Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-02105

Fidelity Salem Street Trust

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	July 31

Date of reporting period:	July 31, 2026

Item 1.

Reports to Stockholders


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026
	Fidelity® SAI U.S. Value Index Fund Fidelity® SAI U.S. Value Index Fund : FSWCX

This annual shareholder report contains information about Fidelity® SAI U.S. Value Index Fund for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® SAI U.S. Value Index Fund	$ 13	0.11%

What affected the Fund's performance this period?

•U.S. stocks achieved a strong gain for the 12 months ending July 31, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

•Against this backdrop, the information technology sector gained about 49% and contributed most to the fund's performance for the fiscal year, driven by the semiconductors & semiconductor equipment industry (+105%). Health care, which rose 56%, also helped, as did financials, which advanced roughly 27%. The energy sector was up 47%, while industrials increased 47% and consumer discretionary advanced 19%. Other contributors included materials (+35%), consumer staples (+13%), communication services (+6%) and utilities (+32%) stocks.

•In contrast, real estate returned -14% and detracted most. This group was hampered by the equity real estate investment trusts industry (-14%).

•Turning to individual holdings, the biggest contributor was Micron Technology (+630%), from the semiconductors & semiconductor equipment category. UnitedHealth (+72%), within the health care equipment & services industry, also helped. Apple (+50%), a stock in the technology hardware & equipment industry, boosted the fund as well. In energy, Exxon Mobil gained roughly 33% and further contributed. Lastly, Bank of America (+34%), from the banks category, also helped.

•Conversely, the biggest detractor was Accenture (-31%), from the software & services group. Within the same industry, Salesforce (-13%) and Adobe (-25%) hindered the fund. Lastly, Comcast (-20%) and AT&T (-11%), within the telecommunication services industry, also hurt.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

December 19, 2017 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Fidelity® SAI U.S. Value Index Fund	36.11%	14.42%	11.81%
Fidelity U.S. Value Focus Index℠	36.28%	14.54%	11.90%
S&P 500® Index	19.56%	12.86%	14.48%

A From December 19, 2017

Visit www.fidelity.com for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$9,446,307,148
Number of Holdings	204
Total Advisory Fee	$7,303,999
Portfolio Turnover	60%

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

MARKET SECTORS (% of Fund's net assets)
Information Technology	25.5
Financials	21.7
Energy	12.6
Health Care	12.5
Communication Services	10.3
Consumer Discretionary	4.3
Consumer Staples	4.2
Materials	3.8
Industrials	3.7
Utilities	0.9
Real Estate	0.3

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 99.0
	Switzerland - 0.6
	Australia - 0.3
	Bermuda - 0.1

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	3.8
Bank of America Corp	3.6
Micron Technology Inc	3.6
Chevron Corp	3.6
Apple Inc	3.2
Microsoft Corp	2.9
Wells Fargo & Co	2.6
Alphabet Inc Class A	2.3
Citigroup Inc	2.2
Verizon Communications Inc	1.9
	29.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913551.102 3056-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® SAI U.S. Quality Index Fund Fidelity® SAI U.S. Quality Index Fund : FUQIX

This annual shareholder report contains information about Fidelity® SAI U.S. Quality Index Fund for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® SAI U.S. Quality Index Fund	$ 12	0.11%

What affected the Fund's performance this period?

•Against this backdrop, the information technology sector gained roughly 27% and contributed most to the fund's performance for the fiscal year. Health care stocks also helped (+38%), benefiting from the pharmaceuticals, biotechnology & life sciences industry (+50%). Communication services stocks rose 10%, boosted by the media & entertainment industry (+10%), consumer staples were up roughly 13%, lifted by the food, beverage & tobacco industry (+37%), and financials advanced about 1%. Other contributors included the energy (+39%), real estate (+7%) and materials (+49%) sectors.

•Conversely, industrials returned -3% and detracted most. This group was hampered by the commercial & professional services industry (-18%). Consumer discretionary (-3%) also hurt, pressured by consumer services (-5%) firms.

•Turning to individual stocks, the biggest contributor was Alphabet (+92%), from the media & entertainment industry. Apple (+49%), a stock in the technology hardware & equipment industry, helped as well. Lam Research (+206%) and Applied Materials (+103%), within the semiconductors & semiconductor equipment industry, further contributed. Lastly, Eli Lilly, within the pharmaceuticals, biotechnology & life sciences group, gained 56% and boosted the fund.

•In contrast, the biggest detractor was Meta Platforms (-28%), from the media & entertainment category. From the same group, AppLovin (-39%) and Trade Desk (-79%) also hurt the fund. Lastly, in software & services, Microsoft (-12%) and Adobe (-30%) weighed on the fund's performance as well.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2016 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® SAI U.S. Quality Index Fund	17.07%	12.57%	15.90%
Fidelity SAI U.S. Quality Index Fund Linked Index℠	17.66%	12.76%	16.06%
Fidelity U.S. Quality Focus Index℠ A	17.66%	12.76%	n/a
S&P 500® Index	19.56%	12.86%	15.08%

A From October 22, 2018

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$35,741,871,182
Number of Holdings	105
Total Advisory Fee	$27,324,145
Portfolio Turnover	37%

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

MARKET SECTORS (% of Fund's net assets)
Information Technology	38.9
Financials	16.0
Health Care	13.9
Consumer Staples	9.5
Communication Services	8.0
Industrials	7.3
Consumer Discretionary	4.4
Real Estate	1.6
Energy	0.2

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 100.0

TOP HOLDINGS (% of Fund's net assets)
Apple Inc	9.2
Microsoft Corp	8.0
Eli Lilly & Co	4.3
Visa Inc Class A	4.3
NVIDIA Corp	4.2
Mastercard Inc Class A	4.1
AbbVie Inc	3.9
Applied Materials Inc	3.5
Coca-Cola Co/The	3.3
Procter & Gamble Co/The	3.3
	48.1

How has the Fund changed?

This is a summary of certain changes to the Fund since August 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 29, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

Operating expenses

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913531.102 2803-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® SAI U.S. Momentum Index Fund Fidelity® SAI U.S. Momentum Index Fund : FUMIX

This annual shareholder report contains information about Fidelity® SAI U.S. Momentum Index Fund for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® SAI U.S. Momentum Index Fund	$ 12	0.10%

What affected the Fund's performance this period?

•Against this backdrop, the information technology sector gained about 48% and contributed most to the fund's performance for the fiscal year. Industrials, which advanced roughly 15%, also helped, benefiting from the capital goods industry (+23%), as did financials, rising about 18%. The health care sector was up 25%, boosted by the pharmaceuticals, biotechnology & life sciences industry (+34%), while consumer discretionary gained 8% and communication services advanced 7%. Other contributors included energy (+17%), materials (+58%), consumer staples (+34%), real estate (+31%) and utilities (+14%) stocks.

•On an individual basis, the biggest contributor was Micron Technology (+126%), from the semiconductors & semiconductor equipment category. Within the same group, Advanced Micro Devices gained roughly 265% and boosted the fund as well. Alphabet (+47%), a stock in the media & entertainment industry, also helped. Lastly, Cisco Systems (+70%) and Western Digital (+584%), within the technology hardware & equipment industry, further aided performance.

•In contrast, the biggest detractor was Microsoft (-4%), from the software & services group. Within the same category, Strategy returned about -37% and hurt as well. In media & entertainment, Netflix (-19%) also weighed on performance. Another notable detractor was Exxon Mobil (-14%), a stock in the energy sector. Lastly, Uber Technologies (-16%), from the transportation group, also hurt.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

February 9, 2017 through July 31, 2026.

Initial investment of $10,000.

