# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0000035315-25-000566
**Filing Date:** 2025-6
**Character Count:** 828576
**Document Hash:** 3d6c138c5869b496b1c8fe4e72f0656a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035315-25-000566.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000035315-25-000566

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**EFFECTIVENESS DATE**: 20250620

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 251059674

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

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

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

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

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

## Series and Classes Contracts Data

### Fidelity Mid Cap Index Fund (Series ID: S000033637)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000103368 | Fidelity Mid Cap Index Fund | FSMDX           |

### Fidelity Small Cap Index Fund (Series ID: S000033638)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000103373 | Fidelity Small Cap Index Fund | FSSNX           |

### Fidelity Large Cap Growth Index Fund (Series ID: S000054095)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000170033 | Fidelity Large Cap Growth Index Fund | FSPGX           |

### Fidelity Large Cap Value Index Fund (Series ID: S000054096)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000170037 | Fidelity Large Cap Value Index Fund | FLCOX           |

### Fidelity Flex Mid Cap Index Fund (Series ID: S000056358)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000177585 | Fidelity Flex Mid Cap Index Fund | FLAPX           |

### Fidelity Flex Small Cap Index Fund (Series ID: S000056362)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000177589 | Fidelity Flex Small Cap Index Fund | FLXSX           |

### Fidelity Series Large Cap Growth Index Fund (Series ID: S000062810)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000203457 | Fidelity Series Large Cap Growth Index Fund | FHOFX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-02105</u>

<u>Fidelity Salem Street Trust</u>

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| Date of fiscal year end: | April 30 |
| Date of reporting period: | April 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Large Cap Value Index Fund<br> **Fidelity® Large Cap Value Index Fund : FLCOX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Large Cap Value Index Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Large Cap Value Index Fund  | $4  | 0.04% |

---

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

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, financials gained 23% and contributed most to the fund's performance for the fiscal year. Consumer staples stocks also helped (+17%). Utilities rose roughly 21%, industrials gained approximately 6%, lifted by the capital goods industry (+9%), and communication services advanced about 17%. Other contributors included the real estate (+16%), information technology (+3%) and consumer discretionary (+3%) sectors.

• Conversely, energy returned -11% and detracted most. Health care (-1%), hampered by the pharmaceuticals, biotechnology & life sciences industry (-3%), and materials (-4%) also hurt.

• Turning to individual stocks, the biggest contributor was Berkshire Hathaway (+34%), from the financial services industry. Another notable contributor was Walmart (+66%), a stock in the consumer staples distribution & retail category. JPMorgan Chase (+30%), a stock in the banks industry, helped. In food, beverage & tobacco, Philip Morris International (+89%) helped. Lastly, AT&T (+73%), a stock in the telecommunication services industry, also boosted the fund.

• In contrast, the biggest detractor was UnitedHealth Group (-14%), from the health care equipment & services category. In pharmaceuticals, biotechnology & life sciences, Thermo Fisher Scientific returned approximately -24% and hurt the fund. ConocoPhillips (-27%) and Exxon Mobil (-8%), within the energy sector, hindered the fund. Lastly, in semiconductors & semiconductor equipment, Intel returned roughly -33% and also detracted.

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

**CUMULATIVE PERFORMANCE**

June 7, 2016 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Large Cap Value Index Fund<br>| $10000 | $11348<br>| $12205<br>| $13321<br>| $11850<br>| $17294<br>| $17514<br>| $17720<br>| $20110<br>| $21824<br>|
| Russell 1000® Value Index<br>| $10000 | $11355<br>| $12207<br>| $13314<br>| $11848<br>| $17289<br>| $17516<br>| $17729<br>| $20108<br>| $21828<br>|
| Russell 1000® Index<br>| $10000 | $11501<br>| $13015<br>| $14750<br>| $14763<br>| $22068<br>| $21605<br>| $21997<br>| $27017<br>| $30244<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109019_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Large Cap Value Index Fund | 8.52% | 12.99% | 9.16% |
| Russell 1000® Value Index | 8.55%<br>| 13.00%<br>| 9.17% |
| Russell 1000® Index | 11.94%<br>| 15.42%<br>| 13.24% |

---

**A** From June 7, 2016

---

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

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $10569753709<br>|
| Number of Holdings | 873<br>|
| Total Advisory Fee | $3244299<br>|
| Portfolio Turnover | 14%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.4 |
| Industrials | 14.4 |
| Health Care | 14.2 |
| Information Technology | 8.7 |
| Consumer Staples | 8.5 |
| Energy | 6.3 |
| Consumer Discretionary | 5.9 |
| Utilities | 4.9 |
| Real Estate | 4.8 |
| Communication Services | 4.5 |
| Materials | 4.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2827_20250430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 98.9 |
| Ireland | 0.8 |
| Canada | 0.1 |
| Bailiwick Of Jersey | 0.1 |
| Bermuda | 0.1 |
| United Kingdom | 0.0 |
| Brazil | 0.0 |
| Puerto Rico | 0.0 |
| Belgium | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2827_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bermuda - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Berkshire Hathaway Inc Class B | 4.0<br>|
| JPMorgan Chase & Co | 2.9<br>|
| Exxon Mobil Corp | 2.0<br>|
| Walmart Inc | 1.7<br>|
| Johnson & Johnson | 1.7<br>|
| UnitedHealth Group Inc | 1.6<br>|
| Procter & Gamble Co/The | 1.3<br>|
| Bank of America Corp | 1.2<br>|
| Philip Morris International Inc | 1.1<br>|
| Wells Fargo & Co | 1.1<br>|
|  | 18.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 28, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2827_20250430_2.jpg)<br>| ![](img109019_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913284.100 2830-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Mid Cap Index Fund<br> **Fidelity® Mid Cap Index Fund : FSMDX** <br>|

---

This annual shareholder report contains information about Fidelity® Mid Cap Index Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Mid Cap Index Fund  | $3  | 0.03% |

---

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

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, financials gained 18% and contributed most to the fund's performance for the fiscal year. Information technology stocks also helped (+18%), benefiting from the software & services industry (+53%). Utilities rose 28%, real estate gained about 13%, lifted by the equity real estate investment trusts industry (+13%), and communication services advanced roughly 18%. Other contributors included the industrials (+4%), energy (+4%) and consumer discretionary (+0%) sectors.

• In contrast, health care returned -8% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-14%). Materials (-11%) and consumer staples (-3%), especially the food, beverage & tobacco industry (-9%), also hurt.

• Turning to individual stocks, the top contributor was Palantir Technologies (+439%), from the software & services category. From the same group, AppLovin (+282%) and MicroStrategy (+176%) contributed. In capital goods, Howmet Aerospace gained 108% and lifted the fund. Lastly, Williams Companies (+59%), from the energy sector, also boosted the fund.

• Conversely, the biggest detractor was Super Micro Computer (-61%), from the technology hardware & equipment category. Microchip Technology (-49%), a stock in the semiconductors & semiconductor equipment group, hurt the fund. In health care equipment & services, Dexcom returned -44% and detracted. Halliburton, within the energy sector, returned -46% and hurt the fund's performance. Lastly, in materials, Dow (-40%) also hurt the fund's performance.

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

**CUMULATIVE PERFORMANCE**

April 30, 2015 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Mid Cap Index Fund<br>| $10000 | $9787<br>| $11422<br>| $12693<br>| $14048<br>| $12645<br>| $20180<br>| $18944<br>| $18631<br>| $21675<br>| $23261<br>|
| Russell Midcap® Index<br>| $10000 | $9786<br>| $11420<br>| $12696<br>| $14053<br>| $12648<br>| $20182<br>| $18951<br>| $18631<br>| $21677<br>| $23267<br>|
| Russell 3000® Index<br>| $10000 | $9982<br>| $11837<br>| $13382<br>| $15079<br>| $14922<br>| $22520<br>| $21819<br>| $22146<br>| $27085<br>| $30174<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109018_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Mid Cap Index Fund | 7.32% | 12.96% | 8.81% |
| Russell Midcap® Index | 7.33%<br>| 12.96%<br>| 8.81% |
| Russell 3000® Index | 11.40%<br>| 15.12%<br>| 11.68% |

---

---

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

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $37720699375<br>|
| Number of Holdings | 810<br>|
| Total Advisory Fee | $9016812<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 16.8 |
| Financials | 16.6 |
| Information Technology | 14.0 |
| Consumer Discretionary | 9.9 |
| Health Care | 9.1 |
| Real Estate | 7.8 |
| Utilities | 6.3 |
| Energy | 5.2 |
| Materials | 5.2 |
| Consumer Staples | 5.1 |
| Communication Services | 3.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2349_20250430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 98.8 |
| Brazil | 0.4 |
| Korea (South) | 0.2 |
| Canada | 0.2 |
| Bailiwick Of Jersey | 0.1 |
| Bermuda | 0.1 |
| United Kingdom | 0.1 |
| Puerto Rico | 0.1 |
| Belgium | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2349_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bermuda - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Palantir Technologies Inc Class A | 2.3<br>|
| MicroStrategy Inc Class A | 0.8<br>|
| Arthur J Gallagher & Co | 0.7<br>|
| Williams Cos Inc/The | 0.6<br>|
| AppLovin Corp Class A | 0.6<br>|
| Howmet Aerospace Inc | 0.6<br>|
| Digital Realty Trust Inc | 0.6<br>|
| AFLAC Inc | 0.5<br>|
| Bank of New York Mellon Corp/The | 0.5<br>|
| Hilton Worldwide Holdings Inc | 0.5<br>|
|  | 7.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2349_20250430_2.jpg)<br>| ![](img109018_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913274.100 2352-TSRA-0625 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Flex® Mid Cap Index Fund<br> **Fidelity Flex® Mid Cap Index Fund : FLAPX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Flex® Mid Cap Index Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity Flex® Mid Cap Index Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, financials gained 18% and contributed most to the fund's performance for the fiscal year. Information technology stocks also helped, gaining roughly 18% and benefiting from the software & services industry (+53%). The utilities sector rose about 28%. Real estate (+14%) also contributed, lifted by the equity real estate investment trusts industry (+13%). Other contributors included the communication services (+18%), industrials (+4%) and energy (+4%) sectors.

• In contrast, health care returned -8% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-14%). Materials (-11%) also hurt. Other detractors were the consumer staples (-3%) sector, held back by the food, beverage & tobacco industry (-9%), and the consumer discretionary (0%) sector, especially the consumer durables & apparel industry (-8%).

• Turning to individual stocks, the top contributor was Palantir Technologies (+439%), from the software & services category. Within the same category, AppLovin (+281%) and MicroStrategy (+176%) boosted the fund. Another notable contributor was Howmet Aerospace (+108%), a stock in the capital goods industry. Lastly, Williams Companies, within the energy sector, gained 59% and also lifted the fund.

• Conversely, the biggest detractor was Super Micro Computer (-61%), from the technology hardware & equipment category. Microchip Technology (-49%), from the semiconductors & semiconductor equipment category, hindered the fund. Dexcom, within the health care equipment & services group, returned -44% and hurt the fund. Halliburton (-46%), a stock in the energy sector, hurt the fund's performance. Lastly, Dow (-40%), from the materials sector, also hindered the fund.

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

**CUMULATIVE PERFORMANCE**

March 9, 2017 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Flex® Mid Cap Index Fund<br>| $10000 | $10190<br>| $11330<br>| $12548<br>| $11309<br>| $18053<br>| $16954<br>| $16680<br>| $19409<br>|
| Russell Midcap® Index<br>| $10000 | $10192<br>| $11330<br>| $12542<br>| $11288<br>| $18012<br>| $16913<br>| $16627<br>| $19345<br>|
| Russell 1000® Index<br>| $10000 | $10116<br>| $11449<br>| $12975<br>| $12986<br>| $19411<br>| $19004<br>| $19349<br>| $23765<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109054_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity Flex® Mid Cap Index Fund | 7.31% | 12.99% | 9.42% |
| Russell Midcap® Index | 7.33%<br>| 12.96%<br>| 9.38% |
| Russell 1000® Index | 11.94%<br>| 15.42%<br>| 12.76% |

---

**A** From March 9, 2017

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $495172449<br>|
| Number of Holdings | 812<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 17%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 16.9 |
| Financials | 16.7 |
| Information Technology | 14.0 |
| Consumer Discretionary | 9.9 |
| Health Care | 9.1 |
| Real Estate | 7.8 |
| Utilities | 6.3 |
| Energy | 5.2 |
| Materials | 5.2 |
| Consumer Staples | 5.1 |
| Communication Services | 3.6 |

---

Common Stocks 99.8 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2920_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.2 |

---

---

| | |
|:---|:---|
| United States | 98.7 |
| Brazil | 0.5 |
| Korea (South) | 0.2 |
| Canada | 0.2 |
| Bailiwick Of Jersey | 0.1 |
| Bermuda | 0.1 |
| United Kingdom | 0.1 |
| Puerto Rico | 0.1 |
| Belgium | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2920_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bermuda - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Palantir Technologies Inc Class A | 2.2<br>|
| MicroStrategy Inc Class A | 0.8<br>|
| Arthur J Gallagher & Co | 0.7<br>|
| Williams Cos Inc/The | 0.6<br>|
| AppLovin Corp Class A | 0.6<br>|
| Howmet Aerospace Inc | 0.6<br>|
| Digital Realty Trust Inc | 0.6<br>|
| AFLAC Inc | 0.5<br>|
| Bank of New York Mellon Corp/The | 0.5<br>|
| Hilton Worldwide Holdings Inc | 0.5<br>|
|  | 7.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 28, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund added a contractual proxy and shareholder meeting expense cap during the reporting period. The fund modified its principal investment strategies during the reporting period. <br> The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2920_20250430_2.jpg)<br>| ![](img109054_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913286.100 2920-TSRA-0625 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Large Cap Growth Index Fund<br> **Fidelity® Large Cap Growth Index Fund : FSPGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Large Cap Growth Index Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Large Cap Growth Index Fund  | $4  | 0.04% |

---

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

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, information technology gained 16% and contributed most to the fund's performance for the fiscal year. Communication services, which gained about 18%, also helped, benefiting from the media & entertainment industry (+18%), as did consumer discretionary, which advanced 13%. The financials sector rose approximately 22%, boosted by the financial services industry (+21%), while industrials gained 14% and health care advanced 5%. Other contributors included the consumer staples (+9%), real estate (+25%), energy (+23%), utilities (+50%) and materials (+7%) sectors.

• Turning to individual stocks, the biggest contributor was Apple (+25%), from the technology hardware & equipment group. Nvidia (+26%) and Broadcom (+50%), within the semiconductors & semiconductor equipment industry, boosted the fund. In automobiles & components, Tesla gained 54% and lifted the fund. Lastly, Meta Platforms (+28%), from the media & entertainment category, also contributed.

• In contrast, the biggest detractor was Merck (-32%), from the pharmaceuticals, biotechnology & life sciences group. Advanced Micro Devices (-39%) and Applied Materials (-23%), from the semiconductors & semiconductor equipment group, hurt. In software & services, Adobe (-19%) detracted. Lastly, Alphabet, within the media & entertainment group, returned -2% and also hurt the fund.

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

**CUMULATIVE PERFORMANCE**

June 7, 2016 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Large Cap Growth Index Fund<br>| $10000 | $11634<br>| $13832<br>| $16230<br>| $17990<br>| $27226<br>| $25757<br>| $26356<br>| $34750<br>| $39775<br>|
| Russell 1000® Growth Index<br>| $10000 | $11645<br>| $13853<br>| $16268<br>| $18030<br>| $27300<br>| $25840<br>| $26444<br>| $34853<br>| $39917<br>|
| Russell 1000® Index<br>| $10000 | $11501<br>| $13015<br>| $14750<br>| $14763<br>| $22068<br>| $21605<br>| $21997<br>| $27017<br>| $30244<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109022_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Large Cap Growth Index Fund | 14.46% | 17.20% | 16.78% |
| Russell 1000® Growth Index | 14.53%<br>| 17.23%<br>| 16.82% |
| Russell 1000® Index | 11.94%<br>| 15.42%<br>| 13.24% |

---

**A** From June 7, 2016

---

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

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $31225667730<br>|
| Number of Holdings | 397<br>|
| Total Advisory Fee | $10042570<br>|
| Portfolio Turnover | 9%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 46.5 |
| Consumer Discretionary | 14.6 |
| Communication Services | 12.8 |
| Health Care | 7.8 |
| Financials | 7.5 |
| Industrials | 4.9 |
| Consumer Staples | 3.8 |
| Materials | 0.6 |
| Real Estate | 0.6 |
| Energy | 0.5 |
| Utilities | 0.2 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2823_20250430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 99.7 |
| Brazil | 0.2 |
| Korea (South) | 0.1 |
| Mexico | 0.0 |
| Puerto Rico | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2823_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Apple Inc | 11.4<br>|
| Microsoft Corp | 10.7<br>|
| NVIDIA Corp | 9.2<br>|
| Amazon.com Inc | 6.4<br>|
| Meta Platforms Inc Class A | 4.0<br>|
| Alphabet Inc Class A | 3.4<br>|
| Broadcom Inc | 3.3<br>|
| Tesla Inc | 3.1<br>|
| Alphabet Inc Class C | 2.8<br>|
| Eli Lilly & Co | 2.8<br>|
|  | 57.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 28, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2823_20250430_2.jpg)<br>| ![](img109022_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913283.100 2826-TSRA-0625 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Flex® Small Cap Index Fund<br> **Fidelity Flex® Small Cap Index Fund : FLXSX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Flex® Small Cap Index Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity Flex® Small Cap Index Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, financials gained 16% and contributed most to the fund's performance for the fiscal year. Consumer staples stocks also helped, gaining roughly 29%. The utilities sector rose approximately 16%. Other contributors included the real estate (+5%), industrials (+2%) and communication services (+5%) sectors.

• In contrast, energy returned about -32% and detracted most. Consumer discretionary (-9%) and health care (-2%), especially the pharmaceuticals, biotechnology & life sciences industry (-3%), also hurt. Other detractors included the materials (-6%) and information technology (-1%) sectors.

• Turning to individual stocks, the biggest contributor was Sprouts Farmers Market (+159%), from the consumer staples distribution & retail group. Another notable contributor was Insmed (+191%), a stock in the pharmaceuticals, biotechnology & life sciences category. Rocket Lab, within the capital goods group, gained 479% and lifted the fund. Carpenter Technology (+129%), from the materials sector, boosted the fund. Lastly, in consumer discretionary distribution & retail, Carvana gained 55% and also lifted the fund.

• Conversely, the biggest detractor was Atkore (-63%), from the capital goods category. Another notable detractor was Vaxcyte (-41%), a stock in the pharmaceuticals, biotechnology & life sciences category. Lastly, PBF Energy (-67%), Murphy Oil (-52%) and SM Energy (-52%), from the energy sector, also hindered the fund.

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

**CUMULATIVE PERFORMANCE**

March 9, 2017 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Flex® Small Cap Index Fund<br>| $10000 | $10310<br>| $11519<br>| $12052<br>| $10096<br>| $17670<br>| $14688<br>| $14180<br>| $16090<br>|
| Russell 2000® Index<br>| $10000 | $10316<br>| $11506<br>| $12037<br>| $10064<br>| $17603<br>| $14634<br>| $14100<br>| $15978<br>|
| Russell 3000® Index<br>| $10000 | $10131<br>| $11453<br>| $12906<br>| $12771<br>| $19274<br>| $18674<br>| $18955<br>| $23182<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109053_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity Flex® Small Cap Index Fund | 0.96% | 9.98% | 6.13% |
| Russell 2000® Index | 0.87%<br>| 9.88%<br>| 6.03% |
| Russell 3000® Index | 11.40%<br>| 15.12%<br>| 12.35% |

---

**A** From March 9, 2017

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $450996065<br>|
| Number of Holdings | 1946<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 10%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 19.8 |
| Industrials | 17.3 |
| Health Care | 17.1 |
| Information Technology | 12.6 |
| Consumer Discretionary | 9.1 |
| Real Estate | 6.2 |
| Energy | 4.6 |
| Materials | 3.8 |
| Consumer Staples | 3.3 |
| Utilities | 3.3 |
| Communication Services | 2.4 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2921_20250430_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 97.0 |
| Canada | 0.6 |
| Puerto Rico | 0.3 |
| Thailand | 0.3 |
| Brazil | 0.3 |
| Norway | 0.2 |
| Cameroon | 0.2 |
| Bermuda | 0.1 |
| India | 0.1 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2921_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Cameroon - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bermuda - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Sprouts Farmers Market Inc | 0.7<br>|
| Insmed Inc | 0.6<br>|
| FTAI Aviation Ltd | 0.6<br>|
| Carpenter Technology Corp | 0.5<br>|
| Applied Industrial Technologies Inc | 0.5<br>|
| SouthState Corp | 0.5<br>|
| Mueller Industries Inc | 0.4<br>|
| Rocket Lab USA Inc Class A | 0.4<br>|
| Halozyme Therapeutics Inc | 0.4<br>|
| ExlService Holdings Inc | 0.4<br>|
|  | 5.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 28, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund added a contractual proxy and shareholder meeting expense cap during the reporting period. The fund modified its principal investment strategies during the reporting period. <br> The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2921_20250430_2.jpg)<br>| ![](img109053_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913287.100 2921-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Small Cap Index Fund<br> **Fidelity® Small Cap Index Fund : FSSNX** <br>|

---

This annual shareholder report contains information about Fidelity® Small Cap Index Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Small Cap Index Fund  | $3  | 0.02% |

---

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

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, financials gained 16% and contributed most to the fund's performance for the fiscal year. Consumer staples stocks also helped, gaining about 28%. The utilities sector rose roughly 16%. Real estate (+5%) also contributed, lifted by the equity real estate investment trusts industry (+6%). Other contributors included the industrials (+2%), communication services (+5%) and information technology (-1%) sectors.

• In contrast, energy returned about -32% and detracted most. Consumer discretionary (-9%) also hurt. Other detractors were the health care (-2%) sector, held back by the pharmaceuticals, biotechnology & life sciences industry (-3%), and the materials (-6%) sector.

• Turning to individual stocks, the biggest contributor was Sprouts Farmers Market (+159%), from the consumer staples distribution & retail category. In pharmaceuticals, biotechnology & life sciences, Insmed (+191%) contributed. Rocket Lab (+480%), from the capital goods group, contributed. Carpenter Technology (+129%), a stock in the materials sector, helped. Lastly, Carvana (+55%), a stock in the consumer discretionary distribution & retail group, also helped.

• Conversely, the biggest detractor was Atkore (-63%), from the capital goods group. Vaxcyte, within the pharmaceuticals, biotechnology & life sciences group, returned -41% and hindered the fund. Lastly, PBF Energy (-67%), Murphy Oil (-52%) and SM Energy (-52%), from the energy sector, also hurt.

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

**CUMULATIVE PERFORMANCE**

April 30, 2015 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Small Cap Index Fund<br>| $10000 | $9431<br>| $11874<br>| $13267<br>| $13895<br>| $11635<br>| $20355<br>| $16917<br>| $16332<br>| $18529<br>| $18721<br>|
| Russell 2000® Index<br>| $10000 | $9406<br>| $11816<br>| $13179<br>| $13787<br>| $11527<br>| $20163<br>| $16762<br>| $16151<br>| $18302<br>| $18462<br>|
| Russell 3000® Index<br>| $10000 | $9982<br>| $11837<br>| $13382<br>| $15079<br>| $14922<br>| $22520<br>| $21819<br>| $22146<br>| $27085<br>| $30174<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img108999_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Small Cap Index Fund | 1.03% | 9.98% | 6.47% |
| Russell 2000® Index | 0.87%<br>| 9.88%<br>| 6.32% |
| Russell 3000® Index | 11.40%<br>| 15.12%<br>| 11.68% |

---

---

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

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $23709030915<br>|
| Number of Holdings | 1948<br>|
| Total Advisory Fee | $6547695<br>|
| Portfolio Turnover | 14%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 19.8 |
| Industrials | 17.4 |
| Health Care | 17.0 |
| Information Technology | 12.5 |
| Consumer Discretionary | 9.1 |
| Real Estate | 6.1 |
| Energy | 4.6 |
| Materials | 3.8 |
| Consumer Staples | 3.3 |
| Utilities | 3.2 |
| Communication Services | 2.5 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2356_20250430_AA.jpg) <br>|

---

Common Stocks - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.7 <br>

---

| | |
|:---|:---|
| United States | 97.0 |
| Canada | 0.6 |
| Puerto Rico | 0.3 |
| Thailand | 0.3 |
| Brazil | 0.3 |
| Norway | 0.2 |
| Cameroon | 0.2 |
| Bermuda | 0.1 |
| India | 0.1 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2356_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Cameroon - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bermuda - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Sprouts Farmers Market Inc | 0.8<br>|
| Insmed Inc | 0.6<br>|
| FTAI Aviation Ltd | 0.6<br>|
| Carpenter Technology Corp | 0.5<br>|
| Applied Industrial Technologies Inc | 0.5<br>|
| SouthState Corp | 0.5<br>|
| Mueller Industries Inc | 0.5<br>|
| Rocket Lab USA Inc Class A | 0.4<br>|
| Halozyme Therapeutics Inc | 0.4<br>|
| ExlService Holdings Inc | 0.4<br>|
|  | 5.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2356_20250430_2.jpg)<br>| ![](img108999_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913275.100 2358-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Series Large Cap Growth Index Fund<br> **Fidelity® Series Large Cap Growth Index Fund : FHOFX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Large Cap Growth Index Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Large Cap Growth Index Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, information technology gained 16% and contributed most to the fund's performance for the fiscal year. Communication services, which gained roughly 18%, also helped, benefiting from the media & entertainment industry (+18%), as did consumer discretionary, which advanced 13%. The financials sector rose about 22%, boosted by the financial services industry (+21%), while industrials gained 14% and health care advanced 5%. Other contributors included the consumer staples (+9%), real estate (+25%), energy (+22%), utilities (+50%) and materials (+7%) sectors.

• Turning to individual stocks, the biggest contributor was Apple (+25%), from the technology hardware & equipment category. In semiconductors & semiconductor equipment, Nvidia (+26%) and Broadcom (+50%) contributed. In automobiles & components, Tesla gained roughly 54% and helped. Lastly, Meta Platforms, within the media & entertainment group, gained approximately 27% and also boosted the fund.

• Conversely, the biggest detractor was Merck (-32%), from the pharmaceuticals, biotechnology & life sciences category. In semiconductors & semiconductor equipment, Advanced Micro Devices (-39%) and Applied Materials (-24%) hurt the fund. In software & services, Adobe (-19%) hurt. Lastly, in media & entertainment, Alphabet returned -2% and also detracted.

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

**CUMULATIVE PERFORMANCE**

August 17, 2018 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Large Cap Growth Index Fund<br>| $10000 | $10597<br>| $11738<br>| $17749<br>| $16801<br>| $17203<br>| $22692<br>| $25987<br>|
| Russell 1000® Growth Index<br>| $10000 | $10588<br>| $11735<br>| $17768<br>| $16818<br>| $17211<br>| $22684<br>| $25980<br>|
| Russell 1000® Index<br>| $10000 | $10462<br>| $10471<br>| $15652<br>| $15324<br>| $15603<br>| $19163<br>| $21452<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109010_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Series Large Cap Growth Index Fund | 14.52% | 17.23% | 15.30% |
| Russell 1000® Growth Index | 14.53%<br>| 17.23%<br>| 15.30% |
| Russell 1000® Index | 11.94%<br>| 15.42%<br>| 12.05% |

---

**A** From August 17, 2018

---

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

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1752226354<br>|
| Number of Holdings | 397<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 28%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 46.4 |
| Consumer Discretionary | 14.6 |
| Communication Services | 12.8 |
| Health Care | 7.8 |
| Financials | 7.5 |
| Industrials | 4.9 |
| Consumer Staples | 3.8 |
| Materials | 0.6 |
| Real Estate | 0.6 |
| Energy | 0.5 |
| Utilities | 0.2 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3222_20250430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 99.7 |
| Brazil | 0.2 |
| Korea (South) | 0.1 |
| Mexico | 0.0 |
| Puerto Rico | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3222_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Apple Inc | 11.4<br>|
| Microsoft Corp | 10.7<br>|
| NVIDIA Corp | 9.2<br>|
| Amazon.com Inc | 6.4<br>|
| Meta Platforms Inc Class A | 4.0<br>|
| Alphabet Inc Class A | 3.4<br>|
| Broadcom Inc | 3.3<br>|
| Tesla Inc | 3.1<br>|
| Alphabet Inc Class C | 2.8<br>|
| Eli Lilly & Co | 2.8<br>|
|  | 57.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3222_20250430_2.jpg)<br>| ![](img109010_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913290.100 3222-TSRA-0625 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, April 30, 2025, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

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

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Flex Mid Cap Index Fund, Fidelity Flex Small Cap Index Fund, Fidelity Large Cap Growth Index Fund, Fidelity Large Cap Value Index Fund, Fidelity Mid Cap Index Fund, Fidelity Series Large Cap Growth Index Fund, and Fidelity Small Cap Index Fund (the "Funds"):

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

**<u>April 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Flex Mid Cap Index Fund | $41500  | $- | $7700  | $800  |
| Fidelity Flex Small Cap Index Fund | $51400  | $- | $7500  | $1000  |
| Fidelity Large Cap Growth Index Fund | $41400  | $- | $7700  | $800  |
| Fidelity Large Cap Value Index Fund | $41300  | $- | $7700  | $800  |
| Fidelity Mid Cap Index Fund | $41900  | $- | $7700  | $800  |
| Fidelity Series Large Cap Growth Index Fund | $40300  | $- | $7700  | $800  |
| Fidelity Small Cap Index Fund | $52000  | $- | $7500  | $1000  |

---

**<u>April 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Flex Mid Cap Index Fund | $39900  | $- | $7700  | $1000  |
| Fidelity Flex Small Cap Index Fund | $49800  | $- | $7700  | $1200  |
| Fidelity Large Cap Growth Index Fund | $39400  | $- | $9400  | $1000  |
| Fidelity Large Cap Value Index Fund | $39200  | $- | $9400  | $1000  |
| Fidelity Mid Cap Index Fund | $42100  | $- | $9400  | $1000  |
| Fidelity Series Large Cap Growth Index Fund | $39000  | $- | $7900  | $1000  |
| Fidelity Small Cap Index Fund | $54400  | $- | $9500  | $1200  |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | **<u>April 30, 2025</u><sup>A</sup>** | **<u>April 30, 2024</u><sup>A</sup>** |
| Audit-Related Fees | $250000  | $75000  |
| Tax Fees | $- | $- |
| All Other Fees | $3964900 | $935000 |

---

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

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

---

| | | |
|:---|:---|:---|
| **<u>Billed By</u>** | **<u>April 30, 2025</u><sup>A</sup>** | **<u>April 30, 2024</u><sup>A</sup>** |
| Deloitte Entities | $4590700  | $5102900  |

---

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

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

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

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

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

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

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

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

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

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

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

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

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

**Fidelity® Mid Cap Index Fund**

**Fidelity® Small Cap Index Fund**

**Annual Report**

**April 30, 2025**

![](img108971_1.jpg)

![](img108971_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MCX-I-SCX-I-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Mid Cap Index Fund](#Sub_Sec_Fund_2349_MCX-I-SCX-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Index Fund](#Sub_Sec_Fund_2356_MCX-I-SCX-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2349_MCX-I-SCX-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MCX-I-SCX-I-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MCX-I-SCX-I-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCX-I-SCX-I-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCX-I-SCX-I-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCX-I-SCX-I-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCX-I-SCX-I-ANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

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

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

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds 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 Funds nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Mid Cap Index Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Aptiv PLC  | 796016 | 45420673 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 553151 | 6057004 |
| Liberty Global Ltd Class C (b) | 531404 | 6026121 |
| TOTAL BELGIUM |  | 12083125 |
| BERMUDA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| RenaissanceRe Holdings Ltd  | 173731 | 42030741 |
| BRAZIL - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 10918993 | 135723083 |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 1389472 | 22370499 |
| TOTAL BRAZIL |  | 158093582 |
| CANADA - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| RB Global Inc (United States)  | 611682 | 61596378 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A (United States) (c) | 470927 | 13402582 |
| TOTAL CANADA |  | 74998960 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (b) | 210601 | 5107074 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 136007 | 6994840 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b) | 420598 | 8020804 |
| KOREA (SOUTH) - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Coupang Inc Class A (b) | 3892430 | 90966089 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 232064 | 22143547 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TechnipFMC PLC  | 1457970 | 41071015 |
| UNITED STATES - 98.4%  |  |  |
| Communication Services - 3.6% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Frontier Communications Parent Inc (b) | 814766 | 29535268 |
| Iridium Communications Inc  | 383458 | 9252841 |
|  |  | 38788109 |
| Entertainment - 1.8% |  |  |
| Electronic Arts Inc  | 888927 | 128974418 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 70898 | 5710834 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 707240 | 62710971 |
| Liberty Media Corp-Liberty Live Class A (b) | 65126 | 4557517 |
| Liberty Media Corp-Liberty Live Class C (b) | 154375 | 11039357 |
| Live Nation Entertainment Inc (b) | 531480 | 70394526 |
| Madison Square Garden Sports Corp Class A (b) | 61935 | 11926823 |
| Playtika Holding Corp  | 292116 | 1539451 |
| ROBLOX Corp Class A (b) | 1768093 | 118550636 |
| Roku Inc Class A (b) | 429488 | 29282492 |
| Take-Two Interactive Software Inc (b) | 578047 | 134869926 |
| TKO Group Holdings Inc Class A  | 263199 | 42877749 |
| Warner Bros Discovery Inc (b) | 8196166 | 71060759 |
|  |  | 693495459 |
| Interactive Media & Services - 0.3% |  |  |
| Angi Inc Class A (b) | 145285 | 1664966 |
| IAC Inc Class A (b) | 260229 | 9092401 |
| Match Group Inc  | 853426 | 25312615 |
| Pinterest Inc Class A (b) | 1994303 | 50495752 |
| TripAdvisor Inc Class A (b) | 373206 | 4646415 |
| Trump Media & Technology Group Corp (b)(c) | 272555 | 6688500 |
| ZoomInfo Technologies Inc (b) | 969493 | 8298860 |
|  |  | 106199509 |
| Media - 1.4% |  |  |
| Charter Communications Inc Class A (b) | 311479 | 122056161 |
| Fox Corp Class A  | 747378 | 37211951 |
| Fox Corp Class B  | 428749 | 19825353 |
| Interpublic Group of Cos Inc/The  | 1277896 | 32100748 |
| Liberty Broadband Corp Class A (b) | 55324 | 4926602 |
| Liberty Broadband Corp Class C (b) | 369924 | 33437431 |
| New York Times Co/The Class A  | 539256 | 28073667 |
| News Corp Class A  | 1274011 | 34551178 |
| News Corp Class B (c) | 387943 | 12189169 |
| Nexstar Media Group Inc  | 101392 | 15174327 |
| Omnicom Group Inc  | 659093 | 50196523 |
| Paramount Global Class A (c) | 39513 | 895364 |
| Paramount Global Class B (c) | 2026213 | 23787741 |
| Sirius XM Holdings Inc (c) | 741539 | 15883765 |
| Trade Desk Inc (The) Class A (b) | 1508854 | 80919840 |
|  |  | 511229820 |
| TOTAL COMMUNICATION SERVICES |  | 1349712897 |
| Consumer Discretionary - 9.6% |  |  |
| Automobile Components - 0.1% |  |  |
| BorgWarner Inc  | 771584 | 21897554 |
| Gentex Corp  | 767265 | 16711032 |
| Lear Corp  | 195173 | 16736085 |
| QuantumScape Corp Class A (b)(c) | 1287040 | 5032326 |
|  |  | 60376997 |
| Automobiles - 0.2% |  |  |
| Harley-Davidson Inc  | 389298 | 8728061 |
| Lucid Group Inc Class A (b)(c) | 3350460 | 8409655 |
| Rivian Automotive Inc Class A (b)(c) | 2846085 | 38877521 |
| Thor Industries Inc (c) | 171524 | 12421768 |
|  |  | 68437005 |
| Broadline Retail - 0.5% |  |  |
| Dillard's Inc Class A (c) | 10242 | 3550492 |
| eBay Inc  | 1607444 | 109563383 |
| Etsy Inc (b) | 382278 | 16621447 |
| Kohl's Corp (c) | 454879 | 3047689 |
| Macy's Inc  | 962664 | 10993623 |
| Nordstrom Inc (c) | 334743 | 8080696 |
| Ollie's Bargain Outlet Holdings Inc (b) | 204353 | 21683897 |
|  |  | 173541227 |
| Distributors - 0.3% |  |  |
| Genuine Parts Co  | 473059 | 55608085 |
| LKQ Corp  | 880328 | 33637333 |
| Pool Corp  | 126604 | 37112697 |
|  |  | 126358115 |
| Diversified Consumer Services - 0.4% |  |  |
| ADT Inc  | 1258367 | 10092103 |
| Bright Horizons Family Solutions Inc (b) | 193238 | 24235910 |
| Duolingo Inc Class A (b) | 126661 | 49331926 |
| Grand Canyon Education Inc (b) | 94186 | 16799957 |
| H&R Block Inc  | 460390 | 27793744 |
| Service Corp International/US  | 471664 | 37685954 |
|  |  | 165939594 |
| Hotels, Restaurants & Leisure - 3.4% |  |  |
| Aramark  | 885410 | 29599256 |
| Boyd Gaming Corp  | 217638 | 15047491 |
| Caesars Entertainment Inc (b) | 380791 | 10304204 |
| Carnival Corp (b) | 3464503 | 63538985 |
| Cava Group Inc (b) | 257154 | 23768744 |
| Choice Hotels International Inc (c) | 93353 | 11772747 |
| Churchill Downs Inc  | 237701 | 21490547 |
| Darden Restaurants Inc  | 394963 | 79245376 |
| Domino's Pizza Inc  | 118206 | 57964676 |
| DraftKings Inc Class A (b) | 1531626 | 50987830 |
| Dutch Bros Inc Class A (b) | 367401 | 21948536 |
| Expedia Group Inc Class A  | 412717 | 64767679 |
| Hilton Worldwide Holdings Inc  | 807710 | 182122452 |
| Hyatt Hotels Corp Class A  | 143162 | 16131494 |
| Las Vegas Sands Corp  | 1182931 | 43378080 |
| Light & Wonder Inc Class A (b) | 300250 | 25635345 |
| Marriott Vacations Worldwide Corp  | 129922 | 7121025 |
| MGM Resorts International (b) | 796605 | 25061193 |
| Norwegian Cruise Line Holdings Ltd (b) | 1497737 | 24008724 |
| Penn Entertainment Inc (b) | 271790 | 4136644 |
| Planet Fitness Inc Class A (b) | 284379 | 26899410 |
| Royal Caribbean Cruises Ltd  | 798153 | 171531061 |
| Texas Roadhouse Inc  | 226866 | 37650681 |
| Travel + Leisure Co  | 233787 | 10270263 |
| Vail Resorts Inc (c) | 129518 | 18028906 |
| Wendy's Co/The (c) | 638956 | 7986950 |
| Wingstop Inc  | 100512 | 26524112 |
| Wyndham Hotels & Resorts Inc  | 258180 | 22022754 |
| Wynn Resorts Ltd  | 341987 | 27464976 |
| Yum! Brands Inc  | 952456 | 143287481 |
|  |  | 1269697622 |
| Household Durables - 1.6% |  |  |
| DR Horton Inc  | 956152 | 120800244 |
| Garmin Ltd  | 519538 | 97086066 |
| Leggett & Platt Inc  | 494765 | 4759638 |
| Lennar Corp Class A  | 765479 | 83138675 |
| Lennar Corp Class B (c) | 53274 | 5506933 |
| Mohawk Industries Inc (b) | 179736 | 19114924 |
| Newell Brands Inc  | 1436866 | 6868218 |
| NVR Inc (b) | 9309 | 66333607 |
| PulteGroup Inc  | 687622 | 70536265 |
| SharkNinja Inc (b) | 222069 | 17876555 |
| Somnigroup International Inc  | 567157 | 34630606 |
| Toll Brothers Inc  | 340588 | 34355112 |
| TopBuild Corp (b) | 100180 | 29629237 |
| Whirlpool Corp (c) | 182567 | 13926211 |
|  |  | 604562291 |
| Leisure Products - 0.2% |  |  |
| Brunswick Corp/DE  | 237321 | 10928632 |
| Hasbro Inc  | 471287 | 29172665 |
| Mattel Inc (b) | 1132792 | 18000065 |
| Polaris Inc (c) | 200267 | 6801067 |
| YETI Holdings Inc (b) | 288474 | 8235933 |
|  |  | 73138362 |
| Specialty Retail - 2.3% |  |  |
| Advance Auto Parts Inc (c) | 207999 | 6805727 |
| AutoNation Inc (b) | 87208 | 15187273 |
| Bath & Body Works Inc  | 738801 | 22540819 |
| Best Buy Co Inc  | 721196 | 48096561 |
| Burlington Stores Inc (b) | 213949 | 48147083 |
| CarMax Inc (b) | 524171 | 33898139 |
| Carvana Co Class A (b) | 364694 | 89112979 |
| Dick's Sporting Goods Inc  | 190338 | 35734056 |
| Five Below Inc (b) | 185555 | 14081769 |
| Floor & Decor Holdings Inc Class A (b) | 356504 | 25468646 |
| GameStop Corp Class A (b)(c) | 1321056 | 36804620 |
| Gap Inc/The  | 692365 | 15162794 |
| Lithia Motors Inc Class A  | 88670 | 25959029 |
| Murphy USA Inc  | 61370 | 30597241 |
| Penske Automotive Group Inc  | 62685 | 9758174 |
| Restoration Hardware Inc (b) | 24079 | 4431257 |
| Ross Stores Inc  | 1094643 | 152155377 |
| Tractor Supply Co  | 1797901 | 91009749 |
| Ulta Beauty Inc (b) | 156411 | 61882448 |
| Valvoline Inc (b) | 435681 | 14926431 |
| Wayfair Inc Class A (b)(c) | 347248 | 10473000 |
| Williams-Sonoma Inc  | 411369 | 63544169 |
|  |  | 855777341 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Capri Holdings Ltd (b) | 404507 | 6083785 |
| Carter's Inc  | 140232 | 4634668 |
| Columbia Sportswear Co (c) | 114291 | 7105471 |
| Crocs Inc (b) | 196436 | 18940359 |
| Deckers Outdoor Corp (b) | 514241 | 56993331 |
| PVH Corp  | 202506 | 13968864 |
| Ralph Lauren Corp Class A  | 135372 | 30451931 |
| Skechers USA Inc Class A (b) | 455274 | 21862257 |
| Tapestry Inc  | 786709 | 55580992 |
| Under Armour Inc Class A (b)(c) | 628312 | 3593944 |
| Under Armour Inc Class C (b) | 708320 | 3853261 |
| VF Corp  | 577591 | 6861781 |
|  |  | 229930644 |
| TOTAL CONSUMER DISCRETIONARY |  | 3627759198 |
| Consumer Staples - 5.1% |  |  |
| Beverages - 0.3% |  |  |
| Boston Beer Co Inc/The Class A (b) | 31137 | 7653474 |
| Brown-Forman Corp Class A  | 201062 | 6958756 |
| Brown-Forman Corp Class B (c) | 327212 | 11400066 |
| Celsius Holdings Inc (b) | 599629 | 20963030 |
| Coca-Cola Consolidated Inc  | 20455 | 27733094 |
| Molson Coors Beverage Co Class B  | 590256 | 33957428 |
|  |  | 108665848 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Albertsons Cos Inc Class A  | 1410616 | 31005340 |
| BJ's Wholesale Club Holdings Inc (b) | 442149 | 51979036 |
| Casey's General Stores Inc  | 123801 | 57269105 |
| Dollar General Corp  | 743238 | 69633968 |
| Dollar Tree Inc (b) | 683595 | 55897563 |
| Grocery Outlet Holding Corp (b) | 325012 | 5456951 |
| Kroger Co/The  | 2229802 | 161014003 |
| Maplebear Inc (b) | 561537 | 22399711 |
| Performance Food Group Co (b) | 514461 | 41496424 |
| Sysco Corp  | 1656949 | 118306159 |
| US Foods Holding Corp (b) | 728078 | 47805601 |
| Walgreens Boots Alliance Inc  | 2433260 | 26692862 |
|  |  | 688956723 |
| Food Products - 2.1% |  |  |
| Archer-Daniels-Midland Co  | 1611888 | 76967652 |
| Bunge Global SA  | 450576 | 35469343 |
| Conagra Brands Inc  | 1635342 | 40409301 |
| Darling Ingredients Inc (b) | 537444 | 17300322 |
| Flowers Foods Inc  | 640228 | 11261611 |
| Freshpet Inc (b) | 158164 | 11631381 |
| General Mills Inc  | 1864178 | 105773460 |
| Hershey Co/The  | 491581 | 82187427 |
| Hormel Foods Corp  | 979801 | 29296050 |
| Ingredion Inc  | 218788 | 29059422 |
| JM Smucker Co  | 351154 | 40828676 |
| Kellanova  | 872493 | 72216246 |
| Lamb Weston Holdings Inc  | 482428 | 25477023 |
| McCormick & Co Inc/MD  | 844935 | 64772717 |
| Pilgrim's Pride Corp  | 135158 | 7376924 |
| Post Holdings Inc (b) | 173710 | 19658761 |
| Seaboard Corp  | 858 | 2218770 |
| Smithfield Foods Inc  | 85348 | 1895578 |
| The Campbell's Company (c) | 657351 | 23967017 |
| Tyson Foods Inc Class A  | 947017 | 57995321 |
|  |  | 755763002 |
| Household Products - 0.4% |  |  |
| Church & Dwight Co Inc  | 813149 | 80778222 |
| Clorox Co/The  | 422274 | 60089590 |
| Reynolds Consumer Products Inc  | 181124 | 4165852 |
| Spectrum Brands Holdings Inc  | 93472 | 5898083 |
|  |  | 150931747 |
| Personal Care Products - 0.5% |  |  |
| BellRing Brands Inc (b) | 433647 | 33451530 |
| Coty Inc Class A (b) | 1451008 | 7327590 |
| elf Beauty Inc (b)(c) | 183651 | 11362487 |
| Kenvue Inc  | 6445915 | 152123594 |
|  |  | 204265201 |
| TOTAL CONSUMER STAPLES |  | 1908582521 |
| Energy - 5.1% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Baker Hughes Co Class A  | 3392137 | 120081650 |
| Halliburton Co  | 3130590 | 62048294 |
| NOV Inc  | 1492735 | 17330653 |
| Weatherford International PLC  | 29507 | 1221589 |
|  |  | 200682186 |
| Oil, Gas & Consumable Fuels - 4.6% |  |  |
| Antero Midstream Corp  | 1170484 | 19371510 |
| Antero Resources Corp (b) | 989085 | 34449831 |
| APA Corp  | 666889 | 10363455 |
| Cheniere Energy Inc  | 753766 | 174202860 |
| Chord Energy Corp  | 229869 | 20741080 |
| Civitas Resources Inc  | 51592 | 1405881 |
| Coterra Energy Inc  | 2498411 | 61360974 |
| Devon Energy Corp  | 2133463 | 64878610 |
| Diamondback Energy Inc  | 643084 | 84893519 |
| DT Midstream Inc  | 343058 | 33345238 |
| EQT Corp  | 1992166 | 98492687 |
| Expand Energy Corp  | 782130 | 81263307 |
| Hess Corp  | 946513 | 122147503 |
| HF Sinclair Corp  | 581131 | 17474609 |
| Kinder Morgan Inc  | 6542801 | 172075666 |
| Matador Resources Co  | 420029 | 16607947 |
| New Fortress Energy Inc Class A (c) | 327493 | 1778287 |
| ONEOK Inc  | 2100698 | 172593348 |
| Ovintiv Inc  | 906683 | 30446415 |
| Permian Resources Corp Class A  | 2335381 | 27557496 |
| Range Resources Corp  | 813724 | 27609655 |
| Targa Resources Corp  | 731674 | 125043087 |
| Texas Pacific Land Corp  | 63123 | 81357341 |
| Viper Energy Inc Class A  | 438176 | 17671638 |
| Williams Cos Inc/The  | 4102047 | 240256893 |
|  |  | 1737388837 |
| TOTAL ENERGY |  | 1938071023 |
| Financials - 16.0% |  |  |
| Banks - 2.3% |  |  |
| Bank OZK  | 367958 | 15675011 |
| BOK Financial Corp  | 73981 | 6892810 |
| Citizens Financial Group Inc  | 1499217 | 55306115 |
| Columbia Banking System Inc  | 711410 | 15949812 |
| Comerica Inc  | 454316 | 24419485 |
| Commerce Bancshares Inc/MO  | 399648 | 24274620 |
| Cullen/Frost Bankers Inc  | 195924 | 22819268 |
| East West Bancorp Inc  | 463446 | 39647805 |
| Fifth Third Bancorp  | 2268701 | 81537114 |
| First Citizens BancShares Inc/NC Class A  | 38480 | 68461307 |
| First Hawaiian Inc  | 424341 | 9700435 |
| First Horizon Corp  | 1759494 | 31811652 |
| FNB Corp/PA  | 1233155 | 16141999 |
| Huntington Bancshares Inc/OH  | 4883290 | 70954204 |
| KeyCorp  | 3185051 | 47266157 |
| M&T Bank Corp  | 553874 | 94025650 |
| Pinnacle Financial Partners Inc  | 252498 | 25310400 |
| Prosperity Bancshares Inc  | 298866 | 20293001 |
| Regions Financial Corp  | 3064961 | 62555854 |
| Synovus Financial Corp  | 480717 | 20824660 |
| TFS Financial Corp  | 168305 | 2181233 |
| Webster Financial Corp  | 575253 | 27209467 |
| Western Alliance Bancorp  | 361883 | 25226864 |
| Wintrust Financial Corp  | 216165 | 24031063 |
| Zions Bancorp NA  | 491473 | 22101541 |
|  |  | 854617527 |
| Capital Markets - 5.1% |  |  |
| Affiliated Managers Group Inc  | 99737 | 16519439 |
| Ameriprise Financial Inc  | 322473 | 151891233 |
| Ares Management Corp Class A  | 625244 | 95368467 |
| Bank of New York Mellon Corp/The  | 2407265 | 193568180 |
| Blue Owl Capital Inc Class A  | 1775217 | 32894771 |
| Carlyle Group Inc/The  | 748446 | 28919953 |
| Cboe Global Markets Inc  | 352258 | 78130824 |
| Coinbase Global Inc Class A (b) | 683200 | 138614448 |
| Evercore Inc Class A  | 122419 | 25131397 |
| FactSet Research Systems Inc  | 127372 | 55052726 |
| Franklin Resources Inc  | 1112598 | 20872338 |
| Houlihan Lokey Inc Class A  | 175712 | 28479401 |
| Interactive Brokers Group Inc Class A  | 355359 | 61068444 |
| Invesco Ltd  | 1307925 | 18219395 |
| Janus Henderson Group PLC  | 441808 | 14672444 |
| Jefferies Financial Group Inc  | 600167 | 28045804 |
| Lazard Inc  | 381017 | 14821561 |
| LPL Financial Holdings Inc  | 265561 | 84923752 |
| MarketAxess Holdings Inc  | 124014 | 27480262 |
| Morningstar Inc  | 88188 | 25108887 |
| MSCI Inc  | 255809 | 139444044 |
| Nasdaq Inc  | 1369489 | 104368757 |
| Northern Trust Corp  | 649045 | 60997249 |
| Raymond James Financial Inc  | 678877 | 93033304 |
| Robinhood Markets Inc Class A (b) | 2263615 | 111166133 |
| SEI Investments Co  | 332322 | 26017489 |
| State Street Corp  | 982623 | 86569086 |
| Stifel Financial Corp  | 335169 | 28720632 |
| T Rowe Price Group Inc  | 747606 | 66200511 |
| TPG Inc Class A (c) | 292292 | 13576963 |
| Tradeweb Markets Inc Class A  | 385135 | 53264171 |
| Virtu Financial Inc Class A  | 266638 | 10438878 |
|  |  | 1933580943 |
| Consumer Finance - 0.9% |  |  |
| Ally Financial Inc  | 941758 | 30757816 |
| Credit Acceptance Corp (b)(c) | 20978 | 10225097 |
| Discover Financial Services  | 840039 | 153449924 |
| OneMain Holdings Inc  | 398355 | 18750570 |
| SLM Corp  | 701836 | 20290079 |
| SoFi Technologies Inc Class A (b) | 3600388 | 45040854 |
| Synchrony Financial  | 1306043 | 67848934 |
|  |  | 346363274 |
| Financial Services - 1.9% |  |  |
| Affirm Holdings Inc Class A (b) | 876466 | 43612948 |
| Block Inc Class A (b) | 1877517 | 109778419 |
| Corebridge Financial Inc  | 965602 | 28610787 |
| Corpay Inc (b) | 226814 | 73798471 |
| Equitable Holdings Inc (c) | 1058400 | 52337880 |
| Euronet Worldwide Inc (b) | 140356 | 13909280 |
| Fidelity National Information Services Inc  | 1813425 | 143042965 |
| Global Payments Inc  | 863148 | 65866824 |
| Jack Henry & Associates Inc  | 242722 | 42095276 |
| MGIC Investment Corp  | 843785 | 21018684 |
| Rocket Cos Inc Class A (c) | 480897 | 6208380 |
| Shift4 Payments Inc Class A (b)(c) | 207921 | 17007938 |
| Toast Inc Class A (b) | 1556686 | 55386888 |
| UWM Holdings Corp Class A  | 434179 | 2040641 |
| Voya Financial Inc  | 331038 | 19597450 |
| Western Union Co/The  | 1190316 | 11796032 |
| WEX Inc (b) | 136601 | 17808672 |
|  |  | 723917535 |
| Insurance - 5.5% |  |  |
| AFLAC Inc  | 1852138 | 201290358 |
| Allstate Corp/The  | 884401 | 175456314 |
| American Financial Group Inc/OH  | 243287 | 30814731 |
| Arch Capital Group Ltd  | 1211320 | 109842498 |
| Arthur J Gallagher & Co  | 825333 | 264676041 |
| Assurant Inc  | 174032 | 33542928 |
| Assured Guaranty Ltd  | 165827 | 14548003 |
| Axis Capital Holdings Ltd  | 255503 | 24610049 |
| Brighthouse Financial Inc (b) | 202070 | 11764515 |
| Brown & Brown Inc  | 791842 | 87577725 |
| Cincinnati Financial Corp  | 514549 | 71630366 |
| CNA Financial Corp  | 73108 | 3520881 |
| Everest Group Ltd  | 144743 | 51938131 |
| Fidelity National Financial Inc/US  | 881717 | 56473974 |
| First American Financial Corp  | 349117 | 21229805 |
| Globe Life Inc  | 276218 | 34068728 |
| Hanover Insurance Group Inc/The  | 119314 | 19818055 |
| Hartford Insurance Group Inc/The  | 970692 | 119074788 |
| Kemper Corp  | 205067 | 12123561 |
| Kinsale Capital Group Inc  | 73949 | 32187042 |
| Lincoln National Corp  | 590656 | 18824207 |
| Loews Corp  | 596648 | 51806946 |
| Markel Group Inc (b) | 42429 | 77161379 |
| Old Republic International Corp  | 772405 | 29042428 |
| Primerica Inc  | 110717 | 29015604 |
| Principal Financial Group Inc  | 777927 | 57683287 |
| Prudential Financial Inc  | 1220819 | 125390319 |
| Reinsurance Group of America Inc  | 224477 | 42046787 |
| RLI Corp  | 275998 | 20426612 |
| Ryan Specialty Holdings Inc Class A  | 340185 | 22285519 |
| Unum Group  | 608594 | 47263410 |
| W R Berkley Corp  | 976693 | 70019121 |
| White Mountains Insurance Group Ltd  | 8203 | 14498392 |
| Willis Towers Watson PLC  | 337439 | 103863724 |
|  |  | 2085516228 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.3% |  |  |
| AGNC Investment Corp (c) | 3327043 | 29377790 |
| Annaly Capital Management Inc  | 1325233 | 25974567 |
| Rithm Capital Corp  | 1927100 | 21544977 |
| Starwood Property Trust Inc (c) | 1189641 | 22829211 |
|  |  | 99726545 |
| TOTAL FINANCIALS |  | 6043722052 |
| Health Care - 9.1% |  |  |
| Biotechnology - 1.4% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 433668 | 114158764 |
| Apellis Pharmaceuticals Inc (b) | 161222 | 3097075 |
| Biogen Inc (b) | 496707 | 60141284 |
| BioMarin Pharmaceutical Inc (b) | 639134 | 40706444 |
| Exact Sciences Corp (b) | 617704 | 28192011 |
| Exelixis Inc (b) | 939547 | 36783265 |
| GRAIL Inc (c) | 91933 | 3171229 |
| Incyte Corp (b) | 536781 | 33634697 |
| Ionis Pharmaceuticals Inc (b)(c) | 540027 | 16584229 |
| Natera Inc (b) | 385542 | 58189854 |
| Neurocrine Biosciences Inc (b) | 338287 | 36430127 |
| Roivant Sciences Ltd (b) | 1441612 | 16751531 |
| Sarepta Therapeutics Inc (b) | 312239 | 19483714 |
| Ultragenyx Pharmaceutical Inc (b) | 303452 | 11828559 |
| United Therapeutics Corp (b) | 147650 | 44751239 |
| Viking Therapeutics Inc (b)(c) | 367468 | 10608801 |
|  |  | 534512823 |
| Health Care Equipment & Supplies - 2.7% |  |  |
| Align Technology Inc (b) | 255799 | 44329967 |
| Baxter International Inc  | 1731713 | 53977494 |
| Cooper Cos Inc/The (b) | 661956 | 54061947 |
| DENTSPLY SIRONA Inc  | 723892 | 10062099 |
| Dexcom Inc (b) | 1317699 | 94057355 |
| Enovis Corp (b) | 210442 | 7279189 |
| Envista Holdings Corp (b) | 605560 | 9737405 |
| GE HealthCare Technologies Inc  | 1535684 | 108004656 |
| Globus Medical Inc Class A (b) | 377052 | 27061022 |
| Hologic Inc (b) | 752985 | 43823727 |
| IDEXX Laboratories Inc (b) | 274602 | 118806555 |
| Inspire Medical Systems Inc (b) | 99728 | 15794921 |
| Insulet Corp (b) | 235342 | 59374433 |
| Masimo Corp (b) | 146279 | 23545068 |
| Penumbra Inc (b) | 124148 | 36355500 |
| QuidelOrtho Corp (b) | 237114 | 6589397 |
| ResMed Inc  | 490148 | 115964115 |
| Solventum Corp (b) | 467964 | 30941780 |
| STERIS PLC  | 331529 | 74507827 |
| Teleflex Inc  | 87137 | 11942126 |
| Zimmer Biomet Holdings Inc  | 669244 | 68965594 |
|  |  | 1015182177 |
| Health Care Providers & Services - 2.4% |  |  |
| Acadia Healthcare Co Inc (b) | 314020 | 7348068 |
| Amedisys Inc (b) | 106765 | 10131999 |
| Cardinal Health Inc  | 817379 | 115487479 |
| Cencora Inc  | 582615 | 170513932 |
| Centene Corp (b) | 1699787 | 101732252 |
| Chemed Corp  | 49053 | 28524810 |
| DaVita Inc (b) | 160437 | 22709857 |
| Encompass Health Corp  | 331746 | 38810965 |
| Henry Schein Inc (b) | 417766 | 27142257 |
| Humana Inc  | 406415 | 106578270 |
| Labcorp Holdings Inc  | 282881 | 68177150 |
| Molina Healthcare Inc (b) | 190932 | 62436673 |
| Premier Inc Class A (c) | 333006 | 6776671 |
| Quest Diagnostics Inc  | 373426 | 66551982 |
| Tenet Healthcare Corp (b) | 322195 | 46057775 |
| Universal Health Services Inc Class B  | 191494 | 33907843 |
|  |  | 912887983 |
| Health Care Technology - 0.4% |  |  |
| Certara Inc (b) | 409603 | 5677098 |
| Doximity Inc Class A (b) | 417776 | 23763099 |
| Veeva Systems Inc Class A (b) | 495286 | 115743385 |
|  |  | 145183582 |
| Life Sciences Tools & Services - 1.8% |  |  |
| 10X Genomics Inc Class A (b) | 386990 | 3200407 |
| Agilent Technologies Inc  | 967383 | 104090412 |
| Avantor Inc (b) | 2293918 | 29797995 |
| Azenta Inc (b) | 138155 | 3639003 |
| Bio-Rad Laboratories Inc Class A (b) | 64431 | 15726318 |
| Bio-Techne Corp  | 534775 | 26925921 |
| Bruker Corp  | 374607 | 15006756 |
| Charles River Laboratories International Inc (b) | 174811 | 20736081 |
| Fortrea Holdings Inc (b) | 358435 | 2233050 |
| Illumina Inc (b) | 539013 | 41827409 |
| IQVIA Holdings Inc (b) | 607977 | 94278994 |
| Medpace Holdings Inc (b) | 85719 | 26434882 |
| Mettler-Toledo International Inc (b) | 70285 | 75245012 |
| QIAGEN NV (United States)  | 727496 | 31100454 |
| Repligen Corp (b) | 188739 | 26044095 |
| Revvity Inc (c) | 410545 | 38357219 |
| Sotera Health Co (b) | 495859 | 5702379 |
| Waters Corp (b) | 198033 | 68862015 |
| West Pharmaceutical Services Inc  | 244598 | 51681111 |
|  |  | 680889513 |
| Pharmaceuticals - 0.4% |  |  |
| Elanco Animal Health Inc (b) | 1099225 | 10420652 |
| Jazz Pharmaceuticals PLC (b) | 200964 | 23504749 |
| Organon & Co  | 934135 | 12078366 |
| Perrigo Co PLC  | 468748 | 12056199 |
| Royalty Pharma PLC Class A  | 1302761 | 42756616 |
| Viatris Inc  | 4112082 | 34623730 |
|  |  | 135440312 |
| TOTAL HEALTH CARE |  | 3424096390 |
| Industrials - 16.6% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| Axon Enterprise Inc (b) | 243872 | 149566698 |
| BWX Technologies Inc  | 308338 | 33645843 |
| Curtiss-Wright Corp  | 128862 | 44443215 |
| HEICO Corp  | 150444 | 37725337 |
| HEICO Corp Class A  | 268096 | 53868530 |
| Hexcel Corp  | 281344 | 13636744 |
| Howmet Aerospace Inc  | 1361106 | 188622069 |
| Huntington Ingalls Industries Inc  | 133265 | 30696260 |
| L3Harris Technologies Inc  | 638150 | 140405763 |
| Loar Holdings Inc (b)(c) | 116553 | 11023582 |
| Spirit AeroSystems Holdings Inc Class A (b) | 385521 | 13878756 |
| Standardaero Inc  | 356894 | 9643275 |
| Textron Inc  | 634434 | 44645121 |
| Woodward Inc  | 197901 | 37120291 |
|  |  | 808921484 |
| Air Freight & Logistics - 0.3% |  |  |
| CH Robinson Worldwide Inc  | 391653 | 34943281 |
| Expeditors International of Washington Inc  | 469979 | 51655392 |
| GXO Logistics Inc (b) | 403931 | 14638459 |
|  |  | 101237132 |
| Building Products - 1.3% |  |  |
| A O Smith Corp (c) | 399091 | 27082315 |
| AAON Inc  | 227652 | 20777798 |
| Advanced Drainage Systems Inc  | 238678 | 27087566 |
| Allegion plc  | 291947 | 40639022 |
| Armstrong World Industries Inc  | 140563 | 20384446 |
| AZEK Co Inc/The Class A (b) | 477580 | 23668865 |
| Builders FirstSource Inc (b) | 384756 | 46028360 |
| Carlisle Cos Inc  | 152134 | 57731811 |
| Fortune Brands Innovations Inc  | 423660 | 22801381 |
| Hayward Holdings Inc (b) | 474945 | 6331017 |
| Lennox International Inc (c) | 107682 | 58875135 |
| Masco Corp  | 730758 | 44291242 |
| Owens Corning  | 290667 | 42265888 |
| Simpson Manufacturing Co Inc  | 141442 | 21738221 |
| Trex Co Inc (b) | 364989 | 21103664 |
|  |  | 480806731 |
| Commercial Services & Supplies - 0.6% |  |  |
| Clean Harbors Inc (b) | 171596 | 36711248 |
| MSA Safety Inc  | 123290 | 19408312 |
| Rollins Inc  | 925792 | 52890497 |
| Tetra Tech Inc  | 902680 | 28154589 |
| Veralto Corp  | 827732 | 79379499 |
| Vestis Corp  | 405298 | 3550410 |
|  |  | 220094555 |
| Construction & Engineering - 1.0% |  |  |
| AECOM  | 441475 | 43551509 |
| API Group Corp (b) | 772052 | 29206727 |
| Comfort Systems USA Inc  | 118758 | 47212243 |
| EMCOR Group Inc  | 152671 | 61175270 |
| Everus Construction Group Inc  | 171374 | 6896089 |
| MasTec Inc (b) | 212146 | 27010429 |
| Quanta Services Inc  | 488225 | 142898575 |
| Valmont Industries Inc  | 66245 | 19424359 |
| WillScot Holdings Corp  | 610813 | 15343623 |
|  |  | 392718824 |
| Electrical Equipment - 1.3% |  |  |
| Acuity Inc  | 103316 | 25168811 |
| AMETEK Inc  | 771832 | 130887271 |
| Generac Holdings Inc (b) | 192725 | 22043886 |
| Hubbell Inc  | 180680 | 65619362 |
| nVent Electric PLC  | 567238 | 31147039 |
| Regal Rexnord Corp  | 227035 | 24029384 |
| Rockwell Automation Inc  | 380646 | 94278401 |
| Sensata Technologies Holding PLC  | 519107 | 11108889 |
| Vertiv Holdings Co Class A  | 1207712 | 103114451 |
|  |  | 507397494 |
| Ground Transportation - 0.8% |  |  |
| Avis Budget Group Inc (b)(c) | 58749 | 5441920 |
| JB Hunt Transport Services Inc  | 274152 | 35798768 |
| Knight-Swift Transportation Holdings Inc  | 538083 | 21076711 |
| Landstar System Inc  | 118048 | 15836139 |
| Lyft Inc Class A (b) | 1271830 | 15770692 |
| Old Dominion Freight Line Inc  | 651302 | 99831571 |
| Ryder System Inc  | 140604 | 19356953 |
| Saia Inc (b) | 89461 | 21828484 |
| Schneider National Inc Class B (c) | 154489 | 3319968 |
| U-Haul Holding Co (b)(c) | 21498 | 1319762 |
| U-Haul Holding Co Class N  | 333757 | 18289884 |
| XPO Inc (b) | 386396 | 41004344 |
|  |  | 298875196 |
| Machinery - 3.7% |  |  |
| AGCO Corp  | 213775 | 18134533 |
| Allison Transmission Holdings Inc  | 290475 | 26793414 |
| CNH Industrial NV Class A  | 2989082 | 34583679 |
| Crane Co  | 165376 | 26622228 |
| Cummins Inc  | 460216 | 135229870 |
| Donaldson Co Inc  | 405081 | 26625974 |
| Dover Corp  | 463250 | 79053613 |
| Esab Corp  | 191652 | 23021238 |
| Flowserve Corp  | 450765 | 20388101 |
| Fortive Corp  | 1170335 | 81560646 |
| Gates Industrial Corp PLC (b) | 817174 | 15460932 |
| Graco Inc  | 562221 | 45882856 |
| IDEX Corp  | 257718 | 44835200 |
| Ingersoll Rand Inc  | 1360345 | 102610823 |
| ITT Inc  | 281674 | 38594971 |
| Lincoln Electric Holdings Inc  | 188649 | 33239954 |
| Middleby Corp/The (b) | 181810 | 24244364 |
| Nordson Corp  | 195739 | 37106242 |
| Oshkosh Corp  | 225111 | 18855297 |
| Otis Worldwide Corp  | 1345795 | 129559686 |
| Pentair PLC  | 558259 | 50650839 |
| RBC Bearings Inc (b) | 94878 | 31174064 |
| Snap-on Inc  | 174442 | 54741644 |
| Stanley Black & Decker Inc  | 349687 | 20988214 |
| Timken Co/The  | 229414 | 14739850 |
| Toro Co/The  | 345566 | 23595246 |
| Westinghouse Air Brake Technologies Corp  | 573439 | 105937121 |
| Xylem Inc/NY  | 814993 | 98263706 |
|  |  | 1362494305 |
| Marine Transportation - 0.0% |  |  |
| Kirby Corp (b) | 192924 | 18592086 |
| Passenger Airlines - 0.7% |  |  |
| Alaska Air Group Inc (b) | 414904 | 18367800 |
| American Airlines Group Inc (b)(c) | 2229435 | 22182878 |
| Delta Air Lines Inc  | 2175162 | 90551995 |
| Southwest Airlines Co (c) | 2011241 | 56234298 |
| United Airlines Holdings Inc (b) | 1102544 | 75877078 |
|  |  | 263214049 |
| Professional Services - 2.9% |  |  |
| Amentum Holdings Inc  | 507565 | 11075068 |
| Booz Allen Hamilton Holding Corp Class A  | 426911 | 51237858 |
| Broadridge Financial Solutions Inc  | 390037 | 94544969 |
| CACI International Inc (b) | 74686 | 34196479 |
| Clarivate PLC (b)(c) | 1413359 | 6091577 |
| Concentrix Corp (c) | 160345 | 8187216 |
| Dayforce Inc (b) | 507039 | 29342347 |
| Dun & Bradstreet Holdings Inc  | 1031654 | 9253936 |
| Equifax Inc  | 414205 | 107747147 |
| FTI Consulting Inc (b) | 117462 | 19531581 |
| Genpact Ltd  | 568590 | 28577333 |
| Jacobs Solutions Inc  | 412553 | 51074061 |
| KBR Inc  | 453418 | 23945005 |
| Leidos Holdings Inc  | 449318 | 66130623 |
| ManpowerGroup Inc  | 167285 | 7204965 |
| Parsons Corp (b) | 155364 | 10387637 |
| Paychex Inc  | 1075715 | 158259191 |
| Paycom Software Inc  | 170906 | 38691409 |
| Paylocity Holding Corp (b) | 144828 | 27821459 |
| Robert Half Inc  | 350409 | 15523119 |
| Science Applications International Corp  | 165957 | 20085776 |
| SS&C Technologies Holdings Inc  | 715586 | 54098302 |
| TransUnion  | 658207 | 54604853 |
| Verisk Analytics Inc  | 473261 | 140288758 |
|  |  | 1067900669 |
| Trading Companies & Distributors - 1.9% |  |  |
| Air Lease Corp Class A  | 356865 | 16687007 |
| Core & Main Inc Class A (b) | 640022 | 33716359 |
| Fastenal Co  | 1915707 | 155114796 |
| Ferguson Enterprises Inc  | 674450 | 114427187 |
| MSC Industrial Direct Co Inc Class A  | 155318 | 11878721 |
| SiteOne Landscape Supply Inc (b) | 152351 | 17491418 |
| United Rentals Inc  | 221016 | 139560553 |
| Watsco Inc  | 115660 | 53185094 |
| Wesco International Inc  | 144204 | 23499484 |
| WW Grainger Inc  | 145190 | 148719569 |
|  |  | 714280188 |
| TOTAL INDUSTRIALS |  | 6236532713 |
| Information Technology - 14.0% |  |  |
| Communications Equipment - 0.4% |  |  |
| Ciena Corp (b) | 478525 | 32137739 |
| F5 Inc (b) | 192609 | 50991307 |
| Juniper Networks Inc  | 1087736 | 39506572 |
| Lumentum Holdings Inc (b) | 233011 | 13756969 |
| Ubiquiti Inc (c) | 13121 | 4283350 |
|  |  | 140675937 |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Arrow Electronics Inc (b) | 180182 | 20065068 |
| Avnet Inc  | 294987 | 13861439 |
| CDW Corp/DE  | 453953 | 72886694 |
| Cognex Corp  | 589493 | 16093159 |
| Coherent Corp (b) | 424512 | 27304612 |
| Corning Inc  | 2577265 | 114379021 |
| Crane NXT Co  | 163278 | 7661004 |
| Ingram Micro Holding Corp (c) | 63182 | 1123376 |
| IPG Photonics Corp (b) | 96605 | 5785673 |
| Jabil Inc  | 359815 | 52734486 |
| Keysight Technologies Inc (b) | 587354 | 85401272 |
| Littelfuse Inc  | 84230 | 15355971 |
| TD SYNNEX Corp  | 256498 | 28419978 |
| Teledyne Technologies Inc (b) | 153969 | 71754173 |
| Trimble Inc (b) | 817041 | 50770928 |
| Vontier Corp  | 505887 | 16092265 |
| Zebra Technologies Corp Class A (b) | 173500 | 43430520 |
|  |  | 643119639 |
| IT Services - 2.2% |  |  |
| Akamai Technologies Inc (b) | 507275 | 40876220 |
| Amdocs Ltd  | 369778 | 32754935 |
| Cloudflare Inc Class A (b) | 1024624 | 123754087 |
| Cognizant Technology Solutions Corp Class A  | 1676171 | 123315900 |
| DXC Technology Co (b) | 608935 | 9450670 |
| EPAM Systems Inc (b) | 185304 | 29076051 |
| Gartner Inc (b) | 253621 | 106794731 |
| Globant SA (b)(c) | 144406 | 16977813 |
| GoDaddy Inc Class A (b) | 469308 | 88384776 |
| Kyndryl Holdings Inc (b) | 764603 | 24788429 |
| MongoDB Inc Class A (b) | 238533 | 41068227 |
| Okta Inc Class A (b) | 547655 | 61424985 |
| Twilio Inc Class A (b) | 514012 | 49710101 |
| VeriSign Inc (b) | 279653 | 78895704 |
|  |  | 827272629 |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| Amkor Technology Inc  | 10194 | 177885 |
| Astera Labs Inc (b) | 374572 | 24463297 |
| Cirrus Logic Inc (b) | 184185 | 17689127 |
| Enphase Energy Inc (b) | 450784 | 20100459 |
| Entegris Inc (c) | 525416 | 41570914 |
| First Solar Inc (b) | 360909 | 45409570 |
| GlobalFoundries Inc (b) | 346680 | 12158068 |
| Lattice Semiconductor Corp (b) | 472587 | 23123682 |
| MACOM Technology Solutions Holdings Inc (b) | 216288 | 22439880 |
| Microchip Technology Inc  | 1808617 | 83341071 |
| MKS Instruments Inc  | 246929 | 17319600 |
| Monolithic Power Systems Inc  | 159408 | 94544886 |
| ON Semiconductor Corp (b) | 1456299 | 57815070 |
| Onto Innovation Inc (b) | 169871 | 20719166 |
| Qorvo Inc (b) | 327784 | 23492279 |
| Skyworks Solutions Inc  | 378153 | 24307675 |
| Teradyne Inc  | 543200 | 40310872 |
| Universal Display Corp  | 161849 | 20333090 |
| Wolfspeed Inc (b)(c) | 614733 | 2182302 |
|  |  | 591498893 |
| Software - 7.1% |  |  |
| ANSYS Inc (b) | 292723 | 94221679 |
| Appfolio Inc Class A (b) | 76638 | 15827280 |
| AppLovin Corp Class A (b) | 882687 | 237716436 |
| Bentley Systems Inc Class B (c) | 474163 | 20384267 |
| BILL Holdings Inc (b) | 343838 | 15668698 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 1604948 | 14861818 |
| Confluent Inc Class A (b) | 838269 | 19959185 |
| Datadog Inc Class A (b) | 1024198 | 104632068 |
| Docusign Inc (b) | 674615 | 55149776 |
| Dolby Laboratories Inc Class A  | 200325 | 15382957 |
| DoubleVerify Holdings Inc (b) | 493295 | 6541092 |
| Dropbox Inc Class A (b) | 758032 | 21641814 |
| Dynatrace Inc (b) | 1003704 | 47143977 |
| Elastic NV (b) | 293731 | 25319612 |
| Fair Isaac Corp (b) | 79894 | 158963494 |
| Five9 Inc (b)(c) | 259239 | 6517268 |
| Gen Digital Inc  | 1831227 | 47373842 |
| Gitlab Inc Class A (b) | 426527 | 19906015 |
| Guidewire Software Inc (b) | 273892 | 56084865 |
| HubSpot Inc (b) | 166828 | 102015322 |
| Informatica Inc Class A (b) | 277177 | 5219243 |
| Manhattan Associates Inc (b) | 205555 | 36463401 |
| MicroStrategy Inc Class A (b)(c) | 778007 | 295728241 |
| nCino Inc (b)(c) | 95694 | 2220100 |
| Nutanix Inc Class A (b) | 842430 | 57874941 |
| Palantir Technologies Inc Class A (b) | 6931114 | 820921142 |
| Pegasystems Inc  | 151196 | 13922128 |
| Procore Technologies Inc (b) | 364679 | 23372277 |
| PTC Inc (b) | 398997 | 61832565 |
| RingCentral Inc Class A (b) | 278470 | 7100985 |
| SentinelOne Inc Class A (b) | 961477 | 17787325 |
| Teradata Corp (b) | 334280 | 7187020 |
| Tyler Technologies Inc (b) | 141589 | 76925304 |
| UiPath Inc Class A (b) | 1475639 | 17619130 |
| Unity Software Inc (b)(c) | 1044402 | 22005550 |
| Zoom Communications Inc Class A (b) | 886985 | 68776817 |
| Zscaler Inc (b) | 313945 | 71004941 |
|  |  | 2691272575 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| Hewlett Packard Enterprise Co  | 4442478 | 72056993 |
| HP Inc  | 3163469 | 80889903 |
| NetApp Inc  | 687087 | 61666058 |
| Pure Storage Inc Class A (b) | 1037636 | 47067169 |
| Sandisk Corp/DE  | 388703 | 12481253 |
| Super Micro Computer Inc (b)(c) | 1671014 | 53238506 |
| Western Digital Corp (b) | 1176300 | 51592518 |
|  |  | 378992400 |
| TOTAL INFORMATION TECHNOLOGY |  | 5272832073 |
| Materials - 5.2% |  |  |
| Chemicals - 2.2% |  |  |
| Albemarle Corp (c) | 279560 | 16368238 |
| Ashland Inc  | 183941 | 10004551 |
| Axalta Coating Systems Ltd (b) | 771809 | 25083793 |
| Celanese Corp  | 206354 | 9184816 |
| CF Industries Holdings Inc  | 589423 | 46193081 |
| Chemours Co/The  | 596955 | 7390302 |
| Corteva Inc  | 2330963 | 144496396 |
| Dow Inc  | 2454915 | 75095850 |
| DuPont de Nemours Inc  | 1429647 | 94342406 |
| Eastman Chemical Co  | 413480 | 31837960 |
| Element Solutions Inc  | 797341 | 16273730 |
| FMC Corp  | 239504 | 10040008 |
| Huntsman Corp  | 671183 | 8933445 |
| International Flavors & Fragrances Inc  | 712404 | 55895218 |
| LyondellBasell Industries NV Class A1  | 924851 | 53835577 |
| Mosaic Co/The  | 1102292 | 33509677 |
| NewMarket Corp  | 23379 | 14385099 |
| Olin Corp  | 440527 | 9524194 |
| PPG Industries Inc  | 799079 | 86987740 |
| RPM International Inc  | 436973 | 46646868 |
| Scotts Miracle-Gro Co/The  | 161100 | 8116217 |
| Westlake Corp  | 141748 | 13101768 |
|  |  | 817246934 |
| Construction Materials - 0.7% |  |  |
| Eagle Materials Inc  | 113001 | 25582296 |
| Martin Marietta Materials Inc  | 205619 | 107740244 |
| Vulcan Materials Co  | 443275 | 116284331 |
|  |  | 249606871 |
| Containers & Packaging - 1.4% |  |  |
| Amcor PLC (c) | 7747376 | 71275859 |
| AptarGroup Inc  | 221170 | 33164442 |
| Avery Dennison Corp  | 273478 | 46794821 |
| Ball Corp  | 1002757 | 52083199 |
| Crown Holdings Inc  | 397397 | 38281253 |
| Graphic Packaging Holding CO  | 1010782 | 25582892 |
| International Paper Co  | 1762348 | 80504057 |
| Packaging Corp of America  | 299297 | 55552516 |
| Sealed Air Corp  | 517653 | 14266517 |
| Silgan Holdings Inc  | 279626 | 14442683 |
| Smurfit WestRock PLC  | 1748116 | 73455834 |
| Sonoco Products Co  | 341287 | 13992766 |
|  |  | 519396839 |
| Metals & Mining - 0.9% |  |  |
| Alcoa Corp  | 844933 | 20726206 |
| ATI Inc (b) | 418606 | 22763794 |
| Cleveland-Cliffs Inc (b)(c) | 1698128 | 13992575 |
| MP Materials Corp (b)(c) | 437110 | 10691710 |
| Nucor Corp  | 793001 | 94660529 |
| Reliance Inc  | 181037 | 52180295 |
| Royal Gold Inc  | 219501 | 40105028 |
| Steel Dynamics Inc  | 483915 | 62768615 |
| United States Steel Corp (c) | 750503 | 32804486 |
|  |  | 350693238 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 212096 | 18306006 |
| TOTAL MATERIALS |  | 1955249888 |
| Real Estate - 7.8% |  |  |
| Diversified REITs - 0.1% |  |  |
| WP Carey Inc  | 738112 | 46087713 |
| Health Care REITs - 0.6% |  |  |
| Alexandria Real Estate Equities Inc  | 445633 | 32379694 |
| Healthcare Realty Trust Inc  | 1234285 | 19168446 |
| Healthpeak Properties Inc  | 2404615 | 42898332 |
| Medical Properties Trust Inc (c) | 2030774 | 11209872 |
| Omega Healthcare Investors Inc  | 911188 | 35581891 |
| Ventas Inc  | 1407788 | 98657783 |
|  |  | 239896018 |
| Hotel & Resort REITs - 0.1% |  |  |
| Host Hotels & Resorts Inc  | 2417595 | 34136442 |
| Park Hotels & Resorts Inc  | 876347 | 8710889 |
|  |  | 42847331 |
| Industrial REITs - 0.3% |  |  |
| Americold Realty Trust Inc  | 979787 | 18949081 |
| EastGroup Properties Inc  | 168105 | 27471719 |
| First Industrial Realty Trust Inc  | 454248 | 21613120 |
| Lineage Inc (c) | 217860 | 10507387 |
| Rexford Industrial Realty Inc  | 772218 | 25560416 |
| STAG Industrial Inc Class A (c) | 633202 | 20914662 |
|  |  | 125016385 |
| Office REITs - 0.2% |  |  |
| BXP Inc  | 354237 | 22575524 |
| Cousins Properties Inc  | 583721 | 16075676 |
| Highwoods Properties Inc  | 377966 | 10749353 |
| Kilroy Realty Corp (c) | 426074 | 13425592 |
| Vornado Realty Trust  | 595501 | 21009275 |
|  |  | 83835420 |
| Real Estate Management & Development - 0.8% |  |  |
| CBRE Group Inc Class A (b) | 1026824 | 125457356 |
| CoStar Group Inc (b) | 1398012 | 103690550 |
| Howard Hughes Holdings Inc (b) | 104288 | 6938281 |
| Jones Lang LaSalle Inc (b) | 160901 | 36590496 |
| Seaport Entertainment Group Inc (c) | 36245 | 694092 |
| Zillow Group Inc Class A (b) | 162649 | 10731581 |
| Zillow Group Inc Class C (b) | 516955 | 34806580 |
|  |  | 318908936 |
| Residential REITs - 1.7% |  |  |
| American Homes 4 Rent Class A  | 1134893 | 42433649 |
| AvalonBay Communities Inc  | 476904 | 100140303 |
| Camden Property Trust  | 350070 | 39837966 |
| Equity LifeStyle Properties Inc  | 636667 | 41243288 |
| Equity Residential  | 1269317 | 89182212 |
| Essex Property Trust Inc  | 215617 | 60189486 |
| Invitation Homes Inc  | 2061270 | 70474821 |
| Mid-America Apartment Communities Inc  | 389632 | 62204749 |
| Sun Communities Inc  | 425303 | 52920452 |
| UDR Inc  | 1109935 | 46484078 |
|  |  | 605111004 |
| Retail REITs - 1.4% |  |  |
| Agree Realty Corp (c) | 340167 | 26400361 |
| Brixmor Property Group Inc  | 1022014 | 25458368 |
| Federal Realty Investment Trust  | 293303 | 27576348 |
| Kimco Realty Corp  | 2266053 | 45275739 |
| NNN REIT Inc (c) | 641051 | 26353607 |
| Realty Income Corp  | 2947566 | 170546169 |
| Regency Centers Corp  | 603393 | 43552907 |
| Simon Property Group Inc  | 1094153 | 172197799 |
|  |  | 537361298 |
| Specialized REITs - 2.6% |  |  |
| Crown Castle Inc  | 1471240 | 155598343 |
| CubeSmart  | 776290 | 31571714 |
| Digital Realty Trust Inc  | 1117845 | 179458837 |
| EPR Properties  | 256717 | 12704924 |
| Extra Space Storage Inc  | 709003 | 103883120 |
| Gaming and Leisure Properties Inc  | 881199 | 42174184 |
| Iron Mountain Inc  | 984323 | 88264243 |
| Lamar Advertising Co Class A  | 298486 | 33970692 |
| Millrose Properties Inc Class A  | 415981 | 10416164 |
| National Storage Affiliates Trust  | 249094 | 9266297 |
| Rayonier Inc  | 521975 | 12767509 |
| SBA Communications Corp Class A  | 363176 | 88397038 |
| VICI Properties Inc  | 3553968 | 113798055 |
| Weyerhaeuser Co  | 2469229 | 63977723 |
|  |  | 946248843 |
| TOTAL REAL ESTATE |  | 2945312948 |
| Utilities - 6.3% |  |  |
| Electric Utilities - 3.0% |  |  |
| Alliant Energy Corp  | 857418 | 52336795 |
| Edison International  | 1295397 | 69316693 |
| Entergy Corp  | 1430018 | 118934597 |
| Evergy Inc  | 751649 | 51938946 |
| Eversource Energy  | 1247863 | 74222891 |
| Exelon Corp  | 3362877 | 157718931 |
| FirstEnergy Corp  | 1948378 | 83546449 |
| IDACORP Inc  | 174102 | 20559705 |
| NRG Energy Inc  | 680993 | 74623213 |
| OGE Energy Corp  | 665954 | 30220993 |
| PG&E Corp  | 7361345 | 121609419 |
| Pinnacle West Capital Corp  | 383444 | 36496200 |
| PPL Corp  | 2448674 | 89376601 |
| Xcel Energy Inc  | 1924671 | 136074240 |
|  |  | 1116975673 |
| Gas Utilities - 0.4% |  |  |
| Atmos Energy Corp  | 513690 | 82514025 |
| MDU Resources Group Inc  | 687831 | 11789423 |
| National Fuel Gas Co  | 296894 | 22795521 |
| UGI Corp  | 736415 | 24147048 |
|  |  | 141246017 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| AES Corp/The  | 2449006 | 24490060 |
| Clearway Energy Inc Class A  | 118893 | 3251724 |
| Clearway Energy Inc Class C  | 278815 | 8180432 |
| Vistra Corp  | 1144400 | 148348572 |
|  |  | 184270788 |
| Multi-Utilities - 2.1% |  |  |
| Ameren Corp  | 887311 | 88056744 |
| CenterPoint Energy Inc  | 2166492 | 84016560 |
| CMS Energy Corp  | 1001987 | 73796343 |
| Consolidated Edison Inc  | 1166080 | 131475520 |
| DTE Energy Co  | 697399 | 95543663 |
| NiSource Inc  | 1576173 | 61644125 |
| Public Service Enterprise Group Inc  | 1681371 | 134391984 |
| WEC Energy Group Inc  | 1062227 | 116335101 |
|  |  | 785260040 |
| Water Utilities - 0.3% |  |  |
| American Water Works Co Inc  | 659099 | 96894144 |
| Essential Utilities Inc  | 864293 | 35548371 |
|  |  | 132442515 |
| TOTAL UTILITIES |  | 2360195033 |
| TOTAL UNITED STATES |  | 37062066736 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $30,080,610,236) |  | <br> **37568997186** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (e)<br>(Cost $6,139,849)<br>| 4.25 | 6160000 | **6139782** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 101596394 | 101616714 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 792750055 | 792829330 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $894,442,128) |  |  | **894446044** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.0%**<br> (Cost $30,981,192,213)<br>| <br>**38469583012** |
| **NET OTHER ASSETS (LIABILITIES) - (2.0)%**  | **(748883637)** |
| **NET ASSETS - 100.0%** | **37720699375** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 400 Midcap Index Contracts (United States) | 447 | Jun 2025 | 127743660 | 8539327 | 8539327 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

