ActionsXchange Compliance Window (2024)

010 - Annual Front Cover Html

Fidelity Flex® Funds

Fidelity Flex® Mid Cap Index Fund

Annual Report

April 30, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public AccountingFirm

Trustees and Officers

Shareholder Expense Example

Distributions

Liquidity Risk Management Program

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 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

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

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

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

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.

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended April 30, 2023

Past 1

year

Past 5

years

Life of

Fund A

Fidelity Flex® Mid Cap Index Fund

-1.62%

8.04%

8.68%

A From March 9, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Flex® Mid Cap Index Fund, on March 9, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

U.S. equities gained 2.66% for the 12 months ending April 30, 2023, according to the S&P 500 ® index, as markets digested multiple crosscurrents and sustained year-to-date momentum. The upturn followed a year in which the S&P 500 ® returned -18.11% amid a multitude of risk factors. Record inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March 2022, the Fed has raised its benchmark rate nine times, by 4.75 percentage points, while also shrinking its massive asset portfolio. Against this backdrop, stocks struggled to gain traction until a rally in late 2022, as risky assets regained favor. The S&P 500 ® continued to advance in 2023, gaining 7.50% in the first quarter and adding 1.56% in April, supported by moderating inflation data, a resilient labor market, earnings that continued to exceed lowered expectations and indications from the Fed it was nearing the end of its interest rate hiking regime. Indeed, the central bank stepped down to hikes of 25 basis points (0.25 percentage points) in February and March, as stress in the financial system started to show, with two regional banks failing in March. For the full 12 months, value stocks handily outpaced growth. By sector, energy (+19%) led the way, followed by information technology (+9%) and industrials (+7%). In contrast, real estate (-16%), consumer discretionary (-8%) and materials (-3%) lagged most.

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

For the fiscal year ending April 30, 2023, the fund returned -1.62%, roughly in line with the -1.69% result of the benchmark Russell MidCap ® Index. By sector, stocks in the real estate sector returned -16% and detracted most. Information technology (-7%) and financials (-7%) also hurt. Other notable detractors included the materials (-8%), communication services (-12%), and consumer staples (0%) sectors. Conversely, industrials advanced roughly 9% and contributed most, driven by the capital goods industry (+15%). Health care stocks also helped (+6%), benefiting from the health care equipment & services industry (+11%). The consumer discretionary sector rose about 4%. Other notable contributors included the energy (+5%) and utilities (+1%) sectors. Turning to individual stocks, the biggest individual detractor was First Republic Bank (-98%), from the banks segment. In software & services, CrowdStrike Holdings (-40%), Zoom Video Communications (-50%), and Datadog (-44%) hurt. Rivian Automotive, within the automobiles & components group, returned roughly -57% and hindered the fund. Conversely, the top contributor was O'Reilly Automotive (+51%), from the consumer discretionary distribution & retail category. In consumer services, Chipotle Mexican Grill (+42%) was helpful and Cadence Design Systems (+39%) from the software & services industry also contributed. AutoZone, within the consumer discretionary distribution & retail segment, rose 36%, and Motorola Solutions, within the technology hardware & equipment category, gained approximately 38% and boosted the fund.

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

Investment Summary April 30, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Cadence Design Systems, Inc.	0.6
O'Reilly Automotive, Inc.	0.6
Chipotle Mexican Grill, Inc.	0.6
Synopsys, Inc.	0.6
AutoZone, Inc.	0.5
Motorola Solutions, Inc.	0.5
DexCom, Inc.	0.5
Phillips 66 Co.	0.5
Amphenol Corp. Class A	0.5
Corteva, Inc.	0.5
	5.4

Market Sectors (% of Fund's net assets)

Industrials	17.2
Information Technology	14.0
Financials	13.3
Consumer Discretionary	12.3
Health Care	11.1
Real Estate	7.4
Materials	6.1
Utilities	5.8
Energy	4.8
Consumer Staples	4.2
Communication Services	3.6

Asset Allocation (% of Fund's net assets)