Effective October 31, 2025, the fund began comparing its performance to Fidelity U.S. Large Cap Momentum Focus IndexSM rather than MSCI USA Custom Momentum Composite Index because the Fidelity U.S. Large Cap Momentum Focus IndexSM conforms more closely to the fund's investment policies.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Fidelity® SAI U.S. Momentum Index Fund	26.00%	14.44%	16.86%
Fidelity U.S. Momentum Linked Index	26.00%	14.52%	16.98%
Fidelity U.S. Large Cap Momentum Focus Index℠ B	n/a	n/a	n/a
MSCI USA Custom Momentum Composite Index	26.38%	14.59%	17.01%
MSCI USA Index	18.68%	11.89%	14.53%

A From February 9,2017

B From September 5, 2025

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$2,479,737,840
Number of Holdings	189
Total Advisory Fee	$5,663,676
Portfolio Turnover	196%

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

MARKET SECTORS (% of Fund's net assets)
Information Technology	39.4
Industrials	14.8
Communication Services	9.1
Financials	8.3
Health Care	7.6
Energy	7.6
Consumer Discretionary	4.7
Real Estate	2.6
Materials	2.2
Utilities	1.9
Consumer Staples	1.7

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.9
	Short-Term Investments and Net Other Assets (Liabilities) - 0.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 99.4
	Australia - 0.2
	United Kingdom - 0.2
	Thailand - 0.1
	Bermuda - 0.1

TOP HOLDINGS (% of Fund's net assets)
Alphabet Inc Class A	8.9
NVIDIA Corp	4.4
Johnson & Johnson	4.2
Micron Technology Inc	4.0
Apple Inc	3.7
Applied Materials Inc	3.1
Cisco Systems Inc	3.0
Caterpillar Inc	2.9
Chevron Corp	2.9
Lam Research Corp	2.8
	39.9

How has the Fund changed?

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses	The fund modified its principal investment strategies during the reporting period.
The fund modified its principal investment risks during the reporting period.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913545.102 2882-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® SAI U.S. Large Cap Index Fund Fidelity® SAI U.S. Large Cap Index Fund : FLCPX

This annual shareholder report contains information about Fidelity® SAI U.S. Large Cap Index Fund for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

•Against this backdrop, information technology gained approximately 26% and contributed most to the fund's performance for the fiscal year. Health care, which gained 27%, also helped, benefiting from the pharmaceuticals, biotechnology & life sciences industry (+40%), as did industrials, which advanced 20%, lifted by the capital goods industry (+25%). The communication services sector rose roughly 17%, boosted by the media & entertainment industry (+20%), while financials gained about 10% and energy advanced 41%. Other contributors included the consumer discretionary (+7%), consumer staples (+10%), real estate (+14%), materials (+14%) and utilities (+6%) sectors.

•Turning to individual stocks, the top contributor was Alphabet (+85%), from the media & entertainment category. In technology hardware & equipment, Apple (+49%) helped. Lastly, Micron Technology (+654%), NVIDIA (+12%) and Advanced Micro Devices (+170%), within the semiconductors & semiconductor equipment group, also boosted the fund.

•Conversely, the biggest detractor was Microsoft (-12%), from the software & services industry. From the same industry, Oracle (-48%) and Intuit (-59%) hurt the fund. Lastly, in media & entertainment, Meta Platforms (-28%) and Netflix (-38%) also hurt the fund.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2016 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® SAI U.S. Large Cap Index Fund	19.54%	12.84%	15.05%
S&P 500® Index	19.56%	12.86%	15.08%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$18,856,937,017
Number of Holdings	507
Total Advisory Fee	$2,323,565
Portfolio Turnover	32%

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

MARKET SECTORS (% of Fund's net assets)
Information Technology	36.7
Financials	12.5
Communication Services	9.7
Consumer Discretionary	9.4
Health Care	9.1
Industrials	8.7
Consumer Staples	4.7
Energy	3.4
Utilities	2.1
Real Estate	1.9
Materials	1.7

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.9
	Short-Term Investments and Net Other Assets (Liabilities) - 0.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 99.8
	Switzerland - 0.1
	Netherlands - 0.1

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	7.5
Apple Inc	7.0
Microsoft Corp	5.5
Amazon.com Inc	4.1
Alphabet Inc Class A	3.3
Broadcom Inc	2.9
Alphabet Inc Class C	2.6
Meta Platforms Inc Class A	1.9
Berkshire Hathaway Inc Class B	1.6
JPMorgan Chase & Co	1.5
	37.9

How has the Fund changed?

The fund modified its classification allowing it to operate as a non-diversified fund if changes in the relative market capitalization or weightings of issuers in the fund's index cause the fund to become non-diversified, and its principal investment strategies and risks were updated to reflect the change during the reporting period.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913532.102 2807-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® SAI Small-Mid Cap Momentum Index Fund Fidelity® SAI Small-Mid Cap Momentum Index Fund : FZFLX

This annual shareholder report contains information about Fidelity® SAI Small-Mid Cap Momentum Index Fund for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® SAI Small-Mid Cap Momentum Index Fund	$ 6	0.05%

What affected the Fund's performance this period?

•Against this backdrop, information technology gained roughly 92% and contributed most to the fund's performance for the fiscal year, driven by the technology hardware & equipment industry (+180%). Industrials, which gained approximately 32%, also helped, benefiting from the capital goods industry (+37%), as did health care, which advanced 40%, lifted by the pharmaceuticals, biotechnology & life sciences industry (+50%). The financials sector rose 15%, while consumer discretionary gained 14% and energy advanced about 36%. Other contributors included the real estate (+28%), communication services (+21%), consumer staples (+25%) and utilities (+6%) sectors.

•Conversely, materials returned about -4% and detracted most.

•Turning to individual stocks, the biggest contributor was Sandisk (+1770%), from the technology hardware & equipment industry. Within the same category, Ciena (+499%), Lumentum Holdings (+773%) and Flex (+178%) boosted the fund. Lastly, Comfort Systems USA (+182%), a stock in the capital goods industry, also contributed.

•In contrast, the biggest detractor was Applied Optoelectronics (-50%), from the technology hardware & equipment industry. In commercial & professional services, Planet Labs PBC returned -51% and hurt the fund's performance. Modine Manufacturing (-32%), from the capital goods group, hurt the fund. Another notable detractor was Guidewire Software (-44%), a stock in the software & services category. Lastly, in financial services, Affirm Holdings returned roughly -25% and also hurt the fund.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2016 through July 31, 2026.

Initial investment of $10,000.

Effective December 22, 2025, the fund began comparing its performance to Fidelity U.S.Small-Mid Cap Momentum Focus IndexSM rather than Russell SMID 500TM Index because the Fidelity U.S. Small-Mid Cap Momentum Focus IndexSM conforms more closely to the fund's investment policies.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® SAI Small-Mid Cap Momentum Index Fund	34.95%	10.01%	12.50%
Fidelity SAI Small-Mid Cap Linked Index℠	34.80%	9.97%	12.51%
Fidelity U.S. Small-Mid Cap Momentum Focus Index℠ A	n/a	n/a	n/a
Russell SMID 500™ Index	28.26%	8.88%	11.96%
Russell 3000® Index	19.60%	11.82%	14.56%

A From September 8, 2025

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$4,163,231,694
Number of Holdings	304
Total Advisory Fee	$2,388,942
Portfolio Turnover	180%

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

MARKET SECTORS (% of Fund's net assets)
Industrials	22.5
Information Technology	17.9
Financials	13.0
Health Care	11.6
Energy	10.3
Consumer Discretionary	6.6
Real Estate	6.3
Communication Services	4.2
Materials	3.3
Utilities	2.3
Consumer Staples	1.8

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 95.9
	Thailand - 1.1
	Bermuda - 1.0
	Puerto Rico - 0.7
	Singapore - 0.3
	Switzerland - 0.3
	Monaco - 0.2
	Norway - 0.2
	Canada - 0.2
	Others - 0.1

TOP HOLDINGS (% of Fund's net assets)
nVent Electric PLC	1.4
Viking Holdings Ltd	1.3
Roku Inc Class A	1.3
Permian Resources Holdings Inc/DE Class A	1.3
TD SYNNEX Corp	1.2
RBC Bearings Inc	1.2
Loews Corp	1.2
Host Hotels & Resorts Inc	1.2
Clean Harbors Inc	1.2
Lattice Semiconductor Corp	1.2
	12.5

How has the Fund changed?

The fund's name changed from Fidelity® SAI Small-Mid Cap 500 Index Fund to Fidelity® SAI Small-Mid Cap Momentum Index Fund.	The fund modified its investment objective during the reporting period.
The fund modified its principal investment strategies during the reporting period.	The fund modified its principal investment risks during the reporting period.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913530.102 2786-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026
	Fidelity® SAI Real Estate Index Fund Fidelity® SAI Real Estate Index Fund : FESIX

This annual shareholder report contains information about Fidelity® SAI Real Estate Index Fund for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® SAI Real Estate Index Fund	$ 8	0.07%

What affected the Fund's performance this period?

•Against this backdrop, health care REITs gained approximately 37% and contributed most to the fund's performance for the fiscal year. The retail category, which rose approximately 31%, also helped, as did industrial REITs, which advanced approximately 35%. The data center industry was up 22%, while hotel & resorts gained 62%, and self storage REITs advanced 21%. Other contributors included the other specialized (+12%), multi-family residential (+6%), diversified (+21%), office (+10%), single-family residential (+4%) and timber (+3%) segments of the real estate market.