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

(b) Non-income producing

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $6,139,783.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 115755141 | 3239993847 | 3254128363 | 4558436 | (3911) | - | 101616714 | 101596394 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 399402174 | 3756009794 | 3362582638 | 3628466 | - | - | 792829330 | 792750055 | 2.6% |
| Total | 515157315 | 6996003641 | 6616711001 | 8186902 | (3911) | - | 894446044 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1361796022 | 1361796022 | - | - |
| Consumer Discretionary | 3776247874 | 3776247874 | - | - |
| Consumer Staples | 1908582521 | 1908582521 | - | - |
| Energy | 1979142038 | 1979142038 | - | - |
| Financials | 6265989922 | 6265989922 | - | - |
| Health Care | 3424096390 | 3424096390 | - | - |
| Industrials | 6298129091 | 6298129091 | - | - |
| Information Technology | 5280852877 | 5280852877 | - | - |
| Materials | 1955249888 | 1955249888 | - | - |
| Real Estate | 2945312948 | 2945312948 | - | - |
| Utilities | 2373597615 | 2373597615 | - | - |
|  **U.S. Treasury Obligations** | 6139782 | - | 6139782 | - |
|  **Money Market Funds** | 894446044 | 894446044 | - | - |
| **Total Investments in Securities:** | 38469583012 | 38463443230 | 6139782 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 8539327 | 8539327 | - | - |
| Total Assets | 8539327 | 8539327 | - | - |
| **Total Derivative Instruments:** | 8539327 | 8539327 | - | - |

---

**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, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 8539327 | 0 |
| **Total Equity Risk**  | 8539327 | 0 |
| **Total Value of Derivatives** | 8539327 | 0 |

---

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

**Fidelity® Mid Cap Index Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $835,447,138) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $30,086,750,085) | $37575136968 |  |
| Fidelity Central Funds (cost $894,442,128) | 894446044 |  |
| Total Investment in Securities (cost $30,981,192,213) |  | $38469583012 |
| Segregated cash with brokers for derivative instruments |  | 2666700 |
| Receivable for fund shares sold |  | 63395012 |
| Dividends receivable |  | 14004869 |
| Distributions receivable from Fidelity Central Funds |  | 545294 |
| Other receivables |  | 398106 |
| **Total assets** |  | 38550592993 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $35953140 |  |
| Accrued management fee | 751084 |  |
| Payable for daily variation margin on futures contracts | 177417 |  |
| Other payables and accrued expenses | 196573 |  |
| Collateral on securities loaned | 792815404 |  |
| **Total liabilities** |  | 829893618 |
| **Net Assets**  |  | $37720699375 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $30715863085 |
| Total accumulated earnings (loss) |  | 7004836290 |
| **Net Assets** |  | $37720699375 |
| **Net Asset Value**, offering price and redemption price per share ($37,720,699,375 ÷ 1,168,687,886 shares) |  | $32.28 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $569123090 |
| Interest  |  | 369241 |
| Income from Fidelity Central Funds (including $3,628,466 from security lending)  |  | 8186902 |
| **Total income** |  | 577679233 |
| **Expenses** |  |  |
| Management fee | $9016812 |  |
| Independent trustees' fees and expenses | 92837 |  |
| Total expenses before reductions | 9109649 |  |
| Expense reductions | (29328) |  |
| Total expenses after reductions |  | 9080321 |
| **Net Investment income (loss)** |  | 568598912 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 480304344 |  |
| Redemptions in-kind | 389803000 |  |
| Fidelity Central Funds | (3911) |  |
| Foreign currency transactions | 19087 |  |
| Futures contracts | (17490286) |  |
| Total net realized gain (loss) |  | 852632234 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 849332224 |  |
| Futures contracts | 9690356 |  |
| Total change in net unrealized appreciation (depreciation) |  | 859022580 |
| **Net gain (loss)** |  | 1711654814 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2280253726 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $568598912 | $488442538 |
| &nbsp;&nbsp;Net realized gain (loss) | 852632234<br>| 639276128<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 859022580 | 3354358512<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2280253726<br>| 4482077178<br>|
| Distributions to shareholders | (837852622)<br>| (428689183)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 12084799366 | 9972651118 |
| Reinvestment of distributions | 787472826<br>| 400753665<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (10035197394) | (7506272157) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2837074798<br>| 2867132626<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 4279475902<br>| 6920520621<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 33441223473 | 26520702852<br>|
| &nbsp;&nbsp;End of period | $37720699375 | $33441223473 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 361934513 | 344911645 |
| Issued in reinvestment of distributions | 23123576<br>| 13816637<br>|
| &nbsp;&nbsp;Redeemed | (303097949) | (260581026) |
| &nbsp;&nbsp;Net increase (decrease) | 81960140 | 98147256 |

---

**Financial Highlights** 

**Fidelity® Mid Cap Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.77 | $26.83 | $27.85 | $30.70 | $19.71 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .52  | .48  | .46  | .38  | .34  |
| Net realized and unrealized gain (loss)  | 1.77  | 3.88  | (.94)  | (2.16)  | 11.28  |
| Total from investment operations  | 2.29  | 4.36  | (.48)  | (1.78)  | 11.62  |
| Distributions from net investment income  | (.40)  | (.42)  | (.41)  | (.35)  | (.37)  |
| Distributions from net realized gain  | (.39)  | -  | (.12)  | (.72)  | (.26)  |
| Total distributions  | (.78) C | (.42)  | (.54) C | (1.07)  | (.63)  |
| Net asset value, end of period  | $32.28 | $30.77 | $26.83 | $27.85 | $30.70 |
| **Total Return** D | 7.32% <br>| 16.34%  | (1.65)%  | (6.13)%  | 59.59%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .03%  | .03%  | .03%  | .03%  | .03%  |
| Expenses net of fee waivers, if any  | .03% <br>| .03%  | .03%  | .03%  | .03%  |
| Expenses net of all reductions, if any  | .02%  | .02%  | .02%  | .03%  | .03%  |
| Net investment income (loss)  | 1.56%  | 1.66%  | 1.72%  | 1.24%  | 1.35%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $37720699 | $33441223 | $26520703 | $24606512 | $21954129 |
| Portfolio turnover rate G,H | 15% <br>| 8%  | 9%  | 12%  | 14%  |