Futures - 0.2%

Schedule of Investments April 30, 2023

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares	Value ($)
COMMUNICATION SERVICES - 3.6%
Diversified Telecommunication Services - 0.1%
Frontier Communications Parent, Inc. (a)	7,496	168,960
Lumen Technologies, Inc. (b)	31,221	73,994
		242,954
Entertainment - 1.7%
AMC Entertainment Holdings, Inc. Class A (a)(b)	15,827	87,049
Electronic Arts, Inc.	8,358	1,063,806
Liberty Media Corp. Liberty Formula One:
Class A (a)	687	44,504
Series C (a)	6,088	439,493
Live Nation Entertainment, Inc. (a)	4,766	323,039
Madison Square Garden Sports Corp.	569	114,085
Playtika Holding Corp. (a)	2,784	27,840
Roblox Corp. (a)	13,681	487,044
Roku, Inc. Class A (a)	3,722	209,214
Spotify Technology SA (a)	4,277	571,407
Take-Two Interactive Software, Inc. (a)	5,050	627,665
Warner Bros Discovery, Inc.	72,151	981,975
World Wrestling Entertainment, Inc. Class A	1,312	140,607
		5,117,728
Interactive Media & Services - 0.4%
IAC, Inc. (a)	2,352	121,763
Match Group, Inc. (a)	8,532	314,831
Pinterest, Inc. Class A (a)	18,170	417,910
TripAdvisor, Inc. (a)	3,120	55,318
Zoominfo Technologies, Inc. (a)	8,418	184,438
		1,094,260
Media - 1.4%
Altice U.S.A., Inc. Class A (a)	6,483	22,691
Cable One, Inc.	176	133,480
DISH Network Corp. Class A (a)	7,663	57,549
Fox Corp.:
Class A	8,957	297,910
Class B	4,204	128,390
Interpublic Group of Companies, Inc.	11,872	424,187
Liberty Broadband Corp.:
Class A (a)	550	46,492
Class C (a)	3,625	307,328
Liberty Media Corp. Liberty SiriusXM:
Series A (a)	2,288	64,293
Series C (a)	4,744	132,547
News Corp.:
Class A	11,660	205,333
Class B	3,585	63,634
Nexstar Broadcasting Group, Inc. Class A	1,105	191,662
Omnicom Group, Inc.	6,131	555,285
Paramount Global:
Class A (b)	840	22,226
Class B (b)	17,008	396,797
Sirius XM Holdings, Inc. (b)	21,457	81,537
The New York Times Co. Class A	4,970	197,558
The Trade Desk, Inc. (a)	13,423	863,636
		4,192,535
TOTAL COMMUNICATION SERVICES		10,647,477
CONSUMER DISCRETIONARY - 12.3%
Automobile Components - 0.6%
Aptiv PLC (a)	8,271	850,755
BorgWarner, Inc.	7,131	343,215
Gentex Corp.	7,186	198,262
Lear Corp.	1,802	230,043
QuantumScape Corp. Class A (a)(b)	7,898	55,286
		1,677,561
Automobiles - 0.2%
Harley-Davidson, Inc.	4,119	152,815
Lucid Group, Inc. Class A (a)(b)	17,782	141,189
Rivian Automotive, Inc. (a)(b)	15,912	203,992
Thor Industries, Inc.	1,577	124,615
		622,611
Broadline Retail - 0.5%
eBay, Inc.	16,591	770,320
Etsy, Inc. (a)	3,824	386,339
Kohl's Corp.	3,343	73,646
Macy's, Inc.	8,265	135,050
Nordstrom, Inc. (b)	3,428	52,997
Ollie's Bargain Outlet Holdings, Inc. (a)	1,909	124,562
		1,542,914
Distributors - 0.5%
Genuine Parts Co.	4,246	714,644
LKQ Corp.	7,646	441,404
Pool Corp.	1,163	408,585
		1,564,633
Diversified Consumer Services - 0.3%
ADT, Inc.	6,399	42,873
Bright Horizons Family Solutions, Inc. (a)	1,762	134,123
Grand Canyon Education, Inc. (a)	939	111,459
H&R Block, Inc.	4,658	157,953
Mister Car Wash, Inc. (a)	2,388	21,062
Service Corp. International	4,571	320,838
		788,308
Hotels, Restaurants & Leisure - 3.8%
ARAMARK Holdings Corp.	7,192	249,562
Boyd Gaming Corp.	2,331	161,771
Caesars Entertainment, Inc. (a)	6,261	283,561
Carnival Corp. (a)(b)	29,872	275,121
Chipotle Mexican Grill, Inc. (a)	841	1,738,868
Choice Hotels International, Inc.	983	125,352
Churchill Downs, Inc.	1,089	318,565
Darden Restaurants, Inc.	3,744	568,826
Domino's Pizza, Inc.	1,080	342,868
Doordash, Inc. (a)	7,646	467,859
Draftkings Holdings, Inc.	10,810	236,847
Expedia, Inc. (a)	4,506	423,384
Hilton Worldwide Holdings, Inc.	8,026	1,155,905
Hyatt Hotels Corp. Class A (a)	1,450	165,735
Las Vegas Sands Corp. (a)	10,121	646,226
Marriott Vacations Worldwide Corp.	1,140	153,398
MGM Resorts International	9,673	434,511
Norwegian Cruise Line Holdings Ltd. (a)(b)	12,793	170,787
Penn Entertainment, Inc. (a)	4,739	141,175
Planet Fitness, Inc. (a)	2,553	212,256
Royal Caribbean Cruises Ltd. (a)	6,731	440,409
Six Flags Entertainment Corp. (a)	2,278	55,287
Travel+Leisure Co.	2,443	93,494
Vail Resorts, Inc.	1,228	295,359
Wendy's Co.	5,236	115,716
Wyndham Hotels & Resorts, Inc.	2,648	180,647
Wynn Resorts Ltd. (a)	3,183	363,753
Yum! Brands, Inc.	8,622	1,212,081
		11,029,323
Household Durables - 1.6%
D.R. Horton, Inc.	9,648	1,059,543
Garmin Ltd.	4,709	462,283
Leggett & Platt, Inc.	4,061	131,211
Lennar Corp.:
Class A	7,659	864,012
Class B	464	45,388
Mohawk Industries, Inc. (a)	1,612	170,711
Newell Brands, Inc.	11,543	140,247
NVR, Inc. (a)	89	519,760
PulteGroup, Inc.	6,924	464,947
Tempur Sealy International, Inc.	5,091	190,760
Toll Brothers, Inc.	3,367	215,185
TopBuild Corp. (a)	976	220,068
Whirlpool Corp.	1,628	227,253
		4,711,368
Leisure Products - 0.3%
Brunswick Corp.	2,207	187,132
Hasbro, Inc.	4,016	237,828
Mattel, Inc. (a)	10,769	193,842
Peloton Interactive, Inc. Class A (a)	9,361	83,126
Polaris, Inc.	1,686	183,184
YETI Holdings, Inc. (a)	2,645	104,345
		989,457
Specialty Retail - 3.4%
Advance Auto Parts, Inc.	1,814	227,711
AutoNation, Inc. (a)	1,032	135,914
AutoZone, Inc. (a)	573	1,526,077
Bath & Body Works, Inc.	6,997	245,595
Best Buy Co., Inc.	6,041	450,175
Burlington Stores, Inc. (a)	1,986	382,921
CarMax, Inc. (a)	4,822	337,685
Carvana Co. Class A (a)(b)	3,146	21,833
Dick's Sporting Goods, Inc.	1,624	235,496
Five Below, Inc. (a)	1,666	328,802
Floor & Decor Holdings, Inc. Class A (a)(b)	3,159	313,815
GameStop Corp. Class A (b)	8,184	157,869
Gap, Inc.	5,970	57,312
Leslie's, Inc. (a)	5,375	58,319
Lithia Motors, Inc. Class A (sub. vtg.)	827	182,676
O'Reilly Automotive, Inc. (a)	1,896	1,739,220
Penske Automotive Group, Inc.	789	109,340
Petco Health & Wellness Co., Inc. (a)	2,479	24,691
RH (a)	556	141,852