•In contrast, real estate services returned -26% and detracted most. Telecom tower (-17%) REITs also hurt. Other detractors were the integrated telecommunication services (-25%) and the real estate development (-3%) industries.

•Turning to individual stocks, the top contributor was Welltower (+44%), from the health care category. From the same group, Ventas (+43%) helped as well. Among industrial REITs, Prologis gained 40% and boosted the fund. Simon Property, within the retail industry, rose about 47% and also contributed. Lastly, in data centers, Equinix (+33%) added value.

•Conversely, the biggest detractor was CoStar (-70%), from the real estate services industry. Within the same segment, Zillow (-57%) also hurt the fund's performance. Among telecom tower REITs, American Tower (-14%) and Crown Castle (-24%) hindered the fund. Lastly, in the other specialized category, VICI Properties (-14%) weighed on performance as well.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2016 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® SAI Real Estate Index Fund	14.98%	2.36%	3.66%
Fidelity Real Estate Linked Index℠	14.95%	2.44%	3.69%
MSCI US IMI Real Estate 25/25 Index A	14.95%	2.44%	n/a
S&P 500® Index	19.56%	12.86%	15.08%

A From September 1, 2016

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$212,230,713
Number of Holdings	146
Total Advisory Fee	$123,730
Portfolio Turnover	15%

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

TOP INDUSTRIES (% of Fund's net assets)
Specialized REITs	31.3
Health Care REITs	17.0
Retail REITs	15.1
Industrial REITs	11.3
Residential REITs	10.8
Real Estate Management & Development	6.6
Hotel & Resort REITs	3.0
Office REITs	2.9
Diversified REITs	1.9

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.9
	Short-Term Investments and Net Other Assets (Liabilities) - 0.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 100.0

TOP HOLDINGS (% of Fund's net assets)
Welltower Inc	9.2
Prologis Inc	8.0
Equinix Inc	5.4
Simon Property Group Inc	4.7
American Tower Corp	4.1
Digital Realty Trust Inc	3.9
Realty Income Corp	3.6
Public Storage	3.4
CBRE Group Inc Class A	2.8
Ventas Inc	2.8
	47.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913533.102 2810-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026
	Fidelity® Real Estate Index Fund Fidelity® Real Estate Index Fund : FSRNX

This annual shareholder report contains information about Fidelity® Real Estate Index Fund for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Real Estate Index Fund	$ 8	0.07%

What affected the Fund's performance this period?

•Against this backdrop, health care REITs gained about 37% and contributed most to the fund's performance for the fiscal year. The retail industry, which rose 31%, also helped, as did industrial, which advanced 35%. The data center group was up approximately 22%, while hotel & resorts gained 62%, and self-storage REITs advanced 21%. Other contributors included the other specialized (+12%), multi-family residential (+6%), diversified (+21%), office (+10%), single-family residential (+4%) and timber (+3%) categories.

•Conversely, real estate services returned -26% and detracted most. Telecom tower (-17%) REITs also hurt. Other detractors were the integrated telecommunication services (-25%) and the real estate development (-3%) segments.

•Turning to individual stocks, the biggest contributor was Welltower (+44%), from the health care industry. From the same category, Ventas gained about 43% and lifted the fund as well. In industrials, Prologis rose 40% and also boosted the fund. Simon Property (+47%), from the retail group, helped as well. Lastly, among data center REITs, Equinix (+33%) also contributed.

•In contrast, the biggest detractor was CoStar (-70%), from the real estate services industry. Within the same segment, Zillow (-57%) also hurt. Among telecom tower REITs, American Tower (-14%) and Crown Castle (-24%) detracted. Lastly, in the other specialized category, VICI Properties returned -14% and further hindered the fund.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2016 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Real Estate Index Fund	14.84%	2.41%	3.65%
Fidelity Real Estate Linked Index℠	14.95%	2.44%	3.69%
MSCI US IMI Real Estate 25/25 Index A	14.95%	2.44%	n/a
S&P 500® Index	19.56%	12.86%	15.08%

A FromSeptember 1, 2016

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$3,249,125,377
Number of Holdings	147
Total Advisory Fee	$2,078,206
Portfolio Turnover	5%

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

TOP INDUSTRIES (% of Fund's net assets)
Specialized REITs	31.2
Health Care REITs	16.9
Retail REITs	15.1
Industrial REITs	11.3
Residential REITs	10.7
Real Estate Management & Development	6.6
Hotel & Resort REITs	2.9
Office REITs	2.9
Diversified REITs	2.0

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 100.0

TOP HOLDINGS (% of Fund's net assets)
Welltower Inc	9.2
Prologis Inc	8.0
Equinix Inc	5.3
Simon Property Group Inc	4.7
American Tower Corp	4.1
Digital Realty Trust Inc	3.9
Realty Income Corp	3.6
Public Storage	3.4
CBRE Group Inc Class A	2.8
Ventas Inc	2.7
	47.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913516.102 2355-TSRA-0926

Item 2.

Code of Ethics

As of the end of the period, July 31, 2026, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

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

Item 4.

Principal Accountant Fees and Services

Fees and Services

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

Services Billed by Deloitte Entities

July 31, 2026 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Real Estate Index Fund	$36,700	$-	$9,600	$800
Fidelity SAI Real Estate Index Fund	$38,700	$-	$9,800	$900
Fidelity SAI Small-Mid Cap Momentum Index Fund	$42,000	$-	$8,200	$900
Fidelity SAI U.S. Large Cap Index Fund	$40,100	$-	$10,000	$900
Fidelity SAI U.S. Momentum Index Fund	$41,600	$-	$8,200	$900
Fidelity SAI U.S. Quality Index Fund	$41,800	$-	$8,200	$900

July 31, 2025 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Real Estate Index Fund	$37,300	$-	$9,100	$800
Fidelity SAI Real Estate Index Fund	$39,700	$-	$9,100	$800
Fidelity SAI Small-Mid Cap 500 Index Fund	$42,600	$-	$7,700	$800
Fidelity SAI U.S. Large Cap Index Fund	$40,700	$-	$9,500	$800
Fidelity SAI U.S. Momentum Index Fund	$42,000	$-	$7,700	$800
Fidelity SAI U.S. Quality Index Fund	$42,200	$-	$7,700	$800

^AAmounts may reflect rounding.

Services Billed by PwC

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

July 31, 2026 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity SAI U.S. Value Index Fund	$39,500	$3,500	$10,100	$1,300

July 31, 2025 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity SAI U.S. Value Index Fund	$40,000	$3,500	$10,100	$1,400

^AAmounts may reflect rounding.

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

Services Billed by Deloitte Entities


	July 31, 2026^A	July 31, 2025^A
Audit-Related Fees	$154,800	$125,000
Tax Fees	$-	$-
All Other Fees	$-	$2,970,400

^A Amounts may reflect rounding.

Services Billed by PwC


	July 31, 2026^A	July 31, 2025^A
Audit-Related Fees	$9,348,700	$9,680,100
Tax Fees	$1,000	$1,000
All Other Fees	$-	$-

^A Amounts may reflect rounding.

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

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

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

Assurance services must be performed by an independent public accountant.

