Form of Certification required from Principal Executive Officer and Principal Financial Officer in connection with each Form N

Investment Summary

Schedule of Investments

Report of Independent Registered Public Accounting Firm

Shareholder Expense Example

Distributions

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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.

Standard & Poor's ® ; and S&P ® ; are registered trademarks of Standard & Poor's Financial Services LLC ("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.

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.

Note to Shareholders :

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and - given the wide variability in outcomes regarding the outbreak - significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action - in concert with the U.S. Federal Reserve and central banks around the world - to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended July 31, 2022	Past 1 year	Life of Fund A
Fidelity® SAI U.S. Value Index Fund	5.21%	7.63%

A From December 19, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI U.S. Value Index Fund on December 19, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Value Focus Index℠ and S&P 500 ® Index performed over the same period.

Market Recap:

The S&P 500 ® index returned -4.64% for the 12 months ending July 31, 2022, as a multitude of crosscurrents challenged the global economy and financial markets. Persistently high inflation, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve to hike interest rates more aggressively than anticipated, and concerns about the outlook for economic growth sent stocks into bear market territory. In early May, the Fed approved a rare half-percentage-point interest rate increase and announced plans to shrink its $9 trillion asset portfolio. June began with the Fed allowing up to billions in Treasuries and mortgage bonds to mature every month without investing the proceeds. Two weeks later, the central bank raised rates by 0.75 percentage points, its largest increase since 1994, and said it was becoming more difficult to achieve a soft landing, in which the economy slows enough to bring down inflation while avoiding a recession. Against this volatile backdrop, the S&P 500 posted its worst first-half result (-19.96%) to begin a year since 1970. Stocks sharply reversed course in July (+9.22%), as the Fed again raised its benchmark interest rate by 0.75% but signaled that, at some point, it will likely slow the pace of tightening to assess the impact on the economy. For the full 12 months, growth-oriented communication services (-29%) and consumer discretionary (-10%) stocks lagged most. In contrast, energy (+67%) rode a surge in commodity prices and led by a wide margin, followed by the defensive utilities (+16%) and consumer staples (+7%) sectors.

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending July 31, 2022, the fund gained 5.21%, roughly in line with the 5.35% advance of the benchmark Fidelity U.S. Value Focus Index (Gross). By sector, energy advanced roughly 80% and contributed most. Health care stocks also helped, gaining about 14%. The consumer staples sector rose 13%, driven by the food, beverage & tobacco industry (+18%). Other notable contributors included the materials (+4%) and utilities (+8%) sectors. Conversely, communication services returned -21% and detracted most. This group was hampered by the media & entertainment (-31%) industry. Information technology (-10%) and consumer discretionary (-19%) also hurt. Other notable detractors included the financials (-2%) and industrials (-1%) sectors. Turning to individual stocks, the biggest individual contributor was Chevron (+66%), from the energy sector. Also in energy, Exxon Mobil (+65%), ConocoPhillips (+90%) and Occidental Petroleum (+200%) helped. Pfizer, within the pharmaceuticals, biotechnology & life sciences group, gained 21% and further boosted the fund. Conversely, the biggest individual detractor was Comcast (-35%), from the media & entertainment segment, followed by Intel (-30%), which is in the semiconductors & semiconductor equipment category. Within telecommunication services, Verizon returned approximately -13% and hurt. Other detractors were Citigroup (-21%), a stock in the banks industry, and Fidelity National Information Services (-30%), from the software & services segment.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary July 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Exxon Mobil Corp.	4.2
Pfizer, Inc.	3.6
Apple, Inc.	3.3
Verizon Communications, Inc.	3.1
Comcast Corp. Class A	3.1
Wells Fargo & Co.	3.1
Intel Corp.	2.8
Bristol-Myers Squibb Co.	2.7
AT&T, Inc.	2.4
Microsoft Corp.	2.4
	30.7

Market Sectors (% of Fund's net assets)

Financials	21.4
Information Technology	17.1
Health Care	16.8
Energy	14.8
Communication Services	11.7
Materials	6.5
Consumer Discretionary	6.3
Consumer Staples	2.5
Industrials	2.3
Utilities	0.3

Asset Allocation (% of Fund's net assets)