---

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

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

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

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

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

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

G*Portfolio turnover rate excludes securities received or delivered in-kind.*

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

**Fidelity® Small Cap Index Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| ARGENTINA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Despegar.com Corp (b) | 720294 | 14016921 |
| AUSTRALIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| MAC Copper Ltd Class A (b)(c) | 543659 | 4887494 |
| AUSTRIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Critical Metals Corp (b)(c) | 94380 | 151952 |
| BAHAMAS (NASSAU) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| OneSpaWorld Holdings Ltd  | 1015752 | 16963058 |
| BAILIWICK OF GUERNSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Super Group SGHC Ltd  | 1512030 | 12277684 |
| BERMUDA - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Corp Ltd  | 559919 | 4037016 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Bank of Nt Butterfield & Son Ltd/The (United States)  | 449993 | 18080719 |
| Insurance - 0.0% |  |  |
| Hamilton Insurance Group Ltd Class B (b) | 419688 | 7764228 |
| TOTAL FINANCIALS |  | 25844947 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Himalaya Shipping Ltd (United States)  | 294607 | 1537848 |
| TOTAL BERMUDA |  | 31419811 |
| BRAZIL - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Pagseguro Digital Ltd Class A (b)(c) | 1870842 | 18764545 |
| StoneCo Ltd Class A (b) | 2899418 | 40765817 |
| TOTAL BRAZIL |  | 59530362 |
| CAMEROON - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Golar LNG Ltd  | 1000197 | 42513373 |
| CANADA - 0.6%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunopta Inc (United States) (b) | 949206 | 4100570 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Encore Energy Corp (United States) (b)(c) | 1841502 | 2780668 |
| Teekay Tankers Ltd Class A  | 244662 | 10415261 |
|  |  | 13195929 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Kingsway Financial Services Inc (b)(c) | 123486 | 1068154 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Aurinia Pharmaceuticals Inc (b)(c) | 1359688 | 11203829 |
| Fennec Pharmaceuticals Inc (United States) (b)(c) | 242541 | 1464948 |
|  |  | 12668777 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Brookfield Business Corp Class A (United States)  | 255888 | 6711942 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| D-Wave Quantum Inc (b)(c) | 1847368 | 12765313 |
| Hut 8 Corp (United States) (b)(c) | 820690 | 10102694 |
|  |  | 22868007 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| i-80 Gold Corp (United States) (b)(c) | 3211651 | 1972596 |
| Novagold Resources Inc (United States) (b) | 2466991 | 10435372 |
| Ssr Mining Inc (United States) (b) | 2049203 | 21803520 |
|  |  | 34211488 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Real Brokerage Inc/The (b) | 1020666 | 4501137 |
| Utilities - 0.2% |  |  |
| Gas Utilities - 0.2% |  |  |
| Brookfield Infrastructure Corp (United States)  | 1214829 | 45483199 |
| TOTAL CANADA |  | 144809203 |
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 1723729 | 3430221 |
| GERMANY - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Orion SA  | 577862 | 6957458 |
| GHANA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Kosmos Energy Ltd (b)(c) | 4745017 | 7307326 |
| GIBRALTAR - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Forafric Global PLC (b)(c) | 45778 | 375837 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Patria Investments Ltd Class A  | 597865 | 6265625 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| GigaCloud Technology Inc Class A (b)(c) | 240971 | 3021776 |
| INDIA - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Professional Services - 0.1% |  |  |
| WNS Holdings Ltd ADR (b) | 434297 | 26283654 |
| IRELAND - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Ardmore Shipping Corp (c) | 440179 | 4199308 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b) | 436549 | 4016250 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Cimpress PLC (b) | 170645 | 7170503 |
| TOTAL IRELAND |  | 15386061 |
| ISLE OF MAN - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Lifezone Metals Ltd (b)(c) | 358052 | 1281826 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Nano-X Imaging Ltd (b)(c) | 565573 | 2844832 |
| Pharmaceuticals - 0.0% |  |  |
| MediWound Ltd (b)(c) | 95948 | 1698759 |
| TOTAL HEALTH CARE |  | 4543591 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Sapiens International Corp NV  | 312379 | 8556061 |
| TOTAL ISRAEL |  | 13099652 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Webtoon Entertainment Inc (b) | 160361 | 1443249 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Artiva Biotherapeutics Inc (b)(c) | 213836 | 511068 |
| TOTAL KOREA (SOUTH) |  | 1954317 |
| MALTA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Gambling.com Group Ltd (b)(c) | 165022 | 2123833 |
| MEXICO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Borr Drilling Ltd (c) | 2435564 | 4140459 |
| MONACO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc  | 454374 | 17125356 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Costamare Inc  | 430074 | 4012591 |
| Safe Bulkers Inc  | 612019 | 2074744 |
|  |  | 6087335 |
| TOTAL MONACO |  | 23212691 |
| NORWAY - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Seadrill Ltd (b)(c) | 666653 | 13693053 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| FLEX LNG Ltd (United States) (c) | 307165 | 7246022 |
| SFL Corp Ltd (c) | 1346841 | 11071033 |
|  |  | 18317055 |
| TOTAL ENERGY |  | 32010108 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| T1 Energy Inc (b)(c) | 1137413 | 1376269 |
| Marine Transportation - 0.0% |  |  |
| Golden Ocean Group Ltd (c) | 1251566 | 9662090 |
| TOTAL INDUSTRIALS |  | 11038359 |
| TOTAL NORWAY |  | 43048467 |
| PANAMA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Banco Latinoamericano de Comercio Exterior SA Class E  | 277656 | 10634225 |
| PUERTO RICO - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class A (b) | 92360 | 500591 |
| Liberty Latin America Ltd Class C (b) | 1533752 | 8435636 |
|  |  | 8936227 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| First BanCorp/Puerto Rico  | 1640647 | 32222308 |
| Ofg Bancorp  | 454741 | 17894058 |
|  |  | 50116366 |
| Financial Services - 0.1% |  |  |
| EVERTEC Inc  | 640891 | 21751841 |
| TOTAL FINANCIALS |  | 71868207 |
| TOTAL PUERTO RICO |  | 80804434 |
| SINGAPORE - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Grindr Inc Class A (b)(c) | 246407 | 5413562 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Scilex Holding Co (b)(c) | 1 | 4 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Kulicke & Soffa Industries Inc  | 530036 | 17083060 |
| TOTAL SINGAPORE |  | 22496626 |
| SOUTH AFRICA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Caledonia Mining Corp PLC  | 168931 | 2224821 |
| SWEDEN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| SiriusPoint Ltd (b) | 951663 | 15987938 |
| SWITZERLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ADC Therapeutics SA (b)(c) | 821093 | 1174163 |
| THAILAND - 0.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| BKV Corp (b) | 142168 | 2577506 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Fabrinet (b) | 368956 | 75658118 |
| TOTAL THAILAND |  | 78235624 |
| UNITED KINGDOM - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| Fidelis Insurance Holdings Ltd  | 503870 | 8238275 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Zura Bio Ltd Class A (b) | 509474 | 784590 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 276165 | 2971535 |
| TOTAL UNITED KINGDOM |  | 11994400 |
| UNITED STATES - 96.3%  |  |  |
| Communication Services - 2.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Anterix Inc (b)(c) | 104238 | 3111504 |
| AST SpaceMobile Inc Class A (b)(c) | 1354587 | 31439964 |
| Atn International Inc  | 108880 | 1926087 |
| Bandwidth Inc Class A (b) | 255571 | 3174192 |
| Cogent Communications Holdings Inc  | 446373 | 24260373 |
| Globalstar Inc (b)(c) | 493424 | 9483609 |
| IDT Corp Class B  | 154429 | 7760057 |
| Lumen Technologies Inc (b) | 10226361 | 36201318 |
| Shenandoah Telecommunications Co  | 495698 | 5522076 |
|  |  | 122879180 |
| Entertainment - 0.5% |  |  |
| AMC Entertainment Holdings Inc Class A (b)(c) | 4087893 | 10914674 |
| Atlanta Braves Holdings Inc Class A (b)(c) | 93299 | 4053842 |
| Atlanta Braves Holdings Inc Class C (b)(c) | 513276 | 20459181 |
| Cinemark Holdings Inc (c) | 1115618 | 33368134 |
| Eventbrite Inc Class A (b) | 820128 | 1738671 |
| Golden Matrix Group Inc (b)(c) | 220562 | 414656 |
| IMAX Corp (b) | 433977 | 10558660 |
| Lions Gate Entertainment Corp Class A (b)(c) | 844960 | 7503245 |
| Lions Gate Entertainment Corp Class B (b) | 984490 | 7856230 |
| LiveOne Inc (b) | 767405 | 674089 |
| Madison Square Garden Entertainment Corp Class A (b) | 399545 | 12961240 |
| Marcus Corp/The  | 234774 | 3829164 |
| Playstudios Inc Class A (b) | 880854 | 1118685 |
| Reservoir Media Inc (b)(c) | 188313 | 1412348 |
| Sphere Entertainment Co Class A (b)(c) | 274679 | 7485003 |
| Vivid Seats Inc Class A (b)(c) | 790624 | 2221653 |
|  |  | 126569475 |
| Interactive Media & Services - 0.5% |  |  |
| Bumble Inc Class A (b)(c) | 704888 | 2974627 |
| Cargurus Inc Class A (b) | 875239 | 24471682 |
| Cars.com Inc (b) | 655052 | 7624805 |
| EverQuote Inc Class A (b) | 254930 | 6052038 |
| fuboTV Inc (b)(c) | 3365868 | 10097604 |
| Getty Images Holdings Inc Class A (b)(c) | 1024450 | 1956700 |
| MediaAlpha Inc Class A (b) | 309985 | 2603874 |
| Nextdoor Holdings Inc Class A (b) | 1746282 | 2567035 |
| Outbrain Inc (b)(c) | 402135 | 1423558 |
| QuinStreet Inc (b) | 545326 | 9554112 |
| Shutterstock Inc  | 255283 | 4074317 |
| System1 Inc Class A (b)(c) | 235614 | 136138 |
| TrueCar Inc (b) | 828011 | 1233736 |
| Vimeo Inc Class A (b) | 1470445 | 7411043 |
| Yelp Inc Class A (b) | 643654 | 22579382 |
| Ziff Davis Inc (b)(c) | 427066 | 12611259 |
| ZipRecruiter Inc Class A (b) | 706558 | 3645839 |
|  |  | 121017749 |
| Media - 0.8% |  |  |
| Advantage Solutions Inc Class A (b)(c) | 1072978 | 1437791 |
| AMC Networks Inc Class A (b) | 327043 | 2093075 |
| Boston Omaha Corp (b)(c) | 245083 | 3806139 |
| Cable One Inc (c) | 57360 | 15330607 |
| Cardlytics Inc (b)(c) | 441425 | 635652 |
| Clear Channel Outdoor Holdings Inc (b) | 3484688 | 3429630 |
| EchoStar Corp Class A (b)(c) | 1230222 | 27655391 |
| Emerald Holding Inc  | 149975 | 589402 |
| Entravision Communications Corp Class A  | 637531 | 1166682 |
| EW Scripps Co/The Class A (b) | 625964 | 1258188 |
| Gannett Co Inc (b) | 1430786 | 4578515 |
| Gray Media Inc  | 893736 | 2994016 |
| Ibotta Inc Class A (b)(c) | 159175 | 7767740 |
| iHeartMedia Inc Class A (b)(c) | 1063013 | 1094903 |
| Integral Ad Science Holding Corp (b)(c) | 741716 | 5243932 |
| John Wiley & Sons Inc Class A  | 397981 | 17367891 |
| Magnite Inc (b) | 1273734 | 15144697 |
| National CineMedia Inc  | 708833 | 4061613 |
| PubMatic Inc Class A (b) | 405950 | 3966132 |
| Scholastic Corp  | 241226 | 4349305 |
| Sinclair Inc Class A (c) | 325421 | 4686062 |
| Stagwell Inc Class A (b) | 885206 | 4939449 |
| TechTarget Inc/old  | 270884 | 2158945 |
| TEGNA Inc  | 1629140 | 26440942 |
| Thryv Holdings Inc (b)(c) | 386015 | 5288406 |
| Townsquare Media Inc Class A  | 135320 | 895818 |
| WideOpenWest Inc (b) | 495998 | 2172471 |
|  |  | 170553394 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Gogo Inc (b)(c) | 672364 | 5089795 |
| Spok Holdings Inc  | 193368 | 2772897 |
| Telephone and Data Systems Inc  | 995504 | 37321446 |
|  |  | 45184138 |
| TOTAL COMMUNICATION SERVICES |  | 586203936 |
| Consumer Discretionary - 8.8% |  |  |
| Automobile Components - 1.1% |  |  |
| Adient PLC (b) | 770561 | 9747597 |
| American Axle & Manufacturing Holdings Inc (b) | 1168953 | 4465400 |
| Cooper-Standard Holdings Inc (b) | 170981 | 2508291 |
| Dana Inc  | 1323777 | 18188696 |
| Dorman Products Inc (b) | 261026 | 29574246 |
| Fox Factory Holding Corp (b) | 428945 | 8711873 |
| Gentherm Inc (b) | 313307 | 8149115 |
| Goodyear Tire & Rubber Co/The (b) | 2884360 | 31381837 |
| Holley Inc Class A (b)(c) | 476690 | 1024883 |
| LCI Industries  | 252721 | 19479735 |
| Luminar Technologies Inc Class A (b)(c) | 270015 | 1055758 |
| Modine Manufacturing Co (b) | 522418 | 42650206 |
| Patrick Industries Inc (c) | 327133 | 25182698 |
| Phinia Inc  | 423418 | 17000233 |
| Solid Power Inc (b)(c) | 1586857 | 1729674 |
| Standard Motor Products Inc  | 216192 | 5858803 |
| Stoneridge Inc (b) | 285525 | 1102127 |
| Visteon Corp (b) | 277374 | 21965247 |
| XPEL Inc (b)(d) | 255200 | 7308928 |
|  |  | 257085347 |
| Automobiles - 0.0% |  |  |
| Livewire Group Inc (b)(c) | 185446 | 331948 |
| Winnebago Industries Inc  | 284359 | 9048304 |
|  |  | 9380252 |
| Broadline Retail - 0.0% |  |  |
| 1stdibs.Com Inc (b) | 243778 | 602132 |
| Groupon Inc (b)(c) | 235532 | 4289038 |
| QVC Group Inc Class B (b)(c) | 18514 | 102937 |
| Savers Value Village Inc (b)(c) | 238545 | 2287647 |
|  |  | 7281754 |
| Distributors - 0.0% |  |  |
| A-Mark Precious Metals Inc  | 182273 | 4440170 |
| Weyco Group Inc  | 60956 | 1822584 |
|  |  | 6262754 |
| Diversified Consumer Services - 1.2% |  |  |
| Adtalem Global Education Inc (b) | 378610 | 40208382 |
| American Public Education Inc (b) | 158242 | 3718687 |
| Carriage Services Inc  | 135379 | 5409745 |
| Chegg Inc (b) | 1077558 | 783600 |
| Coursera Inc (b) | 1394398 | 11740831 |
| European Wax Center Inc Class A (b) | 328872 | 1026081 |
| Frontdoor Inc (b) | 778347 | 31997845 |
| Graham Holdings Co Class B  | 32174 | 29601689 |
| KinderCare Learning Cos Inc (b) | 283394 | 3474410 |
| Laureate Education Inc (b) | 1312958 | 26351067 |
| Lincoln Educational Services Corp (b) | 262256 | 4432126 |
| Mister Car Wash Inc (b)(c) | 956147 | 6559168 |
| Nerdy Inc Class A (b)(c) | 799315 | 1270911 |
| Perdoceo Education Corp  | 663926 | 16677821 |
| Strategic Education Inc  | 225307 | 18380545 |
| Stride Inc (b) | 429784 | 61136775 |
| Udemy Inc (b) | 922420 | 6337025 |
| Universal Technical Institute Inc (b) | 470513 | 13202595 |
| Zspace Inc (b)(c) | 21944 | 183452 |
|  |  | 282492755 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| Accel Entertainment Inc Class A (b) | 534272 | 5503002 |
| Biglari Holdings Inc Class B (b) | 7464 | 1738440 |
| BJ's Restaurants Inc (b)(c) | 187259 | 6233852 |
| Bloomin' Brands Inc  | 793721 | 6365642 |
| Brinker International Inc (b) | 445047 | 59769813 |
| Cheesecake Factory Inc/The (c) | 488436 | 24602521 |
| Cracker Barrel Old Country Store Inc (c) | 221556 | 9460441 |
| Dave & Buster's Entertainment Inc (b)(c) | 320510 | 6150587 |
| Denny's Corp (b)(c) | 516146 | 1904579 |
| Dine Brands Global Inc (c) | 159235 | 3170369 |
| El Pollo Loco Holdings Inc (b) | 256137 | 2394881 |
| Empire Resorts Inc (b)(e) | 17230 | 0 |
| Everi Holdings Inc (b) | 797494 | 11204791 |
| First Watch Restaurant Group Inc (b)(c) | 389348 | 6875886 |
| Full House Resorts Inc (b)(c) | 328268 | 1060306 |
| Global Business Travel Group I Class A (b)(c) | 1249928 | 8387017 |
| Golden Entertainment Inc  | 194271 | 4992765 |
| Hilton Grand Vacations Inc (b) | 700699 | 23564507 |
| Inspired Entertainment Inc (b) | 213331 | 1580783 |
| International Game Technology PLC  | 1156130 | 18960532 |
| Jack in the Box Inc (c) | 172453 | 4490676 |
| Krispy Kreme Inc (c) | 880634 | 3610599 |
| Kura Sushi USA Inc Class A (b)(c) | 68780 | 4049766 |
| Life Time Group Holdings Inc (b) | 848378 | 26011269 |
| Lindblad Expeditions Holdings Inc (b) | 364304 | 3220447 |
| Monarch Casino & Resort Inc  | 128996 | 10086197 |
| Nathan's Famous Inc  | 27336 | 2672094 |
| ONE Group Hospitality Inc/The (b)(c) | 197970 | 595890 |
| Papa John's International Inc  | 338882 | 11701595 |
| PlayAGS Inc (b) | 379170 | 4595540 |
| Portillo's Inc Class A (b)(c) | 560063 | 5791051 |
| Potbelly Corp (b) | 277766 | 2249905 |
| Rci Hospitality Holdings Inc  | 83337 | 3306812 |
| Red Rock Resorts Inc Class A  | 494607 | 21119719 |
| Rush Street Interactive Inc Class A (b) | 770956 | 9351696 |
| Sabre Corp (b) | 3861834 | 9152547 |
| Shake Shack Inc Class A (b) | 385176 | 33795343 |
| Six Flags Entertainment Corp  | 937466 | 32258205 |
| Sweetgreen Inc Class A (b) | 1029939 | 20063212 |
| Target Hospitality Corp (b)(c) | 338031 | 2298611 |
| United Parks & Resorts Inc (b)(c) | 313129 | 13668081 |
| Vacasa Inc Class A (b)(c) | 97601 | 526069 |
| Xponential Fitness Inc Class A (b)(c) | 248566 | 2080497 |
|  |  | 430616535 |
| Household Durables - 1.9% |  |  |
| Beazer Homes USA Inc (b) | 296097 | 5791657 |
| Cavco Industries Inc (b) | 80908 | 39956416 |
| Century Communities Inc  | 280517 | 15299397 |
| Champion Homes Inc (b) | 540895 | 46787418 |
| Cricut Inc Class A (c) | 479264 | 2386735 |
| Dream Finders Homes Inc Class A (b)(c) | 285296 | 6464807 |
| Ethan Allen Interiors Inc  | 231780 | 6589505 |
| Flexsteel Industries Inc  | 47028 | 1570265 |
| Gopro Inc Class A (b)(c) | 1334127 | 768457 |
| Green Brick Partners Inc (b) | 313626 | 18500798 |
| Hamilton Beach Brands Holding Co Class A  | 83216 | 1647677 |
| Helen of Troy Ltd (b) | 231289 | 6443712 |
| Hooker Furnishings Corp (c) | 115173 | 1105661 |
| Hovnanian Enterprises Inc Class A (b) | 50698 | 4907566 |
| Installed Building Products Inc  | 239986 | 39796878 |
| iRobot Corp (b)(c) | 238626 | 584634 |
| KB Home  | 649773 | 35107235 |
| La-Z-Boy Inc  | 419604 | 16574358 |
| Landsea Homes Corp Class A (b)(c) | 297274 | 1813371 |
| Legacy Housing Corp (b)(c) | 108723 | 2644687 |
| LGI Homes Inc (b) | 212065 | 11580870 |
| Lifetime Brands Inc  | 121683 | 442926 |
| Lovesac Co/The (b) | 143304 | 2787263 |
| M/I Homes Inc (b) | 269366 | 28735965 |
| Meritage Homes Corp  | 729057 | 49677944 |
| Purple Innovation Inc Class A (b) | 571092 | 386515 |
| Sonos Inc (b) | 1216545 | 11204379 |
| Taylor Morrison Home Corp (b) | 1032601 | 59219668 |
| Traeger Inc (b) | 332434 | 485354 |
| Tri Pointe Homes Inc (b) | 930403 | 28609892 |
| United Homes Group Inc Class A (b)(c) | 85993 | 167686 |
|  |  | 448039696 |
| Leisure Products - 0.4% |  |  |
| Acushnet Holdings Corp (c) | 281088 | 18613647 |
| AMMO Inc (b) | 908872 | 1790478 |
| Clarus Corp  | 304413 | 1001519 |
| Escalade Inc (c) | 99988 | 1517818 |
| Funko Inc Class A (b) | 314662 | 1261795 |
| JAKKS Pacific Inc  | 82329 | 1588126 |
| Johnson Outdoors Inc Class A (c) | 49833 | 1137687 |
| Latham Group Inc (b) | 408369 | 2231737 |
| Malibu Boats Inc Class A (b) | 198088 | 5657393 |
| Marine Products Corp  | 93441 | 784904 |
| MasterCraft Boat Holdings Inc (b)(c) | 164378 | 2702374 |
| Peloton Interactive Inc Class A (b) | 3559210 | 24522958 |
| Smith & Wesson Brands Inc  | 448646 | 4275596 |
| Sturm Ruger & Co Inc  | 164517 | 6689261 |
| Topgolf Callaway Brands Corp (b)(c) | 1439605 | 9515789 |
|  |  | 83291082 |
| Specialty Retail - 2.0% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 262240 | 1450187 |
| Abercrombie & Fitch Co Class A (b) | 501757 | 34831971 |
| Academy Sports & Outdoors Inc  | 688808 | 25954285 |
| aka Brands Holding Corp (b) | 6466 | 49077 |
| America's Car-Mart Inc/TX (b) | 74021 | 3510076 |
| American Eagle Outfitters Inc  | 1751265 | 18440820 |
| Arhaus Inc Class A (b)(c) | 523984 | 4118514 |
| Arko Corp (c) | 805894 | 3243723 |
| Asbury Automotive Group Inc (b) | 198552 | 43312134 |
| BARK Inc (b) | 1303304 | 1472734 |
| Beyond Inc (b) | 392198 | 1596246 |
| Boot Barn Holdings Inc (b) | 299291 | 31228023 |
| Buckle Inc/The  | 313254 | 10888709 |
| Build-A-Bear Workshop Inc (c) | 127127 | 4485041 |
| Caleres Inc  | 337151 | 5138181 |
| Camping World Holdings Inc Class A  | 567075 | 6838925 |
| Citi Trends Inc (b)(c) | 65670 | 1466411 |
| Designer Brands Inc Class A (c) | 370139 | 1032688 |
| Destination XL Group Inc (b)(c) | 510291 | 504984 |
| EVgo Inc Class A (b)(c) | 1261508 | 3481762 |
| Foot Locker Inc (b)(c) | 846740 | 10389500 |
| Genesco Inc (b) | 107302 | 2081659 |
| Group 1 Automotive Inc  | 131782 | 53191170 |
| GrowGeneration Corp (b)(c) | 573929 | 671497 |
| Haverty Furniture Cos Inc  | 156079 | 2834395 |
| J Jill Inc  | 62570 | 952315 |
| Lands' End Inc (b) | 140764 | 1249984 |
| Leslie's Inc (b)(c) | 1895026 | 1137395 |
| MarineMax Inc (b)(c) | 222948 | 4784464 |
| Monro Inc (c) | 312043 | 4349879 |
| National Vision Holdings Inc (b) | 789784 | 9753832 |
| ODP Corp/The (b) | 301733 | 4127707 |
| OneWater Marine Inc Class A (b)(c) | 122499 | 1838710 |
| Petco Health & Wellness Co Inc Class A (b)(c) | 862080 | 2543136 |
| RealReal Inc/The (b)(c) | 1023997 | 5939183 |
| Revolve Group Inc Class A (b) | 388439 | 7722167 |
| RumbleON Inc Class B (b)(c) | 166020 | 420031 |
| Sally Beauty Holdings Inc (b) | 1037573 | 8445844 |
| Shoe Carnival Inc (c) | 185991 | 3232524 |
| Signet Jewelers Ltd  | 423018 | 25084967 |
| Sleep Number Corp (b)(c) | 219908 | 1713083 |
| Sonic Automotive Inc Class A  | 148506 | 9017284 |
| Stitch Fix Inc Class A (b) | 1023281 | 3346129 |
| ThredUp Inc Class A (b)(c) | 796544 | 3576483 |
| Tile Shop Holdings Inc (b)(c) | 269675 | 1529057 |
| Tilly's Inc Class A (b)(c) | 139348 | 213202 |
| Torrid Holdings Inc (b)(c) | 204449 | 1298251 |
| Upbound Group Inc  | 548136 | 10907906 |
| Urban Outfitters Inc (b) | 640581 | 33809865 |
| Victoria's Secret & Co (b) | 794081 | 14928723 |
| Warby Parker Inc Class A (b) | 895329 | 14781882 |
| Winmark Corp  | 29033 | 10452170 |
| Zumiez Inc (b)(c) | 158258 | 1851619 |
|  |  | 461220504 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Figs Inc Class A (b)(c) | 1316956 | 5307333 |
| G-III Apparel Group Ltd (b) | 393698 | 9929064 |
| Hanesbrands Inc (b) | 3550438 | 16296510 |
| Kontoor Brands Inc  | 556443 | 33470046 |
| Movado Group Inc  | 160429 | 2228359 |
| Oxford Industries Inc  | 151846 | 7379716 |
| Rocky Brands Inc  | 73477 | 1571673 |
| Steven Madden Ltd  | 723977 | 15203517 |
| Superior Group of Cos Inc  | 127756 | 1326107 |
| Vera Bradley Inc (b)(c) | 237965 | 464032 |
| Wolverine World Wide Inc  | 801521 | 10459849 |
|  |  | 103636206 |
| TOTAL CONSUMER DISCRETIONARY |  | 2089306885 |
| Consumer Staples - 3.3% |  |  |
| Beverages - 0.4% |  |  |
| MGP Ingredients Inc  | 146938 | 4330263 |
| National Beverage Corp  | 236136 | 10484438 |
| Primo Brands Corp Class A  | 2012640 | 65752949 |
| Vita Coco Co Inc/The (b) | 397290 | 13130435 |
|  |  | 93698085 |
| Consumer Staples Distribution & Retail - 1.3% |  |  |
| Andersons Inc/The  | 331401 | 12497132 |
| Chefs' Warehouse Inc/The (b) | 358225 | 20408078 |
| Guardian Pharmacy Services Inc Class A (b) | 87807 | 2198687 |
| HF Foods Group Inc (b)(c) | 406679 | 1525046 |
| Ingles Markets Inc Class A  | 147126 | 9076203 |
| Natural Grocers by Vitamin Cottage Inc  | 93490 | 4689458 |
| PriceSmart Inc  | 253405 | 25718074 |
| SpartanNash Co  | 345365 | 6852042 |
| Sprouts Farmers Market Inc (b) | 1017686 | 174024307 |
| United Natural Foods Inc (b) | 592124 | 15815632 |
| Village Super Market Inc Class A  | 88105 | 3246669 |
| Weis Markets Inc  | 166866 | 14348807 |
|  |  | 290400135 |
| Food Products - 1.0% |  |  |
| Alico Inc  | 69793 | 1991892 |
| B&G Foods Inc (c) | 815788 | 5620779 |
| Beyond Meat Inc (b)(c) | 612352 | 1518633 |
| BRC Inc Class A (b)(c) | 537640 | 1225819 |
| Cal-Maine Foods Inc  | 445400 | 41586999 |
| Calavo Growers Inc  | 170922 | 4720866 |
| Dole PLC  | 755705 | 11479159 |
| Fresh Del Monte Produce Inc  | 342130 | 11635841 |
| Hain Celestial Group Inc (b) | 929355 | 2825239 |
| J & J Snack Foods Corp  | 154826 | 20063901 |
| John B Sanfilippo & Son Inc  | 90860 | 6021292 |
| Lancaster Colony Corp  | 197798 | 32197558 |
| Lifeway Foods Inc (b) | 44813 | 1061172 |
| Limoneira Co  | 168072 | 2526122 |
| Mama's Creations Inc (b)(c) | 335546 | 2214604 |
| Mission Produce Inc (b) | 436265 | 4569876 |
| Seneca Foods Corp Class A (b) | 46065 | 4131570 |
| Simply Good Foods Co/The (b) | 931837 | 33648635 |
| TreeHouse Foods Inc (b) | 473604 | 11030237 |
| Utz Brands Inc Class A  | 676150 | 8986034 |
| Vital Farms Inc (b)(c) | 343968 | 11777464 |
| Westrock Coffee Co (b)(c) | 370083 | 2146481 |
| WK Kellogg Co (c) | 666951 | 11958431 |
|  |  | 234938604 |
| Household Products - 0.3% |  |  |
| Central Garden & Pet Co (b)(c) | 254910 | 8554779 |
| Central Garden & Pet Co Class A (b) | 335210 | 9912160 |
| Energizer Holdings Inc  | 724889 | 19600999 |
| Oil-Dri Corp of America  | 99573 | 4191028 |
| WD-40 Co  | 138003 | 31514365 |
|  |  | 73773331 |
| Personal Care Products - 0.2% |  |  |
| Beauty Health Co/The Class A (b)(c) | 730830 | 724618 |
| Edgewell Personal Care Co  | 483657 | 14775721 |
| Herbalife Ltd (b)(c) | 1021215 | 7352748 |
| Honest Co Inc/The (b) | 831924 | 3984916 |
| Interparfums Inc (c) | 184255 | 20120647 |
| Medifast Inc (b) | 111746 | 1468342 |
| Nature's Sunshine Products Inc (b) | 123083 | 1516383 |
| Nu Skin Enterprises Inc Class A  | 509770 | 3226844 |
| Olaplex Holdings Inc (b) | 1393962 | 1826090 |
| USANA Health Sciences Inc (b) | 115960 | 3257316 |
| Waldencast plc Class A (b)(c) | 239934 | 652620 |
|  |  | 58906245 |
| Tobacco - 0.1% |  |  |
| Ispire Technology Inc (b)(c) | 194355 | 536419 |
| Turning Point Brands Inc  | 171688 | 10538209 |
| Universal Corp/VA  | 244560 | 14250511 |
|  |  | 25325139 |
| TOTAL CONSUMER STAPLES |  | 777041539 |
| Energy - 4.0% |  |  |
| Energy Equipment & Services - 1.6% |  |  |
| Archrock Inc  | 1686430 | 39681698 |
| Aris Water Solutions Inc Class A  | 270764 | 6758269 |
| Atlas Energy Solutions Inc  | 762246 | 10313188 |
| Bristow Group Inc (b) | 245265 | 7122496 |
| Cactus Inc Class A  | 675450 | 25626573 |
| ChampionX Corp  | 1933212 | 46648406 |
| Core Laboratories Inc  | 476626 | 5419238 |
| DMC Global Inc (b)(c) | 201761 | 1309429 |
| Drilling Tools International Corp (b)(c) | 111548 | 225326 |
| Expro Group Holdings NV (b) | 964145 | 7973479 |
| Flowco Holdings Inc Class A (c) | 198646 | 3837841 |
| Forum Energy Technologies Inc (b) | 117793 | 1725667 |
| Geospace Technologies Corp (b)(c) | 117149 | 754439 |
| Helix Energy Solutions Group Inc (b) | 1459419 | 8887862 |
| Helmerich & Payne Inc  | 1005091 | 18986169 |
| Innovex International Inc (b)(c) | 362831 | 5478748 |
| Kodiak Gas Services Inc  | 456397 | 15522062 |
| Liberty Energy Inc Class A  | 1607935 | 18491253 |
| Mammoth Energy Services Inc (b) | 244201 | 617828 |
| Nabors Industries Ltd (b)(c) | 92907 | 2493624 |
| Natural Gas Services Group Inc (b) | 107377 | 1929565 |
| Noble Corp PLC (c) | 1298989 | 28240021 |
| NPK International Inc (b) | 855075 | 4942334 |
| Oceaneering International Inc (b) | 1020350 | 18111213 |
| Oil States International Inc (b) | 607578 | 2132599 |
| Patterson-UTI Energy Inc  | 3888704 | 21932291 |
| ProFrac Holding Corp Class A (b)(c) | 228208 | 947062 |
| ProPetro Holding Corp (b) | 880362 | 4384203 |
| Ranger Energy Services Inc Class A  | 154661 | 1715190 |
| RPC Inc  | 880388 | 4164235 |
| SEACOR Marine Holdings Inc (b)(c) | 231977 | 1132048 |
| Select Water Solutions Inc Class A  | 926855 | 7896805 |
| Solaris Energy Infrastructure Inc Class A (c) | 311281 | 6580480 |
| TETRA Technologies Inc (b) | 1270135 | 3619885 |
| Tidewater Inc (b) | 496083 | 17953244 |
| Transocean Ltd (b)(c) | 7209693 | 15356646 |
| Valaris Ltd (b)(c) | 628497 | 20306738 |
|  |  | 389218154 |
| Oil, Gas & Consumable Fuels - 2.4% |  |  |
| Aemetis Inc (b)(c) | 366801 | 462169 |
| Amplify Energy Corp (b) | 396795 | 1031667 |
| Berry Corp  | 846554 | 2099454 |
| California Resources Corp  | 707808 | 24426454 |
| Centrus Energy Corp Class A (b)(c) | 146410 | 10144749 |
| Chord Energy Corp warrants 9/1/2025 (b) | 14729 | 11371 |
| Clean Energy Fuels Corp (b) | 1734425 | 2514916 |
| CNX Resources Corp (b) | 1474548 | 43395948 |
| Comstock Resources Inc (b)(c) | 932764 | 17041598 |
| Core Natural Resources Inc  | 531759 | 38398317 |
| Crescent Energy Co Class A  | 1680344 | 13913248 |
| CVR Energy Inc (c) | 348924 | 6580707 |
| Delek US Holdings Inc  | 638735 | 8316330 |
| DHT Holdings Inc  | 1377722 | 14727848 |
| Diversified Energy Co PLC (United States) (d) | 477211 | 5922189 |
| Dorian LPG Ltd  | 370611 | 7938488 |
| Empire Petroleum Corp (b)(c) | 153895 | 706378 |
| Energy Fuels Inc/Canada (United States) (b)(c) | 1904030 | 8606216 |
| Evolution Petroleum Corp (c) | 319059 | 1336857 |
| Excelerate Energy Inc Class A  | 165628 | 4236764 |
| FutureFuel Corp  | 272153 | 1118549 |
| Granite Ridge Resources Inc  | 544032 | 2616794 |
| Green Plains Inc (b)(c) | 551573 | 1974631 |
| Gulfport Energy Corp (b) | 128046 | 22087935 |
| Hallador Energy Co (b) | 254869 | 3584732 |
| HighPeak Energy Inc Class A (c) | 144804 | 1159880 |
| Infinity Natural Resources Inc Class A (c) | 126095 | 1935558 |
| International Seaways Inc  | 413869 | 14054991 |
| Kinetik Holdings Inc Class A  | 387698 | 16027435 |
| Magnolia Oil & Gas Corp Class A  | 1752569 | 35980242 |
| Murphy Oil Corp  | 1373789 | 28203888 |
| NACCO Industries Inc Class A  | 39234 | 1369267 |
| NextDecade Corp (b) | 1166207 | 8723228 |
| Nordic American Tankers Ltd (c) | 2130392 | 5453804 |
| Northern Oil & Gas Inc  | 996406 | 24212666 |
| Par Pacific Holdings Inc (b) | 553990 | 7933137 |
| PBF Energy Inc Class A (c) | 1002917 | 17230114 |
| Peabody Energy Corp  | 1242301 | 15329994 |
| Prairie Operating Co (b)(c) | 50595 | 205416 |
| PrimeEnergy Resources Corp (b)(c) | 6757 | 1147812 |
| REX American Resources Corp (b) | 155028 | 6157712 |
| Riley Exploration Permian Inc (c) | 115752 | 2856759 |
| Ring Energy Inc (b)(c) | 1512032 | 1339812 |
| Sable Offshore Corp (b)(c) | 509977 | 9516171 |
| SandRidge Energy Inc  | 331648 | 3021313 |
| Sitio Royalties Corp Class A  | 811444 | 13762090 |
| SM Energy Co  | 1159851 | 26433004 |
| Talos Energy Inc (b) | 1463869 | 10071419 |
| Ur-Energy Inc (United States) (b)(c) | 3604062 | 2712417 |
| Uranium Energy Corp (b)(c) | 4163193 | 21856763 |
| VAALCO Energy Inc (c) | 1090822 | 3566988 |
| Verde Clean Fuels Inc Class A (b)(c) | 32743 | 110344 |
| Vital Energy Inc (b)(c) | 239510 | 3396252 |
| Vitesse Energy Inc (c) | 263930 | 5397369 |
| W&T Offshore Inc (c) | 995672 | 1145023 |
| World Kinect Corp  | 575805 | 14446947 |
|  |  | 547952124 |
| TOTAL ENERGY |  | 937170278 |
| Financials - 18.9% |  |  |
| Banks - 10.4% |  |  |
| 1st Source Corp  | 184028 | 11032479 |
| ACNB Corp  | 82948 | 3476351 |
| Amalgamated Financial Corp  | 181006 | 5097129 |
| Amerant Bancorp Inc Class A  | 371238 | 6251648 |
| Ameris Bancorp  | 663806 | 38899032 |
| Ames National Corp  | 87916 | 1526222 |
| Arrow Financial Corp  | 167689 | 4113411 |
| Associated Banc-Corp  | 1663975 | 36707289 |
| Atlantic Union Bankshares Corp  | 1310956 | 36313481 |
| Axos Financial Inc (b) | 551984 | 35039944 |
| Banc of California Inc (c) | 1415283 | 19078015 |
| BancFirst Corp  | 200800 | 23658256 |
| Bancorp Inc/The (b) | 461273 | 22284099 |
| Bank First Corp  | 96663 | 10553666 |
| Bank of Hawaii Corp  | 397880 | 26303847 |
| Bank of Marin Bancorp  | 159456 | 3272037 |
| Bank7 Corp  | 41102 | 1496113 |
| BankUnited Inc  | 757526 | 24778675 |
| Bankwell Financial Group Inc  | 63692 | 2159796 |
| Banner Corp  | 346752 | 21200417 |
| Bar Harbor Bankshares  | 152280 | 4513579 |
| BayCom Corp  | 102185 | 2657832 |
| BCB Bancorp Inc  | 153854 | 1264680 |
| Berkshire Hills Bancorp Inc  | 436829 | 10846464 |
| Blue Foundry Bancorp (b)(c) | 177157 | 1654646 |
| Bridgewater Bancshares Inc (b) | 194287 | 2990077 |
| Brookline Bancorp Inc  | 898071 | 9375861 |
| Burke & Herbert Financial Services Corp  | 137339 | 7678623 |
| Business First Bancshares Inc  | 242538 | 5590501 |
| Byline Bancorp Inc  | 308290 | 7873727 |
| Cadence Bank  | 1845048 | 53986104 |
| California BanCorp (b) | 240693 | 3362481 |
| Camden National Corp  | 168286 | 6482377 |
| Capital Bancorp Inc  | 89418 | 2824715 |
| Capital City Bank Group Inc  | 135639 | 4956249 |
| Capitol Federal Financial Inc  | 1260612 | 7147670 |
| Carter Bankshares Inc (b) | 222072 | 3399922 |
| Cathay General Bancorp  | 688131 | 28688181 |
| Central Pacific Financial Corp  | 271007 | 6962170 |
| Chemung Financial Corp  | 32673 | 1448721 |
| ChoiceOne Financial Services Inc  | 82728 | 2351957 |
| Citizens & Northern Corp  | 150627 | 2899570 |
| Citizens Financial Services Inc  | 45807 | 2493275 |
| City Holding Co  | 146005 | 16917599 |
| Civista Bancshares Inc  | 153112 | 3446551 |
| CNB Financial Corp/PA  | 205882 | 4519110 |
| Coastal Financial Corp/WA Class A (b) | 125790 | 10333649 |
| Colony Bankcorp Inc  | 161541 | 2507116 |
| Columbia Financial Inc (b) | 266289 | 3586913 |
| Community Financial System Inc  | 529065 | 28881658 |
| Community Trust Bancorp Inc  | 154741 | 7576119 |
| Community West Bancshares  | 165991 | 2904843 |
| Connectone Bancorp Inc  | 368909 | 8311520 |
| Customers Bancorp Inc (b) | 299540 | 14977000 |
| CVB Financial Corp  | 1345383 | 24943401 |
| Dime Community Bancshares Inc  | 402077 | 10329358 |
| Eagle Bancorp Inc  | 305057 | 5475773 |
| Eastern Bankshares Inc  | 1945772 | 29030918 |
| Enterprise Bancorp Inc/MA  | 96121 | 3575701 |
| Enterprise Financial Services Corp  | 368347 | 19161411 |
| Equity Bancshares Inc Class A  | 161022 | 6197737 |
| Esquire Financial Holdings Inc  | 71250 | 5908050 |
| ESSA Bancorp Inc  | 83709 | 1548617 |
| Farmers & Merchants Bancorp Inc/Archbold OH  | 127146 | 3327411 |
| Farmers National Banc Corp  | 372487 | 4857230 |
| FB Financial Corp  | 355509 | 15130463 |
| Fidelity D&D Bancorp Inc  | 47758 | 1933244 |
| Financial Institutions Inc  | 192641 | 4891155 |
| First Bancorp Inc/The  | 109312 | 2670492 |
| First Bancorp/Southern Pines NC  | 404066 | 16348510 |
| First Bank/Hamilton NJ  | 207394 | 2982326 |
| First Busey Corp  | 848714 | 17644764 |
| First Business Financial Services Inc  | 78506 | 3779279 |
| First Commonwealth Financial Corp  | 1026718 | 15729320 |
| First Community Bankshares Inc  | 170587 | 6427718 |
| First Financial Bancorp  | 957062 | 22155985 |
| First Financial Bankshares Inc  | 1314197 | 44038741 |
| First Financial Corp  | 115779 | 5719483 |
| First Foundation Inc  | 648346 | 3254697 |
| First Interstate BancSystem Inc Class A  | 815982 | 21374648 |
| First Interstate Bank of Calif  | 83171 | 1768215 |
| First Merchants Corp  | 590362 | 21040502 |
| First Mid Bancshares Inc  | 229791 | 7681913 |
| First of Long Island Corp/The  | 219978 | 2534147 |
| First Western Financial Inc (b) | 79075 | 1667692 |
| Five Star Bancorp  | 164795 | 4561526 |
| Flagstar Financial Inc  | 2566012 | 30048001 |
| Flushing Financial Corp  | 332802 | 3983640 |
| FS Bancorp Inc  | 67215 | 2628107 |
| Fulton Financial Corp  | 1844509 | 30766410 |
| FVCBankcorp Inc (b) | 166855 | 1905484 |
| German American Bancorp Inc  | 284999 | 10804312 |
| Glacier Bancorp Inc  | 1152255 | 46965914 |
| Great Southern Bancorp Inc  | 86962 | 4782910 |
| Greene County Bancorp Inc  | 70538 | 1569471 |
| Guaranty Bancshares Inc/TX  | 78855 | 3111618 |
| Hancock Whitney Corp  | 879930 | 45835554 |
| Hanmi Financial Corp  | 305941 | 6996871 |
| Harborone Northeast Bancorp Inc  | 382827 | 4333602 |
| HBT Financial Inc  | 128433 | 2976435 |
| Heritage Commerce Corp  | 612737 | 5539142 |
| Heritage Financial Corp Wash  | 341907 | 7802318 |
| Hilltop Holdings Inc  | 470374 | 13890144 |
| Hingham Institution For Savings The  | 15604 | 3894134 |
| Home Bancorp Inc  | 70414 | 3544641 |
| Home BancShares Inc/AR  | 1882093 | 52228081 |
| HomeStreet Inc (b) | 185341 | 2105474 |
| HomeTrust Bancshares Inc  | 144566 | 4935483 |
| Hope Bancorp Inc  | 1252970 | 12492111 |
| Horizon Bancorp Inc/IN  | 437348 | 6420269 |
| Independent Bank Corp  | 430995 | 25467495 |
| Independent Bank Corp/MI  | 199952 | 6090538 |
| International Bancshares Corp  | 546916 | 33383753 |
| Investar Holding Corp  | 90523 | 1731705 |
| John Marshall Bancorp Inc  | 123479 | 2122604 |
| Kearny Financial Corp/MD  | 565578 | 3540518 |
| Lakeland Financial Corp  | 253536 | 14114349 |
| LCNB Corp  | 128756 | 1933915 |
| LINKBANCORP Inc  | 226928 | 1593035 |
| Live Oak Bancshares Inc (c) | 352229 | 9207266 |
| Mercantile Bank Corp  | 160182 | 6777300 |
| Metrocity Bankshares Inc  | 184683 | 5091710 |
| Metropolitan Bank Holding Corp (b) | 106729 | 6609727 |
| Mid Penn Bancorp Inc  | 210699 | 6120806 |
| Middlefield Banc Corp  | 71960 | 1865923 |
| Midland States Bancorp Inc  | 220282 | 3586191 |
| MidWestOne Financial Group Inc  | 190487 | 5284109 |
| MVB Financial Corp  | 116530 | 1988002 |
| National Bank Holdings Corp Class A  | 373612 | 13509810 |
| National Bankshares Inc VA  | 58664 | 1511771 |
| NB Bancorp Inc (b) | 386720 | 6632248 |
| Nbt Bancorp Inc  | 465019 | 19688904 |
| Nicolet Bankshares Inc  | 137562 | 16068617 |
| Northeast Bank  | 69138 | 5726009 |
| Northeast Community Bancorp Inc  | 124290 | 2828840 |
| Northfield Bancorp Inc  | 389719 | 4111535 |
| Northrim BanCorp Inc  | 54246 | 4355411 |
| Northwest Bancshares Inc  | 1307984 | 16153602 |
| Norwood Financial Corp  | 85081 | 2127876 |
| Oak Valley Bancorp  | 68068 | 1783382 |
| OceanFirst Financial Corp  | 586860 | 9718402 |
| Old National Bancorp/IN  | 3182623 | 65530208 |
| Old Second Bancorp Inc  | 431221 | 6808980 |
| Orange County Bancorp Inc  | 102038 | 2421362 |
| Origin Bancorp Inc  | 296412 | 9497040 |
| Orrstown Financial Services Inc  | 186075 | 5576668 |
| Pacific Premier Bancorp Inc  | 980434 | 19942028 |
| Park National Corp  | 145391 | 21823189 |
| Parke Bancorp Inc  | 104111 | 1962492 |
| Pathward Financial Inc  | 243126 | 19296911 |
| PCB Bancorp  | 108887 | 2135274 |
| Peapack-Gladstone Financial Corp  | 167235 | 4629065 |
| Peoples Bancorp Inc/OH  | 353769 | 10262839 |
| Peoples Bancorp of North Carolina Inc  | 44447 | 1227625 |
| Peoples Financial Services Corp  | 94017 | 4063415 |
| Pioneer Bancorp Inc/NY (b) | 112328 | 1260319 |
| Plumas Bancorp  | 55749 | 2457973 |
| Ponce Financial Group Inc (b) | 180187 | 2319007 |
| Preferred Bank/Los Angeles CA  | 123935 | 9897449 |
| Primis Financial Corp  | 218893 | 1803678 |
| Princeton Bancorp Inc  | 54911 | 1673687 |
| Provident Bancorp Inc (b) | 149523 | 1659705 |
| Provident Financial Services Inc  | 1284490 | 21027101 |
| QCR Holdings Inc  | 162417 | 10548984 |
| RBB Bancorp  | 160145 | 2495059 |
| Red River Bancshares Inc  | 44429 | 2341408 |
| Renasant Corp  | 942149 | 30214718 |
| Republic Bancorp Inc/KY Class A  | 82640 | 5607124 |
| S&T Bancorp Inc  | 387765 | 14130157 |
| Seacoast Banking Corp of Florida  | 855312 | 20279448 |
| ServisFirst Bancshares Inc  | 511968 | 36462361 |
| Shore Bancshares Inc  | 311401 | 4306676 |
| Sierra Bancorp  | 131449 | 3478141 |
| Simmons First National Corp Class A  | 1257315 | 23461498 |
| SmartFinancial Inc  | 155601 | 4733382 |
| South Plains Financial Inc  | 115601 | 3896910 |
| Southern First Bancshares Inc (b) | 74993 | 2663001 |
| Southern Missouri Bancorp Inc  | 93823 | 4939781 |
| Southern States Bancshares Inc  | 83826 | 2800627 |
| Southside Bancshares Inc  | 293242 | 8266492 |
| SouthState Corp  | 989418 | 85861694 |
| Stellar Bancorp Inc  | 495007 | 12355375 |
| Stock Yards Bancorp Inc  | 257661 | 18755144 |
| Texas Capital Bancshares Inc (b) | 467659 | 31870961 |
| Third Coast Bancshares Inc (b) | 113553 | 3383879 |
| Timberland Bancorp Inc/WA  | 75085 | 2308113 |
| Tompkins Financial Corp  | 128635 | 7666646 |
| Towne Bank/Portsmouth VA  | 708211 | 23335552 |
| TriCo Bancshares  | 323711 | 12488770 |
| Triumph Financial Inc (b) | 223392 | 11933601 |
| TrustCo Bank Corp NY  | 190256 | 5793295 |
| Trustmark Corp  | 613327 | 20577121 |
| UMB Financial Corp  | 688707 | 65131021 |
| United Bankshares Inc/WV  | 1341373 | 45995680 |
| United Community Banks Inc/GA  | 1215672 | 33564704 |
| Unity Bancorp Inc  | 70022 | 2898911 |
| Univest Financial Corp  | 290866 | 8592182 |
| USCB Financial Holdings Inc  | 103404 | 1753732 |
| Valley National Bancorp  | 4817122 | 41427249 |
| Veritex Holdings Inc  | 535014 | 12455126 |
| Virginia National Bankshares Corp  | 47274 | 1738738 |
| WaFd Inc  | 822159 | 23456196 |
| Washington Trust Bancorp Inc  | 198223 | 5470955 |
| WesBanco Inc  | 871293 | 25947106 |
| West BanCorp Inc  | 161919 | 3142038 |
| Westamerica BanCorp  | 261568 | 12667738 |
| WSFS Financial Corp  | 590898 | 30460792 |
|  |  | 2455563374 |
| Capital Markets - 1.8% |  |  |
| Acadian Asset Management Inc  | 268006 | 7220082 |
| AlTi Global Inc Class A (b)(c) | 344831 | 1182770 |
| Artisan Partners Asset Management Inc Class A (c) | 644563 | 23835940 |
| B Riley Financial Inc (c) | 219954 | 644465 |
| BGC Group Inc Class A  | 3590483 | 32529776 |
| Cohen & Steers Inc  | 278369 | 21245122 |
| Diamond Hill Investment Group Inc  | 26353 | 3319951 |
| DigitalBridge Group Inc Class A  | 1610108 | 13524907 |
| Donnelley Financial Solutions Inc (b)(c) | 284312 | 13703838 |
| Forge Global Holdings Inc Class A (b)(c) | 81121 | 1175443 |
| GCM Grosvenor Inc Class A (c) | 420700 | 5275578 |
| Hamilton Lane Inc Class A (c) | 400882 | 61932261 |
| MarketWise Inc Class A  | 22728 | 310010 |
| Moelis & Co Class A  | 715562 | 38339812 |
| Open Lending Corp (b) | 886373 | 1099103 |
| P10 Inc Class A  | 403955 | 4471782 |
| Perella Weinberg Partners Class A  | 522744 | 8975514 |
| Piper Sandler Cos  | 174987 | 42192865 |
| PJT Partners Inc Class A  | 234824 | 33276909 |
| Silvercrest Asset Management Group Inc Class A  | 95740 | 1464822 |
| StepStone Group Inc Class A  | 671660 | 33589717 |
| StoneX Group Inc (b) | 442207 | 39164063 |
| Value Line Inc  | 8684 | 355176 |
| Victory Capital Holdings Inc Class A  | 416108 | 23838827 |
| Virtus Invt Partners Inc  | 67902 | 10429068 |
| WisdomTree Inc  | 1352380 | 11765706 |
|  |  | 434863507 |
| Consumer Finance - 1.0% |  |  |
| Atlanticus Holdings Corp (b) | 54622 | 2994378 |
| Bread Financial Holdings Inc  | 503943 | 23912096 |
| Consumer Portfolio Services Inc (b) | 80127 | 739572 |
| Dave Inc Class A (b) | 81339 | 7712564 |
| Encore Capital Group Inc (b) | 237250 | 8161400 |
| Enova International Inc (b) | 256031 | 23501086 |
| FirstCash Holdings Inc  | 389516 | 52179564 |
| Green Dot Corp Class A (b) | 472339 | 3953477 |
| LendingClub Corp (b) | 1123942 | 10980913 |
| Lendingtree Inc (b) | 102543 | 5290193 |
| Medallion Financial Corp  | 190735 | 1678468 |
| Navient Corp (c) | 757438 | 9377082 |
| Nelnet Inc Class A  | 142457 | 15113263 |
| NerdWallet Inc Class A (b) | 359598 | 3221998 |
| OppFi Inc Class A (c) | 191744 | 1792806 |
| PRA Group Inc (b) | 393500 | 7201050 |
| PROG Holdings Inc  | 416209 | 10971269 |
| Regional Management Corp  | 85523 | 2816272 |
| Upstart Holdings Inc (b)(c) | 809565 | 38697208 |
| World Acceptance Corp (b) | 34213 | 4417583 |
|  |  | 234712242 |
| Financial Services - 2.5% |  |  |
| Acacia Research Corp (b)(c) | 363611 | 1123558 |
| Alerus Financial Corp  | 226822 | 4509221 |
| AvidXchange Holdings Inc (b) | 1757201 | 14286044 |
| Burford Capital Ltd (United States)  | 2024019 | 27486178 |
| Cannae Holdings Inc  | 569486 | 10085597 |
| Cantaloupe Inc (b)(c) | 592265 | 4738120 |
| Cass Information Systems Inc  | 136683 | 5568465 |
| Compass Diversified Holdings  | 680766 | 11702368 |
| Enact Holdings Inc  | 283432 | 10144031 |
| Essent Group Ltd  | 1054986 | 60060354 |
| Federal Agricultural Mortgage Corp Class C  | 91634 | 16066189 |
| Flywire Corp (b) | 1230400 | 11578064 |
| HA Sustainable Infrastructure Capital Inc  | 1194634 | 29841957 |
| International Money Express Inc (b) | 308186 | 3827670 |
| Jackson Financial Inc  | 740290 | 57675994 |
| Marqeta Inc Class A (b) | 4743535 | 19827976 |
| Merchants Bancorp/IN  | 183436 | 5517755 |
| Mr Cooper Group Inc (b) | 637682 | 75890536 |
| NCR Atleos Corp (b) | 726592 | 20286449 |
| NewtekOne Inc (c) | 260334 | 2707474 |
| NMI Holdings Inc (b) | 790939 | 28608264 |
| Onity Group Inc (b) | 63440 | 2379634 |
| Payoneer Global Inc (b) | 2737677 | 19245869 |
| Paysafe Ltd (b)(c) | 326421 | 4971392 |
| Paysign Inc (b) | 336126 | 806702 |
| PennyMac Financial Services Inc  | 270547 | 26362100 |
| Priority Technology Holdings Inc (b)(c) | 225117 | 1634349 |
| Radian Group Inc  | 1508335 | 48176220 |
| Remitly Global Inc (b) | 1508602 | 30503932 |
| Repay Holdings Corp Class A (b)(c) | 887970 | 3551880 |
| Sezzle Inc (b)(c) | 141096 | 7329937 |
| SWK Holdings Corp  | 28608 | 403087 |
| Velocity Financial Inc (b) | 82641 | 1476795 |
| Walker & Dunlop Inc  | 326703 | 25005848 |
| Waterstone Financial Inc  | 161933 | 1959389 |
|  |  | 595339398 |
| Insurance - 2.2% |  |  |
| Ambac Financial Group Inc (b) | 462836 | 3693431 |
| American Coastal Insurance Corp  | 244152 | 2790657 |
| Amerisafe Inc  | 190604 | 8861180 |
| Baldwin Insurance Group Inc/The Class A (b) | 682716 | 28414640 |
| Bowhead Specialty Holdings Inc (b) | 160278 | 6441573 |
| CNO Financial Group Inc  | 1026736 | 38954364 |
| Crawford & Co Class A  | 147484 | 1640022 |
| Donegal Group Inc Class A  | 159612 | 3088492 |
| Employers Holdings Inc  | 247376 | 12020000 |
| Enstar Group Ltd (b) | 127260 | 42557017 |
| F&G Annuities & Life Inc  | 189100 | 6582571 |
| Genworth Financial Inc Class A (b) | 4273705 | 29317616 |
| GoHealth Inc Class A (b) | 47611 | 501344 |
| Goosehead Insurance Inc Class A (c) | 226551 | 22023023 |
| Greenlight Capital Re Ltd Class A (b) | 263988 | 3462203 |
| HCI Group Inc  | 83945 | 12281154 |
| Heritage Insurance Holdings Inc (b) | 231150 | 4368735 |
| Hippo Holdings Inc (b) | 200295 | 4630820 |
| Horace Mann Educators Corp  | 416193 | 17288657 |
| Investors Title Co  | 14065 | 3251687 |
| James River Group Holdings Ltd  | 388394 | 1848755 |
| Lemonade Inc (b)(c) | 529230 | 15464101 |
| Maiden Holdings Ltd (b) | 870500 | 1218700 |
| MBIA Inc (b)(c) | 450939 | 2114904 |
| Mercury General Corp  | 272239 | 15087485 |
| NI Holdings Inc (b) | 74052 | 925650 |
| Oscar Health Inc Class A (b)(c) | 2070233 | 26933731 |
| Palomar Hldgs Inc (b) | 262812 | 38112996 |
| ProAssurance Corp (b) | 513530 | 11919031 |
| Root Inc/OH Class A (b)(c) | 87407 | 12208136 |
| Safety Insurance Group Inc  | 148398 | 11352447 |
| Selective Insurance Group Inc  | 615508 | 53690764 |
| Selectquote Inc (b) | 1373938 | 4355383 |
| Skyward Specialty Insurance Group Inc (b)(c) | 375773 | 19949789 |
| Stewart Information Services Corp  | 273890 | 17934317 |
| Tiptree Inc Class A  | 254114 | 5669283 |
| Trupanion Inc (b)(c) | 333954 | 12222716 |
| United Fire Group Inc  | 211404 | 5849549 |
| Universal Insurance Holdings Inc  | 239933 | 5815976 |
|  |  | 514842899 |
| Mortgage Real Estate Investment Trusts (REITs) - 1.0% |  |  |
| AG Mortgage Investment Trust Inc  | 297556 | 1943041 |
| Angel Oak Mortgage REIT Inc  | 134067 | 1266933 |
| Apollo Commercial Real Estate Finance Inc  | 1422880 | 13332386 |
| Arbor Realty Trust Inc (c) | 1883854 | 21720837 |
| Ares Commercial Real Estate Corp  | 585250 | 2381968 |
| ARMOUR Residential REIT Inc  | 585546 | 9643943 |
| Blackstone Mortgage Trust Inc Class A  | 1763945 | 33603152 |
| Brightspire Capital Inc Class A  | 1343683 | 6731852 |
| Chimera Investment Corp  | 824115 | 10169579 |
| Claros Mortgage Trust Inc (c) | 909905 | 2238366 |
| Dynex Capital Inc  | 863815 | 10650839 |
| Ellington Financial Inc  | 887484 | 11563917 |
| Franklin BSP Realty Trust Inc  | 850901 | 9683253 |
| Granite Point Mortgage Trust Inc  | 516019 | 1016556 |
| Invesco Mortgage Capital Inc (c) | 528688 | 3875283 |
| Kkr Real Estate Finance Trust Inc  | 605229 | 5598368 |
| Ladder Capital Corp Class A  | 1145102 | 11954865 |
| MFA Financial Inc  | 1077680 | 10582818 |
| New York Mortgage Trust Inc  | 947098 | 5559465 |
| Nexpoint Real Estate Finance Inc  | 84499 | 1236220 |
| Orchid Island Capital Inc  | 831179 | 5942930 |
| Pennymac Mortgage Investment Trust  | 886531 | 11383058 |
| Ready Capital Corp (c) | 1677443 | 7464621 |
| Redwood Trust Inc  | 1345242 | 8353953 |
| Seven Hills Realty Trust  | 139761 | 1667349 |
| Sunrise Realty Trust Inc (c) | 110028 | 1183901 |
| TPG RE Finance Trust Inc  | 632047 | 4828839 |
| Two Harbors Investment Corp  | 1082331 | 12847269 |
|  |  | 228425561 |
| TOTAL FINANCIALS |  | 4463746981 |
| Health Care - 16.9% |  |  |
| Biotechnology - 8.7% |  |  |
| 2seventy bio Inc (b)(c) | 498315 | 2486592 |
| 4D Molecular Therapeutics Inc (b)(c) | 466958 | 1573648 |
| 89bio Inc (b)(c) | 1135632 | 9107769 |
| Absci Corp (b)(c) | 831412 | 2552435 |
| ACADIA Pharmaceuticals Inc (b) | 1214178 | 17726999 |
| ACELYRIN Inc (b)(c) | 761114 | 1879952 |
| Achieve Life Sciences Inc (b)(c) | 346446 | 900760 |
| Acrivon Therapeutics Inc (b) | 129476 | 181266 |
| Actinium Pharmaceuticals Inc (b)(c) | 333431 | 506815 |
| Acumen Pharmaceuticals Inc (b) | 408402 | 461494 |
| ADMA Biologics Inc (b) | 2321418 | 55249748 |
| Adverum Biotechnologies Inc (b)(c) | 216035 | 704274 |
| Aerovate Therapeutics Inc (c) | 3918 | 37220 |
| Agenus Inc (b)(c) | 243614 | 704044 |
| Agios Pharmaceuticals Inc (b) | 573220 | 17018902 |
| Akebia Therapeutics Inc (b) | 2186644 | 5269812 |
| Akero Therapeutics Inc (b) | 753885 | 34384695 |
| Aldeyra Therapeutics Inc (b)(c) | 516081 | 1367615 |
| Alector Inc (b) | 834564 | 1001477 |
| Alkermes PLC (b) | 1627405 | 46820442 |
| Allogene Therapeutics Inc (b)(c) | 1163322 | 1954381 |
| Altimmune Inc (b)(c) | 723067 | 3796102 |
| ALX Oncology Holdings Inc (b)(c) | 348143 | 187997 |
| Amicus Therapeutics Inc (b) | 2967182 | 22787958 |
| AnaptysBio Inc (b)(c) | 219550 | 4878401 |
| Anavex Life Sciences Corp (b)(c) | 761611 | 7235305 |
| Anika Therapeutics Inc (b) | 130542 | 1896775 |
| Annexon Inc (b) | 1009112 | 1876948 |
| Apogee Therapeutics Inc (b) | 385125 | 15116156 |
| Applied Therapeutics Inc (b)(c) | 1047128 | 428485 |
| Arbutus Biopharma Corp (b)(c) | 1478264 | 5247837 |
| Arcellx Inc (b) | 442831 | 28761873 |
| Arcturus Therapeutics Holdings Inc (b)(c) | 236127 | 3024787 |
| Arcus Biosciences Inc (b) | 553863 | 4846301 |
| Arcutis Biotherapeutics Inc (b) | 1089190 | 16239823 |
| Ardelyx Inc (b)(c) | 2386787 | 13139262 |
| ArriVent Biopharma Inc (b)(c) | 286191 | 6084421 |
| Arrowhead Pharmaceuticals Inc (b) | 1131884 | 15721869 |
| ARS Pharmaceuticals Inc (b)(c) | 499648 | 6980083 |
| Astria Therapeutics Inc (b) | 472233 | 2436722 |
| Atossa Therapeutics Inc (b) | 1291230 | 1159395 |
| Aura Biosciences Inc (b)(c) | 472544 | 2754932 |
| Avidity Biosciences Inc (b) | 1149441 | 37529249 |
| Avita Medical Inc (b)(c) | 264476 | 2562772 |
| Beam Therapeutics Inc (b) | 927995 | 18494940 |
| Bicara Therapeutics Inc  | 198369 | 2850563 |
| BioCryst Pharmaceuticals Inc (b) | 2087309 | 18472685 |
| Biohaven Ltd (b)(c) | 869691 | 19237565 |
| Biomea Fusion Inc (b)(c) | 295097 | 619704 |
| Black Diamond Therapeutics Inc (b)(c) | 427069 | 726017 |
| Bluebird Bio Inc (b) | 77354 | 315604 |
| Blueprint Medicines Corp (b) | 642837 | 57533912 |
| Boundless Bio Inc (b)(c) | 156391 | 275248 |
| Bridgebio Pharma Inc (b) | 1421022 | 54510404 |
| C4 Therapeutics Inc (b)(c) | 632347 | 1037049 |
| Cabaletta Bio Inc (b)(c) | 476519 | 629005 |
| CAMP4 Therapeutics Corp (c) | 71243 | 126099 |
| Candel Therapeutics Inc (b)(c) | 291915 | 1433303 |
| Capricor Therapeutics Inc (b)(c) | 371557 | 4718774 |
| Cardiff Oncology Inc (b)(c) | 599727 | 1643252 |
| CareDx Inc (b) | 520965 | 8793889 |
| Cargo Therapeutics Inc (b) | 357301 | 1632866 |
| Caribou Biosciences Inc (b) | 843923 | 718094 |
| Cartesian Therapeutics Inc (b)(c) | 105397 | 1264764 |
| Cartesian Therapeutics Inc rights (b)(c)(e) | 1117119 | 323965 |
| Catalyst Pharmaceuticals Inc (b) | 1142443 | 27749940 |
| Celcuity Inc (b)(c) | 334715 | 3728725 |
| Celldex Therapeutics Inc (b) | 656290 | 13670521 |
| Century Therapeutics Inc (b) | 480129 | 260038 |
| CervoMed Inc (b)(c) | 56885 | 515378 |
| CG oncology Inc (b) | 547897 | 14760345 |
| Chinook Therapeutics Inc rights (b)(e) | 86210 | 0 |
| Cibus Inc Class A (b)(c) | 178397 | 383554 |
| Climb Bio Inc (b) | 295179 | 395540 |
| Cogent Biosciences Inc (b) | 936166 | 4877425 |
| Coherus Biosciences Inc (b)(c) | 1156833 | 1191538 |
| Compass Therapeutics Inc (b)(c) | 1042721 | 1939461 |
| Corbus Pharmaceuticals Holdings Inc (b)(c) | 122374 | 914134 |
| Crinetics Pharmaceuticals Inc (b) | 928532 | 31003683 |
| Cullinan Therapeutics Inc (b)(c) | 536753 | 4444315 |
| Cytokinetics Inc (b) | 1155540 | 49503334 |
| Day One Biopharmaceuticals Inc (b) | 559969 | 4356559 |
| Denali Therapeutics Inc (b) | 1191467 | 19837926 |
| Design Therapeutics Inc (b)(c) | 316434 | 1537869 |
| Dianthus Therapeutics Inc (b)(c) | 243719 | 5325260 |
| Disc Medicine Inc (b) | 230740 | 11403171 |
| Dynavax Technologies Corp (b)(c) | 1331368 | 15643574 |
| Dyne Therapeutics Inc (b) | 848140 | 9999571 |
| Editas Medicine Inc (b) | 861392 | 1421297 |
| Elevation Oncology Inc (b) | 580254 | 215622 |
| Enanta Pharmaceuticals Inc (b) | 208358 | 1268900 |
| Entrada Therapeutics Inc (b) | 251519 | 2296368 |
| Erasca Inc (b) | 1885079 | 2752215 |
| Fate Therapeutics Inc (b) | 1038620 | 1329434 |
| Fibrobiologics Inc (b)(c) | 280590 | 314261 |
| Foghorn Therapeutics Inc (b) | 254923 | 1070677 |
| Galectin Therapeutics Inc (b)(c) | 160744 | 220219 |
| Generation Bio CO (b) | 499294 | 216244 |
| Geron Corp (b) | 6013048 | 8478398 |
| Greenwich Lifesciences Inc (b)(c) | 65106 | 657571 |
| Gyre Therapeutics Inc (b)(c) | 75049 | 732478 |
| Halozyme Therapeutics Inc (b) | 1260032 | 77391165 |
| Heron Therapeutics Inc (b)(c) | 1196738 | 2896106 |
| HilleVax Inc (b)(c) | 301080 | 584095 |
| Humacyte Inc Class A (b)(c) | 929139 | 1347252 |
| Ideaya Biosciences Inc (b) | 878046 | 17675066 |
| IGM Biosciences Inc (b)(c) | 161745 | 224017 |
| ImmunityBio Inc (b)(c) | 1554494 | 3901780 |
| Immunome Inc (b) | 723744 | 6361710 |
| Immunovant Inc (b) | 591517 | 9553000 |
| Inhibrx Biosciences Inc (c) | 119793 | 1477048 |
| Inmune Bio Inc (b)(c) | 142477 | 1119869 |
| Inovio Pharmaceuticals Inc (b)(c) | 393258 | 762921 |
| Inozyme Pharma Inc (b) | 530628 | 610222 |
| Insmed Inc (b)(c) | 1740626 | 125325072 |
| Intellia Therapeutics Inc (b)(c) | 905617 | 8032823 |
| Invivyd Inc (b)(c) | 830579 | 523431 |
| Iovance Biotherapeutics Inc (b)(c) | 2793102 | 10027236 |
| Ironwood Pharmaceuticals Inc Class A (b) | 1444692 | 1346886 |
| iTeos Therapeutics Inc (b) | 274625 | 1991031 |
| Janux Therapeutics Inc (b) | 321083 | 10659956 |
| Jasper Therapeutics Inc Class A (b) | 121949 | 669500 |
| KalVista Pharmaceuticals Inc (b)(c) | 397565 | 5474470 |
| Keros Therapeutics Inc (b) | 338656 | 4890193 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 390900 | 10542573 |
| Kodiak Sciences Inc (b)(c) | 337332 | 1470768 |
| Korro Bio Inc (b)(c) | 63731 | 1131225 |
| Krystal Biotech Inc (b) | 251166 | 42668080 |
| Kura Oncology Inc (b) | 760168 | 4986702 |
| Kymera Therapeutics Inc (b) | 476745 | 16338051 |
| Kyverna Therapeutics Inc (b) | 261206 | 603386 |
| Larimar Therapeutics Inc (b)(c) | 443202 | 1174485 |
| Lexeo Therapeutics Inc (b) | 244829 | 962178 |
| Lexicon Pharmaceuticals Inc (b)(c) | 1222121 | 893126 |
| Lineage Cell Therapeutics Inc (b)(c) | 1836964 | 916645 |
| Lyell Immunopharma Inc (b) | 1631139 | 775117 |
| MacroGenics Inc (b) | 639938 | 1110292 |
| Madrigal Pharmaceuticals Inc (b)(c) | 181784 | 60699495 |
| MannKind Corp (b) | 2715032 | 13683761 |
| MeiraGTx Holdings plc (b) | 481043 | 3410595 |
| Mersana Therapeutics Inc (b) | 1111223 | 481048 |
| Metagenomi Inc (b)(c) | 286751 | 496079 |
| Metsera Inc (c) | 156288 | 3768104 |
| MiMedx Group Inc (b) | 1198032 | 8242460 |
| Mineralys Therapeutics Inc (b) | 292077 | 4150414 |
| Mirum Pharmaceuticals Inc (b)(c) | 400930 | 17420409 |
| Monte Rosa Therapeutics Inc (b)(c) | 424032 | 2081997 |
| Myriad Genetics Inc (b) | 909003 | 6735712 |
| Neurogene Inc (b)(c) | 121569 | 1823535 |
| Nkarta Inc (b) | 560880 | 1189066 |
| Novavax Inc (b)(c) | 1562173 | 10419694 |
| Nurix Therapeutics Inc (b) | 764751 | 8817579 |
| Nuvalent Inc Class A (b)(c) | 355417 | 27278255 |
| Ocugen Inc (b)(c) | 2950362 | 2204510 |
| Olema Pharmaceuticals Inc (b) | 421614 | 2175528 |
| OmniAb Operations Inc (b)(c)(e) | 45323 | 97444 |
| OmniAb Operations Inc (b)(c)(e) | 45323 | 86567 |
| Oncternal Therapeutics Inc rights (b)(c)(e) | 4336 | 0 |
| Organogenesis Holdings Inc Class A (b) | 694601 | 3410491 |
| ORIC Pharmaceuticals Inc (b)(c) | 629002 | 3591601 |
| Outlook Therapeutics Inc (b)(c) | 176129 | 276523 |
| Ovid therapeutics Inc (b) | 578629 | 189270 |
| PepGen Inc (b)(c) | 155976 | 244882 |
| Perspective Therapeutics Inc (b) | 562523 | 1378181 |
| Praxis Precision Medicines Inc (b) | 175534 | 6607100 |
| Precigen Inc (b)(c) | 1376085 | 2146693 |
| Prelude Therapeutics Inc (b) | 144774 | 138940 |
| Prime Medicine Inc (b)(c) | 585692 | 1013247 |
| ProKidney Corp Class A (b)(c) | 1129543 | 1000323 |
| Protagonist Therapeutics Inc (b) | 601243 | 27548954 |
| PTC Therapeutics Inc (b) | 769187 | 38336280 |
| Puma Biotechnology Inc (b) | 434631 | 1382127 |
| Pyxis Oncology Inc (b)(c) | 499464 | 549410 |
| Q32 Bio Inc (b)(c) | 65498 | 104796 |
| RAPT Therapeutics Inc (b)(c) | 332301 | 307977 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 2411520 | 13480397 |
| REGENXBIO Inc (b) | 474351 | 4558513 |
| Regulus Therapeutics Inc (b)(c) | 649655 | 5184247 |
| Relay Therapeutics Inc (b)(c) | 1288019 | 4289103 |
| Renovaro Inc (b)(c) | 1134587 | 408111 |
| Replimune Group Inc (b)(c) | 695179 | 6798851 |
| Revolution Medicines Inc (b) | 1721441 | 69511788 |
| Rhythm Pharmaceuticals Inc (b) | 553606 | 36089575 |
| Rigel Pharmaceuticals Inc (b) | 176228 | 3447020 |
| Rocket Pharmaceuticals Inc (b) | 790481 | 6031370 |
| Sage Therapeutics Inc (b) | 554096 | 4039360 |
| Sana Biotechnology Inc (b)(c) | 1164917 | 2213342 |
| Savara Inc (b)(c) | 1231570 | 3941024 |
| Scholar Rock Holding Corp (b) | 812883 | 26751980 |
| Sera Prognostics Inc Class A (b)(c) | 288826 | 849148 |
| Shattuck Labs Inc (b)(c) | 390612 | 386315 |
| Skye Bioscience Inc (b)(c) | 215596 | 469999 |
| Soleno Therapeutics Inc (b) | 258993 | 19388216 |
| Solid Biosciences Inc (b) | 250535 | 829271 |
| SpringWorks Therapeutics Inc (b) | 696012 | 32225356 |
| Spyre Therapeutics Inc (b)(c) | 408486 | 6221242 |
| Stoke Therapeutics Inc (b) | 368083 | 3592490 |
| Summit Therapeutics Inc (b)(c) | 929460 | 22418575 |
| Sutro Biopharma Inc (b) | 859077 | 902031 |
| Syndax Pharmaceuticals Inc (b) | 834091 | 11802388 |
| Tango Therapeutics Inc (b)(c) | 506226 | 713779 |
| Taysha Gene Therapies Inc (b) | 1783635 | 3460252 |
| Tenaya Therapeutics Inc (b)(c) | 608019 | 288809 |
| Tevogen Bio Holdings Inc Class A (b)(c) | 237827 | 244962 |
| TG Therapeutics Inc (b)(c) | 1411613 | 64242508 |
| Tobira Therapeutics Inc rights (b)(c)(e) | 9663 | 0 |
| Tourmaline Bio Inc (b)(c) | 235906 | 4059942 |
| Travere Therapeutics Inc (b) | 848570 | 17658742 |
| TScan Therapeutics Inc (b)(c) | 392729 | 630330 |
| Twist Bioscience Corp (b) | 591747 | 22675745 |
| Tyra Biosciences Inc (b) | 199925 | 2059228 |
| Upstream Bio Inc  | 180439 | 1670865 |
| UroGen Pharma Ltd (b)(c) | 390015 | 4539775 |
| Vanda Pharmaceuticals Inc (b) | 575083 | 2593624 |
| Vaxcyte Inc (b) | 1240865 | 44472602 |
| Vera Therapeutics Inc Class A (b) | 459511 | 10738772 |
| Veracyte Inc (b) | 787995 | 24033848 |
| Verastem Inc (b)(c) | 394915 | 2957913 |
| Vericel Corp (b) | 496366 | 18871835 |
| Verve Therapeutics Inc (b)(c) | 658400 | 3733128 |
| Vir Biotechnology Inc (b) | 926163 | 5668118 |
| Viridian Therapeutics Inc (b)(c) | 757311 | 10261564 |
| Voyager Therapeutics Inc (b)(c) | 471595 | 1678878 |
| Werewolf Therapeutics Inc (b) | 311527 | 281091 |
| X4 Pharmaceuticals Inc (b)(c) | 56751 | 244597 |
| XBiotech Inc (b)(c) | 195365 | 593910 |
| Xencor Inc (b) | 684165 | 7539498 |
| XOMA Royalty Corp (b) | 80094 | 1925460 |
| Y-mAbs Therapeutics Inc (b)(c) | 387817 | 1648222 |
| Zenas Biopharma Inc (c) | 158956 | 1840710 |
| Zentalis Pharmaceuticals Inc (b) | 601304 | 853852 |
| Zymeworks Inc (b) | 554100 | 7208841 |
|  |  | 2041484676 |
| Health Care Equipment & Supplies - 2.7% |  |  |
| Accuray Inc Del (b) | 968180 | 1500679 |
| Alphatec Holdings Inc (b)(c) | 1051953 | 11550444 |
| AngioDynamics Inc (b) | 392820 | 3649298 |
| Anteris Technologies Global Corp (c) | 153955 | 762077 |
| Artivion Inc (b) | 396901 | 9402585 |
| AtriCure Inc (b) | 478642 | 14316182 |
| Avanos Medical Inc (b) | 458888 | 5759044 |
| Axogen Inc (b) | 426928 | 6946119 |
| Beta Bionics Inc (c) | 134602 | 1487352 |
| Bioventus Inc (b) | 386745 | 2827106 |
| Ceribell Inc  | 127665 | 2054130 |
| Cerus Corp (b) | 1831798 | 2417973 |
| CONMED Corp (c) | 314056 | 15423290 |
| CVRx Inc (b)(c) | 151777 | 1111008 |
| Embecta Corp  | 588039 | 7168195 |
| Fractyl Health Inc (b)(c) | 346899 | 440562 |
| Glaukos Corp (b) | 494864 | 46640932 |
| Haemonetics Corp (b) | 502172 | 31646879 |
| ICU Medical Inc (b) | 216535 | 29576516 |
| Inmode Ltd (b)(c) | 665610 | 9385101 |
| Inogen Inc (b) | 244657 | 1744404 |
| Integer Holdings Corp (b) | 336252 | 42471990 |
| Integra LifeSciences Holdings Corp (b) | 685289 | 11231887 |
| iRadimed Corp  | 79677 | 4175872 |
| iRhythm Technologies Inc (b) | 315884 | 33764841 |
| Lantheus Holdings Inc (b)(c) | 696324 | 72654446 |
| LeMaitre Vascular Inc  | 204722 | 18576474 |
| LivaNova PLC (b) | 551940 | 20421780 |
| Merit Medical Systems Inc (b) | 577115 | 54508512 |
| Neogen Corp (b)(c) | 2067363 | 10440183 |
| NeuroPace Inc (b) | 143275 | 1674885 |
| Novocure Ltd (b) | 1077523 | 19546267 |
| Omnicell Inc (b) | 462755 | 14465721 |
| OraSure Technologies Inc (b) | 740648 | 2214538 |
| Orchestra BioMed Holdings Inc (b)(c) | 253043 | 751538 |
| Orthofix Medical Inc (b) | 342721 | 4767249 |
| OrthoPediatrics Corp (b) | 170285 | 3545334 |
| PROCEPT BioRobotics Corp (b)(c) | 451161 | 24353671 |
| Pulmonx Corp (b) | 394758 | 1906681 |
| Pulse Biosciences Inc (b)(c) | 185266 | 3153227 |
| Pulse Biosciences Inc warrants 6/26/2030 (b)(c) | 17423 | 83703 |
| RxSight Inc (b) | 375168 | 5522473 |
| Sanara Medtech Inc (b)(c) | 40571 | 1295838 |
| Semler Scientific Inc (b)(c) | 68425 | 2212180 |
| SI-BONE Inc (b)(c) | 418339 | 5710327 |
| Sight Sciences Inc (b) | 358312 | 1092852 |
| STAAR Surgical Co (b)(c) | 494587 | 9031159 |
| Stereotaxis Inc (b)(c) | 583172 | 1166344 |
| Surmodics Inc (b) | 137610 | 3854456 |
| Tactile Systems Technology Inc (b) | 243209 | 3434111 |
| Tandem Diabetes Care Inc (b) | 666439 | 11229497 |
| TransMedics Group Inc (b)(c) | 331983 | 30545756 |
| Treace Medical Concepts Inc (b) | 493164 | 3491601 |
| UFP Technologies Inc (b)(c) | 73575 | 15343331 |
| Utah Medical Products Inc  | 29451 | 1524089 |
| Varex Imaging Corp (b) | 394794 | 3284686 |
| Zimvie Inc (b) | 271504 | 2459826 |
| Zynex Inc (b)(c) | 166648 | 276635 |
|  |  | 651993836 |
| Health Care Providers & Services - 3.1% |  |  |
| AdaptHealth Corp (b) | 1031653 | 8779367 |
| Addus HomeCare Corp (b) | 176524 | 18455584 |
| agilon health Inc (b) | 3126757 | 13319985 |
| AirSculpt Technologies Inc (b)(c) | 139936 | 303660 |
| Alignment Healthcare Inc (b) | 1011175 | 17918021 |
| AMN Healthcare Services Inc (b) | 357995 | 7313838 |
| Ardent Health Partners Inc  | 244746 | 3115617 |
| Astrana Health Inc (b) | 437350 | 13632200 |
| Aveanna Healthcare Holdings Inc (b) | 517854 | 2387307 |
| BrightSpring Health Services Inc (b) | 556497 | 9755392 |
| Brookdale Senior Living Inc (b) | 1934016 | 12687145 |
| Castle Biosciences Inc (b)(c) | 266940 | 5352147 |
| Community Health Systems Inc (b) | 1271753 | 3471886 |
| Concentra Group Holdings Parent Inc  | 1110666 | 24156986 |
| CorVel Corp (b) | 268192 | 29168562 |
| Cross Country Healthcare Inc (b) | 315984 | 4281583 |
| DocGo Inc Class A (b)(c) | 1035350 | 2308831 |
| Enhabit Inc (b) | 501783 | 4009246 |
| Ensign Group Inc/The  | 560728 | 72328305 |
| Fulgent Genetics Inc (b)(c) | 212777 | 3691681 |
| GeneDx Holdings Corp Class A (b)(c) | 129239 | 8639627 |
| Guardant Health Inc (b) | 1208921 | 57097339 |
| HealthEquity Inc (b) | 866956 | 74315468 |
| Hims & Hers Health Inc Class A (b)(c) | 1954268 | 64686271 |
| Infusystem Holdings Inc (b)(c) | 197436 | 931898 |
| Innovage Holding Corp (b) | 191029 | 597921 |
| Joint Corp/The (b)(c) | 107290 | 1073973 |
| LifeStance Health Group Inc (b) | 1410363 | 9266085 |
| ModivCare Inc (b)(c) | 105840 | 125949 |
| National HealthCare Corp  | 126187 | 11923410 |
| National Research Corp Class A  | 160270 | 1820667 |
| NeoGenomics Inc (b)(c) | 1293633 | 8272783 |
| OPKO Health Inc (b) | 3215326 | 4437150 |
| Option Care Health Inc (b) | 1734245 | 56033456 |
| Owens & Minor Inc (b) | 767739 | 5420237 |
| PACS Group Inc (b) | 401542 | 3866849 |
| Pediatrix Medical Group Inc (b) | 869098 | 11193982 |
| Pennant Group Inc/The (b) | 329553 | 8443148 |
| Performant Healthcare Inc (b) | 716180 | 1690185 |
| Privia Health Group Inc (b) | 1043440 | 24499971 |
| Progyny Inc (b) | 758688 | 17328434 |
| Quipt Home Medical Corp (United States) (b)(c) | 387473 | 833067 |
| RadNet Inc (b) | 668247 | 35002778 |
| Select Medical Holdings Corp  | 1095780 | 19987027 |
| Sonida Senior Living Inc (b)(c) | 46279 | 1074598 |
| Surgery Partners Inc (b) | 778062 | 17078461 |
| Talkspace Inc Class A (b) | 1246597 | 3827053 |
| US Physical Therapy Inc  | 151530 | 10775298 |
| Viemed Healthcare Inc (b) | 341584 | 2414999 |
|  |  | 719095427 |
| Health Care Technology - 0.4% |  |  |
| Definitive Healthcare Corp Class A (b)(c) | 534779 | 1454599 |
| Evolent Health Inc Class A (b) | 1173537 | 11571075 |
| Health Catalyst Inc (b) | 612732 | 2420291 |
| HealthStream Inc  | 240435 | 8085829 |
| LifeMD Inc (b)(c) | 372365 | 2740606 |
| OptimizeRx Corp (b)(c) | 183131 | 1670155 |
| Phreesia Inc (b) | 567004 | 14152420 |
| Schrodinger Inc/United States (b)(c) | 563662 | 14446657 |
| Simulations Plus Inc  | 162145 | 5569681 |
| Teladoc Health Inc (b) | 1747100 | 12561649 |
| Waystar Holding Corp (b) | 795043 | 29551748 |
|  |  | 104224710 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Adaptive Biotechnologies Corp (b)(c) | 1171669 | 8623484 |
| Akoya Biosciences Inc (b)(c) | 264994 | 317993 |
| BioLife Solutions Inc (b)(c) | 365175 | 8804369 |
| Codexis Inc (b) | 819915 | 1885805 |
| Conduit Pharmaceuticals Inc Class A (b)(c) | 12798 | 7141 |
| CryoPort Inc (b)(c) | 443737 | 2476052 |
| Cytek Biosciences Inc (b) | 1209652 | 4487809 |
| Harvard Bioscience Inc (b) | 400048 | 142537 |
| Lifecore Biomedical Inc (b)(c) | 251648 | 1701140 |
| Maravai LifeSciences Holdings Inc Class A (b)(c) | 1136306 | 2295338 |
| MaxCyte Inc (United States) (b)(c) | 1083541 | 3077256 |
| Mesa Laboratories Inc  | 52044 | 5998071 |
| Nautilus Biotechnology Inc Class A (b) | 481058 | 331257 |
| Niagen Bioscience Inc (b) | 500412 | 3928234 |
| OmniAb Inc (b)(c) | 974342 | 1656381 |
| Pacific Biosciences of California Inc (b)(c) | 2531844 | 2810347 |
| Quanterix Corp (b) | 370497 | 2134063 |
| Quantum-Si Inc Class A (b)(c) | 1233663 | 1406376 |
| Standard BioTools Inc (b)(c) | 3013143 | 3344589 |
|  |  | 55428242 |
| Pharmaceuticals - 1.8% |  |  |
| Alto Neuroscience Inc (b) | 222381 | 553729 |
| Alumis Inc (c) | 225103 | 931926 |
| Amneal Intermediate Inc Class A (b) | 1598090 | 12241369 |
| Amphastar Pharmaceuticals Inc (b) | 385490 | 9409811 |
| ANI Pharmaceuticals Inc (b) | 187061 | 13247660 |
| Aquestive Therapeutics Inc (b)(c) | 757374 | 2215319 |
| Arvinas Inc (b) | 553917 | 5328682 |
| Atea Pharmaceuticals Inc (b) | 772946 | 2280191 |
| Avadel Pharmaceuticals PLC Class A (b) | 940979 | 8365303 |
| Axsome Therapeutics Inc (b) | 372570 | 41835885 |
| BioAge Labs Inc  | 129408 | 543514 |
| Biote Corp Class A (b) | 278502 | 927412 |
| Cassava Sciences Inc (b)(c) | 322337 | 502846 |
| Collegium Pharmaceutical Inc (b) | 325119 | 8776587 |
| Contineum Therapeutics Inc Class A (b) | 106098 | 436063 |
| Corcept Therapeutics Inc (b) | 816999 | 58725888 |
| CorMedix Inc (b)(c) | 615774 | 5658963 |
| Edgewise Therapeutics Inc (b) | 744907 | 12216475 |
| Enliven Therapeutics Inc (b)(c) | 371997 | 7045623 |
| Esperion Therapeutics Inc (b)(c) | 1923255 | 1922101 |
| Evolus Inc (b) | 567941 | 6474527 |
| EyePoint Pharmaceuticals Inc (b)(c) | 667217 | 4550420 |
| Fulcrum Therapeutics Inc (b) | 569148 | 2191220 |
| Harmony Biosciences Holdings Inc (b) | 386661 | 11394900 |
| Harrow Inc (b) | 308230 | 7634857 |
| Innoviva Inc (b)(c) | 548758 | 10256287 |
| LENZ Therapeutics Inc (b)(c) | 127647 | 3639854 |
| Ligand Pharmaceuticals Inc (b)(c) | 180935 | 19877519 |
| Liquidia Corp (b) | 640717 | 8950816 |
| Lyra Therapeutics Inc (b) | 316615 | 37614 |
| Maze Therapeutics Inc (c) | 90515 | 837264 |
| MBX Biosciences Inc (b)(c) | 117691 | 1234579 |
| Mind Medicine MindMed Inc (b)(c) | 751398 | 4801433 |
| Nektar Therapeutics (b) | 1826848 | 1453258 |
| Neumora Therapeutics Inc (b) | 897066 | 699532 |
| Novartis AG rights (b)(e) | 526013 | 6 |
| Nuvation Bio Inc Class A (b) | 1849386 | 4161119 |
| Ocular Therapeutix Inc (b)(c) | 1602568 | 13301314 |
| Omeros Corp (b)(c) | 565526 | 4156616 |
| Pacira BioSciences Inc (b)(c) | 464491 | 12494808 |
| Phathom Pharmaceuticals Inc (b)(c) | 409614 | 1757244 |
| Phibro Animal Health Corp Class A  | 207394 | 3859602 |
| Pliant Therapeutics Inc (b) | 593371 | 943460 |
| Prestige Consumer Healthcare Inc (b) | 499666 | 40587869 |
| Rapport Therapeutics Inc (b)(c) | 172904 | 1979751 |
| scPharmaceuticals Inc (b)(c) | 408803 | 1042448 |
| Septerna Inc (c) | 193065 | 1343732 |
| SIGA Technologies Inc  | 471136 | 2600671 |
| Supernus Pharmaceuticals Inc (b) | 507869 | 16495585 |
| Tarsus Pharmaceuticals Inc (b) | 376957 | 19567838 |
| Telomir Pharmaceuticals Inc (b)(c) | 195115 | 497543 |
| Terns Pharmaceuticals Inc (b) | 720202 | 2376667 |
| Theravance Biopharma Inc (b) | 375014 | 3663887 |
| Third Harmonic Bio Inc (b)(c) | 227379 | 1175549 |
| Trevi Therapeutics Inc (b)(c) | 756122 | 5224803 |
| Ventyx Biosciences Inc (b) | 644729 | 857490 |
| Verrica Pharmaceuticals Inc (b) | 385381 | 178894 |
| Veru Inc (b)(c) | 1346871 | 729600 |
| WaVe Life Sciences Ltd (b) | 979488 | 7561647 |
| Xeris Biopharma Holdings Inc (b) | 1411185 | 6449115 |
| Zevra Therapeutics Inc (b)(c) | 541960 | 3972567 |
|  |  | 434179252 |
| TOTAL HEALTH CARE |  | 4006406143 |
| Industrials - 17.2% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| AAR Corp (b) | 352740 | 18857480 |
| AeroVironment Inc (b)(c) | 283871 | 43012134 |
| AerSale Corp (b)(c) | 342710 | 2388689 |
| Archer Aviation Inc Class A (b)(c) | 3267952 | 27222040 |
| Astronics Corp (b)(c) | 296894 | 6736525 |
| Byrna Technologies Inc (b)(c) | 173790 | 3891158 |
| Cadre Holdings Inc  | 264433 | 7708222 |
| Ducommun Inc (b) | 135334 | 7757345 |
| Eve Holding Inc Class A (b)(c) | 534369 | 1902354 |
| Intuitive Machines Inc Class A (b)(c) | 425324 | 3487657 |
| Kratos Defense & Security Solutions Inc (b) | 1496041 | 50543745 |
| Leonardo DRS Inc  | 744061 | 27500495 |
| Mercury Systems Inc (b) | 525188 | 26259400 |
| Moog Inc Class A  | 282609 | 47266355 |
| National Presto Industries Inc  | 51697 | 4360642 |
| Park Aerospace Corp  | 184852 | 2416016 |
| Redwire Corp Class A (b)(c) | 230852 | 2488585 |
| Rocket Lab USA Inc Class A (b)(c) | 3568243 | 77752015 |
| Triumph Group Inc (b) | 738722 | 18763539 |
| V2X Inc (b) | 168175 | 8368388 |
| Virgin Galactic Holdings Inc Class A (b)(c) | 284097 | 821040 |
| VirTra Inc (b)(c) | 110615 | 517677 |
|  |  | 390021501 |
| Air Freight & Logistics - 0.1% |  |  |
| Forward Air Corp Class A (b)(c) | 252233 | 3712870 |
| Hub Group Inc Class A  | 604796 | 19105506 |
| Radiant Logistics Inc (b) | 346906 | 2029400 |
|  |  | 24847776 |
| Building Products - 1.4% |  |  |
| American Woodmark Corp (b) | 152554 | 9000686 |
| Apogee Enterprises Inc  | 221647 | 8792736 |
| AZZ Inc  | 295954 | 25676969 |
| Caesarstone Ltd (b) | 198926 | 515218 |
| CSW Industrials Inc  | 168986 | 52804745 |
| Gibraltar Industries Inc (b) | 309529 | 16389561 |
| Griffon Corp  | 396645 | 27015491 |
| Insteel Industries Inc  | 189637 | 6430591 |
| Janus International Group Inc (b) | 1394601 | 9594855 |
| JELD-WEN Holding Inc (b) | 865958 | 4780088 |
| Masterbrand Inc (b) | 1283579 | 15595485 |
| Quanex Building Products Corp (c) | 483132 | 7942690 |
| Resideo Technologies Inc (b) | 1472921 | 24715614 |
| Tecnoglass Inc  | 227025 | 16180072 |
| UFP Industries Inc  | 603840 | 59689585 |
| Zurn Elkay Water Solutions Corp  | 1452393 | 49323266 |
|  |  | 334447652 |
| Commercial Services & Supplies - 1.9% |  |  |
| ABM Industries Inc  | 626974 | 30558713 |
| ACCO Brands Corp  | 941298 | 3633410 |
| ACV Auctions Inc Class A (b) | 1497993 | 22005517 |
| Bridger Aerospace Group Holdings Inc (b)(c) | 105238 | 152594 |
| BrightView Holdings Inc (b) | 600632 | 8240671 |
| Brink's Co/The  | 441651 | 39412935 |
| Casella Waste Systems Inc Class A (b) | 629640 | 73951218 |
| CECO Environmental Corp (b) | 295376 | 7026995 |
| CompX International Inc Class A (c) | 15829 | 430549 |
| CoreCivic Inc (b) | 1100151 | 24907419 |
| Deluxe Corp  | 453459 | 6620501 |
| Driven Brands Holdings Inc (b) | 598804 | 9892242 |
| Ennis Inc  | 257467 | 4621533 |
| Enviri Corp (b) | 797535 | 5479065 |
| GEO Group Inc/The (b) | 1285321 | 40204841 |
| Healthcare Services Group Inc (b) | 743626 | 10566925 |
| HNI Corp  | 479194 | 20269906 |
| Interface Inc  | 577807 | 10862772 |
| LanzaTech Global Inc Class A (b)(c) | 1130320 | 276702 |
| Liquidity Services Inc (b) | 215496 | 6848463 |
| Matthews International Corp Class A  | 303538 | 6207352 |
| MillerKnoll Inc  | 694703 | 11393129 |
| Montrose Environmental Group Inc (b)(c) | 324063 | 4741042 |
| NL Industries Inc  | 85715 | 735435 |
| OPENLANE Inc (b) | 1064608 | 19705894 |
| Perma-Fix Environmental Services Inc (b)(c) | 174388 | 1429982 |
| Pitney Bowes Inc  | 1656422 | 14377743 |
| Pursuit Attractions and Hospitality Inc (b) | 205791 | 6027618 |
| Quad/Graphics Inc Class A  | 316183 | 1508193 |
| Quest Resource Holding Corp (b)(c) | 171582 | 404934 |
| Steelcase Inc Class A  | 942156 | 9346188 |
| UniFirst Corp/MA  | 152242 | 27170630 |
| Virco Mfg. Corp (c) | 111329 | 1023114 |
| VSE Corp  | 177681 | 20348028 |
|  |  | 450382253 |
| Construction & Engineering - 1.7% |  |  |
| Ameresco Inc Class A (b)(c) | 329862 | 3506433 |
| Arcosa Inc  | 489157 | 39166801 |
| Argan Inc  | 127798 | 19569708 |
| Bowman Consulting Group Ltd (b) | 134659 | 2978657 |
| Centuri Holdings Inc (b)(c) | 172932 | 3105859 |
| Concrete Pumping Holdings Inc  | 237833 | 1426998 |
| Construction Partners Inc Class A (b) | 466409 | 38310835 |
| Dycom Industries Inc (b) | 287119 | 48106788 |
| Fluor Corp (b) | 1726614 | 60241562 |
| Granite Construction Inc  | 443454 | 36048376 |
| Great Lakes Dredge & Dock Corp (b) | 659749 | 5997118 |
| IES Holdings Inc (b) | 83394 | 16401932 |
| Limbach Holdings Inc (b)(c) | 103342 | 9893963 |
| Matrix Service Co (b) | 264242 | 3065207 |
| MYR Group Inc (b) | 161783 | 19789297 |
| Northwest Pipe Co (b) | 96745 | 4098118 |
| Orion Group Holdings Inc (b)(c) | 366720 | 2343341 |
| Primoris Services Corp  | 539915 | 32378703 |
| Southland Holdings Inc (b)(c) | 109472 | 354689 |
| Sterling Infrastructure Inc (b) | 301672 | 45078847 |
| Tutor Perini Corp (b) | 435698 | 9350079 |
|  |  | 401213311 |
| Electrical Equipment - 1.2% |  |  |
| 374Water Inc (b)(c) | 652973 | 214828 |
| Allient Inc  | 146503 | 3127839 |
| American Superconductor Corp (b)(c) | 354771 | 7042204 |
| Amprius Technologies Inc (b)(c) | 170937 | 369224 |
| Array Technologies Inc (b)(c) | 1552710 | 7421954 |
| Atkore Inc  | 352343 | 22504147 |
| Blink Charging Co (b)(c) | 1042846 | 763468 |
| Bloom Energy Corp Class A (b)(c) | 2032648 | 37238112 |
| ChargePoint Holdings Inc Class A (b)(c) | 4162096 | 2592153 |
| Energy Vault Holdings Inc Class A (b)(c) | 1101983 | 824504 |
| EnerSys  | 398595 | 34518328 |
| Enovix Corp Class B (b)(c) | 1667710 | 11173657 |
| Fluence Energy Inc Class A (b)(c) | 570058 | 2331537 |
| FuelCell Energy Inc (b)(c) | 223407 | 915969 |
| GrafTech International Ltd (b) | 2611126 | 1652843 |
| Hyliion Holdings Corp Class A (b) | 1418602 | 2142089 |
| LSI Industries Inc  | 285402 | 4306716 |
| NANO Nuclear Energy Inc (b)(c) | 248014 | 5642319 |
| Net Power Inc Class A (b)(c) | 237576 | 403879 |
| NEXTracker Inc Class A (b) | 1458966 | 59248610 |
| NuScale Power Corp Class A (b)(c) | 915223 | 15165245 |
| Plug Power Inc (b)(c) | 8391794 | 7322679 |
| Powell Industries Inc  | 94721 | 17344362 |
| Preformed Line Products Co  | 24547 | 3372021 |
| SES AI Corp Class A (b)(c) | 1352193 | 1215351 |
| Shoals Technologies Group Inc (b) | 1674666 | 6045544 |
| SolarMax Technology Inc (b)(c) | 300180 | 354212 |
| Solidion Technology Inc Class A (b)(c) | 508130 | 55132 |
| Stem Inc Class A (b)(c) | 1577258 | 853139 |
| Sunrun Inc (b)(c) | 2245117 | 15468856 |
| Thermon Group Holdings Inc (b) | 335668 | 8804572 |
| TPI Composites Inc (b)(c) | 490650 | 448601 |
| Ultralife Corp (b) | 101863 | 456346 |
| Vicor Corp (b) | 230841 | 9211710 |
|  |  | 290552150 |
| Ground Transportation - 0.4% |  |  |
| ArcBest Corp  | 238754 | 13971884 |
| Covenant Logistics Group Inc Class A  | 159709 | 3178209 |
| Ftai Infrastructure Inc (c) | 1021177 | 4411485 |
| Heartland Express Inc  | 461378 | 3506473 |
| Hertz Global Holdings Inc (b)(c) | 1241886 | 8469663 |
| Marten Transport Ltd  | 584629 | 7506636 |
| PAMT CORP (b) | 58994 | 824146 |
| Proficient Auto Logistics Inc (b) | 217453 | 1807034 |
| RXO Inc (b)(c) | 1612559 | 22720956 |
| Universal Logistics Holdings Inc  | 69525 | 1511474 |
| Werner Enterprises Inc  | 624571 | 15401921 |
|  |  | 83309881 |
| Machinery - 3.9% |  |  |
| 3D Systems Corp (b) | 1322403 | 2433222 |
| Alamo Group Inc  | 103626 | 17303469 |
| Albany International Corp Class A  | 315795 | 20766679 |
| Astec Industries Inc  | 231003 | 8369239 |
| Atmus Filtration Technologies Inc  | 843372 | 29239707 |
| Blue Bird Corp (b) | 326481 | 11384392 |
| Chart Industries Inc (b)(c) | 434486 | 58646921 |
| Columbus McKinnon Corp/NY  | 294597 | 4374765 |
| Commercial Vehicle Group Inc (b) | 348026 | 334209 |
| Douglas Dynamics Inc (c) | 232349 | 5571729 |
| Eastern Co/The  | 52694 | 1106047 |
| Energy Recovery Inc (b) | 575088 | 8885110 |
| Enerpac Tool Group Corp Class A  | 547848 | 22116624 |
| Enpro Inc  | 212130 | 31692222 |
| ESCO Technologies Inc  | 261152 | 40857230 |
| Federal Signal Corp  | 607950 | 49505369 |
| Franklin Electric Co Inc  | 456752 | 38805650 |
| Gencor Industries Inc (b) | 103548 | 1314024 |
| Gorman-Rupp Co/The  | 208427 | 7474192 |
| Graham Corp (b) | 103870 | 3165958 |
| Greenbrier Cos Inc/The (c) | 311369 | 13208273 |
| Helios Technologies Inc  | 336890 | 9183621 |
| Hillenbrand Inc  | 713861 | 14441408 |
| Hillman Solutions Corp Class A (b)(c) | 1985636 | 13879596 |
| Hyster-Yale Inc Class A  | 117310 | 4508223 |
| JBT Marel Corp  | 474573 | 49953554 |
| Kadant Inc (c) | 118497 | 34956615 |
| Kennametal Inc  | 794446 | 15475808 |
| L B Foster Co Class A (b) | 89161 | 1780545 |
| Lindsay Corp  | 109289 | 14104838 |
| Manitowoc Co Inc/The (b) | 352497 | 2777676 |
| Mayville Engineering Co Inc (b) | 130732 | 1670755 |
| Miller Industries Inc/TN  | 113311 | 4624222 |
| Mueller Industries Inc  | 1129617 | 83094628 |
| Mueller Water Products Inc Class A1  | 1568914 | 41168303 |
| NN Inc (b)(c) | 462072 | 928765 |
| Omega Flex Inc  | 38655 | 1158104 |
| Park-Ohio Holdings Corp  | 92542 | 1842511 |
| Proto Labs Inc (b) | 248516 | 8737823 |
| REV Group Inc  | 519192 | 16977578 |
| Shyft Group Inc/The  | 345867 | 2926035 |
| SPX Technologies Inc (b) | 454907 | 61025775 |
| Standex International Corp  | 117341 | 16594364 |
| Taylor Devices Inc (b)(c) | 30366 | 968675 |
| Tennant CO  | 192384 | 13882429 |
| Terex Corp  | 676582 | 23815686 |
| Titan International Inc (b) | 514097 | 3778613 |
| Trinity Industries Inc  | 827340 | 20766234 |
| Twin Disc Inc  | 115367 | 846794 |
| Wabash National Corp  | 442770 | 3059541 |
| Watts Water Technologies Inc Class A  | 276847 | 57514964 |
| Worthington Enterprises Inc  | 319255 | 16163881 |
|  |  | 919162595 |
| Marine Transportation - 0.2% |  |  |
| Genco Shipping & Trading Ltd (c) | 442216 | 5731119 |
| Matson Inc  | 329552 | 35950828 |
| Pangaea Logistics Solutions Ltd (c) | 370913 | 1494779 |
|  |  | 43176726 |
| Passenger Airlines - 0.4% |  |  |
| Allegiant Travel Co  | 157529 | 7392836 |
| Blade Air Mobility Inc (b)(c) | 603163 | 1598382 |
| Frontier Group Holdings Inc (b)(c) | 432109 | 1287685 |
| JetBlue Airways Corp (b)(c) | 3164799 | 13798524 |
| Joby Aviation Inc Class A (b)(c) | 4375027 | 27562670 |
| SkyWest Inc (b) | 399996 | 35667643 |
| Sun Country Airlines Holdings Inc (b) | 403486 | 3954163 |
| Wheels Up Experience Inc Class A (b)(c) | 915219 | 1052501 |
|  |  | 92314404 |
| Professional Services - 2.2% |  |  |
| Alight Inc Class A  | 4252336 | 21729437 |
| Asure Software Inc (b)(c) | 244807 | 2487239 |
| Barrett Business Services Inc  | 254073 | 10305201 |
| BlackSky Technology Inc Class A (b)(c) | 262413 | 2193773 |
| Cbiz Inc (b) | 483504 | 32926622 |
| Conduent Inc (b) | 1588596 | 3351938 |
| CRA International Inc  | 66675 | 10814685 |
| CSG Systems International Inc  | 291131 | 17505707 |
| DLH Holdings Corp (b) | 81730 | 322015 |
| ExlService Holdings Inc (b) | 1583496 | 76767886 |
| Exponent Inc  | 510926 | 40199658 |
| First Advantage Corp (b)(c) | 605976 | 8544262 |
| FiscalNote Holdings Inc Class A (b)(c) | 779303 | 472880 |
| Forrester Research Inc (b) | 119304 | 1115492 |
| Franklin Covey Co (b)(c) | 115031 | 2336280 |
| Heidrick & Struggles International Inc  | 202966 | 7919733 |
| HireQuest Inc  | 55735 | 572956 |
| Huron Consulting Group Inc (b) | 176851 | 23837746 |
| IBEX Holdings Ltd (b) | 83794 | 2098202 |
| ICF International Inc  | 190060 | 16147498 |
| Innodata Inc (b)(c) | 273693 | 10351069 |
| Insperity Inc  | 364161 | 23674107 |
| Kelly Services Inc Class A  | 329291 | 3803311 |
| Kforce Inc  | 186503 | 7124415 |
| Korn Ferry  | 519320 | 32042044 |
| Legalzoom.com Inc (b) | 1277812 | 9353584 |
| Maximus Inc  | 579237 | 38785710 |
| Mistras Group Inc (b) | 209044 | 1906481 |
| NV5 Global Inc (b) | 579027 | 10740951 |
| Planet Labs PBC Class A (b) | 2231896 | 7342938 |
| Resolute Holdings Management Inc  | 20607 | 555770 |
| Resources Connection Inc  | 351226 | 2014281 |
| Spire Global Inc Class A (b)(c) | 227227 | 2133662 |
| TriNet Group Inc  | 322927 | 25294872 |
| TrueBlue Inc (b)(c) | 302631 | 1313419 |
| TTEC Holdings Inc (b)(c) | 135276 | 541103 |
| Upwork Inc (b) | 1261797 | 16592631 |
| Verra Mobility Corp Class A (b) | 1664421 | 36284378 |
| Willdan Group Inc (b) | 129525 | 5077380 |
|  |  | 516581316 |
| Trading Companies & Distributors - 2.2% |  |  |
| Alta Equipment Group Inc Class A  | 276730 | 1176103 |
| Applied Industrial Technologies Inc  | 388005 | 94393856 |
| BlueLinx Holdings Inc (b) | 83139 | 5415674 |
| Boise Cascade Co  | 389249 | 36309147 |
| Custom Truck One Source Inc Class A (b)(c) | 501219 | 2019913 |
| Distribution Solutions Group Inc (b)(c) | 103124 | 2685349 |
| DNOW Inc (b) | 1065988 | 16917230 |
| DXP Enterprises Inc/TX (b) | 123889 | 10959221 |
| EVI Industries Inc (c) | 63311 | 1021205 |
| FTAI Aviation Ltd  | 1026698 | 109969623 |
| GATX Corp  | 359423 | 52461381 |
| Global Industrial Co  | 141995 | 3646432 |
| GMS Inc (b) | 393667 | 28840044 |
| H&E Equipment Services Inc (c) | 325146 | 29201362 |
| Herc Holdings Inc  | 284982 | 31188430 |
| Hudson Technologies Inc (b) | 454282 | 3039147 |
| Karat Packaging Inc  | 70913 | 1870685 |
| McGrath RentCorp  | 246317 | 26274634 |
| Mrc Global Inc (b) | 850993 | 9914068 |
| Rush Enterprises Inc Class A  | 707441 | 36072417 |
| Rush Enterprises Inc Class B  | 4622 | 267336 |
| Titan Machinery Inc (b)(c) | 213193 | 3536872 |
| Transcat Inc (b)(c) | 93428 | 7411643 |
| Willis Lease Finance Corp  | 28548 | 4416947 |
| Xometry Inc Class A (b) | 443515 | 11371725 |
|  |  | 530380444 |
| Transportation Infrastructure - 0.0% |  |  |
| Sky Harbour Group Corp Class A (b)(c) | 114885 | 1225823 |
| TOTAL INDUSTRIALS |  | 4077615832 |
| Information Technology - 11.9% |  |  |
| Communications Equipment - 0.6% |  |  |
| ADTRAN Holdings Inc (b) | 791549 | 6063265 |
| Applied Optoelectronics Inc (b)(c) | 437287 | 5592901 |
| Aviat Networks Inc (b)(c) | 120779 | 2120879 |
| Calix Inc (b) | 602045 | 24629662 |
| Clearfield Inc (b)(c) | 123092 | 3529048 |
| CommScope Holding Co Inc (b) | 2166053 | 8101038 |
| Digi International Inc (b)(c) | 366172 | 9959878 |
| Extreme Networks Inc (b) | 1299045 | 17095432 |
| Harmonic Inc (b) | 1118323 | 10042541 |
| Netgear Inc (b) | 280667 | 6769688 |
| NetScout Systems Inc (b) | 695823 | 14626199 |
| Ribbon Communications Inc (b)(c) | 908373 | 2915877 |
| Viasat Inc (b)(c) | 1254111 | 11625609 |
| Viavi Solutions Inc (b) | 2219045 | 23477496 |
|  |  | 146549513 |
| Electronic Equipment, Instruments & Components - 2.7% |  |  |
| 908 Devices Inc (b)(c) | 246499 | 1338489 |
| Advanced Energy Industries Inc  | 378616 | 36880985 |
| Aeva Technologies Inc (b)(c) | 195006 | 1386493 |
| Arlo Technologies Inc (b) | 991154 | 9743044 |
| Badger Meter Inc  | 296966 | 65576032 |
| Bel Fuse Inc Class A  | 16807 | 1031950 |
| Bel Fuse Inc Class B  | 105130 | 6914400 |
| Belden Inc  | 409219 | 42194571 |
| Benchmark Electronics Inc  | 361610 | 11763173 |
| Climb Global Solutions Inc  | 42182 | 4445983 |
| CTS Corp  | 303689 | 11564477 |
| Daktronics Inc (b)(c) | 412523 | 5234917 |
| ePlus Inc (b) | 266394 | 16612330 |
| Evolv Technologies Holdings Inc Class A (b)(c) | 1343774 | 5899168 |
| FARO Technologies Inc (b) | 190822 | 5612075 |
| Insight Enterprises Inc (b) | 275148 | 38047465 |
| Itron Inc (b) | 456604 | 50815459 |
| Kimball Electronics Inc (b) | 246761 | 3538553 |
| Knowles Corp (b) | 875170 | 13775176 |
| Lightwave Logic Inc (b)(c) | 1271300 | 1131583 |
| Methode Electronics Inc  | 368199 | 2308608 |
| MicroVision Inc (b)(c) | 2087713 | 2359116 |
| Mirion Technologies Inc Class A (b) | 2088618 | 32958392 |
| Napco Security Technologies Inc  | 359096 | 8205344 |
| nLight Inc (b)(c) | 476551 | 3674208 |
| Novanta Inc (b) | 362538 | 43091267 |
| OSI Systems Inc (b) | 160323 | 32824531 |
| Ouster Inc Class A (b)(c) | 487649 | 3623232 |
| PAR Technology Corp (b)(c) | 339754 | 19841634 |
| PC Connection Inc  | 116829 | 7248071 |
| Plexus Corp (b) | 270347 | 33098583 |
| Powerfleet Inc NJ (b)(c) | 1016581 | 5123568 |
| Richardson Electronics Ltd/United States  | 129395 | 1120560 |
| Rogers Corp (b) | 191505 | 11836924 |
| Sanmina Corp (b) | 542068 | 41625402 |
| ScanSource Inc (b) | 236312 | 7795933 |
| SmartRent Inc Class A (b)(c) | 1878143 | 1790058 |
| TTM Technologies Inc (b) | 1018356 | 20387487 |
| Vishay Intertechnology Inc  | 1268285 | 16475022 |
| Vishay Precision Group Inc (b) | 123689 | 3084804 |
|  |  | 631979067 |
| IT Services - 0.4% |  |  |
| Applied Digital Corp (b)(c) | 2008600 | 9119044 |
| ASGN Inc (b) | 437539 | 22043215 |
| Backblaze Inc Class A (b) | 470261 | 2069148 |
| BigBear.ai Holdings Inc (b)(c) | 1050616 | 3582601 |
| BigCommerce Holdings Inc (b) | 720767 | 3733573 |
| Couchbase Inc (b)(c) | 411868 | 7265352 |
| DigitalOcean Holdings Inc (b) | 671958 | 20763502 |
| Fastly Inc Class A (b) | 1346296 | 7741202 |
| Grid Dynamics Holdings Inc (b) | 627349 | 8883262 |
| Hackett Group Inc/The  | 250070 | 6386788 |
| Information Services Group Inc  | 366625 | 1422505 |
| Rackspace Technology Inc (b) | 666831 | 906889 |
| Tucows Inc Class A (b)(c) | 80061 | 1301792 |
| Unisys Corp (b) | 665938 | 2643774 |
|  |  | 97862647 |
| Semiconductors & Semiconductor Equipment - 1.9% |  |  |
| ACM Research Inc Class A (b)(c) | 521745 | 10158375 |
| Aehr Test Systems (b)(c) | 290749 | 2480089 |
| Alpha & Omega Semiconductor Ltd (b) | 241775 | 4552623 |
| Ambarella Inc (b) | 390172 | 18724354 |
| Axcelis Technologies Inc (b) | 325380 | 15937112 |
| CEVA Inc (b) | 235006 | 6159507 |
| Cohu Inc (b) | 464926 | 7438816 |
| Credo Technology Group Holding Ltd (b) | 1417194 | 61010202 |
| Diodes Inc (b) | 462539 | 17761498 |
| Everspin Technologies Inc (b)(c) | 195452 | 1035896 |
| FormFactor Inc (b) | 783304 | 22042175 |
| GCT Semiconductor Holding Inc Class A (b)(c) | 73534 | 102212 |
| Ichor Holdings Ltd (b) | 335002 | 6626340 |
| Impinj Inc (b) | 232204 | 21392955 |
| MaxLinear Inc Class A (b) | 809117 | 8083079 |
| Navitas Semiconductor Corp Class A (b)(c) | 1325066 | 2557377 |
| NVE Corp  | 49615 | 2883128 |
| PDF Solutions Inc (b) | 316365 | 5805298 |
| Penguin Solutions Inc (b) | 526270 | 8983429 |
| Photronics Inc (b) | 623591 | 11393008 |
| Power Integrations Inc  | 574070 | 28198318 |
| QuickLogic Corp (b)(c) | 142754 | 815125 |
| Rambus Inc (b) | 1079837 | 52685247 |
| Rigetti Computing Inc Class A (b)(c) | 1911613 | 16956007 |
| Semtech Corp (b) | 748725 | 23397656 |
| Silicon Laboratories Inc (b) | 324296 | 33000361 |
| SiTime Corp (b) | 187968 | 27604980 |
| SkyWater Technology Inc (b)(c) | 279940 | 1984775 |
| Synaptics Inc (b) | 400668 | 22301181 |
| Ultra Clean Holdings Inc (b) | 449124 | 8400864 |
| Veeco Instruments Inc (b) | 561849 | 10506576 |
|  |  | 460978563 |
| Software - 5.9% |  |  |
| 8x8 Inc (b) | 1329718 | 2353601 |
| A10 Networks Inc  | 718935 | 11848049 |
| ACI Worldwide Inc (b) | 1064873 | 56821623 |
| Adeia Inc  | 1098685 | 13524812 |
| Agilysys Inc (b) | 228526 | 16990908 |
| Airship AI Holdings Inc Class A (b)(c) | 85495 | 332575 |
| Alarm.com Holdings Inc (b) | 478287 | 25636183 |
| Alkami Technology Inc (b) | 614401 | 16398363 |
| Amplitude Inc Class A (b) | 796389 | 7318815 |
| Appian Corp Class A (b)(c) | 407856 | 12663929 |
| Arteris Inc (b) | 293103 | 1952066 |
| Asana Inc Class A (b) | 812095 | 13107213 |
| AudioEye Inc (b)(c) | 87348 | 947726 |
| Aurora Innovation Inc Class A (b)(c) | 9704191 | 70258343 |
| AvePoint Inc Class A (b) | 1300448 | 21262325 |
| Bit Digital Inc (b)(c) | 1270708 | 2465174 |
| Blackbaud Inc (b) | 398011 | 24095586 |
| BlackLine Inc (b) | 590177 | 27874060 |
| Blend Labs Inc Class A (b)(c) | 2432165 | 8147753 |
| Box Inc Class A (b) | 1421136 | 44367866 |
| Braze Inc Class A (b) | 668225 | 20801844 |
| C3.ai Inc Class A (b)(c) | 1140145 | 25094591 |
| Cerence Inc (b)(c) | 430555 | 3900828 |
| Cipher Mining Inc (b)(c) | 2056735 | 5861695 |
| Cleanspark Inc (b)(c) | 2758930 | 22540458 |
| Clear Secure Inc Class A  | 899425 | 22197809 |
| Clearwater Analytics Holdings Inc Class A (b) | 2001826 | 45521523 |
| Commvault Systems Inc (b) | 441052 | 73713021 |
| Consensus Cloud Solutions Inc (b) | 180472 | 3584174 |
| Core Scientific Inc (b)(c) | 1802008 | 14596265 |
| CS Disco Inc (b) | 284817 | 1062367 |
| Daily Journal Corp (b)(c) | 14164 | 5367873 |
| Digimarc Corp (b)(c) | 157579 | 2062709 |
| Digital Turbine Inc (b)(c) | 991169 | 2973507 |
| Domo Inc Class B (b) | 352177 | 2616675 |
| E2open Parent Holdings Inc Class A (b) | 2076498 | 4090701 |
| eGain Corp (b) | 178647 | 918246 |
| EverCommerce Inc (b)(c) | 204135 | 1992358 |
| Freshworks Inc Class A (b) | 2093051 | 30914363 |
| I3 Verticals Inc Class A (b) | 231346 | 5811412 |
| Intapp Inc (b) | 538669 | 29228180 |
| InterDigital Inc  | 255664 | 51388464 |
| Jamf Holding Corp (b) | 843636 | 9760869 |
| Kaltura Inc (b) | 972462 | 2090793 |
| Life360 Inc (b)(c) | 107233 | 4600296 |
| LiveRamp Holdings Inc (b) | 650022 | 17004576 |
| MARA Holdings Inc (b)(c) | 3450658 | 46135297 |
| Meridianlink Inc (b) | 329378 | 5569782 |
| Mitek Systems Inc (b) | 455047 | 3767789 |
| N-able Inc/US (b) | 737296 | 5205310 |
| NCR Voyix Corp (b) | 1470710 | 12603985 |
| NextNav Inc Class A (b)(c) | 811228 | 10075452 |
| Olo Inc Class A (b) | 1078622 | 6687456 |
| ON24 Inc (b)(c) | 268217 | 1255256 |
| OneSpan Inc  | 386379 | 5745456 |
| Ooma Inc (b)(c) | 249303 | 3048976 |
| Pagaya Technologies Ltd Class A (b)(c) | 366039 | 4011787 |
| PagerDuty Inc (b) | 876736 | 13598175 |
| Porch Group Inc (b) | 799719 | 4638370 |
| Progress Software Corp  | 435594 | 26118216 |
| PROS Holdings Inc (b) | 462789 | 7904436 |
| Q2 Holdings Inc (b) | 594466 | 47111431 |
| Qualys Inc (b) | 375397 | 47191157 |
| Rapid7 Inc (b) | 635757 | 15016580 |
| Red Violet Inc (c) | 110609 | 4320388 |
| Rekor Systems Inc (b)(c) | 782522 | 821647 |
| ReposiTrak Inc (c) | 117036 | 2527978 |
| Rimini Street Inc (b) | 539586 | 1904739 |
| Riot Platforms Inc (b)(c) | 3107211 | 22496208 |
| Roadzen Inc (b)(c) | 408211 | 394862 |
| SEMrush Holdings Inc Class A (b) | 376899 | 3874522 |
| Silvaco Group Inc (b)(c) | 68856 | 366313 |
| SoundHound AI Inc Class A (b)(c) | 3275516 | 30429544 |
| SoundThinking Inc (b)(c) | 100141 | 1554188 |
| Sprinklr Inc Class A (b) | 1186799 | 9126484 |
| Sprout Social Inc Class A (b) | 507584 | 10613581 |
| SPS Commerce Inc (b) | 381253 | 54713618 |
| Telos Corp (b)(c) | 557035 | 1520706 |
| Tenable Holdings Inc (b) | 1205943 | 36865678 |
| Terawulf Inc (b)(c) | 2713772 | 7544286 |
| Varonis Systems Inc (b) | 1114014 | 47724360 |
| Verint Systems Inc (b) | 621128 | 10956698 |
| Vertex Inc Class A (b) | 557965 | 22335339 |
| Viant Technology Inc Class A (b) | 153774 | 2200506 |
| Weave Communications Inc (b) | 405028 | 4293297 |
| Workiva Inc Class A (b) | 517003 | 38914816 |
| Xperi Inc (b) | 457515 | 3381036 |
| Yext Inc (b) | 1076473 | 7320016 |
| Zeta Global Holdings Corp Class A (b) | 1809371 | 23630385 |
|  |  | 1403578673 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| CompoSecure Inc Class A (c) | 248939 | 2735840 |
| Corsair Gaming Inc (b) | 458716 | 3247709 |
| CPI Card Group Inc (b) | 48589 | 1270116 |
| Diebold Nixdorf Inc (b) | 256414 | 11366833 |
| Eastman Kodak Co (b)(c) | 622327 | 3914437 |
| Immersion Corp  | 322499 | 2331668 |
| IonQ Inc (b)(c) | 2054728 | 56422831 |
| Turtle Beach Corp (b) | 164599 | 1901118 |
| Xerox Holdings Corp (c) | 1085486 | 4786993 |
|  |  | 87977545 |
| TOTAL INFORMATION TECHNOLOGY |  | 2828926008 |
| Materials - 3.7% |  |  |
| Chemicals - 1.5% |  |  |
| AdvanSix Inc  | 260772 | 5585736 |
| American Vanguard Corp  | 274000 | 1156280 |
| Arq Inc (b) | 292476 | 1108484 |
| ASP Isotopes Inc (b)(c) | 556773 | 2939761 |
| Aspen Aerogels Inc (b)(c) | 631663 | 3410980 |
| Avient Corp  | 914461 | 30460696 |
| Balchem Corp  | 325904 | 51020272 |
| Cabot Corp  | 536287 | 42119981 |
| Core Molding Technologies Inc (b) | 75294 | 1158022 |
| Danimer Scientific Inc warrants 7/15/2025 (b) | 286623 | 143 |
| Ecovyst Inc (b)(c) | 1171109 | 7003232 |
| Hawkins Inc  | 195469 | 23804215 |
| HB Fuller Co  | 554241 | 29951184 |
| Ingevity Corp (b) | 367517 | 12120711 |
| Innospec Inc  | 251918 | 22541623 |
| Intrepid Potash Inc (b) | 110262 | 3643056 |
| Koppers Holdings Inc  | 199715 | 5004858 |
| Kronos Worldwide Inc (c) | 224515 | 1731011 |
| LSB Industries Inc (b) | 536237 | 3421192 |
| Mativ Holdings Inc  | 473316 | 2418645 |
| Minerals Technologies Inc  | 318513 | 16432086 |
| Northern Technologies International Corp  | 82149 | 612010 |
| Perimeter Solutions Inc  | 1353125 | 13707156 |
| PureCycle Technologies Inc (b)(c) | 1246633 | 8364907 |
| Quaker Chemical Corp  | 140543 | 14889125 |
| Rayonier Advanced Materials Inc (b) | 639322 | 2723512 |
| Sensient Technologies Corp  | 425791 | 40003064 |
| Stepan Co  | 216588 | 10950689 |
| Tronox Holdings PLC  | 1219339 | 6596624 |
| Valhi Inc  | 24413 | 420880 |
|  |  | 365300135 |
| Construction Materials - 0.3% |  |  |
| Knife River Corp (b) | 573649 | 53567344 |
| Smith-Midland Corp (b)(c) | 45489 | 1364215 |
| United States Lime & Minerals Inc  | 106042 | 9915987 |
|  |  | 64847546 |
| Containers & Packaging - 0.2% |  |  |
| Ardagh Metal Packaging SA  | 1530845 | 5679435 |
| Greif Inc Class A  | 299233 | 15703748 |
| Greif Inc Class B  | 6109 | 339477 |
| Myers Industries Inc  | 386106 | 4054113 |
| O-I Glass Inc (b) | 1566275 | 19829042 |
| Ranpak Holdings Corp Class A (b)(c) | 454088 | 1866301 |
| TriMas Corp  | 412063 | 9910115 |
|  |  | 57382231 |
| Metals & Mining - 1.6% |  |  |
| Alpha Metallurgical Resources Inc (b) | 111372 | 13514992 |
| Carpenter Technology Corp  | 486004 | 95067242 |
| Century Aluminum Co (b) | 534646 | 8773541 |
| Coeur Mining Inc (b) | 6321687 | 35085363 |
| Commercial Metals Co  | 1150130 | 51226790 |
| Compass Minerals International Inc (b)(c) | 349718 | 4700210 |
| Constellium SE (b) | 1309405 | 13238085 |
| Contango ORE Inc (b)(c) | 106395 | 1495914 |
| Dakota Gold Corp (b) | 700213 | 1890575 |
| Hecla Mining Co  | 6044293 | 34573356 |
| Ivanhoe Electric Inc / US (b)(c) | 848262 | 5344051 |
| Kaiser Aluminum Corp  | 161907 | 10436525 |
| Materion Corp (c) | 207169 | 17197099 |
| Metallus Inc (b)(c) | 419238 | 5303361 |
| Olympic Steel Inc  | 100281 | 3234062 |
| Perpetua Resources Corp (United States) (b)(c) | 426052 | 6275746 |
| Piedmont Lithium Inc (b)(c) | 186035 | 1391541 |
| Radius Recycling Inc Class A  | 265803 | 7796002 |
| Ramaco Resources Inc Class A (c) | 250040 | 2520404 |
| Ramaco Resources Inc Class B  | 80102 | 734535 |
| Ryerson Holding Corp (c) | 273066 | 6384283 |
| SunCoke Energy Inc  | 844600 | 7652076 |
| Tredegar Corp (b) | 257562 | 2001257 |
| Warrior Met Coal Inc  | 524645 | 25088524 |
| Worthington Steel Inc  | 329370 | 8451634 |
|  |  | 369377168 |
| Paper & Forest Products - 0.1% |  |  |
| Clearwater Paper Corp (b) | 165260 | 4438883 |
| Sylvamo Corp  | 351622 | 20963704 |
|  |  | 25402587 |
| TOTAL MATERIALS |  | 882309667 |
| Real Estate - 6.1% |  |  |
| Diversified REITs - 0.7% |  |  |
| Alexander & Baldwin Inc  | 747606 | 12843871 |
| Alpine Income Property Trust Inc  | 133759 | 2066577 |
| American Assets Trust Inc  | 500066 | 9366236 |
| Armada Hoffler Properties Inc Class A  | 841444 | 5696576 |
| Broadstone Net Lease Inc Class A  | 1943375 | 31443808 |
| CTO Realty Growth Inc  | 299219 | 5466731 |
| Empire State Realty Trust Inc Class A  | 1389651 | 9894315 |
| Essential Properties Realty Trust Inc  | 1781379 | 57306962 |
| Gladstone Commercial Corp  | 452753 | 6397400 |
| Global Net Lease Inc  | 2091467 | 15790576 |
| NexPoint Diversified Real Estate Trust  | 381023 | 1337390 |
| One Liberty Properties Inc  | 167395 | 4084438 |
|  |  | 161694880 |
| Health Care REITs - 0.9% |  |  |
| American Healthcare REIT Inc  | 1538191 | 49652805 |
| CareTrust REIT Inc  | 1909626 | 55894754 |
| Community Healthcare Trust Inc  | 287791 | 4915470 |
| Diversified Healthcare Trust  | 2223758 | 5025693 |
| Global Medical REIT Inc  | 666652 | 5159886 |
| LTC Properties Inc  | 460318 | 16511607 |
| National Health Investors Inc  | 445800 | 33733686 |
| Sabra Health Care REIT Inc  | 2407808 | 42979373 |
| Strawberry Fields REIT Ltd  | 98187 | 1032927 |
| Universal Health Realty Income Trust  | 136714 | 5223842 |
|  |  | 220130043 |
| Hotel & Resort REITs - 0.7% |  |  |
| Apple Hospitality REIT Inc  | 2333493 | 27465213 |
| Braemar Hotels & Resorts Inc  | 672298 | 1257197 |
| Chatham Lodging Trust  | 499041 | 3428412 |
| DiamondRock Hospitality Co  | 2105640 | 15455398 |
| Pebblebrook Hotel Trust  | 1211740 | 10966247 |
| RLJ Lodging Trust  | 1556205 | 10908997 |
| Ryman Hospitality Properties Inc  | 594877 | 52319432 |
| Service Properties Trust  | 1713459 | 3084226 |
| Summit Hotel Properties Inc  | 1085657 | 4418624 |
| Sunstone Hotel Investors Inc  | 2044798 | 17053615 |
| Xenia Hotels & Resorts Inc  | 1041612 | 11124416 |
|  |  | 157481777 |
| Industrial REITs - 0.3% |  |  |
| Industrial Logistics Properties Trust  | 668964 | 1752686 |
| LXP Industrial Trust  | 2987082 | 23568077 |
| Plymouth Industrial REIT Inc  | 428132 | 6366323 |
| Terreno Realty Corp  | 1001185 | 56396751 |
|  |  | 88083837 |
| Office REITs - 0.6% |  |  |
| Brandywine Realty Trust  | 1774182 | 7025761 |
| City Office Reit Inc  | 419908 | 2133133 |
| COPT Defense Properties  | 1145862 | 29918457 |
| Douglas Emmett Inc  | 1644502 | 22743463 |
| Easterly Government Properties Inc  | 422243 | 8516641 |
| Franklin Street Properties Corp  | 988774 | 1562263 |
| Hudson Pacific Properties Inc  | 1412438 | 2895498 |
| JBG SMITH Properties  | 836531 | 11694703 |
| NET Lease Office Properties (b) | 147645 | 4463308 |
| Orion Properties Inc  | 646594 | 1183267 |
| Paramount Group Inc  | 1861274 | 7984865 |
| Peakstone Realty Trust  | 382207 | 4399203 |
| Piedmont Office Realty Trust Inc Class A1  | 1276297 | 7542915 |
| Postal Realty Trust Inc Class A  | 243376 | 3222298 |
| SL Green Realty Corp  | 727977 | 38298870 |
|  |  | 153584645 |
| Real Estate Management & Development - 0.6% |  |  |
| American Realty Investors Inc (b) | 14916 | 180334 |
| Anywhere Real Estate Inc (b) | 1009048 | 3491306 |
| Compass Inc Class A (b) | 3721830 | 28732528 |
| Cushman & Wakefield PLC (b) | 2318940 | 21728468 |
| eXp World Holdings Inc  | 840047 | 7694831 |
| Forestar Group Inc (b) | 195051 | 3756682 |
| FRP Holdings Inc (b) | 129469 | 3441933 |
| Kennedy-Wilson Holdings Inc  | 1158955 | 7417312 |
| Marcus & Millichap Inc  | 237235 | 7211944 |
| Maui Land & Pineapple Co Inc (b)(c) | 74637 | 1159113 |
| Newmark Group Inc Class A  | 1331826 | 14636768 |
| Offerpad Solutions Inc Class A (b)(c) | 100456 | 111506 |
| Opendoor Technologies Inc Class A (b)(c) | 6503602 | 4931681 |
| RE/MAX Holdings Inc Class A (b) | 180580 | 1381437 |
| Redfin Corp (b) | 1214256 | 11547575 |
| RMR Group Inc/The Class A  | 177311 | 2602925 |
| St Joe Co/The  | 363931 | 15401560 |
| Star Holdings (b) | 130790 | 881525 |
| Stratus Properties Inc (b)(c) | 54776 | 869295 |
| Tejon Ranch Co (b) | 209437 | 3545768 |
| Transcontinental Realty Investors Inc (b) | 11501 | 330769 |
|  |  | 141055260 |
| Residential REITs - 0.5% |  |  |
| Apartment Investment and Management Co Class A  | 1391395 | 11005934 |
| BRT Apartments Corp  | 118328 | 1830534 |
| Centerspace  | 169724 | 10244541 |
| Clipper Realty Inc  | 133505 | 480618 |
| Elme Communities  | 903503 | 14067542 |
| Independence Realty Trust Inc  | 2288557 | 44466663 |
| NexPoint Residential Trust Inc  | 228090 | 8503195 |
| UMH Properties Inc  | 737107 | 13024681 |
| Veris Residential Inc  | 791508 | 12284204 |
|  |  | 115907912 |
| Retail REITs - 1.3% |  |  |
| Acadia Realty Trust  | 1193147 | 22789108 |
| Alexander's Inc  | 22603 | 4665259 |
| CBL & Associates Properties Inc  | 224446 | 5267748 |
| Curbline Properties Corp  | 961573 | 22010406 |
| FrontView REIT Inc  | 150301 | 1869744 |
| Getty Realty Corp  | 522358 | 14620800 |
| InvenTrust Properties Corp  | 785154 | 21874390 |
| Kite Realty Group Trust  | 2210755 | 47862847 |
| Macerich Co/The  | 2528635 | 37069789 |
| NETSTREIT Corp  | 845835 | 13761735 |
| Phillips Edison & Co Inc  | 1246046 | 43237797 |
| Saul Centers Inc  | 106290 | 3475683 |
| SITE Centers Corp  | 492973 | 5836800 |
| Tanger Inc  | 1092004 | 34409046 |
| Urban Edge Properties  | 1282073 | 23167059 |
| Whitestone REIT  | 503231 | 6562132 |
|  |  | 308480343 |
| Specialized REITs - 0.5% |  |  |
| Farmland Partners Inc  | 450875 | 4535803 |
| Four Corners Property Trust Inc  | 987374 | 27597103 |
| Gladstone Land Corp  | 360992 | 3584650 |
| Outfront Media Inc  | 1466884 | 22193955 |
| PotlatchDeltic Corp  | 799862 | 30706702 |
| Safehold Inc  | 537837 | 8470933 |
| Uniti Group Inc  | 2463737 | 12121586 |
|  |  | 109210732 |
| TOTAL REAL ESTATE |  | 1455629429 |
| Utilities - 3.0% |  |  |
| Electric Utilities - 0.9% |  |  |
| ALLETE Inc  | 583018 | 38181849 |
| Genie Energy Ltd Class B  | 127189 | 1878581 |
| Hawaiian Electric Industries Inc (b) | 1759923 | 18479192 |
| MGE Energy Inc  | 367635 | 33241557 |
| Otter Tail Corp  | 418591 | 33227754 |
| Portland General Electric Co  | 1055612 | 44462377 |
| TXNM Energy Inc  | 908817 | 48349064 |
|  |  | 217820374 |
| Gas Utilities - 1.0% |  |  |
| Chesapeake Utilities Corp (c) | 228310 | 30061578 |
| New Jersey Resources Corp  | 1008000 | 49331520 |
| Northwest Natural Holding Co  | 406098 | 17502824 |
| ONE Gas Inc  | 569744 | 44730601 |
| RGC Resources Inc  | 84570 | 1773433 |
| Southwest Gas Holdings Inc  | 616902 | 44546493 |
| Spire Inc  | 575354 | 44037595 |
|  |  | 231984044 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Montauk Renewables Inc (b)(c) | 665507 | 1397565 |
| Ormat Technologies Inc  | 583934 | 42393608 |
| Sunnova Energy International Inc (b)(c) | 277616 | 52331 |
|  |  | 43843504 |
| Multi-Utilities - 0.5% |  |  |
| Avista Corp  | 804252 | 33352330 |
| Black Hills Corp  | 726176 | 44224119 |
| Northwestern Energy Group Inc  | 625562 | 36426475 |
| Unitil Corp  | 159165 | 9336619 |
|  |  | 123339543 |
| Water Utilities - 0.4% |  |  |
| American States Water Co  | 382638 | 31035769 |
| Cadiz Inc (b)(c) | 434985 | 1235357 |
| California Water Service Group  | 604823 | 30634285 |
| Consolidated Water Co Ltd  | 153264 | 3561855 |
| Global Water Resources Inc  | 114987 | 1199314 |
| Middlesex Water Co  | 180932 | 11420428 |
| Pure Cycle Corp (b) | 204086 | 2020451 |
| SJW Group  | 341570 | 19380682 |
| York Water Co/The  | 143425 | 5048560 |
|  |  | 105536701 |
| TOTAL UTILITIES |  | 722524166 |
| TOTAL UNITED STATES |  | 22826880864 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $22,567,423,001) |  | <br> **23534892156** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.9%** | &nbsp;&nbsp;**Money Market Funds - 8.9%** | &nbsp;&nbsp;**Money Market Funds - 8.9%** | &nbsp;&nbsp;**Money Market Funds - 8.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 51838242 | 51848609 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 2048405272 | 2048610113 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,100,440,760) |  |  | **2100458722** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (i)<br>(Cost $8,033,632)<br>| 4.25 | 8060000 | **8033547** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 108.2%**<br> (Cost $24,675,897,393)<br>| <br>**25643384425** |
| **NET OTHER ASSETS (LIABILITIES) - (8.2)%**  | **(1934353510)** |
| **NET ASSETS - 100.0%** | **23709030915** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini Russell 2000 Index Contracts (United States) | 1542 | Jun 2025 | 151871580 | 7785046 | 7785046 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% |