* * *

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


Billed By	July 31, 2026^A	July 31, 2025^A
Deloitte Entities	$2,646,500	$3,487,800
PwC	$14,576,000	$14,652,600

^A Amounts may reflect rounding

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

Audit Committee Pre-Approval Policies and Procedures

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

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

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

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

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)

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

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

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

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Fidelity® SAI U.S. Value Index Fund

Annual Report

July 31, 2026

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

Contents

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

Fidelity® SAI U.S. Value Index Fund

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

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

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

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

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

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

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

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

Fidelity® SAI U.S. Value Index Fund

Schedule of Investments July 31, 2026

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares	Value ($)
AUSTRALIA - 0.3%
Materials - 0.3%
Metals & Mining - 0.3%
Anglogold Ashanti Plc	385,404	30,570,245
BERMUDA - 0.1%
Financials - 0.1%
Insurance - 0.1%
RenaissanceRe Holdings Ltd	39,532	12,649,449
SWITZERLAND - 0.6%
Information Technology - 0.6%
Electronic Equipment, Instruments & Components - 0.6%
TE Connectivity PLC	266,732	54,864,105
UNITED STATES - 98.8%
Communication Services - 10.3%
Diversified Telecommunication Services - 4.3%
AT&T Inc	6,363,548	147,952,491
Comcast Corp Class A	3,261,868	78,154,357
Verizon Communications Inc	3,833,266	179,435,182
		405,542,030
Entertainment - 2.3%
Walt Disney Co/The	1,610,318	154,896,488
Warner Bros Discovery Inc (b)	2,252,872	59,250,534
		214,147,022
Interactive Media & Services - 2.3%
Alphabet Inc Class A	605,790	215,739,993
Media - 0.6%
Charter Communications Inc Class A (b)(c)	78,274	11,348,165
Fox Corp Class A	297,538	17,325,638
Nexstar Media Group Inc	25,912	4,937,013
Omnicom Group Inc (c)	285,976	22,506,311
Sirius XM Holdings Inc (c)	170,413	5,047,633
Versant Media Group Inc Class A	132,149	4,756,042
		65,920,802
Wireless Telecommunication Services - 0.8%
T-Mobile US Inc	430,687	74,383,952
TOTAL COMMUNICATION SERVICES		975,733,799
Consumer Discretionary - 4.3%
Automobile Components - 0.3%
Aptiv PLC (b)	193,389	10,920,677
BorgWarner Inc	188,208	11,996,378
Lear Corp	46,111	6,023,941
		28,940,996
Automobiles - 1.3%
Ford Motor Co	3,562,041	52,290,761
General Motors Co	821,710	73,017,151
		125,307,912
Broadline Retail - 0.5%
Amazon.com Inc (b)	144,776	39,318,266
Macy's Inc	241,688	5,998,696
		45,316,962
Distributors - 0.0%
LKQ Corp	232,674	5,223,531
Hotels, Restaurants & Leisure - 0.8%
Carnival Corp Ltd	1,045,479	29,074,771
Expedia Group Inc Class A	106,362	31,349,136
Flutter Entertainment PLC (b)(c)	159,317	16,643,847
		77,067,754
Household Durables - 1.0%
DR Horton Inc	244,907	35,036,396
Lennar Corp Class A	204,174	16,813,729
Mohawk Industries Inc (b)	47,204	5,810,812
PulteGroup Inc	174,658	22,088,997
Toll Brothers Inc	86,128	12,565,214
		92,315,148
Specialty Retail - 0.2%
Best Buy Co Inc	177,135	15,279,665
Textiles, Apparel & Luxury Goods - 0.2%
Lululemon Athletica Inc (b)	97,035	11,534,551
PVH Corp	41,635	3,608,089
		15,142,640
TOTAL CONSUMER DISCRETIONARY		404,594,608
Consumer Staples - 4.2%
Beverages - 0.6%
Constellation Brands Inc Class A	127,662	16,625,422
Keurig Dr Pepper Inc	1,234,956	38,431,831
Molson Coors Beverage Co Class B (c)	153,899	6,396,042
		61,453,295
Consumer Staples Distribution & Retail - 1.3%
Albertsons Cos Inc Class A	336,347	3,894,898
Dollar General Corp	200,089	25,421,307
Kroger Co/The	529,241	30,558,376
Target Corp	411,602	59,472,374
		119,346,955
Food Products - 1.2%
Archer-Daniels-Midland Co	436,840	34,628,307
Conagra Brands Inc	434,839	6,309,514
General Mills Inc	485,028	17,339,751
Ingredion Inc	57,267	5,695,775
JM Smucker Co	96,985	11,566,431
Kraft Heinz Co/The	774,740	20,027,029
Tyson Foods Inc Class A	256,403	14,861,118
		110,427,925
Tobacco - 1.1%
Altria Group Inc	1,525,918	104,265,977
TOTAL CONSUMER STAPLES		395,494,152
Energy - 12.6%
Energy Equipment & Services - 1.0%
Halliburton Co	761,334	24,553,022
NOV Inc	327,609	6,365,443
SLB Ltd	1,359,260	67,405,703
		98,324,168
Oil, Gas & Consumable Fuels - 11.6%
Antero Resources Corp (b)	266,427	9,628,672
APA Corp	322,395	12,031,781
Chevron Corp	1,703,943	335,387,101
Chord Energy Corp	51,690	7,256,242
ConocoPhillips	1,113,682	134,176,407
Devon Energy Corp	563,822	25,445,287
Diamondback Energy Inc	176,437	35,807,889
EOG Resources Inc	493,223	73,337,328
EQT Corp	567,282	30,230,458
Expand Energy Corp	216,497	20,357,213
HF Sinclair Corp	142,128	13,000,448
Marathon Petroleum Corp	268,156	84,863,329
Matador Resources Co	106,185	5,297,570
Murphy Oil Corp	121,965	4,846,889
Occidental Petroleum Corp	653,758	37,309,969
ONEOK Inc	571,974	51,940,959
Ovintiv Inc	252,401	15,764,966
Permian Resources Holdings Inc/DE Class A	672,985	14,341,310
Phillips 66	366,256	77,529,070
Range Resources Corp	215,376	8,645,193
SM Energy Co	205,755	6,691,153
Valero Energy Corp	277,255	86,753,090
		1,090,642,324
TOTAL ENERGY		1,188,966,492
Financials - 21.6%
Banks - 13.1%
Bank of America Corp	5,515,813	341,704,615
Bank OZK	94,318	4,838,512
Citigroup Inc	1,588,483	210,394,573
Citizens Financial Group Inc	386,312	27,679,255
First Citizens BancShares Inc/NC Class A	8,839	19,327,799
Huntington Bancshares Inc/OH	1,845,088	31,440,300
KeyCorp	851,773	19,241,552
M&T Bank Corp	138,023	33,993,685
Pinnacle Financial Partners Inc	136,844	14,400,094
PNC Financial Services Group Inc/The	367,146	91,738,771
Regions Financial Corp	789,015	24,420,014
SOUTHSTATE BANK CORP	90,117	9,470,396
Truist Financial Corp	1,147,589	59,491,014
US Bancorp	1,412,986	89,032,248
Wells Fargo & Co	2,811,184	243,026,857
Western Alliance Bancorp	93,350	7,513,742
Zions Bancorp NA	134,217	9,354,925
		1,237,068,352
Capital Markets - 0.2%
T Rowe Price Group Inc	198,708	22,205,619
Consumer Finance - 0.4%
Ally Financial Inc	255,183	11,057,079
Synchrony Financial	315,966	23,947,064
		35,004,143
Financial Services - 1.3%
Essent Group Ltd	86,770	5,723,349
Fidelity National Information Services Inc	470,728	21,074,493
Fiserv Inc (b)	488,909	26,371,751
Global Payments Inc	216,320	18,188,186
PayPal Holdings Inc	836,887	47,878,305
		119,236,084
Insurance - 6.3%
Allstate Corp/The	236,341	62,412,931
American International Group Inc	487,735	38,326,216
Arch Capital Group Ltd (b)	324,942	32,666,419
Axis Capital Holdings Ltd	70,028	7,375,349
Chubb Ltd	330,626	115,943,927
Everest Group Ltd	36,996	13,842,053
Hartford Insurance Group Inc/The	253,521	35,977,165
Lincoln National Corp	153,663	7,008,569
MetLife Inc	500,363	48,099,895
Progressive Corp/The	528,714	111,780,714
Prudential Financial Inc	316,333	38,617,933
Reinsurance Group of America Inc	59,734	14,147,998
Travelers Companies Inc/The	196,561	73,584,576
		599,783,745
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
AGNC Investment Corp (c)	1,006,811	10,732,605
Annaly Capital Management Inc	653,016	14,836,524
Rithm Capital Corp	505,297	4,992,334
		30,561,463
TOTAL FINANCIALS		2,043,859,406
Health Care - 12.5%
Biotechnology - 1.1%
Biogen Inc (b)	133,404	27,074,342
BioMarin Pharmaceutical Inc (b)	174,632	10,481,412
Regeneron Pharmaceuticals Inc	91,630	69,879,787
		107,435,541
Health Care Equipment & Supplies - 2.8%
Baxter International Inc	467,673	12,234,326
Becton Dickinson & Co	258,831	42,867,590
Boston Scientific Corp (b)	1,348,070	62,995,311
GE HealthCare Technologies Inc	414,278	28,179,190
Medtronic PLC	1,165,355	99,509,663
Zimmer Biomet Holdings Inc	180,148	16,921,302
		262,707,382
Health Care Providers & Services - 5.1%
Centene Corp (b)	424,658	26,422,221
Cigna Group/The	239,490	66,829,685
CVS Health Corp	1,156,444	120,767,447
Elevance Health Inc	200,621	75,401,397
HCA Healthcare Inc	142,291	57,284,934
Tenet Healthcare Corp (b)	79,888	20,353,864
UnitedHealth Group Inc	241,791	100,198,190
Universal Health Services Inc Class B	50,208	8,457,035
		475,714,773
Pharmaceuticals - 3.5%
Bristol-Myers Squibb Co	1,851,162	120,899,390
Jazz Pharmaceuticals PLC (b)	55,236	13,966,975
Pfizer Inc	5,168,327	129,259,858
Royalty Pharma PLC Class A	342,702	20,024,078
Viatris Inc	1,046,962	18,384,653
Zoetis Inc Class A	383,716	29,657,410
		332,192,364
TOTAL HEALTH CARE		1,178,050,060
Industrials - 3.7%
Air Freight & Logistics - 1.4%
FedEx Corp	196,629	60,443,754
United Parcel Service Inc Class B	671,744	70,009,160
		130,452,914
Building Products - 0.1%
Owens Corning	74,713	10,377,636
Industrial Conglomerates - 0.7%
Honeywell International Inc	288,557	70,133,779
Machinery - 0.2%
Oshkosh Corp	57,498	8,188,290
Stanley Black & Decker Inc	140,791	13,316,013
		21,504,303
Passenger Airlines - 0.9%
Delta Air Lines Inc	590,468	51,630,522
United Airlines Holdings Inc (b)	293,999	35,670,899
		87,301,421
Professional Services - 0.4%
Genpact Ltd	144,002	5,064,550
Leidos Holdings Inc	116,221	13,435,148
SS&C Technologies Holdings Inc	190,766	14,698,520
		33,198,218
TOTAL INDUSTRIALS		352,968,271
Information Technology - 24.9%
Electronic Equipment, Instruments & Components - 0.6%
Arrow Electronics Inc (b)	46,437	10,056,861
CDW Corp/DE	118,347	17,492,871
TD SYNNEX Corp	68,159	17,428,256
Zebra Technologies Corp Class A (b)	44,716	13,138,455
		58,116,443
IT Services - 1.6%
Accenture PLC Class A	559,316	92,801,711
Amdocs Ltd	98,127	5,467,636
Cognizant Technology Solutions Corp Class A	434,728	24,062,195
EPAM Systems Inc (b)(c)	50,216	5,300,801
Gartner Inc (b)(c)	64,039	9,671,170
GoDaddy Inc Class A (b)	122,845	10,164,195
		147,467,708
Semiconductors & Semiconductor Equipment - 9.2%
First Solar Inc (b)	97,543	20,584,499
Micron Technology Inc	409,278	336,848,072
NVIDIA Corp	1,782,058	357,748,144
QUALCOMM Inc	969,906	143,167,825
Skyworks Solutions Inc (c)	136,690	8,513,053
		866,861,593
Software - 8.3%
Adobe Inc (b)	373,146	93,439,490
Autodesk Inc (b)	192,709	45,132,448
Docusign Inc (b)	182,049	9,981,747
Gen Digital Inc	501,001	13,752,477
Intuit Inc	252,952	79,950,539
Microsoft Corp	568,377	264,136,159
PTC Inc (b)	108,168	14,840,650
Roper Technologies Inc	96,900	37,981,893
Salesforce Inc	851,736	156,736,459
Trimble Inc (b)	216,271	12,236,613
Workday Inc Class A (b)	193,618	31,044,710
Zoom Communications Inc Class A (b)	241,404	23,191,682
		782,424,867
Technology Hardware, Storage & Peripherals - 5.2%
Apple Inc	983,786	303,901,333
Dell Technologies Inc Class C	270,144	109,508,273
Hewlett Packard Enterprise Co	1,207,891	57,857,979
HP Inc	834,451	22,755,479
		494,023,064
TOTAL INFORMATION TECHNOLOGY		2,348,893,675
Materials - 3.5%
Chemicals - 0.9%
Celanese Corp	99,540	4,451,429
CF Industries Holdings Inc	141,782	17,749,689
Dow Inc	652,241	19,756,380
DuPont de Nemours Inc	123,987	16,986,219
Eastman Chemical Co	103,717	7,255,004
LyondellBasell Industries NV Class A1	234,067	14,530,879
Mosaic Co/The	288,525	6,382,173
		87,111,773
Containers & Packaging - 0.8%
Amcor PLC	420,001	18,849,645
Crown Holdings Inc	101,891	12,007,854
International Paper Co	479,988	19,597,910
Smurfit Westrock PLC	474,864	21,829,498
		72,284,907
Metals & Mining - 1.8%
Alcoa Corp	235,399	10,654,159
Coeur Mining Inc	940,628	14,024,763
Newmont Corp	991,962	92,956,759
Nucor Corp	208,034	53,525,068
		171,160,749
TOTAL MATERIALS		330,557,429
Real Estate - 0.3%
Specialized REITs - 0.3%
VICI Properties Inc	971,552	25,600,395
Utilities - 0.9%
Electric Utilities - 0.9%
Edison International	349,773	25,662,845
Eversource Energy	341,048	24,415,626
PG&E Corp	1,997,960	34,724,545
TOTAL UTILITIES		84,803,016
TOTAL UNITED STATES		9,329,521,303
TOTAL COMMON STOCKS (Cost $7,701,336,857)		9,427,605,102