Foreign investments - 2.7%

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares	Value ($)
COMMUNICATION SERVICES - 11.7%
Diversified Telecommunication Services - 5.9%
AT&T, Inc.	3,893,735	73,124,343
Liberty Global PLC Class A (a)	264,397	5,753,279
Lumen Technologies, Inc. (b)	506,003	5,510,373
Verizon Communications, Inc.	1,975,852	91,264,604
		175,652,599
Entertainment - 0.6%
Warner Bros Discovery, Inc. (a)	1,200,368	18,005,520
Interactive Media & Services - 0.6%
Alphabet, Inc. Class A (a)	145,744	16,952,942
Media - 4.6%
Comcast Corp. Class A	2,431,676	91,236,484
DISH Network Corp. Class A (a)	136,446	2,370,067
Fox Corp. Class A	242,255	8,021,063
Interpublic Group of Companies, Inc.	214,217	6,398,662
News Corp. Class A	278,251	4,769,222
Nexstar Broadcasting Group, Inc. Class A	21,984	4,141,126
Omnicom Group, Inc.	107,274	7,492,016
Paramount Global Class B	336,477	7,957,681
TEGNA, Inc.	120,399	2,521,155
		134,907,476
TOTAL COMMUNICATION SERVICES		345,518,537
CONSUMER DISCRETIONARY - 6.3%
Auto Components - 0.2%
BorgWarner, Inc.	130,392	5,014,876
Automobiles - 2.2%
Ford Motor Co.	2,147,863	31,552,107
General Motors Co. (a)	792,980	28,753,455
Harley-Davidson, Inc.	80,206	3,032,589
Thor Industries, Inc. (b)	29,949	2,525,599
		65,863,750
Hotels, Restaurants & Leisure - 0.5%
Boyd Gaming Corp.	43,532	2,416,461
Expedia, Inc. (a)	82,285	8,726,324
Penn National Gaming, Inc. (a)	88,961	3,073,603
		14,216,388
Household Durables - 1.6%
D.R. Horton, Inc.	174,060	13,581,902
Lennar Corp. Class A	147,350	12,524,750
Mohawk Industries, Inc. (a)	28,008	3,598,468
PulteGroup, Inc.	129,311	5,640,546
Tempur Sealy International, Inc.	95,534	2,625,274
Toll Brothers, Inc.	60,002	2,950,898
Whirlpool Corp. (b)	30,584	5,287,056
		46,208,894
Leisure Products - 0.1%
Brunswick Corp.	41,212	3,301,905
Multiline Retail - 0.2%
Kohl's Corp.	69,978	2,039,159
Macy's, Inc.	155,006	2,735,856
		4,775,015
Specialty Retail - 1.0%
Asbury Automotive Group, Inc. (a)	12,043	2,067,061
AutoNation, Inc. (a)	19,360	2,298,806
Bath & Body Works, Inc.	129,788	4,612,666
Best Buy Co., Inc.	110,184	8,483,066
Dick's Sporting Goods, Inc. (b)	31,589	2,956,415
Lithia Motors, Inc. Class A (sub. vtg.)	15,745	4,176,834
Williams-Sonoma, Inc. (b)	38,109	5,503,702
		30,098,550
Textiles, Apparel & Luxury Goods - 0.5%
Capri Holdings Ltd. (a)	80,305	3,909,247
Hanesbrands, Inc. (b)	189,804	2,122,009
PVH Corp.	36,739	2,274,879
Ralph Lauren Corp.	25,186	2,484,095
Tapestry, Inc.	136,996	4,607,175
		15,397,405
TOTAL CONSUMER DISCRETIONARY		184,876,783
CONSUMER STAPLES - 2.5%
Beverages - 0.2%
Molson Coors Beverage Co. Class B	102,500	6,124,375
Food & Staples Retailing - 0.5%
Walgreens Boots Alliance, Inc.	389,619	15,436,705
Food Products - 1.8%
Archer Daniels Midland Co.	287,890	23,828,655
The Kraft Heinz Co.	386,295	14,227,245
Tyson Foods, Inc. Class A	158,423	13,942,808
		51,998,708
TOTAL CONSUMER STAPLES		73,559,788
ENERGY - 14.8%
Oil, Gas & Consumable Fuels - 14.8%
APA Corp.	184,058	6,841,436
Chesapeake Energy Corp. (b)	61,641	5,804,733
Chevron Corp.	369,763	60,559,784
Civitas Resources, Inc.	39,309	2,317,659
ConocoPhillips Co.	703,406	68,532,847
Coterra Energy, Inc.	437,803	13,392,394
Devon Energy Corp.	333,658	20,970,405
Diamondback Energy, Inc.	90,795	11,623,576
EOG Resources, Inc.	148,003	16,460,894
Exxon Mobil Corp.	1,280,786	124,146,585
Kinder Morgan, Inc.	995,138	17,902,533
Marathon Oil Corp.	385,090	9,550,232
Marathon Petroleum Corp.	64,313	5,894,930
Matador Resources Co.	60,421	3,491,125
Murphy Oil Corp.	79,411	2,790,503
Occidental Petroleum Corp.	484,293	31,842,265
Ovintiv, Inc.	140,761	7,191,479
PDC Energy, Inc.	51,936	3,411,676
Phillips 66 Co.	261,722	23,293,258
SM Energy Co.	66,318	2,737,607
		438,755,921
FINANCIALS - 21.4%
Banks - 8.8%
Bank of America Corp.	2,135,791	72,211,094
Citigroup, Inc.	1,056,171	54,815,275
Citizens Financial Group, Inc.	266,387	10,114,714
FNB Corp., Pennsylvania	183,674	2,196,741
KeyCorp	506,324	9,265,729
Popular, Inc.	41,666	3,236,198
Regions Financial Corp.	508,467	10,769,331
Synovus Financial Corp.	79,094	3,193,816
Valley National Bancorp	228,736	2,673,924
Wells Fargo & Co.	2,061,523	90,439,014
		258,915,836
Capital Markets - 3.2%
Carlyle Group LP	76,679	2,983,580
Evercore, Inc. Class A	22,091	2,208,437
Franklin Resources, Inc.	152,337	4,181,651
Goldman Sachs Group, Inc.	186,794	62,275,252
Invesco Ltd.	183,216	3,250,252
Janus Henderson Group PLC	91,308	2,353,007
Jefferies Financial Group, Inc.	104,259	3,395,716
State Street Corp.	199,773	14,191,874
		94,839,769
Consumer Finance - 2.0%
Ally Financial, Inc.	175,787	5,813,276
Capital One Financial Corp.	213,674	23,467,815
Discover Financial Services	152,712	15,423,912
OneMain Holdings, Inc.	57,913	2,154,364
SLM Corp.	146,501	2,285,416
Synchrony Financial	272,894	9,136,491
		58,281,274
Diversified Financial Services - 2.6%
Berkshire Hathaway, Inc. Class B (a)	225,017	67,640,110
Equitable Holdings, Inc.	192,815	5,481,730
Voya Financial, Inc. (b)	55,597	3,344,716
		76,466,556
Insurance - 4.3%
AFLAC, Inc.	283,876	16,266,095
American International Group, Inc.	430,635	22,293,974
Arch Capital Group Ltd. (a)	198,713	8,822,857
Assured Guaranty Ltd.	34,889	2,037,169
Axis Capital Holdings Ltd.	42,183	2,129,820
Everest Re Group Ltd.	21,462	5,609,094
Fidelity National Financial, Inc.	152,767	6,104,569
First American Financial Corp.	58,460	3,390,680
Lincoln National Corp.	87,960	4,515,866
Loews Corp.	105,839	6,165,122
MetLife, Inc.	376,045	23,784,846
Old Republic International Corp.	156,069	3,631,726
Prudential Financial, Inc.	204,016	20,399,560
Unum Group	109,421	3,522,262
		128,673,640
Mortgage Real Estate Investment Trusts - 0.3%
Annaly Capital Management, Inc.	849,409	5,843,934
Rithm Capital Corp.	253,939	2,770,474
		8,614,408
Thrifts & Mortgage Finance - 0.2%
Essent Group Ltd.	58,562	2,445,549
MGIC Investment Corp.	168,489	2,382,434
New York Community Bancorp, Inc.	254,117	2,698,723
		7,526,706
TOTAL FINANCIALS		633,318,189
HEALTH CARE - 16.8%
Biotechnology - 3.6%
Gilead Sciences, Inc.	682,210	40,762,048
Moderna, Inc. (a)	188,215	30,884,199
Regeneron Pharmaceuticals, Inc. (a)	58,755	34,177,196
		105,823,443
Health Care Equipment & Supplies - 0.4%
Hologic, Inc. (a)	135,426	9,666,708
QuidelOrtho Corp. (a)	27,221	2,777,631
		12,444,339
Health Care Providers & Services - 6.1%
Centene Corp. (a)	318,140	29,577,476
Cigna Corp.	172,575	47,520,252
CVS Health Corp.	713,272	68,245,865
DaVita HealthCare Partners, Inc. (a)	32,950	2,773,072
Laboratory Corp. of America Holdings	50,365	13,205,199
Quest Diagnostics, Inc.	63,722	8,702,514
Tenet Healthcare Corp. (a)	58,619	3,875,888
Universal Health Services, Inc. Class B	36,531	4,108,642
		178,008,908
Pharmaceuticals - 6.7%
Bristol-Myers Squibb Co.	1,076,901	79,453,756
Organon & Co.	138,024	4,378,121
Perrigo Co. PLC	73,227	3,066,014
Pfizer, Inc.	2,085,441	105,335,625
Viatris, Inc.	659,766	6,393,133
		198,626,649
TOTAL HEALTH CARE		494,903,339
INDUSTRIALS - 2.3%
Air Freight & Logistics - 1.0%
FedEx Corp.	129,699	30,231,540
Airlines - 0.1%
Alaska Air Group, Inc. (a)	68,623	3,042,058
Building Products - 0.5%
Builders FirstSource, Inc. (a)	94,007	6,392,476
Owens Corning	52,826	4,899,083
UFP Industries, Inc.	34,147	3,148,695
		14,440,254
Electrical Equipment - 0.1%
Atkore, Inc. (a)	23,461	2,328,973
Machinery - 0.1%
Allison Transmission Holdings, Inc.	52,829	2,211,950
Marine - 0.1%
ZIM Integrated Shipping Services Ltd. (b)	42,141	2,099,465
Professional Services - 0.1%
Manpower, Inc.	28,702	2,250,524
Road & Rail - 0.2%
Knight-Swift Transportation Holdings, Inc. Class A	89,002	4,890,660
Ryder System, Inc.	27,821	2,178,941
		7,069,601
Trading Companies & Distributors - 0.1%
AerCap Holdings NV (a)(b)	72,113	3,234,989
TOTAL INDUSTRIALS		66,909,354
INFORMATION TECHNOLOGY - 17.1%
Communications Equipment - 0.1%
Lumentum Holdings, Inc. (a)(b)	37,549	3,396,683
Electronic Equipment & Components - 1.3%
Arrow Electronics, Inc. (a)	35,932	4,605,404
Avnet, Inc.	53,144	2,544,003
Corning, Inc.	413,075	15,184,637
Flex Ltd. (a)	252,528	4,242,470
II-VI, Inc. (a)	57,930	3,049,435
Jabil, Inc.	76,844	4,559,923
TD SYNNEX Corp.	22,488	2,258,245
Vontier Corp.	87,628	2,260,802
		38,704,919
IT Services - 3.4%
Amdocs Ltd.	61,684	5,370,209
DXC Technology Co. (a)	133,038	4,204,001
Fidelity National Information Services, Inc.	332,209	33,938,471
Fiserv, Inc. (a)	268,991	28,426,969
Global Payments, Inc.	153,034	18,719,119
SS&C Technologies Holdings, Inc.	120,623	7,137,263
The Western Union Co.	210,069	3,575,374
		101,371,406
Semiconductors & Semiconductor Equipment - 4.7%
Intel Corp.	2,223,985	80,752,895
Micron Technology, Inc.	607,327	37,569,248
MKS Instruments, Inc.	30,285	3,579,687
Qorvo, Inc. (a)	59,001	6,140,234
Skyworks Solutions, Inc.	87,568	9,534,404
		137,576,468
Software - 2.5%
Microsoft Corp.	258,285	72,510,931
NCR Corp. (a)	74,334	2,412,138
		74,923,069
Technology Hardware, Storage & Peripherals - 5.1%
Apple, Inc.	591,228	96,080,462
Dell Technologies, Inc.	149,267	6,725,971
Hewlett Packard Enterprise Co.	707,467	10,074,330
HP, Inc.	572,598	19,119,047
Seagate Technology Holdings PLC	107,312	8,582,814
Western Digital Corp. (a)	170,433	8,368,260
		148,950,884
TOTAL INFORMATION TECHNOLOGY		504,923,429
MATERIALS - 6.5%
Chemicals - 3.3%
Celanese Corp. Class A	58,767	6,905,710
CF Industries Holdings, Inc.	113,503	10,838,401
Dow, Inc.	395,797	21,060,358
DuPont de Nemours, Inc.	276,391	16,923,421
Eastman Chemical Co.	70,134	6,727,955
Huntsman Corp.	108,442	3,140,480
LyondellBasell Industries NV Class A	140,615	12,531,609
Olin Corp.	75,519	3,947,378
The Chemours Co. LLC	84,600	3,010,914
The Mosaic Co.	196,961	10,371,966
		95,458,192
Containers & Packaging - 0.6%
Berry Global Group, Inc. (a)	70,904	4,087,616
International Paper Co.	201,672	8,625,511
WestRock Co.	138,672	5,874,146
		18,587,273
Metals & Mining - 2.5%
Alcoa Corp.	100,368	5,107,728
Cleveland-Cliffs, Inc. (a)	259,837	4,601,713
Commercial Metals Co.	66,113	2,619,397
Freeport-McMoRan, Inc.	788,373	24,873,168
Nucor Corp.	144,594	19,635,865
Reliance Steel & Aluminum Co.	33,711	6,413,518
Steel Dynamics, Inc.	97,529	7,595,559
United States Steel Corp.	141,808	3,353,759
		74,200,707
Paper & Forest Products - 0.1%
Louisiana-Pacific Corp.	44,682	2,843,116
TOTAL MATERIALS		191,089,288
UTILITIES - 0.3%
Electric Utilities - 0.1%
NRG Energy, Inc.	129,116	4,874,129
Gas Utilities - 0.2%
UGI Corp.	114,282	4,932,411
TOTAL UTILITIES		9,806,540
TOTAL COMMON STOCKS (Cost $2,606,437,538)		2,943,661,168

U.S. Treasury Obligations - 0.0%
	Principal Amount (c)	Value ($)
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (d) (Cost $298,198)	300,000	295,873

Money Market Funds - 0.7%
	Shares	Value ($)
Fidelity Cash Central Fund 2.01% (e)	3,169,240	3,169,874
Fidelity Securities Lending Cash Central Fund 2.01% (e)(f)	17,389,710	17,391,449
TOTAL MONEY MARKET FUNDS (Cost $20,561,323)		20,561,323

TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $2,627,297,059)	2,964,518,364
NET OTHER ASSETS (LIABILITIES) - (0.4)%	(11,977,597)
NET ASSETS - 100.0%	2,952,540,767

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	43	Sep 2022	8,887,025	617,729	617,729

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

Legend

(a)	Non-income producing

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

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

(d)	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 $295,873.