Ross Stores, Inc.	10,427	1,112,874
Tractor Supply Co.	3,377	805,077
Ulta Beauty, Inc. (a)	1,541	849,754
Victoria's Secret & Co. (a)	2,473	76,688
Wayfair LLC Class A (a)	2,411	83,975
Williams-Sonoma, Inc. (b)	2,023	244,864
		9,850,535
Textiles, Apparel & Luxury Goods - 1.1%
Capri Holdings Ltd. (a)	3,751	155,667
Carter's, Inc.	1,132	78,980
Columbia Sportswear Co.	1,103	92,145
Deckers Outdoor Corp. (a)	804	385,389
Hanesbrands, Inc.	10,720	56,173
lululemon athletica, Inc. (a)	3,415	1,297,461
PVH Corp.	1,929	165,527
Ralph Lauren Corp.	1,239	142,225
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	4,093	217,707
Tapestry, Inc.	7,224	294,811
Under Armour, Inc.:
Class A (sub. vtg.) (a)	5,892	52,262
Class C (non-vtg.) (a)	5,700	45,828
VF Corp.	10,676	250,993
		3,235,168
TOTAL CONSUMER DISCRETIONARY		36,011,878
CONSUMER STAPLES - 4.2%
Beverages - 0.3%
Boston Beer Co., Inc. Class A (a)	287	91,125
Brown-Forman Corp.:
Class A	1,439	94,801
Class B (non-vtg.)	5,569	362,486
Molson Coors Beverage Co. Class B	5,352	318,337
		866,749
Consumer Staples Distribution & Retail - 1.1%
Albertsons Companies, Inc.	7,136	149,142
BJ's Wholesale Club Holdings, Inc. (a)	4,098	312,964
Casey's General Stores, Inc.	1,131	258,795
Dollar Tree, Inc. (a)	6,384	981,285
Grocery Outlet Holding Corp. (a)	2,692	80,168
Kroger Co.	20,051	975,080
Performance Food Group Co. (a)	4,647	291,320
U.S. Foods Holding Corp. (a)	6,165	236,736
		3,285,490
Food Products - 2.2%
Bunge Ltd.	4,227	395,647
Campbell Soup Co.	5,924	321,673
Conagra Brands, Inc.	14,382	545,941
Darling Ingredients, Inc. (a)	4,897	291,714
Flowers Foods, Inc.	5,742	157,962
Freshpet, Inc. (a)	1,395	96,213
Hormel Foods Corp.	8,775	354,861
Ingredion, Inc.	2,002	212,552
Kellogg Co.	7,800	544,206
Lamb Weston Holdings, Inc.	4,410	493,082
McCormick & Co., Inc. (non-vtg.)	7,659	672,843
Pilgrim's Pride Corp. (a)	1,404	32,025
Post Holdings, Inc. (a)	1,647	149,037
Seaboard Corp.	8	31,529
The Hershey Co.	4,461	1,218,121
The J.M. Smucker Co.	3,155	487,164
Tyson Foods, Inc. Class A	8,507	531,602
		6,536,172
Household Products - 0.5%
Church & Dwight Co., Inc.	7,422	720,825
Reynolds Consumer Products, Inc.	1,668	46,754
Spectrum Brands Holdings, Inc.	1,222	81,263
The Clorox Co.	3,770	624,387
		1,473,229
Personal Care Products - 0.1%
Coty, Inc. Class A (a)	10,703	127,045
Olaplex Holdings, Inc. (a)	3,836	14,193
		141,238
TOTAL CONSUMER STAPLES		12,302,878
ENERGY - 4.8%
Energy Equipment & Services - 0.7%
Baker Hughes Co. Class A	28,804	842,229
Halliburton Co.	27,485	900,134
NOV, Inc.	11,974	200,565
		1,942,928
Oil, Gas & Consumable Fuels - 4.1%
Antero Midstream GP LP	10,310	110,936
Antero Resources Corp. (a)	8,669	199,300
APA Corp.	9,799	361,093
Cheniere Energy, Inc.	7,611	1,164,483
Chesapeake Energy Corp.	3,697	305,668
Coterra Energy, Inc.	23,973	613,709
Devon Energy Corp.	19,891	1,062,776
Diamondback Energy, Inc.	5,476	778,687
DT Midstream, Inc.	2,964	146,036
Enviva, Inc.	918	19,737
EQT Corp.	11,276	392,856
Hess Corp.	8,610	1,248,967
HF Sinclair Corp.	4,128	182,086
Marathon Oil Corp.	19,361	467,762
New Fortress Energy, Inc.	1,687	51,099
ONEOK, Inc.	13,592	889,053
Ovintiv, Inc.	7,500	270,600
PDC Energy, Inc.	2,681	174,399
Phillips 66 Co.	14,252	1,410,948
Range Resources Corp.	7,216	190,863
Southwestern Energy Co. (a)	33,634	174,560
Targa Resources Corp.	6,906	521,610
Texas Pacific Land Corp.	175	258,589
The Williams Companies, Inc.	37,245	1,127,034
Vitesse Energy, Inc.	774	14,242
		12,137,093
TOTAL ENERGY		14,080,021
FINANCIALS - 13.3%
Banks - 2.2%
Bank of Hawaii Corp.	1,187	57,486
Bank OZK	3,430	122,520
BOK Financial Corp.	883	74,057
Citizens Financial Group, Inc.	14,919	461,594
Columbia Banking Systems, Inc.	6,340	135,422
Comerica, Inc.	3,990	173,046
Commerce Bancshares, Inc.	3,477	194,190
Cullen/Frost Bankers, Inc.	1,779	196,135
East West Bancorp, Inc.	4,319	223,249
Fifth Third Bancorp	20,827	545,667
First Citizens Bancshares, Inc.	336	338,412
First Hawaiian, Inc.	3,929	75,083
First Horizon National Corp.	16,161	283,626
First Republic Bank (b)	5,678	19,930
FNB Corp., Pennsylvania	11,008	126,372
Huntington Bancshares, Inc.	43,936	492,083
KeyCorp	28,425	320,066
M&T Bank Corp.	5,253	660,827
New York Community Bancorp, Inc.	20,427	218,365
PacWest Bancorp (b)	3,564	36,175
Pinnacle Financial Partners, Inc.	2,290	124,187
Popular, Inc.	2,146	128,781
Prosperity Bancshares, Inc.	2,680	167,822
Regions Financial Corp.	28,619	522,583
Synovus Financial Corp.	4,387	135,120
Webster Financial Corp.	5,278	196,869
Western Alliance Bancorp.	3,225	119,712
Wintrust Financial Corp.	1,823	124,639
Zions Bancorp NA	4,511	125,676
		6,399,694
Capital Markets - 4.2%
Affiliated Managers Group, Inc.	1,144	165,171
Ameriprise Financial, Inc.	3,217	981,571
Ares Management Corp.	4,686	410,447
Bank of New York Mellon Corp.	22,468	956,912
Blue Owl Capital, Inc. Class A	12,904	145,299
Carlyle Group LP	6,342	192,353
Cboe Global Markets, Inc.	3,238	452,349
Coinbase Global, Inc. (a)(b)	4,881	262,549
Evercore, Inc. Class A	1,110	126,618
FactSet Research Systems, Inc.	1,160	477,560
Franklin Resources, Inc.	8,716	234,286
Interactive Brokers Group, Inc.	2,835	220,705
Invesco Ltd.	11,395	195,196
Janus Henderson Group PLC	4,165	108,082
Jefferies Financial Group, Inc.	6,046	193,653
KKR & Co. LP	17,497	928,566
Lazard Ltd. Class A	2,532	79,252
LPL Financial	2,434	508,317
MarketAxess Holdings, Inc.	1,136	361,668
Morningstar, Inc.	759	135,337
MSCI, Inc.	2,376	1,146,301
NASDAQ, Inc.	10,504	581,606
Northern Trust Corp.	6,288	491,470
Raymond James Financial, Inc.	5,949	538,563
Robinhood Markets, Inc. (a)	17,468	154,592
SEI Investments Co.	3,139	184,918
State Street Corp.	10,669	770,942