U.S. Treasury Obligations - 0.0%
	Yield (%) (d)	Principal Amount (a)	Value ($)
US Treasury Bills 0% 8/13/2026 (e) (Cost $1,643,020)	3.64	1,645,000	1,643,353

Money Market Funds - 0.3%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (f)	3.69	6,704,002	6,705,343
Fidelity Securities Lending Cash Central Fund (f)(g)	3.72	17,713,392	17,715,163
TOTAL MONEY MARKET FUNDS (Cost $24,420,502)			24,420,506

TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $7,727,400,379)	9,453,668,961
NET OTHER ASSETS (LIABILITIES) - (0.1)%	(7,361,813)
NET ASSETS - 100.0%	9,446,307,148

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value and Unrealized Appreciation/ (Depreciation) ($)
LONG
CME E-Mini S&P 500 Index Contracts (United States)	50	9/2026	18,798,125	207,893

Legend

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

(b)	Non-income producing.

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

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

(e)	Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,273,723.

(f)

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

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

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	19,474,156	577,296,879	590,070,535	610,582	4,839	4	6,705,343	6,704,002
Fidelity Securities Lending Cash Central Fund	12,305,202	592,147,700	586,736,031	787,699	(1,708)	-	17,715,163	17,713,392
	31,779,358	1,169,444,579	1,176,806,566	1,398,281	3,131	4	24,420,506

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

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

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

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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

Common Stocks
Communication Services	975,733,799	975,733,799	-	-
Consumer Discretionary	404,594,608	404,594,608	-	-
Consumer Staples	395,494,152	395,494,152	-	-
Energy	1,188,966,492	1,188,966,492	-	-
Financials	2,056,508,855	2,056,508,855	-	-
Health Care	1,178,050,060	1,178,050,060	-	-
Industrials	352,968,271	352,968,271	-	-
Information Technology	2,403,757,780	2,403,757,780	-	-
Materials	361,127,674	361,127,674	-	-
Real Estate	25,600,395	25,600,395	-	-
Utilities	84,803,016	84,803,016	-	-

U.S. Treasury Obligations	1,643,353	-	1,643,353	-

Money Market Funds	24,420,506	24,420,506	-	-
Total Investments in Securities:	9,453,668,961	9,452,025,608	1,643,353	-
Derivative Instruments:

Assets
Futures Contracts	207,893	207,893	-	-
Total Assets	207,893	207,893	-	-
Total Derivative Instruments:	207,893	207,893	-	-

Financial Statements

Statement of Assets and Liabilities

As of July 31, 2026
Assets
Investments in securities, at value - unaffiliated issuers	$	9,429,248,455
Investments in securities, at value - affiliated issuers		24,420,506
Foreign currency held at value		1,999
Receivable for fund shares sold		266,457
Dividends receivable		12,064,841
Distributions receivable from affiliated funds		33,440
Receivable for variation margin on futures contracts		116,875
Prepaid expenses		1,377
Total assets		9,466,153,950
Liabilities
Payable for fund shares redeemed		950,732
Accrued management fee		773,845
Registration fee payable		349,149
Other payables and accrued expenses		56,576
Collateral on securities loaned		17,716,500
Total liabilities		19,846,802
Net Assets	$	9,446,307,148
Net assets consist of:
Paid in capital		7,047,238,001
Total accumulated earnings (loss)		2,399,069,147
Net Assets	$	9,446,307,148

Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($9,446,307,148/593,103,489 shares)	$	15.93


Other Information
Unaffiliated issuers, cost		7,702,979,877
Affiliated issuers, cost		24,420,502
Foreign currency holdings, cost		2,022
Securities loaned, market value		52,415,662

Statement of Operations

Year ended July 31, 2026

Investment Income
Dividends - unaffiliated issuers	$	173,026,945
Dividends - affiliated issuers		1,398,281
Security lending income - unaffiliated issuers		31,818
Interest		69,257
Total investment income		174,526,301
Expenses
Management fee		7,303,999
Custodian fees and expenses		45,502
Independent trustees' fees and expenses		15,497
Registration fees		373,884
Audit		55,512
Legal		9,967
Commitment fee		9,542
Miscellaneous		10,871
Total expenses		7,824,774
Expense reimbursements and reductions		(844)
Total expenses after reductions		7,823,930
Net investment income (loss)		166,702,371
Net realized gain (loss)
Investments - unaffiliated issuers		771,234,028
Investments - affiliated issuers		3,131
Futures contracts		2,127,606
Net realized gain (loss)		773,364,765
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		1,296,122,274
Investments - affiliated issuers		4
Assets and liabilities in foreign currencies		(25)
Futures contracts		(553,419)
Total change in net unrealized appreciation (depreciation)		1,295,568,834
Net gain (loss)		2,068,933,599
Net increase (decrease) in net assets resulting from operations	$	2,235,635,970
Other Information
Income from securities lending - Affiliated Issuers		787,699

Statement of Changes in Net Assets
		Year ended July 31, 2026		Year ended July 31, 2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	166,702,371	$	125,989,206
Net realized gain (loss)		773,364,765		263,370,417
Change in net unrealized appreciation (depreciation)		1,295,568,834		20,689,262
Net increase (decrease) in net assets resulting from operations		2,235,635,970		410,048,885
Distributions to shareholders
Distributions to shareholders		(469,814,929)		(249,759,972)
Total distributions		(469,814,929)		(249,759,972)
Net increase (decrease) in net assets resulting from share transactions		1,912,741,420		1,493,971,574
Total increase (decrease) in net assets		3,678,562,461		1,654,260,487
Net Assets
Beginning of period		5,767,744,687		4,113,484,200
End of period	$	9,446,307,148	$	5,767,744,687

Financial Highlights

Fidelity® SAI U.S. Value Index Fund

Years ended July 31,		2026		2025		2024		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	12.61	$	12.29	$	11.48	$	12.13	$	12.22
Income from Investment Operations
Net investment income (loss) A, B		.32		.31		.31		.32		.31
Net realized and unrealized gain (loss)		4.00		.69		1.54		.40		.31
Total from investment operations		4.32		1.00		1.85		.72		.62
Distributions
Distributions from net investment income		(.31)		(.25)		(.59)		(.38)		(.28)
Distributions from net realized gain		(.69)		(.43)		(.45)		(.99)		(.42)
Total distributions		(1.00)		(.68)		(1.04)		(1.37)		(.71) C
Net asset value, end of period	$	15.93	$	12.61	$	12.29	$	11.48	$	12.13
Total Return D		36.11%		8.59%		18.17%		6.74%		5.21%
Ratios and Supplemental Data B, E, F
Ratio of expenses to average net assets before reductions		.11%		.11%		.11%		.12%		.10%
Ratio of expenses to average net assets net of fee waivers, if any		.11%		.11%		.11%		.12%		.10%
Ratio of expenses to average net assets net of all reductions, if any		.11%		.11%		.11%		.12%		.10%
Ratio of net investment income (loss) to average net assets		2.28%		2.56%		2.77%		2.90%		2.49%
Net assets, end of period	$	9,446,307,148	$	5,767,744,687	$	4,113,484,200	$	392,338,130	$	2,952,540,767
Portfolio turnover rate G		60%		61%		63%		86%		62%

ACalculated based on average shares outstanding during the period.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CTotal distributions per share do not sum due to rounding.

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

EExpense 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.

FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.

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

Notes to Financial Statements

For the period ended July 31, 2026

1. Organization.

Fidelity® SAI U.S. Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. 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.

Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates.

2. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For any foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. 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 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 period end is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the investment holdings and net asset value (NAV) include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day.

Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Certain distributions received represent a return of capital or capital gain. Components of these distributions are determined 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. If actual amounts are not available, the Fund estimates the components of these distributions. When estimates are used, the Fund adjusts the components of these distributions as necessary once the issuers provide information about the actual composition of the distributions.

Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

As of July 31, 2026, 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.

Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences may result in distribution reclassifications.

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 transactions, passive foreign investment companies (PFIC), and losses deferred due to wash sales.

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

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Fidelity® SAI U.S. Value Index Fund	7,812,424,220	2,010,836,419	(369,591,678)	1,641,244,741

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

	Undistributed ordinary income ($)	Undistributed long-term capital gain ($)	Net unrealized appreciation (depreciation) on securities and other investments ($)
Fidelity® SAI U.S. Value Index Fund	283,403,490	474,420,938	1,641,244,718

The tax character of distributions paid was as follows:

July 31, 2026
	Ordinary Income ($)	Long-term Capital Gains ($)	Total ($)
Fidelity® SAI U.S. Value Index Fund	358,562,433	111,252,497	469,814,930

July 31, 2025
	Ordinary Income ($)	Long-term Capital Gains ($)	Total ($)
Fidelity® SAI U.S. Value Index Fund	215,813,310	33,946,662	249,759,972

3. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments.

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

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

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

Equity Risk

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

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund.

Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

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

Derivative Instruments by Primary Risk Exposure. The table below, which reflects the impacts of derivatives on the financial performance, summarizes the value of derivatives at period end, as well as the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

Primary Risk Exposure / Derivative Type	Values of Derivative Assets ($)	Values of Derivative Liabilities ($)	Net Realized Gain (Loss) ($)	Change in Net Unrealized Appreciation (Depreciation) ($)
Fidelity® SAI U.S. Value Index Fund
Equity Risk
Futures Contracts	207,893	-	2,127,606	(553,419)
Total Equity Risk	207,893	-	2,127,606	(553,419)

Totals	207,893	-	2,127,606	(553,419)

Value of Derivative Assets/Liabilities Legend

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

Derivative Instruments Volume. The table below summarizes derivative instruments volume during the period. The average amount for forward foreign currency contracts represents contract value, and the average amount for all other derivative types represents notional amount, as applicable.

	Average Amount ($)
Fidelity® SAI U.S. Value Index Fund
Futures	22,212,254

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. Subsequent payments from or to a fund are made as needed depending on the 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 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.

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.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity® SAI U.S. Value Index Fund	5,998,240,635	4,369,588,294

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provides the Fund with investment management related services.

For these services, the Fund pays a monthly management fee to the investment adviser.

The management fee is based on an annual management fee rate of the Fund's average net assets as presented in the table below.

	Annual Management Fee Rate (%)
Fidelity® SAI U.S. Value Index Fund	0.10

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

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity® SAI U.S. Value Index Fund	321,621,506	208,598,539	(1,017,358)

6. Committed Line of Credit.

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

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Statement of Operations.

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

The line of credit agreement will expire in March 2027 unless extended or renewed.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in income from securities lending - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. 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	21,555	-	-

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

	Amount ($)
Fidelity® SAI U.S. Value Index Fund	36,388,339

8. Expense Reductions.

Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.