(e)

Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(f)	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, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	%ownership, end of period
Fidelity Cash Central Fund 2.01%	72,626,158	335,402,281	404,858,565	14,251	-	-	3,169,874	0.0%
Fidelity Securities Lending Cash Central Fund 2.01%	42,917,213	550,410,816	575,936,580	191,507	-	-	17,391,449	0.0%
Total	115,543,371	885,813,097	980,795,145	205,758	-	-	20,561,323

Amounts in the 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.

Amount 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 payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2022, 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:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	345,518,537	345,518,537	-	-
Consumer Discretionary	184,876,783	184,876,783	-	-
Consumer Staples	73,559,788	73,559,788	-	-
Energy	438,755,921	438,755,921	-	-
Financials	633,318,189	633,318,189	-	-
Health Care	494,903,339	494,903,339	-	-
Industrials	66,909,354	66,909,354	-	-
Information Technology	504,923,429	504,923,429	-	-
Materials	191,089,288	191,089,288	-	-
Utilities	9,806,540	9,806,540	-	-

U.S. Government and Government Agency Obligations	295,873	-	295,873	-

Money Market Funds	20,561,323	20,561,323	-	-
Total Investments in Securities:	2,964,518,364	2,964,222,491	295,873	-
Derivative Instruments:

Assets
Futures Contracts	617,729	617,729	-	-
Total Assets	617,729	617,729	-	-
Total Derivative Instruments:	617,729	617,729	-	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2022. 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	Value
	Asset ($)	Liability ($)
Equity Risk
Futures Contracts (a)	617,729	0
Total Equity Risk	617,729	0
Total Value of Derivatives	617,729	0

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

Statement of Assets and Liabilities
			July 31, 2022

Assets
Investment in securities, at value (including securities loaned of $17,077,014) - See accompanying schedule:	$2,943,957,041
Unaffiliated issuers (cost $2,606,735,736)	$2,943,957,041
Fidelity Central Funds (cost $20,561,323)	20,561,323

Total Investment in Securities (cost $2,627,297,059)		$	2,964,518,364
Segregated cash with brokers for derivative instruments			127,129
Receivable for fund shares sold			476,039
Dividends receivable			5,807,152
Distributions receivable from Fidelity Central Funds			10,450
Receivable for daily variation margin on futures contracts			120,136
Total assets			2,971,059,270
Liabilities
Payable for fund shares redeemed	$842,370
Accrued management fee	236,165
Other payables and accrued expenses	48,890
Collateral on securities loaned	17,391,078
Total Liabilities			18,518,503
Net Assets		$	2,952,540,767
Net Assets consist of:
Paid in capital		$	2,371,869,990
Total accumulated earnings (loss)			580,670,777
Net Assets		$	2,952,540,767
Net Asset Value , offering price and redemption price per share ($2,952,540,767 ÷ 243,420,876 shares)		$	12.13

Statement of Operations
				Year ended July 31, 2022
Investment Income
Dividends			$	90,794,632
Interest				1,832
Income from Fidelity Central Funds (including $191,507 from security lending)				205,758
Total Income				91,002,222
Expenses
Management fee	$	3,506,013
Custodian fees and expenses		31,577
Independent trustees' fees and expenses		11,377
Registration fees		37,465
Audit		51,261
Legal		5,940
Interest		25,695
Miscellaneous		11,245
Total Expenses				3,680,573
Net Investment income (loss)				87,321,649
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		414,364,601
Futures contracts		(786,265)
Total net realized gain (loss)				413,578,336
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(267,959,159)
Futures contracts		247,950
Total change in net unrealized appreciation (depreciation)				(267,711,209)
Net gain (loss)				145,867,127
Net increase (decrease) in net assets resulting from operations			$	233,188,776

Statement of Changes in Net Assets

		Year ended July 31, 2022		Year ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	87,321,649	$	78,819,407
Net realized gain (loss)		413,578,336		106,668,786
Change in net unrealized appreciation (depreciation)		(267,711,209)		705,275,103
Net increase (decrease) in net assets resulting from operations		233,188,776		890,763,296
Distributions to shareholders		(211,360,654)		(64,578,607)
Share transactions
Proceeds from sales of shares		254,286,545		1,195,629,628
Reinvestment of distributions		205,252,752		62,975,816
Cost of shares redeemed		(1,118,086,652)		(777,831,052)
Net increase (decrease) in net assets resulting from share transactions		(658,547,355)		480,774,392
Total increase (decrease) in net assets		(636,719,233)		1,306,959,081

Net Assets
Beginning of period		3,589,260,000		2,282,300,919
End of period	$	2,952,540,767	$	3,589,260,000

Other Information
Shares
Sold		20,783,344		107,213,421
Issued in reinvestment of distributions		17,137,513		6,773,175
Redeemed		(88,301,534)		(79,062,982)
Net increase (decrease)		(50,380,677)		34,923,614

Fidelity® SAI U.S. Value Index Fund

Years ended July 31,		2022		2021		2020		2019		2018 A
Selected Per-Share Data
Net asset value, beginning of period	$	12.22	$	8.82	$	10.06	$	10.36	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.31		.31		.29		.25		.14
Net realized and unrealized gain (loss)		.31		3.35		(1.27)		(.22)		.23
Total from investment operations		.62		3.66		(.98)		.03		.37
Distributions from net investment income		(.28)		(.26)		(.26)		(.19)		(.01)
Distributions from net realized gain		(.42)		-		-		(.14)		-
Total distributions		(.71) D		(.26)		(.26)		(.33)		(.01)
Net asset value, end of period	$	12.13	$	12.22	$	8.82	$	10.06	$	10.36
Total Return E,F		5.21%		42.39%		(10.13)%		.62%		3.67%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.10%		.11%		.11%		.21%		.28% I
Expenses net of fee waivers, if any		.10%		.11%		.11%		.15%		.15% I
Expenses net of all reductions		.10%		.11%		.11%		.15%		.15% I
Net investment income (loss)		2.49%		2.89%		3.12%		2.61%		2.20% I
Supplemental Data
Net assets, end of period (000 omitted)	$	2,952,541	$	3,589,260	$	2,282,301	$	1,788,140	$	1,958,157
Portfolio turnover rate J		62%		80%		82%		99%		113% I

A For the period December 19, 2017 (commencement of operations) through July 31, 2018.

B Calculated based on average shares outstanding during the period.

C 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.

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).

For the period ended July 31, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2022 is included at the end of the Fund's Schedule of Investments.

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to futures contracts 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	$ 514,833,085
Gross unrealized depreciation	(214,301,833)
Net unrealized appreciation (depreciation)	$ 300,531,252
Tax Cost	$2,663,987,112

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

Undistributed ordinary income	$ 63,954,700
Undistributed long-term capital gain	$ 216,184,824
Net unrealized appreciation (depreciation) on securities and other investments	$ 300,531,252

The tax character of distributions paid was as follows:

	July 31, 2022	July 31, 2021
Ordinary Income	$ 136,442,800	$ 64,578,607
Long-term Capital Gains	74,917,854	-
Total	$ 211,360,654	$ 64,578,607

4.Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. Investment objectives allow a fund to enter into various types of derivative contracts, 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. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these 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 unless an average notional amount is presented. 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 and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity SAI U.S. Value Index Fund	2,158,575,399	2,933,399,983

6. Fees and Other Transactions with Affiliates.

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

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity SAI U.S. Value Index Fund	Borrower	$ 36,821,848	.55%	$ 25,672

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity SAI U.S. Value Index Fund	$ 4,546

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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity SAI U.S. Value Index Fund	$ 18,931	$ 116,434	$-

Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity SAI U.S. Value Index Fund	$ 174,200	.97%	$ 23

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

	Strategic Advisers Fidelity U.S. Total Stock Fund
Fidelity SAI U.S. Value Index Fund	77%

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI U.S. Value Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statement of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended July 31, 2022 and for the period December 19, 2017 (commencement of operations) through July 31, 2018 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2022 and the financial highlights for each of the four years in the period ended July 31, 2022 and for the period December 19, 2017 (commencement of operations) through July 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

September 14, 2022

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

TRUSTEES AND OFFICERS

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 297 funds. Mr. Chiel oversees 184 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2022 to July 31, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2022	Ending Account Value July 31, 2022	Expenses Paid During Period- C February 1, 2022 to July 31, 2022

Fidelity® SAI U.S. Value Index Fund	.10%
Actual		$ 1,000	$ 968.10	$ .49
Hypothetical- B		$ 1,000	$ 1,024.30	$ .50

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2022, $291,102,678, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 63%, and 59% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 65%, and 59% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.

In accordance with the Program, each of the Fund's portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

1.9885515.104

USV-ANN-0922

Fidelity® SAI U.S. Quality Index Fund

Annual Report

July 31, 2022

Contents

Note to Shareholders

Performance

Investment Summary

Schedule of Investments

Report of Independent Registered Public Accounting Firm

Shareholder Expense Example

Distributions

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders :

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2022	Past 1 year	Past 5 years	Life of Fund A
Fidelity® SAI U.S. Quality Index Fund	-6.55%	14.54%	14.15%

A From October 08, 2015

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI U.S. Quality Index Fund, on October 08, 2015, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Quality Focus Index℠ performed over the same period.

