# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0000035315-25-001295
**Filing Date:** 2025-12
**Character Count:** 965739
**Document Hash:** 528b09cb3d6f87f23cc020fe32a0b3c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035315-25-001295.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0000035315-25-001295

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251222

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 251589705

**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           |

### Fidelity Flex Mid Cap Focused Index Fund (Series ID: S000093537)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000261868 | Fidelity Flex Mid Cap Focused Index Fund | FXMCX           |

### Fidelity Flex Small Cap Focused Index Fund (Series ID: S000093538)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000261869 | Fidelity Flex Small Cap Focused Index Fund | FXSCX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

<u>Fidelity Salem Street Trust</u>

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;April 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;October 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Small Cap Index Fund<br> **Fidelity® Small Cap Index Fund : FSSNX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Index Fund for the period May 1, 2025 to October 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Small Cap Index Fund  | $1  | 0.02% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $29025655588<br>|
| Number of Holdings | 1970<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.1 |
| Health Care | 17.0 |
| Financials | 16.8 |
| Information Technology | 16.4 |
| Consumer Discretionary | 9.1 |
| Real Estate | 5.5 |
| Energy | 4.8 |
| Materials | 4.0 |
| Utilities | 3.3 |
| Communication Services | 2.7 |
| Consumer Staples | 1.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2356_20251031_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 | 95.8 |
| Canada | 1.4 |
| Thailand | 0.6 |
| United Kingdom | 0.3 |
| Switzerland | 0.3 |
| Puerto Rico | 0.3 |
| Brazil | 0.2 |
| Bermuda | 0.2 |
| Norway | 0.1 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2356_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&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;Thailand - 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;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.3&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;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;Bermuda - 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;Norway - 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 - 0.8&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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Bloom Energy Corp Class A | 1.1<br>|
| Credo Technology Group Holding Ltd | 1.1<br>|
| IonQ Inc | 0.6<br>|
| Fabrinet | 0.6<br>|
| Kratos Defense & Security Solutions Inc | 0.6<br>|
| Rigetti Computing Inc Class A | 0.6<br>|
| NEXTracker Inc Class A | 0.5<br>|
| Oklo Inc Class A | 0.5<br>|
| AeroVironment Inc | 0.5<br>|
| D-Wave Quantum Inc | 0.4<br>|
|  | 6.5 |

---

---

| | | |
|:---|:---|:---|
| 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_20251031_1.jpg)<br>| ![](img118676_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915076.101 2358-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series Large Cap Growth Index Fund<br> **Fidelity® Series Large Cap Growth Index Fund : FHOFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Large Cap Growth Index Fund for the period May 1, 2025 to October 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2228441587<br>|
| Number of Holdings | 396<br>|
| Portfolio Turnover | 39%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 53.6 |
| Consumer Discretionary | 12.9 |
| Communication Services | 11.2 |
| Health Care | 6.9 |
| Financials | 5.8 |
| Industrials | 5.7 |
| Consumer Staples | 2.3 |
| Real Estate | 0.4 |
| Materials | 0.3 |
| Utilities | 0.3 |
| Energy | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3222_20251031_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 | 99.5 |
| Brazil | 0.2 |
| Korea (South) | 0.1 |
| United Kingdom | 0.1 |
| Canada | 0.1 |
| Switzerland | 0.0 |
| Kazakhstan | 0.0 |
| Germany | 0.0 |
| Puerto Rico | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3222_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.5&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;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;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;Switzerland - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Kazakhstan - 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;Germany - 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;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**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.8<br>|
| Apple Inc | 11.5<br>|
| Microsoft Corp | 11.2<br>|
| Broadcom Inc | 5.0<br>|
| Amazon.com Inc | 4.5<br>|
| Tesla Inc | 3.9<br>|
| Meta Platforms Inc Class A | 3.2<br>|
| Alphabet Inc Class A | 3.1<br>|
| Alphabet Inc Class C | 2.5<br>|
| Eli Lilly & Co | 2.1<br>|
|  | 60.8 |

---

---

| | | |
|:---|:---|:---|
| 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_20251031_1.jpg)<br>| ![](img118687_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915091.101 3222-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Mid Cap Index Fund<br> **Fidelity® Mid Cap Index Fund : FSMDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid Cap Index Fund for the period May 1, 2025 to October 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Mid Cap Index Fund  | $1  | 0.02% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $45043880479<br>|
| Number of Holdings | 816<br>|
| Portfolio Turnover | 20%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.6 |
| Financials | 15.1 |
| Information Technology | 12.5 |
| Consumer Discretionary | 11.4 |
| Health Care | 9.8 |
| Real Estate | 7.0 |
| Utilities | 6.2 |
| Energy | 5.5 |
| Materials | 4.9 |
| Consumer Staples | 4.7 |
| Communication Services | 4.2 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2349_20251031_AA.jpg) <br>|

---

Common Stocks - 99.9&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) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 98.2 |
| United Kingdom | 0.7 |
| Canada | 0.4 |
| Korea (South) | 0.3 |
| Bermuda | 0.1 |
| Switzerland | 0.1 |
| Puerto Rico | 0.1 |
| Brazil | 0.1 |
| Guatemala | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2349_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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) - 0.3&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;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;Brazil - 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;Guatemala - 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**<br>**(% of Fund's net assets)**  |  |
| Robinhood Markets Inc Class A | 0.9<br>|
| Howmet Aerospace Inc | 0.8<br>|
| Royal Caribbean Cruises Ltd | 0.7<br>|
| Cloudflare Inc Class A | 0.6<br>|
| Bank of New York Mellon Corp/The | 0.6<br>|
| Vertiv Holdings Co Class A | 0.6<br>|
| Coinbase Global Inc Class A | 0.6<br>|
| Corning Inc | 0.6<br>|
| ROBLOX Corp Class A | 0.6<br>|
| Quanta Services Inc | 0.6<br>|
|  | 6.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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_20251031_1.jpg)<br>| ![](img118695_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915075.101 2352-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Large Cap Value Index Fund<br> **Fidelity® Large Cap Value Index Fund : FLCOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Large Cap Value Index Fund for the period May 1, 2025 to October 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Large Cap Value Index Fund  | $2  | 0.03% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $12230248284<br>|
| Number of Holdings | 871<br>|
| Portfolio Turnover | 28%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.8 |
| Industrials | 13.3 |
| Health Care | 11.9 |
| Information Technology | 11.3 |
| Communication Services | 8.1 |
| Consumer Discretionary | 7.6 |
| Consumer Staples | 7.3 |
| Energy | 5.9 |
| Utilities | 4.6 |
| Real Estate | 4.1 |
| Materials | 3.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2827_20251031_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 | 99.6 |
| United Kingdom | 0.2 |
| Canada | 0.2 |
| Bermuda | 0.0 |
| Mexico | 0.0 |
| Brazil | 0.0 |
| Puerto Rico | 0.0 |
| Guatemala | 0.0 |
| Finland | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2827_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.2&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;Bermuda - 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;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;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;Guatemala - 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;Finland - 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**<br>**(% of Fund's net assets)**  |  |
| Berkshire Hathaway Inc Class B | 3.1<br>|
| JPMorgan Chase & Co | 3.1<br>|
| Amazon.com Inc | 2.3<br>|
| Alphabet Inc Class A | 2.1<br>|
| Exxon Mobil Corp | 1.8<br>|
| Johnson & Johnson | 1.7<br>|
| Alphabet Inc Class C | 1.6<br>|
| Walmart Inc | 1.5<br>|
| Procter & Gamble Co/The | 1.2<br>|
| Bank of America Corp | 1.2<br>|
|  | 19.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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_20251031_1.jpg)<br>| ![](img118696_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915085.101 2830-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Large Cap Growth Index Fund<br> **Fidelity® Large Cap Growth Index Fund : FSPGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Large Cap Growth Index Fund for the period May 1, 2025 to October 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Large Cap Growth Index Fund  | $2  | 0.03% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $44043584852<br>|
| Number of Holdings | 396<br>|
| Portfolio Turnover | 24%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 53.7 |
| Consumer Discretionary | 13.0 |
| Communication Services | 11.2 |
| Health Care | 6.9 |
| Financials | 5.8 |
| Industrials | 5.7 |
| Consumer Staples | 2.3 |
| Real Estate | 0.4 |
| Materials | 0.3 |
| Utilities | 0.3 |
| Energy | 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_20251031_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 | 99.5 |
| Brazil | 0.2 |
| Korea (South) | 0.1 |
| United Kingdom | 0.1 |
| Canada | 0.1 |
| Switzerland | 0.0 |
| Kazakhstan | 0.0 |
| Puerto Rico | 0.0 |
| Germany | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2823_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.5&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;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;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;Switzerland - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Kazakhstan - 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;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;Germany - 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**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.8<br>|
| Apple Inc | 11.5<br>|
| Microsoft Corp | 11.2<br>|
| Broadcom Inc | 5.1<br>|
| Amazon.com Inc | 4.5<br>|
| Tesla Inc | 3.9<br>|
| Meta Platforms Inc Class A | 3.2<br>|
| Alphabet Inc Class A | 3.2<br>|
| Alphabet Inc Class C | 2.5<br>|
| Eli Lilly & Co | 2.1<br>|
|  | 61.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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_20251031_1.jpg)<br>| ![](img118699_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915084.101 2826-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity Flex® Small Cap Index Fund<br> **Fidelity Flex® Small Cap Index Fund : FLXSX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Flex® Small Cap Index Fund for the period May 1, 2025 to October 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $345758430<br>|
| Number of Holdings | 1542<br>|
| Portfolio Turnover | 92%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.5 |
| Information Technology | 16.7 |
| Financials | 16.6 |
| Health Care | 15.8 |
| Consumer Discretionary | 10.7 |
| Real Estate | 4.9 |
| Energy | 4.2 |
| Communication Services | 3.6 |
| Materials | 3.2 |
| Utilities | 2.4 |
| Consumer Staples | 2.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2921_20251031_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 | 98.0 |
| Canada | 0.7 |
| Puerto Rico | 0.3 |
| Netherlands | 0.2 |
| Japan | 0.1 |
| Bahamas (Nassau) | 0.1 |
| Monaco | 0.1 |
| Switzerland | 0.1 |
| Israel | 0.1 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2921_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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;Bahamas (Nassau) - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Monaco - 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;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 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 - 0.3&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Bloom Energy Corp Class A | 1.1<br>|
| Credo Technology Group Holding Ltd | 1.1<br>|
| Rocket Lab Corp | 1.1<br>|
| AST SpaceMobile Inc Class A | 0.8<br>|
| IonQ Inc | 0.8<br>|
| Kratos Defense & Security Solutions Inc | 0.7<br>|
| Oklo Inc Class A | 0.6<br>|
| Rigetti Computing Inc Class A | 0.6<br>|
| D-Wave Quantum Inc | 0.5<br>|
| AeroVironment Inc | 0.5<br>|
|  | 7.8 |

