
| Garmin Ltd  | 42022 | 8473316 |
| Lennar Corp Class A  | 55458 | 6064332 |
| NVR Inc (b) | 730 | 5574083 |
| PulteGroup Inc  | 50102 | 6267259 |
|  |  | 36856433 |
| Leisure Products - 0.0% |  |  |
| Hasbro Inc  | 34269 | 3060564 |
| Specialty Retail - 1.8% |  |  |
| AutoZone Inc (b) | 4275 | 15835840 |
| Best Buy Co Inc  | 50224 | 3269582 |
| Carvana Co Class A (b) | 36352 | 14581151 |
| Home Depot Inc/The  | 255856 | 95841100 |
| Lowe's Cos Inc  | 144156 | 38498301 |
| O'Reilly Automotive Inc (b) | 216970 | 21352018 |
| Ross Stores Inc  | 83597 | 15770574 |
| TJX Cos Inc/The  | 286072 | 42856446 |
| Tractor Supply Co  | 135822 | 6910623 |
| Ulta Beauty Inc (b) | 11525 | 7460824 |
| Williams-Sonoma Inc  | 31305 | 6406568 |
|  |  | 268783027 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Deckers Outdoor Corp (b) | 37463 | 4470834 |
| Lululemon Athletica Inc (b) | 27738 | 4840281 |
| NIKE Inc Class B  | 305704 | 18895564 |
| Ralph Lauren Corp Class A  | 9963 | 3521024 |
| Tapestry Inc  | 52604 | 6675974 |
|  |  | 38403677 |
| TOTAL CONSUMER DISCRETIONARY |  | 1589888531 |
| Consumer Staples - 5.0% |  |  |
| Beverages - 1.1% |  |  |
| Brown-Forman Corp Class B (c) | 45263 | 1238848 |
| Coca-Cola Co/The  | 995125 | 74445302 |
| Constellation Brands Inc Class A  | 36236 | 5678181 |
| Keurig Dr Pepper Inc  | 349213 | 9582405 |
| Molson Coors Beverage Co Class B  | 43519 | 2090653 |
| Monster Beverage Corp (b) | 183329 | 14805650 |
| PepsiCo Inc  | 351464 | 53995414 |
|  |  | 161836453 |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Costco Wholesale Corp  | 113916 | 107109519 |
| Dollar General Corp  | 56576 | 8114696 |
| Dollar Tree Inc (b) | 48758 | 5733452 |
| Kroger Co/The  | 156709 | 9849161 |
| Sysco Corp  | 123087 | 10320845 |
| Target Corp  | 116800 | 12318896 |
| Walmart Inc  | 1127147 | 134288294 |
|  |  | 287734863 |
| Food Products - 0.5% |  |  |
| Archer-Daniels-Midland Co  | 123527 | 8314602 |
| Bunge Global SA  | 34791 | 3961999 |
| Campbell's Company/The  | 50505 | 1413130 |
| Conagra Brands Inc  | 122957 | 2275934 |
| General Mills Inc  | 137110 | 6342709 |
| Hershey Co/The  | 38086 | 7417249 |
| Hormel Foods Corp  | 74927 | 1843953 |
| JM Smucker Co  | 27423 | 2875576 |
| Kraft Heinz Co/The  | 219060 | 5200484 |
| Lamb Weston Holdings Inc  | 35819 | 1645167 |
| McCormick & Co Inc/MD  | 65093 | 4024700 |
| Mondelez International Inc  | 331676 | 19393096 |
| Tyson Foods Inc Class A  | 72754 | 4753019 |
|  |  | 69461618 |
| Household Products - 0.8% |  |  |
| Church & Dwight Co Inc  | 61723 | 5940839 |
| Clorox Co/The  | 31354 | 3536417 |
| Colgate-Palmolive Co  | 207192 | 18707366 |
| Kimberly-Clark Corp  | 85301 | 8529247 |
| Procter & Gamble Co/The  | 600639 | 91158981 |
|  |  | 127872850 |
| Personal Care Products - 0.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 63195 | 7285119 |
| Kenvue Inc  | 492441 | 8568473 |
|  |  | 15853592 |
| Tobacco - 0.6% |  |  |
| Altria Group Inc  | 431489 | 26748003 |
| Philip Morris International Inc  | 400122 | 71797892 |
|  |  | 98545895 |
| TOTAL CONSUMER STAPLES |  | 761305271 |
| Energy - 3.2% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Baker Hughes Co Class A  | 253642 | 14214098 |
| Halliburton Co  | 216334 | 7251516 |
| SLB Ltd  | 384001 | 18577968 |
|  |  | 40043582 |
| Oil, Gas & Consumable Fuels - 2.9% |  |  |
| APA Corp  | 91165 | 2407668 |
| Chevron Corp  | 486506 | 86062911 |
| ConocoPhillips  | 317631 | 33106679 |
| Coterra Energy Inc  | 195706 | 5646118 |
| Devon Energy Corp  | 161242 | 6483541 |
| Diamondback Energy Inc  | 47872 | 7848614 |
| EOG Resources Inc  | 139470 | 15638771 |
| EQT Corp  | 160411 | 9260527 |
| Expand Energy Corp  | 61220 | 6881740 |
| Exxon Mobil Corp  | 1083989 | 153276046 |
| Kinder Morgan Inc  | 503234 | 15343605 |
| Marathon Petroleum Corp  | 77267 | 13613673 |
| Occidental Petroleum Corp  | 184865 | 8391022 |
| ONEOK Inc  | 161739 | 12808111 |
| Phillips 66  | 103568 | 14868222 |
| Targa Resources Corp  | 55176 | 11089272 |
| Texas Pacific Land Corp  | 14885 | 5185339 |
| Valero Energy Corp  | 78400 | 14224112 |
| Williams Cos Inc/The  | 313905 | 21113250 |
|  |  | 443249221 |
| TOTAL ENERGY |  | 483292803 |
| Financials - 12.9% |  |  |
| Banks - 3.5% |  |  |
| Bank of America Corp  | 1726885 | 91870282 |
| Citigroup Inc  | 459925 | 53217922 |
| Citizens Financial Group Inc  | 110396 | 6952740 |
| Fifth Third Bancorp  | 231024 | 11602025 |
| Huntington Bancshares Inc/OH  | 522299 | 9129787 |
| JPMorgan Chase & Co  | 699736 | 214042245 |
| KeyCorp  | 238788 | 5138717 |
| M&T Bank Corp  | 39505 | 8753123 |
| PNC Financial Services Group Inc/The  | 100801 | 22508863 |
| Regions Financial Corp  | 225394 | 6423729 |
| Truist Financial Corp  | 328819 | 16907873 |
| US Bancorp  | 399554 | 22418975 |
| Wells Fargo & Co  | 806877 | 73014300 |
|  |  | 541980581 |
| Capital Markets - 3.4% |  |  |
| Ameriprise Financial Inc  | 23881 | 12589824 |
| Ares Management Corp Class A  | 52953 | 7925476 |
| Bank of New York Mellon Corp/The  | 179248 | 21495420 |
| Blackrock Inc  | 37089 | 41500366 |
| Blackstone Inc  | 189813 | 27033167 |
| Cboe Global Markets Inc  | 26898 | 7129584 |
| Charles Schwab Corp/The  | 429343 | 44617325 |
| CME Group Inc Class A  | 92689 | 26792682 |
| Coinbase Global Inc Class A (b) | 58647 | 11420917 |
| FactSet Research Systems Inc  | 9628 | 2448978 |
| Franklin Resources Inc  | 79008 | 2103192 |
| Goldman Sachs Group Inc/The  | 77094 | 72114499 |
| Interactive Brokers Group Inc Class A  | 114477 | 8572038 |
| Intercontinental Exchange Inc  | 146560 | 25469197 |
| Invesco Ltd  | 114408 | 3122194 |
| KKR & Co Inc Class A  | 176419 | 20157635 |
| Moody's Corp  | 39436 | 20331624 |
| Morgan Stanley  | 310475 | 56754830 |
| MSCI Inc  | 19314 | 11766475 |
| Nasdaq Inc  | 115948 | 11234202 |
| Northern Trust Corp  | 48611 | 7263942 |
| Raymond James Financial Inc  | 45319 | 7516609 |
| Robinhood Markets Inc Class A (b) | 202127 | 20107594 |
| S&P Global Inc  | 79683 | 42055891 |
| State Street Corp  | 71795 | 9395094 |
| T Rowe Price Group Inc  | 56096 | 5928225 |
|  |  | 526846980 |
| Consumer Finance - 0.6% |  |  |
| American Express Co  | 138110 | 48638199 |
| Capital One Financial Corp  | 163410 | 35775351 |
| Synchrony Financial  | 92579 | 6724013 |
|  |  | 91137563 |
| Financial Services - 3.7% |  |  |
| Apollo Global Management Inc  | 119354 | 16057887 |
| Berkshire Hathaway Inc Class B (b) | 471347 | 226496374 |
| Block Inc Class A (b) | 140773 | 8506912 |
| Corpay Inc (b) | 17982 | 5657677 |
| Fidelity National Information Services Inc  | 133109 | 7354272 |
| Fiserv Inc (b) | 138250 | 8810673 |
| Global Payments Inc  | 60853 | 4365594 |
| Jack Henry & Associates Inc  | 18604 | 3334023 |
| Mastercard Inc Class A  | 210764 | 113557536 |
| PayPal Holdings Inc  | 240502 | 12672050 |
| Visa Inc Class A  | 433792 | 139607279 |
|  |  | 546420277 |
| Insurance - 1.7% |  |  |
| AFLAC Inc  | 121247 | 13452355 |
| Allstate Corp/The  | 67263 | 13384664 |
| American International Group Inc  | 138694 | 10385407 |
| Aon PLC  | 55247 | 19316561 |
| Arch Capital Group Ltd (b) | 92817 | 8914145 |
| Arthur J Gallagher & Co  | 66010 | 16460914 |
| Assurant Inc  | 12873 | 3065447 |
| Brown & Brown Inc  | 75473 | 5441603 |
| Chubb Ltd  | 94078 | 29122786 |
| Cincinnati Financial Corp  | 40103 | 6452172 |
| Erie Indemnity Co Class A  | 6530 | 1848054 |
| Everest Group Ltd  | 10790 | 3574511 |
| Globe Life Inc  | 20462 | 2869182 |
| Hartford Insurance Group Inc/The  | 71625 | 9673673 |
| Loews Corp  | 43559 | 4598524 |
| Marsh & McLennan Cos Inc  | 125927 | 23698202 |
| MetLife Inc  | 142265 | 11221863 |
| Principal Financial Group Inc  | 51388 | 4867471 |
| Progressive Corp/The  | 150729 | 31351632 |
| Prudential Financial Inc  | 89965 | 9996011 |
| Travelers Companies Inc/The  | 57337 | 16312950 |
| W R Berkley Corp  | 77168 | 5292181 |
| Willis Towers Watson PLC  | 24612 | 7813572 |
|  |  | 259113880 |
| TOTAL FINANCIALS |  | 1965499281 |
| Health Care - 9.4% |  |  |
| Biotechnology - 1.7% |  |  |
| AbbVie Inc  | 454292 | 101311659 |
| Amgen Inc  | 138412 | 47320295 |
| Biogen Inc (b) | 37709 | 6783472 |
| Gilead Sciences Inc  | 318907 | 45268849 |
| Incyte Corp (b) | 42389 | 4241867 |
| Moderna Inc (b)(c) | 89375 | 3938756 |
| Regeneron Pharmaceuticals Inc  | 25905 | 19207262 |
| Vertex Pharmaceuticals Inc (b) | 65216 | 30644998 |
|  |  | 258717158 |
| Health Care Equipment & Supplies - 1.9% |  |  |
| Abbott Laboratories  | 446963 | 48853056 |
| Align Technology Inc (b) | 17152 | 2796291 |
| Baxter International Inc  | 132134 | 2651928 |
| Becton Dickinson & Co  | 73675 | 14991389 |
| Boston Scientific Corp (b) | 381050 | 35639607 |
| Cooper Cos Inc/The (b) | 51102 | 4158681 |
| Dexcom Inc (b) | 100250 | 7322260 |
| Edwards Lifesciences Corp (b) | 149161 | 12135739 |
| GE HealthCare Technologies Inc  | 117088 | 9246439 |
| Hologic Inc (b) | 57209 | 4286670 |
| IDEXX Laboratories Inc (b) | 20525 | 13761192 |
| Insulet Corp (b) | 18082 | 4625556 |
| Intuitive Surgical Inc (b) | 91120 | 45944526 |
| Medtronic PLC  | 329686 | 33944471 |
| ResMed Inc  | 37519 | 9691533 |
| Solventum Corp (b) | 37896 | 2916855 |
| STERIS PLC  | 25228 | 6624873 |
| Stryker Corp  | 88469 | 32694604 |
| Zimmer Biomet Holdings Inc  | 50941 | 4435433 |
|  |  | 296721103 |
| Health Care Providers & Services - 1.6% |  |  |
| Cardinal Health Inc  | 61072 | 13123151 |
| Cencora Inc  | 49835 | 17901729 |
| Centene Corp (b) | 120024 | 5199440 |
| Cigna Group/The  | 68663 | 18821215 |
| CVS Health Corp  | 326297 | 24315652 |
| DaVita Inc (b) | 9074 | 992151 |
| Elevance Health Inc  | 57125 | 19750398 |
| HCA Healthcare Inc  | 41059 | 20047878 |
| Henry Schein Inc (b) | 25721 | 1941421 |
| Humana Inc  | 30915 | 6034608 |
| Labcorp Holdings Inc  | 21309 | 5785820 |
| McKesson Corp  | 31726 | 26370968 |
| Molina Healthcare Inc (b) | 13212 | 2372743 |
| Quest Diagnostics Inc  | 28594 | 5347936 |
| UnitedHealth Group Inc  | 232839 | 66808494 |
| Universal Health Services Inc Class B  | 14197 | 2857288 |
|  |  | 237670892 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Agilent Technologies Inc  | 72871 | 9753783 |
| Bio-Techne Corp  | 40051 | 2566869 |
| Charles River Laboratories International Inc (b) | 12650 | 2662572 |
| Danaher Corp  | 161590 | 35370435 |
| IQVIA Holdings Inc (b) | 43774 | 10074586 |
| Mettler-Toledo International Inc (b) | 5251 | 7210883 |
| Revvity Inc  | 29142 | 3170650 |
| Thermo Fisher Scientific Inc  | 96573 | 55878104 |
| Waters Corp (b) | 15303 | 5673128 |
| West Pharmaceutical Services Inc  | 18492 | 4273871 |
|  |  | 136634881 |
| Pharmaceuticals - 3.3% |  |  |
| Bristol-Myers Squibb Co  | 523274 | 28806234 |
| Eli Lilly & Co  | 204123 | 211706169 |
| Johnson & Johnson  | 619290 | 140733653 |
| Merck & Co Inc  | 637984 | 70350496 |
| Pfizer Inc  | 1461466 | 38641161 |
| Viatris Inc  | 296053 | 3875334 |
| Zoetis Inc Class A  | 113277 | 14139235 |
|  |  | 508252282 |
| TOTAL HEALTH CARE |  | 1437996316 |
| Industrials - 8.6% |  |  |
| Aerospace & Defense - 2.4% |  |  |
| Axon Enterprise Inc (b) | 20283 | 9808453 |
| Boeing Co (b) | 201277 | 47042460 |
| GE Aerospace  | 271132 | 83180587 |
| General Dynamics Corp  | 65169 | 22880184 |
| Howmet Aerospace Inc  | 103347 | 21504444 |
| Huntington Ingalls Industries Inc  | 10087 | 4241684 |
| L3Harris Technologies Inc  | 48080 | 16484228 |
| Lockheed Martin Corp  | 52342 | 33196343 |
| Northrop Grumman Corp  | 34484 | 23871894 |
| RTX Corp  | 344635 | 69247511 |
| Textron Inc  | 45297 | 3988854 |
| TransDigm Group Inc  | 14476 | 20665069 |
|  |  | 356111711 |
| Air Freight & Logistics - 0.3% |  |  |
| CH Robinson Worldwide Inc  | 30366 | 5919852 |
| Expeditors International of Washington Inc  | 34449 | 5530442 |
| FedEx Corp  | 55798 | 17980906 |
| United Parcel Service Inc Class B  | 189951 | 20176595 |
|  |  | 49607795 |
| Building Products - 0.5% |  |  |
| A O Smith Corp  | 29141 | 2141571 |
| Allegion plc  | 22114 | 3657434 |
| Builders FirstSource Inc (b) | 28424 | 3251706 |
| Carrier Global Corp  | 203494 | 12124173 |
| Johnson Controls International plc  | 157088 | 18734315 |
| Lennox International Inc  | 8204 | 4061636 |
| Masco Corp  | 53387 | 3528347 |
| Trane Technologies PLC  | 56996 | 23971378 |