Market Recap:

The S&P 500® index returned -4.64% for the 12 months ending July 31, 2022, as a multitude of crosscurrents challenged the global economy and financial markets. Persistently high inflation, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve to hike interest rates more aggressively than anticipated, and concerns about the outlook for economic growth sent stocks into bear market territory. In early May, the Fed approved a rare half-percentage-point interest rate increase and announced plans to shrink its $9 trillion asset portfolio. June began with the Fed allowing up to billions in Treasuries and mortgage bonds to mature every month without investing the proceeds. Two weeks later, the central bank raised rates by 0.75 percentage points, its largest increase since 1994, and said it was becoming more difficult to achieve a soft landing, in which the economy slows enough to bring down inflation while avoiding a recession. Against this volatile backdrop, the S&P 500 posted its worst first-half result (-19.96%) to begin a year since 1970. Stocks sharply reversed course in July (+9.22%), as the Fed again raised its benchmark interest rate by 0.75% but signaled that, at some point, it will likely slow the pace of tightening to assess the impact on the economy. For the full 12 months, growth-oriented communication services (-29%) and consumer discretionary (-10%) stocks lagged most. In contrast, energy (+67%) rode a surge in commodity prices and led by a wide margin, followed by the defensive utilities (+16%) and consumer staples (+7%) sectors.

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending July 31, 2022, the fund returned -6.55%, roughly in line with the -6.58% result of the benchmark Fidelity U.S. Quality Focus Index. By sector, communication services returned -29% and detracted most. This group was hampered by the media & entertainment (-29%) industry. Information technology (-3%) and financials (-16%) also hurt. Other notable detractors included the industrials (-10%) and health care (+0%) sectors. In contrast, consumer staples advanced 5% and contributed most, driven by the food, beverage & tobacco industry (+8%). Consumer discretionary stocks also helped (-2%), benefiting from the retailing industry (+13%). The real estate sector returned -6%. Other notable contributors included the materials (+3%) and energy (+4%) sectors. Turning to individual stocks, the biggest individual detractor was Meta Platforms (-55%), from the media & entertainment industry, followed by Adobe (-34%), which is in the software & services segment. Within media & entertainment, Alphabet returned about -14% and hurt. Other detractors were Applied Materials (-23%), a stock in the semiconductors & semiconductor equipment group, and S&P Global (-25%), from the diversified financials category. In contrast, the top contributor was Eli Lilly (+37%), from the pharmaceuticals, biotechnology & life sciences group, followed by Apple (+12%), within the technology hardware & equipment segment. In pharmaceuticals, biotechnology & life sciences, Pfizer advanced roughly 21%, and Coca-Cola (+18%) from the food, beverage & tobacco industry also helped. Home Depot, within the retailing category, rose roughly 4% and boosted the fund.

Investment Summary July 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Apple, Inc.	9.7
Microsoft Corp.	8.1
Alphabet, Inc. Class A	6.4
Eli Lilly & Co.	4.0
Visa, Inc. Class A	3.9
The Home Depot, Inc.	3.8
MasterCard, Inc. Class A	3.8
The Coca-Cola Co.	3.7
Procter & Gamble Co.	3.6
Pfizer, Inc.	3.6
	50.6

Market Sectors (% of Fund's net assets)

Information Technology	38.1
Health Care	18.6
Consumer Staples	13.5
Communication Services	10.9
Consumer Discretionary	6.0
Financials	5.6
Industrials	3.8
Real Estate	2.8
Materials	0.4
Energy	0.1

Asset Allocation (% of Fund's net assets)

Foreign investments - 2.5%

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares	Value ($)
COMMUNICATION SERVICES - 10.9%
Entertainment - 1.1%
Activision Blizzard, Inc.	1,585,758	126,781,352
Interactive Media & Services - 9.8%
Alphabet, Inc. Class A (a)	6,309,720	733,946,630
Meta Platforms, Inc. Class A (a)	2,412,515	383,831,137
		1,117,777,767
TOTAL COMMUNICATION SERVICES		1,244,559,119
CONSUMER DISCRETIONARY - 6.0%
Hotels, Restaurants & Leisure - 0.3%
Choice Hotels International, Inc. (b)	66,807	8,074,962
Domino's Pizza, Inc.	74,065	29,041,627
		37,116,589
Household Durables - 0.3%
NVR, Inc. (a)	6,664	29,275,618
Specialty Retail - 5.4%
AutoZone, Inc. (a)	42,000	89,770,380
O'Reilly Automotive, Inc. (a)	137,147	96,495,258
The Home Depot, Inc.	1,435,598	432,028,862
		618,294,500
TOTAL CONSUMER DISCRETIONARY		684,686,707
CONSUMER STAPLES - 13.5%
Beverages - 4.6%
Brown-Forman Corp. Class B (non-vtg.)	371,982	27,608,504
Monster Beverage Corp. (a)	748,485	74,564,076
The Coca-Cola Co.	6,563,173	421,158,811
		523,331,391
Household Products - 4.8%
Colgate-Palmolive Co.	1,715,605	135,086,738
Procter & Gamble Co.	2,999,849	416,709,025
		551,795,763
Tobacco - 4.1%
Altria Group, Inc.	3,711,045	162,766,434
Philip Morris International, Inc.	3,154,650	306,474,248
		469,240,682
TOTAL CONSUMER STAPLES		1,544,367,836
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
DT Midstream, Inc.	196,897	10,835,242
FINANCIALS - 5.6%
Capital Markets - 3.1%
Ameriprise Financial, Inc.	225,735	60,930,391
Blackstone, Inc.	1,433,673	146,335,003
Evercore, Inc. Class A	79,423	7,939,917
FactSet Research Systems, Inc.	76,935	33,057,431
Houlihan Lokey	103,083	8,716,698
Lazard Ltd. Class A	229,534	8,646,546
MarketAxess Holdings, Inc.	77,401	20,958,643
SEI Investments Co.	214,177	11,856,839
T. Rowe Price Group, Inc.	466,533	57,602,830
		356,044,298
Consumer Finance - 0.6%
Credit Acceptance Corp. (a)(b)	16,375	9,430,526
Discover Financial Services	586,219	59,208,119
		68,638,645
Insurance - 1.9%
Erie Indemnity Co. Class A	49,692	10,105,365
Fidelity National Financial, Inc.	579,160	23,143,234
Kinsale Capital Group, Inc.	43,661	10,618,792
Marsh & McLennan Companies, Inc.	1,027,705	168,502,512
		212,369,903
TOTAL FINANCIALS		637,052,846
HEALTH CARE - 18.6%
Biotechnology - 4.1%
Amgen, Inc.	1,132,042	280,146,434
Biogen, Inc. (a)	298,998	64,302,510
Regeneron Pharmaceuticals, Inc. (a)	217,219	126,354,120
		470,803,064
Health Care Equipment & Supplies - 4.2%
Abiomed, Inc. (a)	92,647	27,146,497
Edwards Lifesciences Corp. (a)	1,270,824	127,768,645
IDEXX Laboratories, Inc. (a)	172,597	68,897,270
Medtronic PLC	2,736,826	253,211,142
		477,023,554
Health Care Technology - 0.6%
Veeva Systems, Inc. Class A (a)	282,963	63,264,868
Life Sciences Tools & Services - 0.6%
Mettler-Toledo International, Inc. (a)	46,788	63,151,167
Pharmaceuticals - 9.1%
Eli Lilly & Co.	1,375,700	453,554,533
Pfizer, Inc.	8,204,447	414,406,618
Zoetis, Inc. Class A	963,040	175,802,952
		1,043,764,103
TOTAL HEALTH CARE		2,118,006,756
INDUSTRIALS - 3.8%
Building Products - 0.5%
A.O. Smith Corp.	265,349	16,788,631
Masco Corp.	488,365	27,045,654
Trex Co., Inc. (a)(b)	234,319	15,118,262
		58,952,547
Commercial Services & Supplies - 0.5%
Copart, Inc. (a)	434,513	55,661,115
Machinery - 1.0%
Nordson Corp.	107,678	24,872,541
Otis Worldwide Corp.	865,003	67,617,285
Snap-On, Inc.	108,774	24,370,815
		116,860,641
Professional Services - 1.2%
CoStar Group, Inc. (a)	803,886	58,354,085
Robert Half International, Inc.	222,861	17,637,220
Verisk Analytics, Inc.	328,041	62,409,800
		138,401,105
Trading Companies & Distributors - 0.6%
Fastenal Co.	1,171,522	60,169,370
TOTAL INDUSTRIALS		430,044,778
INFORMATION TECHNOLOGY - 38.1%
IT Services - 10.5%
Automatic Data Processing, Inc.	854,995	206,156,394
MasterCard, Inc. Class A	1,204,554	426,159,160
Paychex, Inc.	653,540	83,836,111
VeriSign, Inc. (a)	196,705	37,208,718
Visa, Inc. Class A (b)	2,092,239	443,784,814
		1,197,145,197
Semiconductors & Semiconductor Equipment - 4.3%
Applied Materials, Inc.	908,789	96,313,458
Lam Research Corp.	114,552	57,334,422
Texas Instruments, Inc.	1,879,865	336,289,050
		489,936,930
Software - 13.6%
Adobe, Inc. (a)	921,766	378,034,672
Cadence Design Systems, Inc. (a)	348,301	64,811,850
Check Point Software Technologies Ltd. (a)	210,840	26,270,664
Fair Isaac Corp. (a)	53,493	24,715,371
Fortinet, Inc. (a)	1,351,826	80,636,421
Manhattan Associates, Inc. (a)	128,551	18,083,269
Microsoft Corp.	3,297,332	925,692,986
Paycom Software, Inc. (a)	95,904	31,695,313
Qualys, Inc. (a)	67,962	8,313,112
		1,558,253,658
Technology Hardware, Storage & Peripherals - 9.7%
Apple, Inc.	6,797,879	1,104,723,313
TOTAL INFORMATION TECHNOLOGY		4,350,059,098
MATERIALS - 0.4%
Chemicals - 0.4%
CF Industries Holdings, Inc.	436,560	41,687,114
REAL ESTATE - 2.8%
Equity Real Estate Investment Trusts (REITs) - 2.8%
American Tower Corp.	926,988	251,056,160
Simon Property Group, Inc.	668,884	72,667,558
		323,723,718
TOTAL COMMON STOCKS (Cost $8,994,776,913)		11,385,023,214