---

---

| | | |
|:---|:---|:---|
| 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_20251031_1.jpg)<br>| ![](img118726_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915088.101 2921-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity Flex® Mid Cap Index Fund<br> **Fidelity Flex® Mid Cap Index Fund : FLAPX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Flex® Mid Cap Index Fund for the period May 1, 2025 to October 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $504475033<br>|
| Number of Holdings | 504<br>|
| Portfolio Turnover | 135%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 22.4 |
| Financials | 16.3 |
| Information Technology | 13.2 |
| Consumer Discretionary | 11.7 |
| Health Care | 9.9 |
| Real Estate | 6.9 |
| Materials | 5.0 |
| Consumer Staples | 4.3 |
| Communication Services | 3.9 |
| Energy | 3.0 |
| Utilities | 2.9 |

---

Common Stocks 99.5 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2920_20251031_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; |
| 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) - 0.5 |

---

---

| | |
|:---|:---|
| United States | 97.5 |
| United Kingdom | 1.2 |
| Thailand | 0.4 |
| Bermuda | 0.3 |
| Sweden | 0.2 |
| Puerto Rico | 0.2 |
| Switzerland | 0.1 |
| Belgium | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2920_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bermuda - 0.3&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;Sweden - 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;Puerto Rico - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| SoFi Technologies Inc Class A | 0.9<br>|
| Comfort Systems USA Inc | 0.9<br>|
| Pure Storage Inc Class A | 0.8<br>|
| EMCOR Group Inc | 0.8<br>|
| Anglogold Ashanti Plc | 0.8<br>|
| Sandisk Corp/DE | 0.7<br>|
| Ciena Corp | 0.7<br>|
| Reddit Inc Class A | 0.7<br>|
| Flex Ltd | 0.6<br>|
| Tapestry Inc | 0.6<br>|
|  | 7.5 |

---

---

| | | |
|:---|:---|:---|
| 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_20251031_1.jpg)<br>| ![](img118727_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915087.101 2920-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity Flex® Mid Cap Focused Index Fund<br> **Fidelity Flex® Mid Cap Focused Index Fund : FXMCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Flex® Mid Cap Focused Index Fund for the period July 24, 2025 to October 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

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

---

A Expenses for the full reporting period would be higher.

B Amount represents less than $.50

C Amount represents less than 0.005%

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4392771<br>|
| Number of Holdings | 404<br>|
| Portfolio TurnoverA | 3%<br>|

---

A Amount not annualized

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 22.4 |
| Financials | 16.4 |
| Information Technology | 12.8 |
| Consumer Discretionary | 11.7 |
| Health Care | 10.1 |
| Real Estate | 7.0 |
| Materials | 4.9 |
| Consumer Staples | 4.2 |
| Communication Services | 3.9 |
| Energy | 2.9 |
| Utilities | 2.9 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img8967_20251031_AA.jpg) <br>|

---

Common Stocks - 99.2&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) - 0.8 <br>

---

| | |
|:---|:---|
| United States | 98.3 |
| United Kingdom | 0.8 |
| Bermuda | 0.4 |
| Belgium | 0.2 |
| Thailand | 0.1 |
| Sweden | 0.1 |
| Puerto Rico | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img8967_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bermuda - 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;Belgium - 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;Thailand - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 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;Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Pure Storage Inc Class A | 1.1<br>|
| Flex Ltd | 1.0<br>|
| Coherent Corp | 0.8<br>|
| BWX Technologies Inc | 0.8<br>|
| Affirm Holdings Inc Class A | 0.8<br>|
| Talen Energy Corp | 0.7<br>|
| Five Below Inc | 0.7<br>|
| Guidewire Software Inc | 0.7<br>|
| NEXTracker Inc Class A | 0.7<br>|
| Tenet Healthcare Corp | 0.6<br>|
|  | 7.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img8967_20251031_1.jpg)<br>| ![](img118742_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918065.100 8967-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity Flex® Small Cap Focused Index Fund<br> **Fidelity Flex® Small Cap Focused Index Fund : FXSCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Flex® Small Cap Focused Index Fund for the period July 24, 2025 to October 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

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

---

A Expenses for the full reporting period would be higher.

B Amount represents less than $.50

C Amount represents less than 0.005%

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6360135<br>|
| Number of Holdings | 839<br>|
| Portfolio TurnoverA | 4%<br>|

---

A Amount not annualized

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.6 |
| Information Technology | 16.6 |
| Financials | 16.4 |
| Health Care | 15.7 |
| Consumer Discretionary | 10.8 |
| Real Estate | 4.9 |
| Energy | 4.1 |
| Communication Services | 3.7 |
| Materials | 3.3 |
| Utilities | 2.4 |
| Consumer Staples | 2.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img8968_20251031_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 | 98.1 |
| Canada | 0.8 |
| Puerto Rico | 0.3 |
| Japan | 0.2 |
| Switzerland | 0.2 |
| Monaco | 0.2 |
| Israel | 0.1 |
| Ireland | 0.1 |
| Bermuda | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img8968_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.8&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;&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;Japan - 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;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Monaco - 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;Israel - 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;Ireland - 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;Bermuda - 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**<br>**(% of Fund's net assets)**  |  |
| Bloom Energy Corp Class A | 1.4<br>|
| Credo Technology Group Holding Ltd | 1.3<br>|
| Rocket Lab Corp | 1.2<br>|
| Rigetti Computing Inc Class A | 0.8<br>|
| Kratos Defense & Security Solutions Inc | 0.8<br>|
| D-Wave Quantum Inc | 0.7<br>|
| IonQ Inc | 0.6<br>|
| AST SpaceMobile Inc Class A | 0.6<br>|
| Centrus Energy Corp Class A | 0.5<br>|
| Lumen Technologies Inc | 0.5<br>|
|  | 8.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img8968_20251031_1.jpg)<br>| ![](img118743_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918063.100 8968-TSRS-1225 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

**Fidelity® Series Large Cap Growth Index Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119040_1.jpg)

![](img119040_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_CGI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Large Cap Growth Index Fund](#Sub_Sec_Fund_3222_CGI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3222_CGI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CGI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CGI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CGI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CGI-SANN)** |