|  |  | 71470560 |
| Commercial Services & Supplies - 0.5% |  |  |
| Cintas Corp  | 87802 | 16804425 |
| Copart Inc (b) | 228872 | 9287626 |
| Republic Services Inc  | 51721 | 11124670 |
| Rollins Inc  | 75443 | 4778559 |
| Veralto Corp  | 63823 | 6317200 |
| Waste Management Inc  | 95269 | 21172583 |
|  |  | 69485063 |
| Construction & Engineering - 0.2% |  |  |
| Comfort Systems USA Inc  | 9046 | 10331437 |
| EMCOR Group Inc  | 11507 | 8293440 |
| Quanta Services Inc  | 38329 | 18192093 |
|  |  | 36816970 |
| Electrical Equipment - 0.9% |  |  |
| AMETEK Inc  | 59172 | 13253345 |
| Eaton Corp PLC  | 99835 | 35084016 |
| Emerson Electric Co  | 144406 | 21221906 |
| GE Vernova Inc  | 69741 | 50657770 |
| Generac Holdings Inc (b) | 15084 | 2534715 |
| Hubbell Inc  | 13661 | 6665748 |
| Rockwell Automation Inc  | 28859 | 12168397 |
|  |  | 141585897 |
| Ground Transportation - 0.8% |  |  |
| CSX Corp  | 478647 | 18073711 |
| JB Hunt Transport Services Inc  | 19335 | 3919591 |
| Norfolk Southern Corp  | 57677 | 16797849 |
| Old Dominion Freight Line Inc  | 47297 | 8191840 |
| Uber Technologies Inc (b) | 534090 | 42753905 |
| Union Pacific Corp  | 152467 | 35844992 |
|  |  | 125581888 |
| Industrial Conglomerates - 0.4% |  |  |
| 3M Co  | 136547 | 20913539 |
| Honeywell International Inc  | 163193 | 37129671 |
|  |  | 58043210 |
| Machinery - 1.7% |  |  |
| Caterpillar Inc  | 120291 | 79074493 |
| Cummins Inc  | 35481 | 20537112 |
| Deere & Co  | 64622 | 34120417 |
| Dover Corp  | 35254 | 7103328 |
| Fortive Corp  | 81640 | 4311408 |
| IDEX Corp  | 19239 | 3819903 |
| Illinois Tool Works Inc  | 67857 | 17728320 |
| Ingersoll Rand Inc  | 92419 | 7956352 |
| Nordson Corp  | 13720 | 3766552 |
| Otis Worldwide Corp  | 100173 | 8556778 |
| PACCAR Inc  | 134999 | 16592727 |
| Parker-Hannifin Corp  | 32435 | 30353970 |
| Pentair PLC  | 42063 | 4432178 |
| Snap-on Inc  | 13368 | 4894158 |
| Stanley Black & Decker Inc  | 39812 | 3131612 |
| Westinghouse Air Brake Technologies Corp  | 43943 | 10113042 |
| Xylem Inc/NY  | 62582 | 8628180 |
|  |  | 265120530 |
| Passenger Airlines - 0.2% |  |  |
| Delta Air Lines Inc  | 166727 | 10985643 |
| Southwest Airlines Co  | 132931 | 6316881 |
| United Airlines Holdings Inc (b) | 83214 | 8514456 |
|  |  | 25816980 |
| Professional Services - 0.5% |  |  |
| Automatic Data Processing Inc  | 103960 | 25659407 |
| Broadridge Financial Solutions Inc  | 30004 | 5914088 |
| Dayforce Inc (b) | 41136 | 2849491 |
| Equifax Inc  | 31460 | 6336044 |
| Jacobs Solutions Inc  | 30726 | 4155999 |
| Leidos Holdings Inc  | 32864 | 6187634 |
| Paychex Inc  | 83257 | 8586294 |
| Paycom Software Inc  | 12561 | 1692595 |
| Verisk Analytics Inc  | 35825 | 7790505 |
|  |  | 69172057 |
| Trading Companies & Distributors - 0.2% |  |  |
| Fastenal Co  | 295093 | 12795233 |
| United Rentals Inc  | 16356 | 12791373 |
| WW Grainger Inc  | 11244 | 12142845 |
|  |  | 37729451 |
| TOTAL INDUSTRIALS |  | 1306542112 |
| Information Technology - 33.1% |  |  |
| Communications Equipment - 0.9% |  |  |
| Arista Networks Inc (b) | 265425 | 37621340 |
| Cisco Systems Inc  | 1012932 | 79332835 |
| F5 Inc (b) | 14827 | 4086469 |
| Motorola Solutions Inc  | 42812 | 17233542 |
|  |  | 138274186 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Amphenol Corp Class A  | 314634 | 45332467 |
| CDW Corp/DE  | 33465 | 4229641 |
| Corning Inc  | 200544 | 20706168 |
| Jabil Inc  | 27462 | 6513712 |
| Keysight Technologies Inc (b) | 44174 | 9556161 |
| Teledyne Technologies Inc (b) | 12068 | 7485780 |
| Zebra Technologies Corp Class A (b) | 13022 | 3059910 |
|  |  | 96883839 |
| IT Services - 0.9% |  |  |
| Accenture PLC Class A  | 159402 | 42024743 |
| Akamai Technologies Inc (b) | 36979 | 3592510 |
| Cognizant Technology Solutions Corp Class A  | 124060 | 10180364 |
| EPAM Systems Inc (b) | 14200 | 2962120 |
| Gartner Inc (b) | 18527 | 3883444 |
| GoDaddy Inc Class A (b) | 34737 | 3491763 |
| IBM Corporation  | 240266 | 73689583 |
| VeriSign Inc  | 21445 | 5237512 |
|  |  | 145062039 |
| Semiconductors & Semiconductor Equipment - 14.8% |  |  |
| Advanced Micro Devices Inc (b) | 418475 | 99065587 |
| Analog Devices Inc  | 126453 | 39311709 |
| Applied Materials Inc  | 204770 | 66001466 |
| Broadcom Inc  | 1213846 | 402147180 |
| First Solar Inc (b) | 27583 | 6220518 |
| Intel Corp (b) | 1152525 | 53557837 |
| KLA Corp  | 33773 | 48225818 |
| Lam Research Corp  | 322852 | 75373028 |
| Microchip Technology Inc  | 138918 | 10546655 |
| Micron Technology Inc  | 288521 | 119701592 |
| Monolithic Power Systems Inc  | 12314 | 13842783 |
| NVIDIA Corp  | 6246121 | 1193821107 |
| ON Semiconductor Corp (b) | 103428 | 6194303 |
| Qnity Electronics Inc  | 53833 | 5177657 |
| QUALCOMM Inc  | 275292 | 41731514 |
| Skyworks Solutions Inc  | 38217 | 2130979 |
| Teradyne Inc  | 40255 | 9703468 |
| Texas Instruments Inc  | 233554 | 50342565 |
|  |  | 2243095766 |
| Software - 8.8% |  |  |
| Adobe Inc (b) | 107598 | 31553114 |
| AppLovin Corp Class A (b) | 69578 | 32918048 |
| Autodesk Inc (b) | 54750 | 13844633 |
| Cadence Design Systems Inc (b) | 69967 | 20735420 |
| Crowdstrike Holdings Inc Class A (b) | 64506 | 28473271 |
| Datadog Inc Class A (b) | 83653 | 10818006 |
| Fair Isaac Corp (b) | 6094 | 8916558 |
| Fortinet Inc (b) | 162476 | 13202800 |
| Gen Digital Inc  | 144255 | 3460676 |
| Intuit Inc  | 71665 | 35755102 |
| Microsoft Corp  | 1910434 | 822040646 |
| Oracle Corp  | 432336 | 71153859 |
| Palantir Technologies Inc Class A (b) | 587170 | 86073250 |
| Palo Alto Networks Inc (b) | 175812 | 31113450 |
| PTC Inc (b) | 30792 | 4807555 |
| Roper Technologies Inc  | 27667 | 10270820 |
| Salesforce Inc  | 244704 | 51948212 |
| Servicenow Inc (b) | 266658 | 31201653 |
| Synopsys Inc (b) | 47745 | 22206916 |
| Trimble Inc (b) | 61156 | 4134146 |
| Tyler Technologies Inc (b) | 11060 | 4085563 |
| Workday Inc Class A (b) | 55778 | 9796290 |
|  |  | 1348509988 |
| Technology Hardware, Storage & Peripherals - 7.1% |  |  |
| Apple Inc  | 3798144 | 985542405 |
| Dell Technologies Inc Class C  | 77471 | 8865781 |
| Hewlett Packard Enterprise Co  | 339154 | 7298594 |
| HP Inc  | 240258 | 4670616 |
| NetApp Inc  | 51310 | 4943719 |
| Sandisk Corp/DE  | 35787 | 20622259 |
| Seagate Technology Holdings PLC  | 56002 | 22831455 |
| Super Micro Computer Inc (b)(c) | 128895 | 3752133 |
| Western Digital Corp  | 87882 | 21990713 |
|  |  | 1080517675 |
| TOTAL INFORMATION TECHNOLOGY |  | 5052343493 |
| Materials - 2.0% |  |  |
| Chemicals - 1.0% |  |  |
| Air Products and Chemicals Inc  | 57206 | 15588635 |
| Albemarle Corp  | 30253 | 5162069 |
| CF Industries Holdings Inc  | 40092 | 3737777 |
| Corteva Inc  | 173691 | 12644705 |
| Dow Inc  | 182697 | 5033302 |
| DuPont de Nemours Inc  | 107694 | 4729920 |
| Ecolab Inc  | 65523 | 18476831 |
| International Flavors & Fragrances Inc  | 65827 | 4595383 |
| Linde PLC  | 120026 | 54848282 |
| LyondellBasell Industries NV Class A1  | 66188 | 3243212 |
| Mosaic Co/The  | 81587 | 2243643 |
| PPG Industries Inc  | 57680 | 6669538 |
| Sherwin-Williams Co/The  | 59259 | 21015612 |
|  |  | 157988909 |
| Construction Materials - 0.3% |  |  |
| CRH PLC  | 172288 | 21089774 |
| Martin Marietta Materials Inc  | 15501 | 10105877 |
| Vulcan Materials Co  | 33963 | 10207240 |
|  |  | 41402891 |
| Containers & Packaging - 0.2% |  |  |
| Amcor PLC  | 118669 | 5251103 |
| Avery Dennison Corp  | 19868 | 3685712 |
| Ball Corp  | 68884 | 3917433 |
| International Paper Co  | 135728 | 5472553 |
| Packaging Corp of America  | 22972 | 5112419 |
| Smurfit WestRock PLC  | 134224 | 5587745 |
|  |  | 29026965 |
| Metals & Mining - 0.5% |  |  |
| Freeport-McMoRan Inc  | 369095 | 22230592 |
| Newmont Corp  | 280500 | 31514175 |
| Nucor Corp  | 58826 | 10454557 |
| Steel Dynamics Inc  | 35285 | 6336127 |
|  |  | 70535451 |
| TOTAL MATERIALS |  | 298954216 |
| Real Estate - 1.7% |  |  |
| Health Care REITs - 0.3% |  |  |
| Alexandria Real Estate Equities Inc  | 39981 | 2184562 |
| Healthpeak Properties Inc  | 178632 | 3079616 |
| Ventas Inc  | 120741 | 9377953 |
| Welltower Inc  | 176415 | 33229529 |
|  |  | 47871660 |
| Hotel & Resort REITs - 0.0% |  |  |
| Host Hotels & Resorts Inc  | 164392 | 3046184 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 238758 | 31172244 |
| Office REITs - 0.0% |  |  |
| BXP Inc  | 37882 | 2449829 |
| Real Estate Management & Development - 0.0% |  |  |
| CBRE Group Inc Class A (b) | 75348 | 12834025 |
| CoStar Group Inc (b) | 108940 | 6699810 |
|  |  | 19533835 |
| Residential REITs - 0.2% |  |  |
| AvalonBay Communities Inc  | 36352 | 6458660 |
| Camden Property Trust  | 27348 | 2982299 |
| Equity Residential  | 88996 | 5546231 |
| Essex Property Trust Inc  | 16555 | 4169708 |
| Invitation Homes Inc  | 144967 | 3874968 |
| Mid-America Apartment Communities Inc  | 30095 | 4041759 |
| UDR Inc  | 77303 | 2871806 |
|  |  | 29945431 |
| Retail REITs - 0.3% |  |  |
| Federal Realty Investment Trust  | 20179 | 2041308 |
| Kimco Realty Corp  | 174068 | 3669353 |
| Realty Income Corp  | 236454 | 14461527 |
| Regency Centers Corp  | 42312 | 3083275 |
| Simon Property Group Inc  | 83914 | 16053588 |
|  |  | 39309051 |
| Specialized REITs - 0.7% |  |  |
| American Tower Corp  | 120333 | 21573301 |
| Crown Castle Inc  | 111936 | 9717164 |
| Digital Realty Trust Inc  | 82997 | 13773352 |
| Equinix Inc  | 25238 | 20718631 |
| Extra Space Storage Inc  | 54557 | 7527229 |
| Iron Mountain Inc  | 75979 | 6999945 |
| Public Storage  | 40591 | 11210828 |
| SBA Communications Corp Class A  | 27387 | 5042221 |
| VICI Properties Inc  | 274729 | 7714390 |
| Weyerhaeuser Co  | 185292 | 4776828 |
|  |  | 109053889 |
| TOTAL REAL ESTATE |  | 282382123 |
| Utilities - 2.2% |  |  |
| Electric Utilities - 1.5% |  |  |
| Alliant Energy Corp  | 66074 | 4354937 |
| American Electric Power Co Inc  | 137586 | 16479363 |
| Constellation Energy Corp  | 80272 | 22530745 |
| Duke Energy Corp  | 199892 | 24256894 |
| Edison International  | 98906 | 6159866 |
| Entergy Corp  | 114794 | 11007597 |
| Evergy Inc  | 59175 | 4540498 |
| Eversource Energy  | 96439 | 6666828 |
| Exelon Corp  | 259687 | 11628784 |
| FirstEnergy Corp  | 133636 | 6326328 |
| NextEra Energy Inc  | 535318 | 47054453 |
| NRG Energy Inc  | 49259 | 7518401 |
| PG&E Corp  | 564955 | 8711606 |
| Pinnacle West Capital Corp  | 30765 | 2878373 |
| PPL Corp  | 190144 | 6892720 |
| Southern Co/The  | 283030 | 25277409 |
| Xcel Energy Inc  | 152051 | 11564999 |
|  |  | 223849801 |
| Gas Utilities - 0.0% |  |  |
| Atmos Energy Corp  | 41261 | 6863355 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 183045 | 2681609 |
| Vistra Corp  | 81867 | 12963640 |
|  |  | 15645249 |
| Multi-Utilities - 0.6% |  |  |
| Ameren Corp  | 69529 | 7180955 |
| CenterPoint Energy Inc  | 167815 | 6660577 |
| CMS Energy Corp  | 78223 | 5592162 |
| Consolidated Edison Inc  | 92776 | 9892705 |
| Dominion Energy Inc  | 219491 | 13206773 |
| DTE Energy Co  | 53383 | 7173608 |
| NiSource Inc  | 122660 | 5432611 |
| Public Service Enterprise Group Inc  | 128303 | 10567035 |
| Sempra  | 167767 | 14597408 |
| WEC Energy Group Inc  | 83614 | 9253561 |
|  |  | 89557395 |
| Water Utilities - 0.0% |  |  |
| American Water Works Co Inc  | 50155 | 6476515 |
| TOTAL UTILITIES |  | 342392315 |
| TOTAL UNITED STATES |  | 15198363725 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,906,423,218) |  | <br> **15229839348** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 2/12/2026 (e)<br>(Cost $2,701,874)<br>| 3.82 | 2705000 | **2702300** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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) | 3.70 | 28498376 | 28504076 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 10493698 | 10494747 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $38,998,823) |  |  | **38998823** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $4,948,123,915)<br>| <br>**15271540471** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **8354152** |
| **NET ASSETS - 100.0%** | **15279894623** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 133 | 3/2026 | 46322238 | 597178 |
| The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures 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 $2,497,505.