U.S. Treasury Obligations - 0.0%
	Principal Amount (c)	Value ($)
U.S. Treasury Bills, yield at date of purchase 1.15% 1/26/23 (d) (Cost $1,988,732)	2,000,000	1,972,484

Money Market Funds - 1.7%
	Shares	Value ($)
Fidelity Cash Central Fund 2.01% (e)	10,083,421	10,085,438
Fidelity Securities Lending Cash Central Fund 2.01% (e)(f)	186,585,391	186,604,050
TOTAL MONEY MARKET FUNDS (Cost $196,689,488)		196,689,488

TOTAL INVESTMENT IN SECURITIES - 101.5% (Cost $9,193,455,133)	11,583,685,186
NET OTHER ASSETS (LIABILITIES) - (1.5)%	(174,733,789)
NET ASSETS - 100.0%	11,408,951,397

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	116	Sep 2022	23,974,300	1,640,179	1,640,179

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

Legend

(a)	Non-income producing

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

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

(d)	Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,045,417.

(e)

(f)	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, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	%ownership, end of period
Fidelity Cash Central Fund 2.01%	-	2,330,846,918	2,320,761,480	101,802	-	-	10,085,438	0.0%
Fidelity Securities Lending Cash Central Fund 2.01%	234,182,625	930,297,045	977,875,620	196,848	-	-	186,604,050	0.5%
Total	234,182,625	3,261,143,963	3,298,637,100	298,650	-	-	196,689,488

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	1,244,559,119	1,244,559,119	-	-
Consumer Discretionary	684,686,707	684,686,707	-	-
Consumer Staples	1,544,367,836	1,544,367,836	-	-
Energy	10,835,242	10,835,242	-	-
Financials	637,052,846	637,052,846	-	-
Health Care	2,118,006,756	2,118,006,756	-	-
Industrials	430,044,778	430,044,778	-	-
Information Technology	4,350,059,098	4,350,059,098	-	-
Materials	41,687,114	41,687,114	-	-
Real Estate	323,723,718	323,723,718	-	-

U.S. Government and Government Agency Obligations	1,972,484	-	1,972,484	-

Money Market Funds	196,689,488	196,689,488	-	-
Total Investments in Securities:	11,583,685,186	11,581,712,702	1,972,484	-
Derivative Instruments:

Assets
Futures Contracts	1,640,179	1,640,179	-	-
Total Assets	1,640,179	1,640,179	-	-
Total Derivative Instruments:	1,640,179	1,640,179	-	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Equity Risk
Futures Contracts (a)	1,640,179	0
Total Equity Risk	1,640,179	0
Total Value of Derivatives	1,640,179	0

Statement of Assets and Liabilities
			July 31, 2022

Assets
Investment in securities, at value (including securities loaned of $183,984,035) - See accompanying schedule:	$11,386,995,698
Unaffiliated issuers (cost $8,996,765,645)	$11,386,995,698
Fidelity Central Funds (cost $196,689,488)	196,689,488

Total Investment in Securities (cost $9,193,455,133)		$	11,583,685,186
Receivable for fund shares sold			869,463
Dividends receivable			12,757,521
Distributions receivable from Fidelity Central Funds			37,657
Receivable for daily variation margin on futures contracts			294,815
Total assets			11,597,644,642
Liabilities
Payable for fund shares redeemed	$1,126,490
Accrued management fee	912,460
Other payables and accrued expenses	63,570
Collateral on securities loaned	186,590,725
Total Liabilities			188,693,245
Net Assets		$	11,408,951,397
Net Assets consist of:
Paid in capital		$	8,988,595,159
Total accumulated earnings (loss)			2,420,356,238
Net Assets		$	11,408,951,397
Net Asset Value , offering price and redemption price per share ($11,408,951,397 ÷ 691,972,998 shares)		$	16.49

Statement of Operations
				Year ended July 31, 2022
Investment Income
Dividends			$	151,798,019
Interest				9,680
Income from Fidelity Central Funds (including $196,848 from security lending)				298,650
Total Income				152,106,349
Expenses
Management fee	$	10,854,340
Custodian fees and expenses		97,104
Independent trustees' fees and expenses		34,020
Registration fees		68,749
Audit		53,501
Legal		10,664
Interest		11,530
Miscellaneous		31,265
Total Expenses				11,161,173
Net Investment income (loss)				140,945,176
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		40,674,988
Futures contracts		1,802,241
Total net realized gain (loss)				42,477,229
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(902,923,411)
Futures contracts		767,659
Total change in net unrealized appreciation (depreciation)				(902,155,752)
Net gain (loss)				(859,678,523)
Net increase (decrease) in net assets resulting from operations			$	(718,733,347)

Statement of Changes in Net Assets

		Year ended July 31, 2022		Year ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	140,945,176	$	108,402,119
Net realized gain (loss)		42,477,229		1,050,312,797
Change in net unrealized appreciation (depreciation)		(902,155,752)		1,237,476,779
Net increase (decrease) in net assets resulting from operations		(718,733,347)		2,396,191,695
Distributions to shareholders		(866,284,891)		(768,878,056)
Share transactions
Proceeds from sales of shares		3,106,087,211		2,963,346,740
Reinvestment of distributions		855,254,434		755,566,663
Cost of shares redeemed		(1,103,462,543)		(3,542,471,393)
Net increase (decrease) in net assets resulting from share transactions		2,857,879,102		176,442,010
Total increase (decrease) in net assets		1,272,860,864		1,803,755,649

Net Assets
Beginning of period		10,136,090,533		8,332,334,884
End of period	$	11,408,951,397	$	10,136,090,533

Other Information
Shares
Sold		179,579,431		173,464,583
Issued in reinvestment of distributions		47,131,336		48,649,105
Redeemed		(61,543,934)		(217,407,264)
Net increase (decrease)		165,166,833		4,706,424

Fidelity® SAI U.S. Quality Index Fund

Years ended July 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	19.24	$	15.96	$	15.19	$	14.23	$	12.27
Income from Investment Operations
Net investment income (loss) A,B		.23		.22		.26		.25		.21
Net realized and unrealized gain (loss)		(1.36)		4.58		2.45		1.10		2.25
Total from investment operations		(1.13)		4.80		2.71		1.35		2.46
Distributions from net investment income		(.20)		(.28)		(.24)		(.19)		(.19)
Distributions from net realized gain		(1.42)		(1.25)		(1.69)		(.20)		(.31)
Total distributions		(1.62)		(1.52) C		(1.94) C		(.39)		(.50)
Net asset value, end of period	$	16.49	$	19.24	$	15.96	$	15.19	$	14.23
Total Return D		(6.55)%		32.64%		20.14%		9.70%		20.71%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.10%		.10%		.11%		.19%		.20%
Expenses net of fee waivers, if any		.10%		.10%		.11%		.15%		.15%
Expenses net of all reductions		.10%		.10%		.11%		.15%		.15%
Net investment income (loss)		1.30%		1.30%		1.83%		1.76%		1.55%
Supplemental Data
Net assets, end of period (000 omitted)	$	11,408,951	$	10,136,091	$	8,332,335	$	8,732,756	$	7,247,643
Portfolio turnover rate G		47%		71%		60%		99%		34%

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 such underlying funds is not included in the Fund's net investment income (loss) ratio.

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

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

E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

For the period ended July 31, 2022

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.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
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.

3. Significant Accounting Policies.

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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. Government and Government Agency Obligations are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2022, is included at the end of the Fund's Schedule of Investments.

Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), partnerships 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	$2,895,523,557
Gross unrealized depreciation	(537,043,070)
Net unrealized appreciation (depreciation)	$2,358,480,487
Tax Cost	$ 9,225,204,699

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

Undistributed ordinary income	$ 82,293,085
Net unrealized appreciation (depreciation) on securities and other investments	$ 2,358,480,487

The Fund intends to elect to defer to its next fiscal year $20,417,334 of capital losses recognized during the period November 1, 2021 to July 31, 2022.

The tax character of distributions paid was as follows:

	July 31, 2022	July 31, 2021
Ordinary Income	$ 178,230,786	$ 140,710,843
Long-term Capital Gains	688,054,105	628,167,213
Total	$ 866,284,891	$ 768,878,056

4. Derivative Instruments.

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.