Stifel Financial Corp.	3,113	186,687
T. Rowe Price Group, Inc.	6,731	756,093
Tradeweb Markets, Inc. Class A	3,285	231,297
Virtu Financial, Inc. Class A	2,902	58,185
		12,236,545
Consumer Finance - 0.7%
Ally Financial, Inc.	9,107	240,243
Credit Acceptance Corp. (a)	202	98,879
Discover Financial Services	8,160	844,315
OneMain Holdings, Inc.	3,519	135,024
SLM Corp.	7,310	109,796
SoFi Technologies, Inc. (a)(b)	24,624	153,408
Synchrony Financial	13,308	392,719
Upstart Holdings, Inc. (a)(b)	2,162	30,052
		2,004,436
Financial Services - 1.4%
Affirm Holdings, Inc. (a)	6,789	66,940
Apollo Global Management, Inc.	14,777	936,714
Corebridge Financial, Inc.	2,474	41,712
Equitable Holdings, Inc.	11,286	293,323
Euronet Worldwide, Inc. (a)	1,446	160,130
FleetCor Technologies, Inc. (a)	2,194	469,340
Global Payments, Inc.	7,979	899,313
Jack Henry & Associates, Inc.	2,220	362,615
MGIC Investment Corp.	9,029	134,261
Rocket Companies, Inc. (a)(b)	3,421	30,481
Shift4 Payments, Inc. (a)	1,546	104,772
TFS Financial Corp.	1,507	18,144
The Western Union Co.	11,339	123,935
Toast, Inc. (a)	7,767	141,359
UWM Holdings Corp. Class A	2,746	16,476
Voya Financial, Inc.	2,970	227,146
WEX, Inc. (a)	1,333	236,408
		4,263,069
Insurance - 4.6%
AFLAC, Inc.	18,653	1,302,912
Allstate Corp.	8,084	935,804
American Financial Group, Inc.	2,056	252,333
Arch Capital Group Ltd. (a)	10,833	813,233
Arthur J. Gallagher & Co.	6,361	1,323,470
Assurant, Inc.	1,629	200,579
Assured Guaranty Ltd.	1,758	94,703
Axis Capital Holdings Ltd.	2,384	134,791
Brighthouse Financial, Inc. (a)	2,065	91,273
Brown & Brown, Inc.	7,220	464,896
Cincinnati Financial Corp.	4,690	499,204
CNA Financial Corp.	827	32,179
Erie Indemnity Co. Class A	769	167,127
Everest Re Group Ltd.	1,189	449,442
F&G Annuities & Life, Inc.	535	9,807
Fidelity National Financial, Inc.	7,947	282,039
First American Financial Corp.	3,083	177,612
Globe Life, Inc.	2,738	297,128
Hanover Insurance Group, Inc.	1,084	129,603
Hartford Financial Services Group, Inc.	9,707	689,100
Kemper Corp.	1,948	94,770
Lincoln National Corp.	5,195	112,887
Loews Corp.	5,938	341,851
Markel Corp. (a)	404	552,886
Old Republic International Corp.	8,547	215,983
Primerica, Inc.	1,123	204,959
Principal Financial Group, Inc.	7,404	553,005
Prudential Financial, Inc.	11,257	979,359
Reinsurance Group of America, Inc.	2,046	291,187
RenaissanceRe Holdings Ltd.	1,315	283,264
Ryan Specialty Group Holdings, Inc. (a)	2,520	102,967
Unum Group	6,047	255,183
W.R. Berkley Corp.	6,293	370,784
White Mountains Insurance Group Ltd.	77	110,275
Willis Towers Watson PLC	3,292	762,427
		13,579,022
Mortgage Real Estate Investment Trusts - 0.2%
AGNC Investment Corp.	17,466	173,088
Annaly Capital Management, Inc.	14,316	286,034
Rithm Capital Corp.	13,201	107,720
Starwood Property Trust, Inc. (b)	8,916	159,507
		726,349
TOTAL FINANCIALS		39,209,115
HEALTH CARE - 11.1%
Biotechnology - 2.3%
Alnylam Pharmaceuticals, Inc. (a)	3,756	748,195
Biogen, Inc. (a)	4,384	1,333,744
BioMarin Pharmaceutical, Inc. (a)	5,643	541,954
Exact Sciences Corp. (a)	5,346	342,518
Exelixis, Inc. (a)	9,799	179,322
Horizon Therapeutics PLC (a)	6,768	752,331
Incyte Corp. (a)	5,585	415,580
Ionis Pharmaceuticals, Inc. (a)	4,323	152,905
Mirati Therapeutics, Inc. (a)	1,365	60,483
Natera, Inc. (a)	2,975	150,892
Neurocrine Biosciences, Inc. (a)	2,925	295,542
Novavax, Inc. (a)(b)	2,637	20,226
Repligen Corp. (a)	1,694	256,861
Sarepta Therapeutics, Inc. (a)	2,572	315,764
Seagen, Inc. (a)	4,157	831,400
Ultragenyx Pharmaceutical, Inc. (a)	2,046	89,349
United Therapeutics Corp. (a)	1,363	313,667
		6,800,733
Health Care Equipment & Supplies - 3.5%
Align Technology, Inc. (a)	2,400	780,720
Dentsply Sirona, Inc.	6,547	274,516
DexCom, Inc. (a)	11,786	1,430,113
Enovis Corp. (a)	1,552	90,404
Envista Holdings Corp. (a)	4,982	191,757
Globus Medical, Inc. (a)	2,364	137,443
Hologic, Inc. (a)	7,437	639,656
ICU Medical, Inc. (a)	619	117,078
IDEXX Laboratories, Inc. (a)	2,513	1,236,798
Insulet Corp. (a)	2,105	669,474
Integra LifeSciences Holdings Corp. (a)	2,204	121,925
Masimo Corp. (a)	1,452	274,631
Novocure Ltd. (a)	3,161	208,310
Penumbra, Inc. (a)	1,091	309,975
QuidelOrtho Corp.	1,494	134,385
ResMed, Inc.	4,417	1,064,320
STERIS PLC	3,051	575,266
Tandem Diabetes Care, Inc. (a)	1,963	77,696
Teleflex, Inc.	1,434	390,794
The Cooper Companies, Inc.	1,486	566,835
Zimmer Biomet Holdings, Inc.	6,415	888,093
		10,180,189
Health Care Providers & Services - 1.8%
Acadia Healthcare Co., Inc. (a)	2,723	196,846
agilon health, Inc. (a)	5,788	140,475
Amedisys, Inc. (a)	977	78,453
AmerisourceBergen Corp.	4,986	831,914
Cardinal Health, Inc.	7,873	646,373
Chemed Corp.	446	245,858
DaVita HealthCare Partners, Inc. (a)	1,700	153,612
Encompass Health Corp.	2,989	191,744
Enhabit Home Health & Hospice	1,481	18,142
Guardant Health, Inc. (a)	2,959	66,755
Henry Schein, Inc. (a)	4,131	333,826
Laboratory Corp. of America Holdings	2,708	613,931
Molina Healthcare, Inc. (a)	1,753	522,201
Oak Street Health, Inc. (a)	3,573	139,240
Premier, Inc.	3,600	119,988
Quest Diagnostics, Inc.	3,383	469,594
Tenet Healthcare Corp. (a)	3,249	238,217
Universal Health Services, Inc. Class B	1,898	285,364
		5,292,533
Health Care Technology - 0.4%
Certara, Inc. (a)	3,553	85,876
Definitive Healthcare Corp. (a)	1,017	10,882
Doximity, Inc. (a)	3,415	125,501
Teladoc Health, Inc. (a)	4,894	129,838
Veeva Systems, Inc. Class A (a)	4,258	762,523
		1,114,620
Life Sciences Tools & Services - 2.5%
10X Genomics, Inc. (a)	2,810	147,328
Agilent Technologies, Inc.	9,043	1,224,693
Avantor, Inc. (a)	18,656	363,419
Azenta, Inc. (a)	2,090	90,894
Bio-Rad Laboratories, Inc. Class A (a)	654	294,817
Bio-Techne Corp.	4,760	380,229