(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 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 | 23955548 | 505957675 | 501406674 | 684153 | (2473) | - | 28504076 | 28498376 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 11712999 | 48493869 | 49712519 | 286181 | 398 | - | 10494747 | 10493698 | 0.0% |
| Total | 35668547 | 554451544 | 551119193 | 970334 | (2075) | - | 38998823 |  |  |

---

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 January 31, 2026, 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 | 1677767264 | 1677767264 | - | - |
| Consumer Discretionary | 1589888531 | 1589888531 | - | - |
| Consumer Staples | 761305271 | 761305271 | - | - |
| Energy | 483292803 | 483292803 | - | - |
| Financials | 1965499281 | 1965499281 | - | - |
| Health Care | 1437996316 | 1437996316 | - | - |
| Industrials | 1306542112 | 1306542112 | - | - |
| Information Technology | 5083819116 | 5083819116 | - | - |
| Materials | 298954216 | 298954216 | - | - |
| Real Estate | 282382123 | 282382123 | - | - |
| Utilities | 342392315 | 342392315 | - | - |
|  **U.S. Treasury Obligations** | 2702300 | - | 2702300 | - |
|  **Money Market Funds** | 38998823 | 38998823 | - | - |
| **Total Investments in Securities:** | 15271540471 | 15268838171 | 2702300 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 597178 | 597178 | - | - |
| Total Assets | 597178 | 597178 | - | - |
| **Total Derivative Instruments:** | 597178 | 597178 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 597178 | - |
| **Total Equity Risk**  | 597178 | - |
| **Total Value of Derivatives** | 597178 | - |

---

(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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $13,310,844) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,909,125,092) | $15232541648 |  |
| Fidelity Central Funds (cost $38,998,823) | 38998823 |  |
| Total Investment in Securities (cost $4,948,123,915) |  | $15271540471 |
| Cash |  | 11475 |
| Receivable for fund shares sold |  | 59534772 |
| Dividends receivable |  | 9176342 |
| Distributions receivable from Fidelity Central Funds |  | 78347 |
| Prepaid expenses |  | 8480 |
| Receivable from investment adviser for expense reductions |  | 28343 |
| Other receivables |  | 24967 |
| **Total assets** |  | 15340403197 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $45967416 |  |
| Payable for fund shares redeemed | 3628847 |  |
| Accrued management fee | 188582 |  |
| Payable for daily variation margin on futures contracts | 147079 |  |
| Other payables and accrued expenses | 52125 |  |
| Collateral on securities loaned | 10524525 |  |
| **Total liabilities** |  | 60508574 |
| **Net Assets**  |  | $15279894623 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5029571515 |
| Total accumulated earnings (loss) |  | 10250323108 |
| **Net Assets** |  | $15279894623 |
| **Net Asset Value**, offering price and redemption price per share ($15,279,894,623 ÷ 553,099,262 shares) |  | $27.63 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $87216148 |
| Interest  |  | 60987 |
| Income from Fidelity Central Funds (including $286,181 from security lending)  |  | 970334 |
| **Total income** |  | 88247469 |
| **Expenses** |  |  |
| Management fee | $1103407 |  |
| Custodian fees and expenses | 54919 |  |
| Independent trustees' fees and expenses | 16907 |  |
| Registration fees | 53133 |  |
| Audit fees | 28137 |  |
| Legal | 11636 |  |
| Miscellaneous | 21734 |  |
| Total expenses before reductions | 1289873 |  |
| Expense reductions | (170542) |  |
| Total expenses after reductions |  | 1119331 |
| **Net Investment income (loss)** |  | 87128138 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 58060615 |  |
| Fidelity Central Funds | (2075) |  |
| Futures contracts | 4725348 |  |
| Total net realized gain (loss) |  | 62783888 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1261870824 |  |
| Futures contracts | 179346 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1262050170 |
| **Net gain (loss)** |  | 1324834058 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1411962196 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $87128138 | $188593624 |
| &nbsp;&nbsp;Net realized gain (loss) | 62783888<br>| 641821156<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1262050170 | 1117354998<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1411962196<br>| 1947769778<br>|
| Distributions to shareholders | (83578401)<br>| (891382777)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1634280671 | 11117313962 |
| Reinvestment of distributions | 79038853<br>| 859575873<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1862882187) | (13843254587) |
| **Net increase (decrease) in net assets resulting from share transactions** | (149562663)<br>| (1866364752)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1178821132<br>| (809977751)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 14101073491 | 14911051242<br>|
| &nbsp;&nbsp;End of period | $15279894623 | $14101073491 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 61114074 | 463726803 |
| Issued in reinvestment of distributions | 2918437<br>| 36760944<br>|
| &nbsp;&nbsp;Redeemed | (69876626) | (589271914) |
| &nbsp;&nbsp;Net increase (decrease) | (5844115) | (88784167) |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.23 | $23.02 | $20.27 | $19.87 | $23.16 | $17.68 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .31  | .30  | .30  | .30  | .31  |
| Net realized and unrealized gain (loss)  | 2.39  | 3.32  | 3.84  | 1.99  | (1.23)  | 5.94  |
| Total from investment operations  | 2.55  | 3.63  | 4.14  | 2.29  | (.93)  | 6.25  |
| Distributions from net investment income  | (.15)  | (.30)  | (.32)  | (.33)  | (.34)  | (.35)  |
| Distributions from net realized gain  | -  | (1.12)  | (1.07)  | (1.56)  | (2.02)  | (.42)  |
| Total distributions  | (.15)  | (1.42)  | (1.39)  | (1.89)  | (2.36)  | (.77)  |
| Net asset value, end of period  | $27.63 | $25.23 | $23.02 | $20.27 | $19.87 | $23.16 |
| **Total Return** C,D | 10.13% <br>| 16.32%  | 22.14%  | 12.98%  | (4.68)%  | 36.43%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .02% G | .02%  | .02%  | .03%  | .02%  | .02%  |
| Expenses net of fee waivers, if any  | .02% G<br>| .02%  | .02%  | .03%  | .02%  | .02%  |
| Expenses net of all reductions, if any  | .02% G | .02%  | .02%  | .03%  | .02%  | .02%  |
| Net investment income (loss)  | 1.18% G | 1.31%  | 1.48%  | 1.66%  | 1.43%  | 1.52%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15279895 | $14101073 | $14911051 | $10170243 | $12126586 | $13967770 |
| Portfolio turnover rate H | 14% G<br>| 64%  | 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 for periods of less than one year are not annualized.*

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*Annualized.*

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** **(Unaudited)**

For the period ended January 31, 2026

**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. The Fund may operate as a non-diversified fund, as defined under the 1940 Act, to the approximate extent the Index is non-diversified.