---

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

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

The 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 (Semi-Annual Report)**

**Fidelity® Series Large Cap Growth Index Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 229850 | 3702884 |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 2451 | 44657 |
| TOTAL BRAZIL |  | 3747541 |
| CANADA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc (United States)  | 14174 | 931090 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Brookfield Asset Management Ltd Class A (United States)  | 9051 | 489297 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| RB Global Inc (United States)  | 796 | 78979 |
| TOTAL CANADA |  | 1499366 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 1187 | 47373 |
| KAZAKHSTAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b)(c) | 1054 | 161958 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Coupang Inc Class A (b) | 85320 | 2727680 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 411 | 45814 |
| SWITZERLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| On Holding AG Class A (b) | 15122 | 561782 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Flutter Entertainment PLC (b) | 9960 | 2316596 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Anglogold Ashanti Plc  | 4142 | 281656 |
| TOTAL UNITED KINGDOM |  | 2598252 |
| UNITED STATES - 99.2%  |  |  |
| Communication Services - 11.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AST SpaceMobile Inc Class A (b) | 12217 | 980414 |
| GCI LLC Class A  | 57 | 2084 |
| GCI LLC Class C  | 312 | 11427 |
| Iridium Communications Inc  | 505 | 9671 |
|  |  | 1003596 |
| Entertainment - 2.2% |  |  |
| Liberty Media Corp-Liberty Formula One Class A (b) | 544 | 49493 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 4412 | 440538 |
| Live Nation Entertainment Inc (b) | 10876 | 1626288 |
| Netflix Inc (b) | 29127 | 32589035 |
| ROBLOX Corp Class A (b) | 41987 | 4774762 |
| Roku Inc Class A (b) | 1175 | 124703 |
| Spotify Technology SA (b) | 10571 | 6927388 |
| Take-Two Interactive Software Inc (b) | 4244 | 1088034 |
| TKO Group Holdings Inc Class A  | 2002 | 377177 |
|  |  | 47997418 |
| Interactive Media & Services - 8.9% |  |  |
| Alphabet Inc Class A  | 246308 | 69259347 |
| Alphabet Inc Class C  | 200578 | 56526892 |
| Meta Platforms Inc Class A  | 109779 | 71175216 |
| Pinterest Inc Class A (b) | 20142 | 666700 |
| Reddit Inc Class A (b) | 8011 | 1673898 |
| Trump Media & Technology Group Corp (b)(c) | 6108 | 93605 |
|  |  | 199395658 |
| Media - 0.1% |  |  |
| DoubleVerify Holdings Inc (b) | 4746 | 54009 |
| Liberty Broadband Corp Class A (b) | 254 | 13586 |
| Liberty Broadband Corp Class C (b) | 1655 | 89073 |
| Nexstar Media Group Inc  | 115 | 22509 |
| NIQ Global Intelligence Plc (c) | 1667 | 20671 |
| Trade Desk Inc (The) Class A (b) | 30655 | 1541333 |
|  |  | 1741181 |
| TOTAL COMMUNICATION SERVICES |  | 250137853 |
| Consumer Discretionary - 12.6% |  |  |
| Automobiles - 3.9% |  |  |
| Tesla Inc (b) | 189687 | 86603497 |
| Broadline Retail - 4.5% |  |  |
| Amazon.com Inc (b) | 407526 | 99526000 |
| Etsy Inc (b) | 3826 | 237212 |
|  |  | 99763212 |
| Distributors - 0.0% |  |  |
| Pool Corp  | 471 | 125784 |
| Diversified Consumer Services - 0.0% |  |  |
| Bright Horizons Family Solutions Inc (b) | 498 | 54396 |
| Duolingo Inc Class A (b) | 2581 | 698522 |
| Grand Canyon Education Inc (b) | 549 | 103377 |
| H&R Block Inc  | 1594 | 79285 |
|  |  | 935580 |
| Hotels, Restaurants & Leisure - 2.2% |  |  |
| Airbnb Inc Class A (b) | 29224 | 3698005 |
| Booking Holdings Inc  | 2100 | 10663254 |
| Carnival Corp (b) | 22917 | 660697 |
| Cava Group Inc (b)(c) | 6815 | 366170 |
| Chipotle Mexican Grill Inc (b) | 92185 | 2921343 |
| Choice Hotels International Inc  | 558 | 51872 |
| Churchill Downs Inc  | 3638 | 360890 |
| Darden Restaurants Inc  | 7629 | 1374364 |
| Domino's Pizza Inc  | 653 | 260194 |
| DoorDash Inc Class A (b) | 24659 | 6272510 |
| DraftKings Inc Class A (b) | 33019 | 1010051 |
| Dutch Bros Inc Class A (b) | 8052 | 447208 |
| Expedia Group Inc Class A  | 8317 | 1829740 |
| Hilton Worldwide Holdings Inc  | 15864 | 4076413 |
| Las Vegas Sands Corp  | 21383 | 1269081 |
| Light & Wonder Inc Class A (b)(c) | 5673 | 412427 |
| Marriott International Inc/MD Class A1  | 12005 | 3128263 |
| McDonald's Corp  | 2785 | 831128 |
| Norwegian Cruise Line Holdings Ltd (b) | 27406 | 614443 |
| Planet Fitness Inc Class A (b) | 5746 | 521105 |
| Royal Caribbean Cruises Ltd  | 17413 | 4994571 |
| Starbucks Corp  | 10340 | 836196 |
| Texas Roadhouse Inc  | 4549 | 744125 |
| Travel + Leisure Co  | 1380 | 86636 |
| Vail Resorts Inc (c) | 1989 | 295028 |
| Viking Holdings Ltd (b) | 11990 | 729592 |
| Wendy's Co/The (c) | 4833 | 41274 |
| Wingstop Inc (c) | 1905 | 412680 |
| Wyndham Hotels & Resorts Inc  | 4572 | 335722 |
| Yum! Brands Inc  | 6444 | 890625 |
|  |  | 50135607 |
| Household Durables - 0.1% |  |  |
| SharkNinja Inc (b) | 994 | 84987 |
| Somnigroup International Inc  | 13879 | 1101160 |
| TopBuild Corp (b) | 137 | 57880 |
|  |  | 1244027 |
| Specialty Retail - 1.8% |  |  |
| AutoZone Inc (b) | 180 | 661397 |
| Burlington Stores Inc (b) | 4316 | 1180814 |
| Carvana Co Class A (b) | 9070 | 2780318 |
| Chewy Inc Class A (b) | 14632 | 493391 |
| Floor & Decor Holdings Inc Class A (b) | 2378 | 148577 |
| Home Depot Inc/The  | 52151 | 19795999 |
| Lithia Motors Inc Class A  | 207 | 65015 |
| Murphy USA Inc  | 1234 | 442019 |
| O'Reilly Automotive Inc (b) | 53832 | 5083894 |
| Restoration Hardware Inc (b) | 175 | 30186 |
| Ross Stores Inc  | 4418 | 702109 |
| TJX Cos Inc/The  | 38441 | 5387122 |
| Tractor Supply Co  | 36517 | 1975935 |
| Ulta Beauty Inc (b) | 772 | 401347 |
| Valvoline Inc (b) | 7604 | 251008 |
| Wayfair Inc Class A (b) | 1197 | 123901 |
| Williams-Sonoma Inc  | 1192 | 231653 |
|  |  | 39754685 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Deckers Outdoor Corp (b) | 10140 | 826410 |
| Lululemon Athletica Inc (b) | 4166 | 710470 |
| Ralph Lauren Corp Class A  | 194 | 62013 |
| Tapestry Inc  | 13036 | 1431614 |
|  |  | 3030507 |
| TOTAL CONSUMER DISCRETIONARY |  | 281592899 |
| Consumer Staples - 2.3% |  |  |
| Beverages - 0.7% |  |  |
| Celsius Holdings Inc (b) | 11296 | 680358 |
| Coca-Cola Co/The  | 130608 | 8998891 |
| Coca-Cola Consolidated Inc  | 486 | 63364 |
| Monster Beverage Corp (b) | 47936 | 3203563 |
| PepsiCo Inc  | 12896 | 1883977 |
|  |  | 14830153 |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| BJ's Wholesale Club Holdings Inc (b) | 1357 | 119769 |
| Casey's General Stores Inc  | 389 | 199631 |
| Costco Wholesale Corp  | 30504 | 27802871 |
| Performance Food Group Co (b) | 1325 | 128181 |
| Sprouts Farmers Market Inc (b) | 6700 | 529032 |
| Sysco Corp  | 17834 | 1324710 |
| Walmart Inc  | 29869 | 3022145 |
|  |  | 33126339 |
| Food Products - 0.0% |  |  |
| Darling Ingredients Inc (b) | 1193 | 38236 |
| Freshpet Inc (b) | 905 | 44535 |
| Hershey Co/The  | 1237 | 209832 |
|  |  | 292603 |
| Household Products - 0.1% |  |  |
| Colgate-Palmolive Co  | 26188 | 2017785 |
| Kimberly-Clark Corp  | 8221 | 984136 |
|  |  | 3001921 |
| TOTAL CONSUMER STAPLES |  | 51251016 |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| SLB Ltd  | 8052 | 290355 |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Cheniere Energy Inc  | 6829 | 1447748 |
| HF Sinclair Corp  | 1075 | 55469 |
| Phillips 66  | 1977 | 269149 |
| Targa Resources Corp  | 14763 | 2274093 |
| Texas Pacific Land Corp  | 1321 | 1246205 |
| Williams Cos Inc/The  | 4534 | 262383 |
|  |  | 5555047 |
| TOTAL ENERGY |  | 5845402 |
| Financials - 5.6% |  |  |
| Banks - 0.2% |  |  |
| Bank of America Corp  | 36818 | 1967922 |
| Citigroup Inc  | 22386 | 2266135 |
| Pinnacle Financial Partners Inc  | 355 | 30250 |
| Western Alliance Bancorp  | 1592 | 123141 |
|  |  | 4387448 |
| Capital Markets - 1.3% |  |  |
| Ameriprise Financial Inc  | 5958 | 2697604 |
| Ares Management Corp Class A  | 12924 | 1921928 |
| Bank of New York Mellon Corp/The  | 3505 | 378295 |
| Blackstone Inc  | 50297 | 7375552 |
| Blue Owl Capital Inc Class A  | 41880 | 660448 |
| Charles Schwab Corp/The  | 10256 | 969397 |
| Coinbase Global Inc Class A (b) | 1406 | 483355 |
| FactSet Research Systems Inc  | 167 | 44555 |
| Goldman Sachs Group Inc/The  | 1112 | 877779 |
| Hamilton Lane Inc Class A  | 1831 | 208661 |
| Houlihan Lokey Inc Class A  | 1398 | 250354 |
| Interactive Brokers Group Inc Class A  | 1608 | 113139 |
| Jefferies Financial Group Inc  | 2631 | 138996 |
| KKR & Co Inc Class A  | 11607 | 1373456 |
| Lazard Inc  | 1258 | 61389 |
| LPL Financial Holdings Inc  | 5475 | 2065772 |
| Moody's Corp  | 10683 | 5131045 |
| Morningstar Inc  | 1059 | 224826 |
| MSCI Inc  | 2543 | 1496683 |
| Robinhood Markets Inc Class A (b) | 6809 | 999425 |
| TPG Inc Class A  | 8511 | 468445 |
| Tradeweb Markets Inc Class A  | 699 | 73668 |
|  |  | 28014772 |
| Consumer Finance - 0.2% |  |  |
| Ally Financial Inc  | 2294 | 89397 |
| American Express Co  | 12371 | 4462591 |
| Credit Acceptance Corp (b) | 33 | 14762 |
| SLM Corp  | 2101 | 56412 |
| SoFi Technologies Inc Class A (b) | 10552 | 313183 |
|  |  | 4936345 |
| Financial Services - 3.6% |  |  |
| Affirm Holdings Inc Class A (b) | 10960 | 787805 |
| Apollo Global Management Inc  | 19723 | 2451766 |
| Block Inc Class A (b) | 13842 | 1051161 |
| Corpay Inc (b) | 4665 | 1214533 |
| Equitable Holdings Inc  | 20641 | 1019665 |
| Fiserv Inc (b) | 10263 | 684439 |
| Mastercard Inc Class A  | 55921 | 30867833 |
| Shift4 Payments Inc Class A (b)(c) | 4435 | 306459 |
| Toast Inc Class A (b) | 31036 | 1121641 |
| UWM Holdings Corp Class A  | 1158 | 6520 |
| Visa Inc Class A  | 117067 | 39889410 |
| WEX Inc (b) | 186 | 27134 |
|  |  | 79428366 |
| Insurance - 0.3% |  |  |
| Aon PLC  | 13333 | 4542286 |
| Arthur J Gallagher & Co  | 1045 | 260717 |
| Brown & Brown Inc  | 2074 | 165381 |
| Everest Group Ltd  | 415 | 130526 |
| Kinsale Capital Group Inc  | 1519 | 606795 |
| Markel Group Inc (b) | 173 | 341594 |
| Marsh & McLennan Cos Inc  | 4029 | 717766 |
| Progressive Corp/The  | 2015 | 415090 |
| RLI Corp  | 293 | 17275 |
| Ryan Specialty Holdings Inc Class A (c) | 7171 | 392971 |
|  |  | 7590401 |
| TOTAL FINANCIALS |  | 124357332 |
| Health Care - 6.9% |  |  |
| Biotechnology - 2.6% |  |  |
| AbbVie Inc  | 121752 | 26546806 |
| Alnylam Pharmaceuticals Inc (b) | 8576 | 3910999 |
| Amgen Inc  | 27264 | 8136396 |
| Apellis Pharmaceuticals Inc (b) | 7570 | 162528 |
| Caris Life Sciences Inc (b)(c) | 783 | 23553 |
| Exact Sciences Corp (b) | 699 | 45218 |
| Exelixis Inc (b) | 14630 | 565742 |
| Gilead Sciences Inc  | 23037 | 2759602 |
| Halozyme Therapeutics Inc (b) | 8412 | 548378 |
| Incyte Corp (b) | 2765 | 258472 |
| Insmed Inc (b) | 11995 | 2274252 |
| Ionis Pharmaceuticals Inc (b) | 9910 | 736313 |
| Natera Inc (b) | 8918 | 1774058 |
| Neurocrine Biosciences Inc (b) | 5686 | 814292 |
| Sarepta Therapeutics Inc (b) | 5470 | 131335 |
| Summit Therapeutics Inc (b)(c) | 8201 | 155081 |
| Ultragenyx Pharmaceutical Inc (b) | 6311 | 218361 |
| Vertex Pharmaceuticals Inc (b) | 17671 | 7520247 |
| Viking Therapeutics Inc (b)(c) | 578 | 22010 |
|  |  | 56603643 |
| Health Care Equipment & Supplies - 1.1% |  |  |
| Boston Scientific Corp (b) | 17492 | 1761794 |
| Dexcom Inc (b) | 26864 | 1564022 |
| IDEXX Laboratories Inc (b) | 5546 | 3491262 |
| Inspire Medical Systems Inc (b) | 2009 | 144809 |