---

**Legend**

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

(b) Non-income producing

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

(d) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $13,231,117 or 0.1% of net assets.

(e) Level 3 security

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

(g) 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.

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

(i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $8,033,547.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 158694779 | 3047563387 | 3154408009 | 6655350 | (1547) | (1) | 51848609 | 51838242 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 3076083364 | 6282869458 | 7310342709 | 27899329 | - | - | 2048610113 | 2048405272 | 6.8% |
| Total | 3234778143 | 9330432845 | 10464750718 | 34554679 | (1547) | (1) | 2100458722 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 604120807 | 604120807 | - | - |
| Consumer Discretionary | 2135586324 | 2135586324 | - | - |
| Consumer Staples | 781517946 | 781517946 | - | - |
| Energy | 1064276659 | 1064276659 | - | - |
| Financials | 4663184714 | 4663184714 | - | - |
| Health Care | 4030104586 | 4029512901 | 83703 | 507982 |
| Industrials | 4139417008 | 4139417008 | - | - |
| Information Technology | 2956521475 | 2956521475 | - | - |
| Materials | 932024706 | 932024706 | - | - |
| Real Estate | 1460130566 | 1460130566 | - | - |
| Utilities | 768007365 | 768007365 | - | - |
|  **U.S. Treasury Obligations** | 8033547 | - | 8033547 | - |
|  **Money Market Funds** | 2100458722 | 2100458722 | - | - |
| **Total Investments in Securities:** | 25643384425 | 25634759193 | 8117250 | 507982 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 7785046 | 7785046 | - | - |
| Total Assets | 7785046 | 7785046 | - | - |
| **Total Derivative Instruments:** | 7785046 | 7785046 | - | - |

---

**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, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 7785046 | 0 |
| **Total Equity Risk**  | 7785046 | 0 |
| **Total Value of Derivatives** | 7785046 | 0 |

---

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

**Fidelity® Small Cap Index Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,951,887,045) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $22,575,456,633) | $23542925703 |  |
| Fidelity Central Funds (cost $2,100,440,760) | 2100458722 |  |
| Total Investment in Securities (cost $24,675,897,393) |  | $25643384425 |
| Segregated cash with brokers for derivative instruments |  | 6079286 |
| Cash |  | 78007833 |
| Receivable for investments sold |  | 72318 |
| Receivable for fund shares sold |  | 48256585 |
| Dividends receivable |  | 7456055 |
| Distributions receivable from Fidelity Central Funds |  | 1942197 |
| Other receivables |  | 567032 |
| **Total assets** |  | 25785765731 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1464005 |  |
| Payable for fund shares redeemed | 24936654 |  |
| Accrued management fee | 476555 |  |
| Payable for daily variation margin on futures contracts | 1042214 |  |
| Other payables and accrued expenses | 249204 |  |
| Collateral on securities loaned | 2048566184 |  |
| **Total liabilities** |  | 2076734816 |
| **Net Assets**  |  | $23709030915 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $23616856185 |
| Total accumulated earnings (loss) |  | 92174730 |
| **Net Assets** |  | $23709030915 |
| **Net Asset Value**, offering price and redemption price per share ($23,709,030,915 ÷ 968,247,877 shares) |  | $24.49 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $323305268 |
| Interest  |  | 668651 |
| Income from Fidelity Central Funds (including $27,899,329 from security lending)  |  | 34554679 |
| **Total income** |  | 358528598 |
| **Expenses** |  |  |
| Management fee | $6547695 |  |
| Independent trustees' fees and expenses | 68756 |  |
| Total expenses before reductions | 6616451 |  |
| Expense reductions | (144882) |  |
| Total expenses after reductions |  | 6471569 |
| **Net Investment income (loss)** |  | 352057029 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (410767694) |  |
| Redemptions in-kind | 1159757440 |  |
| Fidelity Central Funds | (1547) |  |
| Futures contracts | (10174317) |  |
| Total net realized gain (loss) |  | 738813882 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (686552145) |  |
| Fidelity Central Funds  | (1) |  |
| Futures contracts | 11241052 |  |
| Total change in net unrealized appreciation (depreciation) |  | (675311094) |
| **Net gain (loss)** |  | 63502788 |
| **Net increase (decrease) in net assets resulting from operations** |  | $415559817 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $352057029 | $355931686 |
| &nbsp;&nbsp;Net realized gain (loss) | 738813882<br>| 825551770<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (675311094) | 1675812388<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 415559817<br>| 2857295844<br>|
| Distributions to shareholders | (278049075)<br>| (351836326)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 8750894161 | 9150147971 |
| Reinvestment of distributions | 259756111<br>| 330800870<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (10132967902) | (7024608776) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1122317630)<br>| 2456340065<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (984806888)<br>| 4961799583<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 24693837803 | 19732038220<br>|
| &nbsp;&nbsp;End of period | $23709030915 | $24693837803 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 329894759 | 389301408 |
| Issued in reinvestment of distributions | 9448104<br>| 13753145<br>|
| &nbsp;&nbsp;Redeemed | (379336707) | (295232558) |
| &nbsp;&nbsp;Net increase (decrease) | (39993844) | 107821995 |

---

**Financial Highlights** 

**Fidelity® Small Cap Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.49 | $21.91 | $22.98 | $28.75 | $16.60 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .37  | .38  | .30  | .25  |
| Net realized and unrealized gain (loss)  | (.08)  | 2.57  | (1.18)  | (4.99)  | 12.13  |
| Total from investment operations  | .28  | 2.94  | (.80)  | (4.69)  | 12.38  |
| Distributions from net investment income  | (.28)  | (.36)  | (.27)  | (.35)  | (.23)  |
| Distributions from net realized gain  | -  | -  | -  | (.73)  | -  |
| Total distributions  | (.28)  | (.36)  | (.27)  | (1.08)  | (.23)  |
| Net asset value, end of period  | $24.49 | $24.49 | $21.91 | $22.98 | $28.75 |
| **Total Return** C | 1.03% <br>| 13.45%  | (3.46)%  | (16.89)%  | 74.95%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .02% F | .03%  | .03%  | .02% F | .03%  |
| Expenses net of fee waivers, if any  | .02% F<br>| .03%  | .03%  | .02% F | .03%  |
| Expenses net of all reductions, if any  | .02% F | .02%  | .02%  | .02% F | .03%  |
| Net investment income (loss)  | 1.33%  | 1.56%  | 1.69%  | 1.10%  | 1.09%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $23709031 | $24693838 | $19732038 | $18704544 | $21215363 |
| Portfolio turnover rate G | 14% H<br>| 9% H | 9% H | 24% H | 19%  |

---

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

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

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

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

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

F*The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

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

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Mid Cap Index Fund and Fidelity Small Cap Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

Each 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. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each 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 each 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, each 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 each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

Each 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 each Fund's investments by major category are as follows:

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

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of each Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Funds' 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 for certain Funds 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 Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Mid Cap Index Fund** | $196573 |
| **Fidelity Small Cap Index Fund** | $164215 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, each 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, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each 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. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds 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, short-term capital gain dividends, foreign currency transactions, certain corporate actions, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to excise tax regulations and wash sales.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation) ($)** |
| **Fidelity Mid Cap Index Fund** | 31289905382 | 10458989201 | (3279311571) | 7179677630 |
| **Fidelity Small Cap Index Fund** | 24991860436 | 6014696304 | (5363172315) | 651523989 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Mid Cap Index Fund**  | 103692758 | - | 7179677630 |
| **Fidelity Small Cap Index Fund**  | - | (559349260) | 651523989 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Small Cap Index Fund** | (42399498) | (516949762) | (559349260) |

---

Certain of the Funds intends to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2024 to April 30, 2025. Loss deferrals were as follows:

---

| | |
|:---|:---|
|  | <br> **Capital losses ($)** |
| **Fidelity Mid Cap Index Fund** | (278534097) |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **April 30, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Mid Cap Index Fund** | 422763674 | 415088948 | 837852622 |
| **Fidelity Small Cap Index Fund** | 278049075 | - | 278049075 |

---

---

| | | |
|:---|:---|:---|
| **April 30, 2024** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity Mid Cap Index Fund** | 428689183 | 428689183 |
| **Fidelity Small Cap Index Fund** | 351836326 | 351836326 |

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

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

**4. Derivative Instruments.**

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

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

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

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

---

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Mid Cap Index Fund** | 9017768437 | 5530165251 |
| **Fidelity Small Cap Index Fund** | 5290391527 | 3454279697 |

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**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Mid Cap Index Fund** | 21522538 | 389803000 | 697729194 |
| **Fidelity Small Cap Index Fund** | 77663346 | 1159757440 | 2021491295 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Mid Cap Index Fund** | 40076242 | 704168743 | 1127161154 |
| **Fidelity Small Cap Index Fund** | 58645764 | 807052186 | 1432697305 |

---

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is based on an annual rate of .025% of each Fund's average net assets. The management fee is reduced by an amount equal to the fees and expenses paid by each Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .025% of each Fund's average net assets. These expense contracts will remain in place through June 30, 2026.

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

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

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| | | | |
|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** |
| **Fidelity Small Cap Index Fund** | Borrower | 39380000 | 4.83% |

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

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Mid Cap Index Fund** | 27984 | 7927 | (431) |
| **Fidelity Small Cap Index Fund** | 4109618 | 17292404 | (5987604) |

---

**7. Committed Line of Credit.**

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

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

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

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

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Mid Cap Index Fund** | 393509 | 29741 | 1706784 |
| **Fidelity Small Cap Index Fund** | 3012714 | 189177 | 1836226 |

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Mid Cap Index Fund** | 74252041 |
| **Fidelity Small Cap Index Fund** | 9814694 |

---

**9. Expense Reductions.** 

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Mid Cap Index Fund** | 29328 |
| **Fidelity Small Cap Index Fund** | 144882 |

---

**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 Accounting Firm**

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

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

We have audited the accompanying statements of assets and liabilities of Fidelity Mid Cap Index Fund and Fidelity Small Cap Index Fund (the "Funds"), each a fund of Fidelity Salem Street Trust, including the schedules of investments, as of April 30, 2025, the related statements of operations for the year then ended, the statements 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 each of the Funds as of April 30, 2025, and the results of their operations for the year then ended, the changes in their 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 Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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 Funds are not required to have, nor were we engaged to perform, an audit of their 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 Funds' 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, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 11, 2025

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

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

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

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended April 30, 2025, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Fidelity Mid Cap Index Fund** | $495136039 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Fidelity Mid Cap Index Fund** |  |
| June, 2024<br> December, 2024 | 96%<br> 73%<br>|
| **Fidelity Small Cap Index Fund** |  |
| June, 2024<br> December, 2024 | 97%<br> 68% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Fidelity Mid Cap Index Fund** |  |
| June, 2024<br> December, 2024 | 97.47%<br> 80.32% |
| **Fidelity Small Cap Index Fund** |  |
| June, 2024<br> December, 2024 | 97.93%<br> 78.91% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:

---

| | |
|:---|:---|
| **Fidelity Mid Cap Index Fund** |  |
| June, 2024<br> December, 2024 | 2.43%<br> 18.84% |
| **Fidelity Small Cap Index Fund** |  |
| June, 2024<br> December, 2024 | 2.08%<br> 21.09% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Mid Cap Index Fund** | $5096612 |
| **Fidelity Small Cap Index Fund** | $8433287 |

---

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img108971_4.jpg)<br>

1.929320.113 MCX-I-SCX-I-ANN-0625

**Fidelity® Large Cap Value Index Fund**

**Annual Report**

**April 30, 2025**

![](img108972_1.jpg)

![](img108972_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_LC2-I-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Large Cap Value Index Fund](#Sub_Sec_Fund_2827_LC2-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2827_LC2-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_LC2-I-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_LC2-I-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LC2-I-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LC2-I-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LC2-I-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LC2-I-ANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

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

**Fidelity® Large Cap Value Index Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Aptiv PLC  | 103731 | 5918891 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 74637 | 817275 |
| Liberty Global Ltd Class C (b) | 57318 | 649986 |
| TOTAL BELGIUM |  | 1467261 |
| BERMUDA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| RenaissanceRe Holdings Ltd  | 22489 | 5440764 |
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 164885 | 2654649 |
| CANADA - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| RB Global Inc (United States)  | 79337 | 7989236 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A (United States) (c) | 60958 | 1734865 |
| TOTAL CANADA |  | 9724101 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (b) | 27482 | 666438 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 17754 | 913087 |
| IRELAND - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| IT Services - 0.8% |  |  |
| Accenture PLC Class A  | 274454 | 82102914 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b) | 53847 | 1026862 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 27111 | 2586932 |
| UNITED KINGDOM - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| TechnipFMC PLC  | 184256 | 5190492 |
| UNITED STATES - 98.6%  |  |  |
| Communication Services - 4.5% |  |  |
| Diversified Telecommunication Services - 1.6% |  |  |
| AT&T Inc  | 3133876 | 86808365 |
| Frontier Communications Parent Inc (b) | 106426 | 3857943 |
| Iridium Communications Inc  | 44619 | 1076656 |
| Verizon Communications Inc  | 1846460 | 81355028 |
|  |  | 173097992 |
| Entertainment - 1.3% |  |  |
| Electronic Arts Inc  | 115753 | 16794603 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 5258 | 423532 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 59330 | 5260791 |
| Liberty Media Corp-Liberty Live Class A (b) | 6929 | 484891 |
| Liberty Media Corp-Liberty Live Class C (b) | 20265 | 1449151 |
| Madison Square Garden Sports Corp Class A (b) | 6881 | 1325074 |
| Playtika Holding Corp  | 42951 | 226352 |
| Roku Inc Class A (b) | 48009 | 3273254 |
| Take-Two Interactive Software Inc (b) | 75598 | 17638525 |
| TKO Group Holdings Inc Class A  | 29385 | 4787110 |
| Walt Disney Co/The  | 791842 | 72018030 |
| Warner Bros Discovery Inc (b) | 1073805 | 9309889 |
|  |  | 132991202 |
| Interactive Media & Services - 0.1% |  |  |
| Angi Inc Class A (b) | 17711 | 202967 |
| IAC Inc Class A (b) | 33951 | 1186248 |
| Match Group Inc  | 109303 | 3241927 |
| TripAdvisor Inc Class A (b) | 44730 | 556889 |
| Trump Media & Technology Group Corp (b)(c) | 14045 | 344664 |
| ZoomInfo Technologies Inc (b) | 124834 | 1068579 |
|  |  | 6601274 |
| Media - 1.0% |  |  |
| Charter Communications Inc Class A (b) | 40253 | 15773541 |
| Comcast Corp Class A  | 1642617 | 56177501 |
| Fox Corp Class A  | 97473 | 4853181 |
| Fox Corp Class B  | 52840 | 2443321 |
| Interpublic Group of Cos Inc/The  | 167420 | 4205590 |
| Liberty Broadband Corp Class A (b) | 4790 | 426549 |
| Liberty Broadband Corp Class C (b) | 36363 | 3286852 |
| New York Times Co/The Class A  | 70316 | 3660651 |
| News Corp Class A  | 167443 | 4541054 |
| News Corp Class B  | 49449 | 1553688 |
| Nexstar Media Group Inc  | 7789 | 1165702 |
| Omnicom Group Inc  | 85885 | 6541002 |
| Paramount Global Class A (c) | 4828 | 109402 |
| Paramount Global Class B (c) | 273818 | 3214624 |
| Sirius XM Holdings Inc  | 99591 | 2133239 |
|  |  | 110085897 |
| Wireless Telecommunication Services - 0.5% |  |  |
| T-Mobile US Inc  | 205600 | 50772920 |
| TOTAL COMMUNICATION SERVICES |  | 473549285 |
| Consumer Discretionary - 5.8% |  |  |
| Automobile Components - 0.1% |  |  |
| BorgWarner Inc  | 100497 | 2852105 |
| Gentex Corp  | 102979 | 2242883 |
| Lear Corp  | 24709 | 2118797 |
| QuantumScape Corp Class A (b)(c) | 181862 | 711080 |
|  |  | 7924865 |
| Automobiles - 0.4% |  |  |
| Ford Motor Co  | 1720654 | 17223747 |
| General Motors Co  | 431501 | 19521105 |
| Harley-Davidson Inc  | 49614 | 1112346 |
| Lucid Group Inc Class A (b)(c) | 458903 | 1151847 |
| Rivian Automotive Inc Class A (b)(c) | 372381 | 5086724 |
| Thor Industries Inc (c) | 22217 | 1608955 |
|  |  | 45704724 |
| Broadline Retail - 0.2% |  |  |
| Dillard's Inc Class A (c) | 1307 | 453084 |
| eBay Inc  | 208672 | 14223084 |
| Etsy Inc (b) | 17114 | 744117 |
| Kohl's Corp (c) | 63337 | 424357 |
| Macy's Inc  | 127754 | 1458951 |
| Nordstrom Inc (c) | 40658 | 981484 |
| Ollie's Bargain Outlet Holdings Inc (b) | 26623 | 2824967 |
|  |  | 21110044 |
| Distributors - 0.1% |  |  |
| Genuine Parts Co  | 61268 | 7202053 |
| LKQ Corp  | 113833 | 4349559 |
|  |  | 11551612 |
| Diversified Consumer Services - 0.1% |  |  |
| ADT Inc  | 160062 | 1283697 |
| Bright Horizons Family Solutions Inc (b) | 21142 | 2651630 |
| Grand Canyon Education Inc (b) | 7993 | 1425711 |
| H&R Block Inc (c) | 47624 | 2875061 |
| Service Corp International/US  | 61196 | 4889561 |
|  |  | 13125660 |
| Hotels, Restaurants & Leisure - 2.1% |  |  |
| Aramark  | 113979 | 3810318 |
| Booking Holdings Inc  | 874 | 4456771 |
| Boyd Gaming Corp  | 27033 | 1869062 |
| Caesars Entertainment Inc (b) | 94274 | 2551054 |
| Carnival Corp (b) | 447403 | 8205371 |
| Choice Hotels International Inc (c) | 1448 | 182607 |
| Darden Restaurants Inc  | 23888 | 4792888 |
| Domino's Pizza Inc  | 9974 | 4890950 |
| DoorDash Inc Class A (b) | 19592 | 3779101 |
| Dutch Bros Inc Class A (b) | 28585 | 1707668 |
| Hilton Worldwide Holdings Inc  | 50338 | 11350212 |
| Hyatt Hotels Corp Class A (c) | 15129 | 1704736 |
| Marriott International Inc/MD Class A1  | 98959 | 23609638 |
| Marriott Vacations Worldwide Corp  | 15263 | 836565 |
| McDonald's Corp  | 294675 | 94192865 |
| MGM Resorts International (b) | 100394 | 3158395 |
| Penn Entertainment Inc (b) | 67325 | 1024687 |
| Planet Fitness Inc Class A (b) | 16243 | 1536425 |
| Royal Caribbean Cruises Ltd  | 67303 | 14464088 |
| Starbucks Corp  | 111265 | 8906763 |
| Travel + Leisure Co  | 28123 | 1235443 |
| Vail Resorts Inc  | 2758 | 383914 |
| Wendy's Co/The (c) | 38142 | 476775 |
| Wyndham Hotels & Resorts Inc  | 30120 | 2569236 |
| Wynn Resorts Ltd  | 40445 | 3248138 |
| Yum! Brands Inc  | 75516 | 11360627 |
|  |  | 216304297 |
| Household Durables - 0.7% |  |  |
| DR Horton Inc  | 124342 | 15709368 |
| Garmin Ltd  | 67364 | 12588311 |
| Leggett & Platt Inc  | 80199 | 771513 |
| Lennar Corp Class A  | 98077 | 10652143 |
| Lennar Corp Class B (c) | 8867 | 916582 |
| Mohawk Industries Inc (b) | 22906 | 2436053 |
| Newell Brands Inc  | 196196 | 937817 |
| NVR Inc (b) | 1204 | 8579403 |
| PulteGroup Inc  | 88951 | 9124594 |
| SharkNinja Inc (b) | 23183 | 1866232 |
| Toll Brothers Inc  | 43899 | 4428092 |
| TopBuild Corp (b) | 12079 | 3572485 |
| Whirlpool Corp  | 24727 | 1886176 |
|  |  | 73468769 |
| Leisure Products - 0.1% |  |  |
| Brunswick Corp/DE  | 33580 | 1546359 |
| Hasbro Inc  | 7850 | 485914 |
| Mattel Inc (b) | 147784 | 2348288 |
| Polaris Inc (c) | 28347 | 962664 |
| YETI Holdings Inc (b) | 26106 | 745326 |
|  |  | 6088551 |
| Specialty Retail - 1.7% |  |  |
| Advance Auto Parts Inc  | 30002 | 981665 |
| AutoNation Inc (b) | 11102 | 1933413 |
| AutoZone Inc (b) | 612 | 2302711 |
| Bath & Body Works Inc  | 95939 | 2927099 |
| Best Buy Co Inc  | 93993 | 6268393 |
| CarMax Inc (b) | 63181 | 4085915 |
| Carvana Co Class A (b) | 30776 | 7520116 |
| Dick's Sporting Goods Inc  | 22478 | 4220020 |
| Five Below Inc (b) | 5574 | 423011 |
| Floor & Decor Holdings Inc Class A (b) | 29511 | 2108266 |
| GameStop Corp Class A (b)(c) | 171717 | 4784036 |
| Gap Inc/The  | 88948 | 1947961 |
| Home Depot Inc/The  | 87637 | 31592262 |
| Lithia Motors Inc Class A  | 11449 | 3351809 |
| Lowe's Cos Inc  | 247043 | 55228933 |
| O'Reilly Automotive Inc (b) | 1855 | 2625196 |
| Penske Automotive Group Inc  | 8063 | 1255167 |
| Restoration Hardware Inc (b) | 5696 | 1048235 |
| Ross Stores Inc  | 109459 | 15214801 |
| TJX Cos Inc/The  | 201119 | 25879993 |
| Ulta Beauty Inc (b) | 2773 | 1097110 |
| Wayfair Inc Class A (b)(c) | 46568 | 1404491 |
| Williams-Sonoma Inc  | 21904 | 3383511 |
|  |  | 181584114 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Capri Holdings Ltd (b) | 59384 | 893135 |
| Carter's Inc  | 19741 | 652440 |
| Columbia Sportswear Co (c) | 14826 | 921732 |
| Crocs Inc (b) | 21644 | 2086914 |
| NIKE Inc Class B  | 203337 | 11468208 |
| PVH Corp  | 27286 | 1882188 |
| Ralph Lauren Corp Class A  | 17680 | 3977116 |
| Skechers USA Inc Class A (b) | 54554 | 2619683 |
| Tapestry Inc  | 102302 | 7227637 |
| Under Armour Inc Class A (b)(c) | 100305 | 573745 |
| Under Armour Inc Class C (b) | 83483 | 454147 |
| VF Corp  | 12478 | 148239 |
|  |  | 32905184 |
| TOTAL CONSUMER DISCRETIONARY |  | 609767820 |
| Consumer Staples - 8.5% |  |  |
| Beverages - 1.1% |  |  |
| Boston Beer Co Inc/The Class A (b) | 3013 | 740595 |
| Brown-Forman Corp Class A  | 30139 | 1043111 |
| Brown-Forman Corp Class B (c) | 71095 | 2476950 |
| Coca-Cola Co/The  | 723612 | 52498051 |
| Coca-Cola Consolidated Inc  | 2576 | 3492567 |
| Constellation Brands Inc Class A  | 69910 | 13110921 |
| Keurig Dr Pepper Inc  | 523024 | 18091400 |
| Molson Coors Beverage Co Class B  | 74959 | 4312391 |
| Monster Beverage Corp (b) | 61191 | 3678803 |
| PepsiCo Inc  | 127968 | 17349901 |
|  |  | 116794690 |
| Consumer Staples Distribution & Retail - 2.7% |  |  |
| Albertsons Cos Inc Class A  | 182383 | 4008778 |
| BJ's Wholesale Club Holdings Inc (b) | 57110 | 6713852 |
| Casey's General Stores Inc  | 13195 | 6103875 |
| Dollar General Corp  | 96954 | 9083620 |
| Dollar Tree Inc (b) | 89096 | 7285380 |
| Grocery Outlet Holding Corp (b)(c) | 42469 | 713055 |
| Kroger Co/The  | 288746 | 20850349 |
| Maplebear Inc (b) | 72976 | 2911013 |
| Performance Food Group Co (b) | 56549 | 4561242 |
| Sysco Corp  | 80388 | 5739703 |
| Target Corp  | 203852 | 19712488 |
| US Foods Holding Corp (b) | 93334 | 6128310 |
| Walgreens Boots Alliance Inc  | 320429 | 3515106 |
| Walmart Inc  | 1895586 | 184345739 |
|  |  | 281672510 |
| Food Products - 1.4% |  |  |
| Archer-Daniels-Midland Co  | 209135 | 9986196 |
| Bunge Global SA  | 58280 | 4587802 |
| Conagra Brands Inc  | 213810 | 5283245 |
| Darling Ingredients Inc (b) | 69415 | 2234469 |
| Flowers Foods Inc  | 81834 | 1439460 |
| Freshpet Inc (b) | 13973 | 1027574 |
| General Mills Inc  | 241610 | 13708951 |
| Hershey Co/The  | 54951 | 9187258 |
| Hormel Foods Corp  | 127218 | 3803818 |
| Ingredion Inc  | 27710 | 3680442 |
| JM Smucker Co  | 45563 | 5297610 |
| Kellanova  | 111677 | 9243505 |
| Kraft Heinz Co/The  | 396530 | 11539023 |
| Lamb Weston Holdings Inc  | 43228 | 2282871 |
| McCormick & Co Inc/MD  | 110017 | 8433903 |
| Mondelez International Inc  | 586008 | 39924726 |
| Pilgrim's Pride Corp  | 14600 | 796868 |
| Post Holdings Inc (b) | 21270 | 2407126 |
| Seaboard Corp  | 109 | 281872 |
| Smithfield Foods Inc  | 9135 | 202888 |
| The Campbell's Company  | 83860 | 3057536 |
| Tyson Foods Inc Class A  | 122909 | 7526947 |
|  |  | 145934090 |
| Household Products - 1.6% |  |  |
| Church & Dwight Co Inc  | 106939 | 10623320 |
| Colgate-Palmolive Co  | 160508 | 14797233 |
| Kimberly-Clark Corp  | 85488 | 11265609 |
| Procter & Gamble Co/The  | 803250 | 130584353 |
| Reynolds Consumer Products Inc  | 24235 | 557404 |
| Spectrum Brands Holdings Inc  | 11528 | 727417 |
|  |  | 168555336 |
| Personal Care Products - 0.2% |  |  |
| BellRing Brands Inc (b) | 59550 | 4593687 |
| Coty Inc Class A (b) | 245726 | 1240916 |
| Estee Lauder Cos Inc/The Class A  | 10301 | 617648 |
| Kenvue Inc  | 866493 | 20449235 |
|  |  | 26901486 |
| Tobacco - 1.5% |  |  |
| Altria Group Inc  | 739296 | 43729358 |
| Philip Morris International Inc  | 678787 | 116316941 |
|  |  | 160046299 |
| TOTAL CONSUMER STAPLES |  | 899904411 |
| Energy - 6.3% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Baker Hughes Co Class A  | 433824 | 15357370 |
| Halliburton Co  | 389992 | 7729641 |
| NOV Inc  | 169180 | 1964180 |
| Schlumberger NV  | 609283 | 20258660 |
|  |  | 45309851 |
| Oil, Gas & Consumable Fuels - 5.9% |  |  |
| Antero Midstream Corp  | 89178 | 1475895 |
| Antero Resources Corp (b) | 127391 | 4437029 |
| APA Corp  | 159886 | 2484628 |
| Cheniere Energy Inc  | 47096 | 10884357 |
| Chevron Corp  | 715562 | 97359366 |
| Chord Energy Corp  | 26895 | 2426736 |
| Civitas Resources Inc  | 34222 | 932549 |
| ConocoPhillips  | 566217 | 50461259 |
| Coterra Energy Inc  | 320041 | 7860207 |
| Devon Energy Corp  | 273753 | 8324829 |
| Diamondback Energy Inc  | 82787 | 10928712 |
| DT Midstream Inc  | 43610 | 4238892 |
| EOG Resources Inc  | 244434 | 26968403 |
| EQT Corp  | 241724 | 11950835 |
| Expand Energy Corp  | 101181 | 10512706 |
| Exxon Mobil Corp  | 1921387 | 202956109 |
| Hess Corp  | 42031 | 5424101 |
| HF Sinclair Corp  | 70884 | 2131482 |
| Kinder Morgan Inc  | 842995 | 22170769 |
| Marathon Petroleum Corp  | 140916 | 19363268 |
| Matador Resources Co  | 47432 | 1875461 |
| New Fortress Energy Inc Class A (c) | 25115 | 136373 |
| Occidental Petroleum Corp  | 300140 | 11828517 |
| ONEOK Inc  | 269888 | 22173998 |
| Ovintiv Inc  | 113916 | 3825299 |
| Permian Resources Corp Class A  | 224925 | 2654115 |
| Phillips 66  | 181780 | 18916027 |
| Range Resources Corp  | 104006 | 3528924 |
| Valero Energy Corp  | 138670 | 16098200 |
| Viper Energy Inc Class A  | 38455 | 1550890 |
| Williams Cos Inc/The  | 529414 | 31007778 |
|  |  | 616887714 |
| TOTAL ENERGY |  | 662197565 |
| Financials - 23.3% |  |  |
| Banks - 7.2% |  |  |
| Bank of America Corp  | 2911300 | 116102644 |
| Bank OZK  | 46411 | 1977109 |
| BOK Financial Corp  | 8176 | 761758 |
| Citigroup Inc  | 828890 | 56679498 |
| Citizens Financial Group Inc  | 192759 | 7110880 |
| Columbia Banking System Inc  | 90802 | 2035781 |
| Comerica Inc  | 58217 | 3129164 |
| Commerce Bancshares Inc/MO  | 51016 | 3098712 |
| Cullen/Frost Bankers Inc  | 25384 | 2956474 |
| East West Bancorp Inc  | 60465 | 5172781 |
| Fifth Third Bancorp  | 296234 | 10646650 |
| First Citizens BancShares Inc/NC Class A  | 4960 | 8824534 |
| First Hawaiian Inc  | 52847 | 1208082 |
| First Horizon Corp  | 228724 | 4135330 |
| FNB Corp/PA  | 155305 | 2032942 |
| Huntington Bancshares Inc/OH  | 633043 | 9198115 |
| JPMorgan Chase & Co  | 1227536 | 300279857 |
| KeyCorp  | 421877 | 6260655 |
| M&T Bank Corp  | 71694 | 12170773 |
| Pinnacle Financial Partners Inc  | 33038 | 3311729 |
| PNC Financial Services Group Inc/The  | 173475 | 27875698 |
| Prosperity Bancshares Inc  | 38629 | 2622909 |
| Regions Financial Corp  | 398548 | 8134365 |
| Synovus Financial Corp  | 61450 | 2662014 |
| TFS Financial Corp (c) | 21842 | 283072 |
| Truist Financial Corp  | 584186 | 22397691 |
| US Bancorp  | 685038 | 27634433 |
| Webster Financial Corp  | 75082 | 3551379 |
| Wells Fargo & Co  | 1438175 | 102124807 |
| Western Alliance Bancorp  | 46856 | 3266332 |
| Wintrust Financial Corp  | 27924 | 3104311 |
| Zions Bancorp NA  | 63156 | 2840125 |
|  |  | 763590604 |
| Capital Markets - 5.3% |  |  |
| Affiliated Managers Group Inc  | 12993 | 2152031 |
| Ameriprise Financial Inc  | 3541 | 1667881 |
| Bank of New York Mellon Corp/The  | 310776 | 24989498 |
| Blackrock Inc  | 64675 | 59129766 |
| Carlyle Group Inc/The  | 97848 | 3780847 |
| Cboe Global Markets Inc  | 45740 | 10145132 |
| Charles Schwab Corp/The  | 652539 | 53116675 |
| CME Group Inc Class A  | 156779 | 43440325 |
| Coinbase Global Inc Class A (b) | 14549 | 2951847 |
| Evercore Inc Class A  | 16059 | 3296752 |
| FactSet Research Systems Inc  | 10772 | 4655874 |
| Franklin Resources Inc  | 151978 | 2851107 |
| Goldman Sachs Group Inc/The  | 96712 | 52954656 |
| Houlihan Lokey Inc Class A  | 21037 | 3409677 |
| Interactive Brokers Group Inc Class A  | 46259 | 7949609 |
| Intercontinental Exchange Inc  | 247700 | 41606169 |
| Invesco Ltd  | 166242 | 2315751 |
| Janus Henderson Group PLC  | 55656 | 1848336 |
| Jefferies Financial Group Inc  | 55131 | 2576272 |
| KKR & Co Inc Class A  | 210545 | 24058977 |
| Lazard Inc  | 3787 | 147313 |
| MarketAxess Holdings Inc  | 16178 | 3584883 |
| Morgan Stanley  | 472461 | 54531449 |
| MSCI Inc  | 13902 | 7578119 |
| Nasdaq Inc  | 178651 | 13614993 |
| Northern Trust Corp  | 83635 | 7860017 |
| Raymond James Financial Inc  | 88449 | 12121051 |
| Robinhood Markets Inc Class A (b) | 293891 | 14432987 |
| S&P Global Inc  | 136720 | 68366836 |
| SEI Investments Co  | 43375 | 3395829 |
| State Street Corp  | 127105 | 11197951 |
| Stifel Financial Corp  | 43629 | 3738569 |
| T Rowe Price Group Inc  | 97674 | 8649033 |
| TPG Inc Class A (c) | 29686 | 1378914 |
| Tradeweb Markets Inc Class A  | 29913 | 4136968 |
| Virtu Financial Inc Class A  | 33757 | 1321586 |
|  |  | 564953680 |
| Consumer Finance - 1.1% |  |  |
| Ally Financial Inc  | 105645 | 3450366 |
| American Express Co  | 151207 | 40283057 |
| Capital One Financial Corp  | 166038 | 29930010 |
| Credit Acceptance Corp (b)(c) | 571 | 278316 |
| Discover Financial Services  | 109113 | 19931672 |
| OneMain Holdings Inc  | 49291 | 2320127 |
| SLM Corp  | 91447 | 2643733 |
| SoFi Technologies Inc Class A (b) | 394410 | 4934069 |
| Synchrony Financial  | 169185 | 8789161 |
|  |  | 112560511 |
| Financial Services - 5.3% |  |  |
| Affirm Holdings Inc Class A (b) | 114365 | 5690802 |
| Apollo Global Management Inc  | 57787 | 7886770 |
| Berkshire Hathaway Inc Class B (b) | 799896 | 426544542 |
| Block Inc Class A (b) | 142331 | 8322094 |
| Corebridge Financial Inc  | 124652 | 3693439 |
| Euronet Worldwide Inc (b) | 18077 | 1791431 |
| Fidelity National Information Services Inc  | 233649 | 18430233 |
| Fiserv Inc (b) | 168056 | 31018096 |
| Global Payments Inc  | 111734 | 8526422 |
| Jack Henry & Associates Inc  | 31794 | 5514033 |
| MGIC Investment Corp  | 107480 | 2677327 |
| PayPal Holdings Inc (b) | 440549 | 29005746 |
| Rocket Cos Inc Class A (c) | 64266 | 829674 |
| UWM Holdings Corp Class A  | 38056 | 178863 |
| Voya Financial Inc  | 42107 | 2492734 |
| Western Union Co/The  | 122586 | 1214827 |
| WEX Inc (b)(c) | 15898 | 2072622 |
|  |  | 555889655 |
| Insurance - 4.3% |  |  |
| AFLAC Inc  | 240591 | 26147430 |
| Allstate Corp/The  | 97480 | 19339057 |
| American Financial Group Inc/OH  | 31495 | 3989157 |
| American International Group Inc  | 275337 | 22445472 |
| Aon PLC  | 85556 | 30354413 |
| Arch Capital Group Ltd  | 157099 | 14245737 |
| Arthur J Gallagher & Co  | 99825 | 32012879 |
| Assurant Inc  | 22481 | 4332988 |
| Assured Guaranty Ltd  | 21186 | 1858648 |
| Axis Capital Holdings Ltd  | 31703 | 3053633 |
| Brighthouse Financial Inc (b) | 25562 | 1488219 |
| Brown & Brown Inc  | 56252 | 6221471 |
| Chubb Ltd  | 176682 | 50545187 |
| Cincinnati Financial Corp  | 66866 | 9308416 |
| CNA Financial Corp  | 8906 | 428912 |
| Everest Group Ltd  | 15642 | 5612819 |
| Fidelity National Financial Inc/US  | 114558 | 7337440 |
| First American Financial Corp  | 45329 | 2756456 |
| Globe Life Inc  | 35440 | 4371170 |
| Hanover Insurance Group Inc/The  | 15586 | 2588835 |
| Hartford Insurance Group Inc/The  | 126472 | 15514320 |
| Kemper Corp  | 26463 | 1564493 |
| Lincoln National Corp  | 72729 | 2317873 |
| Loews Corp  | 77345 | 6715866 |
| Markel Group Inc (b) | 4164 | 7572650 |
| Marsh & McLennan Cos Inc  | 186064 | 41951850 |
| MetLife Inc  | 254670 | 19194478 |
| Old Republic International Corp  | 98791 | 3714542 |
| Primerica Inc  | 14373 | 3766732 |
| Principal Financial Group Inc  | 101590 | 7532899 |
| Progressive Corp/The  | 40124 | 11304536 |
| Prudential Financial Inc  | 159301 | 16361806 |
| Reinsurance Group of America Inc  | 29161 | 5462147 |
| RLI Corp  | 33974 | 2514416 |
| The Travelers Companies, Inc.  | 99022 | 26154681 |
| Unum Group  | 78259 | 6077594 |
| W R Berkley Corp  | 126105 | 9040467 |
| White Mountains Insurance Group Ltd  | 1070 | 1891172 |
| Willis Towers Watson PLC  | 44109 | 13576750 |
|  |  | 450667611 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.1% |  |  |
| AGNC Investment Corp  | 377702 | 3335109 |
| Annaly Capital Management Inc  | 245948 | 4820581 |
| Rithm Capital Corp  | 201877 | 2256984 |
| Starwood Property Trust Inc  | 139043 | 2668235 |
|  |  | 13080909 |
| TOTAL FINANCIALS |  | 2460742970 |
| Health Care - 14.2% |  |  |
| Biotechnology - 2.3% |  |  |
| AbbVie Inc  | 442571 | 86345603 |
| Alnylam Pharmaceuticals Inc (b) | 6802 | 1790558 |
| Amgen Inc  | 53774 | 15643932 |
| Biogen Inc (b) | 39665 | 4802638 |
| BioMarin Pharmaceutical Inc (b) | 89892 | 5725221 |
| Exact Sciences Corp (b) | 51939 | 2370496 |
| Exelixis Inc (b) | 24281 | 950601 |
| Gilead Sciences Inc  | 549299 | 58522316 |
| GRAIL Inc (c) | 13318 | 459404 |
| Incyte Corp (b) | 69083 | 4328741 |
| Ionis Pharmaceuticals Inc (b)(c) | 18336 | 563099 |
| Moderna Inc (b) | 25947 | 740527 |
| Regeneron Pharmaceuticals Inc  | 42870 | 25668841 |
| Roivant Sciences Ltd (b)(c) | 227115 | 2639076 |
| United Therapeutics Corp (b) | 19968 | 6052101 |
| Vertex Pharmaceuticals Inc (b) | 57458 | 29274852 |
|  |  | 245878006 |
| Health Care Equipment & Supplies - 3.6% |  |  |
| Abbott Laboratories  | 755532 | 98785809 |
| Align Technology Inc (b) | 14564 | 2523941 |
| Baxter International Inc  | 225670 | 7034134 |
| Becton Dickinson & Co  | 126779 | 26254663 |
| Boston Scientific Corp (b) | 640456 | 65883709 |
| Cooper Cos Inc/The (b) | 86390 | 7055471 |
| DENTSPLY SIRONA Inc  | 21 | 291 |
| Edwards Lifesciences Corp (b) | 207748 | 15682897 |
| Enovis Corp (b) | 33688 | 1165268 |
| Envista Holdings Corp (b) | 85044 | 1367508 |
| GE HealthCare Technologies Inc  | 181003 | 12729941 |
| Globus Medical Inc Class A (b) | 48827 | 3504314 |
| Hologic Inc (b) | 98079 | 5708198 |
| Masimo Corp (b) | 9206 | 1481798 |
| Medtronic PLC  | 562287 | 47659446 |
| QuidelOrtho Corp (b) | 33870 | 941247 |
| ResMed Inc  | 46349 | 10965710 |
| Solventum Corp (b) | 60758 | 4017319 |
| STERIS PLC  | 42917 | 9645167 |
| Stryker Corp  | 111232 | 41591869 |
| Teleflex Inc  | 21898 | 3001121 |
| Zimmer Biomet Holdings Inc  | 86759 | 8940515 |
|  |  | 375940336 |
| Health Care Providers & Services - 3.6% |  |  |
| Acadia Healthcare Co Inc (b) | 41425 | 969344 |
| Amedisys Inc (b) | 12901 | 1224305 |
| Cardinal Health Inc  | 42441 | 5996489 |
| Centene Corp (b) | 220235 | 13181065 |
| Chemed Corp  | 5737 | 3336123 |
| Cigna Group/The  | 107103 | 36419304 |
| CVS Health Corp  | 551835 | 36812913 |
| Elevance Health Inc  | 85495 | 35957487 |
| Encompass Health Corp  | 42662 | 4991027 |
| HCA Healthcare Inc  | 61025 | 21058507 |
| Henry Schein Inc (b) | 54136 | 3517216 |
| Humana Inc  | 52874 | 13865678 |
| Labcorp Holdings Inc  | 36631 | 8828437 |
| McKesson Corp  | 31400 | 22381606 |
| Molina Healthcare Inc (b) | 9176 | 3000644 |
| Premier Inc Class A (c) | 41613 | 846824 |
| Quest Diagnostics Inc  | 48446 | 8634046 |
| Tenet Healthcare Corp (b) | 41350 | 5910983 |
| UnitedHealth Group Inc  | 374681 | 154158751 |
| Universal Health Services Inc Class B  | 24801 | 4391513 |
|  |  | 385482262 |
| Health Care Technology - 0.0% |  |  |
| Certara Inc (b) | 57580 | 798058 |
| Doximity Inc Class A (b) | 50624 | 2879493 |
|  |  | 3677551 |
| Life Sciences Tools & Services - 1.9% |  |  |
| 10X Genomics Inc Class A (b) | 32013 | 264747 |
| Agilent Technologies Inc  | 128818 | 13860817 |
| Avantor Inc (b) | 307670 | 3996633 |
| Azenta Inc (b) | 22327 | 588093 |
| Bio-Rad Laboratories Inc Class A (b)(c) | 9627 | 2349758 |
| Bio-Techne Corp  | 74330 | 3742516 |
| Bruker Corp  | 22711 | 909803 |
| Charles River Laboratories International Inc (b) | 23943 | 2840119 |
| Danaher Corp  | 283765 | 56562877 |
| Fortrea Holdings Inc (b) | 59797 | 372535 |
| Illumina Inc (b) | 28479 | 2209970 |
| IQVIA Holdings Inc (b) | 71446 | 11079131 |
| Mettler-Toledo International Inc (b) | 9196 | 9844962 |
| QIAGEN NV (United States)  | 96384 | 4120416 |
| Repligen Corp (b) | 21738 | 2999627 |
| Revvity Inc  | 55019 | 5140425 |
| Sotera Health Co (b)(c) | 65731 | 755907 |
| Thermo Fisher Scientific Inc  | 167976 | 72061704 |
| Waters Corp (b) | 10259 | 3567362 |
| West Pharmaceutical Services Inc  | 13092 | 2766209 |
|  |  | 200033611 |
| Pharmaceuticals - 2.8% |  |  |
| Bristol-Myers Squibb Co  | 891547 | 44755659 |
| Elanco Animal Health Inc (b)(c) | 226906 | 2151069 |
| Jazz Pharmaceuticals PLC (b) | 26653 | 3117335 |
| Johnson & Johnson  | 1058024 | 165379732 |
| Organon & Co  | 130697 | 1689912 |
| Perrigo Co PLC  | 68524 | 1762437 |
| Pfizer Inc  | 2354417 | 57471319 |
| Royalty Pharma PLC Class A  | 173173 | 5683538 |
| Viatris Inc  | 578538 | 4871290 |
| Zoetis Inc Class A  | 36550 | 5716420 |
|  |  | 292598711 |
| TOTAL HEALTH CARE |  | 1503610477 |
| Industrials - 14.3% |  |  |
| Aerospace & Defense - 3.7% |  |  |
| Boeing Co (b) | 273957 | 50199881 |
| BWX Technologies Inc  | 32049 | 3497187 |
| Curtiss-Wright Corp  | 16757 | 5779322 |
| GE Aerospace  | 369609 | 74490998 |
| General Dynamics Corp  | 119730 | 32580928 |
| Hexcel Corp  | 35965 | 1743224 |
| Howmet Aerospace Inc  | 165228 | 22897296 |
| Huntington Ingalls Industries Inc  | 17374 | 4001927 |
| L3Harris Technologies Inc  | 83060 | 18274861 |
| Loar Holdings Inc (b)(c) | 1131 | 106969 |
| Lockheed Martin Corp  | 62777 | 29991712 |
| Northrop Grumman Corp  | 59594 | 28992481 |
| RTX Corp  | 578977 | 73026369 |
| Spirit AeroSystems Holdings Inc Class A (b) | 45151 | 1625436 |
| Standardaero Inc (c) | 31222 | 843618 |
| Textron Inc  | 82073 | 5775477 |
| TransDigm Group Inc  | 18881 | 26680175 |
| Woodward Inc  | 25824 | 4843808 |
|  |  | 385351669 |
| Air Freight & Logistics - 0.6% |  |  |
| CH Robinson Worldwide Inc  | 53521 | 4775144 |
| Expeditors International of Washington Inc  | 55602 | 6111216 |
| FedEx Corp  | 99577 | 20944030 |
| GXO Logistics Inc (b) | 58605 | 2123845 |
| United Parcel Service Inc Class B  | 287891 | 27436012 |
|  |  | 61390247 |
| Building Products - 1.1% |  |  |
| A O Smith Corp  | 51768 | 3512976 |
| Advanced Drainage Systems Inc  | 19522 | 2215552 |
| Allegion plc  | 37624 | 5237261 |
| Armstrong World Industries Inc  | 10933 | 1585504 |
| AZEK Co Inc/The Class A (b) | 18354 | 909624 |
| Builders FirstSource Inc (b) | 45981 | 5500707 |
| Carlisle Cos Inc  | 17115 | 6494800 |
| Carrier Global Corp  | 367554 | 22986827 |
| Fortune Brands Innovations Inc  | 55281 | 2975223 |
| Hayward Holdings Inc (b) | 61343 | 817702 |
| Johnson Controls International plc  | 287884 | 24153468 |
| Masco Corp  | 94499 | 5727584 |
| Owens Corning  | 37458 | 5446768 |
| Simpson Manufacturing Co Inc  | 16771 | 2577535 |
| Trane Technologies PLC  | 65080 | 24945816 |
|  |  | 115087347 |
| Commercial Services & Supplies - 0.4% |  |  |
| Cintas Corp  | 7801 | 1651316 |
| Clean Harbors Inc (b) | 22347 | 4780917 |
| Copart Inc (b) | 26636 | 1625595 |
| MSA Safety Inc  | 16162 | 2544222 |
| Republic Services Inc  | 88131 | 22098848 |
| Tetra Tech Inc  | 92883 | 2897021 |
| Veralto Corp  | 59538 | 5709694 |
| Vestis Corp  | 50691 | 444053 |
|  |  | 41751666 |
| Construction & Engineering - 0.3% |  |  |
| AECOM  | 56788 | 5602136 |
| API Group Corp (b) | 98905 | 3741576 |
| EMCOR Group Inc  | 11890 | 4764323 |
| Everus Construction Group Inc  | 22159 | 891678 |
| MasTec Inc (b) | 27414 | 3490350 |
| Quanta Services Inc  | 43969 | 12869287 |
| Valmont Industries Inc  | 8453 | 2478589 |
| WillScot Holdings Corp  | 55405 | 1391774 |
|  |  | 35229713 |
| Electrical Equipment - 1.6% |  |  |
| Acuity Inc  | 13591 | 3310904 |
| AMETEK Inc  | 100845 | 17101295 |
| Eaton Corp PLC  | 173641 | 51114701 |
| Emerson Electric Co  | 251024 | 26385133 |
| GE Vernova Inc  | 119001 | 44127951 |
| Generac Holdings Inc (b) | 13337 | 1525485 |
| Hubbell Inc  | 23853 | 8662933 |
| nVent Electric PLC  | 77393 | 4249650 |
| Regal Rexnord Corp  | 30182 | 3194463 |
| Rockwell Automation Inc  | 45278 | 11214455 |
| Sensata Technologies Holding PLC  | 10 | 213 |
|  |  | 170887183 |
| Ground Transportation - 0.9% |  |  |
| Avis Budget Group Inc (b)(c) | 5419 | 501962 |
| CSX Corp  | 847829 | 23798560 |
| JB Hunt Transport Services Inc  | 36245 | 4732872 |
| Knight-Swift Transportation Holdings Inc  | 71882 | 2815618 |
| Landstar System Inc  | 15687 | 2104411 |
| Lyft Inc Class A (b) | 57727 | 715815 |
| Norfolk Southern Corp  | 99198 | 22225312 |
| Ryder System Inc  | 18064 | 2486871 |
| Saia Inc (b) | 5032 | 1227808 |
| Schneider National Inc Class B (c) | 20191 | 433904 |
| U-Haul Holding Co (b)(c) | 1779 | 109213 |
| U-Haul Holding Co Class N  | 24821 | 1360191 |
| Union Pacific Corp  | 139553 | 30096000 |
|  |  | 92608537 |
| Industrial Conglomerates - 0.7% |  |  |
| 3M Co  | 193628 | 26896865 |
| Honeywell International Inc  | 241216 | 50775968 |
|  |  | 77672833 |
| Machinery - 3.4% |  |  |
| AGCO Corp  | 29123 | 2470504 |
| Allison Transmission Holdings Inc  | 36929 | 3406331 |
| Caterpillar Inc  | 181590 | 56160339 |
| CNH Industrial NV Class A  | 392236 | 4538171 |
| Crane Co  | 21828 | 3513871 |
| Cummins Inc  | 59744 | 17555177 |
| Deere & Co  | 109047 | 50549827 |
| Donaldson Co Inc  | 52440 | 3446881 |
| Dover Corp  | 60389 | 10305383 |
| Esab Corp  | 24853 | 2985342 |
| Flowserve Corp  | 58324 | 2637995 |
| Fortive Corp  | 152946 | 10658807 |
| Gates Industrial Corp PLC (b) | 104255 | 1972505 |
| Graco Inc  | 74081 | 6045750 |
| IDEX Corp  | 33805 | 5881056 |
| Illinois Tool Works Inc  | 80571 | 19329789 |
| Ingersoll Rand Inc  | 177489 | 13387995 |
| ITT Inc  | 36627 | 5018632 |
| Lincoln Electric Holdings Inc  | 17814 | 3138827 |
| Middleby Corp/The (b) | 23476 | 3130525 |
| Nordson Corp  | 26080 | 4943986 |
| Oshkosh Corp  | 29516 | 2472260 |
| Otis Worldwide Corp  | 174243 | 16774374 |
| PACCAR Inc  | 225705 | 20360848 |
| Parker-Hannifin Corp  | 56146 | 33971699 |
| Pentair PLC  | 72835 | 6608320 |
| RBC Bearings Inc (b) | 12303 | 4042397 |
| Snap-on Inc  | 22732 | 7133529 |
| Stanley Black & Decker Inc  | 18507 | 1110789 |
| Timken Co/The  | 30277 | 1945296 |
| Toro Co/The  | 45005 | 3072941 |
| Westinghouse Air Brake Technologies Corp  | 74739 | 13807283 |
| Xylem Inc/NY  | 106320 | 12819002 |
|  |  | 355196431 |
| Marine Transportation - 0.0% |  |  |
| Kirby Corp (b) | 25453 | 2452906 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (b) | 54328 | 2405100 |
| American Airlines Group Inc (b)(c) | 275529 | 2741514 |
| Delta Air Lines Inc  | 283325 | 11794820 |
| Southwest Airlines Co (c) | 263627 | 7371011 |
| United Airlines Holdings Inc (b) | 143160 | 9852271 |
|  |  | 34164716 |
| Professional Services - 0.8% |  |  |
| Amentum Holdings Inc  | 67237 | 1467111 |
| Automatic Data Processing Inc  | 12252 | 3682951 |
| Broadridge Financial Solutions Inc  | 3880 | 940512 |
| CACI International Inc (b) | 9734 | 4456907 |
| Clarivate PLC (b)(c) | 198877 | 857159 |
| Concentrix Corp  | 20952 | 1069809 |
| Dayforce Inc (b) | 59007 | 3414735 |
| Dun & Bradstreet Holdings Inc  | 132216 | 1185978 |
| Equifax Inc  | 43176 | 11231373 |
| FTI Consulting Inc (b) | 15358 | 2553728 |
| Genpact Ltd  | 73249 | 3681495 |
| Jacobs Solutions Inc  | 54059 | 6692504 |
| KBR Inc  | 53418 | 2821005 |
| Leidos Holdings Inc  | 58504 | 8610619 |
| ManpowerGroup Inc  | 22393 | 964467 |
| Parsons Corp (b) | 20209 | 1351174 |
| Paychex Inc  | 89799 | 13211229 |
| Paycom Software Inc  | 8229 | 1862963 |
| Robert Half Inc  | 46128 | 2043470 |
| Science Applications International Corp  | 21456 | 2596820 |
| SS&C Technologies Holdings Inc  | 93185 | 7044786 |
| TransUnion  | 80945 | 6715197 |
|  |  | 88455992 |
| Trading Companies & Distributors - 0.5% |  |  |
| Air Lease Corp Class A  | 45542 | 2129544 |
| Core & Main Inc Class A (b) | 28388 | 1495480 |
| Fastenal Co  | 37590 | 3043662 |
| Ferguson Enterprises Inc  | 81806 | 13879207 |
| MSC Industrial Direct Co Inc Class A  | 20038 | 1532506 |
| SiteOne Landscape Supply Inc (b)(c) | 12288 | 1410785 |
| United Rentals Inc  | 21756 | 13737827 |
| Watsco Inc  | 15047 | 6919212 |
| Wesco International Inc  | 18365 | 2992760 |
| WW Grainger Inc  | 2214 | 2267822 |
|  |  | 49408805 |
| TOTAL INDUSTRIALS |  | 1509658045 |
| Information Technology - 7.9% |  |  |
| Communications Equipment - 1.3% |  |  |
| Ciena Corp (b) | 62520 | 4198843 |
| Cisco Systems Inc  | 1743208 | 100635398 |
| F5 Inc (b) | 24875 | 6585408 |
| Juniper Networks Inc  | 141713 | 5147016 |
| Lumentum Holdings Inc (b) | 30575 | 1805148 |
| Motorola Solutions Inc  | 37366 | 16455613 |
| Ubiquiti Inc (c) | 606 | 197828 |
|  |  | 135025254 |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Amphenol Corp Class A  | 215751 | 16602039 |
| Arrow Electronics Inc (b) | 22908 | 2551035 |
| Avnet Inc  | 37468 | 1760621 |
| CDW Corp/DE  | 29397 | 4719982 |
| Cognex Corp  | 73726 | 2012720 |
| Coherent Corp (b) | 55413 | 3564164 |
| Corning Inc  | 334632 | 14850968 |
| Crane NXT Co (c) | 21421 | 1005073 |
| Ingram Micro Holding Corp  | 5675 | 100902 |
| IPG Photonics Corp (b) | 13983 | 837442 |
| Jabil Inc  | 42931 | 6291967 |
| Keysight Technologies Inc (b) | 76419 | 11111323 |
| Littelfuse Inc  | 10750 | 1959833 |
| TD SYNNEX Corp  | 32916 | 3647093 |
| Teledyne Technologies Inc (b) | 19776 | 9216209 |
| Trimble Inc (b) | 105425 | 6551110 |
| Vontier Corp  | 65496 | 2083428 |
| Zebra Technologies Corp Class A (b) | 17769 | 4447936 |
|  |  | 93313845 |
| IT Services - 1.4% |  |  |
| Akamai Technologies Inc (b) | 65825 | 5304179 |
| Amdocs Ltd  | 48164 | 4266367 |
| Cognizant Technology Solutions Corp Class A  | 217817 | 16024797 |
| DXC Technology Co (b) | 78111 | 1212283 |
| EPAM Systems Inc (b) | 22654 | 3554639 |
| Globant SA (b)(c) | 4845 | 569626 |
| IBM Corporation  | 400778 | 96916136 |
| Kyndryl Holdings Inc (b) | 99069 | 3211817 |
| Okta Inc Class A (b) | 39545 | 4435367 |
| Twilio Inc Class A (b) | 53390 | 5163347 |
| VeriSign Inc (b) | 33272 | 9386697 |
|  |  | 150045255 |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| Advanced Micro Devices Inc (b) | 240592 | 23421631 |
| Analog Devices Inc  | 216680 | 42235266 |
| Applied Materials Inc  | 29298 | 4415502 |
| Astera Labs Inc (b) | 45997 | 3004064 |
| Cirrus Logic Inc (b) | 22731 | 2183085 |
| First Solar Inc (b) | 46680 | 5873278 |
| GlobalFoundries Inc (b) | 42942 | 1505976 |
| Intel Corp  | 1898402 | 38157880 |
| Lattice Semiconductor Corp (b) | 8422 | 412088 |
| MACOM Technology Solutions Holdings Inc (b) | 27227 | 2824801 |
| Marvell Technology Inc  | 345535 | 20168878 |
| Microchip Technology Inc  | 234451 | 10803502 |
| Micron Technology Inc  | 482966 | 37164234 |
| MKS Instruments Inc  | 28854 | 2023820 |
| ON Semiconductor Corp (b) | 186795 | 7415762 |
| Onto Innovation Inc (b) | 16111 | 1965059 |
| Qorvo Inc (b) | 41266 | 2957534 |
| QUALCOMM Inc  | 30580 | 4539907 |
| Skyworks Solutions Inc  | 72219 | 4642237 |
| Teradyne Inc  | 7007 | 519989 |
| Texas Instruments Inc  | 349781 | 55982449 |
| Universal Display Corp  | 10104 | 1269366 |
| Wolfspeed Inc (b)(c) | 81796 | 290375 |
|  |  | 273776683 |
| Software - 1.3% |  |  |
| ANSYS Inc (b) | 38329 | 12337339 |
| BILL Holdings Inc (b) | 697 | 31761 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 210399 | 1948295 |
| Dolby Laboratories Inc Class A  | 26262 | 2016659 |
| DoubleVerify Holdings Inc (b) | 30675 | 406751 |
| Dropbox Inc Class A (b) | 67516 | 1927582 |
| Fair Isaac Corp (b) | 1574 | 3131756 |
| Fortinet Inc (b) | 50382 | 5227636 |
| Gen Digital Inc  | 237893 | 6154292 |
| Guidewire Software Inc (b) | 19402 | 3972948 |
| Informatica Inc Class A (b) | 36252 | 682625 |
| MicroStrategy Inc Class A (b)(c) | 94663 | 35982353 |
| nCino Inc (b)(c) | 13875 | 321900 |
| Nutanix Inc Class A (b) | 78696 | 5406415 |
| PTC Inc (b) | 20743 | 3214543 |
| Roper Technologies Inc  | 46625 | 26113730 |
| Salesforce Inc  | 61928 | 16640673 |
| SentinelOne Inc Class A (b) | 107083 | 1981036 |
| Tyler Technologies Inc (b) | 2703 | 1468540 |
| UiPath Inc Class A (b) | 42961 | 512954 |
| Unity Software Inc (b)(c) | 78906 | 1662549 |
| Zoom Communications Inc Class A (b) | 115656 | 8967966 |
|  |  | 140110303 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Dell Technologies Inc Class C  | 102099 | 9368604 |
| Hewlett Packard Enterprise Co  | 577180 | 9361860 |
| HP Inc  | 309545 | 7915066 |
| NetApp Inc  | 49396 | 4433291 |
| Pure Storage Inc Class A (b) | 17800 | 807407 |
| Sandisk Corp/DE  | 50476 | 1620784 |
| Western Digital Corp (b) | 154228 | 6764440 |
|  |  | 40271452 |
| TOTAL INFORMATION TECHNOLOGY |  | 832542792 |
| Materials - 4.1% |  |  |
| Chemicals - 2.2% |  |  |
| Air Products and Chemicals Inc  | 96951 | 26282447 |
| Albemarle Corp  | 16482 | 965021 |
| Ashland Inc  | 23392 | 1272291 |
| Axalta Coating Systems Ltd (b) | 95069 | 3089743 |
| Celanese Corp  | 40957 | 1822996 |
| CF Industries Holdings Inc  | 76038 | 5959098 |
| Chemours Co/The  | 74335 | 920266 |
| Corteva Inc  | 301414 | 18684654 |
| Dow Inc  | 315302 | 9645088 |
| DuPont de Nemours Inc  | 183287 | 12095109 |
| Eastman Chemical Co  | 50596 | 3895892 |
| Ecolab Inc  | 14129 | 3552454 |
| Element Solutions Inc  | 97738 | 1994833 |
| FMC Corp  | 57642 | 2416353 |
| Huntsman Corp  | 90593 | 1205793 |
| International Flavors & Fragrances Inc  | 112026 | 8789560 |
| Linde PLC  | 209994 | 95175581 |
| LyondellBasell Industries NV Class A1  | 120671 | 7024259 |
| Mosaic Co/The  | 142668 | 4337107 |
| NewMarket Corp  | 2844 | 1749913 |
| Olin Corp  | 58177 | 1257787 |
| PPG Industries Inc  | 101731 | 11074437 |
| RPM International Inc  | 43073 | 4598043 |
| Scotts Miracle-Gro Co/The  | 20753 | 1045536 |
| Sherwin-Williams Co/The  | 9136 | 3224277 |
| Westlake Corp  | 17080 | 1578704 |
|  |  | 233657242 |
| Construction Materials - 0.4% |  |  |
| CRH PLC  | 300370 | 28661305 |
| Eagle Materials Inc  | 3530 | 799157 |
| Martin Marietta Materials Inc  | 25144 | 13174953 |
| Vulcan Materials Co  | 42747 | 11213821 |
|  |  | 53849236 |
| Containers & Packaging - 0.6% |  |  |
| Amcor PLC (c) | 1003860 | 9235512 |
| AptarGroup Inc  | 28964 | 4343152 |
| Avery Dennison Corp  | 22566 | 3861268 |
| Ball Corp  | 133253 | 6921161 |
| Crown Holdings Inc  | 51309 | 4942596 |
| Graphic Packaging Holding CO  | 129704 | 3282808 |
| International Paper Co  | 229931 | 10503248 |
| Packaging Corp of America  | 39207 | 7277211 |
| Sealed Air Corp  | 61696 | 1700342 |
| Silgan Holdings Inc  | 36207 | 1870092 |
| Smurfit WestRock PLC  | 228523 | 9602536 |
| Sonoco Products Co  | 42762 | 1753242 |
|  |  | 65293168 |
| Metals & Mining - 0.9% |  |  |
| Alcoa Corp (c) | 108457 | 2660450 |
| ATI Inc (b) | 53673 | 2918738 |
| Cleveland-Cliffs Inc (b)(c) | 157640 | 1298953 |
| Freeport-McMoRan Inc  | 627437 | 22606555 |
| MP Materials Corp (b)(c) | 56361 | 1378590 |
| Newmont Corp  | 497595 | 26213305 |
| Nucor Corp  | 102860 | 12278398 |
| Reliance Inc  | 23232 | 6696159 |
| Royal Gold Inc  | 28107 | 5135430 |
| Steel Dynamics Inc  | 62374 | 8090532 |
| United States Steel Corp  | 97325 | 4254076 |
|  |  | 93531186 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 7962 | 687200 |
| TOTAL MATERIALS |  | 447018032 |
| Real Estate - 4.8% |  |  |
| Diversified REITs - 0.1% |  |  |
| WP Carey Inc  | 95511 | 5963707 |
| Health Care REITs - 0.7% |  |  |
| Alexandria Real Estate Equities Inc  | 38502 | 2797555 |
| Healthcare Realty Trust Inc  | 165194 | 2565463 |
| Healthpeak Properties Inc  | 314127 | 5604026 |
| Medical Properties Trust Inc (c) | 275585 | 1521228 |
| Omega Healthcare Investors Inc  | 118190 | 4615320 |
| Ventas Inc  | 182463 | 12787007 |
| Welltower Inc  | 267710 | 40849869 |
|  |  | 70740468 |
| Hotel & Resort REITs - 0.1% |  |  |
| Host Hotels & Resorts Inc  | 317487 | 4482916 |
| Park Hotels & Resorts Inc  | 112857 | 1121799 |
|  |  | 5604715 |
| Industrial REITs - 0.5% |  |  |
| Americold Realty Trust Inc  | 132454 | 2561660 |
| EastGroup Properties Inc  | 21639 | 3536245 |
| First Industrial Realty Trust Inc  | 57675 | 2744177 |
| Lineage Inc (c) | 31207 | 1505114 |
| Prologis Inc  | 405639 | 41456306 |
| Rexford Industrial Realty Inc  | 102972 | 3408373 |
| STAG Industrial Inc Class A  | 80929 | 2673085 |
|  |  | 57884960 |
| Office REITs - 0.1% |  |  |
| BXP Inc  | 71537 | 4559053 |
| Cousins Properties Inc  | 74764 | 2059001 |
| Highwoods Properties Inc  | 46580 | 1324734 |
| Kilroy Realty Corp  | 56517 | 1780851 |
| Vornado Realty Trust  | 76539 | 2700296 |
|  |  | 12423935 |
| Real Estate Management & Development - 0.4% |  |  |
| CBRE Group Inc Class A (b) | 133418 | 16301012 |
| CoStar Group Inc (b) | 182847 | 13561762 |
| Howard Hughes Holdings Inc (b) | 12819 | 852848 |
| Jones Lang LaSalle Inc (b) | 14240 | 3238318 |
| Seaport Entertainment Group Inc (c) | 7199 | 137861 |
| Zillow Group Inc Class A (b) | 20247 | 1335897 |
| Zillow Group Inc Class C (b) | 68128 | 4587058 |
|  |  | 40014756 |
| Residential REITs - 0.7% |  |  |
| American Homes 4 Rent Class A  | 147962 | 5532299 |
| AvalonBay Communities Inc  | 62122 | 13044378 |
| Camden Property Trust  | 45716 | 5202481 |
| Equity LifeStyle Properties Inc  | 82748 | 5360415 |
| Equity Residential  | 165457 | 11625009 |
| Essex Property Trust Inc  | 28076 | 7837415 |
| Invitation Homes Inc  | 268494 | 9179810 |
| Mid-America Apartment Communities Inc  | 50848 | 8117883 |
| Sun Communities Inc  | 55479 | 6903252 |
| UDR Inc  | 143876 | 6025527 |
|  |  | 78828469 |
| Retail REITs - 0.6% |  |  |
| Agree Realty Corp  | 43564 | 3381002 |
| Brixmor Property Group Inc  | 130865 | 3259847 |
| Federal Realty Investment Trust  | 37563 | 3531673 |
| Kimco Realty Corp  | 294118 | 5876478 |
| NNN REIT Inc  | 81471 | 3349273 |
| Realty Income Corp  | 383497 | 22189136 |
| Regency Centers Corp  | 77965 | 5627514 |
| Simon Property Group Inc  | 105491 | 16602174 |
|  |  | 63817097 |
| Specialized REITs - 1.6% |  |  |
| Crown Castle Inc  | 192723 | 20382384 |
| CubeSmart  | 99861 | 4061347 |
| Digital Realty Trust Inc  | 145626 | 23378798 |
| EPR Properties  | 32062 | 1586748 |
| Equinix Inc  | 39962 | 34397293 |
| Extra Space Storage Inc  | 92234 | 13514126 |
| Gaming and Leisure Properties Inc  | 113273 | 5421246 |
| Iron Mountain Inc  | 55002 | 4932029 |
| Lamar Advertising Co Class A  | 28813 | 3279208 |
| Millrose Properties Inc Class A  | 54002 | 1352210 |
| National Storage Affiliates Trust  | 30521 | 1135381 |
| Public Storage Operating Co  | 58905 | 17696829 |
| Rayonier Inc  | 66483 | 1626174 |
| SBA Communications Corp Class A  | 46598 | 11341953 |
| VICI Properties Inc  | 457569 | 14651359 |
| Weyerhaeuser Co  | 326002 | 8446712 |
|  |  | 167203797 |
| TOTAL REAL ESTATE |  | 502481904 |
| Utilities - 4.9% |  |  |
| Electric Utilities - 3.2% |  |  |
| Alliant Energy Corp  | 111745 | 6820915 |
| American Electric Power Co Inc  | 232836 | 25225452 |
| Constellation Energy Corp  | 116056 | 25931553 |
| Duke Energy Corp  | 336583 | 41069858 |
| Edison International  | 169451 | 9067323 |
| Entergy Corp  | 185183 | 15401670 |
| Evergy Inc  | 96946 | 6698969 |
| Eversource Energy  | 162239 | 9649976 |
| Exelon Corp  | 437823 | 20533899 |
| FirstEnergy Corp  | 253248 | 10859274 |
| IDACORP Inc  | 22465 | 2652891 |
| NextEra Energy Inc  | 900605 | 60232462 |
| NRG Energy Inc  | 52552 | 5758648 |
| OGE Energy Corp  | 85603 | 3884664 |
| PG&E Corp  | 956601 | 15803049 |
| Pinnacle West Capital Corp  | 49781 | 4738156 |
| PPL Corp  | 315170 | 11503705 |
| Southern Co/The  | 477689 | 43894842 |
| Xcel Energy Inc  | 249291 | 17624874 |
|  |  | 337352180 |
| Gas Utilities - 0.2% |  |  |
| Atmos Energy Corp  | 66090 | 10616037 |
| MDU Resources Group Inc  | 88692 | 1520180 |
| National Fuel Gas Co  | 38309 | 2941365 |
| UGI Corp  | 94145 | 3087015 |
|  |  | 18164597 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| AES Corp/The  | 321741 | 3217410 |
| Clearway Energy Inc Class A  | 15033 | 411152 |
| Clearway Energy Inc Class C (c) | 35882 | 1052778 |
|  |  | 4681340 |
| Multi-Utilities - 1.3% |  |  |
| Ameren Corp  | 113474 | 11261160 |
| CenterPoint Energy Inc  | 280101 | 10862317 |
| CMS Energy Corp  | 129384 | 9529132 |
| Consolidated Edison Inc  | 151531 | 17085120 |
| Dominion Energy Inc  | 369449 | 20090637 |
| DTE Energy Co  | 89947 | 12322739 |
| NiSource Inc  | 202709 | 7927948 |
| Public Service Enterprise Group Inc  | 218693 | 17480131 |
| Sempra  | 280791 | 20854348 |
| WEC Energy Group Inc  | 136900 | 14993288 |
|  |  | 142406820 |
| Water Utilities - 0.2% |  |  |
| American Water Works Co Inc  | 85775 | 12609783 |
| Essential Utilities Inc  | 110485 | 4544248 |
|  |  | 17154031 |
| TOTAL UTILITIES |  | 519758968 |
| TOTAL UNITED STATES |  | 10421232269 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $8,950,130,688) |  | <br> **10538924660** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (e)<br>(Cost $1,829,994)<br>| 4.25 | 1836000 | **1829974** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 24413439 | 24418322 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 80404872 | 80412913 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $104,831,235) |  |  | **104831235** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $9,056,791,917)<br>| <br>**10645585869** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(75832160)** |
| **NET ASSETS - 100.0%** | **10569753709** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 54 | Jun 2025 | 15084900 | 1040180 | 1040180 |
| CME S&P 400 Midcap Index Contracts (United States) | 57 | Jun 2025 | 16289460 | 1042865 | 1042865 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **2083045** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