**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 January 31, 2026 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. 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 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** | $10430594976 |
| **Gross unrealized depreciation** | <u>(169946760)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$10260648216</u> |
| **Tax cost** | <u>$5011489433</u> |

---

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

**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.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI U.S. Large Cap Index Fund** | 1036444944 | 1185692206 |

---

**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 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** | 3735323 | 585222 | (122001) |

---

**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** | 11968 |

---

**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** | 5656 | - | - |

---

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** | 3104098 |

---

**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 $169,637.

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 $905.

**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** | 20% |

---

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** | 27% |

---

**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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

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

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

The Board concluded, taking into account the analysis of the Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img125806_4.jpg)<br>

1.9870994.109 SV9-SANN-0426

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

**(formerly Fidelity® SAI Small-Mid Cap 500 Index Fund)**

**Semi-Annual Report**

**January 31, 2026**

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.

![](img125807_1.jpg)

![](img125807_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SV3-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Small-Mid Cap Momentum Index Fund](#Sub_Sec_Fund_2786_SV3-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2786_SV3-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SV3-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SV3-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SV3-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SV3-SANN)** |

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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.© 2026 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 (Semi-Annual Report)**

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

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.6%  |  |  |
| Materials - 1.6% |  |  |
| Metals & Mining - 1.6% |  |  |
| Anglogold Ashanti Plc  | 344599 | 32002909 |
| CANADA - 0.9%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Teekay Tankers Ltd Class A  | 34250 | 2209810 |
| Information Technology - 0.8% |  |  |
| Software - 0.8% |  |  |
| D-Wave Quantum Inc (b)(c) | 380475 | 8073680 |
| Hut 8 Corp (United States) (b) | 133161 | 7434378 |
| TOTAL INFORMATION TECHNOLOGY |  | 15508058 |
| TOTAL CANADA |  | 17717868 |
| PUERTO RICO - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Popular Inc  | 95823 | 12795245 |
| SWEDEN - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.6% |  |  |
| Autoliv Inc  | 100189 | 12146914 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Garrett Motion Inc  | 194347 | 3506020 |
| THAILAND - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Fabrinet (b) | 51297 | 25106804 |
| UNITED KINGDOM - 1.1%  |  |  |
| Energy - 1.1% |  |  |
| Energy Equipment & Services - 1.1% |  |  |
| TechnipFMC PLC  | 409030 | 22791152 |
| UNITED STATES - 93.5%  |  |  |
| Communication Services - 2.2% |  |  |
| Entertainment - 2.0% |  |  |
| Roku Inc Class A (b) | 184679 | 17581441 |
| Sphere Entertainment Co Class A (b)(c) | 38788 | 3704642 |
| TKO Group Holdings Inc Class A  | 94999 | 19244897 |
|  |  | 40530980 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Telephone and Data Systems Inc  | 128270 | 5788825 |
| TOTAL COMMUNICATION SERVICES |  | 46319805 |
| Consumer Discretionary - 9.4% |  |  |
| Automobile Components - 0.7% |  |  |
| BorgWarner Inc  | 306815 | 14546100 |
| Cooper-Standard Holdings Inc (b) | 25001 | 784281 |
|  |  | 15330381 |
| Broadline Retail - 0.6% |  |  |
| Dillard's Inc Class A (c) | 4328 | 2629520 |
| Kohl's Corp (c) | 160403 | 2802240 |
| Macy's Inc  | 388747 | 7782715 |
|  |  | 13214475 |
| Diversified Consumer Services - 0.8% |  |  |
| American Public Education Inc (b)(c) | 25567 | 1068189 |
| Graham Holdings Co Class B  | 4629 | 5400330 |
| Laureate Education Inc (b) | 191983 | 6585017 |
| Perdoceo Education Corp  | 86568 | 2772773 |
|  |  | 15826309 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Rush Street Interactive Inc Class A (b) | 66208 | 1169895 |
| Viking Holdings Ltd (b) | 115563 | 8337871 |
|  |  | 9507766 |
| Household Durables - 1.2% |  |  |
| Somnigroup International Inc  | 273298 | 24009229 |
| Leisure Products - 0.8% |  |  |
| Hasbro Inc  | 188889 | 16869677 |
| Specialty Retail - 2.4% |  |  |
| AutoNation Inc (b) | 35264 | 7228415 |
| Five Below Inc (b) | 78823 | 15105640 |
| National Vision Holdings Inc (b) | 112036 | 2952149 |
| RealReal Inc/The (b) | 138581 | 2032983 |
| Signet Jewelers Ltd  | 58912 | 5435810 |
| Wayfair Inc Class A (b) | 150326 | 15557238 |
| Zumiez Inc (b) | 19844 | 488360 |
|  |  | 48800595 |
| Textiles, Apparel & Luxury Goods - 2.4% |  |  |
| Figs Inc Class A (b) | 221890 | 2398630 |
| Ralph Lauren Corp Class A  | 55394 | 19576794 |
| Tapestry Inc  | 208567 | 26469238 |
|  |  | 48444662 |
| TOTAL CONSUMER DISCRETIONARY |  | 192003094 |
| Consumer Staples - 2.3% |  |  |
| Beverages - 0.7% |  |  |
| Celsius Holdings Inc (b) | 226753 | 11899998 |
| Vita Coco Co Inc/The (b) | 53452 | 2851664 |
|  |  | 14751662 |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| Casey's General Stores Inc  | 45085 | 27344053 |
| United Natural Foods Inc (b) | 72146 | 2685995 |
|  |  | 30030048 |
| Food Products - 0.0% |  |  |
| Seneca Foods Corp Class A (b) | 6500 | 775644 |
| Tootsie Roll Industries Inc Class A  | 27861 | 1055375 |
|  |  | 1831019 |
| Tobacco - 0.1% |  |  |
| Turning Point Brands Inc  | 19238 | 2330684 |
| TOTAL CONSUMER STAPLES |  | 48943413 |
| Energy - 3.1% |  |  |
| Oil, Gas & Consumable Fuels - 3.1% |  |  |
| Antero Midstream Corp  | 474912 | 8937844 |
| Centrus Energy Corp Class A (b)(c) | 21276 | 5920685 |
| Delek US Holdings Inc  | 86116 | 2541283 |
| DT Midstream Inc  | 119423 | 15049687 |
| HF Sinclair Corp  | 225467 | 11722029 |
| International Seaways Inc  | 57953 | 3456896 |
| Par Pacific Holdings Inc (b) | 72749 | 2745547 |
| REX American Resources Corp (b) | 40554 | 1371131 |
| Uranium Energy Corp (b)(c) | 630024 | 10861614 |
| TOTAL ENERGY |  | 62606716 |
| Financials - 10.7% |  |  |
| Banks - 1.0% |  |  |
| Axos Financial Inc (b) | 77076 | 7629754 |
| Bank First Corp  | 12650 | 1765181 |
| Coastal Financial Corp/WA Class A (b) | 17249 | 1652109 |
| Esquire Financial Holdings Inc  | 9443 | 1006907 |
| Hanmi Financial Corp  | 42347 | 1125160 |
| Texas Capital Bancshares Inc (b) | 64166 | 6491674 |
|  |  | 19670785 |
| Capital Markets - 2.3% |  |  |
| Acadian Asset Management Inc  | 37574 | 2082351 |
| Affiliated Managers Group Inc  | 40676 | 12735249 |
| Federated Hermes Inc Class B  | 104799 | 5583691 |
| Janus Henderson Group PLC  | 170193 | 8191389 |
| Oppenheimer Holdings Inc Class A  | 7527 | 632494 |
| PJT Partners Inc Class A  | 31982 | 5533845 |
| StepStone Group Inc Class A  | 90903 | 6425933 |
| StoneX Group Inc (b) | 58989 | 6622105 |
|  |  | 47807057 |
| Consumer Finance - 2.1% |  |  |
| Bread Financial Holdings Inc  | 23067 | 1673280 |
| Dave Inc Class A (b) | 11062 | 1810739 |
| Enova International Inc (b) | 35465 | 5857754 |
| EZCORP Inc Class A (b) | 82929 | 1778827 |
| FirstCash Holdings Inc  | 55893 | 9529757 |
| SoFi Technologies Inc Class A (b) | 984241 | 22450537 |
|  |  | 43100894 |
| Financial Services - 2.0% |  |  |
| Affirm Holdings Inc Class A (b) | 316331 | 19074759 |
| Jackson Financial Inc  | 96825 | 11514429 |
| Marqeta Inc Class A (b) | 550898 | 2275209 |
| MGIC Investment Corp  | 326849 | 8798775 |
|  |  | 41663172 |
| Insurance - 3.3% |  |  |
| American Integrity Insurance Group Inc  | 9713 | 181535 |
| CNO Financial Group Inc  | 3758 | 158023 |
| Globe Life Inc  | 103835 | 14559744 |
| Hanover Insurance Group Inc/The  | 49152 | 8559329 |
| HCI Group Inc  | 15377 | 2439869 |
| Heritage Insurance Holdings Inc (b) | 31909 | 831868 |
| Horace Mann Educators Corp (c) | 57701 | 2585582 |
| Lemonade Inc (b)(c) | 89911 | 7797981 |
| Loews Corp  | 229449 | 24222931 |
| Mercury General Corp  | 38063 | 3333938 |
| United Fire Group Inc  | 31386 | 1128013 |
| Universal Insurance Holdings Inc  | 36488 | 1111060 |
|  |  | 66909873 |
| TOTAL FINANCIALS |  | 219151781 |
| Health Care - 11.6% |  |  |
| Biotechnology - 4.5% |  |  |
| 4D Molecular Therapeutics Inc (b)(c) | 50814 | 450212 |
| ACADIA Pharmaceuticals Inc (b) | 177015 | 4448387 |
| Arcutis Biotherapeutics Inc (b) | 156211 | 3963073 |
| Bridgebio Pharma Inc (b) | 240843 | 18609939 |
| Enanta Pharmaceuticals Inc (b) | 28463 | 367173 |
| Ideaya Biosciences Inc (b) | 125474 | 4039008 |
| Ionis Pharmaceuticals Inc (b) | 228190 | 18864467 |
| Keros Therapeutics Inc (b) | 50587 | 906013 |
| Mirum Pharmaceuticals Inc (b)(c) | 61258 | 6323051 |
| Protagonist Therapeutics Inc (b) | 83720 | 6848296 |
| PTC Therapeutics Inc (b) | 105075 | 7936315 |
| Roivant Sciences Ltd (b) | 615912 | 13316017 |
| Travere Therapeutics Inc (b) | 127615 | 3967550 |
| Upstream Bio Inc (b) | 48622 | 1511172 |
|  |  | 91550673 |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Artivion Inc (b) | 59444 | 2423532 |
| iRhythm Technologies Inc (b) | 45996 | 7106842 |
|  |  | 9530374 |
| Health Care Providers & Services - 3.4% |  |  |
| BrightSpring Health Services Inc (b) | 139487 | 5477654 |
| Encompass Health Corp  | 38622 | 3650938 |
| Ensign Group Inc/The  | 82017 | 14079038 |
| Fulgent Genetics Inc (b) | 28922 | 757756 |
| GeneDx Holdings Corp Class A (b) | 22284 | 2145058 |
| Guardant Health Inc (b) | 175576 | 20022687 |
| Tenet Healthcare Corp (b) | 121083 | 22918591 |
|  |  | 69051722 |
| Health Care Technology - 0.0% |  |  |
| OptimizeRx Corp (b)(c) | 23427 | 252074 |
| Life Sciences Tools & Services - 1.0% |  |  |
| Adaptive Biotechnologies Corp (b) | 167861 | 3105429 |
| Medpace Holdings Inc (b) | 31773 | 18507137 |
|  |  | 21612566 |
| Pharmaceuticals - 2.3% |  |  |
| Amneal Intermediate Inc Class A (b) | 242809 | 3321627 |
| Amylyx Pharmaceuticals Inc (b) | 116059 | 1658483 |
| ANI Pharmaceuticals Inc (b) | 15010 | 1228569 |
| Elanco Animal Health Inc (b) | 711258 | 17127093 |
| Fulcrum Therapeutics Inc (b) | 51885 | 556725 |
| Lexicon Pharmaceuticals Inc (b) | 262777 | 304820 |
| Ligand Pharmaceuticals Inc (b) | 28056 | 5389558 |
| Liquidia Corp (b)(c) | 97368 | 4127430 |
| Phibro Animal Health Corp Class A  | 29160 | 1170774 |
| Supernus Pharmaceuticals Inc (b) | 79504 | 3828913 |
| Tarsus Pharmaceuticals Inc (b) | 55600 | 3588424 |
| Theravance Biopharma Inc (b) | 52632 | 996850 |
| Trevi Therapeutics Inc (b) | 141216 | 1478532 |
| Xeris Biopharma Holdings Inc (b) | 228956 | 1685116 |
|  |  | 46462914 |
| TOTAL HEALTH CARE |  | 238460323 |
| Industrials - 27.4% |  |  |
| Aerospace & Defense - 8.5% |  |  |
| Astronics Corp (b) | 44487 | 3369890 |
| Carpenter Technology Corp  | 70547 | 22421953 |
| Curtiss-Wright Corp  | 45317 | 29759221 |
| Huntington Ingalls Industries Inc  | 56179 | 23623831 |
| Kratos Defense & Security Solutions Inc (b) | 239327 | 24653074 |
| Mercury Systems Inc (b) | 74758 | 7018281 |
| Rocket Lab Corp  | 392751 | 31447574 |
| VSE Corp  | 25486 | 5570475 |
| Woodward Inc  | 80132 | 25469155 |
|  |  | 173333454 |
| Building Products - 0.5% |  |  |
| Armstrong World Industries Inc  | 52094 | 9571752 |
| Commercial Services & Supplies - 1.5% |  |  |
| Healthcare Services Group Inc (b) | 102671 | 1932268 |
| OPENLANE Inc (b) | 150724 | 4527749 |
| Rollins Inc  | 387768 | 24561225 |
|  |  | 31021242 |
| Construction & Engineering - 6.7% |  |  |
| API Group Corp (b) | 517891 | 21528729 |
| Argan Inc  | 18363 | 6373981 |
| Comfort Systems USA Inc  | 30474 | 34804355 |
| Dycom Industries Inc (b) | 40786 | 14862011 |
| IES Holdings Inc (b) | 7557 | 2873852 |
| MasTec Inc (b) | 86886 | 20894345 |
| MYR Group Inc (b) | 21999 | 5500630 |
| Primoris Services Corp  | 76583 | 11353430 |
| Sterling Infrastructure Inc (b) | 43550 | 15586981 |
| Tutor Perini Corp  | 56579 | 4463517 |
|  |  | 138241831 |
| Electrical Equipment - 2.8% |  |  |
| Allient Inc  | 21145 | 1290056 |
| American Superconductor Corp (b) | 26010 | 778219 |
| Bloom Energy Corp Class A (b) | 40408 | 6116559 |
| Nextpower Inc Class A (b) | 203668 | 23847486 |
| nVent Electric PLC  | 230418 | 25866725 |
|  |  | 57899045 |
| Machinery - 5.7% |  |  |
| Atmus Filtration Technologies Inc  | 112548 | 6524408 |
| Donaldson Co Inc  | 166814 | 17005019 |
| Enpro Inc  | 29852 | 7128061 |
| ESCO Technologies Inc  | 36598 | 8350566 |
| ITT Inc  | 100964 | 18405737 |
| Mueller Industries Inc  | 158484 | 21576012 |
| RBC Bearings Inc (b) | 44563 | 22266794 |
| REV Group Inc  | 69187 | 4421048 |
| Watts Water Technologies Inc Class A  | 38871 | 11634479 |
|  |  | 117312124 |
| Professional Services - 0.1% |  |  |
| Resolute Holdings Management Inc  | 5198 | 1060184 |
| Trading Companies & Distributors - 1.6% |  |  |
| Air Lease Corp Class A  | 147299 | 9519934 |
| FTAI Aviation Ltd  | 82891 | 22572878 |
| NPK International Inc (b) | 120877 | 1669311 |
|  |  | 33762123 |
| TOTAL INDUSTRIALS |  | 562201755 |
| Information Technology - 16.6% |  |  |
| Communications Equipment - 3.8% |  |  |
| Calix Inc (b) | 84259 | 3763850 |
| Ciena Corp (b) | 121867 | 30687329 |
| Lumentum Holdings Inc (b) | 71627 | 28066324 |
| Netgear Inc (b) | 40793 | 852981 |
| Viasat Inc (b) | 192216 | 8682397 |
| Vistance Networks Inc (b) | 299411 | 5389398 |
|  |  | 77442279 |
| Electronic Equipment, Instruments & Components - 4.9% |  |  |
| 908 Devices Inc (b) | 38549 | 243244 |
| Advanced Energy Industries Inc  | 53908 | 13765947 |
| Bel Fuse Inc Class B  | 15101 | 3038170 |
| Evolv Technologies Holdings Inc Class A (b) | 194974 | 1206889 |
| Flex Ltd (b) | 418287 | 26368813 |
| Lightwave Logic Inc (b)(c) | 183528 | 605642 |
| nLight Inc (b) | 71437 | 3258242 |
| OSI Systems Inc (b) | 22594 | 5651663 |
| Ouster Inc Class A (b)(c) | 67639 | 1408920 |
| Sanmina Corp (b) | 76283 | 10807775 |
| TD SYNNEX Corp  | 108741 | 17253935 |
| TTM Technologies Inc (b) | 147907 | 14524468 |
|  |  | 98133708 |
| Semiconductors & Semiconductor Equipment - 3.1% |  |  |
| Ambarella Inc (b) | 56502 | 3618388 |
| Credo Technology Group Holding Ltd (b) | 175534 | 21990900 |
| Impinj Inc (b)(c) | 36708 | 5069375 |
| MACOM Technology Solutions Holdings Inc (b) | 26060 | 5708704 |
| Rambus Inc (b) | 152553 | 17365108 |
| SiTime Corp (b) | 21472 | 7796698 |
| SolarEdge Technologies Inc (b) | 85003 | 2630842 |
|  |  | 64180015 |
| Software - 1.3% |  |  |
| Guidewire Software Inc (b) | 101829 | 14333450 |
| InterDigital Inc  | 36939 | 12058367 |
| Red Violet Inc  | 16416 | 746600 |
| Telos Corp (b) | 75250 | 410864 |
|  |  | 27549281 |
| Technology Hardware, Storage & Peripherals - 3.5% |  |  |
| Diebold Nixdorf Inc (b) | 51942 | 3584517 |
| Sandisk Corp/DE  | 119709 | 68982312 |
|  |  | 72566829 |
| TOTAL INFORMATION TECHNOLOGY |  | 339872112 |
| Materials - 5.6% |  |  |
| Chemicals - 2.0% |  |  |
| Albemarle Corp  | 168273 | 28712422 |
| NewMarket Corp  | 11059 | 7418267 |
| Perimeter Solutions Inc (b) | 199183 | 5208635 |
|  |  | 41339324 |
| Containers & Packaging - 0.1% |  |  |
| Myers Industries Inc  | 53558 | 1107044 |
| TriMas Corp  | 45523 | 1582835 |
|  |  | 2689879 |
| Metals & Mining - 3.5% |  |  |
| Coeur Mining Inc (b) | 911282 | 18626604 |
| Commercial Metals Co  | 158702 | 12199423 |
| Contango ORE Inc (b)(c) | 12939 | 366821 |
| Hecla Mining Co  | 946618 | 21317837 |
| Idaho Strategic Resources Inc (b)(c) | 18921 | 682291 |
| MP Materials Corp (b)(c) | 171422 | 10074471 |
| Warrior Met Coal Inc  | 75260 | 6720718 |
|  |  | 69988165 |
| TOTAL MATERIALS |  | 114017368 |
| Real Estate - 1.4% |  |  |
| Health Care REITs - 1.2% |  |  |
| American Healthcare REIT Inc  | 239679 | 11243342 |
| CareTrust REIT Inc  | 312354 | 11663298 |
| Diversified Healthcare Trust  | 311055 | 1807230 |
|  |  | 24713870 |
| Specialized REITs - 0.2% |  |  |
| Millrose Properties Inc Class A  | 170517 | 5081406 |
| TOTAL REAL ESTATE |  | 29795276 |
| Utilities - 3.2% |  |  |
| Electric Utilities - 0.9% |  |  |
| IDACORP Inc  | 76611 | 10173175 |
| TXNM Energy Inc  | 131318 | 7737256 |
|  |  | 17910431 |
| Gas Utilities - 0.6% |  |  |
| ONE Gas Inc  | 85895 | 6833806 |
| Spire Inc  | 84502 | 7139574 |
|  |  | 13973380 |
| Independent Power and Renewable Electricity Producers - 1.7% |  |  |
| Hallador Energy Co (b) | 46289 | 855884 |
| Ormat Technologies Inc  | 86933 | 10861409 |
| Talen Energy Corp (b) | 63861 | 22246618 |
|  |  | 33963911 |
| TOTAL UTILITIES |  | 65847722 |
| TOTAL UNITED STATES |  | 1919219365 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,986,172,769) |  | <br> **2045286277** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 2/12/2026 (e)<br>(Cost $77,910)<br>| 3.82 | 78000 | **77922** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 4889261 | 4890239 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 40141196 | 40145210 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $45,035,449) |  |  | **45035449** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.8%**<br> (Cost $2,031,286,128)<br>| <br>**2090399648** |
| **NET OTHER ASSETS (LIABILITIES) - (1.8)%**  | **(37861821)** |
| **NET ASSETS - 100.0%** | **2052537827** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 9 | 3/2026 | 3102750 | 56681 |
| The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures 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 $77,922.