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	7,296,834,271	5,086,262,388

6. Fees and Other Transactions with Affiliates.

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity SAI U.S. Quality Index Fund	Borrower	$ 47,862,737	.43%	$ 11,530

7. Committed Line of Credit.

	Amount
Fidelity SAI U.S. Quality Index Fund	$ 13,074

8. Security Lending.

	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	$ 20,551	$ -	$-

9. Other.

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 Large Cap Fund
Fidelity SAI U.S. Quality Index Fund	76%	15%

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity SAI U.S. Quality Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of July 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 12, 2022

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

TRUSTEES AND OFFICERS

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2022 to July 31, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2022	Ending Account Value July 31, 2022	Expenses Paid During Period- C February 1, 2022 to July 31, 2022

Fidelity® SAI U.S. Quality Index Fund	.10%
Actual		$ 1,000	$ 918.20	$ .48
Hypothetical- B		$ 1,000	$ 1,024.30	$ .50

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2022, $17,080,071, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% and 46% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 100% and 45% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1% of the dividends distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

1.9868208.106

SV4-ANN-0922

Fidelity® SAI U.S. Momentum Index Fund

Annual Report

July 31, 2022

Contents

Note to Shareholders

Performance

Investment Summary

Schedule of Investments

Report of Independent Registered Public Accounting Firm

Shareholder Expense Example

Distributions

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders :

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2022	Past 1 year	Past 5 years	Life of Fund A
Fidelity® SAI U.S. Momentum Index Fund	-11.06%	12.56%	13.33%

A From February 09, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI U.S. Momentum Index Fund, on February 09, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the MSCI USA Custom Momentum Composite Index performed over the same period.

Market Recap:

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending July 31, 2022, the fund returned -11.06%, roughly in line with the -10.97% result of the benchmark MSCI USA Custom Momentum Composite Index. By sector, stocks in the information technology sector returned -18% and detracted most. Health care (-16%) and communication services (-30%) also hurt, the latter hampered by the media & entertainment industry (-30%). Other notable detractors included the financials (-10%), industrials (-14%) and real estate (-2%) sectors. In contrast, energy advanced 75% and contributed most. Materials stocks also helped, gaining 5%. The utilities sector rose 18%. Consumer discretionary returned approximately -4%, boosted by the automobiles & components industry (+14%). The consumer staples sector (+6%) also contributed, lifted by the food, beverage & tobacco industry (+40%). Turning to individual stocks, the biggest individual detractor was Moderna (-60%), from the pharmaceuticals, biotechnology & life sciences category. Nvidia, within the semiconductors & semiconductor equipment industry, returned about -5% and hindered the fund. Other detractors included Adobe (-45%) and Intuit (-14%), from the software & services group. In contrast, the biggest individual contributor was Tesla (+27%), from the automobiles & components segment. In energy, Exxon Mobil (+71%) and Devon Energy (+160%) helped. Eli Lilly, within the pharmaceuticals, biotechnology & life sciences group, advanced 37% and lifted the fund. Another contributor was UnitedHealth Group (+15%), a stock in the health care equipment & services segment.

Investment Summary July 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Exxon Mobil Corp.	5.0
UnitedHealth Group, Inc.	4.6
Apple, Inc.	4.5
Chevron Corp.	4.4
Berkshire Hathaway, Inc. Class B	3.3
AbbVie, Inc.	3.3
Pfizer, Inc.	2.9
Costco Wholesale Corp.	2.8
Microsoft Corp.	2.5
Eli Lilly & Co.	2.3
	35.6

Market Sectors (% of Fund's net assets)

Health Care	24.5
Energy	18.8
Information Technology	14.6
Consumer Staples	12.1
Financials	10.3
Industrials	5.1
Utilities	4.0
Communication Services	3.1
Consumer Discretionary	3.0
Materials	2.1
Real Estate	2.0

Asset Allocation (% of Fund's net assets)