Bruker Corp.	3,278	259,388
Charles River Laboratories International, Inc. (a)	1,543	293,355
IQVIA Holdings, Inc. (a)	5,672	1,067,641
Maravai LifeSciences Holdings, Inc. (a)	3,346	46,141
Mettler-Toledo International, Inc. (a)	673	1,003,780
PerkinElmer, Inc.	3,856	503,169
QIAGEN NV (a)	6,939	309,549
Sotera Health Co. (a)	3,026	50,746
Syneos Health, Inc. (a)	3,129	122,845
Waters Corp. (a)	1,805	542,150
West Pharmaceutical Services, Inc.	2,265	818,209
		7,518,353
Pharmaceuticals - 0.6%
Catalent, Inc. (a)	5,478	274,557
Elanco Animal Health, Inc. (a)	13,568	128,489
Jazz Pharmaceuticals PLC (a)	1,881	264,224
Organon & Co.	7,754	190,981
Perrigo Co. PLC	4,093	152,219
Royalty Pharma PLC	11,361	399,339
Viatris, Inc.	37,090	346,050
		1,755,859
TOTAL HEALTH CARE		32,662,287
INDUSTRIALS - 17.2%
Aerospace & Defense - 1.5%
Axon Enterprise, Inc. (a)	2,065	435,116
BWX Technologies, Inc.	2,788	180,049
Curtiss-Wright Corp.	1,171	198,871
HEICO Corp.	1,411	237,951
HEICO Corp. Class A	2,368	317,857
Hexcel Corp.	2,560	184,525
Howmet Aerospace, Inc.	11,336	502,071
Huntington Ingalls Industries, Inc.	1,201	242,194
Mercury Systems, Inc. (a)	1,493	71,171
Spirit AeroSystems Holdings, Inc. Class A	3,199	95,202
Textron, Inc.	6,380	427,077
TransDigm Group, Inc.	1,571	1,201,815
Woodward, Inc.	1,773	170,243
		4,264,142
Air Freight & Logistics - 0.4%
C.H. Robinson Worldwide, Inc.	3,554	358,492
Expeditors International of Washington, Inc.	4,849	552,010
GXO Logistics, Inc. (a)	3,234	171,822
		1,082,324
Building Products - 1.9%
A.O. Smith Corp.	3,827	261,346
Advanced Drain Systems, Inc.	1,908	163,554
Allegion PLC	2,677	295,755
Armstrong World Industries, Inc.	1,383	94,957
Builders FirstSource, Inc. (a)	4,443	421,063
Carlisle Companies, Inc.	1,572	339,316
Carrier Global Corp.	25,558	1,068,836
Fortune Brands Home & Security, Inc.	3,914	253,197
Hayward Holdings, Inc. (a)	2,039	24,550
Lennox International, Inc.	978	275,708
Masco Corp.	6,880	368,149
MasterBrand, Inc.	3,909	31,546
Owens Corning	2,857	305,156
The AZEK Co., Inc. (a)	3,404	92,385
Trane Technologies PLC	7,025	1,305,315
Trex Co., Inc. (a)	3,369	184,150
		5,484,983
Commercial Services & Supplies - 1.5%
Cintas Corp.	2,647	1,206,423
Clean Harbors, Inc. (a)	1,555	225,724
Copart, Inc. (a)	13,032	1,030,180
Driven Brands Holdings, Inc. (a)	1,906	58,514
MSA Safety, Inc.	1,125	145,969
Republic Services, Inc.	6,305	911,829
Ritchie Bros. Auctioneers, Inc.	2,142	122,501
Rollins, Inc.	7,072	298,792
Stericycle, Inc. (a)	2,802	127,911
Tetra Tech, Inc.	1,607	222,361
		4,350,204
Construction & Engineering - 0.6%
AECOM	4,027	334,442
MasTec, Inc. (a)	1,865	165,631
MDU Resources Group, Inc.	6,194	180,989
Quanta Services, Inc.	4,350	737,934
Valmont Industries, Inc.	641	186,249
Willscot Mobile Mini Holdings (a)	6,213	282,070
		1,887,315
Electrical Equipment - 1.3%
Acuity Brands, Inc.	981	154,390
AMETEK, Inc.	7,046	971,855
ChargePoint Holdings, Inc. Class A (a)(b)	7,738	67,088
Generac Holdings, Inc. (a)	1,907	194,934
Hubbell, Inc. Class B	1,638	441,146
nVent Electric PLC	5,054	211,914
Plug Power, Inc. (a)(b)	15,926	143,812
Regal Rexnord Corp.	1,987	258,628
Rockwell Automation, Inc.	3,513	995,619
Sensata Technologies, Inc. PLC	4,628	201,087
Sunrun, Inc. (a)	6,356	133,730
Vertiv Holdings Co.	9,262	138,189
		3,912,392
Ground Transportation - 0.9%
Avis Budget Group, Inc. (a)	782	138,156
Hertz Global Holdings, Inc. (a)	5,577	93,024
J.B. Hunt Transport Services, Inc.	2,520	441,731
Knight-Swift Transportation Holdings, Inc. Class A	4,767	268,477
Landstar System, Inc.	1,093	192,401
Lyft, Inc. (a)	10,001	102,510
Old Dominion Freight Lines, Inc.	3,037	973,024
RXO, Inc.	3,474	62,845
Ryder System, Inc.	1,483	117,394
Schneider National, Inc. Class B	1,650	43,181
U-Haul Holding Co.	357	21,798
U-Haul Holding Co. (non-vtg.)	2,372	128,325
XPO, Inc. (a)	3,123	137,974
		2,720,840
Machinery - 4.2%
AGCO Corp.	1,895	234,866
Allison Transmission Holdings, Inc.	2,827	137,929
Crane Co.	1,438	103,637
Crane Nxt Co.	1,448	68,577
Cummins, Inc.	4,310	1,013,022
Donaldson Co., Inc.	3,712	235,898
Dover Corp.	4,280	625,565
ESAB Corp.	1,737	101,371
Flowserve Corp.	3,991	133,259
Fortive Corp.	10,827	683,075
Gates Industrial Corp. PLC (a)	3,273	44,087
Graco, Inc.	5,127	406,520
IDEX Corp.	2,323	479,281
Ingersoll Rand, Inc.	12,412	707,732
ITT, Inc.	2,550	215,322
Lincoln Electric Holdings, Inc.	1,710	286,938
Middleby Corp. (a)	1,637	230,621
Nordson Corp.	1,748	378,110
Oshkosh Corp.	2,014	154,111
Otis Worldwide Corp.	12,747	1,087,319
PACCAR, Inc.	15,649	1,168,824
Parker Hannifin Corp.	3,914	1,271,580
Pentair PLC	5,025	291,852
Snap-On, Inc.	1,607	416,872
Stanley Black & Decker, Inc.	4,519	390,170
Timken Co.	1,869	143,633
Toro Co.	3,191	332,694
Westinghouse Air Brake Tech Co.	5,538	540,896
Xylem, Inc.	5,477	568,732
		12,452,493
Marine Transportation - 0.1%
Kirby Corp. (a)	1,819	130,677
Passenger Airlines - 0.8%
Alaska Air Group, Inc. (a)	3,835	166,669
American Airlines Group, Inc. (a)	19,727	269,076
Copa Holdings SA Class A	867	78,307
Delta Air Lines, Inc. (a)	19,581	671,824
JetBlue Airways Corp. (a)	9,748	69,601
Southwest Airlines Co.	18,115	548,703
United Airlines Holdings, Inc. (a)	9,974	436,861
		2,241,041
Professional Services - 2.7%
Booz Allen Hamilton Holding Corp. Class A	4,012	384,029
Broadridge Financial Solutions, Inc.	3,569	518,968
CACI International, Inc. Class A (a)	709	222,144
Clarivate Analytics PLC (a)	14,475	128,249
Concentrix Corp.	1,295	124,980
CoStar Group, Inc. (a)	12,334	949,101
Dun & Bradstreet Holdings, Inc.	7,723	86,266
Equifax, Inc.	3,718	774,757
FTI Consulting, Inc. (a)	1,030	185,915
Genpact Ltd.	5,461	243,288
Jacobs Solutions, Inc.	3,853	444,867
KBR, Inc.	4,161	236,054