(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 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 | 424468 | 67378966 | 62912924 | 38769 | (271) | - | 4890239 | 4889261 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 6362480 | 78209471 | 44427215 | 65866 | 474 | - | 40145210 | 40141196 | 0.1% |
| Total | 6786948 | 145588437 | 107340139 | 104635 | 203 | - | 45035449 |  |  |

---

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 January 31, 2026, 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 | 46319805 | 46319805 | - | - |
| Consumer Discretionary | 207656028 | 207656028 | - | - |
| Consumer Staples | 48943413 | 48943413 | - | - |
| Energy | 87607678 | 87607678 | - | - |
| Financials | 231947026 | 231947026 | - | - |
| Health Care | 238460323 | 238460323 | - | - |
| Industrials | 562201755 | 562201755 | - | - |
| Information Technology | 380486974 | 380486974 | - | - |
| Materials | 146020277 | 146020277 | - | - |
| Real Estate | 29795276 | 29795276 | - | - |
| Utilities | 65847722 | 65847722 | - | - |
|  **U.S. Treasury Obligations** | 77922 | - | 77922 | - |
|  **Money Market Funds** | 45035449 | 45035449 | - | - |
| **Total Investments in Securities:** | 2090399648 | 2090321726 | 77922 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 56681 | 56681 | - | - |
| Total Assets | 56681 | 56681 | - | - |
| **Total Derivative Instruments:** | 56681 | 56681 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 56681 | - |
| **Total Equity Risk**  | 56681 | - |
| **Total Value of Derivatives** | 56681 | - |

---

(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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $37,052,609) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,986,250,679) | $2045364199 |  |
| Fidelity Central Funds (cost $45,035,449) | 45035449 |  |
| Total Investment in Securities (cost $2,031,286,128) |  | $2090399648 |
| Segregated cash with brokers for derivative instruments |  | 106431 |
| Cash |  | 1236663 |
| Receivable for fund shares sold |  | 53028221 |
| Dividends receivable |  | 265008 |
| Distributions receivable from Fidelity Central Funds |  | 18456 |
| Prepaid expenses |  | 143 |
| Receivable from investment adviser for expense reductions |  | 90338 |
| Other receivables |  | 24988 |
| **Total assets** |  | 2145169896 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $52213143 |  |
| Payable for fund shares redeemed | 74986 |  |
| Accrued management fee | 119559 |  |
| Payable for daily variation margin on futures contracts | 41404 |  |
| Other payables and accrued expenses | 38241 |  |
| Collateral on securities loaned | 40144736 |  |
| **Total liabilities** |  | 92632069 |
| **Net Assets**  |  | $2052537827 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1924562401 |
| Total accumulated earnings (loss) |  | 127975426 |
| **Net Assets** |  | $2052537827 |
| **Net Asset Value**, offering price and redemption price per share ($2,052,537,827 ÷ 429,374,869 shares) |  | $4.78 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $1887717 |
| Interest  |  | 2648 |
| Income from Fidelity Central Funds (including $65,866 from security lending)  |  | 104635 |
| **Total income** |  | 1995000 |
| **Expenses** |  |  |
| Management fee | $233479 |  |
| Custodian fees and expenses | 11822 |  |
| Independent trustees' fees and expenses | 292 |  |
| Registration fees | 32304 |  |
| Audit fees | 27897 |  |
| Legal | 3303 |  |
| Miscellaneous | 266 |  |
| Total expenses before reductions | 309363 |  |
| Expense reductions | (206777) |  |
| Total expenses after reductions |  | 102586 |
| **Net Investment income (loss)** |  | 1892414 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 70433524 |  |
| Fidelity Central Funds | 203 |  |
| Foreign currency transactions | 27 |  |
| Futures contracts | 38933 |  |
| Total net realized gain (loss) |  | 70472687 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (23995140) |  |
| Assets and liabilities in foreign currencies | 233 |  |
| Futures contracts | 29898 |  |
| Total change in net unrealized appreciation (depreciation) |  | (23965009) |
| **Net gain (loss)** |  | 46507678 |
| **Net increase (decrease) in net assets resulting from operations** |  | $48400092 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1892414 | $13665111 |
| &nbsp;&nbsp;Net realized gain (loss) | 70472687<br>| 226643253<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (23965009) | (229619370)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 48400092<br>| 10688994<br>|
| Distributions to shareholders | (82797660)<br>| (88229190)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1807453779 | 1891549 |
| Reinvestment of distributions | 82726957<br>| 88200889<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (13628036) | (1536629181) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1876552700<br>| (1446536743)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1842155132<br>| (1524076939)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 210382695 | 1734459634<br>|
| &nbsp;&nbsp;End of period | $2052537827 | $210382695 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 382032832 | 319036 |
| Issued in reinvestment of distributions | 18497959<br>| 13940801<br>|
| &nbsp;&nbsp;Redeemed | (2805678) | (243876896) |
| &nbsp;&nbsp;Net increase (decrease) | 397725113 | (229617059) |