| Insulet Corp (b) | 4818 | 1508082 |
| Intuitive Surgical Inc (b) | 24526 | 13103752 |
| Masimo Corp (b) | 3090 | 434609 |
| Penumbra Inc (b) | 2568 | 583886 |
| ResMed Inc  | 2371 | 585352 |
| Stryker Corp  | 6083 | 2167008 |
|  |  | 25344576 |
| Health Care Providers & Services - 0.6% |  |  |
| Cardinal Health Inc  | 8245 | 1572899 |
| Cencora Inc  | 12589 | 4252690 |
| Chemed Corp  | 97 | 41836 |
| Cigna Group/The  | 1429 | 349262 |
| DaVita Inc (b) | 2552 | 303739 |
| HCA Healthcare Inc  | 2485 | 1142305 |
| McKesson Corp  | 7963 | 6460700 |
| Molina Healthcare Inc (b) | 1997 | 305661 |
|  |  | 14429092 |
| Health Care Technology - 0.1% |  |  |
| Doximity Inc Class A (b) | 9168 | 605088 |
| Veeva Systems Inc Class A (b) | 8075 | 2351440 |
|  |  | 2956528 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Medpace Holdings Inc (b) | 1535 | 897837 |
| Repligen Corp (b) | 446 | 66481 |
| Sotera Health Co (b) | 1134 | 18823 |
| Tempus AI Inc Class A (b) | 5654 | 508012 |
| Waters Corp (b) | 2138 | 747445 |
|  |  | 2238598 |
| Pharmaceuticals - 2.4% |  |  |
| Bristol-Myers Squibb Co  | 26937 | 1240988 |
| Corcept Therapeutics Inc (b)(c) | 6451 | 473955 |
| Eli Lilly & Co  | 55058 | 47507346 |
| Zoetis Inc Class A  | 24458 | 3524153 |
|  |  | 52746442 |
| TOTAL HEALTH CARE |  | 154318879 |
| Industrials - 5.7% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Axon Enterprise Inc (b) | 5126 | 3753411 |
| Boeing Co (b) | 7044 | 1415985 |
| BWX Technologies Inc  | 1080 | 230699 |
| Carpenter Technology Corp  | 597 | 188592 |
| GE Aerospace  | 72269 | 22327508 |
| HEICO Corp  | 2938 | 933608 |
| HEICO Corp Class A  | 5123 | 1269121 |
| Howmet Aerospace Inc  | 27555 | 5674952 |
| Karman Holdings Inc (b) | 1858 | 156518 |
| Leonardo DRS Inc  | 2109 | 77105 |
| Loar Holdings Inc (b) | 2707 | 214205 |
| Lockheed Martin Corp  | 3994 | 1964569 |
| Rocket Lab Corp  | 28429 | 1790458 |
| Spirit AeroSystems Holdings Inc Class A (b) | 859 | 31517 |
| StandardAero Inc (b) | 846 | 24441 |
| TransDigm Group Inc  | 663 | 867542 |
|  |  | 40920231 |
| Building Products - 0.4% |  |  |
| AAON Inc (c) | 4609 | 453480 |
| Armstrong World Industries Inc  | 887 | 168911 |
| Carlisle Cos Inc  | 354 | 115068 |
| Lennox International Inc  | 2179 | 1100395 |
| Simpson Manufacturing Co Inc  | 233 | 41124 |
| Trane Technologies PLC  | 15318 | 6872421 |
|  |  | 8751399 |
| Commercial Services & Supplies - 0.6% |  |  |
| Cintas Corp  | 23624 | 4329570 |
| Copart Inc (b) | 56571 | 2433119 |
| Rollins Inc  | 19282 | 1110836 |
| Tetra Tech Inc  | 3469 | 110939 |
| Veralto Corp  | 6490 | 640433 |
| Waste Management Inc  | 25426 | 5079352 |
|  |  | 13704249 |
| Construction & Engineering - 0.3% |  |  |
| Comfort Systems USA Inc  | 2390 | 2307736 |
| EMCOR Group Inc  | 1048 | 708217 |
| MasTec Inc (b) | 918 | 187419 |
| Quanta Services Inc  | 7837 | 3519832 |
| WillScot Holdings Corp  | 3284 | 71427 |
|  |  | 6794631 |
| Electrical Equipment - 0.7% |  |  |
| GE Vernova Inc  | 18790 | 10994781 |
| Rockwell Automation Inc  | 611 | 225067 |
| Vertiv Holdings Co Class A  | 26145 | 5042325 |
|  |  | 16262173 |
| Ground Transportation - 0.7% |  |  |
| Avis Budget Group Inc (b)(c) | 420 | 57149 |
| Lyft Inc Class A (b) | 4478 | 91620 |
| Old Dominion Freight Line Inc  | 738 | 103630 |
| U-Haul Holding Co (b) | 270 | 14353 |
| U-Haul Holding Co Class N  | 2633 | 127674 |
| Uber Technologies Inc (b) | 138359 | 13351644 |
| Union Pacific Corp  | 3232 | 712236 |
| XPO Inc (b) | 1583 | 227746 |
|  |  | 14686052 |
| Industrial Conglomerates - 0.0% |  |  |
| 3M Co  | 5889 | 980519 |
| Machinery - 0.2% |  |  |
| Allison Transmission Holdings Inc  | 1011 | 83458 |
| Caterpillar Inc  | 3916 | 2260550 |
| Illinois Tool Works Inc  | 6579 | 1604750 |
| RBC Bearings Inc (b) | 441 | 188982 |
|  |  | 4137740 |
| Passenger Airlines - 0.0% |  |  |
| Alaska Air Group Inc (b) | 1420 | 59257 |
| American Airlines Group Inc (b) | 2778 | 36474 |
| Southwest Airlines Co  | 3456 | 104717 |
|  |  | 200448 |
| Professional Services - 0.6% |  |  |
| Automatic Data Processing Inc  | 25967 | 6759210 |
| Booz Allen Hamilton Holding Corp Class A  | 8347 | 727525 |
| Broadridge Financial Solutions Inc  | 7273 | 1602969 |
| Dawn Bidco LLC (b) | 1019 | 70046 |
| Equifax Inc  | 1465 | 309262 |
| ExlService Holdings Inc (b) | 10841 | 423883 |
| KBR Inc  | 649 | 27802 |
| Paychex Inc  | 6935 | 811603 |
| Paycom Software Inc  | 1919 | 359026 |
| Paylocity Holding Corp (b) | 2796 | 394991 |
| Verisk Analytics Inc  | 5776 | 1263558 |
|  |  | 12749875 |
| Trading Companies & Distributors - 0.3% |  |  |
| Core & Main Inc Class A (b) | 7479 | 390254 |
| Fastenal Co  | 64761 | 2664916 |
| Ferguson Enterprises Inc  | 800 | 198800 |
| FTAI Aviation Ltd  | 6999 | 1210127 |
| SiteOne Landscape Supply Inc (b) | 999 | 129640 |
| WW Grainger Inc  | 2597 | 2542463 |
|  |  | 7136200 |
| TOTAL INDUSTRIALS |  | 126323517 |
| Information Technology - 53.6% |  |  |
| Communications Equipment - 0.6% |  |  |
| Arista Networks Inc  | 70899 | 11180064 |
| Lumentum Holdings Inc (b) | 356 | 71755 |
| Motorola Solutions Inc  | 4827 | 1963189 |
| Ubiquiti Inc (c) | 283 | 222772 |
|  |  | 13437780 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Amphenol Corp Class A  | 82867 | 11546688 |
| CDW Corp/DE  | 668 | 106459 |
| Jabil Inc  | 4727 | 1044147 |
|  |  | 12697294 |
| IT Services - 0.7% |  |  |
| Cloudflare Inc Class A (b) | 21209 | 5372240 |
| Gartner Inc (b) | 5145 | 1277709 |
| Globant SA (b) | 283 | 17427 |
| GoDaddy Inc Class A (b) | 9444 | 1257280 |
| Kyndryl Holdings Inc (b) | 1011 | 29238 |
| MongoDB Inc Class A (b) | 528 | 189985 |
| Okta Inc Class A (b) | 4445 | 406851 |
| Snowflake Inc (b) | 21481 | 5904697 |
| Twilio Inc Class A (b) | 1695 | 228622 |
|  |  | 14684049 |
| Semiconductors & Semiconductor Equipment - 21.3% |  |  |
| Advanced Micro Devices Inc (b) | 64740 | 16581209 |
| Applied Materials Inc  | 15633 | 3644052 |
| Astera Labs Inc (b) | 8657 | 1616089 |
| Broadcom Inc  | 302920 | 111968320 |
| Enphase Energy Inc (b) | 8603 | 262478 |
| Entegris Inc  | 1716 | 157134 |
| KLA Corp  | 9146 | 11055136 |
| Lam Research Corp  | 87876 | 13836955 |
| Lattice Semiconductor Corp (b) | 7937 | 579084 |
| MACOM Technology Solutions Holdings Inc (b) | 1102 | 163239 |
| Marvell Technology Inc  | 4122 | 386396 |
| Monolithic Power Systems Inc  | 3180 | 3195900 |
| NVIDIA Corp  | 1506053 | 304960673 |
| Onto Innovation Inc (b) | 766 | 103379 |
| QUALCOMM Inc  | 16970 | 3069873 |
| Texas Instruments Inc  | 25551 | 4125464 |
|  |  | 475705381 |
| Software - 18.8% |  |  |
| Adobe Inc (b) | 29250 | 9954068 |
| Appfolio Inc Class A (b) | 1502 | 382154 |
| AppLovin Corp Class A (b) | 16386 | 10443289 |
| Atlassian Corp Class A (b) | 11120 | 1883950 |
| Autodesk Inc (b) | 14643 | 4412522 |
| Bentley Systems Inc Class B (c) | 10811 | 549523 |
| Cadence Design Systems Inc (b) | 18752 | 6351115 |
| Circle Internet Group Inc Class A (c) | 514 | 65268 |
| Confluent Inc Class A (b) | 19002 | 444077 |
| Crowdstrike Holdings Inc Class A (b) | 16786 | 9114966 |
| Datadog Inc Class A (b) | 21201 | 3451735 |
| Docusign Inc (b) | 10423 | 762338 |
| Dropbox Inc Class A (b) | 3433 | 99557 |
| Dynatrace Inc (b) | 20164 | 1019693 |
| Elastic NV (b) | 6225 | 555395 |
| Fair Isaac Corp (b) | 1327 | 2202196 |
| Fortinet Inc (b) | 43728 | 3779411 |
| Gen Digital Inc  | 4196 | 110607 |
| Gitlab Inc Class A (b) | 9112 | 444210 |
| Guidewire Software Inc (b) | 5755 | 1344598 |
| HubSpot Inc (b) | 3493 | 1718277 |
| Intuit Inc  | 18766 | 12527243 |
| Manhattan Associates Inc (b) | 4116 | 749400 |
| Microsoft Corp  | 478010 | 247518358 |
| nCino Inc (b)(c) | 1007 | 26866 |
| Nutanix Inc Class A (b) | 4261 | 303554 |
| Oracle Corp  | 113800 | 29885018 |
| Palantir Technologies Inc Class A (b) | 150122 | 30094957 |
| Palo Alto Networks Inc (b) | 45144 | 9942515 |
| Pegasystems Inc  | 2026 | 128955 |
| Procore Technologies Inc (b) | 7850 | 579487 |
| PTC Inc (b) | 968 | 192187 |
| RingCentral Inc Class A (b) | 5626 | 169455 |
| Rubrik Inc Class A (b) | 4734 | 356328 |
| Salesforce Inc  | 7187 | 1871567 |
| Samsara Inc Class A (b) | 18419 | 739891 |
| SentinelOne Inc Class A (b) | 14184 | 253184 |
| Servicenow Inc (b) | 14204 | 13057453 |
| Strategy Inc Class A (b) | 987 | 266006 |
| Synopsys Inc (b) | 9310 | 4225064 |
| Teradata Corp (b) | 1458 | 30399 |
| Tyler Technologies Inc (b) | 2452 | 1167790 |
| Unity Software Inc (b) | 1273 | 48247 |
| Workday Inc Class A (b) | 14787 | 3547697 |
| Zscaler Inc (b) | 6710 | 2221949 |
|  |  | 418992519 |
| Technology Hardware, Storage & Peripherals - 11.6% |  |  |
| Apple Inc  | 941369 | 254517937 |
| Dell Technologies Inc Class C  | 2824 | 457516 |
| NetApp Inc  | 5422 | 638603 |
| Pure Storage Inc Class A (b) | 18300 | 1806210 |
| Super Micro Computer Inc (b) | 16176 | 840505 |
|  |  | 258260771 |
| TOTAL INFORMATION TECHNOLOGY |  | 1193777794 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Ecolab Inc  | 4199 | 1076624 |
| Sherwin-Williams Co/The  | 14528 | 5011288 |
|  |  | 6087912 |
| Construction Materials - 0.0% |  |  |
| Eagle Materials Inc  | 135 | 28663 |
| James Hardie Industries PLC (b) | 6549 | 137071 |
|  |  | 165734 |
| Metals & Mining - 0.0% |  |  |
| Steel Dynamics Inc  | 946 | 148332 |
| TOTAL MATERIALS |  | 6401978 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| CBRE Group Inc Class A (b) | 2269 | 345864 |
| CoStar Group Inc (b) | 3489 | 240078 |
| Jones Lang LaSalle Inc (b) | 860 | 262377 |
|  |  | 848319 |
| Residential REITs - 0.0% |  |  |
| Sun Communities Inc  | 1700 | 215220 |
| UDR Inc  | 1218 | 41034 |
|  |  | 256254 |
| Retail REITs - 0.0% |  |  |
| Simon Property Group Inc  | 4939 | 868079 |
| Specialized REITs - 0.4% |  |  |
| American Tower Corp  | 32147 | 5753670 |
| Lamar Advertising Co Class A  | 6007 | 712370 |
| Public Storage Operating Co  | 1421 | 395834 |
|  |  | 6861874 |
| TOTAL REAL ESTATE |  | 8834526 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.1% |  |  |
| NRG Energy Inc  | 13073 | 2246726 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 23251 | 4378163 |
| TOTAL UTILITIES |  | 6624889 |
| TOTAL UNITED STATES |  | 2209466085 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,120,486,197) |  | <br> **2220855851** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (e)<br>(Cost $233,679)<br>| 4.15 | 234000 | **233749** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.18 | 4382951 | 4383828 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.18 | 3950462 | 3950857 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $8,334,685) |  |  | **8334685** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $1,129,054,561)<br>| <br>**2229424285** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(982698)** |
| **NET ASSETS - 100.0%** | **2228441587** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 9 | 12/19/2025 | 4680720 | 161045 | 161045 |
| CME E-Mini S&P 500 Index Contracts (United States) | 4 | 12/19/2025 | 1374800 | 33180 | 33180 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **194225** |
| 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 $233,749.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 3528295 | 100225248 | 99369657 | 77787 | (57) | (1) | 4383828 | 4382951 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 5985583 | 35610040 | 37644766 | 6425 | - | - | 3950857 | 3950462 | 0.0% |
| Total | 9513878 | 135835288 | 137014423 | 84212 | (57) | (1) | 8334685 |  |  |