Leidos Holdings, Inc.	4,166	388,521
Manpower, Inc.	1,532	115,988
Paychex, Inc.	9,864	1,083,659
Robert Half International, Inc.	3,238	236,374
Science Applications International Corp.	1,686	172,023
SS&C Technologies Holdings, Inc.	6,740	394,560
TransUnion Holding Co., Inc.	5,882	404,740
Verisk Analytics, Inc.	4,750	922,023
		8,016,506
Trading Companies & Distributors - 1.3%
Air Lease Corp. Class A	3,166	127,337
Core & Main, Inc. (a)	2,230	58,114
Fastenal Co.	17,603	947,746
MSC Industrial Direct Co., Inc. Class A	1,409	127,839
SiteOne Landscape Supply, Inc. (a)	1,363	201,370
United Rentals, Inc.	2,136	771,331
Univar Solutions, Inc. (a)	4,911	174,341
W.W. Grainger, Inc.	1,378	958,495
Watsco, Inc.	1,006	348,458
WESCO International, Inc.	1,363	196,272
		3,911,303
TOTAL INDUSTRIALS		50,454,220
INFORMATION TECHNOLOGY - 14.0%
Communications Equipment - 1.3%
Arista Networks, Inc. (a)	7,525	1,205,204
Ciena Corp. (a)	4,506	207,456
F5, Inc. (a)	1,822	244,804
Juniper Networks, Inc.	9,778	294,807
Lumentum Holdings, Inc. (a)	2,081	100,408
Motorola Solutions, Inc.	5,035	1,467,199
Ubiquiti, Inc.	126	29,301
ViaSat, Inc. (a)	2,204	77,206
		3,626,385
Electronic Equipment, Instruments & Components - 2.3%
Amphenol Corp. Class A	17,907	1,351,441
Arrow Electronics, Inc. (a)	1,776	203,228
Avnet, Inc.	2,776	114,538
CDW Corp.	4,131	700,576
Cognex Corp.	5,313	253,377
Coherent Corp. (a)	3,612	123,314
Corning, Inc.	22,501	747,483
IPG Photonics Corp. (a)	997	114,635
Jabil, Inc.	3,973	310,490
Keysight Technologies, Inc. (a)	5,483	793,061
Littelfuse, Inc.	737	178,531
National Instruments Corp.	3,996	232,687
TD SYNNEX Corp.	1,422	126,615
Teledyne Technologies, Inc. (a)	1,416	586,790
Trimble, Inc. (a)	7,529	354,616
Vontier Corp.	4,807	130,414
Zebra Technologies Corp. Class A (a)	1,579	454,799
		6,776,595
IT Services - 1.7%
Akamai Technologies, Inc. (a)	4,738	388,374
Amdocs Ltd.	3,637	331,876
Cloudflare, Inc. (a)	8,649	406,935
DXC Technology Co. (a)	7,027	167,594
EPAM Systems, Inc. (a)	1,677	473,652
Gartner, Inc. (a)	2,347	709,874
Globant SA (a)	1,246	195,460
GoDaddy, Inc. (a)	4,779	361,675
Kyndryl Holdings, Inc. (a)	6,277	90,765
MongoDB, Inc. Class A (a)	2,028	486,639
Okta, Inc. (a)	4,620	316,609
Thoughtworks Holding, Inc. (a)	2,604	16,223
Twilio, Inc. Class A (a)	5,326	280,201
VeriSign, Inc. (a)	2,835	628,803
Wix.com Ltd. (a)	1,690	147,419
		5,002,099
Semiconductors & Semiconductor Equipment - 2.3%
Allegro MicroSystems LLC (a)	2,038	72,899
Cirrus Logic, Inc. (a)	1,677	143,870
Enphase Energy, Inc. (a)	4,004	657,457
Entegris, Inc.	4,537	339,912
First Solar, Inc. (a)	3,250	593,385
GlobalFoundries, Inc. (a)(b)	1,931	113,543
Lattice Semiconductor Corp. (a)	4,153	330,994
Microchip Technology, Inc.	16,268	1,187,401
MKS Instruments, Inc.	1,750	146,773
Monolithic Power Systems, Inc.	1,401	647,220
onsemi (a)	13,264	954,477
Qorvo, Inc. (a)	3,047	280,568
Skyworks Solutions, Inc.	4,860	514,674
Teradyne, Inc.	4,785	437,253
Universal Display Corp.	1,331	177,635
Wolfspeed, Inc. (a)(b)	3,768	175,400
		6,773,461
Software - 5.5%
Alteryx, Inc. Class A (a)	1,825	75,062
ANSYS, Inc. (a)	2,660	835,027
AppLovin Corp. (a)	6,712	114,104
Aspen Technology, Inc.	825	146,025
Bentley Systems, Inc. Class B	5,158	219,524
Bill Holdings, Inc. (a)	3,023	232,197
Black Knight, Inc. (a)	4,728	258,338
Cadence Design Systems, Inc. (a)	8,343	1,747,430
CCC Intelligent Solutions Holdings, Inc. Class A (a)	5,253	45,596
Ceridian HCM Holding, Inc. (a)	4,175	265,029
Confluent, Inc. (a)	3,801	83,622
Crowdstrike Holdings, Inc. (a)	6,589	791,009
Datadog, Inc. Class A (a)	8,121	547,193
DocuSign, Inc. (a)	6,037	298,469
Dolby Laboratories, Inc. Class A	1,812	151,646
DoubleVerify Holdings, Inc. (a)	2,633	77,463
Dropbox, Inc. Class A (a)	8,193	166,646
Dynatrace, Inc. (a)	6,604	279,217
Elastic NV (a)	2,370	135,683
Fair Isaac Corp. (a)	742	540,139
Five9, Inc. (a)	2,141	138,822
Fortinet, Inc. (a)	19,735	1,244,292
Gen Digital, Inc.	16,765	296,238
Guidewire Software, Inc. (a)	2,507	191,008
HubSpot, Inc. (a)	1,416	596,065
Informatica, Inc. (a)	1,142	17,655
Jamf Holding Corp. (a)	2,005	37,935
Manhattan Associates, Inc. (a)	1,897	314,295
nCino, Inc. (a)	2,137	52,848
NCR Corp. (a)	3,902	86,976
New Relic, Inc. (a)	1,628	116,353
Nutanix, Inc. Class A (a)	7,011	168,124
Palantir Technologies, Inc. (a)	56,212	435,643
Paycom Software, Inc. (a)	1,566	454,719
Paycor HCM, Inc. (a)	1,849	43,452
Paylocity Holding Corp. (a)	1,229	237,553
Pegasystems, Inc.	1,263	57,618
Procore Technologies, Inc. (a)	2,167	115,739
PTC, Inc. (a)	3,252	409,069
RingCentral, Inc. (a)	2,602	71,711
SentinelOne, Inc. (a)	5,861	94,186
Smartsheet, Inc. (a)	3,881	158,616
Splunk, Inc. (a)	4,980	429,475
Synopsys, Inc. (a)	4,663	1,731,465
Teradata Corp. (a)	3,116	120,620
Tyler Technologies, Inc. (a)	1,257	476,441
UiPath, Inc. Class A (a)	11,486	161,723
Unity Software, Inc. (a)	7,228	194,939
Zoom Video Communications, Inc. Class A (a)	7,508	461,216
Zscaler, Inc. (a)	2,578	232,278
		16,156,493
Technology Hardware, Storage & Peripherals - 0.9%
Dell Technologies, Inc.	7,234	314,607
Hewlett Packard Enterprise Co.	39,282	562,518
HP, Inc.	30,053	892,875
NetApp, Inc.	6,651	418,281
Pure Storage, Inc. Class A (a)	8,726	199,215
Western Digital Corp. (a)	9,725	334,929
		2,722,425
TOTAL INFORMATION TECHNOLOGY		41,057,458
MATERIALS - 6.1%
Chemicals - 3.2%
Albemarle Corp.	3,581	664,132
Ashland, Inc.	1,552	157,699
Axalta Coating Systems Ltd. (a)	6,746	212,971
Celanese Corp. Class A	3,312	351,867
CF Industries Holdings, Inc.	5,990	428,764
Corteva, Inc.	21,876	1,337,061
DuPont de Nemours, Inc.	14,026	977,893
Eastman Chemical Co.	3,658	308,260
Element Solutions, Inc.	6,878	124,836
FMC Corp.	3,851	475,907