---

**Financial Highlights** 

**Fidelity® SAI Small-Mid Cap Momentum Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $6.65 | $6.64 | $6.07 | $9.84 | $16.46 | $12.19 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .02  | .09  | .09  | .10  | .16  | .20  |
| Net realized and unrealized gain (loss)  | .70  | .40 C | .62  | .38  | (1.07)  | 5.09  |
| Total from investment operations  | .72  | .49  | .71  | .48  | (.91)  | 5.29  |
| Distributions from net investment income  | (.18)  | (.12)  | (.09)  | (.11)  | (.22)  | (.17)  |
| Distributions from net realized gain  | (2.41)  | (.36)  | (.05)  | (4.15)  | (5.48)  | (.85)  |
| Total distributions  | (2.59)  | (.48)  | (.14)  | (4.25) D | (5.71) D | (1.02)  |
| Net asset value, end of period  | $4.78 | $6.65 | $6.64 | $6.07 | $9.84 | $16.46 |
| **Total Return** E,F | 13.97% <br>| 7.91%  | 12.18%  | 8.32%  | (8.94)%  | 46.99%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .15% I | .13%  | .12%  | .15%  | .14%  | .13%  |
| Expenses net of fee waivers, if any  | .05% I<br>| .05%  | .05%  | .06%  | .05%  | .05%  |
| Expenses net of all reductions, if any  | .05% I | .05%  | .05%  | .06%  | .05%  | .05%  |
| Net investment income (loss)  | .90% I | 1.44%  | 1.53%  | 1.77%  | 1.35%  | 1.37%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2052538 | $210383 | $1734460 | $1610937 | $246496 | $1087415 |
| Portfolio turnover rate J | 109% I<br>| 9%  | 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 for periods of less than one year are not annualized.*

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

G*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.*

H*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.*

I*Annualized.*

J*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** **(Unaudited)**

For the period ended January 31, 2026

**1. Organization.**

Fidelity SAI Small-Mid Cap Momentum Index Fund (the Fund) (formerly Fidelity SAI Small-Mid Cap 500 Index 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 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 January 31, 2026 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. 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. 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.

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** | $118437847 |
| **Gross unrealized depreciation** | <u>(60385244)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$58052603</u> |
| **Tax cost** | <u>$2032403726</u> |

---

**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 Small-Mid Cap Momentum Index Fund** | 2117020562 | 318303878 |

---

**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.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI Small-Mid Cap Momentum Index Fund** | 1122741 | 8005327 | (187441) |

---

**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 Momentum Index Fund** | 309 |

---

**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 Small-Mid Cap Momentum Index Fund** | 3339 | 60 | - |

---

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 Small-Mid Cap Momentum Index Fund** | 61506 |

---

**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 $206,544.

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 $233.

**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.

In addition, 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 Small-Mid Cap Momentum Index Fund | 79% | 13% |

---

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 Small-Mid Cap Momentum Index Fund | 92% |

---

**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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

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

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

The Board concluded, taking into account the analysis of the Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img125807_4.jpg)<br>

1.9868214.110 SV3-SANN-0426

**Fidelity® SAI Real Estate Index Fund**

**Semi-Annual Report**

**January 31, 2026**

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.

![](img125808_1.jpg)

![](img125808_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SV8-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Real Estate Index Fund](#Sub_Sec_Fund_2810_SV8-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2810_SV8-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SV8-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SV8-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SV8-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SV8-SANN)** |

---

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 MSCI indexes are the exclusive property of MSCI Inc. ("MSCI"). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Fidelity. The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any relevant financial products. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

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.© 2026 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 (Semi-Annual Report)**

**Fidelity® SAI Real Estate Index Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

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>|
| UNITED STATES - 99.7%  |  |  |
| Real Estate - 99.7% |  |  |
| Diversified REITs - 2.1% |  |  |
| Alexander & Baldwin Inc  | 8258 | 171271 |
| American Assets Trust Inc  | 5737 | 103610 |
| Armada Hoffler Properties Inc Class A  | 9429 | 65720 |
| Broadstone Net Lease Inc Class A  | 21249 | 393319 |
| CTO Realty Growth Inc  | 3096 | 55016 |
| Essential Properties Realty Trust Inc  | 19107 | 580089 |
| Gladstone Commercial Corp  | 5249 | 61151 |
| Global Net Lease Inc  | 22407 | 211970 |
| NexPoint Diversified Real Estate Trust  | 575 | 2754 |
| WP Carey Inc  | 24514 | 1709852 |
|  |  | 3354752 |
| Health Care REITs - 14.8% |  |  |
| Alexandria Real Estate Equities Inc  | 17820 | 973685 |
| American Healthcare REIT Inc (b) | 16604 | 778894 |
| CareTrust REIT Inc  | 24019 | 896869 |
| Community Healthcare Trust Inc  | 3401 | 58769 |
| Diversified Healthcare Trust  | 18790 | 109170 |
| Global Medical REIT Inc  | 1543 | 53295 |
| Healthcare Realty Trust Inc  | 42805 | 718696 |
| Healthpeak Properties Inc  | 80021 | 1379562 |
| LTC Properties Inc  | 4941 | 180198 |
| Medical Properties Trust Inc (b) | 67831 | 340512 |
| National Health Investors Inc  | 4956 | 406987 |
| Omega Healthcare Investors Inc  | 29562 | 1297181 |
| Sabra Health Care REIT Inc  | 26191 | 490557 |
| Sila Realty Trust Inc  | 6063 | 147634 |
| Universal Health Realty Income Trust  | 1574 | 62535 |
| Ventas Inc  | 45911 | 3565907 |
| Welltower Inc  | 67082 | 12635566 |
|  |  | 24096017 |
| Hotel & Resort REITs - 2.2% |  |  |
| Apple Hospitality REIT Inc  | 26506 | 308530 |
| Chatham Lodging Trust  | 5513 | 39197 |
| DiamondRock Hospitality Co  | 23680 | 217382 |
| Host Hotels & Resorts Inc  | 79116 | 1466020 |
| Park Hotels & Resorts Inc  | 24377 | 266441 |
| Pebblebrook Hotel Trust  | 13479 | 153930 |
| RLJ Lodging Trust  | 18289 | 135887 |
| Ryman Hospitality Properties Inc  | 6358 | 602103 |
| Service Properties Trust  | 19135 | 38079 |
| Summit Hotel Properties Inc  | 12460 | 55073 |
| Sunstone Hotel Investors Inc  | 22057 | 193440 |
| Xenia Hotels & Resorts Inc  | 11439 | 168725 |
|  |  | 3644807 |
| Industrial REITs - 11.4% |  |  |
| Americold Realty Trust Inc  | 30807 | 382315 |
| EastGroup Properties Inc  | 5400 | 980856 |
| First Industrial Realty Trust Inc  | 14810 | 859424 |
| Lineage Inc  | 7618 | 272039 |
| LXP Industrial Trust  | 6686 | 331291 |
| One Liberty Properties Inc  | 2198 | 47367 |
| Prologis Inc  | 101106 | 13200400 |
| Rexford Industrial Realty Inc  | 24593 | 996754 |
| STAG Industrial Inc Class A  | 20316 | 762053 |
| Terreno Realty Corp  | 10915 | 671709 |
|  |  | 18504208 |
| Office REITs - 2.8% |  |  |
| Brandywine Realty Trust  | 21153 | 59863 |
| BXP Inc  | 16775 | 1084839 |
| COPT Defense Properties  | 12567 | 387189 |
| Cousins Properties Inc  | 18420 | 464921 |
| Douglas Emmett Inc  | 19296 | 203766 |
| Easterly Government Properties Inc (b) | 4556 | 106565 |
| Empire State Realty Trust Inc Class A  | 15821 | 104893 |
| Highwoods Properties Inc  | 12102 | 312837 |
| Hudson Pacific Properties Inc (c) | 5396 | 46514 |
| JBG SMITH Properties  | 9854 | 165941 |
| Kilroy Realty Corp  | 12621 | 435172 |
| NET Lease Office Properties  | 1450 | 28289 |
| Peakstone Realty Trust  | 4205 | 65682 |
| Piedmont Realty Trust Inc Class A1  | 13757 | 115834 |
| SL Green Realty Corp  | 7960 | 356449 |
| Vornado Realty Trust  | 18240 | 581491 |
|  |  | 4520245 |
| Real Estate Management & Development - 9.2% |  |  |
| CBRE Group Inc Class A (c) | 32857 | 5596533 |
| Compass Inc Class A (c) | 66035 | 826758 |
| CoStar Group Inc (c) | 47022 | 2891853 |
| Cushman & Wakefield Ltd  | 25588 | 420667 |
| eXp World Holdings Inc (b) | 8942 | 80836 |
| Forestar Group Inc (c) | 2287 | 59508 |
| Howard Hughes Holdings Inc (c) | 3638 | 297079 |
| Jones Lang LaSalle Inc (c) | 5319 | 1903723 |
| Kennedy-Wilson Holdings Inc (b) | 12606 | 124169 |
| Landbridge Co LLC Class A (b) | 1643 | 94407 |
| Marcus & Millichap Inc  | 2863 | 77874 |
| Newmark Group Inc Class A  | 16219 | 289185 |
| Opendoor Technologies Inc Class A (c) | 90295 | 465019 |
| Opendoor Technologies Inc warrants 11/20/2026 (c) | 3116 | 2655 |
| Opendoor Technologies Inc warrants 11/20/2026 (c) | 3116 | 1419 |
| Opendoor Technologies Inc warrants 11/20/2026 (c) | 3116 | 1234 |
| RMR Group Inc/The Class A  | 2076 | 31450 |
| Seritage Growth Properties Class A (c) | 4215 | 13909 |
| St Joe Co/The  | 4427 | 293023 |
| Tejon Ranch Co (b)(c) | 2175 | 34996 |
| Zillow Group Inc Class A (c) | 6415 | 399270 |
| Zillow Group Inc Class C (c) | 17500 | 1103025 |
|  |  | 15008592 |
| Residential REITs - 11.3% |  |  |
| American Homes 4 Rent Class A  | 36878 | 1155019 |
| Apartment Investment and Management Co Class A  | 14070 | 82732 |
| AvalonBay Communities Inc  | 15941 | 2832237 |
| Camden Property Trust  | 12011 | 1309800 |
| Centerspace  | 1802 | 115815 |
| Equity LifeStyle Properties Inc  | 19846 | 1253672 |
| Equity Residential  | 38301 | 2386918 |
| Essex Property Trust Inc  | 7201 | 1813716 |
| Independence Realty Trust Inc  | 25219 | 421157 |
| Invitation Homes Inc  | 66843 | 1786713 |
| Mid-America Apartment Communities Inc  | 13099 | 1759196 |
| NexPoint Residential Trust Inc  | 2681 | 81019 |
| Sun Communities Inc  | 13951 | 1777776 |
| UDR Inc  | 35063 | 1302590 |
| UMH Properties Inc  | 8058 | 125947 |
| Veris Residential Inc  | 8980 | 136406 |
|  |  | 18340713 |
| Retail REITs - 14.0% |  |  |
| Acadia Realty Trust  | 13035 | 260830 |
| Agree Realty Corp  | 11267 | 813815 |
| Alexander's Inc  | 279 | 68327 |
| Brixmor Property Group Inc  | 33723 | 903439 |
| CBL & Associates Properties Inc  | 1381 | 49440 |
| Curbline Properties Corp  | 10530 | 255353 |
| Federal Realty Investment Trust  | 8341 | 843776 |
| Getty Realty Corp  | 5839 | 174353 |
| InvenTrust Properties Corp  | 8252 | 242526 |
| Kimco Realty Corp  | 75810 | 1598075 |
| Kite Realty Group Trust  | 24545 | 576562 |
| Macerich Co/The  | 27951 | 529112 |
| NETSTREIT Corp (b) | 8846 | 166659 |
| NNN REIT Inc  | 20596 | 858235 |
| Phillips Edison & Co Inc  | 13499 | 489069 |
| Realty Income Corp  | 96799 | 5920227 |
| Regency Centers Corp  | 19604 | 1428543 |
| Saul Centers Inc  | 1404 | 44548 |
| Simon Property Group Inc  | 35828 | 6854255 |
| SITE Centers Corp  | 5613 | 34351 |
| Tanger Inc  | 12180 | 398530 |
| Urban Edge Properties  | 13578 | 263821 |
| Whitestone REIT  | 4896 | 69719 |
|  |  | 22843565 |
| Specialized REITs - 31.9% |  |  |
| American Tower Corp  | 51194 | 9178060 |
| Crown Castle Inc  | 48331 | 4195614 |
| CubeSmart  | 25465 | 955701 |
| Digital Realty Trust Inc  | 36385 | 6038091 |
| EPR Properties  | 8573 | 465000 |
| Equinix Inc  | 8954 | 7350607 |
| Extra Space Storage Inc  | 23802 | 3283962 |
| Farmland Partners Inc  | 5097 | 59176 |
| Four Corners Property Trust Inc  | 10629 | 262005 |
| Gaming and Leisure Properties Inc  | 30589 | 1368858 |
| Gladstone Land Corp  | 3993 | 44522 |
| Iron Mountain Inc  | 32929 | 3033749 |
| Lamar Advertising Co Class A  | 9833 | 1261672 |
| Millrose Properties Inc Class A  | 12892 | 384182 |
| National Storage Affiliates Trust  | 8537 | 271562 |
| Outfront Media Inc  | 15061 | 366284 |
| PotlatchDeltic Corp  | 9057 | 377949 |
| Public Storage  | 17525 | 4840230 |
| Rayonier Inc  | 17537 | 398791 |
| Safehold Inc  | 5493 | 77506 |
| SBA Communications Corp Class A  | 12131 | 2233438 |
| Smartstop Self Storage REIT Inc  | 585 | 18392 |
| VICI Properties Inc  | 117476 | 3298726 |
| Weyerhaeuser Co  | 82134 | 2117415 |
|  |  | 51881492 |
| TOTAL UNITED STATES |  | 162194391 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $162,272,522) |  | <br> **162194391** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 2/12/2026 (e)<br>(Cost $41,951)<br>| 3.82 | 42000 | **41958** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 384251 | 384327 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 1150153 | 1150269 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,534,596) |  |  | **1534596** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $163,849,069)<br>| <br>**163770945** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(959541)** |
| **NET ASSETS - 100.0%** | **162811404** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CBOT Dow Jones US Real Estate Index Contracts (United States) | 17 | 3/2026 | 621690 | 13632 |
| The notional amount of long futures as a percentage of Net Assets is 0.4%. | The notional amount of long futures as a percentage of Net Assets is 0.4%. | The notional amount of long futures as a percentage of Net Assets is 0.4%. | The notional amount of long futures as a percentage of Net Assets is 0.4%. | The notional amount of long futures as a percentage of Net Assets is 0.4%. |