---

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 October 31, 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 | 250137853 | 250137853 | - | - |
| Consumer Discretionary | 288177420 | 288177420 | - | - |
| Consumer Staples | 51251016 | 51251016 | - | - |
| Energy | 5845402 | 5845402 | - | - |
| Financials | 128801942 | 128801942 | - | - |
| Health Care | 154318879 | 154318879 | - | - |
| Industrials | 126402496 | 126402496 | - | - |
| Information Technology | 1193777794 | 1193777794 | - | - |
| Materials | 6683634 | 6683634 | - | - |
| Real Estate | 8834526 | 8834526 | - | - |
| Utilities | 6624889 | 6624889 | - | - |
|  **U.S. Treasury Obligations** | 233749 | - | 233749 | - |
|  **Money Market Funds** | 8334685 | 8334685 | - | - |
| **Total Investments in Securities:** | 2229424285 | 2229190536 | 233749 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 194225 | 194225 | - | - |
| Total Assets | 194225 | 194225 | - | - |
| **Total Derivative Instruments:** | 194225 | 194225 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 194225 | - |
| **Total Equity Risk**  | 194225 | - |
| **Total Value of Derivatives** | 194225 | - |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $4,304,002) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,120,719,876) | $2221089600 |  |
| Fidelity Central Funds (cost $8,334,685) | 8334685 |  |
| Total Investment in Securities (cost $1,129,054,561) |  | $2229424285 |
| Segregated cash with brokers for derivative instruments |  | 62475 |
| Receivable for investments sold |  | 40119630 |
| Receivable for fund shares sold |  | 44301 |
| Dividends receivable |  | 436953 |
| Distributions receivable from Fidelity Central Funds |  | 13770 |
| Receivable for daily variation margin on futures contracts |  | 21274 |
| **Total assets** |  | 2270122688 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $37723793 |  |
| Other payables and accrued expenses | 6458 |  |
| Collateral on securities loaned | 3950850 |  |
| **Total liabilities** |  | 41681101 |
| **Net Assets**  |  | $2228441587 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1121181854 |
| Total accumulated earnings (loss) |  | 1107259733 |
| **Net Assets** |  | $2228441587 |
| **Net Asset Value**, offering price and redemption price per share ($2,228,441,587 ÷ 72,311,732 shares) |  | $30.82 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $5749306 |
| Interest  |  | 6782 |
| Income from Fidelity Central Funds (including $6,425 from security lending)  |  | 84212 |
| **Total income** |  | 5840300 |
| **Expenses** |  |  |
| Custodian fees and expenses | $16437 |  |
| Independent trustees' fees and expenses | 2211 |  |
| Total expenses before reductions | 18648 |  |
| Expense reductions | (217) |  |
| Total expenses after reductions |  | 18431 |
| **Net Investment income (loss)** |  | 5821869 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 18827174 |  |
| Fidelity Central Funds | (57) |  |
| Futures contracts | 1099467 |  |
| Total net realized gain (loss) |  | 19926584 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 536988844 |  |
| Fidelity Central Funds  | (1) |  |
| Futures contracts | 1752 |  |
| Total change in net unrealized appreciation (depreciation) |  | 536990595 |
| **Net gain (loss)** |  | 556917179 |
| **Net increase (decrease) in net assets resulting from operations** |  | $562739048 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5821869 | $9427602 |
| &nbsp;&nbsp;Net realized gain (loss) | 19926584<br>| 11265899<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 536990595 | 133855510<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 562739048<br>| 154549011<br>|
| Distributions to shareholders | (2697880)<br>| (8536692)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 175269916 | 764835701 |
| Reinvestment of distributions | 2697880<br>| 8536692<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (261793731) | (319128573) |
| **Net increase (decrease) in net assets resulting from share transactions** | (83825935)<br>| 454243820<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 476215233<br>| 600256139<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1752226354 | 1151970215<br>|
| &nbsp;&nbsp;End of period | $2228441587 | $1752226354 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 6417688 | 31951379 |
| Issued in reinvestment of distributions | 100931<br>| 336223<br>|
| &nbsp;&nbsp;Redeemed | (9488484) | (13376853) |
| &nbsp;&nbsp;Net increase (decrease) | (2969865) | 18910749 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.28 | $20.44 | $15.63 | $15.47 | $16.85 | $11.52 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .15  | .15  | .15  | .13  | .12  |
| Net realized and unrealized gain (loss)  | 7.50  | 2.83  | 4.82  | .20  | (.92)  | 5.67  |
| Total from investment operations  | 7.58  | 2.98  | 4.97  | .35  | (.79)  | 5.79  |
| Distributions from net investment income  | (.04)  | (.14)  | (.16)  | (.13)  | (.12)  | (.13)  |
| Distributions from net realized gain  | -  | -  | -  | (.06)  | (.46)  | (.33)  |
| Total distributions  | (.04)  | (.14)  | (.16)  | (.19)  | (.59) C | (.46)  |
| Net asset value, end of period  | $30.82 | $23.28 | $20.44 | $15.63 | $15.47 | $16.85 |
| **Total Return** D,E | 32.57% <br>| 14.52%  | 31.91%  | 2.39%  | (5.34)%  | 51.21%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | -% H,I | -% I | -% I | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any I | -% H<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any I | -% H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | .57% H | .64%  | .83%  | 1.04%  | .73%  | .85%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2228442 | $1752226 | $1151970 | $813569 | $643492 | $546009 |
| Portfolio turnover rate J | 39% H<br>| 28%  | 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 for periods of less than one year are not annualized.*