Ginkgo Bioworks Holdings, Inc. Class A (a)(b)	26,321	32,112
Huntsman Corp.	5,554	148,792
International Flavors & Fragrances, Inc.	7,798	756,094
LyondellBasell Industries NV Class A	7,858	743,445
NewMarket Corp.	175	69,930
Olin Corp.	3,724	206,310
PPG Industries, Inc.	7,206	1,010,714
RPM International, Inc.	3,900	319,917
The Chemours Co. LLC	4,515	131,251
The Mosaic Co.	10,392	445,297
The Scotts Miracle-Gro Co. Class A	1,232	82,310
Valvoline, Inc.	5,239	181,007
Westlake Corp.	1,013	115,259
		9,281,828
Construction Materials - 0.5%
Eagle Materials, Inc.	1,089	161,401
Martin Marietta Materials, Inc.	1,903	691,170
Vulcan Materials Co.	4,051	709,411
		1,561,982
Containers & Packaging - 1.3%
Amcor PLC	45,324	497,204
Aptargroup, Inc.	2,007	237,850
Ardagh Group SA (a)	363	2,606
Ardagh Metal Packaging SA	4,497	18,348
Avery Dennison Corp.	2,487	433,932
Ball Corp.	9,430	501,487
Berry Global Group, Inc.	3,710	214,475
Crown Holdings, Inc.	3,520	301,946
Graphic Packaging Holding Co.	9,342	230,374
International Paper Co.	10,860	359,575
Packaging Corp. of America	2,790	377,375
Sealed Air Corp.	4,454	213,747
Silgan Holdings, Inc.	2,583	127,239
Sonoco Products Co.	2,970	180,041
WestRock Co.	7,763	232,347
		3,928,546
Metals & Mining - 1.1%
Alcoa Corp.	5,390	200,185
Cleveland-Cliffs, Inc. (a)	15,602	239,959
MP Materials Corp. (a)	2,785	60,351
Nucor Corp.	7,842	1,162,028
Reliance Steel & Aluminum Co.	1,786	442,571
Royal Gold, Inc.	2,001	265,012
SSR Mining, Inc.	6,315	90,431
Steel Dynamics, Inc.	5,088	528,898
United States Steel Corp.	6,858	156,911
		3,146,346
Paper & Forest Products - 0.0%
Louisiana-Pacific Corp.	2,171	129,696
TOTAL MATERIALS		18,048,398
REAL ESTATE - 7.4%
Equity Real Estate Investment Trusts (REITs) - 6.9%
Alexandria Real Estate Equities, Inc.	5,250	651,945
American Homes 4 Rent Class A	9,414	313,110
Americold Realty Trust	8,211	242,963
Apartment Income (REIT) Corp.	4,590	169,738
AvalonBay Communities, Inc.	4,273	770,721
Boston Properties, Inc.	4,799	256,075
Brixmor Property Group, Inc.	9,098	194,060
Camden Property Trust (SBI)	3,173	349,189
Cousins Properties, Inc.	4,595	100,217
CubeSmart	6,832	310,788
Douglas Emmett, Inc.	5,200	66,976
EastGroup Properties, Inc.	1,256	209,199
EPR Properties	2,263	94,955
Equity Lifestyle Properties, Inc.	5,424	373,714
Equity Residential (SBI)	11,332	716,749
Essex Property Trust, Inc.	1,963	431,330
Extra Space Storage, Inc.	4,049	615,610
Federal Realty Investment Trust (SBI)	2,453	242,577
First Industrial Realty Trust, Inc.	4,026	211,244
Gaming & Leisure Properties	7,469	388,388
Healthcare Trust of America, Inc.	11,617	229,784
Healthpeak Properties, Inc.	16,706	367,031
Highwoods Properties, Inc. (SBI)	3,174	72,748
Host Hotels & Resorts, Inc.	21,663	350,291
Hudson Pacific Properties, Inc.	4,178	23,230
Invitation Homes, Inc.	18,670	623,018
Iron Mountain, Inc.	8,830	487,769
JBG SMITH Properties	3,250	46,378
Kilroy Realty Corp.	3,538	103,451
Kimco Realty Corp.	18,460	354,247
Lamar Advertising Co. Class A	2,643	279,312
Life Storage, Inc.	2,571	345,491
Medical Properties Trust, Inc. (b)	18,134	159,035
Mid-America Apartment Communities, Inc.	3,514	540,453
National Retail Properties, Inc.	5,523	240,251
National Storage Affiliates Trust	2,587	99,729
Omega Healthcare Investors, Inc.	7,192	192,458
Park Hotels & Resorts, Inc.	6,836	82,374
Rayonier, Inc.	4,439	139,207
Realty Income Corp.	19,196	1,206,277
Regency Centers Corp.	5,232	321,402
Rexford Industrial Realty, Inc.	5,969	332,891
SBA Communications Corp. Class A	3,262	851,023
Simon Property Group, Inc.	9,979	1,130,820
SL Green Realty Corp.	1,947	46,085
Spirit Realty Capital, Inc.	4,259	163,801
Sun Communities, Inc.	3,722	517,097
UDR, Inc.	10,031	414,581
Ventas, Inc.	12,211	586,739
VICI Properties, Inc.	30,664	1,040,736
Vornado Realty Trust	5,361	80,469
Welltower, Inc.	14,468	1,146,155
Weyerhaeuser Co.	22,486	672,556
WP Carey, Inc.	6,386	473,841
		20,430,278
Real Estate Management & Development - 0.5%
CBRE Group, Inc. (a)	9,633	738,466
Howard Hughes Corp. (a)	1,115	86,268
Jones Lang LaSalle, Inc. (a)	1,459	202,859
Opendoor Technologies, Inc. (a)	14,153	19,531
WeWork, Inc. (a)	6,305	2,658
Zillow Group, Inc.:
Class A (a)	1,812	77,517
Class C (a)	4,745	206,597
		1,333,896
TOTAL REAL ESTATE		21,764,174
UTILITIES - 5.8%
Electric Utilities - 2.8%
Alliant Energy Corp.	7,656	422,152
Avangrid, Inc.	2,158	86,881
Constellation Energy Corp.	9,986	772,916
Edison International	11,501	846,474
Entergy Corp.	6,208	667,857
Evergy, Inc.	6,804	422,596
Eversource Energy	10,542	818,165
FirstEnergy Corp.	16,594	660,441
Hawaiian Electric Industries, Inc.	3,337	130,844
IDACORP, Inc.	1,539	171,014
NRG Energy, Inc.	6,488	221,695
OGE Energy Corp.	6,108	229,294
PG&E Corp. (a)	50,342	861,352
Pinnacle West Capital Corp.	3,454	271,001
PPL Corp.	22,540	647,349
Xcel Energy, Inc.	16,675	1,165,749
		8,395,780
Gas Utilities - 0.3%
Atmos Energy Corp.	4,345	495,938
National Fuel Gas Co.	2,683	149,980
UGI Corp.	6,402	216,900
		862,818
Independent Power and Renewable Electricity Producers - 0.3%
Brookfield Renewable Corp.	3,891	129,998
The AES Corp.	20,379	482,167
Vistra Corp.	12,021	286,821
		898,986
Multi-Utilities - 2.0%
Ameren Corp.	7,865	699,749
CenterPoint Energy, Inc.	19,256	586,730
CMS Energy Corp.	8,859	551,561
Consolidated Edison, Inc.	10,853	1,068,695
DTE Energy Co.	5,895	662,657
NiSource, Inc.	12,420	353,473
Public Service Enterprise Group, Inc.	15,229	962,473
WEC Energy Group, Inc.	9,654	928,425
		5,813,763
Water Utilities - 0.4%
American Water Works Co., Inc.	5,903	875,120
Essential Utilities, Inc.	7,062	301,547
		1,176,667
TOTAL UTILITIES		17,148,014
TOTAL COMMON STOCKS (Cost $266,873,130)		293,385,920