Foreign investments - 2.4%

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares	Value ($)
COMMUNICATION SERVICES - 3.1%
Diversified Telecommunication Services - 0.4%
AT&T, Inc.	897,271	16,850,749
Entertainment - 0.1%
AMC Entertainment Holdings, Inc. Class A (a)(b)	21,797	317,364
Live Nation Entertainment, Inc. (a)	23,785	2,235,552
		2,552,916
Interactive Media & Services - 2.3%
Alphabet, Inc.:
Class A (a)	462,949	53,850,228
Class C (a)	435,282	50,771,292
		104,621,520
Media - 0.2%
Interpublic Group of Companies, Inc.	39,245	1,172,248
Liberty Media Corp. Liberty Formula One Group Series C (a)	88,211	5,978,059
		7,150,307
Wireless Telecommunication Services - 0.1%
T-Mobile U.S., Inc. (a)	47,522	6,798,497
TOTAL COMMUNICATION SERVICES		137,973,989
CONSUMER DISCRETIONARY - 3.0%
Automobiles - 1.1%
Ford Motor Co.	850,347	12,491,597
Lucid Group, Inc. Class A (a)(b)	43,933	801,777
Tesla, Inc. (a)	39,805	35,484,167
		48,777,541
Distributors - 0.0%
Pool Corp.	1,890	676,053
Hotels, Restaurants & Leisure - 0.1%
Expedia, Inc. (a)	8,782	931,331
Hilton Worldwide Holdings, Inc.	17,189	2,201,395
Marriott International, Inc. Class A	15,465	2,456,151
		5,588,877
Multiline Retail - 0.7%
Dollar General Corp.	32,935	8,182,042
Dollar Tree, Inc. (a)	131,914	21,813,299
		29,995,341
Specialty Retail - 1.1%
Advance Auto Parts, Inc.	3,779	731,690
AutoZone, Inc. (a)	10,706	22,882,897
Lowe's Companies, Inc.	45,388	8,693,164
O'Reilly Automotive, Inc. (a)	20,792	14,629,043
Tractor Supply Co.	15,614	2,989,769
Ulta Beauty, Inc. (a)	2,881	1,120,450
		51,047,013
TOTAL CONSUMER DISCRETIONARY		136,084,825
CONSUMER STAPLES - 12.1%
Beverages - 4.2%
Keurig Dr. Pepper, Inc.	49,773	1,928,206
Molson Coors Beverage Co. Class B	25,931	1,549,377
PepsiCo, Inc.	523,529	91,596,634
The Coca-Cola Co.	1,456,740	93,479,006
		188,553,223
Food & Staples Retailing - 3.2%
Costco Wholesale Corp.	232,023	125,594,050
Kroger Co.	322,799	14,990,786
Sysco Corp.	38,422	3,262,028
		143,846,864
Food Products - 2.3%
Archer Daniels Midland Co.	362,397	29,995,600
Bunge Ltd.	71,755	6,625,139
Campbell Soup Co.	42,065	2,075,908
General Mills, Inc.	255,954	19,142,800
Hormel Foods Corp.	62,784	3,097,763
Kellogg Co.	57,035	4,216,027
McCormick & Co., Inc. (non-vtg.)	51,783	4,523,245
Mondelez International, Inc.	87,538	5,605,934
The Hershey Co.	79,157	18,044,630
The J.M. Smucker Co.	13,760	1,820,723
The Kraft Heinz Co.	46,268	1,704,050
Tyson Foods, Inc. Class A	109,180	9,608,932
		106,460,751
Household Products - 1.9%
Church & Dwight Co., Inc.	68,086	5,989,525
Procter & Gamble Co.	583,654	81,075,377
		87,064,902
Tobacco - 0.5%
Altria Group, Inc.	283,738	12,444,749
Philip Morris International, Inc.	101,761	9,886,081
		22,330,830
TOTAL CONSUMER STAPLES		548,256,570
ENERGY - 18.8%
Energy Equipment & Services - 1.0%
Baker Hughes Co. Class A	356,992	9,171,124
Halliburton Co.	473,675	13,878,678
Schlumberger Ltd.	640,543	23,719,307
		46,769,109
Oil, Gas & Consumable Fuels - 17.8%
APA Corp.	105,246	3,911,994
Cheniere Energy, Inc.	161,080	24,094,346
Chevron Corp.	1,201,400	196,765,292
ConocoPhillips Co.	887,202	86,440,091
Coterra Energy, Inc.	438,075	13,400,714
Devon Energy Corp.	450,172	28,293,310
Diamondback Energy, Inc.	83,433	10,681,093
EOG Resources, Inc.	332,582	36,989,770
EQT Corp.	124,425	5,478,433
Exxon Mobil Corp.	2,339,175	226,736,230
Hess Corp.	135,189	15,204,707
Kinder Morgan, Inc.	126,875	2,282,481
Marathon Oil Corp.	261,602	6,487,730
Marathon Petroleum Corp.	282,660	25,908,616
Occidental Petroleum Corp.	563,561	37,054,136
ONEOK, Inc.	70,135	4,189,865
Phillips 66 Co.	69,999	6,229,911
Pioneer Natural Resources Co.	131,827	31,236,408
Targa Resources Corp.	58,795	4,063,322
The Williams Companies, Inc.	579,193	19,744,689
Valero Energy Corp.	176,658	19,568,407
		804,761,545
TOTAL ENERGY		851,530,654
FINANCIALS - 10.3%
Banks - 1.4%
Bank of America Corp.	562,711	19,025,259
Fifth Third Bancorp	85,260	2,909,071
KeyCorp	61,180	1,119,594
M&T Bank Corp.	39,693	7,043,523
PNC Financial Services Group, Inc.	26,272	4,359,576
Signature Bank	10,488	1,946,258
Wells Fargo & Co.	579,280	25,413,014
		61,816,295
Capital Markets - 1.8%
Ameriprise Financial, Inc.	12,285	3,315,967
Bank of New York Mellon Corp.	57,046	2,479,219
Blackstone, Inc.	191,063	19,501,800
Carlyle Group LP	22,555	877,615
Charles Schwab Corp.	293,964	20,298,214
CME Group, Inc.	41,310	8,240,519
FactSet Research Systems, Inc.	11,180	4,803,822
Intercontinental Exchange, Inc.	27,395	2,794,016
KKR & Co. LP	41,923	2,325,050
LPL Financial	18,708	3,927,183
Morgan Stanley	82,587	6,962,084
Raymond James Financial, Inc.	67,325	6,629,493
		82,154,982
Consumer Finance - 0.3%
American Express Co.	79,510	12,246,130
Upstart Holdings, Inc. (a)(b)	3,598	87,539
		12,333,669
Diversified Financial Services - 3.3%
Apollo Global Management, Inc.	22,576	1,289,090
Berkshire Hathaway, Inc. Class B (a)	502,368	151,011,821
		152,300,911
Insurance - 3.5%
AFLAC, Inc.	29,559	1,693,731
Alleghany Corp. (a)	4,273	3,578,552
Allstate Corp.	15,955	1,866,256
American Financial Group, Inc.	20,221	2,703,143
American International Group, Inc.	85,323	4,417,172
Aon PLC	25,669	7,470,706
Arch Capital Group Ltd. (a)	76,934	3,415,870
Arthur J. Gallagher & Co.	79,286	14,191,401
Assurant, Inc.	18,071	3,176,520
Brown & Brown, Inc.	88,260	5,745,726
Chubb Ltd.	146,357	27,608,784
Cincinnati Financial Corp.	7,340	714,476
Everest Re Group Ltd.	2,984	779,868
Hartford Financial Services Group, Inc.	20,505	1,321,957
Loews Corp.	52,560	3,061,620
Markel Corp. (a)	2,545	3,301,221
Marsh & McLennan Companies, Inc.	173,616	28,466,079
Principal Financial Group, Inc.	15,869	1,062,271
Progressive Corp.	251,985	28,993,394
The Travelers Companies, Inc.	47,886	7,599,508
W.R. Berkley Corp.	108,048	6,756,241
		157,924,496
TOTAL FINANCIALS		466,530,353
HEALTH CARE - 24.5%
Biotechnology - 4.7%
AbbVie, Inc.	1,032,697	148,202,346
Amgen, Inc.	81,670	20,210,875
Neurocrine Biosciences, Inc. (a)	7,459	702,116
Regeneron Pharmaceuticals, Inc. (a)	21,224	12,345,789
Seagen, Inc. (a)	11,740	2,112,965
Vertex Pharmaceuticals, Inc. (a)	107,034	30,013,404
		213,587,495
Health Care Equipment & Supplies - 0.3%
Becton, Dickinson & Co.	15,919	3,889,171
Edwards Lifesciences Corp. (a)	58,932	5,925,023
STERIS PLC	18,246	4,117,210
		13,931,404
Health Care Providers & Services - 8.7%
AmerisourceBergen Corp.	78,892	11,512,710
Cardinal Health, Inc.	15,030	895,187
Centene Corp. (a)	162,141	15,074,249
Cigna Corp.	49,880	13,734,957
CVS Health Corp.	562,076	53,779,432
Elevance Health, Inc.	103,888	49,564,965
HCA Holdings, Inc.	22,024	4,678,338
Henry Schein, Inc. (a)	17,957	1,415,550
McKesson Corp.	103,663	35,409,208
Molina Healthcare, Inc. (a)	6,495	2,128,541
UnitedHealth Group, Inc.	379,587	205,865,214
		394,058,351
Life Sciences Tools & Services - 0.7%
Danaher Corp.	24,053	7,010,728
PerkinElmer, Inc.	11,317	1,733,425
Thermo Fisher Scientific, Inc.	34,736	20,786,370
West Pharmaceutical Services, Inc.	3,257	1,118,975
		30,649,498
Pharmaceuticals - 10.1%
Bristol-Myers Squibb Co.	796,968	58,800,299
Eli Lilly & Co.	321,855	106,112,375
Jazz Pharmaceuticals PLC (a)	4,738	739,412
Johnson & Johnson	561,505	97,993,853
Merck & Co., Inc.	686,862	61,364,251
Pfizer, Inc.	2,587,150	130,676,947
Royalty Pharma PLC	24,749	1,076,334
		456,763,471
TOTAL HEALTH CARE		1,108,990,219
INDUSTRIALS - 5.1%
Aerospace & Defense - 3.0%
General Dynamics Corp.	105,135	23,830,950
Huntington Ingalls Industries, Inc.	3,426	742,894
L3Harris Technologies, Inc.	42,099	10,102,497
Lockheed Martin Corp.	99,928	41,351,206
Northrop Grumman Corp.	73,169	35,040,634
Raytheon Technologies Corp.	233,842	21,796,413
Textron, Inc.	19,886	1,305,317
		134,169,911
Air Freight & Logistics - 0.4%
C.H. Robinson Worldwide, Inc.	22,221	2,459,865
United Parcel Service, Inc. Class B	77,921	15,186,024
		17,645,889
Building Products - 0.0%
A.O. Smith Corp.	8,005	506,476
Johnson Controls International PLC	39,941	2,153,219
		2,659,695
Commercial Services & Supplies - 0.9%
Republic Services, Inc.	87,823	12,177,537
Waste Connections, Inc. (United States)	42,182	5,625,813
Waste Management, Inc.	137,251	22,586,025
		40,389,375
Construction & Engineering - 0.1%
Quanta Services, Inc.	22,827	3,166,790
Machinery - 0.0%
Dover Corp.	7,734	1,033,881
Professional Services - 0.1%
Booz Allen Hamilton Holding Corp. Class A	10,268	985,523
Leidos Holdings, Inc.	10,295	1,101,565
Robert Half International, Inc.	23,868	1,888,914
		3,976,002
Road & Rail - 0.5%
CSX Corp.	112,897	3,649,960
J.B. Hunt Transport Services, Inc.	16,252	2,978,504
Knight-Swift Transportation Holdings, Inc. Class A	10,729	589,559
Old Dominion Freight Lines, Inc.	18,961	5,754,853
Union Pacific Corp.	43,476	9,882,095
		22,854,971
Trading Companies & Distributors - 0.1%
W.W. Grainger, Inc.	10,948	5,950,566
TOTAL INDUSTRIALS		231,847,080
INFORMATION TECHNOLOGY - 14.6%
Communications Equipment - 0.4%
Arista Networks, Inc. (a)	90,894	10,600,967
Juniper Networks, Inc.	120,824	3,386,697
Motorola Solutions, Inc.	16,080	3,836,527
		17,824,191
Electronic Equipment & Components - 0.1%
CDW Corp.	7,023	1,274,885
IT Services - 1.3%
Accenture PLC Class A	74,907	22,941,018
Automatic Data Processing, Inc.	21,478	5,178,775
Cloudflare, Inc. (a)	30,309	1,525,149
Gartner, Inc. (a)	20,099	5,335,883
IBM Corp.	47,892	6,263,795
Jack Henry & Associates, Inc.	21,169	4,398,283
MongoDB, Inc. Class A (a)	2,228	696,183
Paychex, Inc.	97,056	12,450,344
		58,789,430
Semiconductors & Semiconductor Equipment - 4.0%
Broadcom, Inc.	129,246	69,208,648
Enphase Energy, Inc. (a)	5,230	1,486,261
KLA Corp.	13,839	5,307,810
Marvell Technology, Inc.	74,511	4,148,772
Monolithic Power Systems, Inc.	3,521	1,636,279
NVIDIA Corp.	484,795	88,053,316
onsemi (a)	178,633	11,929,112
		181,770,198
Software - 4.1%
Cadence Design Systems, Inc. (a)	36,149	6,726,606
Datadog, Inc. Class A (a)	49,165	5,015,322
Fortinet, Inc. (a)	289,559	17,272,194
Intuit, Inc.	17,278	7,881,705
Microsoft Corp.	410,653	115,286,723
NortonLifeLock, Inc.	39,188	961,282
Palo Alto Networks, Inc. (a)	47,276	23,595,452
Synopsys, Inc. (a)	23,261	8,548,418
		185,287,702
Technology Hardware, Storage & Peripherals - 4.7%
Apple, Inc.	1,242,808	201,968,728
Dell Technologies, Inc.	23,783	1,071,662
HP, Inc.	220,561	7,364,532
NetApp, Inc.	10,823	772,005
Seagate Technology Holdings PLC	31,114	2,488,498
		213,665,425
TOTAL INFORMATION TECHNOLOGY		658,611,831
MATERIALS - 2.1%
Chemicals - 1.1%
Albemarle Corp.	20,381	4,979,282
CF Industries Holdings, Inc.	146,585	13,997,402
Corteva, Inc.	229,139	13,186,949
FMC Corp.	32,624	3,624,526
LyondellBasell Industries NV Class A	14,368	1,280,476
The Mosaic Co.	213,641	11,250,335
Westlake Corp.	6,001	584,137
		48,903,107
Containers & Packaging - 0.2%
Amcor PLC	203,066	2,629,705
Crown Holdings, Inc.	6,659	677,087
Packaging Corp. of America	12,000	1,687,320
Sealed Air Corp.	43,405	2,652,914
		7,647,026
Metals & Mining - 0.8%
Alcoa Corp.	29,944	1,523,850
Cleveland-Cliffs, Inc. (a)	31,457	557,103
Freeport-McMoRan, Inc.	177,626	5,604,100
Newmont Corp.	118,110	5,348,021
Nucor Corp.	148,436	20,157,609
Steel Dynamics, Inc.	77,209	6,013,037
		39,203,720
TOTAL MATERIALS		95,753,853
REAL ESTATE - 2.0%
Equity Real Estate Investment Trusts (REITs) - 2.0%
Camden Property Trust (SBI)	26,812	3,783,173
Duke Realty Corp.	111,707	6,988,390
Equity Residential (SBI)	19,628	1,538,639
Essex Property Trust, Inc.	2,503	717,185
Extra Space Storage, Inc.	45,069	8,541,477
Host Hotels & Resorts, Inc.	88,728	1,580,246
Iron Mountain, Inc.	98,135	4,758,566
Mid-America Apartment Communities, Inc.	27,768	5,157,351
Prologis (REIT), Inc.	225,821	29,934,832
Public Storage	65,091	21,246,353
UDR, Inc.	12,290	594,836
Welltower, Inc.	26,730	2,307,868
WP Carey, Inc.	13,945	1,245,289
		88,394,205
Real Estate Management & Development - 0.0%
CBRE Group, Inc. (a)	20,922	1,791,342
TOTAL REAL ESTATE		90,185,547
UTILITIES - 4.0%
Electric Utilities - 2.1%
Alliant Energy Corp.	15,440	940,759
American Electric Power Co., Inc.	141,907	13,986,354
Duke Energy Corp.	105,538	11,601,792
Edison International	66,024	4,474,446
Entergy Corp.	40,463	4,658,505
Evergy, Inc.	12,661	864,240
Eversource Energy	20,036	1,767,576
Exelon Corp.	577,014	26,825,381
FirstEnergy Corp.	97,417	4,003,839
NRG Energy, Inc.	20,206	762,777
Southern Co.	239,796	18,437,914
Xcel Energy, Inc.	73,723	5,395,049
		93,718,632
Gas Utilities - 0.1%
Atmos Energy Corp.	52,462	6,368,362
Independent Power and Renewable Electricity Producers - 0.1%
Vistra Corp.	175,330	4,532,281
Multi-Utilities - 1.7%
Ameren Corp.	53,512	4,983,037
CenterPoint Energy, Inc.	168,420	5,337,230
CMS Energy Corp.	61,989	4,260,504
Consolidated Edison, Inc.	184,137	18,279,280
Dominion Energy, Inc.	113,793	9,328,750
DTE Energy Co.	42,247	5,504,784
NiSource, Inc.	183,479	5,577,762
Public Service Enterprise Group, Inc.	26,850	1,763,240
Sempra Energy	97,408	16,150,246
WEC Energy Group, Inc.	46,073	4,782,838
		75,967,671
TOTAL UTILITIES		180,586,946
TOTAL COMMON STOCKS (Cost $4,216,120,530)		4,506,351,867