---

**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 $41,958.

(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 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 | 321149 | 5444002 | 5380908 | 7148 | 84 | - | 384327 | 384251 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1708400 | 10281380 | 10839474 | 5695 | (37) | - | 1150269 | 1150153 | 0.0% |
| Total | 2029549 | 15725382 | 16220382 | 12843 | 47 | - | 1534596 |  |  |

---

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 January 31, 2026, 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 | 162194391 | 162194391 | - | - |
|  **U.S. Treasury Obligations** | 41958 | - | 41958 | - |
|  **Money Market Funds** | 1534596 | 1534596 | - | - |
| **Total Investments in Securities:** | 163770945 | 163728987 | 41958 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 13632 | 13632 | - | - |
| Total Assets | 13632 | 13632 | - | - |
| **Total Derivative Instruments:** | 13632 | 13632 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 13632 | - |
| **Total Equity Risk**  | 13632 | - |
| **Total Value of Derivatives** | 13632 | - |

---

(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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,111,531) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $162,314,473) | $162236349 |  |
| Fidelity Central Funds (cost $1,534,596) | 1534596 |  |
| Total Investment in Securities (cost $163,849,069) |  | $163770945 |
| Segregated cash with brokers for derivative instruments |  | 35360 |
| Receivable for fund shares sold |  | 97920 |
| Dividends receivable |  | 170078 |
| Distributions receivable from Fidelity Central Funds |  | 1683 |
| Prepaid expenses |  | 106 |
| Receivable from investment adviser for expense reductions |  | 5135 |
| Other receivables |  | 7766 |
| **Total assets** |  | 164088993 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $82939 |  |
| Accrued management fee | 9506 |  |
| Payable for daily variation margin on futures contracts | 900 |  |
| Other payables and accrued expenses | 33939 |  |
| Collateral on securities loaned | 1150305 |  |
| **Total liabilities** |  | 1277589 |
| **Net Assets**  |  | $162811404 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $177071641 |
| Total accumulated earnings (loss) |  | (14260237) |
| **Net Assets** |  | $162811404 |
| **Net Asset Value**, offering price and redemption price per share ($162,811,404 ÷ 31,444,221 shares) |  | $5.18 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $2618716 |
| Interest  |  | 1393 |
| Income from Fidelity Central Funds (including $5,695 from security lending)  |  | 12843 |
| **Total income** |  | 2632952 |
| **Expenses** |  |  |
| Management fee | $59501 |  |
| Custodian fees and expenses | 7667 |  |
| Independent trustees' fees and expenses | 203 |  |
| Registration fees | 24822 |  |
| Audit fees | 30310 |  |
| Legal | 106 |  |
| Miscellaneous | 280 |  |
| Total expenses before reductions | 122889 |  |
| Expense reductions | (63124) |  |
| Total expenses after reductions |  | 59765 |
| **Net Investment income (loss)** |  | 2573187 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1389900) |  |
| Fidelity Central Funds | 47 |  |
| Futures contracts | (7803) |  |
| Total net realized gain (loss) |  | (1397656) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4919528 |  |
| Futures contracts | 14896 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4934424 |
| **Net gain (loss)** |  | 3536768 |
| **Net increase (decrease) in net assets resulting from operations** |  | $6109955 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2573187 | $3638791 |
| &nbsp;&nbsp;Net realized gain (loss) | (1397656)<br>| (488338)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4934424 | (5808828)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6109955<br>| (2658375)<br>|
| Distributions to shareholders | (4120755)<br>| (3028436)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 20654418 | 207858606 |
| Reinvestment of distributions | 3265481<br>| 2370527<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (35908917) | (34309743) |
| **Net increase (decrease) in net assets resulting from share transactions** | (11989018)<br>| 175919390<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (9999818)<br>| 170232579<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 172811222 | 2578643<br>|
| &nbsp;&nbsp;End of period | $162811404 | $172811222 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 4006247 | 39573340 |
| Issued in reinvestment of distributions | 639917<br>| 459005<br>|
| &nbsp;&nbsp;Redeemed | (6938150) | (6639631) |
| &nbsp;&nbsp;Net increase (decrease) | (2291986) | 33392714 |

---

**Financial Highlights** 

**Fidelity® SAI Real Estate Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $5.12 | $7.51 | $7.13 | $11.98 | $13.17 | $9.67 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .17  | .23  | .26  | .29  | .28  |
| Net realized and unrealized gain (loss)  | .11  | .08 C | .47  | (1.38)  | (.79)  | 3.48  |
| Total from investment operations  | .19  | .25  | .70  | (1.12)  | (.50)  | 3.76  |
| Distributions from net investment income  | (.12)  | (1.86)  | (.11)  | (.34)  | (.21)  | (.26)  |
| Distributions from net realized gain  | (.01)  | (.78)  | (.20)  | (3.39)  | (.48)  | -  |
| Total distributions  | (.13)  | (2.64)  | (.32) D | (3.73)  | (.69)  | (.26)  |
| Net asset value, end of period  | $5.18 | $5.12 | $7.51 | $7.13 | $11.98 | $13.17 |
| **Total Return** E,F | 3.72% <br>| 2.45%  | 10.30%  | (9.67)%  | (4.24)%  | 39.72%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .14% I | .18%  | .18%  | .16%  | .09%  | .09%  |
| Expenses net of fee waivers, if any  | .07% I<br>| .07%  | .07%  | .09%  | .07%  | .07%  |
| Expenses net of all reductions, if any  | .07% I | .07%  | .07%  | .09%  | .07%  | .07%  |
| Net investment income (loss)  | 3.03% I | 3.22%  | 3.36%  | 3.10%  | 2.28%  | 2.58%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $162811 | $172811 | $2579 | $83130 | $406787 | $747826 |
| Portfolio turnover rate J | 9% I<br>| 15%  | 7%  | 8%  | 13%  | 53%  |

---

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 for periods of less than one year are not annualized.*

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

G*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.*

H*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.*

I*Annualized.*

J*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** **(Unaudited)**

For the period ended January 31, 2026

**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 January 31, 2026 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. 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 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** | $13780736 |
| **Gross unrealized depreciation** | <u>(14533492)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(752756)</u> |
| **Tax cost** | <u>$164537333</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 prior 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.

**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 Real Estate Index Fund** | 7978309 | 20870239 |

---

**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** | 143 |

---

**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** | 577 | 2 | - |

---

**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 $63,124.

**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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity SAI Real Estate Index Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

The Board concluded, taking into account the analysis of the Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img125808_4.jpg)<br>

1.9870988.109 SV8-SANN-0426

**Fidelity® Real Estate Index Fund**

**Semi-Annual Report**

**January 31, 2026**

![](img125811_1.jpg)

![](img125811_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_URX-I-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Real Estate Index Fund](#Sub_Sec_Fund_2353_URX-I-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2353_URX-I-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_URX-I-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_URX-I-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_URX-I-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_URX-I-SANN)** |

---

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 MSCI indexes are the exclusive property of MSCI Inc. ("MSCI"). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Fidelity. The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any relevant financial products. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

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.© 2026 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 (Semi-Annual Report)**