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

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

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

H*Annualized.*

I*Amount represents less than .005%.*

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 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 October 31, 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to futures contracts, 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** | $1114994940 |
| **Gross unrealized depreciation** | <u>(21892380)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1093102560</u> |
| **Tax cost** | <u>$1136127500</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(5996670) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(5996670)</u> |

---

**New Accounting Pronouncement.** 

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 Series Large Cap Growth Index Fund** | 4586049 |

---

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** | 389237720 | 470957076 |

---

**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. 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 Series Large Cap Growth Index Fund** | 604 | 82 | - |

---

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 Series Large Cap Growth Index Fund** | 384200 |

---

**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 $217.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Series Large Cap Growth Index Fund**

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

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

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the fund's Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

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

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

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

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

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, collective investment trusts, and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies, collective investment trusts, and 529 plans.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, collective investment trusts, and 529 plans that invest in the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through August 31, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

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

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

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

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

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

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

![](img119040_4.jpg)<br>

1.9891256.107 CGI-SANN-1225

**Fidelity® Mid Cap Index Fund**

**Fidelity® Small Cap Index Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119045_1.jpg)

![](img119045_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_MCX-I-SCX-I-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Mid Cap Index Fund](#Sub_Sec_Fund_2349_MCX-I-SCX-I-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Index Fund](#Sub_Sec_Fund_2356_MCX-I-SCX-I-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2349_MCX-I-SCX-I-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCX-I-SCX-I-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCX-I-SCX-I-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCX-I-SCX-I-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCX-I-SCX-I-SANN)** |