Nonconvertible Preferred Stocks - 0.0%
	Shares	Value ($)
REAL ESTATE - 0.0%
Real Estate Management & Development - 0.0%
Brookfield Property Preferred LP 6.25% (Cost $74)	3	45

Money Market Funds - 1.3%
	Shares	Value ($)
Fidelity Cash Central Fund 4.88% (c)	736,253	736,400
Fidelity Securities Lending Cash Central Fund 4.88% (c)(d)	3,217,906	3,218,228
TOTAL MONEY MARKET FUNDS (Cost $3,954,628)		3,954,628

TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $270,827,832)	297,340,593
NET OTHER ASSETS (LIABILITIES) - (1.1)%	(3,378,076)
NET ASSETS - 100.0%	293,962,517

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

Equity Index Contracts
CME E-mini S&P MidCap 400 Index Contracts (United States)	2	Jun 2023	500,120	21,918	21,918

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

Legend

(a)	Non-income producing

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

(c)

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.

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.88%	101,705	35,401,940	34,767,245	17,387	-	-	736,400	0.0%
Fidelity Securities Lending Cash Central Fund 4.88%	9,145,255	26,866,454	32,793,481	110,013	-	-	3,218,228	0.0%
Total	9,246,960	62,268,394	67,560,726	127,400	-	-	3,954,628

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

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

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

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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

Equities:
Communication Services	10,647,477	10,647,477	-	-
Consumer Discretionary	36,011,878	36,011,878	-	-
Consumer Staples	12,302,878	12,302,878	-	-
Energy	14,080,021	14,080,021	-	-
Financials	39,209,115	39,209,115	-	-
Health Care	32,662,287	32,662,287	-	-
Industrials	50,454,220	50,454,220	-	-
Information Technology	41,057,458	41,057,458	-	-
Materials	18,048,398	18,048,398	-	-
Real Estate	21,764,219	21,764,219	-	-
Utilities	17,148,014	17,148,014	-	-

Money Market Funds	3,954,628	3,954,628	-	-
Total Investments in Securities:	297,340,593	297,340,593	-	-
Derivative Instruments:

Assets
Futures Contracts	21,918	21,918	-	-
Total Assets	21,918	21,918	-	-
Total Derivative Instruments:	21,918	21,918	-	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Equity Risk
Futures Contracts (a)	21,918
Total Equity Risk	21,918
Total Value of Derivatives	21,918

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

Financial Statements

Statement of Assets and Liabilities
				April 30, 2023

Assets
Investment in securities, at value (including securities loaned of $3,145,156) - See accompanying schedule:
Unaffiliated issuers (cost $266,873,204)	$	293,385,965
Fidelity Central Funds (cost $3,954,628)		3,954,628


Total Investment in Securities (cost $270,827,832)			$	297,340,593
Segregated cash with brokers for derivative instruments				28,800
Receivable for investments sold				6,496
Receivable for fund shares sold				399,603
Dividends receivable				130,497
Distributions receivable from Fidelity Central Funds				19,483
Receivable for daily variation margin on futures contracts				4,440
Other receivables				1,364
Total assets				297,931,276
Liabilities
Payable for investments purchased	$	380,259
Payable for fund shares redeemed		370,302
Collateral on securities loaned		3,218,198
Total Liabilities				3,968,759
Net Assets			$	293,962,517
Net Assets consist of:
Paid in capital			$	273,380,387
Total accumulated earnings (loss)				20,582,130
Net Assets			$	293,962,517
Net Asset Value , offering price and redemption price per share ($293,962,517 ÷ 19,825,567 shares)			$	14.83

Statement of Operations
				Year ended April 30, 2023
Investment Income
Dividends			$	4,463,427
Income from Fidelity Central Funds (including $110,013 from security lending)				127,400
Total Income				4,590,827
Expenses
Independent trustees' fees and expenses	$	926
Total expenses before reductions		926
Expense reductions		(46)
Total expenses after reductions				880
Net Investment income (loss)				4,589,947
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(2,716,392)
Futures contracts		(52,115)
Total net realized gain (loss)				(2,768,507)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(4,289,597)
Futures contracts		26,239
Total change in net unrealized appreciation (depreciation)				(4,263,358)
Net gain (loss)				(7,031,865)
Net increase (decrease) in net assets resulting from operations			$	(2,441,918)

Statement of Changes in Net Assets

		Year ended April 30, 2023		Year ended April 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,589,947	$	2,997,312
Net realized gain (loss)		(2,768,507)		3,645,981
Change in net unrealized appreciation (depreciation)		(4,263,358)		(24,785,005)
Net increase (decrease) in net assets resulting from operations		(2,441,918)		(18,141,712)
Distributions to shareholders		(4,597,577)		(6,913,831)
Share transactions
Proceeds from sales of shares		118,927,737		148,157,214
Reinvestment of distributions		3,203,047		4,691,590
Cost of shares redeemed		(72,465,560)		(65,791,393)
Net increase (decrease) in net assets resulting from share transactions		49,665,224		87,057,411
Total increase (decrease) in net assets		42,625,729		62,001,868

Net Assets
Beginning of period		251,336,788		189,334,920
End of period	$	293,962,517	$	251,336,788

Other Information
Shares
Sold		8,137,991		8,732,269
Issued in reinvestment of distributions		224,077		271,847
Redeemed		(4,909,134)		(3,885,387)
Net increase (decrease)		3,452,934		5,118,729

Financial Highlights

Fidelity Flex® Mid Cap Index Fund

Years ended April 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	15.35	$	16.82	$	10.78	$	12.23	$	11.28
Income from Investment Operations
Net investment income (loss) A,B		.26		.21		.19		.22		.20
Net realized and unrealized gain (loss)		(.52)		(1.18)		6.17		(1.39)		.98
Total from investment operations		(.26)		(.97)		6.36		(1.17)		1.18
Distributions from net investment income		(.23)		(.19)		(.20)		(.18)		(.19)
Distributions from net realized gain		(.03)		(.31)		(.12)		(.10)		(.05)
Total distributions		(.26)		(.50)		(.32)		(.28)		(.23) C
Net asset value, end of period	$	14.83	$	15.35	$	16.82	$	10.78	$	12.23
Total Return D		(1.62)%		(6.09)%		59.64%		(9.88)%		10.75%
Ratios to Average Net Assets B,E,F
Expenses before reductions G		-%		-%		-%		-%		-%
Expenses net of fee waivers, if any G		-%		-%		-%		-%		-%
Expenses net of all reductions G		-%		-%		-%		-%		-%
Net investment income (loss)		1.75%		1.27%		1.35%		1.84%		1.76%
Supplemental Data
Net assets, end of period (000 omitted)	$	293,963	$	251,337	$	189,335	$	88,365	$	76,766
Portfolio turnover rate H		13%		13%		26%		38%		25%

A Calculated based on average shares outstanding during the period.

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

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

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

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

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

G Amount represents less than .005%.

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

Notes to Financial Statements

For the period ended April 30, 2023

1 . Organization.

Fidelity Flex Mid Cap Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.

2. Investments in Fidelity Central Funds.

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

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

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

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

Gross unrealized appreciation	$56,737,810
Gross unrealized depreciation	(36,568,435)
Net unrealized appreciation (depreciation)	$20,169,375
Tax Cost	$277,171,218

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

Undistributed ordinary income	$1,136,911
Net unrealized appreciation (depreciation) on securities and other investments	$20,169,375

The Fund intends to elect to defer to its next fiscal year $724,157 of capital losses recognized during the period November 1, 2022 to April 30, 2023.

The tax character of distributions paid was as follows:

	April 30, 2023	April 30, 2022
Ordinary Income	$4,117,732	$4,060,909
Long-term Capital Gains	479,845	2,852,922
Total	$4,597,577	$6,913,831

4. Derivative Instruments.

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

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

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


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

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Flex Mid Cap Index Fund	89,211,818	35,624,317

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Flex Mid Cap Index Fund	$ 83	$ 21,514

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $46.

10. Other.

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

11. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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 AccountingFirm

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Flex Mid Cap Index Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Flex Mid Cap Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of April 30, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 13, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 299 funds. Mr. Chiel oversees 188 funds.

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

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).

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

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

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

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

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

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

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

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

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

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

Independent Trustees:

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

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

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

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

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

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

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

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

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

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

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

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

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

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon.

Carol J. Zierhoffer (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Ms. Zierhoffer also serves as a Member of the Advisory Board of other funds.Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016).

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

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

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

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

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense Ratio- A	Beginning Account Value November 1, 2022	Ending Account Value April 30, 2023	Expenses Paid During Period- C November 1, 2022 to April 30, 2023

Fidelity Flex® Mid Cap Index Fund	-%- D
Actual		$ 1,000	$ 1,038.10	$- E
Hypothetical- B		$ 1,000	$ 1,024.79	$- E

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

B 5% return per year before expenses

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

D Amount represents less than .005%.

E Amount represents less than $.005.

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 April 30, 2023, $188,058, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 95% and 74% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 98.44% and 77.76% of the dividends distributed in June 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 0.31% and 14.91% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Liquidity Risk Management Program

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

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

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

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

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

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

At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

1.9881627.106

ZMP-ANN-0623