**Fidelity® Real Estate Index Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

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>|
| UNITED STATES - 99.7%  |  |  |
| Real Estate - 99.7% |  |  |
| Diversified REITs - 2.1% |  |  |
| Alexander & Baldwin Inc  | 151535 | 3142836 |
| American Assets Trust Inc  | 104913 | 1894729 |
| Armada Hoffler Properties Inc Class A  | 174234 | 1214411 |
| Broadstone Net Lease Inc Class A (b) | 389118 | 7202574 |
| CTO Realty Growth Inc  | 56671 | 1007044 |
| Essential Properties Realty Trust Inc  | 350958 | 10655085 |
| Gladstone Commercial Corp  | 95302 | 1110268 |
| Global Net Lease Inc  | 408850 | 3867721 |
| NexPoint Diversified Real Estate Trust  | 12282 | 58830 |
| WP Carey Inc  | 449954 | 31384292 |
|  |  | 61537790 |
| Health Care REITs - 14.8% |  |  |
| Alexandria Real Estate Equities Inc  | 327017 | 17868209 |
| American Healthcare REIT Inc  | 304896 | 14302671 |
| CareTrust REIT Inc  | 440315 | 16441362 |
| Community Healthcare Trust Inc  | 62384 | 1077996 |
| Diversified Healthcare Trust  | 344466 | 2001347 |
| Global Medical REIT Inc  | 28212 | 974442 |
| Healthcare Realty Trust Inc  | 785355 | 13186110 |
| Healthpeak Properties Inc  | 1468634 | 25319250 |
| LTC Properties Inc  | 90819 | 3312169 |
| Medical Properties Trust Inc (b) | 1245378 | 6251798 |
| National Health Investors Inc  | 90820 | 7458138 |
| Omega Healthcare Investors Inc  | 542528 | 23806129 |
| Sabra Health Care REIT Inc  | 480088 | 8992048 |
| Sila Realty Trust Inc  | 111419 | 2713053 |
| Universal Health Realty Income Trust  | 29102 | 1156222 |
| Ventas Inc  | 842700 | 65452510 |
| Welltower Inc  | 1231134 | 231896401 |
|  |  | 442209855 |
| Hotel & Resort REITs - 2.2% |  |  |
| Apple Hospitality REIT Inc  | 485705 | 5653606 |
| Chatham Lodging Trust  | 103596 | 736568 |
| DiamondRock Hospitality Co  | 434997 | 3993272 |
| Host Hotels & Resorts Inc  | 1451974 | 26905078 |
| Park Hotels & Resorts Inc  | 445953 | 4874266 |
| Pebblebrook Hotel Trust  | 247662 | 2828300 |
| RLJ Lodging Trust  | 334332 | 2484087 |
| Ryman Hospitality Properties Inc  | 116806 | 11061528 |
| Service Properties Trust  | 345016 | 686582 |
| Summit Hotel Properties Inc  | 232068 | 1025741 |
| Sunstone Hotel Investors Inc  | 405495 | 3556191 |
| Xenia Hotels & Resorts Inc  | 210494 | 3104787 |
|  |  | 66910006 |
| Industrial REITs - 11.4% |  |  |
| Americold Realty Trust Inc  | 564728 | 7008274 |
| EastGroup Properties Inc  | 99113 | 18002885 |
| First Industrial Realty Trust Inc  | 271672 | 15765126 |
| Lineage Inc (b) | 139812 | 4992687 |
| LXP Industrial Trust  | 122494 | 6069578 |
| One Liberty Properties Inc  | 40465 | 872021 |
| Prologis Inc  | 1855566 | 242262697 |
| Rexford Industrial Realty Inc  | 451170 | 18285920 |
| STAG Industrial Inc Class A  | 373244 | 14000382 |
| Terreno Realty Corp  | 200598 | 12344801 |
|  |  | 339604371 |
| Office REITs - 2.8% |  |  |
| Brandywine Realty Trust  | 386828 | 1094723 |
| BXP Inc  | 308128 | 19926638 |
| COPT Defense Properties  | 230774 | 7110147 |
| Cousins Properties Inc  | 338240 | 8537178 |
| Douglas Emmett Inc  | 354617 | 3744756 |
| Easterly Government Properties Inc  | 84340 | 1972713 |
| Empire State Realty Trust Inc Class A  | 289086 | 1916640 |
| Highwoods Properties Inc  | 222166 | 5742991 |
| Hudson Pacific Properties Inc (c) | 98254 | 846948 |
| JBG SMITH Properties  | 180563 | 3040681 |
| Kilroy Realty Corp  | 231372 | 7977707 |
| NET Lease Office Properties  | 27120 | 529110 |
| Peakstone Realty Trust  | 77350 | 1208207 |
| Piedmont Realty Trust Inc Class A1 (b) | 251983 | 2121697 |
| SL Green Realty Corp  | 145996 | 6537701 |
| Vornado Realty Trust  | 334620 | 10667686 |
|  |  | 82975523 |
| Real Estate Management & Development - 9.2% |  |  |
| CBRE Group Inc Class A (c) | 603020 | 102712397 |
| Compass Inc Class A (c) | 1211494 | 15167905 |
| CoStar Group Inc (c) | 862981 | 53073332 |
| Cushman & Wakefield Ltd  | 470221 | 7730433 |
| eXp World Holdings Inc (b) | 165016 | 1491745 |
| Forestar Group Inc (c) | 42116 | 1095858 |
| Howard Hughes Holdings Inc (c) | 66810 | 5455705 |
| Jones Lang LaSalle Inc (c) | 97622 | 34939890 |
| Kennedy-Wilson Holdings Inc (b) | 230703 | 2272425 |
| Landbridge Co LLC Class A (b) | 30242 | 1737705 |
| Marcus & Millichap Inc  | 53001 | 1441627 |
| Newmark Group Inc Class A  | 297199 | 5299058 |
| Opendoor Technologies Inc Class A (c) | 1658031 | 8538860 |
| Opendoor Technologies Inc warrants 11/20/2026 (c) | 51994 | 44294 |
| Opendoor Technologies Inc warrants 11/20/2026 (c) | 51994 | 23683 |
| Opendoor Technologies Inc warrants 11/20/2026 (c) | 51994 | 20589 |
| RMR Group Inc/The Class A  | 39649 | 600682 |
| Seritage Growth Properties Class A (c) | 74432 | 245626 |
| St Joe Co/The  | 81033 | 5363574 |
| Tejon Ranch Co (c) | 39564 | 636585 |
| Zillow Group Inc Class A (c) | 127768 | 7952280 |
| Zillow Group Inc Class C (c) | 311099 | 19608570 |
|  |  | 275452823 |
| Residential REITs - 11.3% |  |  |
| American Homes 4 Rent Class A  | 677050 | 21205206 |
| Apartment Investment and Management Co Class A  | 255519 | 1502452 |
| AvalonBay Communities Inc  | 292609 | 51987841 |
| Camden Property Trust  | 220489 | 24044325 |
| Centerspace  | 32979 | 2119560 |
| Equity LifeStyle Properties Inc  | 364158 | 23003861 |
| Equity Residential  | 703009 | 43811521 |
| Essex Property Trust Inc  | 132169 | 33289406 |
| Independence Realty Trust Inc  | 462838 | 7729395 |
| Invitation Homes Inc  | 1227009 | 32797951 |
| Mid-America Apartment Communities Inc  | 240426 | 32289212 |
| NexPoint Residential Trust Inc  | 49153 | 1485404 |
| Sun Communities Inc  | 256049 | 32628324 |
| UDR Inc  | 643788 | 23916724 |
| UMH Properties Inc  | 147940 | 2312302 |
| Veris Residential Inc  | 165228 | 2509813 |
|  |  | 336633297 |
| Retail REITs - 14.0% |  |  |
| Acadia Realty Trust  | 239326 | 4788913 |
| Agree Realty Corp  | 206822 | 14938753 |
| Alexander's Inc  | 5147 | 1260500 |
| Brixmor Property Group Inc  | 618632 | 16573151 |
| CBL & Associates Properties Inc  | 25884 | 926647 |
| Curbline Properties Corp  | 192689 | 4672708 |
| Federal Realty Investment Trust  | 152977 | 15475153 |
| Getty Realty Corp  | 107261 | 3202813 |
| InvenTrust Properties Corp  | 151540 | 4453761 |
| Kimco Realty Corp  | 1391262 | 29327803 |
| Kite Realty Group Trust  | 450083 | 10572450 |
| Macerich Co/The  | 512385 | 9699448 |
| NETSTREIT Corp  | 162933 | 3069658 |
| NNN REIT Inc  | 377608 | 15734925 |
| Phillips Edison & Co Inc  | 247787 | 8977323 |
| Realty Income Corp  | 1776489 | 108650067 |
| Regency Centers Corp  | 359863 | 26223217 |
| Saul Centers Inc  | 26511 | 841194 |
| Simon Property Group Inc  | 657615 | 125808326 |
| SITE Centers Corp  | 104456 | 639271 |
| Tanger Inc  | 223137 | 7301043 |
| Urban Edge Properties  | 249165 | 4841276 |
| Whitestone REIT  | 90262 | 1285331 |
|  |  | 419263731 |
| Specialized REITs - 31.9% |  |  |
| American Tower Corp  | 939518 | 168436788 |
| Crown Castle Inc  | 886963 | 76997258 |
| CubeSmart  | 467205 | 17534204 |
| Digital Realty Trust Inc  | 667757 | 110814274 |
| EPR Properties  | 157162 | 8524467 |
| Equinix Inc  | 164336 | 134908352 |
| Extra Space Storage Inc  | 436779 | 60262399 |
| Farmland Partners Inc  | 92353 | 1072218 |
| Four Corners Property Trust Inc  | 195073 | 4808549 |
| Gaming and Leisure Properties Inc  | 561500 | 25127125 |
| Gladstone Land Corp  | 74397 | 829527 |
| Iron Mountain Inc  | 604326 | 55676554 |
| Lamar Advertising Co Class A  | 180461 | 23154951 |
| Millrose Properties Inc Class A  | 236155 | 7037419 |
| National Storage Affiliates Trust  | 156663 | 4983450 |
| Outfront Media Inc  | 275750 | 6706240 |
| PotlatchDeltic Corp  | 166012 | 6927681 |
| Public Storage  | 321609 | 88825190 |
| Rayonier Inc  | 321556 | 7312183 |
| Safehold Inc  | 101375 | 1430401 |
| SBA Communications Corp Class A  | 222613 | 40985279 |
| Smartstop Self Storage REIT Inc  | 10772 | 338672 |
| VICI Properties Inc  | 2156230 | 60546938 |
| Weyerhaeuser Co  | 1507345 | 38859354 |
|  |  | 952099473 |
| TOTAL UNITED STATES |  | 2976686869 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,577,315,861) |  | <br> **2976686869** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 2/12/2026 (e)<br>(Cost $653,244)<br>| 3.82 | 654000 | **653347** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 4524304 | 4525209 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 18420627 | 18422469 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $22,947,678) |  |  | **22947678** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $2,600,916,783)<br>| <br>**3000287894** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(13572702)** |
| **NET ASSETS - 100.0%** | **2986715192** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CBOT Dow Jones US Real Estate Index Contracts (United States) | 155 | 3/2026 | 5668350 | 112496 |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 7 | 3/2026 | 2413250 | 29180 |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **141676** |
| The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures 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 $503,497.

(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 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 | 6388226 | 121602683 | 123465703 | 132973 | 3 | - | 4525209 | 4524304 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 23206517 | 110859340 | 115643672 | 89211 | 284 | - | 18422469 | 18420627 | 0.1% |
| Total | 29594743 | 232462023 | 239109375 | 222184 | 287 | - | 22947678 |  |  |

---

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 January 31, 2026, 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 | 2976686869 | 2976686869 | - | - |
|  **U.S. Treasury Obligations** | 653347 | - | 653347 | - |
|  **Money Market Funds** | 22947678 | 22947678 | - | - |
| **Total Investments in Securities:** | 3000287894 | 2999634547 | 653347 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 141676 | 141676 | - | - |
| Total Assets | 141676 | 141676 | - | - |
| **Total Derivative Instruments:** | 141676 | 141676 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 141676 | - |
| **Total Equity Risk**  | 141676 | - |
| **Total Value of Derivatives** | 141676 | - |

---

(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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $17,843,130) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,577,969,105) | $2977340216 |  |
| Fidelity Central Funds (cost $22,947,678) | 22947678 |  |
| Total Investment in Securities (cost $2,600,916,783) |  | $3000287894 |
| Receivable for fund shares sold |  | 5190096 |
| Dividends receivable |  | 3078553 |
| Distributions receivable from Fidelity Central Funds |  | 23230 |
| Other receivables |  | 136000 |
| **Total assets** |  | 3008715773 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $3392812 |  |
| Accrued management fee | 172203 |  |
| Payable for daily variation margin on futures contracts | 23416 |  |
| Collateral on securities loaned | 18412150 |  |
| **Total liabilities** |  | 22000581 |
| **Net Assets**  |  | $2986715192 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2796609748 |
| Total accumulated earnings (loss) |  | 190105444 |
| **Net Assets** |  | $2986715192 |
| **Net Asset Value**, offering price and redemption price per share ($2,986,715,192 ÷ 180,220,908 shares) |  | $16.57 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $43655677 |
| Interest  |  | 20789 |
| Income from Fidelity Central Funds (including $89,211 from security lending)  |  | 222184 |
| **Total income** |  | 43898650 |
| **Expenses** |  |  |
| Management fee | $985108 |  |
| Independent trustees' fees and expenses | 3232 |  |
| Total expenses before reductions | 988340 |  |
| Expense reductions | (822) |  |
| Total expenses after reductions |  | 987518 |
| **Net Investment income (loss)** |  | 42911132 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (813835) |  |
| Fidelity Central Funds | 287 |  |
| Futures contracts | 686198 |  |
| Total net realized gain (loss) |  | (127350) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 58001201 |  |
| Futures contracts | 121646 |  |
| Total change in net unrealized appreciation (depreciation) |  | 58122847 |
| **Net gain (loss)** |  | 57995497 |
| **Net increase (decrease) in net assets resulting from operations** |  | $100906629 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $42911132 | $79029605 |
| &nbsp;&nbsp;Net realized gain (loss) | (127350)<br>| (6744268)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 58122847 | (3600030)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 100906629<br>| 68685307<br>|
| Distributions to shareholders | (62666483)<br>| (74131318)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 533251609 | 768227550 |
| Reinvestment of distributions | 54569963<br>| 65034407<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (312619717) | (880778269) |
| **Net increase (decrease) in net assets resulting from share transactions** | 275201855<br>| (47516312)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 313442001<br>| (52962323)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2673273191 | 2726235514<br>|
| &nbsp;&nbsp;End of period | $2986715192 | $2673273191 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 32270156 | 46200228 |
| Issued in reinvestment of distributions | 3350377<br>| 3974855<br>|
| &nbsp;&nbsp;Redeemed | (18951882) | (52895090) |
| &nbsp;&nbsp;Net increase (decrease) | 16668651 | (2720007) |

---

**Financial Highlights** 

**Fidelity® Real Estate Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.35 | $16.40 | $15.27 | $17.43 | $18.44 | $13.58 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .25  | .49  | .49  | .49  | .44  | .39  |
| Net realized and unrealized gain (loss)  | .33  | (.08)  | 1.09  | (2.18)  | (1.19)  | 4.88  |
| Total from investment operations  | .58  | .41  | 1.58  | (1.69)  | (.75)  | 5.27  |
| Distributions from net investment income  | (.36)  | (.46)  | (.45)  | (.47)  | (.26)  | (.41)  |
| Total distributions  | (.36)  | (.46)  | (.45)  | (.47)  | (.26)  | (.41)  |
| Net asset value, end of period  | $16.57 | $16.35 | $16.40 | $15.27 | $17.43 | $18.44 |
| **Total Return** C,D | 3.62% <br>| 2.50%  | 10.63%  | (9.70)%  | (4.21)%  | 39.73%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .07% G | .07%  | .07%  | .07%  | .07%  | .07%  |
| Expenses net of fee waivers, if any  | .07% G<br>| .07%  | .07%  | .07%  | .07%  | .07%  |
| Expenses net of all reductions, if any  | .07% G | .07%  | .07%  | .07%  | .07%  | .07%  |
| Net investment income (loss)  | 3.05% G | 2.92%  | 3.30%  | 3.25%  | 2.45%  | 2.53%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2986715 | $2673273 | $2726236 | $2488753 | $2873997 | $2939615 |
| Portfolio turnover rate H | 2% G<br>| 13%  | 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 for periods of less than one year are not annualized.*

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*Annualized.*

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** **(Unaudited)**

For the period ended January 31, 2026

**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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **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 January 31, 2026 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. 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:

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| | |
|:---|:---|
| **Gross unrealized appreciation** | $730620757 |
| **Gross unrealized depreciation** | <u>(354647331)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$375973426</u> |
| **Tax cost** | <u>$2624456144</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 prior fiscal period end and is subject to adjustment.

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| | |
|:---|:---|
| Short-term | $(77902626) |
| Long-term | <u>(108032888)</u> |
| **Total capital loss carryforward** | <u>$(185935514)</u> |

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**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>|

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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 Real Estate Index Fund** | 299944765 | 32883566 |

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**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 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 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:

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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 Real Estate Index Fund** | 9330 | 97 | - |

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**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 $822.

**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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Real Estate Index Fund** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

The Board concluded, taking into account the analysis of the Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img125811_4.jpg)<br>

1.929346.114 URX-I-SANN-0426

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>Purchases 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 Fidelity Salem Street 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 Fidelity Salem Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the 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) Not applicable.

(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; March 25, 2026 |

---

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; March 25, 2026 |

---

---

| | |
|:---|:---|
| &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; March 25, 2026 |

---

## 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:

March 25, 2026

---

| |
|:---|
| &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:

March 25, 2026

---

| |
|:---|
| &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: March 25, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: March 25, 2026

---

| |
|:---|
| &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>