	Custodian Credits ($)
Fidelity® SAI U.S. Value Index Fund	844

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended ($)	Year ended ($)
	July 31, 2026	July 31, 2025

Fidelity® SAI U.S. Value Index Fund
Fidelity® SAI U.S. Value Index Fund	469,814,929	249,759,972
Total	469,814,929	249,759,972

10. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Year ended	Year ended	Year ended ($)	Year ended ($)
	July 31, 2026	July 31, 2025	July 31, 2026	July 31, 2025

Fidelity® SAI U.S. Value Index Fund
Shares sold	127,515,152	120,105,939	1,842,369,975	1,470,083,947
Reinvestment of distributions	35,237,316	20,835,917	461,323,388	246,464,474
Shares redeemed	(27,003,073)	(18,351,682)	(390,951,943)	(222,576,847)
Net increase (decrease)	135,749,395	122,590,174	1,912,741,420	1,493,971,574

11. Other.

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

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

	Strategic Advisers Fidelity U.S. Total Stock Fund
Fidelity ® SAI U.S. Value Index Fund	91%

12. Risk and Uncertainties.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI U.S. Value Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of July 31, 2026, the related statement of operations for the year ended July 31, 2026, the statement of changes in net assets for each of the two years in the period ended July 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2026 (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, 2026, 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, 2026 and the financial highlights for each of the five years in the period ended July 31, 2026 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, 2026 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 15, 2026

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

Distributions

(Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2026, $526,671,820 or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 35% and 44% 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 36.26% and 46.13% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.75% and 1.32% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

1.9885515.108

USV-ANN-0926

Fidelity® SAI U.S. Quality Index Fund

Annual Report

July 31, 2026

Contents

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

Fidelity® SAI U.S. Quality Index Fund

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

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

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

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

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

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.

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

Fidelity® SAI U.S. Quality Index Fund

Schedule of Investments July 31, 2026

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares	Value ($)
UNITED STATES - 99.8%
Communication Services - 8.0%
Entertainment - 2.3%
Electronic Arts Inc	780,269	163,747,252
Netflix Inc (b)	9,004,494	645,712,265
		809,459,517
Interactive Media & Services - 5.7%
Alphabet Inc Class A	2,742,258	976,600,342
Meta Platforms Inc Class A	1,876,040	1,044,410,228
		2,021,010,570
Media - 0.0%
Trade Desk Inc (The) Class A (b)	1,525,417	27,518,523
TOTAL COMMUNICATION SERVICES		2,857,988,610
Consumer Discretionary - 4.4%
Broadline Retail - 0.5%
Amazon.com Inc (b)	707,911	192,254,469
Hotels, Restaurants & Leisure - 2.0%
Booking Holdings Inc	2,791,741	538,526,839
Domino's Pizza Inc	107,683	37,413,382
Expedia Group Inc Class A	405,359	119,475,512
		695,415,733
Household Durables - 0.5%
Garmin Ltd	566,367	166,387,297
Specialty Retail - 1.0%
O'Reilly Automotive Inc (b)	2,916,663	260,603,839
Williams-Sonoma Inc	413,577	94,568,517
		355,172,356
Textiles, Apparel & Luxury Goods - 0.4%
Deckers Outdoor Corp (b)	491,764	47,642,096
Tapestry Inc	701,405	106,873,080
		154,515,176
TOTAL CONSUMER DISCRETIONARY		1,563,745,031
Consumer Staples - 9.5%
Beverages - 4.1%
Coca-Cola Co/The	13,412,028	1,174,759,533
Coca-Cola Consolidated Inc (c)	195,967	36,822,198
Monster Beverage Corp (b)	2,470,857	238,141,198
		1,449,722,929
Household Products - 4.3%
Colgate-Palmolive Co	2,792,485	254,953,881
Kimberly-Clark Corp (c)	1,149,892	125,694,694
Procter & Gamble Co/The	8,051,137	1,163,308,785
		1,543,957,360
Tobacco - 1.1%
Altria Group Inc	5,815,499	397,373,047
TOTAL CONSUMER STAPLES		3,391,053,336
Energy - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Antero Midstream Corp	1,147,240	25,204,862
DT Midstream Inc (c)	352,234	48,608,292
TOTAL ENERGY		73,813,154
Financials - 16.0%
Capital Markets - 1.5%
Ameriprise Financial Inc	316,295	172,646,463
Evercore Inc Class A	133,994	42,953,117
FactSet Research Systems Inc (c)	128,524	33,827,517
MarketAxess Holdings Inc	128,777	20,900,506
Moody's Corp	531,513	254,265,189
SEI Investments Co	321,825	33,141,539
		557,734,331
Consumer Finance - 1.7%
American Express Co	1,855,360	623,864,800
Financial Services - 9.0%
Jack Henry & Associates Inc	250,011	38,511,694
Mastercard Inc Class A	2,576,996	1,476,876,408
PayPal Holdings Inc	3,189,500	182,471,295
Visa Inc Class A	4,103,017	1,502,237,614
		3,200,097,011
Insurance - 3.8%
Allstate Corp/The	900,729	237,864,514
Erie Indemnity Co Class A (c)	88,008	21,301,456
Kinsale Capital Group Inc (c)	76,561	27,287,872
Marsh & McLennan Cos Inc	1,677,171	318,142,567
Primerica Inc	110,568	35,377,337
Progressive Corp/The	2,030,451	429,277,951
Travelers Companies Inc/The	749,122	280,441,312
		1,349,693,009
TOTAL FINANCIALS		5,731,389,151
Health Care - 13.9%
Biotechnology - 6.2%
AbbVie Inc	5,530,685	1,387,870,095
Amgen Inc	1,865,483	718,509,432
Exelixis Inc (b)	899,721	47,712,205
United Therapeutics Corp (b)	149,164	77,223,694
		2,231,315,426
Health Care Equipment & Supplies - 1.0%
Dexcom Inc (b)	1,333,304	111,264,219
IDEXX Laboratories Inc (b)	276,631	154,656,093
ResMed Inc (c)	504,679	106,477,175
		372,397,487
Health Care Providers & Services - 0.1%
Chemed Corp	49,069	26,116,975
Health Care Technology - 0.3%
Doximity Inc Class A (b)(c)	463,570	9,693,249
Veeva Systems Inc Class A (b)	523,918	106,764,010
		116,457,259
Life Sciences Tools & Services - 0.4%
Medpace Holdings Inc (b)	77,674	44,826,442
Mettler-Toledo International Inc (b)	70,413	99,725,932
		144,552,374
Pharmaceuticals - 5.9%
Bristol-Myers Squibb Co	7,055,046	460,765,054
Eli Lilly & Co	1,322,901	1,519,801,585
Zoetis Inc Class A	1,462,396	113,028,587
		2,093,595,226
TOTAL HEALTH CARE		4,984,434,747
Industrials - 7.3%
Commercial Services & Supplies - 1.3%
Cintas Corp	1,177,553	240,962,670
Copart Inc (b)	3,085,263	89,842,859
Rollins Inc	1,016,668	38,602,884
Veralto Corp	860,186	81,003,716
		450,412,129
Construction & Engineering - 0.5%
Comfort Systems USA Inc	121,921	210,885,534
Ground Transportation - 1.7%
Union Pacific Corp	2,055,710	600,534,563
Machinery - 1.5%
Fortive Corp	1,085,725	64,285,777
Graco Inc	574,367	45,593,252
Illinois Tool Works Inc	908,566	260,713,014
Otis Worldwide Corp	1,346,663	96,892,403
Snap-on Inc	179,844	73,809,776
		541,294,222
Professional Services - 1.2%
Automatic Data Processing Inc	1,394,897	371,684,255
Paycom Software Inc	169,290	27,756,788
Paylocity Holding Corp (b)	151,185	20,847,656
		420,288,699
Trading Companies & Distributors - 1.1%
Fastenal Co	3,977,687	189,775,446
WW Grainger Inc	151,548	209,472,677
		399,248,123
TOTAL INDUSTRIALS		2,622,663,270
Information Technology - 38.9%
Communications Equipment - 2.0%
Arista Networks Inc (b)	3,577,328	645,171,105
F5 Inc (b)	195,801	78,823,608
		723,994,713
Electronic Equipment, Instruments & Components - 0.1%
Cognex Corp	574,069	37,452,262
IT Services - 0.1%
Gartner Inc (b)(c)	244,063	36,858,394
Semiconductors & Semiconductor Equipment - 14.7%
Applied Materials Inc	2,480,359	1,259,203,854
Cirrus Logic Inc (b)	176,706	22,856,921
KLA Corp	4,540,957	830,177,759
Lam Research Corp	3,731,248	1,093,330,289
NVIDIA Corp	7,236,503	1,452,727,977
QUALCOMM Inc	3,696,454	545,633,575
Universal Display Corp (c)	153,173	12,278,348
		5,216,208,723
Software - 12.5%
Adobe Inc (b)	1,422,112	356,111,066
AppLovin Corp Class A (b)	938,839	371,686,360
Autodesk Inc (b)	734,441	172,006,082
Dolby Laboratories Inc Class A	210,926	12,404,558
Dropbox Inc Class A (b)	604,261	19,674,738
Fair Isaac Corp (b)	82,181	92,286,798
Fortinet Inc (b)	2,189,815	354,640,539
Manhattan Associates Inc (b)	207,334	39,675,434
Microsoft Corp	6,121,712	2,844,882,001
PTC Inc (b)	412,243	56,559,740
Qualys Inc (b)	124,224	17,981,424
Teradata Corp (b)(c)	322,877	10,005,958
Zoom Communications Inc Class A (b)	920,026	88,386,898
		4,436,301,596
Technology Hardware, Storage & Peripherals - 9.5%
Apple Inc	10,630,885	3,283,986,685
NetApp Inc	686,148	122,477,418
		3,406,464,103
TOTAL INFORMATION TECHNOLOGY		13,857,279,791
Real Estate - 1.6%
Retail REITs - 0.7%
Simon Property Group Inc	1,126,660	258,422,003
Specialized REITs - 0.9%
American Tower Corp	1,621,821	281,158,889
Lamar Advertising Co Class A	300,923	48,135,643
		329,294,532
TOTAL REAL ESTATE		587,716,535
TOTAL UNITED STATES		35,670,083,625
TOTAL COMMON STOCKS (Cost $26,651,935,688)		35,670,083,625