U.S. Treasury Obligations - 0.0%
	Principal Amount (c)	Value ($)
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (d) (Cost $298,198)	300,000	295,873

Money Market Funds - 0.2%
	Shares	Value ($)
Fidelity Cash Central Fund 2.01% (e)	4,990,363	4,991,361
Fidelity Securities Lending Cash Central Fund 2.01% (e)(f)	2,360,549	2,360,785
TOTAL MONEY MARKET FUNDS (Cost $7,352,146)		7,352,146

TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $4,223,770,874)	4,513,999,886
NET OTHER ASSETS (LIABILITIES) - 0.2%	10,235,491
NET ASSETS - 100.0%	4,524,235,377

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	72	Sep 2022	14,880,600	667,240	667,240

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

Legend

(a)	Non-income producing

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

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

(d)	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 $295,873.

(e)

(f)	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, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	%ownership, end of period
Fidelity Cash Central Fund 2.01%	66,517,149	1,631,632,338	1,693,158,126	70,977	-	-	4,991,361	0.0%
Fidelity Securities Lending Cash Central Fund 2.01%	20,093,260	399,909,605	417,642,080	75,719	-	-	2,360,785	0.0%
Total	86,610,409	2,031,541,943	2,110,800,206	146,696	-	-	7,352,146

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	137,973,989	137,973,989	-	-
Consumer Discretionary	136,084,825	136,084,825	-	-
Consumer Staples	548,256,570	548,256,570	-	-
Energy	851,530,654	851,530,654	-	-
Financials	466,530,353	466,530,353	-	-
Health Care	1,108,990,219	1,108,990,219	-	-
Industrials	231,847,080	231,847,080	-	-
Information Technology	658,611,831	658,611,831	-	-
Materials	95,753,853	95,753,853	-	-
Real Estate	90,185,547	90,185,547	-	-
Utilities	180,586,946	180,586,946	-	-

U.S. Government and Government Agency Obligations	295,873	-	295,873	-

Money Market Funds	7,352,146	7,352,146	-	-
Total Investments in Securities:	4,513,999,886	4,513,704,013	295,873	-
Derivative Instruments:

Assets
Futures Contracts	667,240	667,240	-	-
Total Assets	667,240	667,240	-	-
Total Derivative Instruments:	667,240	667,240	-	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Equity Risk
Futures Contracts (a)	667,240	0
Total Equity Risk	667,240	0
Total Value of Derivatives	667,240	0

Statement of Assets and Liabilities
			July 31, 2022

Assets
Investment in securities, at value (including securities loaned of $2,314,525) - See accompanying schedule:	$4,506,647,740
Unaffiliated issuers (cost $4,216,418,728)	$4,506,647,740
Fidelity Central Funds (cost $7,352,146)	7,352,146

Total Investment in Securities (cost $4,223,770,874)		$	4,513,999,886
Segregated cash with brokers for derivative instruments			232,129
Receivable for investments sold			620,683,719
Receivable for fund shares sold			459,135
Dividends receivable			6,333,055
Distributions receivable from Fidelity Central Funds			27,271
Receivable for daily variation margin on futures contracts			148,853
Other receivables			3
Total assets			5,141,884,051
Liabilities
Payable for investments purchased	$613,607,548
Payable for fund shares redeemed	1,253,436
Accrued management fee	357,490
Other payables and accrued expenses	59,800
Collateral on securities loaned	2,370,400
Total Liabilities			617,648,674
Net Assets		$	4,524,235,377
Net Assets consist of:
Paid in capital		$	4,411,549,233
Total accumulated earnings (loss)			112,686,144
Net Assets		$	4,524,235,377
Net Asset Value , offering price and redemption price per share ($4,524,235,377 ÷ 324,249,883 shares)		$	13.95

Statement of Operations
				Year ended July 31, 2022
Investment Income
Dividends			$	45,966,174
Interest				2,355
Income from Fidelity Central Funds (including $75,719 from security lending)				146,696
Total Income				46,115,225
Expenses
Management fee	$	3,412,618
Custodian fees and expenses		57,502
Independent trustees' fees and expenses		10,291
Registration fees		51,068
Audit		53,169
Legal		4,972
Interest		1,052
Miscellaneous		9,092
Total Expenses				3,599,764
Net Investment income (loss)				42,515,461
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(109,119,434)
Futures contracts		(450,222)
Total net realized gain (loss)				(109,569,656)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(275,496,992)
Futures contracts		253,596
Total change in net unrealized appreciation (depreciation)				(275,243,396)
Net gain (loss)				(384,813,052)
Net increase (decrease) in net assets resulting from operations			$	(342,297,591)

Statement of Changes in Net Assets

		Year ended July 31, 2022		Year ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	42,515,461	$	13,038,221
Net realized gain (loss)		(109,569,656)		482,054,383
Change in net unrealized appreciation (depreciation)		(275,243,396)		138,167,398
Net increase (decrease) in net assets resulting from operations		(342,297,591)		633,260,002
Distributions to shareholders		(545,772,044)		(185,281,787)
Share transactions
Proceeds from sales of shares		2,470,011,092		1,215,829,630
Reinvestment of distributions		528,193,833		177,412,411
Cost of shares redeemed		(494,759,472)		(730,747,824)
Net increase (decrease) in net assets resulting from share transactions		2,503,445,453		662,494,217
Total increase (decrease) in net assets		1,615,375,818		1,110,472,432

Net Assets
Beginning of period		2,908,859,559		1,798,387,127
End of period	$	4,524,235,377	$	2,908,859,559

Other Information
Shares
Sold		172,552,413		71,831,071
Issued in reinvestment of distributions		31,671,872		11,959,109
Redeemed		(32,697,591)		(45,349,737)
Net increase (decrease)		171,526,694		38,440,443

Fidelity® SAI U.S. Momentum Index Fund

Years ended July 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	19.05	$	15.74	$	13.77	$	13.31	$	10.98
Income from Investment Operations
Net investment income (loss) A,B		.19		.10		.19		.20		.15
Net realized and unrealized gain (loss)		(1.81)		4.66		2.07		.71 C		2.29
Total from investment operations		(1.62)		4.76		2.26		.91		2.44
Distributions from net investment income		(.10)		(.18)		(.22)		(.12)		(.06)
Distributions from net realized gain		(3.38)		(1.27)		(.08)		(.33)		(.04)
Total distributions		(3.48)		(1.45)		(.29) D		(.45)		(.11) D
Net asset value, end of period	$	13.95	$	19.05	$	15.74	$	13.77	$	13.31
Total Return E		(11.06)%		32.98%		16.76%		6.94% C		22.33%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.11%		.11%		.11%		.21%		.23%
Expenses net of fee waivers, if any		.11%		.11%		.11%		.15%		.15%
Expenses net of all reductions		.11%		.11%		.11%		.15%		.15%
Net investment income (loss)		1.25%		.58%		1.36%		1.54%		1.19%
Supplemental Data
Net assets, end of period (000 omitted)	$	4,524,235	$	2,908,860	$	1,798,387	$	3,655,491	$	2,512,747
Portfolio turnover rate H		138%		128%		163%		161%		153%

A Calculated based on average shares outstanding during the period.

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 6.91%.

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

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

F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).