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

(b) Non-income producing

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,829,974.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 70417559 | 984055392 | 1030054998 | 1178751 | 369 | - | 24418322 | 24413439 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 43309594 | 471229803 | 434126484 | 377705 | - | - | 80412913 | 80404872 | 0.3% |
| Total | 113727153 | 1455285195 | 1464181482 | 1556456 | 369 | - | 104831235 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 475016546 | 475016546 | - | - |
| Consumer Discretionary | 617266236 | 617266236 | - | - |
| Consumer Staples | 899904411 | 899904411 | - | - |
| Energy | 667388057 | 667388057 | - | - |
| Financials | 2471425315 | 2471425315 | - | - |
| Health Care | 1503610477 | 1503610477 | - | - |
| Industrials | 1517647281 | 1517647281 | - | - |
| Information Technology | 915672568 | 915672568 | - | - |
| Materials | 447018032 | 447018032 | - | - |
| Real Estate | 502481904 | 502481904 | - | - |
| Utilities | 521493833 | 521493833 | - | - |
|  **U.S. Treasury Obligations** | 1829974 | - | 1829974 | - |
|  **Money Market Funds** | 104831235 | 104831235 | - | - |
| **Total Investments in Securities:** | 10645585869 | 10643755895 | 1829974 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 2083045 | 2083045 | - | - |
| Total Assets | 2083045 | 2083045 | - | - |
| **Total Derivative Instruments:** | 2083045 | 2083045 | - | - |

---

**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, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 2083045 | 0 |
| **Total Equity Risk**  | 2083045 | 0 |
| **Total Value of Derivatives** | 2083045 | 0 |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $80,852,538) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,951,960,682) | $10540754634 |  |
| Fidelity Central Funds (cost $104,831,235) | 104831235 |  |
| Total Investment in Securities (cost $9,056,791,917) |  | $10645585869 |
| Segregated cash with brokers for derivative instruments |  | 743271 |
| Receivable for fund shares sold |  | 8465949 |
| Dividends receivable |  | 9871310 |
| Distributions receivable from Fidelity Central Funds |  | 112698 |
| Receivable for daily variation margin on futures contracts |  | 10161 |
| Other receivables |  | 48692 |
| **Total assets** |  | 10664837950 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $14370933 |  |
| Accrued management fee | 301578 |  |
| Collateral on securities loaned | 80411730 |  |
| **Total liabilities** |  | 95084241 |
| **Net Assets**  |  | $10569753709 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $9069452925 |
| Total accumulated earnings (loss) |  | 1500300784 |
| **Net Assets** |  | $10569753709 |
| **Net Asset Value**, offering price and redemption price per share ($10,569,753,709 ÷ 588,572,787 shares) |  | $17.96 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $195205590 |
| Interest  |  | 92315 |
| Income from Fidelity Central Funds (including $377,705 from security lending)  |  | 1556456 |
| **Total income** |  | 196854361 |
| **Expenses** |  |  |
| Management fee | $3244299 |  |
| Independent trustees' fees and expenses | 23014 |  |
| Total expenses before reductions | 3267313 |  |
| Expense reductions | (4603) |  |
| Total expenses after reductions |  | 3262710 |
| **Net Investment income (loss)** |  | 193591651 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (7872095) |  |
| Redemptions in-kind | 51024968 |  |
| Fidelity Central Funds | 369 |  |
| Foreign currency transactions | 2263 |  |
| Futures contracts | (1160845) |  |
| Total net realized gain (loss) |  | 41994660 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 340969941 |  |
| Futures contracts | 1895713 |  |
| Total change in net unrealized appreciation (depreciation) |  | 342865654 |
| **Net gain (loss)** |  | 384860314 |
| **Net increase (decrease) in net assets resulting from operations** |  | $578451965 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $193591651 | $152911436 |
| &nbsp;&nbsp;Net realized gain (loss) | 41994660<br>| 96605974<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 342865654 | 604003788<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 578451965<br>| 853521198<br>|
| Distributions to shareholders | (177473617)<br>| (131573825)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 4873183747 | 3471142691 |
| Reinvestment of distributions | 148213723<br>| 111440014<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2532965586) | (2610421200) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2488431884<br>| 972161505<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2889410232<br>| 1694108878<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7680343477 | 5986234599<br>|
| &nbsp;&nbsp;End of period | $10569753709 | $7680343477 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 264190256 | 218880611 |
| Issued in reinvestment of distributions | 8213833<br>| 7090273<br>|
| &nbsp;&nbsp;Redeemed | (139188163) | (165204513) |
| &nbsp;&nbsp;Net increase (decrease) | 133215926 | 60766371 |

---

**Financial Highlights** 

**Fidelity® Large Cap Value Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.87 | $15.17 | $15.30 | $15.35 | $10.77 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .36  | .34  | .30  | .28  |
| Net realized and unrealized gain (loss)  | 1.06  | 1.66  | (.17)  | (.10)  | 4.60  |
| Total from investment operations  | 1.44  | 2.02  | .17  | .20  | 4.88  |
| Distributions from net investment income  | (.29)  | (.32)  | (.30)  | (.25)  | (.30)  |
| Distributions from net realized gain  | (.05)  | -  | -  | -  | -  |
| Total distributions  | (.35) C | (.32)  | (.30)  | (.25)  | (.30)  |
| Net asset value, end of period  | $17.96 | $16.87 | $15.17 | $15.30 | $15.35 |
| **Total Return** D | 8.52% <br>| 13.49%  | 1.18%  | 1.27%  | 45.93%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .04%  | .04%  | .04%  | .04%  | .04%  |
| Expenses net of fee waivers, if any  | .04% <br>| .04%  | .04%  | .04%  | .04%  |
| Expenses net of all reductions, if any  | .04%  | .03%  | .03%  | .04%  | .04%  |
| Net investment income (loss)  | 2.08%  | 2.30%  | 2.28%  | 1.90%  | 2.24%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10569754 | $7680343 | $5986235 | $5307593 | $3689832 |
| Portfolio turnover rate G | 14% H<br>| 27% H | 16%  | 16%  | 31%  |

---

A*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.*

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

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

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

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

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended April 30, 2025

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to short-term gain distributions from the underlying securities, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $2243660912 |
| **Gross unrealized depreciation**  | <u>(749969999)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1493690913</u> |
| **Tax Cost**  | <u>$9151894956</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$57593580</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1493690913</u> |

---

The Fund intends to elect to defer to its next fiscal year $50,983,708 of capital losses recognized during the period November 1, 2024 to April 30, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $149491534 | $131573825 |
| **Long-term Capital Gains**  | <u>27982083</u> | <u>-</u> |
| **Total**  | <u>$177473617</u> | <u>$131573825</u> |

---

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

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Large Cap Value Index Fund** | 3918641025 | 1293471548 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Large Cap Value Index Fund** | 5597016 | 51024968 | 102331511 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Large Cap Value Index Fund** | 14708782 | 105591637 | 229471197 |

---

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .035% of the Fund's average net assets. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .035% of average net assets. This expense contract will remain in place through June 30, 2026.

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** |
| **Fidelity Large Cap Value Index Fund** | Borrower | 19430500 | 4.93% |

---

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

**7. Committed Line of Credit.**

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

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

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

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

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Large Cap Value Index Fund** | 40691 | 1383 | 11339 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Large Cap Value Index Fund** | 2943408 |

---

**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 $4,603.

**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 Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Large Cap Value Index Fund:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Large Cap Value Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of April 30, 2025, 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, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 11, 2025

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2025, $29,294,628, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $1,379,561 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 99%, and 85% 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 99.30%, and 91.04% 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 0.68%, and 8.52% 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 2026 of amounts for use in preparing 2025 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img108972_4.jpg)<br>

1.9879609.108 LC2-I-ANN-0625

**Fidelity® Large Cap Growth Index Fund**

**Annual Report**

**April 30, 2025**

![](img108975_1.jpg)

![](img108975_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_LC1-I-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Large Cap Growth Index Fund](#Sub_Sec_Fund_2823_LC1-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2823_LC1-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_LC1-I-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_LC1-I-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LC1-I-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LC1-I-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LC1-I-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LC1-I-ANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

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

**Fidelity® Large Cap Growth Index Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 3851099 | 47869161 |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 48636 | 783039 |
| TOTAL BRAZIL |  | 48652200 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Coupang Inc Class A (b) | 1374604 | 32124495 |
| MEXICO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Southern Copper Corp  | 104233 | 9330938 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 8492 | 810307 |
| UNITED STATES - 99.5%  |  |  |
| Communication Services - 12.8% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Iridium Communications Inc  | 12126 | 292600 |
| Entertainment - 2.4% |  |  |
| Liberty Media Corp-Liberty Formula One Class A (b) | 10462 | 842714 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 88003 | 7803226 |
| Live Nation Entertainment Inc (b) | 187393 | 24820203 |
| Madison Square Garden Sports Corp Class A (b) | 1789 | 344507 |
| Netflix Inc (b) | 508047 | 574966951 |
| ROBLOX Corp Class A (b) | 623318 | 41793472 |
| Roku Inc Class A (b) | 22493 | 1533573 |
| Spotify Technology SA (b) | 174457 | 107113109 |
| TKO Group Holdings Inc Class A  | 12849 | 2093231 |
|  |  | 761310986 |
| Interactive Media & Services - 10.3% |  |  |
| Alphabet Inc Class A  | 6688567 | 1062144440 |
| Alphabet Inc Class C  | 5521921 | 888421869 |
| Meta Platforms Inc Class A  | 2265712 | 1243875888 |
| Pinterest Inc Class A (b) | 701477 | 17761398 |
| TripAdvisor Inc Class A (b) | 6692 | 83315 |
| Trump Media & Technology Group Corp (b)(c) | 59857 | 1468891 |
|  |  | 3213755801 |
| Media - 0.1% |  |  |
| Liberty Broadband Corp Class A (b) | 4232 | 376859 |
| Liberty Broadband Corp Class C (b) | 32568 | 2943822 |
| Nexstar Media Group Inc  | 13586 | 2033281 |
| Trade Desk Inc (The) Class A (b) | 529903 | 28418698 |
|  |  | 33772660 |
| TOTAL COMMUNICATION SERVICES |  | 4009132047 |
| Consumer Discretionary - 14.5% |  |  |
| Automobiles - 3.1% |  |  |
| Tesla Inc (b) | 3300098 | 931155652 |
| Broadline Retail - 6.4% |  |  |
| Amazon.com Inc (b) | 10671110 | 1967966107 |
| Etsy Inc (b) | 86210 | 3748411 |
|  |  | 1971714518 |
| Distributors - 0.0% |  |  |
| Pool Corp  | 44239 | 12968220 |
| Diversified Consumer Services - 0.1% |  |  |
| Bright Horizons Family Solutions Inc (b) | 10217 | 1281416 |
| Duolingo Inc Class A (b) | 44656 | 17392619 |
| Grand Canyon Education Inc (b) | 10985 | 1959394 |
| H&R Block Inc (c) | 31543 | 1904251 |
|  |  | 22537680 |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Airbnb Inc Class A (b) | 508181 | 61957428 |
| Booking Holdings Inc  | 36910 | 188214425 |
| Cava Group Inc (b) | 89533 | 8275535 |
| Chipotle Mexican Grill Inc (b) | 1621701 | 81928335 |
| Choice Hotels International Inc (c) | 27540 | 3473069 |
| Churchill Downs Inc  | 82634 | 7470940 |
| Darden Restaurants Inc  | 73430 | 14732995 |
| Domino's Pizza Inc  | 14394 | 7058386 |
| DoorDash Inc Class A (b) | 366292 | 70654064 |
| DraftKings Inc Class A (b) | 537326 | 17887583 |
| Dutch Bros Inc Class A (b) | 51281 | 3063527 |
| Expedia Group Inc Class A  | 145186 | 22784039 |
| Hilton Worldwide Holdings Inc  | 145845 | 32885131 |
| Hyatt Hotels Corp Class A  | 7090 | 798901 |
| Las Vegas Sands Corp  | 413472 | 15162018 |
| Light & Wonder Inc Class A (b) | 105069 | 8970791 |
| McDonald's Corp  | 54754 | 17502116 |
| Norwegian Cruise Line Holdings Ltd (b) | 520791 | 8348280 |
| Planet Fitness Inc Class A (b) | 54474 | 5152696 |
| Royal Caribbean Cruises Ltd  | 97635 | 20982738 |
| Starbucks Corp  | 1043941 | 83567477 |
| Texas Roadhouse Inc  | 79121 | 13130921 |
| Vail Resorts Inc  | 37350 | 5199120 |
| Wendy's Co/The (c) | 100870 | 1260875 |
| Wingstop Inc  | 34802 | 9183900 |
| Wyndham Hotels & Resorts Inc  | 7779 | 663548 |
| Wynn Resorts Ltd  | 8956 | 719255 |
| Yum! Brands Inc  | 128418 | 19319204 |
|  |  | 730347297 |
| Household Durables - 0.0% |  |  |
| SharkNinja Inc (b) | 15483 | 1246382 |
| Somnigroup International Inc (c) | 199117 | 12158084 |
| TopBuild Corp (b) | 2807 | 830198 |
|  |  | 14234664 |
| Leisure Products - 0.0% |  |  |
| Hasbro Inc  | 144233 | 8928023 |
| YETI Holdings Inc (b) | 30169 | 861325 |
|  |  | 9789348 |
| Specialty Retail - 2.3% |  |  |
| AutoZone Inc (b) | 18287 | 68806666 |
| Burlington Stores Inc (b) | 75251 | 16934485 |
| CarMax Inc (b) | 12882 | 833079 |
| Carvana Co Class A (b) | 44944 | 10982066 |
| Dick's Sporting Goods Inc  | 6033 | 1132635 |
| Five Below Inc (b) | 51377 | 3899001 |
| Floor & Decor Holdings Inc Class A (b) | 45442 | 3246376 |
| Home Depot Inc/The  | 939854 | 338807968 |
| Murphy USA Inc  | 21735 | 10836419 |
| O'Reilly Automotive Inc (b) | 63294 | 89573669 |
| Restoration Hardware Inc (b) | 3490 | 642265 |
| Ross Stores Inc  | 89252 | 12406028 |
| TJX Cos Inc/The  | 795128 | 102317071 |
| Tractor Supply Co  | 633609 | 32073288 |
| Ulta Beauty Inc (b) | 47574 | 18822177 |
| Valvoline Inc (b) | 151725 | 5198099 |
| Williams-Sonoma Inc  | 85651 | 13230510 |
|  |  | 729741802 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Crocs Inc (b) | 12160 | 1172467 |
| Deckers Outdoor Corp (b) | 180020 | 19951617 |
| Lululemon Athletica Inc (b) | 137901 | 37339454 |
| NIKE Inc Class B  | 867420 | 48922488 |
| Skechers USA Inc Class A (b) | 13516 | 649038 |
|  |  | 108035064 |
| TOTAL CONSUMER DISCRETIONARY |  | 4530524245 |
| Consumer Staples - 3.8% |  |  |
| Beverages - 1.3% |  |  |
| Boston Beer Co Inc/The Class A (b) | 2103 | 516917 |
| Celsius Holdings Inc (b) | 208982 | 7306011 |
| Coca-Cola Co/The  | 2641172 | 191617029 |
| Monster Beverage Corp (b) | 670959 | 40338055 |
| PepsiCo Inc  | 1289590 | 174842612 |
|  |  | 414620624 |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Casey's General Stores Inc  | 7595 | 3513371 |
| Costco Wholesale Corp  | 526404 | 523508779 |
| Performance Food Group Co (b) | 25955 | 2093530 |
| Sysco Corp  | 362261 | 25865435 |
|  |  | 554981115 |
| Food Products - 0.0% |  |  |
| Freshpet Inc (b) | 17637 | 1297025 |
| Hershey Co/The  | 24050 | 4020920 |
| Lamb Weston Holdings Inc  | 54211 | 2862883 |
| Pilgrim's Pride Corp  | 4551 | 248393 |
|  |  | 8429221 |
| Household Products - 0.6% |  |  |
| Clorox Co/The  | 147327 | 20964632 |
| Colgate-Palmolive Co  | 530637 | 48919425 |
| Kimberly-Clark Corp  | 161665 | 21304214 |
| Procter & Gamble Co/The  | 624775 | 101569672 |
|  |  | 192757943 |
| Personal Care Products - 0.0% |  |  |
| elf Beauty Inc (b)(c) | 63731 | 3943037 |
| Estee Lauder Cos Inc/The Class A  | 98791 | 5923508 |
|  |  | 9866545 |
| TOTAL CONSUMER STAPLES |  | 1180655448 |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Weatherford International PLC  | 85706 | 3548228 |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Antero Midstream Corp  | 153543 | 2541137 |
| Cheniere Energy Inc  | 135478 | 31310321 |
| Civitas Resources Inc  | 31495 | 858239 |
| EQT Corp  | 43293 | 2140406 |
| Hess Corp  | 214512 | 27682774 |
| Matador Resources Co  | 10599 | 419084 |
| New Fortress Energy Inc Class A (c) | 53424 | 290091 |
| Permian Resources Corp Class A  | 165273 | 1950221 |
| Targa Resources Corp  | 256733 | 43875670 |
| Texas Pacific Land Corp  | 22285 | 28722468 |
| Viper Energy Inc Class A  | 44278 | 1785732 |
|  |  | 141576143 |
| TOTAL ENERGY |  | 145124371 |
| Financials - 7.3% |  |  |
| Capital Markets - 1.7% |  |  |
| Ameriprise Financial Inc  | 104138 | 49051081 |
| Ares Management Corp Class A  | 219587 | 33493605 |
| Blackstone Inc  | 856671 | 112832137 |
| Blue Owl Capital Inc Class A (c) | 622023 | 11526086 |
| Charles Schwab Corp/The  | 196722 | 16013171 |
| Coinbase Global Inc Class A (b) | 201994 | 40982563 |
| FactSet Research Systems Inc  | 15970 | 6902553 |
| Goldman Sachs Group Inc/The  | 96355 | 52759180 |
| Houlihan Lokey Inc Class A  | 5807 | 941199 |
| Jefferies Financial Group Inc  | 58316 | 2725107 |
| KKR & Co Inc Class A  | 230272 | 26313181 |
| Lazard Inc  | 121575 | 4729268 |
| LPL Financial Holdings Inc  | 93888 | 30024444 |
| Moody's Corp  | 187603 | 85006671 |
| Morgan Stanley  | 80344 | 9273304 |
| Morningstar Inc  | 31654 | 9012527 |
| MSCI Inc  | 52234 | 28473276 |
| TPG Inc Class A (c) | 24985 | 1160553 |
| Tradeweb Markets Inc Class A  | 54391 | 7522275 |
|  |  | 528742181 |
| Consumer Finance - 0.2% |  |  |
| Ally Financial Inc  | 44299 | 1446805 |
| American Express Co  | 246689 | 65720417 |
| Credit Acceptance Corp (b)(c) | 5824 | 2838734 |
| SoFi Technologies Inc Class A (b) | 200642 | 2510031 |
|  |  | 72515987 |
| Financial Services - 4.6% |  |  |
| Apollo Global Management Inc  | 463270 | 63227090 |
| Block Inc Class A (b) | 278238 | 16268576 |
| Corpay Inc (b) | 80080 | 26055630 |
| Equitable Holdings Inc  | 370830 | 18337544 |
| Fiserv Inc (b) | 213815 | 39463835 |
| Mastercard Inc Class A  | 968249 | 530658547 |
| Shift4 Payments Inc Class A (b)(c) | 72706 | 5947351 |
| Toast Inc Class A (b) | 549305 | 19544272 |
| UWM Holdings Corp Class A  | 77295 | 363286 |
| Visa Inc Class A  | 2048379 | 707714945 |
| Western Union Co/The  | 70206 | 695741 |
| WEX Inc (b) | 4353 | 567500 |
|  |  | 1428844317 |
| Insurance - 0.8% |  |  |
| Allstate Corp/The  | 48657 | 9653062 |
| Arthur J Gallagher & Co  | 20124 | 6453566 |
| Brown & Brown Inc  | 124728 | 13794917 |
| Everest Group Ltd  | 8200 | 2942406 |
| Kinsale Capital Group Inc  | 26134 | 11375085 |
| Markel Group Inc (b) | 3547 | 6450574 |
| Marsh & McLennan Cos Inc  | 80202 | 18083145 |
| Progressive Corp/The  | 585089 | 164842975 |
| RLI Corp  | 6007 | 444577 |
| Ryan Specialty Holdings Inc Class A  | 121345 | 7949311 |
|  |  | 241989618 |
| TOTAL FINANCIALS |  | 2272092103 |
| Health Care - 7.8% |  |  |
| Biotechnology - 1.7% |  |  |
| AbbVie Inc  | 908789 | 177304735 |
| Alnylam Pharmaceuticals Inc (b) | 135759 | 35737199 |
| Amgen Inc  | 496033 | 144305920 |
| Apellis Pharmaceuticals Inc (b) | 126859 | 2436961 |
| Exact Sciences Corp (b) | 85471 | 3900896 |
| Exelixis Inc (b) | 277744 | 10873678 |
| Incyte Corp (b) | 11084 | 694523 |
| Ionis Pharmaceuticals Inc (b)(c) | 172637 | 5301682 |
| Natera Inc (b) | 135891 | 20510029 |
| Neurocrine Biosciences Inc (b) | 118356 | 12745758 |
| Regeneron Pharmaceuticals Inc  | 10424 | 6241474 |
| Sarepta Therapeutics Inc (b) | 108604 | 6776890 |
| Ultragenyx Pharmaceutical Inc (b) | 105302 | 4104672 |
| Vertex Pharmaceuticals Inc (b) | 153499 | 78207741 |
| Viking Therapeutics Inc (b)(c) | 126274 | 3645530 |
|  |  | 512787688 |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Align Technology Inc (b) | 52118 | 9032049 |
| Dexcom Inc (b) | 463070 | 33053937 |
| Edwards Lifesciences Corp (b) | 132679 | 10015938 |
| GE HealthCare Technologies Inc  | 50710 | 3566434 |
| IDEXX Laboratories Inc (b) | 96462 | 41734284 |
| Inspire Medical Systems Inc (b) | 34766 | 5506239 |
| Insulet Corp (b) | 82883 | 20910552 |
| Intuitive Surgical Inc (b) | 419462 | 216358500 |
| Masimo Corp (b) | 26789 | 4311957 |
| Penumbra Inc (b) | 43751 | 12812043 |
| ResMed Inc  | 47110 | 11145755 |
| Stryker Corp  | 127601 | 47712566 |
|  |  | 416160254 |
| Health Care Providers & Services - 0.7% |  |  |
| Cardinal Health Inc  | 171700 | 24259493 |
| Cencora Inc  | 205612 | 60176464 |
| Chemed Corp  | 1778 | 1033924 |
| Cigna Group/The  | 29076 | 9887003 |
| DaVita Inc (b) | 55945 | 7919015 |
| Elevance Health Inc  | 44171 | 18577439 |
| HCA Healthcare Inc  | 53841 | 18579452 |
| McKesson Corp  | 64954 | 46298562 |
| Molina Healthcare Inc (b) | 42450 | 13881575 |
| UnitedHealth Group Inc  | 74254 | 30551066 |
|  |  | 231163993 |
| Health Care Technology - 0.1% |  |  |
| Doximity Inc Class A (b) | 11135 | 633359 |
| Veeva Systems Inc Class A (b) | 175059 | 40909538 |
|  |  | 41542897 |
| Life Sciences Tools & Services - 0.1% |  |  |
| 10X Genomics Inc Class A (b) | 83246 | 688444 |
| Bruker Corp  | 82133 | 3290248 |
| Fortrea Holdings Inc (b) | 10800 | 67283 |
| IQVIA Holdings Inc (b) | 24202 | 3753004 |
| Medpace Holdings Inc (b) | 30163 | 9301968 |
| Repligen Corp (b) | 9423 | 1300280 |
| Waters Corp (b) | 42671 | 14837987 |
| West Pharmaceutical Services Inc  | 52299 | 11050256 |
|  |  | 44289470 |
| Pharmaceuticals - 3.9% |  |  |
| Eli Lilly & Co  | 950587 | 854530184 |
| Merck & Co Inc  | 3010832 | 256522886 |
| Zoetis Inc Class A  | 442306 | 69176658 |
|  |  | 1180229728 |
| TOTAL HEALTH CARE |  | 2426174030 |
| Industrials - 4.9% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Axon Enterprise Inc (b) | 86108 | 52810036 |
| Boeing Co (b) | 145671 | 26692754 |
| BWX Technologies Inc  | 22061 | 2407296 |
| GE Aerospace  | 274759 | 55374929 |
| HEICO Corp  | 52465 | 13156123 |
| HEICO Corp Class A  | 96177 | 19324845 |
| Howmet Aerospace Inc  | 29355 | 4068016 |
| Loar Holdings Inc (b)(c) | 37738 | 3569260 |
| Lockheed Martin Corp  | 80129 | 38281630 |
| Spirit AeroSystems Holdings Inc Class A (b) | 17163 | 617868 |
| Standardaero Inc (c) | 40169 | 1085366 |
| TransDigm Group Inc  | 13053 | 18444803 |
|  |  | 235832926 |
| Air Freight & Logistics - 0.0% |  |  |
| Expeditors International of Washington Inc  | 26995 | 2967020 |
| Building Products - 0.3% |  |  |
| AAON Inc  | 79930 | 7295211 |
| Advanced Drainage Systems Inc  | 31578 | 3583787 |
| Armstrong World Industries Inc  | 17330 | 2513197 |
| AZEK Co Inc/The Class A (b) | 117731 | 5834748 |
| Builders FirstSource Inc (b) | 12236 | 1463793 |
| Carlisle Cos Inc  | 7238 | 2746676 |
| Lennox International Inc  | 38038 | 20797277 |
| Simpson Manufacturing Co Inc  | 4699 | 722188 |
| Trane Technologies PLC  | 91650 | 35130362 |
| Trex Co Inc (b) | 126841 | 7333947 |
|  |  | 87421186 |
| Commercial Services & Supplies - 0.9% |  |  |
| Cintas Corp  | 389513 | 82452112 |
| Copart Inc (b) | 964905 | 58888152 |
| Rollins Inc  | 331599 | 18944251 |
| Tetra Tech Inc  | 68025 | 2121699 |
| Veralto Corp  | 131912 | 12650361 |
| Waste Management Inc  | 476039 | 111088461 |
|  |  | 286145036 |
| Construction & Engineering - 0.1% |  |  |
| Comfort Systems USA Inc  | 41705 | 16579823 |
| EMCOR Group Inc  | 21331 | 8547332 |
| Quanta Services Inc  | 52752 | 15439983 |
| WillScot Holdings Corp  | 62379 | 1566960 |
|  |  | 42134098 |
| Electrical Equipment - 0.1% |  |  |
| Generac Holdings Inc (b) | 33657 | 3849688 |
| Rockwell Automation Inc  | 12359 | 3061077 |
| Vertiv Holdings Co Class A  | 424892 | 36277279 |
|  |  | 43188044 |
| Ground Transportation - 1.1% |  |  |
| Avis Budget Group Inc (b)(c) | 7875 | 729461 |
| Lyft Inc Class A (b) | 303821 | 3767380 |
| Old Dominion Freight Line Inc  | 229570 | 35188490 |
| Saia Inc (b) | 18348 | 4476912 |
| U-Haul Holding Co (b)(c) | 3819 | 234448 |
| U-Haul Holding Co Class N  | 51760 | 2836448 |
| Uber Technologies Inc (b) | 2413310 | 195502244 |
| Union Pacific Corp  | 346951 | 74823454 |
| XPO Inc (b) | 135651 | 14395284 |
|  |  | 331954121 |
| Industrial Conglomerates - 0.1% |  |  |
| 3M Co  | 120088 | 16681424 |
| Honeywell International Inc  | 119926 | 25244423 |
|  |  | 41925847 |
| Machinery - 0.2% |  |  |
| Caterpillar Inc  | 81384 | 25169630 |
| Illinois Tool Works Inc  | 130302 | 31260753 |
| Lincoln Electric Holdings Inc  | 18269 | 3218997 |
|  |  | 59649380 |
| Passenger Airlines - 0.0% |  |  |
| American Airlines Group Inc (b)(c) | 55799 | 555200 |
| Professional Services - 0.9% |  |  |
| Automatic Data Processing Inc  | 452915 | 136146249 |
| Booz Allen Hamilton Holding Corp Class A  | 149648 | 17960753 |
| Broadridge Financial Solutions Inc  | 126882 | 30756197 |
| Dayforce Inc (b) | 18954 | 1096868 |
| Equifax Inc  | 29292 | 7619728 |
| KBR Inc  | 13516 | 713779 |
| Paychex Inc  | 137035 | 20160589 |
| Paycom Software Inc  | 38072 | 8619120 |
| Paylocity Holding Corp (b) | 51486 | 9890461 |
| TransUnion  | 13134 | 1089597 |
| Verisk Analytics Inc  | 167237 | 49574064 |
|  |  | 283627405 |
| Trading Companies & Distributors - 0.4% |  |  |
| Core & Main Inc Class A (b) | 148106 | 7802224 |
| Fastenal Co  | 572717 | 46372896 |
| Ferguson Enterprises Inc  | 15916 | 2700309 |
| SiteOne Landscape Supply Inc (b)(c) | 19483 | 2236843 |
| United Rentals Inc  | 18807 | 11875680 |
| WW Grainger Inc  | 44881 | 45972057 |
|  |  | 116960009 |
| TOTAL INDUSTRIALS |  | 1532360272 |
| Information Technology - 46.5% |  |  |
| Communications Equipment - 0.5% |  |  |
| Arista Networks Inc  | 1223207 | 100633240 |
| Motorola Solutions Inc  | 93115 | 41006915 |
| Ubiquiti Inc (c) | 2203 | 719169 |
|  |  | 142359324 |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Amphenol Corp Class A  | 817526 | 62908626 |
| CDW Corp/DE  | 80206 | 12877875 |
| Cognex Corp  | 11002 | 300355 |
| Ingram Micro Holding Corp  | 5122 | 91069 |
| Jabil Inc  | 10400 | 1524224 |
| Zebra Technologies Corp Class A (b) | 12993 | 3252408 |
|  |  | 80954557 |
| IT Services - 0.7% |  |  |
| Cloudflare Inc Class A (b) | 361396 | 43649409 |
| EPAM Systems Inc (b) | 4063 | 637525 |
| Gartner Inc (b) | 89455 | 37667711 |
| Globant SA (b)(c) | 37542 | 4413813 |
| GoDaddy Inc Class A (b) | 165926 | 31248844 |
| MongoDB Inc Class A (b) | 84967 | 14628768 |
| Okta Inc Class A (b) | 85827 | 9626356 |
| Snowflake Inc Class A (b) | 370656 | 59115926 |
| Twilio Inc Class A (b) | 35949 | 3476628 |
| VeriSign Inc (b) | 6420 | 1811210 |
|  |  | 206276190 |
| Semiconductors & Semiconductor Equipment - 14.9% |  |  |
| Advanced Micro Devices Inc (b) | 1261529 | 122809848 |
| Applied Materials Inc  | 887945 | 133822191 |
| Astera Labs Inc (b) | 6604 | 431307 |
| Broadcom Inc  | 5305653 | 1021179033 |
| Enphase Energy Inc (b) | 156299 | 6969372 |
| Entegris Inc  | 178703 | 14138981 |
| KLA Corp  | 157838 | 110911184 |
| Lam Research Corp  | 1526209 | 109383399 |
| Lattice Semiconductor Corp (b) | 139914 | 6845992 |
| Marvell Technology Inc  | 81399 | 4751260 |
| MKS Instruments Inc  | 4623 | 324257 |
| Monolithic Power Systems Inc  | 55740 | 33059394 |
| NVIDIA Corp  | 26397047 | 2875166360 |
| Onto Innovation Inc (b) | 14893 | 1816499 |
| QUALCOMM Inc  | 1243740 | 184645640 |
| Teradyne Inc  | 168866 | 12531546 |
| Texas Instruments Inc  | 130771 | 20929899 |
| Universal Display Corp  | 27892 | 3504072 |
|  |  | 4663220234 |
| Software - 18.7% |  |  |
| Adobe Inc (b) | 516824 | 193798664 |
| Appfolio Inc Class A (b) | 26878 | 5550845 |
| AppLovin Corp Class A (b) | 311273 | 83828932 |
| Atlassian Corp Class A (b) | 191782 | 43785748 |
| Autodesk Inc (b) | 255735 | 70135324 |
| Bentley Systems Inc Class B  | 166195 | 7144723 |
| BILL Holdings Inc (b) | 29882 | 1361722 |
| Cadence Design Systems Inc (b) | 323574 | 96340923 |
| Confluent Inc Class A (b) | 293691 | 6992783 |
| Crowdstrike Holdings Inc Class A (b) | 273187 | 117161709 |
| Datadog Inc Class A (b) | 360653 | 36844310 |
| Docusign Inc (b) | 237895 | 19447916 |
| DoubleVerify Holdings Inc (b) | 95169 | 1261940 |
| Dropbox Inc Class A (b) | 80481 | 2297733 |
| Dynatrace Inc (b) | 353897 | 16622542 |
| Elastic NV (b) | 103264 | 8901357 |
| Fair Isaac Corp (b) | 23821 | 47396167 |
| Five9 Inc (b)(c) | 87813 | 2207619 |
| Fortinet Inc (b) | 611293 | 63427762 |
| Gitlab Inc Class A (b) | 149725 | 6987666 |
| Guidewire Software Inc (b) | 44195 | 9049810 |
| HubSpot Inc (b) | 58806 | 35959869 |
| Intuit Inc  | 324212 | 203433304 |
| Manhattan Associates Inc (b) | 71925 | 12758776 |
| Microsoft Corp  | 8381495 | 3312869714 |
| MicroStrategy Inc Class A (b)(c) | 17272 | 6565260 |
| nCino Inc (b)(c) | 61205 | 1419956 |
| Nutanix Inc Class A (b) | 84346 | 5794570 |
| Oracle Corp  | 1897884 | 267070236 |
| Palantir Technologies Inc Class A (b) | 2444296 | 289502418 |
| Palo Alto Networks Inc (b) | 768147 | 143589719 |
| Pegasystems Inc  | 52852 | 4866612 |
| Procore Technologies Inc (b) | 126960 | 8136866 |
| PTC Inc (b) | 85283 | 13216307 |
| RingCentral Inc Class A (b) | 94869 | 2419160 |
| Salesforce Inc  | 930487 | 250031162 |
| SentinelOne Inc Class A (b) | 54095 | 1000757 |
| Servicenow Inc (b) | 243793 | 232824753 |
| Synopsys Inc (b) | 183069 | 84030502 |
| Teradata Corp (b) | 113379 | 2437649 |
| Tyler Technologies Inc (b) | 42767 | 23235311 |
| UiPath Inc Class A (b) | 434945 | 5193243 |
| Unity Software Inc (b) | 161677 | 3406534 |
| Workday Inc Class A (b) | 251225 | 61550125 |
| Zscaler Inc (b) | 110555 | 25004224 |
|  |  | 5836863222 |
| Technology Hardware, Storage & Peripherals - 11.5% |  |  |
| Apple Inc  | 16575529 | 3522299913 |
| Dell Technologies Inc Class C  | 51592 | 4734081 |
| HP Inc  | 269201 | 6883470 |
| NetApp Inc  | 107956 | 9689051 |
| Pure Storage Inc Class A (b) | 317637 | 14408014 |
| Super Micro Computer Inc (b)(c) | 588007 | 18733903 |
|  |  | 3576748432 |
| TOTAL INFORMATION TECHNOLOGY |  | 14506421959 |
| Materials - 0.6% |  |  |
| Chemicals - 0.5% |  |  |
| Celanese Corp  | 32994 | 1468563 |
| Chemours Co/The  | 12880 | 159454 |
| Ecolab Inc  | 257249 | 64680116 |
| RPM International Inc  | 34133 | 3643698 |
| Sherwin-Williams Co/The  | 253647 | 89517100 |
|  |  | 159468931 |
| Construction Materials - 0.1% |  |  |
| Eagle Materials Inc  | 29874 | 6763175 |
| Martin Marietta Materials Inc  | 4079 | 2137314 |
| Vulcan Materials Co  | 40523 | 10630399 |
|  |  | 19530888 |
| Containers & Packaging - 0.0% |  |  |
| Avery Dennison Corp  | 35823 | 6129674 |
| Sealed Air Corp  | 9348 | 257630 |
|  |  | 6387304 |
| Metals & Mining - 0.0% |  |  |
| Cleveland-Cliffs Inc (b) | 186976 | 1540682 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 51864 | 4476382 |
| TOTAL MATERIALS |  | 191404187 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Jones Lang LaSalle Inc (b) | 17358 | 3947383 |
| Retail REITs - 0.0% |  |  |
| Simon Property Group Inc  | 98291 | 15469038 |
| Specialized REITs - 0.6% |  |  |
| American Tower Corp  | 554275 | 124939128 |
| Equinix Inc  | 6177 | 5316853 |
| Iron Mountain Inc  | 197300 | 17691891 |
| Lamar Advertising Co Class A  | 26076 | 2967709 |
| Public Storage Operating Co  | 28538 | 8573671 |
|  |  | 159489252 |
| TOTAL REAL ESTATE |  | 178905673 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.0% |  |  |
| Constellation Energy Corp  | 59436 | 13280380 |
| NRG Energy Inc  | 97926 | 10730730 |
|  |  | 24011110 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 402677 | 52199020 |
| TOTAL UTILITIES |  | 76210130 |
| TOTAL UNITED STATES |  | 31049004465 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $21,906,210,446) |  | <br> **31139922405** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (e)<br>(Cost $3,814,481)<br>| 4.25 | 3827000 | **3814439** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 80276948 | 80293003 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 54625518 | 54630981 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $134,923,984) |  |  | **134923984** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $22,044,948,911)<br>| <br>**31278660828** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(52993098)** |
| **NET ASSETS - 100.0%** | **31225667730** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini NASDAQ 100 Index Contracts (United States) | 163 | Jun 2025 | 64086710 | 5728963 | 5728963 |
| CME E-Mini S&P 500 Index Contracts (United States) | 71 | Jun 2025 | 19833850 | 1505930 | 1505930 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **7234893** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

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

(b) Non-income producing

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,814,439.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 140601008 | 2954811533 | 3015119125 | 3950003 | (413) | - | 80293003 | 80276948 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 61421683 | 647984754 | 654775456 | 166706 | - | - | 54630981 | 54625518 | 0.2% |
| Total | 202022691 | 3602796287 | 3669894581 | 4116709 | (413) | - | 134923984 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 4009132047 | 4009132047 | - | - |
| Consumer Discretionary | 4562648740 | 4562648740 | - | - |
| Consumer Staples | 1180655448 | 1180655448 | - | - |
| Energy | 145124371 | 145124371 | - | - |
| Financials | 2321554610 | 2321554610 | - | - |
| Health Care | 2426174030 | 2426174030 | - | - |
| Industrials | 1532360272 | 1532360272 | - | - |
| Information Technology | 14506421959 | 14506421959 | - | - |
| Materials | 200735125 | 200735125 | - | - |
| Real Estate | 178905673 | 178905673 | - | - |
| Utilities | 76210130 | 76210130 | - | - |
|  **U.S. Treasury Obligations** | 3814439 | - | 3814439 | - |
|  **Money Market Funds** | 134923984 | 134923984 | - | - |
| **Total Investments in Securities:** | 31278660828 | 31274846389 | 3814439 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 7234893 | 7234893 | - | - |
| Total Assets | 7234893 | 7234893 | - | - |
| **Total Derivative Instruments:** | 7234893 | 7234893 | - | - |

---

**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, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 7234893 | 0 |
| **Total Equity Risk**  | 7234893 | 0 |
| **Total Value of Derivatives** | 7234893 | 0 |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $63,627,049) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $21,910,024,927) | $31143736844 |  |
| Fidelity Central Funds (cost $134,923,984) | 134923984 |  |
| Total Investment in Securities (cost $22,044,948,911) |  | $31278660828 |
| Segregated cash with brokers for derivative instruments |  | 3079720 |
| Receivable for fund shares sold |  | 25014885 |
| Dividends receivable |  | 5807747 |
| Distributions receivable from Fidelity Central Funds |  | 300983 |
| Receivable for daily variation margin on futures contracts |  | 135168 |
| Other receivables |  | 61627 |
| **Total assets** |  | 31313060958 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $31833110 |  |
| Accrued management fee | 862512 |  |
| Other payables and accrued expenses | 61001 |  |
| Collateral on securities loaned | 54636605 |  |
| **Total liabilities** |  | 87393228 |
| **Net Assets**  |  | $31225667730 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $22670481172 |
| Total accumulated earnings (loss) |  | 8555186558 |
| **Net Assets** |  | $31225667730 |
| **Net Asset Value**, offering price and redemption price per share ($31,225,667,730 ÷ 869,966,762 shares) |  | $35.89 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $181517618 |
| Interest  |  | 217561 |
| Income from Fidelity Central Funds (including $166,706 from security lending)  |  | 4116709 |
| **Total income** |  | 185851888 |
| **Expenses** |  |  |
| Management fee | $10042570 |  |
| Independent trustees' fees and expenses | 71925 |  |
| Total expenses before reductions | 10114495 |  |
| Expense reductions | (6790) |  |
| Total expenses after reductions |  | 10107705 |
| **Net Investment income (loss)** |  | 175744183 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (157717182) |  |
| Redemptions in-kind | 609364323 |  |
| Fidelity Central Funds | (413) |  |
| Futures contracts | 1964294 |  |
| Total net realized gain (loss) |  | 453611022 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2353325164 |  |
| Futures contracts | 7254836 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2360580000 |
| **Net gain (loss)** |  | 2814191022 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2989935205 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $175744183 | $141327369 |
| &nbsp;&nbsp;Net realized gain (loss) | 453611022<br>| 350785373<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2360580000 | 4223333227<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2989935205<br>| 4715445969<br>|
| Distributions to shareholders | (116186775)<br>| (135662713)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 14179230808 | 10051228797 |
| Reinvestment of distributions | 104573920<br>| 119504458<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (8050329082) | (5585256177) |
| **Net increase (decrease) in net assets resulting from share transactions** | 6233475646<br>| 4585477078<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 9107224076<br>| 9165260334<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 22118443654 | 12953183320<br>|
| &nbsp;&nbsp;End of period | $31225667730 | $22118443654 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 385332800 | 356440425 |
| Issued in reinvestment of distributions | 2632117<br>| 4187420<br>|
| &nbsp;&nbsp;Redeemed | (220915188) | (196321249) |
| &nbsp;&nbsp;Net increase (decrease) | 167049729 | 164306596 |

---

**Financial Highlights** 

**Fidelity® Large Cap Growth Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.47 | $24.05 | $23.70 | $25.63 | $17.27 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .23  | .23  | .19  | .18  |
| Net realized and unrealized gain (loss)  | 4.35  | 7.41  | .30  | (1.46)  | 8.60  |
| Total from investment operations  | 4.57  | 7.64  | .53  | (1.27)  | 8.78  |
| Distributions from net investment income  | (.15)  | (.22)  | (.18)  | (.16)  | (.18)  |
| Distributions from net realized gain  | -  | -  | -  | (.50)  | (.24)  |
| Total distributions  | (.15)  | (.22)  | (.18)  | (.66)  | (.42)  |
| Net asset value, end of period  | $35.89 | $31.47 | $24.05 | $23.70 | $25.63 |
| **Total Return** C | 14.46% <br>| 31.85%  | 2.33%  | (5.39)%  | 51.34%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .04%  | .04%  | .04%  | .04%  | .04%  |
| Expenses net of fee waivers, if any  | .04% <br>| .04%  | .04%  | .04%  | .04%  |
| Expenses net of all reductions, if any  | .04%  | .03%  | .03%  | .04%  | .04%  |
| Net investment income (loss)  | .61%  | .80%  | 1.01%  | .70%  | .82%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $31225668 | $22118444 | $12953183 | $8720854 | $7121373 |
| Portfolio turnover rate F | 9% G<br>| 15% G | 12%  | 14%  | 21%  |

---

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

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

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

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

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

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

G*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Large Cap Growth 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 may operate as a non-diversified fund, as defined under the 1940 Act, to the approximate extent the Index is non-diversified.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Large Cap Growth Index Fund** | $60529 |

---

**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, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to futures contracts, redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $10212046497 |
| **Gross unrealized depreciation**  | <u>(1166959618)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$9045086879</u> |
| **Tax Cost**  | <u>$22233573949</u> |

---

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

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(489900322)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$9045086879</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(261617653) |
| Long-term | <u>(228282669)</u> |
| **Total capital loss carryforward** | <u>$(489900322)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | <u>$116186775</u> | <u>$135662713</u> |

---

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

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Large Cap Growth Index Fund** | 10235228492 | 2468162658 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Large Cap Growth Index Fund** | 42105784 | 609364323 | 1497517837 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Large Cap Growth Index Fund** | 26112359 | 428559748 | 748945115 |

---

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .035% of the Fund's average net assets. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .035% of average net assets. This expense contract will remain in place through June 30, 2026.

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** |
| **Fidelity Large Cap Growth Index Fund** | Borrower | 11174000 | 4.71% |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Large Cap Growth Index Fund** | 1435 | 1614 | (216) |

---

**7. Committed Line of Credit.**

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

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

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

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

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Large Cap Growth Index Fund** | 17988 | 1231 | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Large Cap Growth Index Fund** | 11972274 |

---

**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 $6,790.

**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 Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Large Cap Growth Index Fund:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Large Cap Growth Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of April 30, 2025, 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, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 11, 2025

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

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

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

The fund designates 100% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 100% of the dividend distributed 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 will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img108975_4.jpg)<br>

1.9879605.108 LC1-I-ANN-0625

**Fidelity Flex® Funds**

**Fidelity Flex® Small Cap Index Fund**

**Annual Report**

**April 30, 2025**

![](img108980_1.jpg)

![](img108980_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_ZAP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® Small Cap Index Fund](#Sub_Sec_Fund_2921_ZAP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2921_ZAP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ZAP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ZAP-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ZAP-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ZAP-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ZAP-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ZAP-ANN)** |