---

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

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

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 (Semi-Annual Report)**

**Fidelity® Mid Cap Index Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 602154 | 6623694 |
| Liberty Global Ltd Class C (b) | 503070 | 5609231 |
| TOTAL BELGIUM |  | 12232925 |
| BERMUDA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| RenaissanceRe Holdings Ltd  | 166921 | 42412957 |
| BRAZIL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| XP Inc Class A  | 1468734 | 26760333 |
| CANADA - 0.4%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Restaurant Brands International Inc (United States)  | 1172039 | 76991242 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| RB Global Inc (United States)  | 669498 | 66427592 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A (United States)  | 487768 | 21100843 |
| TOTAL CANADA |  | 164519677 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (b) | 538797 | 16826630 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 207051 | 8263405 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA  | 371032 | 17479318 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b) | 444497 | 13299350 |
| KAZAKHSTAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b) | 63907 | 9819950 |
| KOREA (SOUTH) - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Coupang Inc Class A (b) | 4484382 | 143365693 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 240563 | 26815558 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| On Holding AG Class A (b) | 809963 | 30090125 |
| UNITED KINGDOM - 0.7%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Flutter Entertainment PLC (b) | 634679 | 147619989 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TechnipFMC PLC  | 1470811 | 60818034 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Anglogold Ashanti Plc  | 1819221 | 123707028 |
| TOTAL UNITED KINGDOM |  | 332145051 |
| UNITED STATES - 98.1%  |  |  |
| Communication Services - 4.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 695706 | 55830407 |
| Frontier Communications Parent Inc (b) | 881163 | 33272715 |
| GCI LLC Class A  | 11890 | 434817 |
| GCI LLC Class C  | 81061 | 2968859 |
| Iridium Communications Inc  | 356455 | 6826113 |
|  |  | 99332911 |
| Entertainment - 2.4% |  |  |
| Electronic Arts Inc  | 908258 | 181706095 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 81655 | 7428972 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 757852 | 75671522 |
| Liberty Media Corp-Liberty Live Class A (b) | 71223 | 6249106 |
| Liberty Media Corp-Liberty Live Class C (b) | 165150 | 14931212 |
| Live Nation Entertainment Inc (b) | 571592 | 85470152 |
| Madison Square Garden Sports Corp Class A (b) | 58155 | 12467850 |
| ROBLOX Corp Class A (b) | 2206597 | 250934212 |
| Roku Inc Class A (b) | 466963 | 49558783 |
| Take-Two Interactive Software Inc (b) | 657971 | 168684025 |
| TKO Group Holdings Inc Class A  | 248267 | 46773503 |
| Warner Bros Discovery Inc (b) | 8414632 | 188908488 |
|  |  | 1088783920 |
| Interactive Media & Services - 0.5% |  |  |
| IAC Inc Class A (b) | 260740 | 8401043 |
| Match Group Inc  | 882830 | 28550722 |
| Pinterest Inc Class A (b) | 2133414 | 70616003 |
| Reddit Inc Class A (b) | 421846 | 88144722 |
| Trump Media & Technology Group Corp (b)(c) | 357858 | 5484173 |
| ZoomInfo Technologies Inc (b) | 1098475 | 12324890 |
|  |  | 213521553 |
| Media - 1.1% |  |  |
| Charter Communications Inc Class A (b)(c) | 320612 | 74971910 |
| DoubleVerify Holdings Inc (b) | 490418 | 5580957 |
| Fox Corp Class A  | 765556 | 49493196 |
| Fox Corp Class B  | 538886 | 31476331 |
| Interpublic Group of Cos Inc/The  | 1359695 | 34889774 |
| Liberty Broadband Corp Class A (b) | 58994 | 3155589 |
| Liberty Broadband Corp Class C (b) | 405080 | 21801406 |
| New York Times Co/The Class A  | 579584 | 33030492 |
| News Corp Class A  | 1363114 | 36122521 |
| News Corp Class B  | 464371 | 14149384 |
| Nexstar Media Group Inc  | 102074 | 19978944 |
| NIQ Global Intelligence Plc (c) | 176316 | 2186318 |
| Omnicom Group Inc (c) | 710820 | 53325716 |
| Sirius XM Holdings Inc  | 714557 | 15498741 |
| Trade Desk Inc (The) Class A (b) | 1622165 | 81562457 |
|  |  | 477223736 |
| TOTAL COMMUNICATION SERVICES |  | 1878862120 |
| Consumer Discretionary - 10.4% |  |  |
| Automobile Components - 0.4% |  |  |
| Aptiv PLC  | 780032 | 63260595 |
| BorgWarner Inc  | 788203 | 33861201 |
| Gentex Corp  | 833850 | 19553782 |
| Lear Corp  | 196488 | 20562469 |
| QuantumScape Corp Class A (b)(c) | 1512697 | 27894133 |
|  |  | 165132180 |
| Automobiles - 0.6% |  |  |
| Ford Motor Co  | 14103868 | 185183787 |
| Harley-Davidson Inc  | 397342 | 10720287 |
| Lucid Group Inc (b)(c) | 450001 | 7987518 |
| Rivian Automotive Inc Class A (b)(c) | 2799257 | 37985917 |
| Thor Industries Inc  | 183855 | 19185269 |
|  |  | 261062778 |
| Broadline Retail - 0.5% |  |  |
| Dillard's Inc Class A  | 10658 | 6395653 |
| eBay Inc  | 1663558 | 135263901 |
| Etsy Inc (b) | 355075 | 22014650 |
| Macy's Inc  | 985509 | 19207570 |
| Ollie's Bargain Outlet Holdings Inc (b) | 221497 | 26759053 |
|  |  | 209640827 |
| Distributors - 0.3% |  |  |
| Genuine Parts Co  | 500941 | 63774799 |
| LKQ Corp  | 946105 | 30237515 |
| Pool Corp  | 130993 | 34982991 |
|  |  | 128995305 |
| Diversified Consumer Services - 0.4% |  |  |
| ADT Inc  | 1843649 | 16297856 |
| Bright Horizons Family Solutions Inc (b) | 205298 | 22424701 |
| Duolingo Inc Class A (b) | 136117 | 36838705 |
| Grand Canyon Education Inc (b) | 100496 | 18923397 |
| H&R Block Inc  | 478911 | 23821033 |
| Service Corp International/US  | 503141 | 42017305 |
|  |  | 160322997 |
| Hotels, Restaurants & Leisure - 3.4% |  |  |
| Aramark  | 942314 | 35694854 |
| Boyd Gaming Corp  | 203897 | 15877459 |
| Caesars Entertainment Inc (b) | 747620 | 15027162 |
| Carnival Corp (b) | 3910251 | 112732536 |
| Cava Group Inc (b)(c) | 262197 | 14087845 |
| Choice Hotels International Inc  | 100988 | 9387844 |
| Churchill Downs Inc  | 230522 | 22867782 |
| Darden Restaurants Inc  | 421986 | 76020778 |
| Domino's Pizza Inc  | 114809 | 45746794 |
| DraftKings Inc Class A (b) | 1747451 | 53454526 |
| Dutch Bros Inc Class A (b) | 426173 | 23669648 |
| Expedia Group Inc Class A  | 437042 | 96149240 |
| Hilton Worldwide Holdings Inc  | 833556 | 214190551 |
| Hyatt Hotels Corp Class A (c) | 149173 | 20497862 |
| Las Vegas Sands Corp  | 1124779 | 66755634 |
| Light & Wonder Inc Class A (b)(c) | 301502 | 21919195 |
| MGM Resorts International (b) | 751508 | 24070801 |
| Norwegian Cruise Line Holdings Ltd (b) | 1597419 | 35814134 |
| Penn Entertainment Inc (b) | 538715 | 8867249 |
| Planet Fitness Inc Class A (b) | 303062 | 27484693 |
| Royal Caribbean Cruises Ltd  | 915106 | 262479855 |
| Texas Roadhouse Inc  | 240273 | 39303857 |
| Travel + Leisure Co  | 221801 | 13924667 |
| Vail Resorts Inc (c) | 132052 | 19587273 |
| Viking Holdings Ltd (b) | 631360 | 38418256 |
| Wendy's Co/The (c) | 679754 | 5805099 |
| Wingstop Inc (c) | 101036 | 21887429 |
| Wyndham Hotels & Resorts Inc  | 274609 | 20164539 |
| Wynn Resorts Ltd  | 297057 | 35346812 |
| Yum! Brands Inc  | 1006760 | 139144301 |
|  |  | 1536378675 |
| Household Durables - 1.7% |  |  |
| DR Horton Inc  | 961753 | 143378137 |
| Garmin Ltd  | 588647 | 125935139 |
| Lennar Corp Class A  | 812172 | 100522528 |
| Lennar Corp Class B  | 38293 | 4520489 |
| Mohawk Industries Inc (b) | 185249 | 21051696 |
| Newell Brands Inc  | 1576923 | 5361538 |
| NVR Inc (b) | 10130 | 73045607 |
| PulteGroup Inc  | 710090 | 85118488 |
| SharkNinja Inc (b) | 299092 | 25572366 |
| Somnigroup International Inc  | 730158 | 57930736 |
| Toll Brothers Inc  | 354264 | 47807927 |
| TopBuild Corp (b) | 102931 | 43486289 |
| Whirlpool Corp (c) | 194319 | 13919070 |
|  |  | 747650010 |
| Leisure Products - 0.1% |  |  |
| Brunswick Corp/DE  | 249759 | 16511567 |
| Hasbro Inc  | 478233 | 36493961 |
| Mattel Inc (b) | 1169270 | 21491183 |
| YETI Holdings Inc (b) | 297972 | 10128068 |
|  |  | 84624779 |
| Specialty Retail - 2.4% |  |  |
| AutoNation Inc (b) | 99222 | 19831501 |
| Bath & Body Works Inc  | 776624 | 19011756 |
| Best Buy Co Inc  | 701460 | 57617924 |
| Burlington Stores Inc (b) | 226988 | 62101647 |
| CarMax Inc (b) | 551944 | 23131973 |
| Carvana Co Class A (b) | 476725 | 146135282 |
| Chewy Inc Class A (b) | 771513 | 26015418 |
| Dick's Sporting Goods Inc  | 228811 | 50670196 |
| Five Below Inc (b) | 194448 | 30580837 |
| Floor & Decor Holdings Inc Class A (b) | 390697 | 24410749 |
| GameStop Corp Class A (b)(c) | 1484969 | 33099959 |
| Gap Inc/The  | 838923 | 19169391 |
| Lithia Motors Inc Class A  | 92885 | 29173321 |
| Murphy USA Inc  | 64949 | 23264732 |
| Penske Automotive Group Inc  | 66074 | 10576464 |
| Restoration Hardware Inc (b) | 55300 | 9538696 |
| Ross Stores Inc  | 1163606 | 184920266 |
| Tractor Supply Co  | 1920064 | 103894663 |
| Ulta Beauty Inc (b) | 163078 | 84780991 |
| Valvoline Inc (b) | 458938 | 15149542 |
| Wayfair Inc Class A (b) | 343013 | 35505276 |
| Williams-Sonoma Inc  | 427737 | 83126409 |
|  |  | 1091706993 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Columbia Sportswear Co (c) | 111497 | 5533596 |
| Crocs Inc (b) | 203091 | 16590504 |
| Deckers Outdoor Corp (b) | 543596 | 44303074 |
| Lululemon Athletica Inc (b) | 342268 | 58370385 |
| PVH Corp  | 179673 | 14073786 |
| Ralph Lauren Corp Class A  | 137078 | 43818353 |
| Tapestry Inc  | 746933 | 82028183 |
| Under Armour Inc Class A (b)(c) | 687832 | 3170905 |
| Under Armour Inc Class C (b)(c) | 787143 | 3494915 |
| VF Corp  | 1305307 | 18326510 |
|  |  | 289710211 |
| TOTAL CONSUMER DISCRETIONARY |  | 4675224755 |
| Consumer Staples - 4.7% |  |  |
| Beverages - 0.4% |  |  |
| Boston Beer Co Inc/The Class A (b) | 28649 | 5930056 |
| Brown-Forman Corp Class A  | 172403 | 4675569 |
| Brown-Forman Corp Class B  | 575662 | 15675276 |
| Celsius Holdings Inc (b) | 593764 | 35762406 |
| Coca-Cola Consolidated Inc  | 186975 | 24377801 |
| Constellation Brands Inc Class A  | 453337 | 59559415 |
| Molson Coors Beverage Co Class B  | 605803 | 26485707 |
| Primo Brands Corp Class A  | 930033 | 20432825 |
|  |  | 192899055 |
| Consumer Staples Distribution & Retail - 1.6% |  |  |
| Albertsons Cos Inc Class A  | 1458783 | 25805871 |
| BJ's Wholesale Club Holdings Inc (b) | 472053 | 41663398 |
| Casey's General Stores Inc  | 133629 | 68577067 |
| Dollar General Corp  | 793366 | 78273490 |
| Dollar Tree Inc (b) | 711885 | 70562041 |
| Kroger Co/The  | 2190282 | 139367644 |
| Maplebear Inc (b) | 626563 | 23095112 |
| Performance Food Group Co (b) | 551145 | 53317767 |
| Sprouts Farmers Market Inc (b) | 356600 | 28157136 |
| Sysco Corp  | 1757618 | 130555865 |
| US Foods Holding Corp (b) | 829347 | 60227179 |
|  |  | 719602570 |
| Food Products - 1.9% |  |  |
| Archer-Daniels-Midland Co  | 1726368 | 104497055 |
| Bunge Global SA  | 486486 | 46021576 |
| Campbell's Company/The  | 737383 | 22217350 |
| Conagra Brands Inc  | 1805961 | 31044470 |
| Darling Ingredients Inc (b) | 570076 | 18270936 |
| Flowers Foods Inc  | 753780 | 8992595 |
| Freshpet Inc (b) | 172384 | 8483017 |
| General Mills Inc  | 1983658 | 92458299 |
| Hershey Co/The  | 526166 | 89253539 |
| Hormel Foods Corp  | 1047764 | 22621225 |
| Ingredion Inc  | 230650 | 26619317 |