U.S. Treasury Obligations - 0.0%
	Yield (%) (d)	Principal Amount (a)	Value ($)
US Treasury Bills 0% 8/13/2026 (e) (Cost $15,544,270)	3.64	15,563,000	15,547,415

Money Market Funds - 0.8%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (f)	3.69	28,655,454	28,661,186
Fidelity Securities Lending Cash Central Fund (f)(g)	3.72	239,665,218	239,689,184
TOTAL MONEY MARKET FUNDS (Cost $268,349,390)			268,350,370

TOTAL INVESTMENT IN SECURITIES - 100.6% (Cost $26,935,829,348)	35,953,981,410
NET OTHER ASSETS (LIABILITIES) - (0.6)%	(212,110,228)
NET ASSETS - 100.0%	35,741,871,182

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value and Unrealized Appreciation/ (Depreciation) ($)
LONG
CME E-Mini S&P 500 Index Contracts (United States)	193	9/2026	72,560,763	384,974

Legend

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

(b)	Non-income producing.

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

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

(e)	Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,985,003.

(f)

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

Affiliated Underlying Funds

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	577,785,115	5,739,365,763	6,288,535,644	38,155,990	44,972	980	28,661,186	28,655,454
Fidelity Securities Lending Cash Central Fund	4,425,867	799,205,261	563,942,762	29,542	818	-	239,689,184	239,665,218
	582,210,982	6,538,571,024	6,852,478,406	38,185,532	45,790	980	268,350,370

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

Investment Valuation

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

Common Stocks
Communication Services	2,857,988,610	2,857,988,610	-	-
Consumer Discretionary	1,563,745,031	1,563,745,031	-	-
Consumer Staples	3,391,053,336	3,391,053,336	-	-
Energy	73,813,154	73,813,154	-	-
Financials	5,731,389,151	5,731,389,151	-	-
Health Care	4,984,434,747	4,984,434,747	-	-
Industrials	2,622,663,270	2,622,663,270	-	-
Information Technology	13,857,279,791	13,857,279,791	-	-
Real Estate	587,716,535	587,716,535	-	-

U.S. Treasury Obligations	15,547,415	-	15,547,415	-

Money Market Funds	268,350,370	268,350,370	-	-
Total Investments in Securities:	35,953,981,410	35,938,433,995	15,547,415	-
Derivative Instruments:

Assets
Futures Contracts	384,974	384,974	-	-
Total Assets	384,974	384,974	-	-
Total Derivative Instruments:	384,974	384,974	-	-

Financial Statements

Statement of Assets and Liabilities

As of July 31, 2026
Assets
Investments in securities, at value - unaffiliated issuers	$	35,685,631,040
Investments in securities, at value - affiliated issuers		268,350,370
Receivable for fund shares sold		432,785
Dividends receivable		31,673,960
Distributions receivable from affiliated funds		103,971
Receivable for variation margin on futures contracts		453,370
Prepaid expenses		4,734
Total assets		35,986,650,230
Liabilities
Payable for fund shares redeemed		797,743
Accrued management fee		2,893,968
Other payables and accrued expenses		1,412,296
Collateral on securities loaned		239,675,041
Total liabilities		244,779,048
Net Assets	$	35,741,871,182
Net assets consist of:
Paid in capital		24,807,156,047
Total accumulated earnings (loss)		10,934,715,135
Net Assets	$	35,741,871,182

Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($35,741,871,182/1,365,970,765 shares)	$	26.17


Other Information
Unaffiliated issuers, cost		26,667,479,958
Affiliated issuers, cost		268,349,390
Securities loaned, market value		282,185,499

Statement of Operations

Year ended July 31, 2026

Investment Income
Dividends - unaffiliated issuers	$	283,126,317
Dividends - affiliated issuers		38,185,532
Security lending income - unaffiliated issuers		16,546
Interest		2,717,752
Total investment income		324,046,147
Expenses
Management fee		27,324,145
Custodian fees and expenses		134,627
Independent trustees' fees and expenses		58,366
Registration fees		1,335,990
Audit		56,903
Legal		19,389
Interest		20,685
Commitment fee		35,776
Miscellaneous		42,334
Total expenses		29,028,215
Expense reimbursements and reductions		(17,137)
Total expenses after reductions		29,011,078
Net investment income (loss)		295,035,069
Net realized gain (loss)
Investments - unaffiliated issuers		2,237,120,286
Investments - affiliated issuers		45,790
Futures contracts		(74,294,760)
Net realized gain (loss)		2,162,871,316
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		2,037,837,108
Investments - affiliated issuers		980
Futures contracts		(11,576,202)
Total change in net unrealized appreciation (depreciation)		2,026,261,886
Net gain (loss)		4,189,133,202
Net increase (decrease) in net assets resulting from operations	$	4,484,168,271
Other Information
Income from securities lending - Affiliated Issuers		29,542

Statement of Changes in Net Assets
		Year ended July 31, 2026		Year ended July 31, 2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	295,035,069	$	193,538,855
Net realized gain (loss)		2,162,871,316		631,601,857
Change in net unrealized appreciation (depreciation)		2,026,261,886		1,772,555,423
Net increase (decrease) in net assets resulting from operations		4,484,168,271		2,597,696,135
Distributions to shareholders
Distributions to shareholders		(896,150,028)		(1,874,106,399)
Total distributions		(896,150,028)		(1,874,106,399)
Net increase (decrease) in net assets resulting from share transactions		9,241,591,528		8,011,848,577
Total increase (decrease) in net assets		12,829,609,771		8,735,438,313
Net Assets
Beginning of period		22,912,261,411		14,176,823,098
End of period	$	35,741,871,182	$	22,912,261,411

Financial Highlights

Fidelity® SAI U.S. Quality Index Fund

Years ended July 31,		2026		2025		2024		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	23.19	$	22.96	$	18.70	$	16.49	$	19.24
Income from Investment Operations
Net investment income (loss) A, B		.26		.23		.21		.23		.23
Net realized and unrealized gain (loss)		3.59		2.72		4.51		2.20		(1.36)
Total from investment operations		3.85		2.95		4.72		2.43		(1.13)
Distributions
Distributions from net investment income		(.21)		(.23)		(.23)		(.22)		(.20)
Distributions from net realized gain		(.66)		(2.50)		(.23)		-		(1.42)
Total distributions		(.87)		(2.72) C		(.46)		(.22)		(1.62)
Net asset value, end of period	$	26.17	$	23.19	$	22.96	$	18.70	$	16.49
Total Return D		17.07%		14.17%		25.86%		14.97%		(6.55)%
Ratios and Supplemental Data B, E, F
Ratio of expenses to average net assets before reductions		.11%		.10%		.11%		.11%		.10%
Ratio of expenses to average net assets net of fee waivers, if any		.11%		.10%		.11%		.11%		.10%
Ratio of expenses to average net assets net of all reductions, if any		.11%		.10%		.11%		.11%		.10%
Ratio of net investment income (loss) to average net assets		1.08%		1.06%		1.06%		1.43%		1.30%
Net assets, end of period	$	35,741,871,182	$	22,912,261,411	$	14,176,823,098	$	13,073,529,276	$	11,408,951,397
Portfolio turnover rate G		37%		51%		53%		58%		47%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.

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

Notes to Financial Statements

For the period ended July 31, 2026

1. Organization.

Fidelity® SAI U.S. Quality Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. 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.

Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates.

2. Significant Accounting Policies.