---

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

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

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

**Fidelity Flex® Small Cap Index Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** |
|  | Shares | Value ($)<br>|
| ARGENTINA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Despegar.com Corp (b) | 13701 | 266621 |
| AUSTRALIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| MAC Copper Ltd Class A (b) | 10223 | 91905 |
| AUSTRIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Critical Metals Corp (b) | 1431 | 2303 |
| BAHAMAS (NASSAU) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| OneSpaWorld Holdings Ltd  | 19278 | 321943 |
| BAILIWICK OF GUERNSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Super Group SGHC Ltd  | 29046 | 235854 |
| BERMUDA - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Corp Ltd  | 10539 | 75986 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Bank of Nt Butterfield & Son Ltd/The (United States)  | 8556 | 343780 |
| Insurance - 0.0% |  |  |
| Hamilton Insurance Group Ltd Class B (b) | 7950 | 147075 |
| TOTAL FINANCIALS |  | 490855 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Himalaya Shipping Ltd (United States) (c) | 5346 | 27906 |
| TOTAL BERMUDA |  | 594747 |
| BRAZIL - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Pagseguro Digital Ltd Class A (b) | 35917 | 360248 |
| StoneCo Ltd Class A (b) | 55424 | 779261 |
| TOTAL BRAZIL |  | 1139509 |
| CAMEROON - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Golar LNG Ltd  | 19050 | 809720 |
| CANADA - 0.6%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunopta Inc (United States) (b) | 18105 | 78214 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Encore Energy Corp (United States) (b) | 36310 | 54828 |
| Teekay Tankers Ltd Class A  | 4644 | 197695 |
|  |  | 252523 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Kingsway Financial Services Inc (b) | 2235 | 19333 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Aurinia Pharmaceuticals Inc (b) | 25755 | 212221 |
| Fennec Pharmaceuticals Inc (United States) (b) | 4622 | 27917 |
|  |  | 240138 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Brookfield Business Corp Class A (United States)  | 4929 | 129288 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| D-Wave Quantum Inc (b)(c) | 35346 | 244241 |
| Hut 8 Corp (United States) (b)(c) | 15755 | 193944 |
|  |  | 438185 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| i-80 Gold Corp (United States) (b)(c) | 61272 | 37633 |
| Novagold Resources Inc (United States) (b) | 46782 | 197888 |
| Ssr Mining Inc (United States) (b) | 38870 | 413577 |
|  |  | 649098 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Real Brokerage Inc/The (b) | 19557 | 86246 |
| Utilities - 0.2% |  |  |
| Gas Utilities - 0.2% |  |  |
| Brookfield Infrastructure Corp (United States)  | 23107 | 865126 |
| TOTAL CANADA |  | 2758151 |
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 22592 | 44958 |
| GERMANY - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Orion SA  | 10970 | 132079 |
| GHANA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Kosmos Energy Ltd (b) | 92435 | 142350 |
| GIBRALTAR - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Forafric Global PLC (b)(c) | 659 | 5409 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Patria Investments Ltd Class A  | 11331 | 118749 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| GigaCloud Technology Inc Class A (b)(c) | 4565 | 57245 |
| INDIA - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Professional Services - 0.1% |  |  |
| WNS Holdings Ltd ADR (b) | 8227 | 497898 |
| IRELAND - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Ardmore Shipping Corp  | 8321 | 79382 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b) | 8551 | 78669 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Cimpress PLC (b) | 3251 | 136608 |
| TOTAL IRELAND |  | 294659 |
| ISLE OF MAN - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Lifezone Metals Ltd (b)(c) | 6832 | 24459 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Nano-X Imaging Ltd (b)(c) | 11074 | 55702 |
| Pharmaceuticals - 0.0% |  |  |
| MediWound Ltd (b)(c) | 1847 | 32701 |
| TOTAL HEALTH CARE |  | 88403 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Sapiens International Corp NV  | 5968 | 163464 |
| TOTAL ISRAEL |  | 251867 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Webtoon Entertainment Inc (b)(c) | 3939 | 35451 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Artiva Biotherapeutics Inc (b)(c) | 4778 | 11419 |
| TOTAL KOREA (SOUTH) |  | 46870 |
| MALTA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Gambling.com Group Ltd (b) | 3230 | 41570 |
| MEXICO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Borr Drilling Ltd  | 32228 | 54788 |
| MONACO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc  | 8666 | 326622 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Costamare Inc  | 8239 | 76870 |
| Safe Bulkers Inc  | 11701 | 39666 |
|  |  | 116536 |
| TOTAL MONACO |  | 443158 |
| NORWAY - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Seadrill Ltd (b) | 12571 | 258208 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| FLEX LNG Ltd (United States) (c) | 5818 | 137246 |
| SFL Corp Ltd  | 25525 | 209816 |
|  |  | 347062 |
| TOTAL ENERGY |  | 605270 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| T1 Energy Inc (b)(c) | 21767 | 26338 |
| Marine Transportation - 0.0% |  |  |
| Golden Ocean Group Ltd (c) | 23855 | 184161 |
| TOTAL INDUSTRIALS |  | 210499 |
| TOTAL NORWAY |  | 815769 |
| PANAMA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Banco Latinoamericano de Comercio Exterior SA Class E  | 5213 | 199658 |
| PUERTO RICO - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class A (b) | 5430 | 29430 |
| Liberty Latin America Ltd Class C (b) | 25679 | 141235 |
|  |  | 170665 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| First BanCorp/Puerto Rico  | 31266 | 614065 |
| Ofg Bancorp  | 8684 | 341715 |
|  |  | 955780 |
| Financial Services - 0.1% |  |  |
| EVERTEC Inc  | 12132 | 411760 |
| TOTAL FINANCIALS |  | 1367540 |
| TOTAL PUERTO RICO |  | 1538205 |
| SINGAPORE - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Grindr Inc Class A (b) | 4816 | 105808 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Kulicke & Soffa Industries Inc  | 10205 | 328907 |
| TOTAL SINGAPORE |  | 434715 |
| SOUTH AFRICA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Caledonia Mining Corp PLC  | 3201 | 42157 |
| SWEDEN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| SiriusPoint Ltd (b) | 17942 | 301426 |
| SWITZERLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ADC Therapeutics SA (b) | 16613 | 23757 |
| THAILAND - 0.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| BKV Corp (b) | 2781 | 50419 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Fabrinet (b) | 7031 | 1441777 |
| TOTAL THAILAND |  | 1492196 |
| UNITED KINGDOM - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| Fidelis Insurance Holdings Ltd  | 9588 | 156764 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Zura Bio Ltd Class A (b)(c) | 12390 | 19081 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 5195 | 55898 |
| TOTAL UNITED KINGDOM |  | 231743 |
| UNITED STATES - 96.5%  |  |  |
| Communication Services - 2.4% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Anterix Inc (b) | 2000 | 59700 |
| AST SpaceMobile Inc Class A (b)(c) | 25873 | 600512 |
| Atn International Inc  | 2064 | 36512 |
| Bandwidth Inc Class A (b) | 4891 | 60746 |
| Cogent Communications Holdings Inc  | 8499 | 461921 |
| Globalstar Inc (b) | 9540 | 183359 |
| IDT Corp Class B  | 2928 | 147132 |
| Lumen Technologies Inc (b) | 194858 | 689798 |
| Shenandoah Telecommunications Co  | 9537 | 106242 |
|  |  | 2345922 |
| Entertainment - 0.5% |  |  |
| AMC Entertainment Holdings Inc Class A (b) | 78165 | 208701 |
| Atlanta Braves Holdings Inc Class A (b) | 1424 | 61873 |
| Atlanta Braves Holdings Inc Class C (b) | 10168 | 405296 |
| Cinemark Holdings Inc  | 21148 | 632537 |
| Eventbrite Inc Class A (b) | 16423 | 34817 |
| Golden Matrix Group Inc (b) | 5916 | 11121 |
| IMAX Corp (b) | 8234 | 200333 |
| Lions Gate Entertainment Corp Class A (b) | 13226 | 117447 |
| Lions Gate Entertainment Corp Class B (b) | 22657 | 180803 |
| LiveOne Inc (b) | 18137 | 15932 |
| Madison Square Garden Entertainment Corp Class A (b) | 7619 | 247160 |
| Marcus Corp/The  | 4434 | 72319 |
| Playstudios Inc Class A (b) | 20690 | 26276 |
| Reservoir Media Inc (b) | 4894 | 36705 |
| Sphere Entertainment Co Class A (b) | 5278 | 143826 |
| Vivid Seats Inc Class A (b)(c) | 16184 | 45477 |
|  |  | 2440623 |
| Interactive Media & Services - 0.5% |  |  |
| Bumble Inc Class A (b) | 9547 | 40288 |
| Cargurus Inc Class A (b) | 16948 | 473867 |
| Cars.com Inc (b) | 13069 | 152123 |
| EverQuote Inc Class A (b) | 5085 | 120718 |
| fuboTV Inc (b) | 64383 | 193149 |
| Getty Images Holdings Inc Class A (b)(c) | 22776 | 43502 |
| MediaAlpha Inc Class A (b) | 6430 | 54012 |
| Nextdoor Holdings Inc Class A (b) | 38690 | 56874 |
| Outbrain Inc (b) | 9718 | 34402 |
| QuinStreet Inc (b) | 10971 | 192212 |
| Shutterstock Inc  | 5352 | 85418 |
| System1 Inc Class A (b) | 15558 | 8989 |
| TrueCar Inc (b) | 20815 | 31014 |
| Vimeo Inc Class A (b) | 29138 | 146856 |
| Yelp Inc Class A (b) | 12602 | 442078 |
| Ziff Davis Inc (b) | 8442 | 249292 |
| ZipRecruiter Inc Class A (b) | 14201 | 73277 |
|  |  | 2398071 |
| Media - 0.7% |  |  |
| Advantage Solutions Inc Class A (b) | 24988 | 33484 |
| AMC Networks Inc Class A (b) | 6565 | 42016 |
| Boston Omaha Corp (b) | 4743 | 73659 |
| Cable One Inc  | 1101 | 294264 |
| Cardlytics Inc (b) | 9984 | 14377 |
| Clear Channel Outdoor Holdings Inc (b) | 68944 | 67855 |
| EchoStar Corp Class A (b) | 23475 | 527718 |
| Emerald Holding Inc  | 4035 | 15858 |
| Entravision Communications Corp Class A  | 16375 | 29966 |
| EW Scripps Co/The Class A (b) | 12547 | 25219 |
| Gannett Co Inc (b) | 27830 | 89056 |
| Gray Media Inc  | 17808 | 59657 |
| Ibotta Inc Class A (b) | 3069 | 149767 |
| iHeartMedia Inc Class A (b) | 21609 | 22257 |
| Integral Ad Science Holding Corp (b) | 14397 | 101787 |
| John Wiley & Sons Inc Class A  | 7562 | 330006 |
| Magnite Inc (b) | 24546 | 291852 |
| National CineMedia Inc  | 13486 | 77275 |
| PubMatic Inc Class A (b) | 8235 | 80456 |
| Scholastic Corp  | 4755 | 85733 |
| Sinclair Inc Class A  | 6288 | 90547 |
| Stagwell Inc Class A (b) | 17071 | 95256 |
| TechTarget Inc/old  | 3387 | 26994 |
| TEGNA Inc  | 30992 | 503000 |
| Thryv Holdings Inc (b) | 7636 | 104613 |
| Townsquare Media Inc Class A  | 3028 | 20045 |
| WideOpenWest Inc (b) | 9579 | 41956 |
|  |  | 3294673 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Gogo Inc (b) | 12812 | 96987 |
| Spok Holdings Inc  | 3715 | 53272 |
| Telephone and Data Systems Inc  | 18855 | 706874 |
|  |  | 857133 |
| TOTAL COMMUNICATION SERVICES |  | 11336422 |
| Consumer Discretionary - 8.8% |  |  |
| Automobile Components - 1.1% |  |  |
| Adient PLC (b) | 12426 | 157189 |
| American Axle & Manufacturing Holdings Inc (b) | 23055 | 88070 |
| Cooper-Standard Holdings Inc (b) | 3313 | 48602 |
| Dana Inc  | 25236 | 346743 |
| Dorman Products Inc (b) | 4973 | 563441 |
| Fox Factory Holding Corp (b) | 8270 | 167964 |
| Gentherm Inc (b) | 4423 | 115042 |
| Goodyear Tire & Rubber Co/The (b) | 54836 | 596616 |
| Holley Inc Class A (b) | 9987 | 21471 |
| LCI Industries  | 4854 | 374146 |
| Luminar Technologies Inc Class A (b)(c) | 5265 | 20585 |
| Modine Manufacturing Co (b) | 9951 | 812400 |
| Patrick Industries Inc  | 6248 | 480971 |
| Phinia Inc  | 8117 | 325898 |
| Solid Power Inc (b)(c) | 32163 | 35058 |
| Standard Motor Products Inc  | 4268 | 115663 |
| Stoneridge Inc (b) | 5928 | 22882 |
| Visteon Corp (b) | 5341 | 422954 |
| XPEL Inc (b)(d) | 4897 | 140250 |
|  |  | 4855945 |
| Automobiles - 0.0% |  |  |
| Livewire Group Inc (b)(c) | 3619 | 6478 |
| Winnebago Industries Inc  | 5454 | 173546 |
|  |  | 180024 |
| Broadline Retail - 0.0% |  |  |
| 1stdibs.Com Inc (b) | 4995 | 12338 |
| Groupon Inc (b)(c) | 4479 | 81563 |
| QVC Group Inc Class B (b) | 415 | 2306 |
| Savers Value Village Inc (b) | 4573 | 43855 |
|  |  | 140062 |
| Distributors - 0.0% |  |  |
| A-Mark Precious Metals Inc  | 3486 | 84919 |
| Weyco Group Inc  | 1119 | 33457 |
|  |  | 118376 |
| Diversified Consumer Services - 1.2% |  |  |
| Adtalem Global Education Inc (b) | 7183 | 762835 |
| American Public Education Inc (b) | 3020 | 70970 |
| Carriage Services Inc  | 2596 | 103736 |
| Chegg Inc (b) | 20869 | 15176 |
| Coursera Inc (b) | 21364 | 179885 |
| European Wax Center Inc Class A (b) | 6460 | 20155 |
| Frontdoor Inc (b) | 14789 | 607976 |
| Graham Holdings Co Class B  | 612 | 563071 |
| KinderCare Learning Cos Inc (b) | 5417 | 66412 |
| Laureate Education Inc (b) | 24946 | 500666 |
| Lincoln Educational Services Corp (b) | 5007 | 84618 |
| Mister Car Wash Inc (b) | 18308 | 125593 |
| Nerdy Inc Class A (b)(c) | 15712 | 24982 |
| Perdoceo Education Corp  | 12698 | 318974 |
| Strategic Education Inc  | 4319 | 352344 |
| Stride Inc (b) | 8150 | 1159338 |
| Udemy Inc (b) | 17524 | 120390 |
| Universal Technical Institute Inc (b) | 8912 | 250071 |
| Zspace Inc (b)(c) | 560 | 4681 |
|  |  | 5331873 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| Accel Entertainment Inc Class A (b) | 10113 | 104164 |
| Biglari Holdings Inc Class B (b) | 151 | 35169 |
| BJ's Restaurants Inc (b) | 3585 | 119345 |
| Bloomin' Brands Inc  | 15275 | 122506 |
| Brinker International Inc (b) | 8440 | 1133492 |
| Cheesecake Factory Inc/The (c) | 9277 | 467282 |
| Cracker Barrel Old Country Store Inc (c) | 3508 | 149792 |
| Dave & Buster's Entertainment Inc (b)(c) | 6087 | 116810 |
| Denny's Corp (b) | 9890 | 36494 |
| Dine Brands Global Inc  | 3095 | 61621 |
| El Pollo Loco Holdings Inc (b) | 5008 | 46825 |
| Empire Resorts Inc (b)(e) | 126 | 0 |
| Everi Holdings Inc (b) | 15202 | 213588 |
| First Watch Restaurant Group Inc (b) | 7431 | 131231 |
| Full House Resorts Inc (b) | 6450 | 20834 |
| Global Business Travel Group I Class A (b) | 23895 | 160335 |
| Golden Entertainment Inc  | 3715 | 95476 |
| Hilton Grand Vacations Inc (b) | 13335 | 448456 |
| Inspired Entertainment Inc (b) | 4005 | 29677 |
| International Game Technology PLC  | 22028 | 361259 |
| Jack in the Box Inc  | 3752 | 97702 |
| Krispy Kreme Inc  | 16966 | 69561 |
| Kura Sushi USA Inc Class A (b) | 1332 | 78428 |
| Life Time Group Holdings Inc (b) | 16056 | 492277 |
| Lindblad Expeditions Holdings Inc (b) | 6905 | 61040 |
| Monarch Casino & Resort Inc  | 2468 | 192973 |
| Nathan's Famous Inc  | 517 | 50537 |
| ONE Group Hospitality Inc/The (b) | 4245 | 12777 |
| Papa John's International Inc  | 6472 | 223478 |
| PlayAGS Inc (b) | 7325 | 88779 |
| Portillo's Inc Class A (b)(c) | 10684 | 110473 |
| Potbelly Corp (b) | 5228 | 42347 |
| Rci Hospitality Holdings Inc  | 1606 | 63726 |
| Red Rock Resorts Inc Class A  | 9410 | 401807 |
| Rush Street Interactive Inc Class A (b) | 14792 | 179427 |
| Sabre Corp (b) | 73666 | 174588 |
| Shake Shack Inc Class A (b) | 7312 | 641555 |
| Six Flags Entertainment Corp  | 17871 | 614941 |
| Sweetgreen Inc Class A (b) | 19745 | 384633 |
| Target Hospitality Corp (b) | 6651 | 45227 |
| United Parks & Resorts Inc (b)(c) | 5967 | 260460 |
| Vacasa Inc Class A (b) | 2069 | 11152 |
| Xponential Fitness Inc Class A (b) | 4678 | 39155 |
|  |  | 8191399 |
| Household Durables - 2.0% |  |  |
| Beazer Homes USA Inc (b) | 5613 | 109790 |
| Cavco Industries Inc (b) | 1531 | 756084 |
| Century Communities Inc  | 5340 | 291244 |
| Champion Homes Inc (b) | 10246 | 886279 |
| Cricut Inc Class A  | 8907 | 44357 |
| Dream Finders Homes Inc Class A (b)(c) | 5370 | 121684 |
| Ethan Allen Interiors Inc  | 4418 | 125604 |
| Flexsteel Industries Inc  | 888 | 29650 |
| Gopro Inc Class A (b) | 25471 | 14671 |
| Green Brick Partners Inc (b) | 5922 | 349339 |
| Hamilton Beach Brands Holding Co Class A  | 1518 | 30056 |
| Helen of Troy Ltd (b) | 4418 | 123085 |
| Hooker Furnishings Corp  | 2271 | 21802 |
| Hovnanian Enterprises Inc Class A (b) | 956 | 92541 |
| Installed Building Products Inc  | 4552 | 754858 |
| iRobot Corp (b) | 1867 | 4574 |
| KB Home  | 12369 | 668297 |
| La-Z-Boy Inc  | 7949 | 313986 |
| Landsea Homes Corp Class A (b) | 5720 | 34892 |
| Legacy Housing Corp (b) | 1976 | 48066 |
| LGI Homes Inc (b) | 4054 | 221389 |
| Lifetime Brands Inc  | 2608 | 9493 |
| Lovesac Co/The (b) | 2692 | 52359 |
| M/I Homes Inc (b) | 5110 | 545135 |
| Meritage Homes Corp  | 13836 | 942786 |
| Purple Innovation Inc Class A (b) | 12404 | 8395 |
| Sonos Inc (b) | 23182 | 213506 |
| Taylor Morrison Home Corp (b) | 19577 | 1122742 |
| Traeger Inc (b) | 6381 | 9316 |
| Tri Pointe Homes Inc (b) | 17696 | 544152 |
| United Homes Group Inc Class A (b) | 1693 | 3301 |
|  |  | 8493433 |
| Leisure Products - 0.3% |  |  |
| Acushnet Holdings Corp  | 5384 | 356528 |
| AMMO Inc (b) | 18232 | 35917 |
| Clarus Corp  | 6354 | 20905 |
| Escalade Inc  | 1997 | 30314 |
| Funko Inc Class A (b) | 6317 | 25331 |
| JAKKS Pacific Inc  | 1642 | 31674 |
| Johnson Outdoors Inc Class A  | 1083 | 24725 |
| Latham Group Inc (b) | 7894 | 43141 |
| Malibu Boats Inc Class A (b) | 3844 | 109785 |
| Marine Products Corp  | 1958 | 16447 |
| MasterCraft Boat Holdings Inc (b) | 3229 | 53085 |
| Peloton Interactive Inc Class A (b) | 67808 | 467198 |
| Smith & Wesson Brands Inc  | 8761 | 83492 |
| Sturm Ruger & Co Inc  | 3215 | 130722 |
| Topgolf Callaway Brands Corp (b) | 22177 | 146590 |
|  |  | 1575854 |
| Specialty Retail - 2.0% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 5393 | 29823 |
| Abercrombie & Fitch Co Class A (b) | 9520 | 660878 |
| Academy Sports & Outdoors Inc  | 13095 | 493420 |
| aka Brands Holding Corp (b) | 99 | 750 |
| America's Car-Mart Inc/TX (b) | 1435 | 68048 |
| American Eagle Outfitters Inc  | 34435 | 362601 |
| Arhaus Inc Class A (b) | 9994 | 78553 |
| Arko Corp  | 15492 | 62355 |
| Asbury Automotive Group Inc (b) | 3768 | 821952 |
| BARK Inc (b) | 24934 | 28175 |
| Beyond Inc (b) | 9040 | 36793 |
| Boot Barn Holdings Inc (b) | 5682 | 592860 |
| Buckle Inc/The  | 5970 | 207517 |
| Build-A-Bear Workshop Inc  | 2408 | 84954 |
| Caleres Inc  | 6424 | 97902 |
| Camping World Holdings Inc Class A  | 10886 | 131285 |
| Citi Trends Inc (b) | 1264 | 28225 |
| Designer Brands Inc Class A  | 7307 | 20387 |
| Destination XL Group Inc (b) | 10799 | 10686 |
| EVgo Inc Class A (b) | 23984 | 66196 |
| Foot Locker Inc (b) | 16199 | 198762 |
| Genesco Inc (b) | 2102 | 40779 |
| Group 1 Automotive Inc  | 2500 | 1009075 |
| GrowGeneration Corp (b) | 12011 | 14053 |
| Haverty Furniture Cos Inc  | 3061 | 55588 |
| J Jill Inc  | 1226 | 18660 |
| Lands' End Inc (b) | 2654 | 23568 |
| Leslie's Inc (b) | 36975 | 22192 |
| MarineMax Inc (b) | 4275 | 91742 |
| Monro Inc  | 3766 | 52498 |
| National Vision Holdings Inc (b) | 12215 | 150855 |
| ODP Corp/The (b) | 5804 | 79399 |
| OneWater Marine Inc Class A (b) | 2349 | 35258 |
| Petco Health & Wellness Co Inc Class A (b) | 16468 | 48581 |
| RealReal Inc/The (b) | 19337 | 112155 |
| Revolve Group Inc Class A (b) | 7384 | 146794 |
| RumbleON Inc Class B (b) | 3742 | 9466 |
| Sally Beauty Holdings Inc (b) | 19859 | 161652 |
| Shoe Carnival Inc  | 3601 | 62585 |
| Signet Jewelers Ltd  | 8041 | 476831 |
| Sleep Number Corp (b) | 4325 | 33692 |
| Sonic Automotive Inc Class A  | 2835 | 172141 |
| Stitch Fix Inc Class A (b) | 19365 | 63324 |
| ThredUp Inc Class A (b) | 15106 | 67826 |
| Tile Shop Holdings Inc (b) | 5091 | 28866 |
| Tilly's Inc Class A (b) | 3150 | 4819 |
| Torrid Holdings Inc (b)(c) | 3907 | 24809 |
| Upbound Group Inc  | 10439 | 207736 |
| Urban Outfitters Inc (b) | 12147 | 641119 |
| Victoria's Secret & Co (b) | 15076 | 283429 |
| Warby Parker Inc Class A (b) | 16952 | 279878 |
| Winmark Corp  | 553 | 199086 |
| Zumiez Inc (b) | 3005 | 35159 |
|  |  | 8735737 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Figs Inc Class A (b) | 25683 | 103502 |
| G-III Apparel Group Ltd (b) | 7642 | 192731 |
| Hanesbrands Inc (b) | 67832 | 311349 |
| Kontoor Brands Inc  | 10725 | 645109 |
| Movado Group Inc  | 3504 | 48671 |
| Oxford Industries Inc  | 2980 | 144828 |
| Rocky Brands Inc  | 1717 | 36727 |
| Steven Madden Ltd  | 14141 | 296961 |
| Superior Group of Cos Inc  | 2986 | 30995 |
| Vera Bradley Inc (b) | 7467 | 14560 |
| Wolverine World Wide Inc  | 15562 | 203084 |
|  |  | 2028517 |
| TOTAL CONSUMER DISCRETIONARY |  | 39651220 |
| Consumer Staples - 3.3% |  |  |
| Beverages - 0.4% |  |  |
| MGP Ingredients Inc  | 2890 | 85168 |
| National Beverage Corp  | 4767 | 211655 |
| Primo Brands Corp Class A  | 38298 | 1251196 |
| Vita Coco Co Inc/The (b) | 7602 | 251246 |
|  |  | 1799265 |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| Andersons Inc/The  | 6303 | 237686 |
| Chefs' Warehouse Inc/The (b) | 6776 | 386029 |
| Guardian Pharmacy Services Inc Class A (b) | 1710 | 42818 |
| HF Foods Group Inc (b) | 7796 | 29235 |
| Ingles Markets Inc Class A  | 2826 | 174336 |
| Natural Grocers by Vitamin Cottage Inc  | 1748 | 87680 |
| PriceSmart Inc  | 4819 | 489080 |
| SpartanNash Co  | 6612 | 131182 |
| Sprouts Farmers Market Inc (b) | 19302 | 3300642 |
| United Natural Foods Inc (b) | 11211 | 299446 |
| Village Super Market Inc Class A  | 1663 | 61282 |
| Weis Markets Inc  | 3159 | 271642 |
|  |  | 5511058 |
| Food Products - 1.0% |  |  |
| Alico Inc  | 1310 | 37387 |
| B&G Foods Inc  | 15679 | 108028 |
| Beyond Meat Inc (b)(c) | 11860 | 29413 |
| BRC Inc Class A (b) | 11001 | 25082 |
| Cal-Maine Foods Inc  | 8480 | 791778 |
| Calavo Growers Inc  | 3234 | 89323 |
| Dole PLC  | 14218 | 215971 |
| Fresh Del Monte Produce Inc  | 6516 | 221609 |
| Hain Celestial Group Inc (b) | 17750 | 53960 |
| J & J Snack Foods Corp  | 2937 | 380606 |
| John B Sanfilippo & Son Inc  | 1717 | 113786 |
| Lancaster Colony Corp  | 3755 | 611239 |
| Lifeway Foods Inc (b) | 864 | 20460 |
| Limoneira Co  | 3203 | 48141 |
| Mama's Creations Inc (b) | 6505 | 42933 |
| Mission Produce Inc (b) | 8254 | 86461 |
| Seneca Foods Corp Class A (b) | 855 | 76685 |
| Simply Good Foods Co/The (b) | 17674 | 638208 |
| TreeHouse Foods Inc (b) | 9014 | 209936 |
| Utz Brands Inc Class A  | 12871 | 171056 |
| Vital Farms Inc (b) | 6580 | 225299 |
| Westrock Coffee Co (b)(c) | 7603 | 44097 |
| WK Kellogg Co (c) | 12749 | 228590 |
|  |  | 4470048 |
| Household Products - 0.3% |  |  |
| Central Garden & Pet Co (b) | 2664 | 89403 |
| Central Garden & Pet Co Class A (b) | 8866 | 262168 |
| Energizer Holdings Inc  | 13780 | 372611 |
| Oil-Dri Corp of America  | 1877 | 79003 |
| WD-40 Co  | 2617 | 597619 |
|  |  | 1400804 |
| Personal Care Products - 0.3% |  |  |
| Beauty Health Co/The Class A (b) | 17086 | 16941 |
| Edgewell Personal Care Co  | 9279 | 283473 |
| Herbalife Ltd (b) | 19576 | 140947 |
| Honest Co Inc/The (b) | 16305 | 78101 |
| Interparfums Inc  | 3597 | 392793 |
| Medifast Inc (b) | 2163 | 28422 |
| Nature's Sunshine Products Inc (b) | 2832 | 34890 |
| Nu Skin Enterprises Inc Class A  | 10570 | 66908 |
| Olaplex Holdings Inc (b) | 29968 | 39258 |
| USANA Health Sciences Inc (b) | 2341 | 65759 |
| Waldencast plc Class A (b)(c) | 7032 | 19127 |
|  |  | 1166619 |
| Tobacco - 0.1% |  |  |
| Ispire Technology Inc (b) | 5405 | 14917 |
| Turning Point Brands Inc  | 3250 | 199485 |
| Universal Corp/VA  | 4661 | 271596 |
|  |  | 485998 |
| TOTAL CONSUMER STAPLES |  | 14833792 |
| Energy - 4.0% |  |  |
| Energy Equipment & Services - 1.6% |  |  |
| Archrock Inc  | 31819 | 748701 |
| Aris Water Solutions Inc Class A  | 5096 | 127196 |
| Atlas Energy Solutions Inc (c) | 14342 | 194047 |
| Bristow Group Inc (b) | 4615 | 134020 |
| Cactus Inc Class A  | 12748 | 483659 |
| ChampionX Corp  | 36537 | 881638 |
| Core Laboratories Inc  | 8952 | 101784 |
| DMC Global Inc (b) | 3932 | 25519 |
| Drilling Tools International Corp (b) | 2267 | 4578 |
| Expro Group Holdings NV (b) | 18259 | 151002 |
| Flowco Holdings Inc Class A  | 3744 | 72334 |
| Forum Energy Technologies Inc (b) | 2281 | 33417 |
| Geospace Technologies Corp (b) | 2385 | 15359 |
| Helix Energy Solutions Group Inc (b) | 27403 | 166884 |
| Helmerich & Payne Inc  | 18988 | 358683 |
| Innovex International Inc (b) | 6902 | 104220 |
| Kodiak Gas Services Inc  | 8589 | 292112 |
| Liberty Energy Inc Class A  | 30439 | 350049 |
| Mammoth Energy Services Inc (b) | 5281 | 13361 |
| Nabors Industries Ltd (b) | 1783 | 47856 |
| Natural Gas Services Group Inc (b) | 1993 | 35814 |
| Noble Corp PLC  | 25742 | 559631 |
| NPK International Inc (b) | 16065 | 92856 |
| Oceaneering International Inc (b) | 19224 | 341226 |
| Oil States International Inc (b) | 11683 | 41007 |
| Patterson-UTI Energy Inc  | 75072 | 423406 |
| ProFrac Holding Corp Class A (b)(c) | 4598 | 19082 |
| ProPetro Holding Corp (b) | 16773 | 83530 |
| Ranger Energy Services Inc Class A  | 2703 | 29976 |
| RPC Inc  | 16582 | 78433 |
| SEACOR Marine Holdings Inc (b) | 5128 | 25025 |
| Select Water Solutions Inc Class A  | 17328 | 147635 |
| Solaris Energy Infrastructure Inc Class A  | 5893 | 124578 |
| TETRA Technologies Inc (b) | 24353 | 69406 |
| Tidewater Inc (b) | 9388 | 339752 |
| Transocean Ltd (b) | 141077 | 300494 |
| Valaris Ltd (b) | 11898 | 384424 |
|  |  | 7402694 |
| Oil, Gas & Consumable Fuels - 2.4% |  |  |
| Aemetis Inc (b)(c) | 7694 | 9694 |
| Amplify Energy Corp (b) | 7659 | 19913 |
| Berry Corp  | 17855 | 44280 |
| California Resources Corp  | 13558 | 467887 |
| Centrus Energy Corp Class A (b)(c) | 2798 | 193873 |
| Chord Energy Corp warrants 9/1/2025 (b) | 111 | 85 |
| Clean Energy Fuels Corp (b) | 33695 | 48858 |
| CNX Resources Corp (b) | 27989 | 823717 |
| Comstock Resources Inc (b) | 17749 | 324274 |
| Core Natural Resources Inc  | 10182 | 735243 |
| Crescent Energy Co Class A  | 32453 | 268711 |
| CVR Energy Inc  | 6763 | 127550 |
| Delek US Holdings Inc  | 12431 | 161852 |
| DHT Holdings Inc  | 26287 | 281008 |
| Diversified Energy Co PLC (United States) (d) | 9280 | 115165 |
| Dorian LPG Ltd  | 7060 | 151225 |
| Empire Petroleum Corp (b)(c) | 3628 | 16653 |
| Energy Fuels Inc/Canada (United States) (b)(c) | 36419 | 164614 |
| Evolution Petroleum Corp  | 5785 | 24239 |
| Excelerate Energy Inc Class A  | 3164 | 80935 |
| FutureFuel Corp  | 5059 | 20792 |
| Granite Ridge Resources Inc  | 11638 | 55979 |
| Green Plains Inc (b) | 5980 | 21408 |
| Gulfport Energy Corp (b) | 2425 | 418313 |
| Hallador Energy Co (b) | 4795 | 67442 |
| HighPeak Energy Inc Class A  | 3312 | 26529 |
| Infinity Natural Resources Inc Class A  | 2327 | 35719 |
| International Seaways Inc  | 7921 | 268997 |
| Kinetik Holdings Inc Class A  | 7291 | 301410 |
| Magnolia Oil & Gas Corp Class A  | 33142 | 680405 |
| Murphy Oil Corp  | 27060 | 555542 |
| NACCO Industries Inc Class A  | 717 | 25023 |
| NextDecade Corp (b) | 22581 | 168906 |
| Nordic American Tankers Ltd  | 40217 | 102956 |
| Northern Oil & Gas Inc  | 19074 | 463498 |
| Par Pacific Holdings Inc (b) | 10558 | 151191 |
| PBF Energy Inc Class A  | 19788 | 339958 |
| Peabody Energy Corp  | 23741 | 292964 |
| Prairie Operating Co (b) | 1179 | 4787 |
| PrimeEnergy Resources Corp (b) | 121 | 20554 |
| REX American Resources Corp (b) | 2949 | 117134 |
| Riley Exploration Permian Inc  | 2246 | 55431 |
| Ring Energy Inc (b) | 29825 | 26428 |
| Sable Offshore Corp (b) | 9739 | 181730 |
| SandRidge Energy Inc  | 6199 | 56473 |
| Sitio Royalties Corp Class A  | 15766 | 267391 |
| SM Energy Co  | 22298 | 508171 |
| Talos Energy Inc (b) | 28314 | 194800 |
| Ur-Energy Inc (United States) (b) | 71186 | 53575 |
| Uranium Energy Corp (b) | 79972 | 419853 |
| VAALCO Energy Inc  | 20606 | 67382 |
| Verde Clean Fuels Inc Class A (b) | 1235 | 4162 |
| Vital Energy Inc (b) | 5717 | 81067 |
| Vitesse Energy Inc  | 4870 | 99592 |
| W&T Offshore Inc  | 21162 | 24336 |
| World Kinect Corp  | 10894 | 273330 |
|  |  | 10513004 |
| TOTAL ENERGY |  | 17915698 |
| Financials - 18.9% |  |  |
| Banks - 10.4% |  |  |
| 1st Source Corp  | 3489 | 209166 |
| ACNB Corp  | 1557 | 65254 |
| Amalgamated Financial Corp  | 3408 | 95969 |
| Amerant Bancorp Inc Class A  | 7176 | 120844 |
| Ameris Bancorp  | 12658 | 741759 |
| Ames National Corp  | 1727 | 29981 |
| Arrow Financial Corp  | 3224 | 79085 |
| Associated Banc-Corp  | 32113 | 708413 |
| Atlantic Union Bankshares Corp  | 25171 | 697237 |
| Axos Financial Inc (b) | 10576 | 671364 |
| Banc of California Inc  | 26880 | 362342 |
| BancFirst Corp  | 3890 | 458320 |
| Bancorp Inc/The (b) | 8819 | 426046 |
| Bank First Corp  | 1846 | 201546 |
| Bank of Hawaii Corp  | 7583 | 501312 |
| Bank of Marin Bancorp  | 2986 | 61273 |
| Bank7 Corp  | 784 | 28537 |
| BankUnited Inc  | 14408 | 471286 |
| Bankwell Financial Group Inc  | 1227 | 41608 |
| Banner Corp  | 6558 | 400956 |
| Bar Harbor Bankshares  | 2867 | 84978 |
| BayCom Corp  | 1883 | 48977 |
| BCB Bancorp Inc  | 3011 | 24749 |
| Berkshire Hills Bancorp Inc  | 8352 | 207380 |
| Blue Foundry Bancorp (b) | 3437 | 32102 |
| Bridgewater Bancshares Inc (b) | 3657 | 56281 |
| Brookline Bancorp Inc  | 17030 | 177793 |
| Burke & Herbert Financial Services Corp  | 2584 | 144471 |
| Business First Bancshares Inc  | 4620 | 106491 |
| Byline Bancorp Inc  | 5764 | 147213 |
| Cadence Bank  | 34985 | 1023661 |
| California BanCorp (b) | 4538 | 63396 |
| Camden National Corp  | 3176 | 122340 |
| Capital Bancorp Inc  | 1634 | 51618 |
| Capital City Bank Group Inc  | 2540 | 92812 |
| Capitol Federal Financial Inc  | 23963 | 135870 |
| Carter Bankshares Inc (b) | 4083 | 62511 |
| Cathay General Bancorp  | 13057 | 544346 |
| Central Pacific Financial Corp  | 5080 | 130505 |
| Chemung Financial Corp  | 617 | 27357 |
| ChoiceOne Financial Services Inc  | 1531 | 43526 |
| Citizens & Northern Corp  | 2930 | 56403 |
| Citizens Financial Services Inc  | 933 | 50783 |
| City Holding Co  | 2776 | 321655 |
| Civista Bancshares Inc  | 2895 | 65166 |
| CNB Financial Corp/PA  | 3884 | 85254 |
| Coastal Financial Corp/WA Class A (b) | 2361 | 193956 |
| Colony Bankcorp Inc  | 2904 | 45070 |
| Columbia Financial Inc (b) | 5878 | 79177 |
| Community Financial System Inc  | 10157 | 554471 |
| Community Trust Bancorp Inc  | 2902 | 142082 |
| Community West Bancshares  | 3055 | 53463 |
| Connectone Bancorp Inc  | 7000 | 157710 |
| Customers Bancorp Inc (b) | 5725 | 286250 |
| CVB Financial Corp  | 25832 | 478925 |
| Dime Community Bancshares Inc  | 7596 | 195141 |
| Eagle Bancorp Inc  | 5823 | 104523 |
| Eastern Bankshares Inc  | 37533 | 559992 |
| Enterprise Bancorp Inc/MA  | 1727 | 64244 |
| Enterprise Financial Services Corp  | 6971 | 362631 |
| Equity Bancshares Inc Class A  | 3032 | 116702 |
| Esquire Financial Holdings Inc  | 1336 | 110781 |
| ESSA Bancorp Inc  | 1593 | 29471 |
| Farmers & Merchants Bancorp Inc/Archbold OH  | 2717 | 71104 |
| Farmers National Banc Corp  | 6999 | 91267 |
| FB Financial Corp  | 6844 | 291281 |
| Fidelity D&D Bancorp Inc  | 1101 | 44568 |
| Financial Institutions Inc  | 3672 | 93232 |
| First Bancorp Inc/The  | 2119 | 51767 |
| First Bancorp/Southern Pines NC  | 7644 | 309276 |
| First Bank/Hamilton NJ  | 3809 | 54773 |
| First Busey Corp  | 16408 | 341122 |
| First Business Financial Services Inc  | 1477 | 71103 |
| First Commonwealth Financial Corp  | 19620 | 300578 |
| First Community Bankshares Inc  | 3348 | 126153 |
| First Financial Bancorp  | 18280 | 423182 |
| First Financial Bankshares Inc  | 24894 | 834198 |
| First Financial Corp  | 2180 | 107692 |
| First Foundation Inc  | 12585 | 63177 |
| First Interstate BancSystem Inc Class A  | 15968 | 418282 |
| First Interstate Bank of Calif  | 1721 | 36588 |
| First Merchants Corp  | 11303 | 402839 |
| First Mid Bancshares Inc  | 4353 | 145521 |
| First of Long Island Corp/The  | 4356 | 50181 |
| First Western Financial Inc (b) | 1519 | 32036 |
| Five Star Bancorp  | 3074 | 85088 |
| Flagstar Financial Inc  | 49040 | 574258 |
| Flushing Financial Corp  | 6463 | 77362 |
| FS Bancorp Inc  | 1290 | 50439 |
| Fulton Financial Corp  | 35595 | 593725 |
| FVCBankcorp Inc (b) | 3752 | 42848 |
| German American Bancorp Inc  | 5407 | 204979 |
| Glacier Bancorp Inc  | 21855 | 890810 |
| Great Southern Bancorp Inc  | 1676 | 92180 |
| Greene County Bancorp Inc  | 1478 | 32886 |
| Guaranty Bancshares Inc/TX  | 1461 | 57651 |
| Hancock Whitney Corp  | 16711 | 870476 |
| Hanmi Financial Corp  | 5741 | 131297 |
| Harborone Northeast Bancorp Inc  | 7244 | 82002 |
| HBT Financial Inc  | 2781 | 64450 |
| Heritage Commerce Corp  | 11583 | 104710 |
| Heritage Financial Corp Wash  | 6511 | 148581 |
| Hilltop Holdings Inc  | 9011 | 266095 |
| Hingham Institution For Savings The (c) | 295 | 73620 |
| Home Bancorp Inc  | 1295 | 65190 |
| Home BancShares Inc/AR  | 35704 | 990786 |
| HomeStreet Inc (b) | 3675 | 41748 |
| HomeTrust Bancshares Inc  | 2684 | 91632 |
| Hope Bancorp Inc  | 23990 | 239180 |
| Horizon Bancorp Inc/IN  | 8297 | 121800 |
| Independent Bank Corp  | 8202 | 484656 |
| Independent Bank Corp/MI  | 3758 | 114469 |
| International Bancshares Corp  | 10531 | 642812 |
| Investar Holding Corp  | 1724 | 32980 |
| John Marshall Bancorp Inc  | 2876 | 49438 |
| Kearny Financial Corp/MD  | 10760 | 67358 |
| Lakeland Financial Corp  | 4835 | 269164 |
| LCNB Corp  | 2628 | 39473 |
| LINKBANCORP Inc  | 4994 | 35058 |
| Live Oak Bancshares Inc  | 6862 | 179373 |
| Mercantile Bank Corp  | 3008 | 127268 |
| Metrocity Bankshares Inc  | 3813 | 105124 |
| Metropolitan Bank Holding Corp (b) | 2008 | 124355 |
| Mid Penn Bancorp Inc  | 4015 | 116636 |
| Middlefield Banc Corp  | 1591 | 41255 |
| Midland States Bancorp Inc  | 4340 | 70655 |
| MidWestOne Financial Group Inc  | 3648 | 101196 |
| MVB Financial Corp  | 2480 | 42309 |
| National Bank Holdings Corp Class A  | 7081 | 256049 |
| National Bankshares Inc VA  | 1300 | 33501 |
| NB Bancorp Inc (b) | 7258 | 124475 |
| Nbt Bancorp Inc  | 8823 | 373566 |
| Nicolet Bankshares Inc  | 2600 | 303706 |
| Northeast Bank  | 1289 | 106755 |
| Northeast Community Bancorp Inc  | 2304 | 52439 |
| Northfield Bancorp Inc  | 7239 | 76371 |
| Northrim BanCorp Inc  | 1008 | 80932 |
| Northwest Bancshares Inc  | 25006 | 308824 |
| Norwood Financial Corp  | 1705 | 42642 |
| Oak Valley Bancorp  | 1374 | 35999 |
| OceanFirst Financial Corp  | 11085 | 183568 |
| Old National Bancorp/IN  | 60328 | 1242154 |
| Old Second Bancorp Inc  | 8117 | 128167 |
| Orange County Bancorp Inc  | 2077 | 49287 |
| Origin Bancorp Inc  | 5589 | 179072 |
| Orrstown Financial Services Inc  | 3576 | 107173 |
| Pacific Premier Bancorp Inc  | 18905 | 384528 |
| Park National Corp  | 2807 | 421331 |
| Parke Bancorp Inc  | 1882 | 35476 |
| Pathward Financial Inc  | 4603 | 365340 |
| PCB Bancorp  | 2065 | 40495 |
| Peapack-Gladstone Financial Corp  | 3152 | 87247 |
| Peoples Bancorp Inc/OH  | 6671 | 193526 |
| Peoples Bancorp of North Carolina Inc  | 952 | 26293 |
| Peoples Financial Services Corp  | 1922 | 83069 |
| Pioneer Bancorp Inc/NY (b) | 2154 | 24167 |
| Plumas Bancorp  | 1046 | 46118 |
| Ponce Financial Group Inc (b) | 3280 | 42214 |
| Preferred Bank/Los Angeles CA  | 2354 | 187990 |
| Primis Financial Corp  | 4255 | 35061 |
| Princeton Bancorp Inc  | 1224 | 37308 |
| Provident Bancorp Inc (b) | 2783 | 30891 |
| Provident Financial Services Inc  | 24739 | 404977 |
| QCR Holdings Inc  | 3068 | 199267 |
| RBB Bancorp  | 3159 | 49217 |
| Red River Bancshares Inc  | 904 | 47641 |
| Renasant Corp  | 17913 | 574470 |
| Republic Bancorp Inc/KY Class A  | 1655 | 112292 |
| S&T Bancorp Inc  | 7315 | 266559 |
| Seacoast Banking Corp of Florida  | 16346 | 387564 |
| ServisFirst Bancshares Inc  | 9835 | 700449 |
| Shore Bancshares Inc  | 5776 | 79882 |
| Sierra Bancorp  | 2460 | 65092 |
| Simmons First National Corp Class A  | 23913 | 446217 |
| SmartFinancial Inc  | 2853 | 86788 |
| South Plains Financial Inc  | 2199 | 74128 |
| Southern First Bancshares Inc (b) | 1425 | 50602 |
| Southern Missouri Bancorp Inc  | 1726 | 90874 |
| Southern States Bancshares Inc  | 1556 | 51986 |
| Southside Bancshares Inc  | 5553 | 156539 |
| SouthState Corp  | 18814 | 1632679 |
| Stellar Bancorp Inc  | 9317 | 232552 |
| Stock Yards Bancorp Inc  | 4862 | 353905 |
| Texas Capital Bancshares Inc (b) | 8916 | 607625 |
| Third Coast Bancshares Inc (b) | 2091 | 62312 |
| Timberland Bancorp Inc/WA  | 1490 | 45803 |
| Tompkins Financial Corp  | 2411 | 143696 |
| Towne Bank/Portsmouth VA  | 13409 | 441827 |
| TriCo Bancshares  | 6121 | 236148 |
| Triumph Financial Inc (b) | 4354 | 232591 |
| TrustCo Bank Corp NY  | 3616 | 110107 |
| Trustmark Corp  | 11747 | 394112 |
| UMB Financial Corp  | 13073 | 1236314 |
| United Bankshares Inc/WV  | 25481 | 873743 |
| United Community Banks Inc/GA  | 23534 | 649774 |
| Unity Bancorp Inc  | 1263 | 52288 |
| Univest Financial Corp  | 5466 | 161466 |
| USCB Financial Holdings Inc  | 2056 | 34870 |
| Valley National Bancorp  | 91496 | 786866 |
| Veritex Holdings Inc  | 10135 | 235943 |
| Virginia National Bankshares Corp  | 857 | 31520 |
| WaFd Inc  | 15747 | 449262 |
| Washington Trust Bancorp Inc  | 3807 | 105073 |
| WesBanco Inc  | 16591 | 494080 |
| West BanCorp Inc  | 3097 | 60097 |
| Westamerica BanCorp  | 4987 | 241520 |
| WSFS Financial Corp  | 11285 | 581742 |
|  |  | 46870010 |
| Capital Markets - 1.8% |  |  |
| Acadian Asset Management Inc  | 5199 | 140061 |
| AlTi Global Inc Class A (b) | 7347 | 25200 |
| Artisan Partners Asset Management Inc Class A  | 12248 | 452931 |
| B Riley Financial Inc (c) | 4123 | 12080 |
| BGC Group Inc Class A  | 68098 | 616968 |
| Cohen & Steers Inc  | 5285 | 403351 |
| Diamond Hill Investment Group Inc  | 506 | 63746 |
| DigitalBridge Group Inc Class A  | 30858 | 259207 |
| Donnelley Financial Solutions Inc (b) | 5439 | 262160 |
| Forge Global Holdings Inc Class A (b) | 1738 | 25184 |
| GCM Grosvenor Inc Class A  | 7898 | 99041 |
| Hamilton Lane Inc Class A  | 7596 | 1173506 |
| MarketWise Inc Class A  | 446 | 6083 |
| Moelis & Co Class A  | 13592 | 728259 |
| Open Lending Corp (b) | 1482 | 1837 |
| P10 Inc Class A  | 7765 | 85959 |
| Perella Weinberg Partners Class A  | 10021 | 172061 |
| Piper Sandler Cos  | 3320 | 800518 |
| PJT Partners Inc Class A  | 4454 | 631176 |
| Silvercrest Asset Management Group Inc Class A  | 1741 | 26637 |
| StepStone Group Inc Class A  | 12858 | 643029 |
| StoneX Group Inc (b) | 8365 | 740846 |
| Value Line Inc  | 204 | 8344 |
| Victory Capital Holdings Inc Class A  | 7950 | 455456 |
| Virtus Invt Partners Inc  | 1296 | 199053 |
| WisdomTree Inc  | 25730 | 223851 |
|  |  | 8256544 |
| Consumer Finance - 1.0% |  |  |
| Atlanticus Holdings Corp (b) | 1005 | 55094 |
| Bread Financial Holdings Inc  | 9557 | 453480 |
| Consumer Portfolio Services Inc (b) | 1602 | 14785 |
| Dave Inc Class A (b) | 1546 | 146592 |
| Encore Capital Group Inc (b) | 4559 | 156830 |
| Enova International Inc (b) | 4827 | 443070 |
| FirstCash Holdings Inc  | 7384 | 989161 |
| Green Dot Corp Class A (b) | 10533 | 88161 |
| LendingClub Corp (b) | 21341 | 208502 |
| Lendingtree Inc (b) | 1954 | 100807 |
| Medallion Financial Corp  | 3528 | 31046 |
| Navient Corp  | 14573 | 180414 |
| Nelnet Inc Class A  | 2700 | 286443 |
| NerdWallet Inc Class A (b) | 6785 | 60794 |
| OppFi Inc Class A (c) | 3543 | 33127 |
| PRA Group Inc (b) | 7522 | 137653 |
| PROG Holdings Inc  | 7920 | 208771 |
| Regional Management Corp  | 1576 | 51898 |
| Upstart Holdings Inc (b) | 15373 | 734829 |
| World Acceptance Corp (b) | 644 | 83153 |
|  |  | 4464610 |
| Financial Services - 2.5% |  |  |
| Acacia Research Corp (b) | 7072 | 21852 |
| Alerus Financial Corp  | 4241 | 84311 |
| AvidXchange Holdings Inc (b) | 33773 | 274574 |
| Burford Capital Ltd (United States)  | 38812 | 527067 |
| Cannae Holdings Inc  | 10963 | 194155 |
| Cantaloupe Inc (b) | 11175 | 89400 |
| Cass Information Systems Inc  | 2574 | 104865 |
| Compass Diversified Holdings  | 12897 | 221699 |
| Enact Holdings Inc  | 5305 | 189866 |
| Essent Group Ltd  | 19991 | 1138088 |
| Federal Agricultural Mortgage Corp Class C  | 1738 | 304724 |
| Flywire Corp (b) | 23425 | 220429 |
| HA Sustainable Infrastructure Capital Inc  | 22657 | 565972 |
| International Money Express Inc (b) | 5923 | 73564 |
| Jackson Financial Inc  | 14118 | 1099933 |
| Marqeta Inc Class A (b) | 91262 | 381475 |
| Merchants Bancorp/IN  | 3447 | 103686 |
| Mr Cooper Group Inc (b) | 12121 | 1442521 |
| NCR Atleos Corp (b) | 13777 | 384654 |
| NewtekOne Inc  | 4883 | 50783 |
| NMI Holdings Inc (b) | 14985 | 542007 |
| Onity Group Inc (b) | 1207 | 45275 |
| Payoneer Global Inc (b) | 52510 | 369145 |
| Paysafe Ltd (b) | 6354 | 96771 |
| Paysign Inc (b) | 7674 | 18418 |
| PennyMac Financial Services Inc  | 5143 | 501134 |
| Priority Technology Holdings Inc (b) | 4440 | 32234 |
| Radian Group Inc  | 28652 | 915145 |
| Remitly Global Inc (b) | 28706 | 580435 |
| Repay Holdings Corp Class A (b) | 17034 | 68136 |
| Sezzle Inc (b) | 2703 | 140421 |
| SWK Holdings Corp  | 566 | 7975 |
| Velocity Financial Inc (b) | 1586 | 28342 |
| Walker & Dunlop Inc  | 6208 | 475160 |
| Waterstone Financial Inc  | 3039 | 36772 |
|  |  | 11330988 |
| Insurance - 2.2% |  |  |
| Ambac Financial Group Inc (b) | 9022 | 71996 |
| American Coastal Insurance Corp  | 4556 | 52075 |
| Amerisafe Inc  | 3641 | 169270 |
| Baldwin Insurance Group Inc/The Class A (b) | 13010 | 541476 |
| Bowhead Specialty Holdings Inc (b) | 2997 | 120449 |
| CNO Financial Group Inc  | 19456 | 738161 |
| Crawford & Co Class A  | 2798 | 31114 |
| Donegal Group Inc Class A  | 3003 | 58108 |
| Employers Holdings Inc  | 4748 | 230705 |
| Enstar Group Ltd (b) | 2419 | 808938 |
| F&G Annuities & Life Inc  | 3715 | 129319 |
| Genworth Financial Inc Class A (b) | 81429 | 558603 |
| GoHealth Inc Class A (b) | 974 | 10255 |
| Goosehead Insurance Inc Class A  | 4277 | 415767 |
| Greenlight Capital Re Ltd Class A (b) | 5026 | 65916 |
| HCI Group Inc  | 1588 | 232324 |
| Heritage Insurance Holdings Inc (b) | 4351 | 82234 |
| Hippo Holdings Inc (b) | 3857 | 89174 |
| Horace Mann Educators Corp  | 7905 | 328374 |
| Investors Title Co  | 262 | 60572 |
| James River Group Holdings Ltd  | 7550 | 35938 |
| Lemonade Inc (b)(c) | 10160 | 296875 |
| Maiden Holdings Ltd (b) | 19697 | 27576 |
| MBIA Inc (b) | 9040 | 42398 |
| Mercury General Corp  | 5206 | 288517 |
| NI Holdings Inc (b) | 1293 | 16163 |
| Oscar Health Inc Class A (b) | 39689 | 516354 |
| Palomar Hldgs Inc (b) | 4985 | 722925 |
| ProAssurance Corp (b) | 9746 | 226205 |
| Root Inc/OH Class A (b) | 1672 | 233528 |
| Safety Insurance Group Inc  | 2824 | 216036 |
| Selective Insurance Group Inc  | 11687 | 1019457 |
| Selectquote Inc (b) | 26461 | 83881 |
| Skyward Specialty Insurance Group Inc (b) | 7100 | 376939 |
| Stewart Information Services Corp  | 5213 | 341347 |
| Tiptree Inc Class A  | 4774 | 106508 |
| Trupanion Inc (b) | 6357 | 232666 |
| United Fire Group Inc  | 3967 | 109767 |
| Universal Insurance Holdings Inc  | 4543 | 110122 |
|  |  | 9798032 |
| Mortgage Real Estate Investment Trusts (REITs) - 1.0% |  |  |
| AG Mortgage Investment Trust Inc  | 5321 | 34746 |
| Angel Oak Mortgage REIT Inc  | 2747 | 25959 |
| Apollo Commercial Real Estate Finance Inc  | 27858 | 261029 |
| Arbor Realty Trust Inc (c) | 36317 | 418736 |
| Ares Commercial Real Estate Corp  | 13612 | 55401 |
| ARMOUR Residential REIT Inc (c) | 11334 | 186671 |
| Blackstone Mortgage Trust Inc Class A  | 34271 | 652864 |
| Brightspire Capital Inc Class A  | 28826 | 144418 |
| Chimera Investment Corp  | 11192 | 138109 |
| Claros Mortgage Trust Inc  | 19674 | 48398 |
| Dynex Capital Inc (c) | 16789 | 207008 |
| Ellington Financial Inc (c) | 16890 | 220077 |
| Franklin BSP Realty Trust Inc  | 16385 | 186461 |
| Granite Point Mortgage Trust Inc  | 13583 | 26759 |
| Invesco Mortgage Capital Inc  | 12577 | 92189 |
| Kkr Real Estate Finance Trust Inc  | 12024 | 111222 |
| Ladder Capital Corp Class A  | 22151 | 231256 |
| MFA Financial Inc  | 20708 | 203353 |
| New York Mortgage Trust Inc  | 19125 | 112264 |
| Nexpoint Real Estate Finance Inc  | 1835 | 26846 |
| Orchid Island Capital Inc (c) | 16284 | 116431 |
| Pennymac Mortgage Investment Trust  | 16931 | 217394 |
| Ready Capital Corp (c) | 34872 | 155180 |
| Redwood Trust Inc  | 25859 | 160584 |
| Seven Hills Realty Trust  | 3039 | 36255 |
| Sunrise Realty Trust Inc  | 2265 | 24371 |
| TPG RE Finance Trust Inc  | 12211 | 93292 |
| Two Harbors Investment Corp  | 20421 | 242397 |
|  |  | 4429670 |
| TOTAL FINANCIALS |  | 85149854 |
| Health Care - 17.0% |  |  |
| Biotechnology - 8.7% |  |  |
| 2seventy bio Inc (b) | 9410 | 46956 |
| 4D Molecular Therapeutics Inc (b) | 9352 | 31516 |
| 89bio Inc (b) | 22049 | 176833 |
| Absci Corp (b)(c) | 16240 | 49857 |
| ACADIA Pharmaceuticals Inc (b) | 23101 | 337275 |
| ACELYRIN Inc (b) | 14647 | 36178 |
| Achieve Life Sciences Inc (b) | 7499 | 19497 |
| Acrivon Therapeutics Inc (b) | 3757 | 5260 |
| Actinium Pharmaceuticals Inc (b) | 7741 | 11766 |
| Acumen Pharmaceuticals Inc (b) | 11054 | 12491 |
| ADMA Biologics Inc (b) | 44265 | 1053507 |
| Adverum Biotechnologies Inc (b) | 5156 | 16809 |
| Aerovate Therapeutics Inc (c) | 89 | 845 |
| Agenus Inc (b)(c) | 4748 | 13722 |
| Agios Pharmaceuticals Inc (b) | 10973 | 325788 |
| Akebia Therapeutics Inc (b) | 41711 | 100524 |
| Akero Therapeutics Inc (b) | 14384 | 656054 |
| Aldeyra Therapeutics Inc (b) | 9982 | 26452 |
| Alector Inc (b) | 19002 | 22802 |
| Alkermes PLC (b) | 30860 | 887842 |
| Allogene Therapeutics Inc (b)(c) | 25310 | 42521 |
| Altimmune Inc (b)(c) | 14174 | 74414 |
| ALX Oncology Holdings Inc (b) | 9579 | 5173 |
| Amicus Therapeutics Inc (b) | 56357 | 432822 |
| AnaptysBio Inc (b) | 4227 | 93924 |
| Anavex Life Sciences Corp (b)(c) | 14423 | 137019 |
| Anika Therapeutics Inc (b) | 2593 | 37676 |
| Annexon Inc (b) | 19695 | 36633 |
| Apogee Therapeutics Inc (b) | 7408 | 290764 |
| Applied Therapeutics Inc (b) | 25747 | 10536 |
| Arbutus Biopharma Corp (b) | 28375 | 100731 |
| Arcellx Inc (b) | 8465 | 549802 |
| Arcturus Therapeutics Holdings Inc (b) | 4657 | 59656 |
| Arcus Biosciences Inc (b) | 10884 | 95235 |
| Arcutis Biotherapeutics Inc (b) | 20788 | 309949 |
| Ardelyx Inc (b) | 45675 | 251441 |
| ArriVent Biopharma Inc (b) | 5520 | 117355 |
| Arrowhead Pharmaceuticals Inc (b) | 19033 | 264368 |
| ARS Pharmaceuticals Inc (b)(c) | 9472 | 132324 |
| Astria Therapeutics Inc (b) | 9496 | 48999 |
| Atossa Therapeutics Inc (b) | 28907 | 25956 |
| Aura Biosciences Inc (b) | 9416 | 54895 |
| Avidity Biosciences Inc (b) | 22076 | 720781 |
| Avita Medical Inc (b)(c) | 5065 | 49080 |
| Beam Therapeutics Inc (b) | 17841 | 355571 |
| Bicara Therapeutics Inc (c) | 3905 | 56115 |
| BioCryst Pharmaceuticals Inc (b) | 39548 | 350000 |
| Biohaven Ltd (b) | 16776 | 371085 |
| Biomea Fusion Inc (b)(c) | 6072 | 12751 |
| Black Diamond Therapeutics Inc (b) | 9002 | 15303 |
| Bluebird Bio Inc (b) | 2021 | 8246 |
| Blueprint Medicines Corp (b) | 12234 | 1094943 |
| Boundless Bio Inc (b) | 5061 | 8907 |
| Bridgebio Pharma Inc (b) | 27074 | 1038559 |
| C4 Therapeutics Inc (b) | 13243 | 21719 |
| Cabaletta Bio Inc (b) | 9673 | 12768 |
| CAMP4 Therapeutics Corp (c) | 2167 | 3836 |
| Candel Therapeutics Inc (b)(c) | 5622 | 27604 |
| Capricor Therapeutics Inc (b)(c) | 7067 | 89751 |
| Cardiff Oncology Inc (b)(c) | 11915 | 32647 |
| CareDx Inc (b) | 9871 | 166622 |
| Cargo Therapeutics Inc (b) | 2349 | 10735 |
| Caribou Biosciences Inc (b) | 18453 | 15702 |
| Cartesian Therapeutics Inc (b)(c) | 2201 | 26412 |
| Cartesian Therapeutics Inc rights (b)(e) | 15874 | 4603 |
| Catalyst Pharmaceuticals Inc (b) | 21729 | 527797 |
| Celcuity Inc (b) | 6474 | 72120 |
| Celldex Therapeutics Inc (b) | 12639 | 263270 |
| Century Therapeutics Inc (b) | 11865 | 6426 |
| CervoMed Inc (b) | 1036 | 9386 |
| CG oncology Inc (b) | 10531 | 283705 |
| Chinook Therapeutics Inc rights (b)(e) | 702 | 0 |
| Cibus Inc Class A (b)(c) | 4905 | 10546 |
| Climb Bio Inc (b) | 7880 | 10559 |
| Cogent Biosciences Inc (b) | 18332 | 95510 |
| Coherus Biosciences Inc (b) | 22550 | 23227 |
| Compass Therapeutics Inc (b) | 20445 | 38028 |
| Corbus Pharmaceuticals Holdings Inc (b) | 2414 | 18033 |
| Crinetics Pharmaceuticals Inc (b) | 17812 | 594743 |
| Cullinan Therapeutics Inc (b) | 10650 | 88182 |
| Cytokinetics Inc (b) | 22019 | 943294 |
| Day One Biopharmaceuticals Inc (b) | 10794 | 83977 |
| Denali Therapeutics Inc (b) | 20475 | 340909 |
| Design Therapeutics Inc (b) | 6821 | 33150 |
| Dianthus Therapeutics Inc (b) | 4751 | 103809 |
| Disc Medicine Inc (b) | 4414 | 218140 |
| Dynavax Technologies Corp (b) | 25313 | 297428 |
| Dyne Therapeutics Inc (b) | 16465 | 194122 |
| Editas Medicine Inc (b) | 17134 | 28271 |
| Elevation Oncology Inc (b) | 15608 | 5800 |
| Enanta Pharmaceuticals Inc (b) | 4293 | 26144 |
| Entrada Therapeutics Inc (b) | 5127 | 46810 |
| Erasca Inc (b) | 38038 | 55535 |
| Fate Therapeutics Inc (b) | 21040 | 26931 |
| Fibrobiologics Inc (b) | 6171 | 6912 |
| Foghorn Therapeutics Inc (b) | 5544 | 23285 |
| Galectin Therapeutics Inc (b) | 2692 | 3688 |
| Generation Bio CO (b) | 14643 | 6342 |
| Geron Corp (b) | 115062 | 162237 |
| Greenwich Lifesciences Inc (b) | 1288 | 13009 |
| Gyre Therapeutics Inc (b)(c) | 1750 | 17080 |
| Halozyme Therapeutics Inc (b) | 23908 | 1468429 |
| Heron Therapeutics Inc (b)(c) | 22749 | 55053 |
| HilleVax Inc (b) | 7161 | 13892 |
| Humacyte Inc Class A (b)(c) | 18090 | 26231 |
| Ideaya Biosciences Inc (b) | 17026 | 342733 |
| IGM Biosciences Inc (b) | 3929 | 5442 |
| ImmunityBio Inc (b)(c) | 30059 | 75448 |
| Immunome Inc (b) | 14150 | 124379 |
| Immunovant Inc (b) | 11533 | 186258 |
| Inhibrx Biosciences Inc  | 2365 | 29160 |
| Inmune Bio Inc (b)(c) | 2864 | 22511 |
| Inovio Pharmaceuticals Inc (b) | 8258 | 16021 |
| Inozyme Pharma Inc (b)(c) | 13056 | 15014 |
| Insmed Inc (b) | 33066 | 2380752 |
| Intellia Therapeutics Inc (b) | 13496 | 119710 |
| Invivyd Inc (b) | 17612 | 11099 |
| Iovance Biotherapeutics Inc (b) | 53389 | 191667 |
| Ironwood Pharmaceuticals Inc Class A (b) | 12370 | 11533 |
| iTeos Therapeutics Inc (b) | 5553 | 40259 |
| Janux Therapeutics Inc (b) | 6185 | 205342 |
| Jasper Therapeutics Inc Class A (b) | 2786 | 15295 |
| KalVista Pharmaceuticals Inc (b) | 7614 | 104845 |
| Keros Therapeutics Inc (b) | 3976 | 57413 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 7433 | 200468 |
| Kodiak Sciences Inc (b) | 6992 | 30485 |
| Korro Bio Inc (b) | 1305 | 23164 |
| Krystal Biotech Inc (b) | 4785 | 812876 |
| Kura Oncology Inc (b) | 14912 | 97823 |
| Kymera Therapeutics Inc (b) | 9151 | 313605 |
| Kyverna Therapeutics Inc (b) | 6248 | 14433 |
| Larimar Therapeutics Inc (b) | 8930 | 23665 |
| Lexeo Therapeutics Inc (b) | 5096 | 20027 |
| Lexicon Pharmaceuticals Inc (b)(c) | 24038 | 17567 |
| Lineage Cell Therapeutics Inc (b) | 41036 | 20477 |
| Lyell Immunopharma Inc (b) | 37722 | 17925 |
| MacroGenics Inc (b) | 13088 | 22708 |
| Madrigal Pharmaceuticals Inc (b) | 3470 | 1158668 |
| MannKind Corp (b) | 51525 | 259686 |
| MeiraGTx Holdings plc (b) | 9358 | 66348 |
| Mersana Therapeutics Inc (b) | 24574 | 10638 |
| Metagenomi Inc (b) | 6750 | 11678 |
| Metsera Inc (c) | 2976 | 71751 |
| MiMedx Group Inc (b) | 22865 | 157311 |
| Mineralys Therapeutics Inc (b) | 5662 | 80457 |
| Mirum Pharmaceuticals Inc (b) | 7591 | 329829 |
| Monte Rosa Therapeutics Inc (b) | 8160 | 40066 |
| Myriad Genetics Inc (b) | 17400 | 128934 |
| Neurogene Inc (b) | 2400 | 36000 |
| Nkarta Inc (b) | 11385 | 24136 |
| Novavax Inc (b)(c) | 29897 | 199413 |
| Nurix Therapeutics Inc (b) | 14756 | 170137 |
| Nuvalent Inc Class A (b) | 6763 | 519060 |
| Ocugen Inc (b)(c) | 60087 | 44897 |
| Olema Pharmaceuticals Inc (b) | 8329 | 42978 |
| OmniAb Operations Inc (b)(e) | 613 | 1318 |
| OmniAb Operations Inc (b)(e) | 613 | 1171 |
| Oncternal Therapeutics Inc rights (b)(e) | 19 | 0 |
| Organogenesis Holdings Inc Class A (b) | 13297 | 65288 |
| ORIC Pharmaceuticals Inc (b) | 12326 | 70381 |
| Outlook Therapeutics Inc (b)(c) | 4498 | 7062 |
| Ovid therapeutics Inc (b) | 19671 | 6434 |
| PepGen Inc (b) | 3796 | 5960 |
| Perspective Therapeutics Inc (b) | 11320 | 27734 |
| Praxis Precision Medicines Inc (b) | 3381 | 127261 |
| Precigen Inc (b)(c) | 27747 | 43285 |
| Prelude Therapeutics Inc (b) | 4295 | 4122 |
| Prime Medicine Inc (b)(c) | 13006 | 22500 |
| ProKidney Corp Class A (b)(c) | 24543 | 21735 |
| Protagonist Therapeutics Inc (b) | 11441 | 524227 |
| PTC Therapeutics Inc (b) | 14643 | 729807 |
| Puma Biotechnology Inc (b) | 8414 | 26757 |
| Pyxis Oncology Inc (b) | 12652 | 13917 |
| Q32 Bio Inc (b) | 2141 | 3426 |
| RAPT Therapeutics Inc (b) | 7720 | 7155 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 49017 | 274005 |
| REGENXBIO Inc (b) | 9351 | 89863 |
| Regulus Therapeutics Inc (b)(c) | 12818 | 102288 |
| Relay Therapeutics Inc (b) | 25372 | 84489 |
| Renovaro Inc (b)(c) | 24366 | 8764 |
| Replimune Group Inc (b) | 13336 | 130426 |
| Revolution Medicines Inc (b) | 32874 | 1327452 |
| Rhythm Pharmaceuticals Inc (b) | 10554 | 688015 |
| Rigel Pharmaceuticals Inc (b) | 3323 | 64998 |
| Rocket Pharmaceuticals Inc (b) | 15562 | 118738 |
| Sage Therapeutics Inc (b) | 10574 | 77084 |
| Sana Biotechnology Inc (b)(c) | 17729 | 33685 |
| Savara Inc (b) | 24292 | 77734 |
| Scholar Rock Holding Corp (b) | 15505 | 510270 |
| Sera Prognostics Inc Class A (b) | 6278 | 18457 |
| Shattuck Labs Inc (b) | 8772 | 8676 |
| Skye Bioscience Inc (b)(c) | 4910 | 10704 |
| Soleno Therapeutics Inc (b) | 4929 | 368985 |
| Solid Biosciences Inc (b) | 5096 | 16868 |
| SpringWorks Therapeutics Inc (b) | 13312 | 616346 |
| Spyre Therapeutics Inc (b) | 8088 | 123180 |
| Stoke Therapeutics Inc (b) | 7163 | 69911 |
| Summit Therapeutics Inc (b)(c) | 17780 | 428854 |
| Sutro Biopharma Inc (b) | 16788 | 17627 |
| Syndax Pharmaceuticals Inc (b) | 15955 | 225763 |
| Tango Therapeutics Inc (b) | 11075 | 15616 |
| Taysha Gene Therapies Inc (b) | 34804 | 67520 |
| Tenaya Therapeutics Inc (b) | 13379 | 6355 |
| Tevogen Bio Holdings Inc Class A (b)(c) | 5130 | 5284 |
| TG Therapeutics Inc (b) | 26901 | 1224265 |
| Tourmaline Bio Inc (b) | 4514 | 77686 |
| Travere Therapeutics Inc (b) | 16049 | 333980 |
| TScan Therapeutics Inc (b) | 9584 | 15382 |
| Twist Bioscience Corp (b) | 11478 | 439837 |
| Tyra Biosciences Inc (b) | 4031 | 41519 |
| Upstream Bio Inc (c) | 3719 | 34438 |
| UroGen Pharma Ltd (b) | 7624 | 88743 |
| Vanda Pharmaceuticals Inc (b) | 11235 | 50670 |
| Vaxcyte Inc (b) | 24047 | 861844 |
| Vera Therapeutics Inc Class A (b) | 8827 | 206287 |
| Veracyte Inc (b) | 14999 | 457470 |
| Verastem Inc (b) | 7663 | 57396 |
| Vericel Corp (b) | 9485 | 360620 |
| Verve Therapeutics Inc (b) | 14049 | 79658 |
| Vir Biotechnology Inc (b) | 12203 | 74682 |
| Viridian Therapeutics Inc (b) | 14584 | 197613 |
| Voyager Therapeutics Inc (b) | 9708 | 34560 |
| Werewolf Therapeutics Inc (b) | 7298 | 6585 |
| X4 Pharmaceuticals Inc (b) | 1217 | 5245 |
| XBiotech Inc (b) | 5327 | 16194 |
| Xencor Inc (b) | 9900 | 109098 |
| XOMA Royalty Corp (b) | 1625 | 39065 |
| Y-mAbs Therapeutics Inc (b) | 7839 | 33316 |
| Zenas Biopharma Inc (c) | 3271 | 37878 |
| Zentalis Pharmaceuticals Inc (b) | 12582 | 17866 |
| Zymeworks Inc (b) | 10616 | 138114 |
|  |  | 38999516 |
| Health Care Equipment & Supplies - 2.8% |  |  |
| Accuray Inc Del (b) | 20374 | 31580 |
| Alphatec Holdings Inc (b) | 20282 | 222696 |
| AngioDynamics Inc (b) | 7454 | 69248 |
| Anteris Technologies Global Corp (c) | 3238 | 16028 |
| Artivion Inc (b) | 7535 | 178504 |
| AtriCure Inc (b) | 9170 | 274275 |
| Avanos Medical Inc (b) | 8917 | 111908 |
| Axogen Inc (b) | 8065 | 131218 |
| Beta Bionics Inc (c) | 2647 | 29249 |
| Bioventus Inc (b) | 7456 | 54503 |
| Ceribell Inc  | 2613 | 42043 |
| Cerus Corp (b) | 37779 | 49868 |
| CONMED Corp  | 5999 | 294611 |
| CVRx Inc (b) | 3129 | 22904 |
| Embecta Corp  | 11250 | 137138 |
| Fractyl Health Inc (b) | 8781 | 11152 |
| Glaukos Corp (b) | 9514 | 896695 |
| Haemonetics Corp (b) | 9653 | 608332 |
| ICU Medical Inc (b) | 4137 | 565073 |
| Inmode Ltd (b) | 12607 | 177759 |
| Inogen Inc (b) | 5022 | 35807 |
| Integer Holdings Corp (b) | 6406 | 809142 |
| Integra LifeSciences Holdings Corp (b) | 13318 | 218282 |
| iRadimed Corp  | 1577 | 82651 |
| iRhythm Technologies Inc (b) | 6057 | 647433 |
| Lantheus Holdings Inc (b) | 13306 | 1388348 |
| LeMaitre Vascular Inc  | 3937 | 357243 |
| LivaNova PLC (b) | 10673 | 394901 |
| Merit Medical Systems Inc (b) | 10931 | 1032433 |
| Neogen Corp (b) | 35755 | 180563 |
| NeuroPace Inc (b) | 2937 | 34334 |
| Novocure Ltd (b) | 20743 | 376278 |
| Omnicell Inc (b) | 8869 | 277245 |
| OraSure Technologies Inc (b) | 15326 | 45825 |
| Orchestra BioMed Holdings Inc (b) | 5962 | 17707 |
| Orthofix Medical Inc (b) | 6501 | 90429 |
| OrthoPediatrics Corp (b) | 3357 | 69893 |
| PROCEPT BioRobotics Corp (b) | 8684 | 468762 |
| Pulmonx Corp (b) | 7870 | 38012 |
| Pulse Biosciences Inc (b)(c) | 3648 | 62089 |
| Pulse Biosciences Inc warrants 6/26/2030 (b)(c) | 258 | 1239 |
| RxSight Inc (b) | 7447 | 109620 |
| Sanara Medtech Inc (b) | 910 | 29065 |
| Semler Scientific Inc (b) | 1374 | 44421 |
| SI-BONE Inc (b) | 8230 | 112340 |
| Sight Sciences Inc (b) | 8312 | 25352 |
| STAAR Surgical Co (b) | 9784 | 178656 |
| Stereotaxis Inc (b) | 13859 | 27718 |
| Surmodics Inc (b) | 2636 | 73834 |
| Tactile Systems Technology Inc (b) | 4551 | 64260 |
| Tandem Diabetes Care Inc (b) | 12839 | 216337 |
| TransMedics Group Inc (b) | 6371 | 586196 |
| Treace Medical Concepts Inc (b) | 9697 | 68655 |
| UFP Technologies Inc (b) | 1423 | 296752 |
| Utah Medical Products Inc  | 597 | 30895 |
| Varex Imaging Corp (b) | 7922 | 65911 |
| Zimvie Inc (b) | 5558 | 50355 |
| Zynex Inc (b)(c) | 3547 | 5887 |
|  |  | 12539654 |
| Health Care Providers & Services - 3.1% |  |  |
| AdaptHealth Corp (b) | 19625 | 167009 |
| Addus HomeCare Corp (b) | 3347 | 349929 |
| agilon health Inc (b) | 60004 | 255617 |
| AirSculpt Technologies Inc (b)(c) | 3738 | 8110 |
| Alignment Healthcare Inc (b) | 19150 | 339338 |
| AMN Healthcare Services Inc (b) | 7358 | 150324 |
| Ardent Health Partners Inc  | 4654 | 59245 |
| Astrana Health Inc (b) | 8275 | 257932 |
| Aveanna Healthcare Holdings Inc (b) | 9716 | 44791 |
| BrightSpring Health Services Inc (b) | 10504 | 184135 |
| Brookdale Senior Living Inc (b) | 36887 | 241979 |
| Castle Biosciences Inc (b) | 5034 | 100932 |
| Community Health Systems Inc (b) | 24775 | 67636 |
| Concentra Group Holdings Parent Inc  | 21085 | 458599 |
| CorVel Corp (b) | 5076 | 552066 |
| Cross Country Healthcare Inc (b) | 6058 | 82086 |
| DocGo Inc Class A (b) | 19776 | 44100 |
| Enhabit Inc (b) | 9725 | 77703 |
| Ensign Group Inc/The  | 10632 | 1371422 |
| Fulgent Genetics Inc (b) | 4114 | 71378 |
| GeneDx Holdings Corp Class A (b) | 2457 | 164250 |
| Guardant Health Inc (b) | 23028 | 1087612 |
| HealthEquity Inc (b) | 16500 | 1414380 |
| Hims & Hers Health Inc Class A (b) | 37349 | 1236252 |
| Infusystem Holdings Inc (b) | 3796 | 17917 |
| Innovage Holding Corp (b) | 4628 | 14486 |
| Joint Corp/The (b) | 2137 | 21391 |
| LifeStance Health Group Inc (b) | 26875 | 176569 |
| ModivCare Inc (b)(c) | 2001 | 2380 |
| National HealthCare Corp  | 2386 | 225453 |
| National Research Corp Class A  | 2970 | 33739 |
| NeoGenomics Inc (b) | 24715 | 158052 |
| OPKO Health Inc (b) | 61368 | 84688 |
| Option Care Health Inc (b) | 32874 | 1062159 |
| Owens & Minor Inc (b) | 14563 | 102815 |
| PACS Group Inc (b) | 5144 | 49537 |
| Pediatrix Medical Group Inc (b) | 16482 | 212288 |
| Pennant Group Inc/The (b) | 6238 | 159818 |
| Performant Healthcare Inc (b) | 14249 | 33628 |
| Privia Health Group Inc (b) | 19709 | 462767 |
| Progyny Inc (b) | 14372 | 328256 |
| Quipt Home Medical Corp (United States) (b) | 7690 | 16534 |
| RadNet Inc (b) | 12754 | 668055 |
| Select Medical Holdings Corp  | 20748 | 378444 |
| Sonida Senior Living Inc (b) | 898 | 20852 |
| Surgery Partners Inc (b) | 14744 | 323631 |
| Talkspace Inc Class A (b) | 23794 | 73048 |
| US Physical Therapy Inc  | 2893 | 205721 |
| Viemed Healthcare Inc (b) | 6318 | 44668 |
|  |  | 13663721 |
| Health Care Technology - 0.4% |  |  |
| Definitive Healthcare Corp Class A (b) | 10930 | 29729 |
| Evolent Health Inc Class A (b) | 22294 | 219819 |
| Health Catalyst Inc (b) | 11720 | 46294 |
| HealthStream Inc  | 4538 | 152613 |
| LifeMD Inc (b) | 7376 | 54287 |
| OptimizeRx Corp (b) | 3432 | 31299 |
| Phreesia Inc (b) | 10724 | 267671 |
| Schrodinger Inc/United States (b) | 10779 | 276266 |
| Simulations Plus Inc  | 3082 | 105867 |
| Teladoc Health Inc (b) | 33282 | 239298 |
| Waystar Holding Corp (b) | 15039 | 559000 |
|  |  | 1982143 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Adaptive Biotechnologies Corp (b) | 22160 | 163098 |
| Akoya Biosciences Inc (b)(c) | 5594 | 6713 |
| BioLife Solutions Inc (b) | 6888 | 166070 |
| Codexis Inc (b) | 15988 | 36772 |
| Conduit Pharmaceuticals Inc Class A (b) | 140 | 76 |
| CryoPort Inc (b) | 8691 | 48496 |
| Cytek Biosciences Inc (b) | 22953 | 85156 |
| Harvard Bioscience Inc (b) | 10461 | 3727 |
| Lifecore Biomedical Inc (b) | 4745 | 32076 |
| Maravai LifeSciences Holdings Inc Class A (b) | 21651 | 43735 |
| MaxCyte Inc (United States) (b) | 20901 | 59359 |
| Mesa Laboratories Inc  | 986 | 113637 |
| Nautilus Biotechnology Inc Class A (b) | 16447 | 11325 |
| Niagen Bioscience Inc (b) | 9269 | 72762 |
| OmniAb Inc (b) | 19362 | 32915 |
| Pacific Biosciences of California Inc (b)(c) | 53671 | 59575 |
| Quanterix Corp (b) | 7208 | 41518 |
| Quantum-Si Inc Class A (b)(c) | 23841 | 27179 |
| Standard BioTools Inc (b) | 59393 | 65926 |
|  |  | 1070115 |
| Pharmaceuticals - 1.8% |  |  |
| Alto Neuroscience Inc (b) | 5090 | 12674 |
| Alumis Inc (c) | 4546 | 18820 |
| Amneal Intermediate Inc Class A (b) | 30340 | 232404 |
| Amphastar Pharmaceuticals Inc (b) | 7353 | 179487 |
| ANI Pharmaceuticals Inc (b) | 3548 | 251269 |
| Aquestive Therapeutics Inc (b) | 14500 | 42413 |
| Arvinas Inc (b) | 7692 | 73997 |
| Atea Pharmaceuticals Inc (b) | 16453 | 48536 |
| Avadel Pharmaceuticals PLC Class A (b) | 18185 | 161665 |
| Axsome Therapeutics Inc (b) | 7093 | 796474 |
| BioAge Labs Inc (c) | 2839 | 11924 |
| Biote Corp Class A (b) | 5893 | 19624 |
| Cassava Sciences Inc (b)(c) | 8334 | 13001 |
| Collegium Pharmaceutical Inc (b) | 6194 | 167207 |
| Contineum Therapeutics Inc Class A (b) | 2860 | 11755 |
| Corcept Therapeutics Inc (b) | 15593 | 1120826 |
| CorMedix Inc (b) | 11849 | 108892 |
| Edgewise Therapeutics Inc (b) | 14351 | 235356 |
| Enliven Therapeutics Inc (b)(c) | 7392 | 140004 |
| Esperion Therapeutics Inc (b) | 38132 | 38109 |
| Evolus Inc (b) | 10741 | 122447 |
| EyePoint Pharmaceuticals Inc (b) | 13143 | 89635 |
| Fulcrum Therapeutics Inc (b) | 11347 | 43686 |
| Harmony Biosciences Holdings Inc (b) | 7346 | 216487 |
| Harrow Inc (b) | 5904 | 146242 |
| Innoviva Inc (b) | 10582 | 197778 |
| LENZ Therapeutics Inc (b) | 2528 | 72086 |
| Ligand Pharmaceuticals Inc (b) | 3491 | 383521 |
| Liquidia Corp (b) | 12213 | 170616 |
| Lyra Therapeutics Inc (b) | 27398 | 3255 |
| Maze Therapeutics Inc (c) | 1817 | 16807 |
| MBX Biosciences Inc (b)(c) | 2517 | 26403 |
| Mind Medicine MindMed Inc (b) | 14825 | 94732 |
| Nektar Therapeutics (b) | 37159 | 29560 |
| Neumora Therapeutics Inc (b) | 21840 | 17031 |
| Novartis AG rights (b)(e) | 7778 | 0 |
| Nuvation Bio Inc Class A (b)(c) | 37002 | 83255 |
| Ocular Therapeutix Inc (b) | 30839 | 255964 |
| Omeros Corp (b) | 10972 | 80644 |
| Pacira BioSciences Inc (b) | 8887 | 239060 |
| Phathom Pharmaceuticals Inc (b) | 8169 | 35045 |
| Phibro Animal Health Corp Class A  | 3933 | 73193 |
| Pliant Therapeutics Inc (b) | 487 | 774 |
| Prestige Consumer Healthcare Inc (b) | 9486 | 770549 |
| Rapport Therapeutics Inc (b)(c) | 3525 | 40361 |
| scPharmaceuticals Inc (b) | 8129 | 20729 |
| Septerna Inc  | 3900 | 27144 |
| SIGA Technologies Inc  | 9256 | 51093 |
| Supernus Pharmaceuticals Inc (b) | 9645 | 313270 |
| Tarsus Pharmaceuticals Inc (b) | 7225 | 375050 |
| Telomir Pharmaceuticals Inc (b)(c) | 4777 | 12181 |
| Terns Pharmaceuticals Inc (b) | 14538 | 47975 |
| Theravance Biopharma Inc (b) | 7320 | 71516 |
| Third Harmonic Bio Inc (b) | 4720 | 24402 |
| Trevi Therapeutics Inc (b) | 14375 | 99331 |
| Ventyx Biosciences Inc (b) | 13854 | 18426 |
| Verrica Pharmaceuticals Inc (b) | 10729 | 4980 |
| Veru Inc (b) | 27903 | 15115 |
| WaVe Life Sciences Ltd (b) | 19028 | 146896 |
| Xeris Biopharma Holdings Inc (b) | 26718 | 122101 |
| Zevra Therapeutics Inc (b) | 10421 | 76386 |
|  |  | 8320163 |
| TOTAL HEALTH CARE |  | 76575312 |
| Industrials - 17.1% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| AAR Corp (b) | 6710 | 358717 |
| AeroVironment Inc (b) | 5436 | 823663 |
| AerSale Corp (b) | 6613 | 46093 |
| Archer Aviation Inc Class A (b)(c) | 62582 | 521308 |
| Astronics Corp (b) | 5621 | 127540 |
| Byrna Technologies Inc (b) | 3371 | 75477 |
| Cadre Holdings Inc  | 5013 | 146129 |
| Ducommun Inc (b) | 2568 | 147198 |
| Eve Holding Inc Class A (b)(c) | 11461 | 40801 |
| Intuitive Machines Inc Class A (b) | 8231 | 67494 |
| Kratos Defense & Security Solutions Inc (b) | 28512 | 963278 |
| Leonardo DRS Inc  | 14169 | 523686 |
| Mercury Systems Inc (b) | 9955 | 497750 |
| Moog Inc Class A  | 5355 | 895624 |
| National Presto Industries Inc  | 985 | 83085 |
| Park Aerospace Corp  | 3500 | 45745 |
| Redwire Corp Class A (b)(c) | 4450 | 47971 |
| Rocket Lab USA Inc Class A (b) | 68150 | 1484989 |
| Triumph Group Inc (b) | 14022 | 356159 |
| V2X Inc (b) | 3178 | 158137 |
| Virgin Galactic Holdings Inc Class A (b)(c) | 5785 | 16718 |
| VirTra Inc (b) | 2064 | 9659 |
|  |  | 7437221 |
| Air Freight & Logistics - 0.0% |  |  |
| Forward Air Corp Class A (b) | 3203 | 47148 |
| Hub Group Inc Class A  | 11637 | 367613 |
| Radiant Logistics Inc (b) | 7434 | 43489 |
|  |  | 458250 |
| Building Products - 1.4% |  |  |
| American Woodmark Corp (b) | 2925 | 172575 |
| Apogee Enterprises Inc  | 4229 | 167764 |
| AZZ Inc  | 5615 | 487157 |
| Caesarstone Ltd (b) | 4534 | 11743 |
| CSW Industrials Inc  | 3202 | 1000561 |
| Gibraltar Industries Inc (b) | 5885 | 311611 |
| Griffon Corp  | 7525 | 512528 |
| Insteel Industries Inc  | 3628 | 123025 |
| Janus International Group Inc (b) | 26616 | 183118 |
| JELD-WEN Holding Inc (b) | 11600 | 64032 |
| Masterbrand Inc (b) | 24425 | 296764 |
| Quanex Building Products Corp  | 9255 | 152152 |
| Resideo Technologies Inc (b) | 27983 | 469555 |
| Tecnoglass Inc  | 4300 | 306461 |
| UFP Industries Inc  | 11453 | 1132129 |
| Zurn Elkay Water Solutions Corp  | 27556 | 935802 |
|  |  | 6326977 |
| Commercial Services & Supplies - 1.9% |  |  |
| ABM Industries Inc  | 11897 | 579860 |
| ACCO Brands Corp  | 18195 | 70233 |
| ACV Auctions Inc Class A (b) | 28372 | 416785 |
| Bridger Aerospace Group Holdings Inc (b) | 2107 | 3054 |
| BrightView Holdings Inc (b) | 11353 | 155763 |
| Brink's Co/The  | 8380 | 747831 |
| Casella Waste Systems Inc Class A (b) | 11933 | 1401531 |
| CECO Environmental Corp (b) | 5554 | 132130 |
| CompX International Inc Class A  | 301 | 8187 |
| CoreCivic Inc (b) | 20863 | 472338 |
| Deluxe Corp  | 8606 | 125648 |
| Driven Brands Holdings Inc (b) | 11332 | 187205 |
| Ennis Inc  | 4850 | 87058 |
| Enviri Corp (b) | 15252 | 104781 |
| GEO Group Inc/The (b) | 24396 | 763107 |
| Healthcare Services Group Inc (b) | 14060 | 199793 |
| HNI Corp  | 9095 | 384719 |
| Interface Inc  | 10934 | 205559 |
| LanzaTech Global Inc Class A (b) | 26059 | 6379 |
| Liquidity Services Inc (b) | 4073 | 129440 |
| Matthews International Corp Class A  | 5739 | 117363 |
| MillerKnoll Inc  | 13208 | 216611 |
| Montrose Environmental Group Inc (b) | 6137 | 89784 |
| NL Industries Inc  | 1609 | 13805 |
| OPENLANE Inc (b) | 20237 | 374587 |
| Perma-Fix Environmental Services Inc (b) | 3275 | 26855 |
| Pitney Bowes Inc  | 31359 | 272196 |
| Pursuit Attractions and Hospitality Inc (b) | 3883 | 113733 |
| Quad/Graphics Inc Class A  | 6142 | 29297 |
| Quest Resource Holding Corp (b) | 3901 | 9206 |
| Steelcase Inc Class A  | 17850 | 177072 |
| UniFirst Corp/MA  | 2887 | 515243 |
| Virco Mfg. Corp  | 2084 | 19152 |
| VSE Corp  | 3369 | 385818 |
|  |  | 8542123 |
| Construction & Engineering - 1.7% |  |  |
| Ameresco Inc Class A (b) | 6308 | 67054 |
| Arcosa Inc  | 9265 | 741849 |
| Argan Inc  | 2415 | 369809 |
| Bowman Consulting Group Ltd (b) | 2561 | 56649 |
| Centuri Holdings Inc (b)(c) | 3301 | 59286 |
| Concrete Pumping Holdings Inc  | 4535 | 27210 |
| Construction Partners Inc Class A (b) | 8826 | 724968 |
| Dycom Industries Inc (b) | 5440 | 911472 |
| Fluor Corp (b) | 32695 | 1140730 |
| Granite Construction Inc  | 8391 | 682104 |
| Great Lakes Dredge & Dock Corp (b) | 12398 | 112698 |
| IES Holdings Inc (b) | 1575 | 309771 |
| Limbach Holdings Inc (b) | 1945 | 186214 |
| Matrix Service Co (b) | 5023 | 58267 |
| MYR Group Inc (b) | 3067 | 375155 |
| Northwest Pipe Co (b) | 1791 | 75867 |
| Orion Group Holdings Inc (b) | 7155 | 45720 |
| Primoris Services Corp  | 10222 | 613013 |
| Southland Holdings Inc (b) | 2689 | 8712 |
| Sterling Infrastructure Inc (b) | 5715 | 853992 |
| Tutor Perini Corp (b) | 8258 | 177217 |
|  |  | 7597757 |
| Electrical Equipment - 1.2% |  |  |
| 374Water Inc (b) | 17517 | 5763 |
| Allient Inc  | 2814 | 60079 |
| American Superconductor Corp (b) | 6722 | 133432 |
| Amprius Technologies Inc (b) | 3448 | 7448 |
| Array Technologies Inc (b) | 29646 | 141708 |
| Atkore Inc  | 6685 | 426971 |
| Blink Charging Co (b)(c) | 21863 | 16006 |
| Bloom Energy Corp Class A (b)(c) | 38503 | 705375 |
| ChargePoint Holdings Inc Class A (b)(c) | 79197 | 49324 |
| Energy Vault Holdings Inc Class A (b) | 22498 | 16833 |
| EnerSys  | 7542 | 653137 |
| Enovix Corp Class B (b)(c) | 31623 | 211874 |
| Fluence Energy Inc Class A (b)(c) | 12325 | 50409 |
| FuelCell Energy Inc (b)(c) | 4327 | 17741 |
| GrafTech International Ltd (b) | 49589 | 31390 |
| Hyliion Holdings Corp Class A (b) | 27039 | 40829 |
| LSI Industries Inc  | 5305 | 80052 |
| NANO Nuclear Energy Inc (b)(c) | 4724 | 107471 |
| Net Power Inc Class A (b) | 4606 | 7830 |
| NEXTracker Inc Class A (b) | 27640 | 1122461 |
| NuScale Power Corp Class A (b)(c) | 17320 | 286992 |
| Plug Power Inc (b)(c) | 160197 | 139788 |
| Powell Industries Inc (c) | 1793 | 328316 |
| Preformed Line Products Co  | 452 | 62091 |
| SES AI Corp Class A (b) | 26888 | 24167 |
| Shoals Technologies Group Inc (b) | 32663 | 117913 |
| SolarMax Technology Inc (b) | 5976 | 7052 |
| Solidion Technology Inc Class A (b) | 7916 | 859 |
| Stem Inc Class A (b)(c) | 29868 | 16156 |
| Sunrun Inc (b) | 42658 | 293914 |
| Thermon Group Holdings Inc (b) | 6344 | 166403 |
| TPI Composites Inc (b)(c) | 10534 | 9631 |
| Ultralife Corp (b) | 1813 | 8122 |
| Vicor Corp (b) | 4368 | 174305 |
|  |  | 5521842 |
| Ground Transportation - 0.4% |  |  |
| ArcBest Corp  | 4526 | 264862 |
| Covenant Logistics Group Inc Class A  | 2998 | 59660 |
| Ftai Infrastructure Inc  | 19747 | 85307 |
| Heartland Express Inc  | 8966 | 68142 |
| Hertz Global Holdings Inc (b)(c) | 23638 | 161211 |
| Marten Transport Ltd  | 11192 | 143705 |
| PAMT CORP (b) | 1196 | 16708 |
| Proficient Auto Logistics Inc (b) | 4180 | 34736 |
| RXO Inc (b) | 30556 | 430534 |
| Universal Logistics Holdings Inc  | 1358 | 29523 |
| Werner Enterprises Inc  | 11943 | 294514 |
|  |  | 1588902 |
| Machinery - 3.9% |  |  |
| 3D Systems Corp (b) | 24948 | 45904 |
| Alamo Group Inc  | 1978 | 330286 |
| Albany International Corp Class A  | 5997 | 394363 |
| Astec Industries Inc  | 4388 | 158977 |
| Atmus Filtration Technologies Inc  | 16002 | 554789 |
| Blue Bird Corp (b) | 6201 | 216229 |
| Chart Industries Inc (b) | 8234 | 1111426 |
| Columbus McKinnon Corp/NY  | 5758 | 85506 |
| Commercial Vehicle Group Inc (b) | 8859 | 8507 |
| Douglas Dynamics Inc  | 4381 | 105056 |
| Eastern Co/The  | 998 | 20948 |
| Energy Recovery Inc (b) | 10931 | 168884 |
| Enerpac Tool Group Corp Class A  | 10351 | 417870 |
| Enpro Inc  | 4018 | 600289 |
| ESCO Technologies Inc  | 4941 | 773019 |
| Federal Signal Corp  | 11528 | 938725 |
| Franklin Electric Co Inc  | 8676 | 737113 |
| Gencor Industries Inc (b) | 1993 | 25291 |
| Gorman-Rupp Co/The  | 3929 | 140894 |
| Graham Corp (b) | 1984 | 60472 |
| Greenbrier Cos Inc/The  | 5930 | 251551 |
| Helios Technologies Inc  | 4967 | 135400 |
| Hillenbrand Inc  | 13593 | 274986 |
| Hillman Solutions Corp Class A (b) | 37579 | 262677 |
| Hyster-Yale Inc Class A  | 2222 | 85391 |
| JBT Marel Corp  | 8997 | 947024 |
| Kadant Inc  | 2248 | 663160 |
| Kennametal Inc  | 15194 | 295979 |
| L B Foster Co Class A (b) | 1683 | 33610 |
| Lindsay Corp  | 2073 | 267541 |
| Manitowoc Co Inc/The (b) | 6794 | 53537 |
| Mayville Engineering Co Inc (b) | 2484 | 31746 |
| Miller Industries Inc/TN  | 2149 | 87701 |
| Mueller Industries Inc  | 21396 | 1573891 |
| Mueller Water Products Inc Class A1  | 29737 | 780299 |
| NN Inc (b) | 9340 | 18773 |
| Omega Flex Inc  | 788 | 23608 |
| Park-Ohio Holdings Corp  | 1655 | 32951 |
| Proto Labs Inc (b) | 4714 | 165744 |
| REV Group Inc  | 9831 | 321474 |
| Shyft Group Inc/The  | 6716 | 56817 |
| SPX Technologies Inc (b) | 8617 | 1155972 |
| Standex International Corp  | 2224 | 314518 |
| Taylor Devices Inc (b) | 591 | 18853 |
| Tennant CO  | 3674 | 265116 |
| Terex Corp  | 12830 | 451616 |
| Titan International Inc (b) | 9963 | 73228 |
| Trinity Industries Inc  | 15707 | 394246 |
| Twin Disc Inc  | 2305 | 16919 |
| Wabash National Corp  | 8621 | 59571 |
| Watts Water Technologies Inc Class A  | 5248 | 1090272 |
| Worthington Enterprises Inc  | 6077 | 307679 |
|  |  | 17406398 |
| Marine Transportation - 0.2% |  |  |
| Genco Shipping & Trading Ltd  | 8483 | 109940 |
| Matson Inc  | 6251 | 681922 |
| Pangaea Logistics Solutions Ltd  | 6957 | 28036 |
|  |  | 819898 |
| Passenger Airlines - 0.4% |  |  |
| Allegiant Travel Co  | 2373 | 111365 |
| Blade Air Mobility Inc (b) | 12412 | 32892 |
| Frontier Group Holdings Inc (b) | 9019 | 26877 |
| JetBlue Airways Corp (b) | 61030 | 266091 |
| Joby Aviation Inc Class A (b)(c) | 83977 | 529055 |
| SkyWest Inc (b) | 7653 | 682418 |
| Sun Country Airlines Holdings Inc (b) | 7927 | 77685 |
| Wheels Up Experience Inc Class A (b)(c) | 21709 | 24964 |
|  |  | 1751347 |
| Professional Services - 2.2% |  |  |
| Alight Inc Class A  | 80795 | 412862 |
| Asure Software Inc (b) | 4583 | 46563 |
| Barrett Business Services Inc  | 4786 | 194120 |
| BlackSky Technology Inc Class A (b) | 4910 | 41048 |
| Cbiz Inc (b) | 9173 | 624681 |
| Conduent Inc (b) | 30382 | 64106 |
| CRA International Inc  | 1261 | 204534 |
| CSG Systems International Inc  | 5501 | 330775 |
| DLH Holdings Corp (b) | 1848 | 7281 |
| ExlService Holdings Inc (b) | 29952 | 1452074 |
| Exponent Inc  | 9704 | 763511 |
| First Advantage Corp (b) | 11519 | 162418 |
| FiscalNote Holdings Inc Class A (b)(c) | 16236 | 9852 |
| Forrester Research Inc (b) | 2287 | 21383 |
| Franklin Covey Co (b) | 2210 | 44885 |
| Heidrick & Struggles International Inc  | 3821 | 149095 |
| HireQuest Inc  | 997 | 10249 |
| Huron Consulting Group Inc (b) | 3348 | 451277 |
| IBEX Holdings Ltd (b) | 1531 | 38336 |
| ICF International Inc  | 3609 | 306621 |
| Innodata Inc (b) | 5172 | 195605 |
| Insperity Inc  | 6907 | 449024 |
| Kelly Services Inc Class A  | 6400 | 73920 |
| Kforce Inc  | 3517 | 134349 |
| Korn Ferry  | 9846 | 607498 |
| Legalzoom.com Inc (b) | 24284 | 177759 |
| Maximus Inc  | 11002 | 736694 |
| Mistras Group Inc (b) | 3821 | 34848 |
| NV5 Global Inc (b) | 11030 | 204607 |
| Planet Labs PBC Class A (b) | 41967 | 138071 |
| Resolute Holdings Management Inc  | 414 | 11166 |
| Resources Connection Inc  | 6772 | 38837 |
| Spire Global Inc Class A (b)(c) | 4344 | 40790 |
| TriNet Group Inc  | 6135 | 480555 |
| TrueBlue Inc (b) | 5888 | 25554 |
| TTEC Holdings Inc (b) | 3870 | 15480 |
| Upwork Inc (b) | 23862 | 313785 |
| Verra Mobility Corp Class A (b) | 31566 | 688139 |
| Willdan Group Inc (b) | 2433 | 95374 |
|  |  | 9797726 |
| Trading Companies & Distributors - 2.2% |  |  |
| Alta Equipment Group Inc Class A  | 5212 | 22151 |
| Applied Industrial Technologies Inc  | 7349 | 1787866 |
| BlueLinx Holdings Inc (b) | 1588 | 103442 |
| Boise Cascade Co  | 7394 | 689712 |
| Custom Truck One Source Inc Class A (b) | 9645 | 38869 |
| Distribution Solutions Group Inc (b) | 1884 | 49059 |
| DNOW Inc (b) | 20161 | 319955 |
| DXP Enterprises Inc/TX (b) | 2342 | 207173 |
| EVI Industries Inc  | 1353 | 21824 |
| FTAI Aviation Ltd  | 19457 | 2084040 |
| GATX Corp  | 6809 | 993842 |
| Global Industrial Co  | 2672 | 68617 |
| GMS Inc (b) | 7485 | 548351 |
| H&E Equipment Services Inc  | 6160 | 553230 |
| Herc Holdings Inc  | 5405 | 591523 |
| Hudson Technologies Inc (b) | 8699 | 58196 |
| Karat Packaging Inc  | 1291 | 34057 |
| McGrath RentCorp  | 4672 | 498362 |
| Mrc Global Inc (b) | 16115 | 187740 |
| Rush Enterprises Inc Class A  | 11987 | 611217 |
| Rush Enterprises Inc Class B  | 1369 | 79183 |
| Titan Machinery Inc (b) | 4068 | 67488 |
| Transcat Inc (b) | 1774 | 140731 |
| Willis Lease Finance Corp  | 531 | 82156 |
| Xometry Inc Class A (b) | 8400 | 215376 |
|  |  | 10054160 |
| Transportation Infrastructure - 0.0% |  |  |
| Sky Harbour Group Corp Class A (b) | 2254 | 24049 |
| TOTAL INDUSTRIALS |  | 77326650 |
| Information Technology - 12.0% |  |  |
| Communications Equipment - 0.6% |  |  |
| ADTRAN Holdings Inc (b) | 15310 | 117275 |
| Applied Optoelectronics Inc (b) | 8485 | 108523 |
| Aviat Networks Inc (b) | 2466 | 43302 |
| Calix Inc (b) | 11635 | 475988 |
| Clearfield Inc (b) | 2500 | 71675 |
| CommScope Holding Co Inc (b) | 41290 | 154425 |
| Digi International Inc (b) | 7199 | 195813 |
| Extreme Networks Inc (b) | 25068 | 329895 |
| Harmonic Inc (b) | 21457 | 192684 |
| Netgear Inc (b) | 5359 | 129259 |
| NetScout Systems Inc (b) | 13508 | 283938 |
| Ribbon Communications Inc (b) | 19057 | 61173 |
| Viasat Inc (b) | 24229 | 224603 |
| Viavi Solutions Inc (b) | 42243 | 446931 |
|  |  | 2835484 |
| Electronic Equipment, Instruments & Components - 2.7% |  |  |
| 908 Devices Inc (b) | 4658 | 25293 |
| Advanced Energy Industries Inc  | 7190 | 700378 |
| Aeva Technologies Inc (b) | 4448 | 31625 |
| Arlo Technologies Inc (b) | 18867 | 185463 |
| Badger Meter Inc  | 5631 | 1243437 |
| Bel Fuse Inc Class A  | 354 | 21736 |
| Bel Fuse Inc Class B  | 1959 | 128843 |
| Belden Inc  | 7767 | 800855 |
| Benchmark Electronics Inc  | 6866 | 223351 |
| Climb Global Solutions Inc  | 800 | 84320 |
| CTS Corp  | 5789 | 220445 |
| Daktronics Inc (b) | 7792 | 98880 |
| ePlus Inc (b) | 5057 | 315355 |
| Evolv Technologies Holdings Inc Class A (b) | 25517 | 112020 |
| FARO Technologies Inc (b) | 3612 | 106229 |
| Insight Enterprises Inc (b) | 5225 | 722513 |
| Itron Inc (b) | 8665 | 964328 |
| Kimball Electronics Inc (b) | 4759 | 68244 |
| Knowles Corp (b) | 16743 | 263535 |
| Lightwave Logic Inc (b)(c) | 24667 | 21956 |
| Methode Electronics Inc  | 7028 | 44066 |
| MicroVision Inc (b)(c) | 41481 | 46874 |
| Mirion Technologies Inc Class A (b) | 39591 | 624746 |
| Napco Security Technologies Inc  | 6869 | 156957 |
| nLight Inc (b) | 9210 | 71009 |
| Novanta Inc (b) | 6885 | 818351 |
| OSI Systems Inc (b) | 3040 | 622410 |
| Ouster Inc Class A (b) | 9245 | 68690 |
| PAR Technology Corp (b) | 6433 | 375687 |
| PC Connection Inc  | 2233 | 138535 |
| Plexus Corp (b) | 5132 | 628311 |
| Powerfleet Inc NJ (b) | 19292 | 97232 |
| Richardson Electronics Ltd/United States  | 2466 | 21355 |
| Rogers Corp (b) | 2773 | 171399 |
| Sanmina Corp (b) | 10284 | 789708 |
| ScanSource Inc (b) | 4509 | 148752 |
| SmartRent Inc Class A (b) | 36980 | 35246 |
| TTM Technologies Inc (b) | 19292 | 386226 |
| Vishay Intertechnology Inc  | 24170 | 313968 |
| Vishay Precision Group Inc (b) | 2409 | 60080 |
|  |  | 11958408 |
| IT Services - 0.4% |  |  |
| Applied Digital Corp (b)(c) | 38544 | 174990 |
| ASGN Inc (b) | 8357 | 421026 |
| Backblaze Inc Class A (b) | 9495 | 41778 |
| BigBear.ai Holdings Inc (b)(c) | 20074 | 68452 |
| BigCommerce Holdings Inc (b) | 13801 | 71489 |
| Couchbase Inc (b) | 8016 | 141402 |
| DigitalOcean Holdings Inc (b) | 12875 | 397838 |
| Fastly Inc Class A (b) | 26317 | 151323 |
| Grid Dynamics Holdings Inc (b) | 12021 | 170217 |
| Hackett Group Inc/The  | 4683 | 119604 |
| Information Services Group Inc  | 6978 | 27075 |
| Rackspace Technology Inc (b) | 14329 | 19487 |
| Tucows Inc Class A (b) | 1580 | 25691 |
| Unisys Corp (b) | 13251 | 52606 |
|  |  | 1882978 |
| Semiconductors & Semiconductor Equipment - 2.0% |  |  |
| ACM Research Inc Class A (b) | 10028 | 195245 |
| Aehr Test Systems (b)(c) | 5721 | 48800 |
| Alpha & Omega Semiconductor Ltd (b) | 4793 | 90252 |
| Ambarella Inc (b) | 7509 | 360357 |
| Axcelis Technologies Inc (b) | 6336 | 310337 |
| CEVA Inc (b) | 4505 | 118076 |
| Cohu Inc (b) | 9144 | 146304 |
| Credo Technology Group Holding Ltd (b) | 27452 | 1181809 |
| Diodes Inc (b) | 8957 | 343949 |
| Everspin Technologies Inc (b) | 3824 | 20267 |
| FormFactor Inc (b) | 15189 | 427418 |
| GCT Semiconductor Holding Inc Class A (b) | 2241 | 3114 |
| Ichor Holdings Ltd (b) | 6623 | 131003 |
| Impinj Inc (b) | 4448 | 409794 |
| MaxLinear Inc Class A (b) | 12832 | 128192 |
| Navitas Semiconductor Corp Class A (b)(c) | 26452 | 51052 |
| NVE Corp  | 976 | 56715 |
| PDF Solutions Inc (b) | 6293 | 115477 |
| Penguin Solutions Inc (b) | 10118 | 172714 |
| Photronics Inc (b) | 11902 | 217450 |
| Power Integrations Inc  | 11068 | 543660 |
| QuickLogic Corp (b)(c) | 3062 | 17484 |
| Rambus Inc (b) | 20719 | 1010880 |
| Rigetti Computing Inc Class A (b)(c) | 36577 | 324438 |
| Semtech Corp (b) | 14378 | 449313 |
| Silicon Laboratories Inc (b) | 6234 | 634372 |
| SiTime Corp (b) | 3615 | 530899 |
| SkyWater Technology Inc (b) | 5663 | 40151 |
| Synaptics Inc (b) | 7716 | 429473 |
| Ultra Clean Holdings Inc (b) | 8773 | 164099 |
| Veeco Instruments Inc (b) | 10830 | 202521 |
|  |  | 8875615 |
| Software - 5.9% |  |  |
| 8x8 Inc (b) | 25786 | 45641 |
| A10 Networks Inc  | 13705 | 225858 |
| ACI Worldwide Inc (b) | 20178 | 1076699 |
| Adeia Inc  | 20852 | 256688 |
| Agilysys Inc (b) | 4396 | 326843 |
| Airship AI Holdings Inc Class A (b) | 1765 | 6866 |
| Alarm.com Holdings Inc (b) | 9134 | 489582 |
| Alkami Technology Inc (b) | 11760 | 313874 |
| Amplitude Inc Class A (b) | 15506 | 142500 |
| Appian Corp Class A (b) | 6469 | 200862 |
| Arteris Inc (b) | 5974 | 39787 |
| Asana Inc Class A (b) | 15892 | 256497 |
| AudioEye Inc (b) | 1800 | 19530 |
| Aurora Innovation Inc Class A (b) | 185645 | 1344071 |
| AvePoint Inc Class A (b) | 24823 | 405856 |
| Bit Digital Inc (b) | 24628 | 47778 |
| Blackbaud Inc (b) | 7598 | 459983 |
| BlackLine Inc (b) | 11248 | 531243 |
| Blend Labs Inc Class A (b) | 46329 | 155202 |
| Box Inc Class A (b) | 26988 | 842565 |
| Braze Inc Class A (b) | 12905 | 401733 |
| C3.ai Inc Class A (b)(c) | 21899 | 481997 |
| Cerence Inc (b) | 8335 | 75515 |
| Cipher Mining Inc (b) | 39832 | 113521 |
| Cleanspark Inc (b)(c) | 53633 | 438182 |
| Clear Secure Inc Class A  | 17056 | 420942 |
| Clearwater Analytics Holdings Inc Class A (b) | 39085 | 888793 |
| Commvault Systems Inc (b) | 8406 | 1404896 |
| Consensus Cloud Solutions Inc (b) | 3394 | 67405 |
| Core Scientific Inc (b) | 34428 | 278867 |
| CS Disco Inc (b) | 6848 | 25543 |
| Daily Journal Corp (b) | 269 | 101946 |
| Digimarc Corp (b)(c) | 3162 | 41391 |
| Digital Turbine Inc (b) | 18843 | 56529 |
| Domo Inc Class B (b) | 6689 | 49699 |
| E2open Parent Holdings Inc Class A (b) | 41554 | 81861 |
| eGain Corp (b) | 3935 | 20226 |
| EverCommerce Inc (b) | 4563 | 44535 |
| Freshworks Inc Class A (b) | 39961 | 590224 |
| I3 Verticals Inc Class A (b) | 4400 | 110528 |
| Intapp Inc (b) | 10245 | 555894 |
| InterDigital Inc  | 4843 | 973443 |
| Jamf Holding Corp (b) | 16171 | 187098 |
| Kaltura Inc (b) | 19621 | 42185 |
| Life360 Inc (b) | 2041 | 87559 |
| LiveRamp Holdings Inc (b) | 12392 | 324175 |
| MARA Holdings Inc (b)(c) | 66013 | 882594 |
| Meridianlink Inc (b) | 6292 | 106398 |
| Mitek Systems Inc (b) | 8844 | 73228 |
| N-able Inc/US (b) | 14147 | 99878 |
| NCR Voyix Corp (b) | 28138 | 241143 |
| NextNav Inc Class A (b) | 15630 | 194125 |
| Olo Inc Class A (b) | 20383 | 126375 |
| ON24 Inc (b) | 5400 | 25272 |
| OneSpan Inc  | 7296 | 108492 |
| Ooma Inc (b) | 4602 | 56282 |
| Pagaya Technologies Ltd Class A (b) | 7172 | 78605 |
| PagerDuty Inc (b) | 16749 | 259777 |
| Porch Group Inc (b) | 15376 | 89181 |
| Progress Software Corp  | 8305 | 497968 |
| PROS Holdings Inc (b) | 8878 | 151636 |
| Q2 Holdings Inc (b) | 11272 | 893306 |
| Qualys Inc (b) | 7126 | 895809 |
| Rapid7 Inc (b) | 9630 | 227461 |
| Red Violet Inc  | 2083 | 81362 |
| Rekor Systems Inc (b)(c) | 15603 | 16383 |
| ReposiTrak Inc (c) | 2207 | 47671 |
| Rimini Street Inc (b) | 10639 | 37556 |
| Riot Platforms Inc (b)(c) | 60443 | 437607 |
| Roadzen Inc (b)(c) | 8653 | 8370 |
| SEMrush Holdings Inc Class A (b) | 7415 | 76226 |
| Silvaco Group Inc (b) | 1817 | 9666 |
| SoundHound AI Inc Class A (b)(c) | 62725 | 582715 |
| SoundThinking Inc (b) | 1968 | 30543 |
| Sprinklr Inc Class A (b) | 22907 | 176155 |
| Sprout Social Inc Class A (b) | 7285 | 152329 |
| SPS Commerce Inc (b) | 7249 | 1040304 |
| Telos Corp (b) | 11352 | 30991 |
| Tenable Holdings Inc (b) | 22983 | 702590 |
| Terawulf Inc (b)(c) | 52122 | 144899 |
| Varonis Systems Inc (b) | 21163 | 906623 |
| Verint Systems Inc (b) | 11822 | 208540 |
| Vertex Inc Class A (b) | 10643 | 426039 |
| Viant Technology Inc Class A (b) | 2881 | 41227 |
| Weave Communications Inc (b) | 7822 | 82913 |
| Workiva Inc Class A (b) | 9819 | 739076 |
| Xperi Inc (b) | 8990 | 66436 |
| Yext Inc (b) | 20585 | 139978 |
| Zeta Global Holdings Corp Class A (b) | 34718 | 453417 |
|  |  | 26699758 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| CompoSecure Inc Class A  | 4995 | 54895 |
| Corsair Gaming Inc (b) | 9653 | 68343 |
| CPI Card Group Inc (b) | 1089 | 28466 |
| Diebold Nixdorf Inc (b) | 5044 | 223601 |
| Eastman Kodak Co (b) | 12414 | 78084 |
| Immersion Corp  | 6653 | 48101 |
| IonQ Inc (b)(c) | 39333 | 1080084 |
| Turtle Beach Corp (b) | 3594 | 41511 |
| Xerox Holdings Corp  | 16449 | 72540 |
|  |  | 1695625 |
| TOTAL INFORMATION TECHNOLOGY |  | 53947868 |
| Materials - 3.7% |  |  |
| Chemicals - 1.5% |  |  |
| AdvanSix Inc  | 4966 | 106372 |
| American Vanguard Corp  | 5547 | 23408 |
| Arq Inc (b) | 5624 | 21315 |
| ASP Isotopes Inc (b) | 10643 | 56195 |
| Aspen Aerogels Inc (b) | 12015 | 64881 |
| Avient Corp  | 17367 | 578495 |
| Balchem Corp  | 6174 | 966540 |
| Cabot Corp  | 10170 | 798752 |
| Core Molding Technologies Inc (b) | 1450 | 22301 |
| Danimer Scientific Inc warrants 7/15/2025 (b) | 3923 | 0 |
| Ecovyst Inc (b) | 22206 | 132792 |
| Hawkins Inc  | 3697 | 450221 |
| HB Fuller Co  | 10549 | 570068 |
| Ingevity Corp (b) | 6985 | 230365 |
| Innospec Inc  | 4797 | 429236 |
| Intrepid Potash Inc (b) | 2105 | 69549 |
| Koppers Holdings Inc  | 3847 | 96406 |
| Kronos Worldwide Inc  | 4232 | 32629 |
| LSB Industries Inc (b) | 10313 | 65797 |
| Mativ Holdings Inc  | 10833 | 55357 |
| Minerals Technologies Inc  | 6062 | 312739 |
| Northern Technologies International Corp  | 1627 | 12121 |
| Perimeter Solutions Inc  | 25638 | 259713 |
| PureCycle Technologies Inc (b)(c) | 23531 | 157893 |
| Quaker Chemical Corp  | 2674 | 283284 |
| Rayonier Advanced Materials Inc (b) | 12098 | 51537 |
| Sensient Technologies Corp  | 8078 | 758928 |
| Stepan Co  | 4151 | 209875 |
| Tronox Holdings PLC  | 17947 | 97093 |
| Valhi Inc  | 521 | 8981 |
|  |  | 6922843 |
| Construction Materials - 0.3% |  |  |
| Knife River Corp (b) | 10858 | 1013920 |
| Smith-Midland Corp (b) | 879 | 26361 |
| United States Lime & Minerals Inc  | 1998 | 186833 |
|  |  | 1227114 |
| Containers & Packaging - 0.2% |  |  |
| Ardagh Metal Packaging SA  | 28768 | 106729 |
| Greif Inc Class A  | 4524 | 237420 |
| Greif Inc Class B  | 1210 | 67239 |
| Myers Industries Inc  | 7450 | 78225 |
| O-I Glass Inc (b) | 29793 | 377180 |
| Ranpak Holdings Corp Class A (b) | 8798 | 36160 |
| TriMas Corp  | 7861 | 189057 |
|  |  | 1092010 |
| Metals & Mining - 1.6% |  |  |
| Alpha Metallurgical Resources Inc (b) | 2110 | 256049 |
| Carpenter Technology Corp  | 9216 | 1802743 |
| Century Aluminum Co (b) | 10127 | 166184 |
| Coeur Mining Inc (b) | 119808 | 664934 |
| Commercial Metals Co  | 21797 | 970838 |
| Compass Minerals International Inc (b) | 6723 | 90357 |
| Constellium SE (b) | 24837 | 251102 |
| Contango ORE Inc (b) | 2065 | 29034 |
| Dakota Gold Corp (b) | 13259 | 35799 |
| Hecla Mining Co  | 114607 | 655552 |
| Ivanhoe Electric Inc / US (b) | 16146 | 101720 |
| Kaiser Aluminum Corp  | 3063 | 197441 |
| Materion Corp  | 3916 | 325067 |
| Metallus Inc (b) | 7951 | 100580 |
| Olympic Steel Inc  | 1904 | 61404 |
| Perpetua Resources Corp (United States) (b)(c) | 8028 | 118252 |
| Piedmont Lithium Inc (b) | 3576 | 26748 |
| Radius Recycling Inc Class A  | 5041 | 147853 |
| Ramaco Resources Inc Class A  | 4178 | 42114 |
| Ramaco Resources Inc Class B  | 2493 | 22861 |
| Ryerson Holding Corp  | 5134 | 120033 |
| SunCoke Energy Inc  | 15982 | 144797 |
| Tredegar Corp (b) | 4834 | 37560 |
| Warrior Met Coal Inc  | 9951 | 475857 |
| Worthington Steel Inc  | 6226 | 159759 |
|  |  | 7004638 |
| Paper & Forest Products - 0.1% |  |  |
| Clearwater Paper Corp (b) | 3188 | 85630 |
| Sylvamo Corp  | 6662 | 397188 |
|  |  | 482818 |
| TOTAL MATERIALS |  | 16729423 |
| Real Estate - 6.2% |  |  |
| Diversified REITs - 0.7% |  |  |
| Alexander & Baldwin Inc  | 14198 | 243922 |
| Alpine Income Property Trust Inc  | 2458 | 37976 |
| American Assets Trust Inc  | 9680 | 181306 |
| Armada Hoffler Properties Inc Class A  | 16221 | 109816 |
| Broadstone Net Lease Inc Class A  | 36879 | 596702 |
| CTO Realty Growth Inc  | 5684 | 103847 |
| Empire State Realty Trust Inc Class A  | 26810 | 190887 |
| Essential Properties Realty Trust Inc  | 33689 | 1083776 |
| Gladstone Commercial Corp  | 8625 | 121871 |
| Global Net Lease Inc  | 40225 | 303699 |
| NexPoint Diversified Real Estate Trust  | 8510 | 29870 |
| One Liberty Properties Inc  | 3063 | 74737 |
|  |  | 3078409 |
| Health Care REITs - 0.9% |  |  |
| American Healthcare REIT Inc  | 29046 | 937605 |
| CareTrust REIT Inc  | 36276 | 1061799 |
| Community Healthcare Trust Inc  | 5695 | 97271 |
| Diversified Healthcare Trust  | 43847 | 99094 |
| Global Medical REIT Inc  | 12622 | 97694 |
| LTC Properties Inc  | 8741 | 313540 |
| National Health Investors Inc  | 8494 | 642741 |
| Sabra Health Care REIT Inc  | 45907 | 819440 |
| Strawberry Fields REIT Ltd  | 1879 | 19767 |
| Universal Health Realty Income Trust  | 2559 | 97779 |
|  |  | 4186730 |
| Hotel & Resort REITs - 0.7% |  |  |
| Apple Hospitality REIT Inc  | 44962 | 529203 |
| Braemar Hotels & Resorts Inc  | 15327 | 28660 |
| Chatham Lodging Trust  | 9540 | 65540 |
| DiamondRock Hospitality Co  | 39931 | 293094 |
| Pebblebrook Hotel Trust  | 23448 | 212204 |
| RLJ Lodging Trust  | 30040 | 210580 |
| Ryman Hospitality Properties Inc  | 11281 | 992164 |
| Service Properties Trust  | 34862 | 62752 |
| Summit Hotel Properties Inc  | 21422 | 87188 |
| Sunstone Hotel Investors Inc  | 39211 | 327020 |
| Xenia Hotels & Resorts Inc  | 20219 | 215939 |
|  |  | 3024344 |
| Industrial REITs - 0.3% |  |  |
| Industrial Logistics Properties Trust  | 13727 | 35964 |
| LXP Industrial Trust  | 57350 | 452492 |
| Plymouth Industrial REIT Inc  | 8200 | 121933 |
| Terreno Realty Corp  | 18963 | 1068186 |
|  |  | 1678575 |
| Office REITs - 0.7% |  |  |
| Brandywine Realty Trust  | 35084 | 138933 |
| City Office Reit Inc  | 8680 | 44094 |
| COPT Defense Properties  | 21717 | 567031 |
| Douglas Emmett Inc  | 31770 | 439379 |
| Easterly Government Properties Inc  | 8074 | 162853 |
| Franklin Street Properties Corp  | 22889 | 36165 |
| Hudson Pacific Properties Inc  | 29094 | 59643 |
| JBG SMITH Properties (c) | 16056 | 224463 |
| NET Lease Office Properties (b) | 2818 | 85188 |
| Orion Properties Inc  | 15572 | 28496 |
| Paramount Group Inc  | 36142 | 155049 |
| Peakstone Realty Trust  | 7462 | 85888 |
| Piedmont Office Realty Trust Inc Class A1  | 25102 | 148353 |
| Postal Realty Trust Inc Class A  | 4527 | 59937 |
| SL Green Realty Corp  | 14072 | 740328 |
|  |  | 2975800 |
| Real Estate Management & Development - 0.6% |  |  |
| American Realty Investors Inc (b) | 523 | 6323 |
| Anywhere Real Estate Inc (b) | 19559 | 67674 |
| Compass Inc Class A (b) | 70338 | 543010 |
| Cushman & Wakefield PLC (b) | 43939 | 411709 |
| eXp World Holdings Inc  | 16010 | 146652 |
| Forestar Group Inc (b) | 3711 | 71474 |
| FRP Holdings Inc (b) | 2394 | 63644 |
| Kennedy-Wilson Holdings Inc  | 22083 | 141331 |
| Marcus & Millichap Inc  | 4502 | 136861 |
| Maui Land & Pineapple Co Inc (b) | 1375 | 21354 |
| Newmark Group Inc Class A  | 25183 | 276761 |
| Offerpad Solutions Inc Class A (b) | 3156 | 3503 |
| Opendoor Technologies Inc Class A (b) | 123558 | 93694 |
| RE/MAX Holdings Inc Class A (b) | 3537 | 27058 |
| Redfin Corp (b) | 23320 | 221773 |
| RMR Group Inc/The Class A  | 3321 | 48752 |
| St Joe Co/The  | 6891 | 291627 |
| Star Holdings (b) | 2762 | 18616 |
| Stratus Properties Inc (b) | 1126 | 17870 |
| Tejon Ranch Co (b) | 3940 | 66704 |
| Transcontinental Realty Investors Inc (b) | 207 | 5953 |
|  |  | 2682343 |
| Residential REITs - 0.5% |  |  |
| Apartment Investment and Management Co Class A  | 26625 | 210604 |
| BRT Apartments Corp  | 2662 | 41181 |
| Centerspace  | 3211 | 193816 |
| Clipper Realty Inc  | 2954 | 10634 |
| Elme Communities  | 17126 | 266652 |
| Independence Realty Trust Inc  | 43255 | 840445 |
| NexPoint Residential Trust Inc  | 4393 | 163771 |
| UMH Properties Inc  | 13902 | 245648 |
| Veris Residential Inc  | 15007 | 232909 |
|  |  | 2205660 |
| Retail REITs - 1.3% |  |  |
| Acadia Realty Trust  | 22612 | 431889 |
| Alexander's Inc  | 448 | 92467 |
| CBL & Associates Properties Inc  | 4168 | 97823 |
| Curbline Properties Corp  | 18397 | 421107 |
| FrontView REIT Inc  | 2955 | 36760 |
| Getty Realty Corp  | 9893 | 276905 |
| InvenTrust Properties Corp  | 14856 | 413888 |
| Kite Realty Group Trust  | 41785 | 904646 |
| Macerich Co/The  | 48726 | 714323 |
| NETSTREIT Corp  | 16082 | 261654 |
| Phillips Edison & Co Inc  | 23621 | 819649 |
| Saul Centers Inc  | 1968 | 64354 |
| SITE Centers Corp  | 9339 | 110574 |
| Tanger Inc  | 20725 | 653045 |
| Urban Edge Properties  | 24333 | 439697 |
| Whitestone REIT  | 9405 | 122641 |
|  |  | 5861422 |
| Specialized REITs - 0.5% |  |  |
| Farmland Partners Inc  | 8520 | 85711 |
| Four Corners Property Trust Inc  | 18706 | 522833 |
| Gladstone Land Corp  | 6985 | 69361 |
| Outfront Media Inc  | 27794 | 420523 |
| PotlatchDeltic Corp  | 15420 | 591974 |
| Safehold Inc  | 10495 | 165296 |
| Uniti Group Inc  | 46967 | 231078 |
|  |  | 2086776 |
| TOTAL REAL ESTATE |  | 27780059 |
| Utilities - 3.1% |  |  |
| Electric Utilities - 0.9% |  |  |
| ALLETE Inc  | 11068 | 724843 |
| Genie Energy Ltd Class B  | 2860 | 42242 |
| Hawaiian Electric Industries Inc (b) | 33712 | 353976 |
| MGE Energy Inc  | 7106 | 642525 |
| Otter Tail Corp  | 8102 | 643137 |
| Portland General Electric Co  | 20050 | 844506 |
| TXNM Energy Inc  | 17211 | 915625 |
|  |  | 4166854 |
| Gas Utilities - 1.0% |  |  |
| Chesapeake Utilities Corp  | 4318 | 568551 |
| New Jersey Resources Corp  | 19121 | 935782 |
| Northwest Natural Holding Co  | 7709 | 332258 |
| ONE Gas Inc  | 10805 | 848301 |
| RGC Resources Inc  | 1723 | 36131 |
| Southwest Gas Holdings Inc  | 11687 | 843918 |
| Spire Inc  | 10898 | 834133 |
|  |  | 4399074 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Montauk Renewables Inc (b) | 16340 | 34314 |
| Ormat Technologies Inc  | 11300 | 820380 |
| Sunnova Energy International Inc (b)(c) | 736 | 138 |
|  |  | 854832 |
| Multi-Utilities - 0.5% |  |  |
| Avista Corp  | 15282 | 633745 |
| Black Hills Corp  | 13939 | 848885 |
| Northwestern Energy Group Inc  | 12010 | 699342 |
| Unitil Corp  | 3057 | 179324 |
|  |  | 2361296 |
| Water Utilities - 0.5% |  |  |
| American States Water Co  | 7366 | 597456 |
| Cadiz Inc (b) | 9640 | 27378 |
| California Water Service Group  | 11709 | 593061 |
| Consolidated Water Co Ltd  | 3100 | 72044 |
| Global Water Resources Inc  | 2597 | 27086 |
| Middlesex Water Co  | 3430 | 216502 |
| Pure Cycle Corp (b) | 4731 | 46837 |
| SJW Group  | 6581 | 373406 |
| York Water Co/The  | 2706 | 95251 |
|  |  | 2049021 |
| TOTAL UTILITIES |  | 13831077 |
| TOTAL UNITED STATES |  | 435077375 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $429,629,865) |  | <br> **448533813** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (g)<br>(Cost $141,535)<br>| 4.25 | 142000 | **141534** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.33 | 317784 | 317847 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.33 | 15451313 | 15452859 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $15,770,706) |  |  | **15770706** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.0%**<br> (Cost $445,542,106)<br>| <br>**464446053** |
| **NET OTHER ASSETS (LIABILITIES) - (3.0)%**  | **(13449988)** |
| **NET ASSETS - 100.0%** | **450996065** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini Russell 2000 Index Contracts (United States) | 25 | Jun 2025 | 2462250 | 155872 | 155872 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% |

---

**Legend**

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

(b) Non-income producing

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

(d) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $255,415 or 0.1% of net assets.

(e) Level 3 security

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

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $141,534.

(h) 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.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2546359 | 86112930 | 88341386 | 120299 | (56) | - | 317847 | 317784 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 11840341 | 99047322 | 95434804 | 366068 | - | - | 15452859 | 15451313 | 0.1% |
| Total | 14386700 | 185160252 | 183776190 | 486367 | (56) | - | 15770706 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 11689916 | 11689916 | - | - |
| Consumer Discretionary | 40532883 | 40532883 | - | - |
| Consumer Staples | 14917415 | 14917415 | - | - |
| Energy | 20312758 | 20312758 | - | - |
| Financials | 88943688 | 88943688 | - | - |
| Health Care | 77036779 | 77028448 | 1239 | 7092 |
| Industrials | 78501283 | 78501283 | - | - |
| Information Technology | 56365159 | 56365159 | - | - |
| Materials | 17671424 | 17671424 | - | - |
| Real Estate | 27866305 | 27866305 | - | - |
| Utilities | 14696203 | 14696203 | - | - |
|  **U.S. Treasury Obligations** | 141534 | - | 141534 | - |
|  **Money Market Funds** | 15770706 | 15770706 | - | - |
| **Total Investments in Securities:** | 464446053 | 464296188 | 142773 | 7092 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 155872 | 155872 | - | - |
| Total Assets | 155872 | 155872 | - | - |
| **Total Derivative Instruments:** | 155872 | 155872 | - | - |

---

**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, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 155872 | 0 |
| **Total Equity Risk**  | 155872 | 0 |
| **Total Value of Derivatives** | 155872 | 0 |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $14,700,862) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $429,771,400) | $448675347 |  |
| Fidelity Central Funds (cost $15,770,706) | 15770706 |  |
| Total Investment in Securities (cost $445,542,106) |  | $464446053 |
| Segregated cash with brokers for derivative instruments |  | 120782 |
| Cash |  | 1515485 |
| Receivable for investments sold |  | 964 |
| Receivable for fund shares sold |  | 623343 |
| Dividends receivable |  | 140870 |
| Distributions receivable from Fidelity Central Funds |  | 33315 |
| Other receivables |  | 4787 |
| **Total assets** |  | 466885599 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $59536 |  |
| Payable for fund shares redeemed | 362098 |  |
| Payable for daily variation margin on futures contracts | 15060 |  |
| Collateral on securities loaned | 15452840 |  |
| **Total liabilities** |  | 15889534 |
| **Net Assets**  |  | $450996065 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $449475736 |
| Total accumulated earnings (loss) |  | 1520329 |
| **Net Assets** |  | $450996065 |
| **Net Asset Value**, offering price and redemption price per share ($450,996,065 ÷ 31,910,547 shares) |  | $14.13 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $5119176 |
| Interest  |  | 10965 |
| Income from Fidelity Central Funds (including $366,068 from security lending)  |  | 486367 |
| **Total income** |  | 5616508 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $1049 |  |
| **Total expenses** |  | 1049 |
| **Net Investment income (loss)** |  | 5615459 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (5272451) |  |
| Redemptions in-kind | 13906856 |  |
| Fidelity Central Funds | (56) |  |
| Futures contracts | 467363 |  |
| Total net realized gain (loss) |  | 9101712 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (15038776) |  |
| Futures contracts | 151174 |  |
| Total change in net unrealized appreciation (depreciation) |  | (14887602) |
| **Net gain (loss)** |  | (5785890) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(170431) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5615459 | $4958950 |
| &nbsp;&nbsp;Net realized gain (loss) | 9101712<br>| (3301976)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (14887602) | 36696423<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (170431)<br>| 38353397<br>|
| Distributions to shareholders | (5782451)<br>| (4955699)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 242338200 | 153091221 |
| Reinvestment of distributions | 4313319<br>| 3626735<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (136244709) | (126338692) |
| **Net increase (decrease) in net assets resulting from share transactions** | 110406810<br>| 30379264<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 104453928<br>| 63776962<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 346542137 | 282765175<br>|
| &nbsp;&nbsp;End of period | $450996065 | $346542137 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 15976325 | 11216014 |
| Issued in reinvestment of distributions | 273207<br>| 259895<br>|
| &nbsp;&nbsp;Redeemed | (8768587) | (9310316) |
| &nbsp;&nbsp;Net increase (decrease) | 7480945 | 2165593 |

---

**Financial Highlights** 

**Fidelity Flex® Small Cap Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.19 | $12.70 | $13.32 | $16.47 | $9.52 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .21  | .22  | .18  | .14  |
| Net realized and unrealized gain (loss)  | (.05)  | 1.50  | (.68)  | (2.89)  | 6.96  |
| Total from investment operations  | .16  | 1.71  | (.46)  | (2.71)  | 7.10  |
| Distributions from net investment income  | (.22)  | (.22)  | (.16)  | (.18)  | (.15)  |
| Distributions from net realized gain  | -  | -  | -  | (.26)  | -  |
| Total distributions  | (.22)  | (.22)  | (.16)  | (.44)  | (.15)  |
| Net asset value, end of period  | $14.13 | $14.19 | $12.70 | $13.32 | $16.47 |
| **Total Return** C | .96% <br>| 13.47%  | (3.46)%  | (16.88)%  | 75.01%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | -% F | .04%  | -% F | -% F | -% F |
| Expenses net of fee waivers, if any F | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any F | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.34%  | 1.55%  | 1.66%  | 1.14%  | 1.09%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $450996 | $346542 | $282765 | $242826 | $178073 |
| Portfolio turnover rate G | 10% H<br>| 21%  | 16%  | 18%  | 47%  |

---

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

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

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

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

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

F*Amount represents less than .005%.*

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

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Flex Small 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 RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), certain corporate actions, redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $93667631 |
| **Gross unrealized depreciation**  | <u>(82737888)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$10929743</u> |
| **Tax Cost**  | <u>$453516310</u> |

---

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

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(9409413)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$10929743</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(3949686) |
| Long-term | <u>(5459727)</u> |
| **Total capital loss carryforward** | <u>$(9409413)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $5782451 | $4955699 |

---

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

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **Fidelity Flex Small Cap Index Fund** | 3379505 |

---

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 Small Cap Index Fund** | 190334032 | 43100967 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Flex Small Cap Index Fund** | 1558284 | 13906856 | 23202642 |

---

**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 of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**7. Committed Line of Credit.**

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

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

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

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

**8. Security Lending.** 

Funds lend portfolio securities 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, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. 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 earned 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 Small Cap Index Fund** | - | - |

---

**9. Other.**

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

**10. 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 Accounting Firm**

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

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

We have audited the accompanying statement of assets and liabilities of Fidelity Flex Small Cap Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of April 30, 2025, 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, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 11, 2025

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

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

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

The fund designates $139,261 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 80% and 53% 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 80.01% and 61.04% 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 0.50% and 19.10% 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 2026 of amounts for use in preparing 2025 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img108980_4.jpg)<br>

1.9881631.108 ZAP-ANN-0625

**Fidelity Flex® Funds**

**Fidelity Flex® Mid Cap Index Fund**

**Annual Report**

**April 30, 2025**

![](img108981_1.jpg)

![](img108981_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_ZMP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® Mid Cap Index Fund](#Sub_Sec_Fund_2920_ZMP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2920_ZMP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ZMP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ZMP-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ZMP-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ZMP-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ZMP-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ZMP-ANN)** |

---

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

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

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

**Fidelity Flex® Mid Cap Index Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Aptiv PLC  | 9946 | 567519 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 7561 | 82793 |
| Liberty Global Ltd Class C (b) | 6525 | 73993 |
| TOTAL BELGIUM |  | 156786 |
| BERMUDA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| RenaissanceRe Holdings Ltd  | 2272 | 549665 |
| BRAZIL - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 143764 | 1786987 |
| Capital Markets - 0.1% |  |  |
| XP Inc Class A  | 18242 | 293696 |
| TOTAL BRAZIL |  | 2080683 |
| CANADA - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| RB Global Inc (United States)  | 8048 | 810434 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A (United States) (c) | 6126 | 174346 |
| TOTAL CANADA |  | 984780 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (b) | 2814 | 68240 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 1803 | 92728 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b) | 5439 | 103722 |
| KOREA (SOUTH) - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Coupang Inc Class A (b) | 51295 | 1198764 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 3050 | 291031 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TechnipFMC PLC  | 18888 | 532075 |
| UNITED STATES - 98.5%  |  |  |
| Communication Services - 3.6% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Frontier Communications Parent Inc (b) | 10810 | 391863 |
| GCI Liberty Inc Class A (b)(d) | 1527 | 0 |
| Iridium Communications Inc  | 5093 | 122894 |
|  |  | 514757 |
| Entertainment - 1.8% |  |  |
| Electronic Arts Inc  | 11704 | 1698133 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 1048 | 84416 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 9249 | 820109 |
| Liberty Media Corp-Liberty Live Class A (b) | 836 | 58503 |
| Liberty Media Corp-Liberty Live Class C (b) | 2040 | 145881 |
| Live Nation Entertainment Inc (b) | 6997 | 926753 |
| Madison Square Garden Sports Corp Class A (b) | 817 | 157330 |
| Playtika Holding Corp  | 3737 | 19693 |
| ROBLOX Corp Class A (b) | 23264 | 1559851 |
| Roku Inc Class A (b) | 5339 | 364013 |
| Take-Two Interactive Software Inc (b) | 7627 | 1779532 |
| TKO Group Holdings Inc Class A  | 3482 | 567253 |
| Warner Bros Discovery Inc (b) | 107874 | 935268 |
|  |  | 9116735 |
| Interactive Media & Services - 0.3% |  |  |
| Angi Inc Class A (b) | 1978 | 22668 |
| IAC Inc Class A (b) | 3492 | 122010 |
| Match Group Inc  | 10598 | 314337 |
| Pinterest Inc Class A (b) | 26337 | 666853 |
| TripAdvisor Inc Class A (b) | 5074 | 63171 |
| Trump Media & Technology Group Corp (b)(c) | 3573 | 87681 |
| ZoomInfo Technologies Inc (b) | 12818 | 109722 |
|  |  | 1386442 |
| Media - 1.4% |  |  |
| Charter Communications Inc Class A (b) | 4093 | 1603883 |
| Fox Corp Class A  | 10006 | 498199 |
| Fox Corp Class B  | 5499 | 254274 |
| Interpublic Group of Cos Inc/The  | 16761 | 421036 |
| Liberty Broadband Corp Class A (b) | 697 | 62068 |
| Liberty Broadband Corp Class C (b) | 4892 | 442188 |
| New York Times Co/The Class A  | 7113 | 370303 |
| News Corp Class A  | 16764 | 454640 |
| News Corp Class B  | 5136 | 161373 |
| Nexstar Media Group Inc  | 1317 | 197101 |
| Omnicom Group Inc  | 8649 | 658708 |
| Paramount Global Class A (c) | 1792 | 40606 |
| Paramount Global Class B (c) | 24574 | 288499 |
| Sirius XM Holdings Inc (c) | 9709 | 207967 |
| Trade Desk Inc (The) Class A (b) | 19901 | 1067291 |
|  |  | 6728136 |
| TOTAL COMMUNICATION SERVICES |  | 17746070 |
| Consumer Discretionary - 9.6% |  |  |
| Automobile Components - 0.1% |  |  |
| BorgWarner Inc  | 10139 | 287745 |
| Gentex Corp  | 10397 | 226447 |
| Lear Corp  | 2513 | 215490 |
| QuantumScape Corp Class A (b)(c) | 17324 | 67736 |
|  |  | 797418 |
| Automobiles - 0.2% |  |  |
| Harley-Davidson Inc  | 5341 | 119745 |
| Lucid Group Inc Class A (b)(c) | 45035 | 113038 |
| Rivian Automotive Inc Class A (b)(c) | 35865 | 489916 |
| Thor Industries Inc  | 2368 | 171491 |
|  |  | 894190 |
| Broadline Retail - 0.5% |  |  |
| Dillard's Inc Class A  | 135 | 46799 |
| eBay Inc  | 21179 | 1443561 |
| Etsy Inc (b) | 5034 | 218878 |
| Kohl's Corp (c) | 5746 | 38498 |
| Macy's Inc  | 12622 | 144143 |
| Nordstrom Inc  | 4461 | 107689 |
| Ollie's Bargain Outlet Holdings Inc (b) | 2694 | 285860 |
|  |  | 2285428 |
| Distributors - 0.3% |  |  |
| Genuine Parts Co  | 6259 | 735745 |
| LKQ Corp  | 11608 | 443542 |
| Pool Corp  | 1672 | 490130 |
|  |  | 1669417 |
| Diversified Consumer Services - 0.4% |  |  |
| ADT Inc  | 16456 | 131977 |
| Bright Horizons Family Solutions Inc (b) | 2557 | 320699 |
| Duolingo Inc Class A (b) | 1669 | 650043 |
| Grand Canyon Education Inc (b) | 1255 | 223854 |
| H&R Block Inc  | 6049 | 365178 |
| Service Corp International/US  | 6211 | 496259 |
|  |  | 2188010 |
| Hotels, Restaurants & Leisure - 3.4% |  |  |
| Aramark  | 11613 | 388223 |
| Boyd Gaming Corp  | 2833 | 195874 |
| Caesars Entertainment Inc (b) | 6263 | 169477 |
| Carnival Corp (b) | 45539 | 835185 |
| Cava Group Inc (b) | 3383 | 312691 |
| Choice Hotels International Inc  | 1224 | 154359 |
| Churchill Downs Inc  | 3136 | 283526 |
| Darden Restaurants Inc  | 5185 | 1040318 |
| Domino's Pizza Inc  | 1552 | 761054 |
| DraftKings Inc Class A (b) | 20155 | 670960 |
| Dutch Bros Inc Class A (b) | 4850 | 289739 |
| Expedia Group Inc Class A  | 5429 | 851973 |
| Hilton Worldwide Holdings Inc  | 10633 | 2397530 |
| Hyatt Hotels Corp Class A  | 1869 | 210599 |
| Las Vegas Sands Corp  | 15551 | 570255 |
| Light & Wonder Inc Class A (b) | 3947 | 336995 |
| Marriott Vacations Worldwide Corp  | 762 | 41765 |
| MGM Resorts International (b) | 10431 | 328159 |
| Norwegian Cruise Line Holdings Ltd (b) | 19616 | 314444 |
| Penn Entertainment Inc (b) | 6941 | 105642 |
| Planet Fitness Inc Class A (b) | 3747 | 354429 |
| Royal Caribbean Cruises Ltd  | 10495 | 2255480 |
| Texas Roadhouse Inc  | 2981 | 494727 |
| Travel + Leisure Co  | 3042 | 133635 |
| Vail Resorts Inc  | 1692 | 235526 |
| Wendy's Co/The  | 8232 | 102900 |
| Wingstop Inc  | 1315 | 347015 |
| Wyndham Hotels & Resorts Inc  | 3381 | 288399 |
| Wynn Resorts Ltd  | 4491 | 360672 |
| Yum! Brands Inc  | 12489 | 1878845 |
|  |  | 16710396 |
| Household Durables - 1.6% |  |  |
| DR Horton Inc  | 12572 | 1588346 |
| Garmin Ltd  | 6845 | 1279125 |
| Leggett & Platt Inc  | 7048 | 67802 |
| Lennar Corp Class A  | 10174 | 1104998 |
| Lennar Corp Class B  | 596 | 61609 |
| Mohawk Industries Inc (b) | 2226 | 236735 |
| Newell Brands Inc  | 14128 | 67532 |
| NVR Inc (b) | 123 | 876467 |
| PulteGroup Inc  | 9085 | 931939 |
| SharkNinja Inc (b) | 2954 | 237797 |
| Somnigroup International Inc (c) | 7460 | 455508 |
| Toll Brothers Inc  | 4465 | 450385 |
| TopBuild Corp (b) | 1321 | 390699 |
| Whirlpool Corp  | 2405 | 183453 |
|  |  | 7932395 |
| Leisure Products - 0.2% |  |  |
| Brunswick Corp/DE  | 3367 | 155050 |
| Hasbro Inc  | 6362 | 393808 |
| Mattel Inc (b) | 15666 | 248933 |
| Polaris Inc  | 1298 | 44080 |
| YETI Holdings Inc (b) | 2609 | 74487 |
|  |  | 916358 |
| Specialty Retail - 2.3% |  |  |
| Advance Auto Parts Inc  | 2799 | 91583 |
| AutoNation Inc (b) | 1160 | 202014 |
| Bath & Body Works Inc  | 9753 | 297564 |
| Best Buy Co Inc  | 9496 | 633288 |
| Burlington Stores Inc (b) | 2821 | 634838 |
| CarMax Inc (b) | 6926 | 447904 |
| Carvana Co Class A (b) | 4793 | 1171170 |
| Dick's Sporting Goods Inc  | 2507 | 470664 |
| Five Below Inc (b) | 1970 | 149503 |
| Floor & Decor Holdings Inc Class A (b) | 4743 | 338840 |
| GameStop Corp Class A (b) | 17355 | 483510 |
| Gap Inc/The  | 9144 | 200254 |
| Lithia Motors Inc Class A  | 1170 | 342529 |
| Murphy USA Inc  | 813 | 405337 |
| Penske Automotive Group Inc  | 833 | 129673 |
| Restoration Hardware Inc (b) | 434 | 79869 |
| Ross Stores Inc  | 14439 | 2007022 |
| Tractor Supply Co  | 23691 | 1199239 |
| Ulta Beauty Inc (b) | 2059 | 814623 |
| Valvoline Inc (b) | 5834 | 199873 |
| Wayfair Inc Class A (b) | 3415 | 102996 |
| Williams-Sonoma Inc  | 5432 | 839081 |
|  |  | 11241374 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Capri Holdings Ltd (b) | 3728 | 56069 |
| Carter's Inc  | 1768 | 58432 |
| Columbia Sportswear Co  | 1541 | 95804 |
| Crocs Inc (b) | 2587 | 249439 |
| Deckers Outdoor Corp (b) | 6775 | 750873 |
| PVH Corp  | 2580 | 177968 |
| Ralph Lauren Corp Class A  | 1780 | 400411 |
| Skechers USA Inc Class A (b) | 6053 | 290665 |
| Tapestry Inc  | 10337 | 730309 |
| Under Armour Inc Class A (b) | 8171 | 46738 |
| Under Armour Inc Class C (b) | 9660 | 52551 |
| VF Corp  | 11445 | 135967 |
|  |  | 3045226 |
| TOTAL CONSUMER DISCRETIONARY |  | 47680212 |
| Consumer Staples - 5.1% |  |  |
| Beverages - 0.3% |  |  |
| Boston Beer Co Inc/The Class A (b) | 395 | 97090 |
| Brown-Forman Corp Class A  | 2398 | 82994 |
| Brown-Forman Corp Class B  | 7540 | 262694 |
| Celsius Holdings Inc (b) | 7879 | 275450 |
| Coca-Cola Consolidated Inc  | 263 | 356578 |
| Molson Coors Beverage Co Class B  | 7523 | 432798 |
|  |  | 1507604 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Albertsons Cos Inc Class A  | 18439 | 405289 |
| BJ's Wholesale Club Holdings Inc (b) | 5821 | 684317 |
| Casey's General Stores Inc  | 1630 | 754022 |
| Dollar General Corp  | 9780 | 916288 |
| Dollar Tree Inc (b) | 8987 | 734867 |
| Grocery Outlet Holding Corp (b) | 4379 | 73523 |
| Kroger Co/The  | 29324 | 2117487 |
| Maplebear Inc (b) | 7372 | 294069 |
| Performance Food Group Co (b) | 6755 | 544858 |
| Sysco Corp  | 21743 | 1552450 |
| US Foods Holding Corp (b) | 9626 | 632043 |
| Walgreens Boots Alliance Inc  | 32076 | 351874 |
|  |  | 9061087 |
| Food Products - 2.1% |  |  |
| Archer-Daniels-Midland Co  | 21172 | 1010963 |
| Bunge Global SA  | 5898 | 464291 |
| Conagra Brands Inc  | 21259 | 525310 |
| Darling Ingredients Inc (b) | 7074 | 227712 |
| Flowers Foods Inc  | 8553 | 150447 |
| Freshpet Inc (b) | 2103 | 154655 |
| General Mills Inc  | 24455 | 1387577 |
| Hershey Co/The  | 6459 | 1079880 |
| Hormel Foods Corp  | 12783 | 382212 |
| Ingredion Inc  | 2862 | 380131 |
| JM Smucker Co  | 4595 | 534261 |
| Kellanova  | 11486 | 950696 |
| Lamb Weston Holdings Inc  | 6348 | 335238 |
| McCormick & Co Inc/MD  | 11118 | 852306 |
| Pilgrim's Pride Corp  | 1734 | 94642 |
| Post Holdings Inc (b) | 2263 | 256104 |
| Seaboard Corp  | 11 | 28445 |
| Smithfield Foods Inc  | 996 | 22120 |
| The Campbell's Company  | 8605 | 313738 |
| Tyson Foods Inc Class A  | 12383 | 758335 |
|  |  | 9909063 |
| Household Products - 0.4% |  |  |
| Church & Dwight Co Inc  | 10724 | 1065322 |
| Clorox Co/The  | 5504 | 783219 |
| Reynolds Consumer Products Inc  | 2324 | 53452 |
| Spectrum Brands Holdings Inc  | 1275 | 80453 |
|  |  | 1982446 |
| Personal Care Products - 0.5% |  |  |
| BellRing Brands Inc (b) | 5727 | 441781 |
| Coty Inc Class A (b) | 18201 | 91915 |
| elf Beauty Inc (b) | 1947 | 120461 |
| Kenvue Inc  | 84943 | 2004655 |
|  |  | 2658812 |
| TOTAL CONSUMER STAPLES |  | 25119012 |
| Energy - 5.1% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Baker Hughes Co Class A  | 44291 | 1567901 |
| Halliburton Co  | 40127 | 795317 |
| NOV Inc  | 16273 | 188930 |
| Weatherford International PLC  | 2242 | 92818 |
|  |  | 2644966 |
| Oil, Gas & Consumable Fuels - 4.6% |  |  |
| Antero Midstream Corp  | 14904 | 246661 |
| Antero Resources Corp (b) | 12892 | 449028 |
| APA Corp  | 15287 | 237560 |
| Cheniere Energy Inc  | 9869 | 2280825 |
| Chord Energy Corp  | 2794 | 252103 |
| Civitas Resources Inc  | 4433 | 120799 |
| Coterra Energy Inc  | 32316 | 793681 |
| Devon Energy Corp  | 27760 | 844182 |
| Diamondback Energy Inc  | 8393 | 1107960 |
| DT Midstream Inc  | 4429 | 430499 |
| EQT Corp  | 26101 | 1290433 |
| Expand Energy Corp  | 10240 | 1063936 |
| Hess Corp  | 12349 | 1593638 |
| HF Sinclair Corp  | 7123 | 214189 |
| Kinder Morgan Inc  | 85607 | 2251464 |
| Matador Resources Co  | 5301 | 209602 |
| New Fortress Energy Inc Class A  | 4258 | 23120 |
| ONEOK Inc  | 27448 | 2255128 |
| Ovintiv Inc  | 11643 | 390972 |
| Permian Resources Corp Class A  | 29362 | 346472 |
| Range Resources Corp  | 10540 | 357622 |
| Targa Resources Corp  | 9543 | 1630899 |
| Texas Pacific Land Corp  | 828 | 1067184 |
| Viper Energy Inc Class A  | 5623 | 226776 |
| Williams Cos Inc/The  | 53746 | 3147903 |
|  |  | 22832636 |
| TOTAL ENERGY |  | 25477602 |
| Financials - 16.0% |  |  |
| Banks - 2.3% |  |  |
| Bank OZK  | 4779 | 203585 |
| BOK Financial Corp  | 917 | 85437 |
| Citizens Financial Group Inc  | 19545 | 721015 |
| Columbia Banking System Inc  | 9304 | 208596 |
| Comerica Inc  | 5962 | 320458 |
| Commerce Bancshares Inc/MO  | 5319 | 323076 |
| Cullen/Frost Bankers Inc  | 2562 | 298396 |
| East West Bancorp Inc  | 6099 | 521769 |
| Fifth Third Bancorp  | 29873 | 1073636 |
| First Citizens BancShares Inc/NC Class A  | 508 | 903803 |
| First Hawaiian Inc  | 5554 | 126964 |
| First Horizon Corp  | 23343 | 422041 |
| FNB Corp/PA  | 16008 | 209545 |
| Huntington Bancshares Inc/OH  | 64362 | 935180 |
| KeyCorp  | 41801 | 620327 |
| M&T Bank Corp  | 7296 | 1238569 |
| Pinnacle Financial Partners Inc  | 3330 | 333799 |
| Prosperity Bancshares Inc  | 3875 | 263113 |
| Regions Financial Corp  | 40311 | 822748 |
| Synovus Financial Corp  | 6369 | 275905 |
| TFS Financial Corp  | 2153 | 27902 |
| Webster Financial Corp  | 7565 | 357825 |
| Western Alliance Bancorp  | 4776 | 332935 |
| Wintrust Financial Corp  | 2873 | 319391 |
| Zions Bancorp NA  | 6445 | 289832 |
|  |  | 11235847 |
| Capital Markets - 5.1% |  |  |
| Affiliated Managers Group Inc  | 1323 | 219128 |
| Ameriprise Financial Inc  | 4263 | 2007958 |
| Ares Management Corp Class A  | 8232 | 1255627 |
| Bank of New York Mellon Corp/The  | 31683 | 2547630 |
| Blue Owl Capital Inc Class A  | 23449 | 434510 |
| Carlyle Group Inc/The  | 9832 | 379908 |
| Cboe Global Markets Inc  | 4653 | 1032035 |
| Coinbase Global Inc Class A (b) | 8988 | 1823575 |
| Evercore Inc Class A  | 1626 | 333802 |
| FactSet Research Systems Inc  | 1689 | 730020 |
| Franklin Resources Inc  | 14426 | 270632 |
| Houlihan Lokey Inc Class A  | 2357 | 382023 |
| Interactive Brokers Group Inc Class A  | 4699 | 807523 |
| Invesco Ltd  | 17200 | 239596 |
| Janus Henderson Group PLC  | 5843 | 194046 |
| Jefferies Financial Group Inc  | 7890 | 368700 |
| Lazard Inc  | 4995 | 194306 |
| LPL Financial Holdings Inc  | 3505 | 1120864 |
| MarketAxess Holdings Inc  | 1644 | 364294 |
| Morningstar Inc  | 1186 | 337678 |
| MSCI Inc  | 3372 | 1838111 |
| Nasdaq Inc  | 18172 | 1384888 |
| Northern Trust Corp  | 8561 | 804563 |
| Raymond James Financial Inc  | 8977 | 1230208 |
| Robinhood Markets Inc Class A (b) | 29778 | 1462398 |
| SEI Investments Co  | 4417 | 345807 |
| State Street Corp  | 12995 | 1144860 |
| Stifel Financial Corp  | 4448 | 381149 |
| T Rowe Price Group Inc  | 8359 | 740189 |
| TPG Inc Class A  | 3884 | 180411 |
| Tradeweb Markets Inc Class A  | 5105 | 706022 |
| Virtu Financial Inc Class A  | 3507 | 137298 |
|  |  | 25399759 |
| Consumer Finance - 0.9% |  |  |
| Ally Financial Inc  | 12365 | 403841 |
| Credit Acceptance Corp (b) | 279 | 135989 |
| Discover Financial Services  | 11065 | 2021244 |
| OneMain Holdings Inc  | 5128 | 241375 |
| SLM Corp  | 9290 | 268574 |
| SoFi Technologies Inc Class A (b) | 47557 | 594938 |
| Synchrony Financial  | 17225 | 894839 |
|  |  | 4560800 |
| Financial Services - 1.9% |  |  |
| Affirm Holdings Inc Class A (b) | 11541 | 574280 |
| Block Inc Class A (b) | 24666 | 1442221 |
| Corebridge Financial Inc  | 12628 | 374168 |
| Corpay Inc (b) | 2988 | 972206 |
| Equitable Holdings Inc  | 13840 | 684388 |
| Euronet Worldwide Inc (b) | 1873 | 185614 |
| Fidelity National Information Services Inc  | 23866 | 1882550 |
| Global Payments Inc  | 11325 | 864211 |
| Jack Henry & Associates Inc  | 3198 | 554629 |
| MGIC Investment Corp  | 10922 | 272067 |
| Rocket Cos Inc Class A (c) | 6365 | 82172 |
| Shift4 Payments Inc Class A (b)(c) | 2737 | 223887 |
| Toast Inc Class A (b) | 20517 | 729995 |
| UWM Holdings Corp Class A  | 5247 | 24660 |
| Voya Financial Inc  | 4351 | 257579 |
| Western Union Co/The  | 15189 | 150523 |
| WEX Inc (b) | 1821 | 237404 |
|  |  | 9512554 |
| Insurance - 5.5% |  |  |
| AFLAC Inc  | 24331 | 2644293 |
| Allstate Corp/The  | 11633 | 2307871 |
| American Financial Group Inc/OH  | 3193 | 404425 |
| Arch Capital Group Ltd  | 15946 | 1445983 |
| Arthur J Gallagher & Co  | 10866 | 3484619 |
| Assurant Inc  | 2306 | 444458 |
| Assured Guaranty Ltd  | 2185 | 191690 |
| Axis Capital Holdings Ltd  | 3318 | 319590 |
| Brighthouse Financial Inc (b) | 2639 | 153643 |
| Brown & Brown Inc  | 10496 | 1160858 |
| Cincinnati Financial Corp  | 6789 | 945097 |
| CNA Financial Corp  | 814 | 39202 |
| Everest Group Ltd  | 1892 | 678906 |
| Fidelity National Financial Inc/US  | 11513 | 737408 |
| First American Financial Corp  | 4564 | 277537 |
| Globe Life Inc  | 3628 | 447478 |
| Hanover Insurance Group Inc/The  | 1574 | 261441 |
| Hartford Insurance Group Inc/The  | 12774 | 1566987 |
| Kemper Corp  | 2755 | 162876 |
| Kinsale Capital Group Inc  | 977 | 425249 |
| Lincoln National Corp  | 7204 | 229591 |
| Loews Corp  | 7805 | 677708 |
| Markel Group Inc (b) | 559 | 1016597 |
| Old Republic International Corp  | 10037 | 377391 |
| Primerica Inc  | 1473 | 386029 |
| Principal Financial Group Inc  | 10224 | 758110 |
| Prudential Financial Inc  | 16026 | 1646030 |
| Reinsurance Group of America Inc  | 2951 | 552752 |
| RLI Corp  | 3633 | 268878 |
| Ryan Specialty Holdings Inc Class A  | 4490 | 294140 |
| Unum Group  | 7985 | 620115 |
| W R Berkley Corp  | 12873 | 922865 |
| White Mountains Insurance Group Ltd  | 109 | 192652 |
| Willis Towers Watson PLC  | 4458 | 1372172 |
|  |  | 27414641 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.3% |  |  |
| AGNC Investment Corp (c) | 36544 | 322684 |
| Annaly Capital Management Inc  | 23832 | 467107 |
| Rithm Capital Corp  | 23594 | 263781 |
| Starwood Property Trust Inc  | 14790 | 283820 |
|  |  | 1337392 |
| TOTAL FINANCIALS |  | 79460993 |
| Health Care - 9.1% |  |  |
| Biotechnology - 1.4% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 5707 | 1502312 |
| Apellis Pharmaceuticals Inc (b) | 3221 | 61875 |
| Biogen Inc (b) | 5890 | 713161 |
| BioMarin Pharmaceutical Inc (b) | 8499 | 541301 |
| Exact Sciences Corp (b) | 8141 | 371555 |
| Exelixis Inc (b) | 12375 | 484481 |
| GRAIL Inc (c) | 1204 | 41532 |
| Incyte Corp (b) | 7110 | 445513 |
| Ionis Pharmaceuticals Inc (b) | 7264 | 223077 |
| Natera Inc (b) | 5089 | 768083 |
| Neurocrine Biosciences Inc (b) | 4488 | 483313 |
| Roivant Sciences Ltd (b) | 19605 | 227810 |
| Sarepta Therapeutics Inc (b) | 4125 | 257400 |
| Ultragenyx Pharmaceutical Inc (b) | 4194 | 163482 |
| United Therapeutics Corp (b) | 1951 | 591329 |
| Viking Therapeutics Inc (b) | 4866 | 140481 |
|  |  | 7016705 |
| Health Care Equipment & Supplies - 2.7% |  |  |
| Align Technology Inc (b) | 3343 | 579342 |
| Baxter International Inc  | 22648 | 705938 |
| Cooper Cos Inc/The (b) | 8660 | 707262 |
| DENTSPLY SIRONA Inc  | 5916 | 82232 |
| Dexcom Inc (b) | 17329 | 1236944 |
| Enovis Corp (b) | 2955 | 102213 |
| Envista Holdings Corp (b) | 7998 | 128608 |
| GE HealthCare Technologies Inc  | 20161 | 1417923 |
| Globus Medical Inc Class A (b) | 4926 | 353539 |
| Hologic Inc (b) | 9822 | 571640 |
| IDEXX Laboratories Inc (b) | 3608 | 1561002 |
| Inspire Medical Systems Inc (b) | 1312 | 207795 |
| Insulet Corp (b) | 3080 | 777053 |
| Masimo Corp (b) | 1915 | 308238 |
| Penumbra Inc (b) | 1629 | 477036 |
| QuidelOrtho Corp (b) | 3217 | 89400 |
| ResMed Inc  | 6437 | 1522931 |
| Solventum Corp (b) | 6124 | 404919 |
| STERIS PLC  | 4339 | 975147 |
| Teleflex Inc  | 2097 | 287394 |
| Zimmer Biomet Holdings Inc  | 8762 | 902924 |
|  |  | 13399480 |
| Health Care Providers & Services - 2.4% |  |  |
| Acadia Healthcare Co Inc (b) | 4126 | 96548 |
| Amedisys Inc (b) | 1336 | 126786 |
| Cardinal Health Inc  | 10753 | 1519292 |
| Cencora Inc  | 7646 | 2237756 |
| Centene Corp (b) | 22347 | 1337468 |
| Chemed Corp  | 646 | 375655 |
| DaVita Inc (b) | 2099 | 297113 |
| Encompass Health Corp  | 4374 | 511714 |
| Henry Schein Inc (b) | 5482 | 356166 |
| Humana Inc  | 5347 | 1402197 |
| Labcorp Holdings Inc  | 3714 | 895111 |
| Molina Healthcare Inc (b) | 2511 | 821122 |
| Premier Inc Class A  | 4338 | 88278 |
| Quest Diagnostics Inc  | 4899 | 873100 |
| Tenet Healthcare Corp (b) | 4226 | 604107 |
| Universal Health Services Inc Class B  | 2512 | 444800 |
|  |  | 11987213 |
| Health Care Technology - 0.4% |  |  |
| Certara Inc (b) | 5649 | 78295 |
| Doximity Inc Class A (b) | 5523 | 314148 |
| Veeva Systems Inc Class A (b) | 6521 | 1523893 |
|  |  | 1916336 |
| Life Sciences Tools & Services - 1.8% |  |  |
| 10X Genomics Inc Class A (b) | 5465 | 45196 |
| Agilent Technologies Inc  | 12872 | 1385027 |
| Avantor Inc (b) | 28821 | 374385 |
| Azenta Inc (b) | 2001 | 52706 |
| Bio-Rad Laboratories Inc Class A (b) | 669 | 163290 |
| Bio-Techne Corp  | 7207 | 362872 |
| Bruker Corp  | 5046 | 202143 |
| Charles River Laboratories International Inc (b) | 2332 | 276622 |
| Fortrea Holdings Inc (b) | 1388 | 8647 |
| Illumina Inc (b) | 6395 | 496252 |
| IQVIA Holdings Inc (b) | 8087 | 1254051 |
| Medpace Holdings Inc (b) | 1146 | 353415 |
| Mettler-Toledo International Inc (b) | 934 | 999912 |
| QIAGEN NV (United States)  | 9711 | 415145 |
| Repligen Corp (b) | 2496 | 344423 |
| Revvity Inc  | 5498 | 513678 |
| Sotera Health Co (b) | 6224 | 71576 |
| Waters Corp (b) | 2636 | 916616 |
| West Pharmaceutical Services Inc  | 3240 | 684580 |
|  |  | 8920536 |
| Pharmaceuticals - 0.4% |  |  |
| Elanco Animal Health Inc (b) | 20712 | 196350 |
| Jazz Pharmaceuticals PLC (b) | 2644 | 309242 |
| Organon & Co  | 11708 | 151384 |
| Perrigo Co PLC  | 6133 | 157741 |
| Royalty Pharma PLC Class A  | 17033 | 559024 |
| Viatris Inc  | 53653 | 451758 |
|  |  | 1825499 |
| TOTAL HEALTH CARE |  | 45065769 |
| Industrials - 16.7% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| Axon Enterprise Inc (b) | 3208 | 1967466 |
| BWX Technologies Inc  | 4063 | 443355 |
| Curtiss-Wright Corp  | 1697 | 585278 |
| HEICO Corp  | 1955 | 490235 |
| HEICO Corp Class A  | 3576 | 718526 |
| Hexcel Corp  | 3719 | 180260 |
| Howmet Aerospace Inc  | 17912 | 2482246 |
| Huntington Ingalls Industries Inc  | 1749 | 402865 |
| L3Harris Technologies Inc  | 8386 | 1845088 |
| Loar Holdings Inc (b)(c) | 1542 | 145842 |
| Spirit AeroSystems Holdings Inc Class A (b) | 4855 | 174780 |
| Standardaero Inc  | 4701 | 127021 |
| Textron Inc  | 8335 | 586534 |
| Woodward Inc  | 2613 | 490120 |
|  |  | 10639616 |
| Air Freight & Logistics - 0.3% |  |  |
| CH Robinson Worldwide Inc  | 5140 | 458591 |
| Expeditors International of Washington Inc  | 6192 | 680563 |
| GXO Logistics Inc (b) | 5329 | 193122 |
|  |  | 1332276 |
| Building Products - 1.3% |  |  |
| A O Smith Corp  | 5257 | 356740 |
| AAON Inc  | 2995 | 273354 |
| Advanced Drainage Systems Inc  | 3133 | 355564 |
| Allegion plc  | 3856 | 536755 |
| Armstrong World Industries Inc  | 1867 | 270752 |
| AZEK Co Inc/The Class A (b) | 6294 | 311931 |
| Builders FirstSource Inc (b) | 5039 | 602816 |
| Carlisle Cos Inc  | 2000 | 758960 |
| Fortune Brands Innovations Inc  | 5578 | 300208 |
| Hayward Holdings Inc (b) | 5969 | 79567 |
| Lennox International Inc  | 1416 | 774198 |
| Masco Corp  | 9546 | 578583 |
| Owens Corning  | 3827 | 556484 |
| Simpson Manufacturing Co Inc  | 1876 | 288322 |
| Trex Co Inc (b) | 4805 | 277825 |
|  |  | 6322059 |
| Commercial Services & Supplies - 0.6% |  |  |
| Clean Harbors Inc (b) | 2269 | 485430 |
| MSA Safety Inc  | 1652 | 260058 |
| Rollins Inc  | 12252 | 699957 |
| Tetra Tech Inc  | 11930 | 372097 |
| Veralto Corp  | 10934 | 1048571 |
| Vestis Corp  | 5525 | 48398 |
|  |  | 2914511 |
| Construction & Engineering - 1.0% |  |  |
| AECOM  | 5802 | 572367 |
| API Group Corp (b) | 10163 | 384466 |
| Comfort Systems USA Inc  | 1559 | 619780 |
| EMCOR Group Inc  | 2009 | 805007 |
| Everus Construction Group Inc  | 2277 | 91626 |
| MasTec Inc (b) | 2780 | 353950 |
| Quanta Services Inc  | 6431 | 1882290 |
| Valmont Industries Inc  | 870 | 255101 |
| WillScot Holdings Corp  | 8043 | 202040 |
|  |  | 5166627 |
| Electrical Equipment - 1.3% |  |  |
| Acuity Inc  | 1376 | 335207 |
| AMETEK Inc  | 10216 | 1732429 |
| Generac Holdings Inc (b) | 2450 | 280231 |
| Hubbell Inc  | 2390 | 868000 |
| nVent Electric PLC  | 7513 | 412539 |
| Regal Rexnord Corp  | 3002 | 317732 |
| Rockwell Automation Inc  | 5025 | 1244592 |
| Sensata Technologies Holding PLC  | 4830 | 103362 |
| Vertiv Holdings Co Class A  | 15926 | 1359762 |
|  |  | 6653854 |
| Ground Transportation - 0.8% |  |  |
| Avis Budget Group Inc (b) | 794 | 73548 |
| JB Hunt Transport Services Inc  | 3620 | 472700 |
| Knight-Swift Transportation Holdings Inc  | 7077 | 277206 |
| Landstar System Inc  | 1581 | 212091 |
| Lyft Inc Class A (b) | 15661 | 194196 |
| Old Dominion Freight Line Inc  | 8594 | 1317289 |
| Ryder System Inc  | 1842 | 253588 |
| Saia Inc (b) | 1184 | 288896 |
| Schneider National Inc Class B  | 2027 | 43560 |
| U-Haul Holding Co (b) | 462 | 28362 |
| U-Haul Holding Co Class N  | 4189 | 229557 |
| XPO Inc (b) | 5101 | 541319 |
|  |  | 3932312 |
| Machinery - 3.7% |  |  |
| AGCO Corp  | 2802 | 237694 |
| Allison Transmission Holdings Inc  | 3791 | 349682 |
| CNH Industrial NV Class A  | 38887 | 449923 |
| Crane Co  | 2168 | 349005 |
| Cummins Inc  | 6047 | 1776850 |
| Donaldson Co Inc  | 5355 | 351984 |
| Dover Corp  | 6103 | 1041477 |
| Esab Corp  | 2511 | 301621 |
| Flowserve Corp  | 5944 | 268847 |
| Fortive Corp  | 15411 | 1073993 |
| Gates Industrial Corp PLC (b) | 10725 | 202917 |
| Graco Inc  | 7357 | 600405 |
| IDEX Corp  | 3395 | 590628 |
| Ingersoll Rand Inc  | 17950 | 1353969 |
| ITT Inc  | 3698 | 506700 |
| Lincoln Electric Holdings Inc  | 2484 | 437681 |
| Middleby Corp/The (b) | 2375 | 316706 |
| Nordson Corp  | 2562 | 485678 |
| Oshkosh Corp  | 2932 | 245584 |
| Otis Worldwide Corp  | 17663 | 1700417 |
| Pentair PLC  | 7336 | 665595 |
| RBC Bearings Inc (b) | 1246 | 409398 |
| Snap-on Inc  | 2275 | 713918 |
| Stanley Black & Decker Inc  | 5518 | 331190 |
| Timken Co/The  | 3024 | 194292 |
| Toro Co/The  | 4553 | 310879 |
| Westinghouse Air Brake Technologies Corp  | 7546 | 1394048 |
| Xylem Inc/NY  | 10723 | 1292872 |
|  |  | 17953953 |
| Marine Transportation - 0.0% |  |  |
| Kirby Corp (b) | 2519 | 242756 |
| Passenger Airlines - 0.7% |  |  |
| Alaska Air Group Inc (b) | 5626 | 249063 |
| American Airlines Group Inc (b) | 23582 | 234641 |
| Delta Air Lines Inc  | 28939 | 1204731 |
| Southwest Airlines Co  | 26688 | 746196 |
| United Airlines Holdings Inc (b) | 14616 | 1005873 |
|  |  | 3440504 |
| Professional Services - 2.9% |  |  |
| Amentum Holdings Inc  | 6682 | 145801 |
| Booz Allen Hamilton Holding Corp Class A  | 5615 | 673912 |
| Broadridge Financial Solutions Inc  | 5151 | 1248602 |
| CACI International Inc (b) | 986 | 451460 |
| Clarivate PLC (b) | 12805 | 55190 |
| Concentrix Corp  | 2102 | 107328 |
| Dayforce Inc (b) | 6727 | 389291 |
| Dun & Bradstreet Holdings Inc  | 13741 | 123257 |
| Equifax Inc  | 5458 | 1419790 |
| FTI Consulting Inc (b) | 1580 | 262722 |
| Genpact Ltd  | 7503 | 377101 |
| Jacobs Solutions Inc  | 5458 | 675700 |
| KBR Inc  | 5995 | 316596 |
| Leidos Holdings Inc  | 5914 | 870423 |
| ManpowerGroup Inc  | 2244 | 96649 |
| Parsons Corp (b) | 2069 | 138333 |
| Paychex Inc  | 14179 | 2086015 |
| Paycom Software Inc  | 2252 | 509830 |
| Paylocity Holding Corp (b) | 1924 | 369600 |
| Robert Half Inc  | 4253 | 188408 |
| Science Applications International Corp  | 2186 | 264572 |
| SS&C Technologies Holdings Inc  | 9449 | 714344 |
| TransUnion  | 8652 | 717770 |
| Verisk Analytics Inc  | 6221 | 1844092 |
|  |  | 14046786 |
| Trading Companies & Distributors - 1.9% |  |  |
| Air Lease Corp Class A  | 4637 | 216826 |
| Core & Main Inc Class A (b) | 8458 | 445567 |
| Fastenal Co  | 25203 | 2040687 |
| Ferguson Enterprises Inc  | 8868 | 1504545 |
| MSC Industrial Direct Co Inc Class A  | 2059 | 157472 |
| SiteOne Landscape Supply Inc (b) | 2017 | 231572 |
| United Rentals Inc  | 2908 | 1836257 |
| Watsco Inc  | 1527 | 702176 |
| Wesco International Inc  | 1884 | 307017 |
| WW Grainger Inc  | 1911 | 1957456 |
|  |  | 9399575 |
| TOTAL INDUSTRIALS |  | 82044829 |
| Information Technology - 14.0% |  |  |
| Communications Equipment - 0.4% |  |  |
| Ciena Corp (b) | 6326 | 424854 |
| F5 Inc (b) | 2538 | 671910 |
| Juniper Networks Inc  | 14350 | 521192 |
| Lumentum Holdings Inc (b) | 3091 | 182493 |
| Ubiquiti Inc  | 171 | 55823 |
|  |  | 1856272 |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Arrow Electronics Inc (b) | 2382 | 265260 |
| Avnet Inc  | 3949 | 185564 |
| CDW Corp/DE  | 5990 | 961754 |
| Cognex Corp  | 5860 | 159978 |
| Coherent Corp (b) | 5589 | 359484 |
| Corning Inc  | 33972 | 1507678 |
| Crane NXT Co  | 2253 | 105711 |
| Ingram Micro Holding Corp  | 831 | 14775 |
| IPG Photonics Corp (b) | 1335 | 79953 |
| Jabil Inc  | 4749 | 696013 |
| Keysight Technologies Inc (b) | 7756 | 1127722 |
| Littelfuse Inc  | 1121 | 204370 |
| TD SYNNEX Corp  | 3386 | 375169 |
| Teledyne Technologies Inc (b) | 2044 | 952565 |
| Trimble Inc (b) | 10835 | 673287 |
| Vontier Corp  | 6767 | 215258 |
| Zebra Technologies Corp Class A (b) | 2171 | 543445 |
|  |  | 8427986 |
| IT Services - 2.2% |  |  |
| Akamai Technologies Inc (b) | 6704 | 540208 |
| Amdocs Ltd  | 4889 | 433068 |
| Cloudflare Inc Class A (b) | 13496 | 1630047 |
| Cognizant Technology Solutions Corp Class A  | 22116 | 1627074 |
| DXC Technology Co (b) | 8106 | 125805 |
| EPAM Systems Inc (b) | 2307 | 361991 |
| Gartner Inc (b) | 3348 | 1409776 |
| Globant SA (b) | 1909 | 224441 |
| GoDaddy Inc Class A (b) | 6195 | 1166704 |
| Kyndryl Holdings Inc (b) | 10159 | 329355 |
| MongoDB Inc Class A (b) | 3039 | 523225 |
| Okta Inc Class A (b) | 7205 | 808113 |
| Twilio Inc Class A (b) | 6778 | 655500 |
| VeriSign Inc (b) | 3674 | 1036509 |
|  |  | 10871816 |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| Amkor Technology Inc  | 2152 | 37552 |
| Astera Labs Inc (b) | 4936 | 322370 |
| Cirrus Logic Inc (b) | 2401 | 230592 |
| Enphase Energy Inc (b) | 5889 | 262591 |
| Entegris Inc  | 6859 | 542684 |
| First Solar Inc (b) | 4738 | 596135 |
| GlobalFoundries Inc (b) | 4531 | 158902 |
| Lattice Semiconductor Corp (b) | 6206 | 303660 |
| MACOM Technology Solutions Holdings Inc (b) | 2823 | 292886 |
| Microchip Technology Inc  | 23689 | 1091589 |
| MKS Instruments Inc  | 3175 | 222695 |
| Monolithic Power Systems Inc  | 2091 | 1240173 |
| ON Semiconductor Corp (b) | 19058 | 756603 |
| Onto Innovation Inc (b) | 2228 | 271749 |
| Qorvo Inc (b) | 3530 | 252995 |
| Skyworks Solutions Inc  | 6005 | 386001 |
| Teradyne Inc  | 7140 | 529859 |
| Universal Display Corp  | 2113 | 265456 |
| Wolfspeed Inc (b)(c) | 5893 | 20920 |
|  |  | 7785412 |
| Software - 7.1% |  |  |
| ANSYS Inc (b) | 3864 | 1243744 |
| Appfolio Inc Class A (b) | 1014 | 209411 |
| AppLovin Corp Class A (b) | 11609 | 3126420 |
| Bentley Systems Inc Class B  | 6258 | 269031 |
| BILL Holdings Inc (b) | 3521 | 160452 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 21614 | 200146 |
| Confluent Inc Class A (b) | 11047 | 263029 |
| Datadog Inc Class A (b) | 13507 | 1379875 |
| Docusign Inc (b) | 8494 | 694385 |
| Dolby Laboratories Inc Class A  | 2650 | 203494 |
| DoubleVerify Holdings Inc (b) | 5994 | 79480 |
| Dropbox Inc Class A (b) | 9945 | 283930 |
| Dynatrace Inc (b) | 13268 | 623198 |
| Elastic NV (b) | 3884 | 334801 |
| Fair Isaac Corp (b) | 1050 | 2089164 |
| Five9 Inc (b) | 3106 | 78084 |
| Gen Digital Inc  | 24014 | 621242 |
| Gitlab Inc Class A (b) | 5628 | 262659 |
| Guidewire Software Inc (b) | 3608 | 738810 |
| HubSpot Inc (b) | 2198 | 1344077 |
| Informatica Inc Class A (b) | 3796 | 71478 |
| Manhattan Associates Inc (b) | 2708 | 480372 |
| MicroStrategy Inc Class A (b) | 10231 | 3888905 |
| nCino Inc (b) | 3818 | 88578 |
| Nutanix Inc Class A (b) | 11111 | 763326 |
| Palantir Technologies Inc Class A (b) | 91150 | 10795806 |
| Pegasystems Inc  | 1994 | 183608 |
| Procore Technologies Inc (b) | 4823 | 309106 |
| PTC Inc (b) | 5274 | 817312 |
| RingCentral Inc Class A (b) | 2547 | 64948 |
| SentinelOne Inc Class A (b) | 12745 | 235783 |
| Teradata Corp (b) | 4462 | 95933 |
| Tyler Technologies Inc (b) | 1872 | 1017058 |
| UiPath Inc Class A (b) | 19500 | 232830 |
| Unity Software Inc (b) | 13722 | 289123 |
| Zoom Communications Inc Class A (b) | 11691 | 906520 |
| Zscaler Inc (b) | 4146 | 937701 |
|  |  | 35383819 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| Hewlett Packard Enterprise Co  | 58362 | 946632 |
| HP Inc  | 41601 | 1063738 |
| NetApp Inc  | 9036 | 810981 |
| Pure Storage Inc Class A (b) | 13695 | 621205 |
| Sandisk Corp/DE  | 5140 | 165044 |
| Super Micro Computer Inc (b)(c) | 21993 | 700697 |
| Western Digital Corp (b) | 15453 | 677769 |
|  |  | 4986066 |
| TOTAL INFORMATION TECHNOLOGY |  | 69311371 |
| Materials - 5.2% |  |  |
| Chemicals - 2.2% |  |  |
| Albemarle Corp  | 4424 | 259025 |
| Ashland Inc  | 2258 | 122813 |
| Axalta Coating Systems Ltd (b) | 9855 | 320288 |
| Celanese Corp  | 3944 | 175547 |
| CF Industries Holdings Inc  | 7699 | 603371 |
| Chemours Co/The  | 6246 | 77325 |
| Corteva Inc  | 30464 | 1888464 |
| Dow Inc  | 31855 | 974444 |
| DuPont de Nemours Inc  | 18637 | 1229856 |
| Eastman Chemical Co  | 5190 | 399630 |
| Element Solutions Inc  | 10245 | 209100 |
| FMC Corp  | 5642 | 236513 |
| Huntsman Corp  | 7974 | 106134 |
| International Flavors & Fragrances Inc  | 10867 | 852625 |
| LyondellBasell Industries NV Class A1  | 11800 | 686878 |
| Mosaic Co/The  | 14171 | 430798 |
| NewMarket Corp  | 295 | 181514 |
| Olin Corp  | 5452 | 117872 |
| PPG Industries Inc  | 10347 | 1126374 |
| RPM International Inc  | 5631 | 601109 |
| Scotts Miracle-Gro Co/The  | 1810 | 91188 |
| Westlake Corp  | 1618 | 149552 |
|  |  | 10840420 |
| Construction Materials - 0.7% |  |  |
| Eagle Materials Inc  | 1481 | 335283 |
| Martin Marietta Materials Inc  | 2705 | 1417366 |
| Vulcan Materials Co  | 5835 | 1530696 |
|  |  | 3283345 |
| Containers & Packaging - 1.4% |  |  |
| Amcor PLC  | 101055 | 929706 |
| AptarGroup Inc  | 2895 | 434105 |
| Avery Dennison Corp  | 3573 | 611376 |
| Ball Corp  | 13188 | 684985 |
| Crown Holdings Inc  | 5198 | 500723 |
| Graphic Packaging Holding CO  | 13146 | 332725 |
| International Paper Co  | 23201 | 1059823 |
| Packaging Corp of America  | 3927 | 728890 |
| Sealed Air Corp  | 6672 | 183880 |
| Silgan Holdings Inc  | 3638 | 187903 |
| Smurfit WestRock PLC  | 22965 | 964989 |
| Sonoco Products Co  | 4480 | 183680 |
|  |  | 6802785 |
| Metals & Mining - 0.9% |  |  |
| Alcoa Corp  | 11075 | 271670 |
| ATI Inc (b) | 5504 | 299308 |
| Cleveland-Cliffs Inc (b) | 22043 | 181634 |
| MP Materials Corp (b)(c) | 5728 | 140106 |
| Nucor Corp  | 10402 | 1241687 |
| Reliance Inc  | 2364 | 681376 |
| Royal Gold Inc  | 2869 | 524195 |
| Steel Dynamics Inc  | 6337 | 821972 |
| United States Steel Corp  | 9837 | 429975 |
|  |  | 4591923 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 2776 | 239597 |
| TOTAL MATERIALS |  | 25758070 |
| Real Estate - 7.8% |  |  |
| Diversified REITs - 0.1% |  |  |
| WP Carey Inc  | 9599 | 599362 |
| Health Care REITs - 0.6% |  |  |
| Alexandria Real Estate Equities Inc  | 6434 | 467494 |
| Healthcare Realty Trust Inc  | 16222 | 251928 |
| Healthpeak Properties Inc  | 31334 | 558999 |
| Medical Properties Trust Inc (c) | 27037 | 149243 |
| Omega Healthcare Investors Inc  | 11856 | 462977 |
| Ventas Inc  | 18497 | 1296270 |
|  |  | 3186911 |
| Hotel & Resort REITs - 0.1% |  |  |
| Host Hotels & Resorts Inc  | 31528 | 445175 |
| Park Hotels & Resorts Inc  | 10330 | 102680 |
|  |  | 547855 |
| Industrial REITs - 0.3% |  |  |
| Americold Realty Trust Inc  | 12950 | 250453 |
| EastGroup Properties Inc  | 2224 | 363446 |
| First Industrial Realty Trust Inc  | 5975 | 284291 |
| Lineage Inc  | 2869 | 138371 |
| Rexford Industrial Realty Inc  | 8216 | 271950 |
| STAG Industrial Inc Class A  | 8295 | 273984 |
|  |  | 1582495 |
| Office REITs - 0.2% |  |  |
| BXP Inc  | 6637 | 422977 |
| Cousins Properties Inc  | 7597 | 209221 |
| Highwoods Properties Inc  | 4913 | 139726 |
| Kilroy Realty Corp  | 4898 | 154336 |
| Vornado Realty Trust  | 7791 | 274866 |
|  |  | 1201126 |
| Real Estate Management & Development - 0.8% |  |  |
| CBRE Group Inc Class A (b) | 13504 | 1649919 |
| CoStar Group Inc (b) | 18439 | 1367621 |
| Howard Hughes Holdings Inc (b) | 1394 | 92743 |
| Jones Lang LaSalle Inc (b) | 2105 | 478698 |
| Seaport Entertainment Group Inc  | 486 | 9306 |
| Zillow Group Inc Class A (b) | 2156 | 142253 |
| Zillow Group Inc Class C (b) | 6761 | 455218 |
|  |  | 4195758 |
| Residential REITs - 1.7% |  |  |
| American Homes 4 Rent Class A  | 14924 | 558008 |
| AvalonBay Communities Inc  | 6284 | 1319514 |
| Camden Property Trust  | 4620 | 525756 |
| Equity LifeStyle Properties Inc  | 8360 | 541561 |
| Equity Residential  | 16698 | 1173201 |
| Essex Property Trust Inc  | 2830 | 789995 |
| Invitation Homes Inc  | 27104 | 926686 |
| Mid-America Apartment Communities Inc  | 5123 | 817887 |
| Sun Communities Inc  | 5576 | 693822 |
| UDR Inc  | 14576 | 610443 |
|  |  | 7956873 |
| Retail REITs - 1.4% |  |  |
| Agree Realty Corp  | 4464 | 346451 |
| Brixmor Property Group Inc  | 13393 | 333619 |
| Federal Realty Investment Trust  | 3844 | 361413 |
| Kimco Realty Corp  | 29463 | 588671 |
| NNN REIT Inc  | 8343 | 342981 |
| Realty Income Corp  | 38580 | 2232239 |
| Regency Centers Corp  | 7888 | 569356 |
| Simon Property Group Inc  | 14348 | 2258088 |
|  |  | 7032818 |
| Specialized REITs - 2.6% |  |  |
| Crown Castle Inc  | 19328 | 2044130 |
| CubeSmart  | 10078 | 409872 |
| Digital Realty Trust Inc  | 14692 | 2358655 |
| EPR Properties  | 3383 | 167425 |
| Extra Space Storage Inc  | 9297 | 1362196 |
| Gaming and Leisure Properties Inc  | 11441 | 547566 |
| Iron Mountain Inc  | 12929 | 1159343 |
| Lamar Advertising Co Class A  | 3899 | 443745 |
| Millrose Properties Inc Class A  | 5498 | 137670 |
| National Storage Affiliates Trust  | 3270 | 121644 |
| Rayonier Inc  | 7027 | 171880 |
| SBA Communications Corp Class A  | 4762 | 1159071 |
| VICI Properties Inc  | 46466 | 1487841 |
| Weyerhaeuser Co  | 32555 | 843500 |
|  |  | 12414538 |
| TOTAL REAL ESTATE |  | 38717736 |
| Utilities - 6.3% |  |  |
| Electric Utilities - 3.0% |  |  |
| Alliant Energy Corp  | 11251 | 686761 |
| Edison International  | 16989 | 909081 |
| Entergy Corp  | 18812 | 1564594 |
| Evergy Inc  | 9799 | 677111 |
| Eversource Energy  | 16353 | 972676 |
| Exelon Corp  | 44184 | 2072231 |
| FirstEnergy Corp  | 25689 | 1101544 |
| IDACORP Inc  | 2303 | 271961 |
| NRG Energy Inc  | 8953 | 981070 |
| OGE Energy Corp  | 8730 | 396167 |
| PG&E Corp  | 96885 | 1600540 |
| Pinnacle West Capital Corp  | 5007 | 476566 |
| PPL Corp  | 32408 | 1182892 |
| Xcel Energy Inc  | 25313 | 1789630 |
|  |  | 14682824 |
| Gas Utilities - 0.4% |  |  |
| Atmos Energy Corp  | 6774 | 1088108 |
| MDU Resources Group Inc  | 9144 | 156728 |
| National Fuel Gas Co  | 3927 | 301515 |
| UGI Corp  | 9601 | 314817 |
|  |  | 1861168 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| AES Corp/The  | 31811 | 318110 |
| Clearway Energy Inc Class A  | 1734 | 47425 |
| Clearway Energy Inc Class C  | 3560 | 104450 |
| Vistra Corp  | 15062 | 1952487 |
|  |  | 2422472 |
| Multi-Utilities - 2.1% |  |  |
| Ameren Corp  | 11685 | 1159619 |
| CenterPoint Energy Inc  | 28567 | 1107828 |
| CMS Energy Corp  | 13193 | 971664 |
| Consolidated Edison Inc  | 15335 | 1729022 |
| DTE Energy Co  | 9171 | 1256427 |
| NiSource Inc  | 20627 | 806722 |
| Public Service Enterprise Group Inc  | 22094 | 1765974 |
| WEC Energy Group Inc  | 13938 | 1526490 |
|  |  | 10323746 |
| Water Utilities - 0.3% |  |  |
| American Water Works Co Inc  | 8629 | 1268549 |
| Essential Utilities Inc  | 11173 | 459545 |
|  |  | 1728094 |
| TOTAL UTILITIES |  | 31018304 |
| TOTAL UNITED STATES |  | 487399968 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $410,860,456) |  | <br> **494025961** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Brookfield Property Preferred LP 6.25% <br>(Cost $74)<br>| 3 | **43** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (f)<br>(Cost $67,778)<br>| 4.25 | 68000 | **67777** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 914040 | 914223 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 3870969 | 3871356 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $4,785,579) |  |  | **4785579** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $415,713,887)<br>| <br>**498879360** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(3706911)** |
| **NET ASSETS - 100.0%** | **495172449** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 400 Midcap Index Contracts (United States) | 4 | Jun 2025 | 1143120 | 6422 | 6422 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**Legend**

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

(b) Non-income producing

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

(d) Level 3 security

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $67,777.

(g) 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.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1144201 | 24611465 | 24841405 | 39262 | (38) | - | 914223 | 914040 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2938580 | 45314985 | 44382209 | 44563 | - | - | 3871356 | 3870969 | 0.0% |
| Total | 4082781 | 69926450 | 69223614 | 83825 | (38) | - | 4785579 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 17902856 | 17902856 | - | - |
| Consumer Discretionary | 49607463 | 49607463 | - | - |
| Consumer Staples | 25119012 | 25119012 | - | - |
| Energy | 26009677 | 26009677 | - | - |
| Financials | 82382372 | 82382372 | - | - |
| Health Care | 45065769 | 45065769 | - | - |
| Industrials | 82855263 | 82855263 | - | - |
| Information Technology | 69415093 | 69415093 | - | - |
| Materials | 25758070 | 25758070 | - | - |
| Real Estate | 38717736 | 38717736 | - | - |
| Utilities | 31192650 | 31192650 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Real Estate | 43 | 43 | - | - |
|  **U.S. Treasury Obligations** | 67777 | - | 67777 | - |
|  **Money Market Funds** | 4785579 | 4785579 | - | - |
| **Total Investments in Securities:** | 498879360 | 498811583 | 67777 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 6422 | 6422 | - | - |
| Total Assets | 6422 | 6422 | - | - |
| **Total Derivative Instruments:** | 6422 | 6422 | - | - |

---

**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, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 6422 | 0 |
| **Total Equity Risk**  | 6422 | 0 |
| **Total Value of Derivatives** | 6422 | 0 |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,640,050) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $410,928,308) | $494093781 |  |
| Fidelity Central Funds (cost $4,785,579) | 4785579 |  |
| Total Investment in Securities (cost $415,713,887) |  | $498879360 |
| Segregated cash with brokers for derivative instruments |  | 46784 |
| Receivable for fund shares sold |  | 613048 |
| Dividends receivable |  | 183643 |
| Distributions receivable from Fidelity Central Funds |  | 3510 |
| Other receivables |  | 2200 |
| **Total assets** |  | 499728545 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $264158 |  |
| Payable for fund shares redeemed | 418208 |  |
| Payable for daily variation margin on futures contracts | 2400 |  |
| Other payables and accrued expenses | 4 |  |
| Collateral on securities loaned | 3871326 |  |
| **Total liabilities** |  | 4556096 |
| **Net Assets**  |  | $495172449 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $421722819 |
| Total accumulated earnings (loss) |  | 73449630 |
| **Net Assets** |  | $495172449 |
| **Net Asset Value**, offering price and redemption price per share ($495,172,449 ÷ 27,590,606 shares) |  | $17.95 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $7210470 |
| Interest  |  | 4656 |
| Income from Fidelity Central Funds (including $44,563 from security lending)  |  | 83825 |
| **Total income** |  | 7298951 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $1166 |  |
| Total expenses before reductions | 1166 |  |
| Expense reductions | (1046) |  |
| Total expenses after reductions |  | 120 |
| **Net Investment income (loss)** |  | 7298831 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (2028253) |  |
| Redemptions in-kind | 13522015 |  |
| Fidelity Central Funds | (38) |  |
| Foreign currency transactions | 232 |  |
| Futures contracts | (14383) |  |
| Total net realized gain (loss) |  | 11479573 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 11436293 |  |
| Futures contracts | 48666 |  |
| Total change in net unrealized appreciation (depreciation) |  | 11484959 |
| **Net gain (loss)** |  | 22964532 |
| **Net increase (decrease) in net assets resulting from operations** |  | $30263363 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7298831 | $5813665 |
| &nbsp;&nbsp;Net realized gain (loss) | 11479573<br>| 2213213<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 11484959 | 45152257<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 30263363<br>| 53179135<br>|
| Distributions to shareholders | (5037711)<br>| (7149688)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 235522054 | 158415832 |
| Reinvestment of distributions | 3720271<br>| 5252514<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (173412358) | (99543480) |
| **Net increase (decrease) in net assets resulting from share transactions** | 65829967<br>| 64124866<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 91055619<br>| 110154313<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 404116830 | 293962517<br>|
| &nbsp;&nbsp;End of period | $495172449 | $404116830 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 12959637 | 9997096 |
| Issued in reinvestment of distributions | 201454<br>| 328034<br>|
| &nbsp;&nbsp;Redeemed | (9466012) | (6255170) |
| &nbsp;&nbsp;Net increase (decrease) | 3695079 | 4069960 |

---

**Financial Highlights** 

**Fidelity Flex® Mid Cap Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.91 | $14.83 | $15.35 | $16.82 | $10.78 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .26  | .26  | .21  | .19  |
| Net realized and unrealized gain (loss)  | .95  | 2.15  | (.52)  | (1.18)  | 6.17  |
| Total from investment operations  | 1.24  | 2.41  | (.26)  | (.97)  | 6.36  |
| Distributions from net investment income  | (.20)  | (.24)  | (.23)  | (.19)  | (.20)  |
| Distributions from net realized gain  | -  | (.08)  | (.03)  | (.31)  | (.12)  |
| Total distributions  | (.20)  | (.33) C | (.26)  | (.50)  | (.32)  |
| Net asset value, end of period  | $17.95 | $16.91 | $14.83 | $15.35 | $16.82 |
| **Total Return** D | 7.31% <br>| 16.36%  | (1.62)%  | (6.09)%  | 59.64%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | -% G | .04%  | -% G | -% G | -% G |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.58%  | 1.67%  | 1.75%  | 1.27%  | 1.35%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $495172 | $404117 | $293963 | $251337 | $189335 |
| Portfolio turnover rate H | 17% I<br>| 10% I | 13%  | 13%  | 26%  |

---

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

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

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

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

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

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

G*Amount represents less than .005%.*

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

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended April 30, 2025

**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 RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, short-term capital gain dividends, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $122454306 |
| **Gross unrealized depreciation**  | <u>(46098172)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$76356134</u> |
| **Tax Cost**  | <u>$422523226</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$-</u> |
| **Capital loss carryforward**  | <u>$(2906504)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$76356134</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $- |
| Long-term | <u>(2906504)</u> |
| **Total capital loss carryforward** | <u>$(2906504)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $5037711 | $5320320 |
| **Long-term Capital Gains**  | <u>-</u> | <u>1829368</u> |
| **Total**  | <u>$5037711</u> | <u>$7149688</u> |

---

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

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Flex Mid Cap Index Fund** | 173787037 | 79760963 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Flex Mid Cap Index Fund** | 1377002 | 13522015 | 24025897 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Flex Mid Cap Index Fund** | 57372 | 610106 | 988525 |

---

**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 of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**7. Committed Line of Credit.**

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

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

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

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

**8. Security Lending.** 

Funds lend portfolio securities 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, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. 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 earned 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** | - | - |

---

**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 1,046.

**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 Accounting Firm**

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, 2025, 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, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 11, 2025

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

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

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

The fund designates $45,311 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 98% and 100% 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 97.77% and 100% 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 2.23% and 0% 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 2026 of amounts for use in preparing 2025 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img108981_4.jpg)<br>

1.9881627.108 ZMP-ANN-0625

**Fidelity® Series Large Cap Growth Index Fund**

**Annual Report**

**April 30, 2025**

![](img108966_1.jpg)

![](img108966_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_CGI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Large Cap Growth Index Fund](#Sub_Sec_Fund_3222_CGI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3222_CGI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_CGI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_CGI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CGI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CGI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CGI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CGI-ANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

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

**Fidelity® Series Large Cap Growth Index Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 216209 | 2687478 |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 2825 | 45482 |
| TOTAL BRAZIL |  | 2732960 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Coupang Inc Class A (b) | 77153 | 1803066 |
| MEXICO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Southern Copper Corp  | 5843 | 523065 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 480 | 45802 |
| UNITED STATES - 99.4%  |  |  |
| Communication Services - 12.8% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Iridium Communications Inc  | 633 | 15274 |
| Entertainment - 2.4% |  |  |
| Liberty Media Corp-Liberty Formula One Class A (b) | 509 | 41000 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 5004 | 443705 |
| Live Nation Entertainment Inc (b) | 10524 | 1393904 |
| Madison Square Garden Sports Corp Class A (b) | 94 | 18102 |
| Netflix Inc (b) | 28499 | 32252888 |
| ROBLOX Corp Class A (b) | 34986 | 2345811 |
| Roku Inc Class A (b) | 1306 | 89043 |
| Spotify Technology SA (b) | 9786 | 6008408 |
| TKO Group Holdings Inc Class A  | 734 | 119576 |
|  |  | 42712437 |
| Interactive Media & Services - 10.3% |  |  |
| Alphabet Inc Class A  | 375243 | 59588589 |
| Alphabet Inc Class C  | 309728 | 49832138 |
| Meta Platforms Inc Class A  | 127099 | 69777351 |
| Pinterest Inc Class A (b) | 39365 | 996722 |
| TripAdvisor Inc Class A (b) | 309 | 3847 |
| Trump Media & Technology Group Corp (b)(c) | 3360 | 82454 |
|  |  | 180281101 |
| Media - 0.1% |  |  |
| Liberty Broadband Corp Class A (b) | 297 | 26448 |
| Liberty Broadband Corp Class C (b) | 1770 | 159990 |
| Nexstar Media Group Inc  | 756 | 113143 |
| Trade Desk Inc (The) Class A (b) | 29746 | 1595278 |
|  |  | 1894859 |
| TOTAL COMMUNICATION SERVICES |  | 224903671 |
| Consumer Discretionary - 14.5% |  |  |
| Automobiles - 3.1% |  |  |
| Tesla Inc (b) | 185126 | 52235152 |
| Broadline Retail - 6.4% |  |  |
| Amazon.com Inc (b) | 598609 | 110395472 |
| Etsy Inc (b) | 4916 | 213747 |
|  |  | 110609219 |
| Distributors - 0.0% |  |  |
| Pool Corp (c) | 2478 | 726401 |
| Diversified Consumer Services - 0.1% |  |  |
| Bright Horizons Family Solutions Inc (b) | 528 | 66222 |
| Duolingo Inc Class A (b) | 2505 | 975647 |
| Grand Canyon Education Inc (b) | 605 | 107914 |
| H&R Block Inc  | 1683 | 101603 |
|  |  | 1251386 |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Airbnb Inc Class A (b) | 28498 | 3474476 |
| Booking Holdings Inc  | 2070 | 10555511 |
| Cava Group Inc (b) | 5022 | 464183 |
| Chipotle Mexican Grill Inc (b) | 90951 | 4594845 |
| Choice Hotels International Inc (c) | 1499 | 189039 |
| Churchill Downs Inc  | 4636 | 419141 |
| Darden Restaurants Inc  | 4120 | 826637 |
| Domino's Pizza Inc  | 807 | 395729 |
| DoorDash Inc Class A (b) | 20551 | 3964082 |
| DraftKings Inc Class A (b) | 30155 | 1003860 |
| Dutch Bros Inc Class A (b) | 2875 | 171753 |
| Expedia Group Inc Class A  | 8151 | 1279136 |
| Hilton Worldwide Holdings Inc  | 8192 | 1847132 |
| Hyatt Hotels Corp Class A  | 386 | 43494 |
| Las Vegas Sands Corp  | 23196 | 850597 |
| Light & Wonder Inc Class A (b) | 5899 | 503657 |
| McDonald's Corp  | 3076 | 983243 |
| Norwegian Cruise Line Holdings Ltd (b) | 29205 | 468156 |
| Planet Fitness Inc Class A (b) | 3055 | 288972 |
| Royal Caribbean Cruises Ltd  | 5484 | 1178566 |
| Starbucks Corp  | 58555 | 4687328 |
| Texas Roadhouse Inc  | 4439 | 736696 |
| Vail Resorts Inc  | 2089 | 290789 |
| Wendy's Co/The (c) | 5908 | 73850 |
| Wingstop Inc  | 1952 | 515113 |
| Wyndham Hotels & Resorts Inc  | 436 | 37191 |
| Wynn Resorts Ltd  | 512 | 41119 |
| Yum! Brands Inc  | 7210 | 1084672 |
|  |  | 40968967 |
| Household Durables - 0.0% |  |  |
| SharkNinja Inc (b) | 789 | 63515 |
| Somnigroup International Inc  | 11169 | 681979 |
| TopBuild Corp (b) | 154 | 45547 |
|  |  | 791041 |
| Leisure Products - 0.0% |  |  |
| Hasbro Inc  | 8073 | 499719 |
| YETI Holdings Inc (b) | 1656 | 47279 |
|  |  | 546998 |
| Specialty Retail - 2.3% |  |  |
| AutoZone Inc (b) | 1026 | 3860428 |
| Burlington Stores Inc (b) | 4221 | 949894 |
| CarMax Inc (b) | 701 | 45334 |
| Carvana Co Class A (b) | 2523 | 616495 |
| Dick's Sporting Goods Inc  | 307 | 57636 |
| Five Below Inc (b) | 2934 | 222661 |
| Floor & Decor Holdings Inc Class A (b) | 2465 | 176100 |
| Home Depot Inc/The  | 52726 | 19007196 |
| Murphy USA Inc  | 1219 | 607757 |
| O'Reilly Automotive Inc (b) | 3551 | 5025375 |
| Restoration Hardware Inc (b) | 193 | 35517 |
| Ross Stores Inc  | 5002 | 695278 |
| TJX Cos Inc/The  | 44622 | 5741959 |
| Tractor Supply Co  | 35568 | 1800452 |
| Ulta Beauty Inc (b) | 2669 | 1055963 |
| Valvoline Inc (b) | 8524 | 292032 |
| Williams-Sonoma Inc  | 4804 | 742074 |
|  |  | 40932151 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Crocs Inc (b) | 678 | 65373 |
| Deckers Outdoor Corp (b) | 10105 | 1119937 |
| Lululemon Athletica Inc (b) | 7742 | 2096301 |
| NIKE Inc Class B  | 48671 | 2745045 |
| Skechers USA Inc Class A (b) | 770 | 36975 |
|  |  | 6063631 |
| TOTAL CONSUMER DISCRETIONARY |  | 254124946 |
| Consumer Staples - 3.8% |  |  |
| Beverages - 1.3% |  |  |
| Boston Beer Co Inc/The Class A (b) | 93 | 22859 |
| Celsius Holdings Inc (b) | 11716 | 409591 |
| Coca-Cola Co/The  | 148183 | 10750677 |
| Monster Beverage Corp (b) | 37657 | 2263939 |
| PepsiCo Inc  | 72344 | 9808400 |
|  |  | 23255466 |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Casey's General Stores Inc  | 424 | 196138 |
| Costco Wholesale Corp  | 29529 | 29366591 |
| Performance Food Group Co (b) | 1471 | 118651 |
| Sysco Corp  | 20316 | 1450562 |
|  |  | 31131942 |
| Food Products - 0.0% |  |  |
| Freshpet Inc (b) | 1034 | 76040 |
| Hershey Co/The  | 1371 | 229217 |
| Lamb Weston Holdings Inc  | 3021 | 159539 |
| Pilgrim's Pride Corp  | 239 | 13045 |
|  |  | 477841 |
| Household Products - 0.6% |  |  |
| Clorox Co/The  | 8266 | 1176252 |
| Colgate-Palmolive Co  | 29744 | 2742099 |
| Kimberly-Clark Corp  | 9077 | 1196167 |
| Procter & Gamble Co/The  | 35054 | 5698729 |
|  |  | 10813247 |
| Personal Care Products - 0.0% |  |  |
| elf Beauty Inc (b)(c) | 3622 | 224093 |
| Estee Lauder Cos Inc/The Class A  | 5522 | 331099 |
|  |  | 555192 |
| TOTAL CONSUMER STAPLES |  | 66233688 |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Weatherford International PLC  | 4827 | 199838 |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Antero Midstream Corp  | 8556 | 141602 |
| Cheniere Energy Inc  | 7600 | 1756436 |
| Civitas Resources Inc  | 1878 | 51176 |
| EQT Corp  | 2443 | 120782 |
| Hess Corp  | 12028 | 1552213 |
| Matador Resources Co  | 636 | 25147 |
| New Fortress Energy Inc Class A (c) | 3200 | 17376 |
| Permian Resources Corp Class A  | 9355 | 110389 |
| Targa Resources Corp  | 14346 | 2451732 |
| Texas Pacific Land Corp (c) | 1251 | 1612376 |
| Viper Energy Inc Class A  | 2522 | 101712 |
|  |  | 7940941 |
| TOTAL ENERGY |  | 8140779 |
| Financials - 7.3% |  |  |
| Capital Markets - 1.7% |  |  |
| Ameriprise Financial Inc  | 5848 | 2754525 |
| Ares Management Corp Class A  | 12326 | 1880085 |
| Blackstone Inc  | 48036 | 6326822 |
| Blue Owl Capital Inc Class A  | 34887 | 646456 |
| Charles Schwab Corp/The  | 11046 | 899144 |
| Coinbase Global Inc Class A (b) | 11337 | 2300164 |
| FactSet Research Systems Inc  | 896 | 387269 |
| Goldman Sachs Group Inc/The  | 5402 | 2957865 |
| Houlihan Lokey Inc Class A  | 320 | 51865 |
| Jefferies Financial Group Inc  | 3257 | 152200 |
| KKR & Co Inc Class A  | 12930 | 1477511 |
| Lazard Inc  | 6800 | 264520 |
| LPL Financial Holdings Inc  | 5273 | 1686253 |
| Moody's Corp  | 10525 | 4769088 |
| Morgan Stanley  | 4513 | 520890 |
| Morningstar Inc  | 1777 | 505947 |
| MSCI Inc  | 2933 | 1598808 |
| TPG Inc Class A  | 1490 | 69211 |
| Tradeweb Markets Inc Class A  | 3056 | 422645 |
|  |  | 29671268 |
| Consumer Finance - 0.2% |  |  |
| Ally Financial Inc  | 2455 | 80180 |
| American Express Co  | 13836 | 3686050 |
| Credit Acceptance Corp (b)(c) | 324 | 157924 |
| SoFi Technologies Inc Class A (b) | 11148 | 139461 |
|  |  | 4063615 |
| Financial Services - 4.6% |  |  |
| Apollo Global Management Inc  | 25977 | 3545341 |
| Block Inc Class A (b) | 15602 | 912249 |
| Corpay Inc (b) | 4492 | 1461562 |
| Equitable Holdings Inc  | 20795 | 1028313 |
| Fiserv Inc (b) | 12004 | 2215578 |
| Mastercard Inc Class A  | 54314 | 29767331 |
| Shift4 Payments Inc Class A (b)(c) | 4074 | 333253 |
| Toast Inc Class A (b) | 30827 | 1096825 |
| UWM Holdings Corp Class A  | 2942 | 13827 |
| Visa Inc Class A  | 114909 | 39701060 |
| Western Union Co/The  | 4011 | 39749 |
| WEX Inc (b) | 252 | 32853 |
|  |  | 80147941 |
| Insurance - 0.8% |  |  |
| Allstate Corp/The  | 2723 | 540216 |
| Arthur J Gallagher & Co  | 1129 | 362059 |
| Brown & Brown Inc  | 7000 | 774200 |
| Everest Group Ltd  | 460 | 165062 |
| Kinsale Capital Group Inc  | 1466 | 638091 |
| Markel Group Inc (b) | 199 | 361901 |
| Marsh & McLennan Cos Inc  | 4509 | 1016644 |
| Progressive Corp/The  | 32823 | 9247552 |
| RLI Corp  | 262 | 19391 |
| Ryan Specialty Holdings Inc Class A (c) | 6810 | 446123 |
|  |  | 13571239 |
| TOTAL FINANCIALS |  | 127454063 |
| Health Care - 7.8% |  |  |
| Biotechnology - 1.7% |  |  |
| AbbVie Inc  | 50977 | 9945613 |
| Alnylam Pharmaceuticals Inc (b) | 7621 | 2006152 |
| Amgen Inc  | 27822 | 8093976 |
| Apellis Pharmaceuticals Inc (b) | 7250 | 139273 |
| Exact Sciences Corp (b) | 4886 | 222997 |
| Exelixis Inc (b) | 15586 | 610192 |
| Incyte Corp (b) | 630 | 39476 |
| Ionis Pharmaceuticals Inc (b) | 9625 | 295584 |
| Natera Inc (b) | 7627 | 1151143 |
| Neurocrine Biosciences Inc (b) | 6635 | 714523 |
| Regeneron Pharmaceuticals Inc  | 583 | 349077 |
| Sarepta Therapeutics Inc (b) | 6083 | 379579 |
| Ultragenyx Pharmaceutical Inc (b) | 5988 | 233412 |
| Vertex Pharmaceuticals Inc (b) | 8609 | 4386286 |
| Viking Therapeutics Inc (b)(c) | 7051 | 203562 |
|  |  | 28770845 |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Align Technology Inc (b) | 2920 | 506036 |
| Dexcom Inc (b) | 26000 | 1855880 |
| Edwards Lifesciences Corp (b) | 7444 | 561948 |
| GE HealthCare Technologies Inc  | 2878 | 202410 |
| IDEXX Laboratories Inc (b) | 5415 | 2342800 |
| Inspire Medical Systems Inc (b) | 1948 | 308524 |
| Insulet Corp (b) | 4656 | 1174662 |
| Intuitive Surgical Inc (b) | 23526 | 12134711 |
| Masimo Corp (b) | 1509 | 242889 |
| Penumbra Inc (b) | 2455 | 718922 |
| ResMed Inc  | 2644 | 625544 |
| Stryker Corp  | 7169 | 2680632 |
|  |  | 23354958 |
| Health Care Providers & Services - 0.7% |  |  |
| Cardinal Health Inc  | 9648 | 1363166 |
| Cencora Inc  | 11547 | 3379461 |
| Chemed Corp  | 99 | 57569 |
| Cigna Group/The  | 1629 | 553925 |
| DaVita Inc (b) | 3137 | 444042 |
| Elevance Health Inc  | 2478 | 1042197 |
| HCA Healthcare Inc  | 3021 | 1042487 |
| McKesson Corp  | 3649 | 2600971 |
| Molina Healthcare Inc (b) | 2382 | 778938 |
| UnitedHealth Group Inc  | 4153 | 1708710 |
|  |  | 12971466 |
| Health Care Technology - 0.1% |  |  |
| Doximity Inc Class A (b) | 627 | 35663 |
| Veeva Systems Inc Class A (b) | 9829 | 2296939 |
|  |  | 2332602 |
| Life Sciences Tools & Services - 0.1% |  |  |
| 10X Genomics Inc Class A (b) | 4644 | 38406 |
| Bruker Corp  | 4454 | 178427 |
| Fortrea Holdings Inc (b) | 444 | 2766 |
| IQVIA Holdings Inc (b) | 1363 | 211360 |
| Medpace Holdings Inc (b) | 1689 | 520871 |
| Repligen Corp (b) | 558 | 76998 |
| Waters Corp (b) | 2390 | 831075 |
| West Pharmaceutical Services Inc  | 2930 | 619080 |
|  |  | 2478983 |
| Pharmaceuticals - 3.9% |  |  |
| Eli Lilly & Co  | 53324 | 47935610 |
| Merck & Co Inc  | 168883 | 14388832 |
| Zoetis Inc Class A  | 24808 | 3879971 |
|  |  | 66204413 |
| TOTAL HEALTH CARE |  | 136113267 |
| Industrials - 4.9% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Axon Enterprise Inc (b) | 4818 | 2954879 |
| Boeing Co (b) | 8174 | 1497804 |
| BWX Technologies Inc  | 1246 | 135964 |
| GE Aerospace  | 15424 | 3108553 |
| HEICO Corp  | 3043 | 763063 |
| HEICO Corp Class A  | 5274 | 1059705 |
| Howmet Aerospace Inc  | 1673 | 231844 |
| Loar Holdings Inc (b)(c) | 2050 | 193889 |
| Lockheed Martin Corp  | 4496 | 2147964 |
| Spirit AeroSystems Holdings Inc Class A (b) | 1064 | 38304 |
| Standardaero Inc  | 2201 | 59471 |
| TransDigm Group Inc  | 732 | 1034367 |
|  |  | 13225807 |
| Air Freight & Logistics - 0.0% |  |  |
| Expeditors International of Washington Inc  | 1514 | 166404 |
| Building Products - 0.3% |  |  |
| AAON Inc  | 4484 | 409255 |
| Advanced Drainage Systems Inc  | 1761 | 199856 |
| Armstrong World Industries Inc  | 979 | 141975 |
| AZEK Co Inc/The Class A (b) | 6639 | 329029 |
| Builders FirstSource Inc (b) | 678 | 81109 |
| Carlisle Cos Inc  | 405 | 153689 |
| Lennox International Inc (c) | 2136 | 1167858 |
| Simpson Manufacturing Co Inc  | 262 | 40266 |
| Trane Technologies PLC  | 5145 | 1972130 |
| Trex Co Inc (b) | 7101 | 410580 |
|  |  | 4905747 |
| Commercial Services & Supplies - 0.9% |  |  |
| Cintas Corp  | 21844 | 4623938 |
| Copart Inc (b) | 54118 | 3302822 |
| Rollins Inc  | 18621 | 1063818 |
| Tetra Tech Inc  | 3870 | 120705 |
| Veralto Corp  | 7402 | 709852 |
| Waste Management Inc  | 26701 | 6230945 |
|  |  | 16052080 |
| Construction & Engineering - 0.1% |  |  |
| Comfort Systems USA Inc  | 2341 | 930665 |
| EMCOR Group Inc  | 1200 | 480840 |
| Quanta Services Inc  | 2963 | 867240 |
| WillScot Holdings Corp  | 3484 | 87518 |
|  |  | 2366263 |
| Electrical Equipment - 0.1% |  |  |
| Generac Holdings Inc (b) | 1889 | 216064 |
| Rockwell Automation Inc  | 692 | 171394 |
| Vertiv Holdings Co Class A  | 23857 | 2036911 |
|  |  | 2424369 |
| Ground Transportation - 1.1% |  |  |
| Avis Budget Group Inc (b) | 481 | 44555 |
| Lyft Inc Class A (b) | 17302 | 214545 |
| Old Dominion Freight Line Inc  | 12883 | 1974706 |
| Saia Inc (b) | 1028 | 250832 |
| U-Haul Holding Co (b) | 297 | 18232 |
| U-Haul Holding Co Class N  | 2797 | 153276 |
| Uber Technologies Inc (b) | 135366 | 10966000 |
| Union Pacific Corp  | 19452 | 4195018 |
| XPO Inc (b) | 7608 | 807361 |
|  |  | 18624525 |
| Industrial Conglomerates - 0.1% |  |  |
| 3M Co  | 6744 | 936809 |
| Honeywell International Inc  | 6732 | 1417086 |
|  |  | 2353895 |
| Machinery - 0.2% |  |  |
| Caterpillar Inc  | 4570 | 1413364 |
| Illinois Tool Works Inc  | 7308 | 1753262 |
| Lincoln Electric Holdings Inc  | 1018 | 179372 |
|  |  | 3345998 |
| Passenger Airlines - 0.0% |  |  |
| American Airlines Group Inc (b)(c) | 3162 | 31462 |
| Professional Services - 0.9% |  |  |
| Automatic Data Processing Inc  | 25406 | 7637044 |
| Booz Allen Hamilton Holding Corp Class A  | 8392 | 1007208 |
| Broadridge Financial Solutions Inc  | 7124 | 1726858 |
| Dayforce Inc (b) | 1051 | 60821 |
| Equifax Inc  | 1640 | 426613 |
| KBR Inc  | 804 | 42458 |
| Paychex Inc  | 7692 | 1131647 |
| Paycom Software Inc  | 2134 | 483116 |
| Paylocity Holding Corp (b) | 2885 | 554209 |
| TransUnion  | 726 | 60229 |
| Verisk Analytics Inc  | 9392 | 2784071 |
|  |  | 15914274 |
| Trading Companies & Distributors - 0.4% |  |  |
| Core & Main Inc Class A (b) | 8296 | 437033 |
| Fastenal Co  | 32142 | 2602538 |
| Ferguson Enterprises Inc  | 897 | 152185 |
| SiteOne Landscape Supply Inc (b) | 1094 | 125602 |
| United Rentals Inc  | 1054 | 665548 |
| WW Grainger Inc  | 2518 | 2579213 |
|  |  | 6562119 |
| TOTAL INDUSTRIALS |  | 85972943 |
| Information Technology - 46.4% |  |  |
| Communications Equipment - 0.4% |  |  |
| Arista Networks Inc  | 68584 | 5642406 |
| Motorola Solutions Inc  | 5232 | 2304120 |
| Ubiquiti Inc  | 128 | 41786 |
|  |  | 7988312 |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Amphenol Corp Class A  | 45871 | 3529773 |
| CDW Corp/DE  | 4497 | 722038 |
| Cognex Corp  | 573 | 15643 |
| Ingram Micro Holding Corp  | 267 | 4747 |
| Jabil Inc  | 579 | 84858 |
| Zebra Technologies Corp Class A (b) | 701 | 175474 |
|  |  | 4532533 |
| IT Services - 0.7% |  |  |
| Cloudflare Inc Class A (b) | 20292 | 2450868 |
| EPAM Systems Inc (b) | 229 | 35932 |
| Gartner Inc (b) | 5023 | 2115085 |
| Globant SA (b)(c) | 2106 | 247602 |
| GoDaddy Inc Class A (b) | 9318 | 1754859 |
| MongoDB Inc Class A (b) | 4766 | 820562 |
| Okta Inc Class A (b) | 4812 | 539714 |
| Snowflake Inc Class A (b) | 20803 | 3317870 |
| Twilio Inc Class A (b) | 1949 | 188488 |
| VeriSign Inc (b) | 372 | 104949 |
|  |  | 11575929 |
| Semiconductors & Semiconductor Equipment - 14.9% |  |  |
| Advanced Micro Devices Inc (b) | 70756 | 6888097 |
| Applied Materials Inc  | 49801 | 7505509 |
| Astera Labs Inc (b)(c) | 361 | 23577 |
| Broadcom Inc  | 297631 | 57285039 |
| Enphase Energy Inc (b) | 8768 | 390965 |
| Entegris Inc  | 10021 | 792862 |
| KLA Corp  | 8852 | 6220212 |
| Lam Research Corp  | 85591 | 6134307 |
| Lattice Semiconductor Corp (b) | 7847 | 383954 |
| Marvell Technology Inc  | 4564 | 266401 |
| MKS Instruments Inc  | 245 | 17183 |
| Monolithic Power Systems Inc  | 3131 | 1856996 |
| NVIDIA Corp  | 1480799 | 161288627 |
| Onto Innovation Inc (b) | 861 | 105016 |
| QUALCOMM Inc  | 69767 | 10357609 |
| Teradyne Inc  | 9473 | 702991 |
| Texas Instruments Inc  | 7345 | 1175567 |
| Universal Display Corp  | 1584 | 198998 |
|  |  | 261593910 |
| Software - 18.7% |  |  |
| Adobe Inc (b) | 28988 | 10869920 |
| Appfolio Inc Class A (b) | 1506 | 311019 |
| AppLovin Corp Class A (b) | 17461 | 4702422 |
| Atlassian Corp Class A (b) | 10771 | 2459127 |
| Autodesk Inc (b) | 14349 | 3935213 |
| Bentley Systems Inc Class B  | 9314 | 400409 |
| BILL Holdings Inc (b) | 1762 | 80294 |
| Cadence Design Systems Inc (b) | 18145 | 5402492 |
| Confluent Inc Class A (b) | 16470 | 392151 |
| Crowdstrike Holdings Inc Class A (b) | 15320 | 6570288 |
| Datadog Inc Class A (b) | 20248 | 2068536 |
| Docusign Inc (b) | 13355 | 1091771 |
| DoubleVerify Holdings Inc (b) | 5240 | 69482 |
| Dropbox Inc Class A (b) | 4492 | 128247 |
| Dynatrace Inc (b) | 19859 | 932777 |
| Elastic NV (b) | 5794 | 499443 |
| Fair Isaac Corp (b) | 1338 | 2662192 |
| Five9 Inc (b) | 4932 | 123990 |
| Fortinet Inc (b) | 34327 | 3561770 |
| Gitlab Inc Class A (b) | 8395 | 391795 |
| Guidewire Software Inc (b) | 2480 | 507830 |
| HubSpot Inc (b) | 3301 | 2018562 |
| Intuit Inc  | 18184 | 11409914 |
| Manhattan Associates Inc (b) | 4034 | 715591 |
| Microsoft Corp  | 470176 | 185841766 |
| MicroStrategy Inc Class A (b)(c) | 970 | 368707 |
| nCino Inc (b)(c) | 3527 | 81826 |
| Nutanix Inc Class A (b) | 4731 | 325020 |
| Oracle Corp  | 106455 | 14980348 |
| Palantir Technologies Inc Class A (b) | 137114 | 16239782 |
| Palo Alto Networks Inc (b) | 43075 | 8052010 |
| Pegasystems Inc  | 2881 | 265282 |
| Procore Technologies Inc (b)(c) | 7117 | 456129 |
| PTC Inc (b) | 4785 | 741531 |
| RingCentral Inc Class A (b) | 5454 | 139077 |
| Salesforce Inc  | 52189 | 14023706 |
| SentinelOne Inc Class A (b) | 2977 | 55074 |
| Servicenow Inc (b) | 13673 | 13057852 |
| Synopsys Inc (b) | 10264 | 4711279 |
| Teradata Corp (b) | 6321 | 135902 |
| Tyler Technologies Inc (b) | 2401 | 1304463 |
| UiPath Inc Class A (b) | 24434 | 291742 |
| Unity Software Inc (b)(c) | 9213 | 194118 |
| Workday Inc Class A (b) | 14098 | 3454010 |
| Zscaler Inc (b) | 6205 | 1403385 |
|  |  | 327428244 |
| Technology Hardware, Storage & Peripherals - 11.5% |  |  |
| Apple Inc  | 929843 | 197591638 |
| Dell Technologies Inc Class C  | 2890 | 265186 |
| HP Inc  | 15102 | 386158 |
| NetApp Inc  | 6053 | 543257 |
| Pure Storage Inc Class A (b) | 17827 | 808633 |
| Super Micro Computer Inc (b)(c) | 33014 | 1051826 |
|  |  | 200646698 |
| TOTAL INFORMATION TECHNOLOGY |  | 813765626 |
| Materials - 0.6% |  |  |
| Chemicals - 0.5% |  |  |
| Celanese Corp  | 1893 | 84257 |
| Chemours Co/The  | 594 | 7354 |
| Ecolab Inc  | 14430 | 3628135 |
| RPM International Inc  | 1944 | 207522 |
| Sherwin-Williams Co/The  | 14226 | 5020640 |
|  |  | 8947908 |
| Construction Materials - 0.1% |  |  |
| Eagle Materials Inc  | 1673 | 378750 |
| Martin Marietta Materials Inc  | 232 | 121563 |
| Vulcan Materials Co  | 2270 | 595490 |
|  |  | 1095803 |
| Containers & Packaging - 0.0% |  |  |
| Avery Dennison Corp  | 2003 | 342734 |
| Sealed Air Corp  | 445 | 12264 |
|  |  | 354998 |
| Metals & Mining - 0.0% |  |  |
| Cleveland-Cliffs Inc (b) | 10902 | 89832 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 2903 | 250558 |
| TOTAL MATERIALS |  | 10739099 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Jones Lang LaSalle Inc (b) | 980 | 222862 |
| Retail REITs - 0.0% |  |  |
| Simon Property Group Inc  | 5522 | 869052 |
| Specialized REITs - 0.6% |  |  |
| American Tower Corp  | 31091 | 7008223 |
| Equinix Inc  | 347 | 298680 |
| Iron Mountain Inc  | 11072 | 992826 |
| Lamar Advertising Co Class A  | 1456 | 165707 |
| Public Storage Operating Co  | 1600 | 480688 |
|  |  | 8946124 |
| TOTAL REAL ESTATE |  | 10038038 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.0% |  |  |
| Constellation Energy Corp  | 3336 | 745396 |
| NRG Energy Inc  | 5493 | 601922 |
|  |  | 1347318 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 22601 | 2929768 |
| TOTAL UTILITIES |  | 4277086 |
| TOTAL UNITED STATES |  | 1741763206 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,183,487,217) |  | <br> **1746868099** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (e)<br>(Cost $180,408)<br>| 4.25 | 181000 | **180406** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 3527590 | 3528295 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 5984984 | 5985583 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $9,513,877) |  |  | **9513878** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $1,193,181,502)<br>| <br>**1756562383** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(4336029)** |
| **NET ASSETS - 100.0%** | **1752226354** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini NASDAQ 100 Index Contracts (United States) | 10 | Jun 2025 | 3931700 | 145424 | 145424 |
| CME E-Mini S&P 500 Index Contracts (United States) | 5 | Jun 2025 | 1396750 | 47049 | 47049 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **192473** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

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

(b) Non-income producing

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $180,406.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 5302174 | 163113652 | 164887499 | 165684 | (32) | - | 3528295 | 3527590 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2567307 | 64500091 | 61081816 | 7070 | - | 1 | 5985583 | 5984984 | 0.0% |
| Total | 7869481 | 227613743 | 225969315 | 172754 | (32) | 1 | 9513878 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 224903671 | 224903671 | - | - |
| Consumer Discretionary | 255928012 | 255928012 | - | - |
| Consumer Staples | 66233688 | 66233688 | - | - |
| Energy | 8140779 | 8140779 | - | - |
| Financials | 130232825 | 130232825 | - | - |
| Health Care | 136113267 | 136113267 | - | - |
| Industrials | 85972943 | 85972943 | - | - |
| Information Technology | 813765626 | 813765626 | - | - |
| Materials | 11262164 | 11262164 | - | - |
| Real Estate | 10038038 | 10038038 | - | - |
| Utilities | 4277086 | 4277086 | - | - |
|  **U.S. Treasury Obligations** | 180406 | - | 180406 | - |
|  **Money Market Funds** | 9513878 | 9513878 | - | - |
| **Total Investments in Securities:** | 1756562383 | 1756381977 | 180406 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 192473 | 192473 | - | - |
| Total Assets | 192473 | 192473 | - | - |
| **Total Derivative Instruments:** | 192473 | 192473 | - | - |

---

**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, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 192473 | 0 |
| **Total Equity Risk**  | 192473 | 0 |
| **Total Value of Derivatives** | 192473 | 0 |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $5,691,737) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,183,667,625) | $1747048505 |  |
| Fidelity Central Funds (cost $9,513,877) | 9513878 |  |
| Total Investment in Securities (cost $1,193,181,502) |  | $1756562383 |
| Segregated cash with brokers for derivative instruments |  | 145067 |
| Receivable for fund shares sold |  | 2890101 |
| Dividends receivable |  | 326180 |
| Distributions receivable from Fidelity Central Funds |  | 13656 |
| Receivable for daily variation margin on futures contracts |  | 3002 |
| **Total assets** |  | 1759940389 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1726136 |  |
| Other payables and accrued expenses | 2324 |  |
| Collateral on securities loaned | 5985575 |  |
| **Total liabilities** |  | 7714035 |
| **Net Assets**  |  | $1752226354 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1205007789 |
| Total accumulated earnings (loss) |  | 547218565 |
| **Net Assets** |  | $1752226354 |
| **Net Asset Value**, offering price and redemption price per share ($1,752,226,354 ÷ 75,281,597 shares) |  | $23.28 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $9277838 |
| Interest  |  | 11110 |
| Income from Fidelity Central Funds (including $7,070 from security lending)  |  | 172754 |
| **Total income** |  | 9461702 |
| **Expenses** |  |  |
| Custodian fees and expenses | $31580 |  |
| Independent trustees' fees and expenses | 3639 |  |
| Total expenses before reductions | 35219 |  |
| Expense reductions | (1119) |  |
| Total expenses after reductions |  | 34100 |
| **Net Investment income (loss)** |  | 9427602 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 11373234 |  |
| Fidelity Central Funds | (32) |  |
| Futures contracts | (107303) |  |
| Total net realized gain (loss) |  | 11265899 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 133699317 |  |
| Fidelity Central Funds  | 1 |  |
| Futures contracts | 156192 |  |
| Total change in net unrealized appreciation (depreciation) |  | 133855510 |
| **Net gain (loss)** |  | 145121409 |
| **Net increase (decrease) in net assets resulting from operations** |  | $154549011 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9427602 | $7961729 |
| &nbsp;&nbsp;Net realized gain (loss) | 11265899<br>| 6407255<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 133855510 | 242799061<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 154549011<br>| 257168045<br>|
| Distributions to shareholders | (8536692)<br>| (8147076)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 764835701 | 292824105 |
| Reinvestment of distributions | 8536692<br>| 8147076<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (319128573) | (211591405) |
| **Net increase (decrease) in net assets resulting from share transactions** | 454243820<br>| 89379776<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 600256139<br>| 338400745<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1151970215 | 813569470<br>|
| &nbsp;&nbsp;End of period | $1752226354 | $1151970215 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 31951379 | 15607253 |
| Issued in reinvestment of distributions | 336223<br>| 447053<br>|
| &nbsp;&nbsp;Redeemed | (13376853) | (11738549) |
| &nbsp;&nbsp;Net increase (decrease) | 18910749 | 4315757 |

---

**Financial Highlights** 

**Fidelity® Series Large Cap Growth Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.44 | $15.63 | $15.47 | $16.85 | $11.52 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .15  | .15  | .13  | .12  |
| Net realized and unrealized gain (loss)  | 2.83  | 4.82  | .20  | (.92)  | 5.67  |
| Total from investment operations  | 2.98  | 4.97  | .35  | (.79)  | 5.79  |
| Distributions from net investment income  | (.14)  | (.16)  | (.13)  | (.12)  | (.13)  |
| Distributions from net realized gain  | -  | -  | (.06)  | (.46)  | (.33)  |
| Total distributions  | (.14)  | (.16)  | (.19)  | (.59) C | (.46)  |
| Net asset value, end of period  | $23.28 | $20.44 | $15.63 | $15.47 | $16.85 |
| **Total Return** D | 14.52% <br>| 31.91%  | 2.39%  | (5.34)%  | 51.21%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | -% G | -% G | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | -% G<br>| -% G | -% G | -% G | -% G |
| Expenses net of all reductions, if any  | -% G | -% G | -% G | -% G | -% G |
| Net investment income (loss)  | .64%  | .83%  | 1.04%  | .73%  | .85%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1752226 | $1151970 | $813569 | $643492 | $546009 |
| Portfolio turnover rate H | 28% <br>| 28%  | 29%  | 40%  | 40%  |

---

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

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

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

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

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

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

G*Amount represents less than .005%.*

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

**Notes to Financial Statements**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Series Large Cap Growth Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may operate as a non-diversified fund, as defined under the 1940 Act, to the approximate extent the Index is non-diversified.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the

hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to futures contracts, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $608941285 |
| **Gross unrealized depreciation**  | <u>(58315167)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$550626118</u> |
| **Tax Cost**  | <u>$1205936265</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$2589116</u> |
| **Capital loss carryforward**  | <u>$(5996670)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$550626118</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(5996670) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(5996670)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $8536692 | $8147076 |

---

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

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Large Cap Growth Index Fund** | 862107751 | 406591197 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, 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 of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series Large Cap Growth Index Fund** | - | 124 | 11 |

---

**7. Committed Line of Credit.**

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

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

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

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

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series Large Cap Growth Index Fund** | 693 | 75 | - |

---

**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 $1,119.

**10. Other.**

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

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**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 Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Series Large Cap Growth Index Fund:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Series Large Cap Growth Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust including the schedule of investments, as of April 30, 2025, 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, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 11, 2025

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

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

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

The fund designates $208,737 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 80% and 91% 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 82.21% and 92.32% 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 2.38% and 3.08% 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 2026 of amounts for use in preparing 2025 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img108966_4.jpg)<br>

1.9891255.106 CGI-ANN-0625

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Salem Street Trust

---

| | |
|:---|:---|
| By: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | June 20, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | June 20, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | June 20, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Salem Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 20, 2025

---

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

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Salem Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 20, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Exhibit EX-99.906CERT

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Salem Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: June 20, 2025

---

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

---

Dated: June 20, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>