| JM Smucker Co  | 379341 | 39280761 |
| Kellanova  | 1003455 | 83346972 |
| Kraft Heinz Co/The  | 3145237 | 77781711 |
| Lamb Weston Holdings Inc  | 488079 | 30129117 |
| McCormick & Co Inc/MD  | 914479 | 58672973 |
| Pilgrim's Pride Corp (c) | 149391 | 5691796 |
| Post Holdings Inc (b) | 179678 | 18673935 |
| Seaboard Corp  | 916 | 3086901 |
| Smithfield Foods Inc  | 163643 | 3626328 |
| Tyson Foods Inc Class A  | 1010508 | 51950216 |
|  |  | 842720089 |
| Household Products - 0.3% |  |  |
| Church & Dwight Co Inc  | 899068 | 78839273 |
| Clorox Co/The  | 445094 | 50055271 |
| Reynolds Consumer Products Inc  | 197469 | 4826142 |
|  |  | 133720686 |
| Personal Care Products - 0.5% |  |  |
| BellRing Brands Inc (b) | 455108 | 13712404 |
| Coty Inc Class A (b) | 1250601 | 4964886 |
| elf Beauty Inc (b)(c) | 200246 | 24458046 |
| Estee Lauder Cos Inc/The Class A  | 844153 | 81621154 |
| Kenvue Inc  | 6974027 | 100216768 |
|  |  | 224973258 |
| TOTAL CONSUMER STAPLES |  | 2113915658 |
| Energy - 5.4% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| Baker Hughes Co Class A  | 3581979 | 173403603 |
| Halliburton Co  | 3129340 | 83991486 |
| NOV Inc  | 1387573 | 20258566 |
| Weatherford International PLC  | 262462 | 19340825 |
|  |  | 296994480 |
| Oil, Gas & Consumable Fuels - 4.8% |  |  |
| Antero Midstream Corp  | 1210740 | 20885265 |
| Antero Resources Corp (b) | 1059239 | 32741077 |
| APA Corp  | 1310852 | 29690798 |
| Cheniere Energy Inc  | 797768 | 169126816 |
| Chord Energy Corp  | 232166 | 21062100 |
| Civitas Resources Inc  | 364741 | 10515483 |
| Coterra Energy Inc  | 2776702 | 65696769 |
| Devon Energy Corp  | 2245976 | 72971760 |
| Diamondback Energy Inc  | 688701 | 98615096 |
| DT Midstream Inc  | 368190 | 40313123 |
| EQT Corp  | 2250961 | 120606490 |
| Expand Energy Corp  | 798817 | 82525784 |
| HF Sinclair Corp  | 576913 | 29768711 |
| Kinder Morgan Inc  | 7041801 | 184424769 |
| Marathon Petroleum Corp  | 1110207 | 216390447 |
| Matador Resources Co  | 209420 | 8263713 |
| Occidental Petroleum Corp  | 2582277 | 106389812 |
| ONEOK Inc  | 2291963 | 153561521 |
| Ovintiv Inc  | 965061 | 36199438 |
| Permian Resources Corp Class A  | 1720783 | 21613034 |
| Phillips 66  | 1478723 | 201313350 |
| Range Resources Corp  | 865086 | 30753807 |
| Targa Resources Corp  | 775676 | 119485131 |
| Texas Pacific Land Corp  | 69921 | 65962073 |
| Valero Energy Corp  | 1129881 | 191582623 |
| Viper Energy Inc Class A  | 650363 | 24427634 |
|  |  | 2154886624 |
| TOTAL ENERGY |  | 2451881104 |
| Financials - 14.8% |  |  |
| Banks - 2.3% |  |  |
| Bank OZK  | 385450 | 17341396 |
| BOK Financial Corp  | 79878 | 8353641 |
| Citizens Financial Group Inc  | 1571081 | 79920890 |
| Columbia Banking System Inc  | 1086316 | 29113269 |
| Comerica Inc  | 461062 | 35271243 |
| Commerce Bancshares Inc/MO  | 445144 | 23427929 |
| Cullen/Frost Bankers Inc  | 214719 | 26440498 |
| East West Bancorp Inc  | 493652 | 50155043 |
| Fifth Third Bancorp  | 2405064 | 100098764 |
| First Citizens BancShares Inc/NC Class A  | 34313 | 62615049 |
| First Hawaiian Inc  | 452232 | 11093251 |
| First Horizon Corp  | 1815753 | 38784484 |
| FNB Corp/PA  | 1285257 | 20204240 |
| Huntington Bancshares Inc/OH  | 5592749 | 86352045 |
| KeyCorp  | 3418224 | 60126560 |
| M&T Bank Corp  | 565451 | 103969475 |
| Pinnacle Financial Partners Inc  | 279068 | 23779384 |
| Prosperity Bancshares Inc  | 331041 | 21789119 |
| Regions Financial Corp  | 3244744 | 78522805 |
| SOUTHSTATE BANK CORP  | 363295 | 32206102 |
| Synovus Financial Corp  | 500815 | 22356382 |
| TFS Financial Corp  | 189263 | 2517197 |
| Webster Financial Corp  | 604286 | 34468473 |
| Western Alliance Bancorp  | 392306 | 30344869 |
| Wintrust Financial Corp  | 238370 | 30992867 |
| Zions Bancorp NA  | 523760 | 27293134 |
|  |  | 1057538109 |
| Capital Markets - 5.9% |  |  |
| Affiliated Managers Group Inc  | 99671 | 23717711 |
| Ameriprise Financial Inc  | 345083 | 156243230 |
| Ares Management Corp Class A  | 680659 | 101220800 |
| Bank of New York Mellon Corp/The  | 2548637 | 275074391 |
| Blue Owl Capital Inc Class A  | 2203286 | 34745820 |
| Carlyle Group Inc/The  | 944566 | 50364259 |
| Cboe Global Markets Inc  | 378386 | 92946737 |
| Coinbase Global Inc Class A (b) | 759496 | 261099535 |
| Evercore Inc Class A  | 133129 | 39214478 |
| FactSet Research Systems Inc  | 138884 | 37054251 |
| Franklin Resources Inc  | 1110096 | 25099271 |
| Hamilton Lane Inc Class A  | 147719 | 16834057 |
| Houlihan Lokey Inc Class A  | 195335 | 34980592 |
| Invesco Ltd  | 1314400 | 31151280 |
| Janus Henderson Group PLC  | 448759 | 19547942 |
| Jefferies Financial Group Inc  | 561066 | 29641117 |
| Lazard Inc  | 333826 | 16290709 |
| LPL Financial Holdings Inc  | 287800 | 108589818 |
| MarketAxess Holdings Inc  | 131656 | 21072859 |
| Morningstar Inc  | 84257 | 17887761 |
| MSCI Inc  | 271622 | 159863128 |
| Nasdaq Inc  | 1489497 | 127337099 |
| Northern Trust Corp  | 686519 | 88334400 |
| Raymond James Financial Inc  | 660341 | 104776306 |
| Robinhood Markets Inc Class A (b) | 2673084 | 392355271 |
| SEI Investments Co  | 375671 | 30282839 |
| State Street Corp  | 1022312 | 118240606 |
| Stifel Financial Corp  | 360819 | 42731794 |
| T Rowe Price Group Inc  | 790065 | 81005364 |
| TPG Inc Class A  | 477656 | 26290186 |
| Tradeweb Markets Inc Class A  | 421089 | 44378570 |
| Virtu Financial Inc Class A  | 286829 | 9993122 |
|  |  | 2618365303 |
| Consumer Finance - 0.7% |  |  |
| Ally Financial Inc  | 996629 | 38838632 |
| Credit Acceptance Corp (b)(c) | 16236 | 7263012 |
| OneMain Holdings Inc  | 430145 | 25460283 |
| SLM Corp  | 755477 | 20284557 |
| SoFi Technologies Inc Class A (b) | 4092211 | 121456823 |
| Synchrony Financial  | 1342979 | 99890778 |
|  |  | 313194085 |
| Financial Services - 1.8% |  |  |
| Affirm Holdings Inc Class A (b) | 971415 | 69825310 |
| Block Inc Class A (b) | 1971214 | 149693992 |
| Corebridge Financial Inc  | 977500 | 31827400 |
| Corpay Inc (b) | 245906 | 64021627 |
| Equitable Holdings Inc  | 1087029 | 53699233 |
| Euronet Worldwide Inc (b) | 152790 | 11590649 |
| Fidelity National Information Services Inc  | 1901874 | 118905162 |
| Global Payments Inc  | 889743 | 69186416 |
| Jack Henry & Associates Inc  | 262209 | 39053408 |
| MGIC Investment Corp  | 842568 | 23103215 |
| Rocket Cos Inc Class A  | 3409384 | 56800337 |
| Shift4 Payments Inc Class A (b)(c) | 240454 | 16615371 |
| Toast Inc Class A (b) | 1636069 | 59127534 |
| UWM Holdings Corp Class A  | 623816 | 3512084 |
| Voya Financial Inc  | 347949 | 25908283 |
| Western Union Co/The (c) | 1213303 | 11320117 |
| WEX Inc (b) | 123517 | 18018660 |
|  |  | 822208798 |
| Insurance - 3.8% |  |  |
| Allstate Corp/The  | 953100 | 182537712 |
| American Financial Group Inc/OH  | 238804 | 31445711 |
| Arch Capital Group Ltd  | 1317806 | 113739836 |
| Assurant Inc  | 183030 | 38751112 |
| Assured Guaranty Ltd  | 165396 | 13327610 |
| Axis Capital Holdings Ltd  | 273946 | 25657782 |
| Brighthouse Financial Inc (b) | 209457 | 11953711 |
| Brown & Brown Inc  | 1007651 | 80350091 |
| Cincinnati Financial Corp  | 556357 | 86007229 |
| CNA Financial Corp  | 76471 | 3406782 |
| Everest Group Ltd  | 151674 | 47704506 |
| Fidelity National Financial Inc/US  | 938916 | 51865720 |
| First American Financial Corp  | 351345 | 21962576 |
| Globe Life Inc  | 299450 | 39380670 |
| Hanover Insurance Group Inc/The  | 129351 | 22103499 |
| Hartford Insurance Group Inc/The  | 1014581 | 125990669 |
| Kemper Corp  | 221434 | 9962316 |
| Kinsale Capital Group Inc  | 79870 | 31905669 |
| Lincoln National Corp  | 616283 | 25883886 |
| Loews Corp  | 617110 | 61439472 |
| Markel Group Inc (b) | 44996 | 88845952 |
| Old Republic International Corp  | 825373 | 32569219 |
| Primerica Inc  | 119076 | 30944280 |
| Principal Financial Group Inc  | 802094 | 67407980 |
| Prudential Financial Inc  | 1280876 | 133211104 |
| Reinsurance Group of America Inc  | 238203 | 43462519 |
| RLI Corp  | 296346 | 17472560 |
| Ryan Specialty Holdings Inc Class A  | 379168 | 20778406 |
| Unum Group  | 610520 | 44824378 |
| W R Berkley Corp  | 1051145 | 74988684 |
| White Mountains Insurance Group Ltd  | 9015 | 17169608 |
| Willis Towers Watson PLC  | 353281 | 110612281 |
|  |  | 1707663530 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.3% |  |  |
| AGNC Investment Corp  | 3801034 | 38010340 |
| Annaly Capital Management Inc  | 2320477 | 49124498 |
| Rithm Capital Corp  | 1910782 | 20961278 |
| Starwood Property Trust Inc  | 1248674 | 22700893 |
|  |  | 130797009 |
| TOTAL FINANCIALS |  | 6649766834 |
| Health Care - 9.8% |  |  |
| Biotechnology - 2.3% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 450809 | 205586936 |
| Apellis Pharmaceuticals Inc (b) | 401984 | 8630596 |
| Biogen Inc (b) | 532455 | 82141833 |
| BioMarin Pharmaceutical Inc (b) | 688680 | 36892588 |
| Caris Life Sciences Inc (b) | 84998 | 2556740 |
| Exact Sciences Corp (b) | 677783 | 43845782 |
| Exelixis Inc (b) | 955934 | 36965968 |
| Halozyme Therapeutics Inc (b) | 443498 | 28911635 |
| Incyte Corp (b) | 573910 | 53649107 |
| Insmed Inc (b) | 672755 | 127554348 |
| Ionis Pharmaceuticals Inc (b) | 561232 | 41699538 |
| Moderna Inc (b) | 1306278 | 35478510 |
| Natera Inc (b) | 470153 | 93527536 |
| Neurocrine Biosciences Inc (b) | 351075 | 50277451 |
| Revolution Medicines Inc (b) | 633892 | 37298205 |
| Roivant Sciences Ltd (b) | 1416404 | 28313916 |
| Sarepta Therapeutics Inc (b)(c) | 97916 | 2350963 |
| Summit Therapeutics Inc (b)(c) | 429461 | 8121108 |
| Ultragenyx Pharmaceutical Inc (b) | 348256 | 12049658 |
| United Therapeutics Corp (b) | 161031 | 71728038 |
| Viking Therapeutics Inc (b) | 407616 | 15522017 |
|  |  | 1023102473 |
| Health Care Equipment & Supplies - 2.4% |  |  |
| Align Technology Inc (b) | 179397 | 24735258 |
| Baxter International Inc  | 1902132 | 35132378 |
| Cooper Cos Inc/The (b) | 734612 | 51356725 |
| DENTSPLY SIRONA Inc  | 455718 | 5746604 |
| Dexcom Inc (b) | 1416388 | 82462109 |
| Envista Holdings Corp (b) | 628453 | 12789019 |
| GE HealthCare Technologies Inc  | 1661601 | 124536995 |
| Globus Medical Inc Class A (b) | 418367 | 25265183 |
| Hologic Inc (b) | 811110 | 59949140 |
| IDEXX Laboratories Inc (b) | 291470 | 183483280 |
| Inspire Medical Systems Inc (b) | 111270 | 8020342 |
| Insulet Corp (b) | 253496 | 79346783 |
| Masimo Corp (b) | 165925 | 23337351 |
| Penumbra Inc (b) | 136096 | 30944148 |
| ResMed Inc  | 527299 | 130179577 |
| Solventum Corp (b) | 535257 | 36954143 |
| STERIS PLC  | 354823 | 83631781 |
| Teleflex Inc  | 168208 | 20936850 |
| Zimmer Biomet Holdings Inc  | 721673 | 72571437 |
|  |  | 1091379103 |
| Health Care Providers & Services - 2.2% |  |  |
| Acadia Healthcare Co Inc (b) | 329600 | 7086400 |
| Cardinal Health Inc  | 861879 | 164420657 |
| Cencora Inc  | 661337 | 223406253 |
| Centene Corp (b) | 1783714 | 63089964 |
| Chemed Corp  | 52048 | 22448302 |
| DaVita Inc (b) | 135666 | 16146967 |
| Encompass Health Corp  | 359755 | 40958107 |
| Henry Schein Inc (b) | 389675 | 24627460 |
| Humana Inc  | 436481 | 121424649 |
| Labcorp Holdings Inc  | 301809 | 76647414 |
| Molina Healthcare Inc (b) | 195837 | 29974811 |
| Quest Diagnostics Inc  | 402613 | 70839757 |
| Tenet Healthcare Corp (b) | 314603 | 64962373 |
| Universal Health Services Inc Class B  | 196465 | 42634870 |
|  |  | 968667984 |
| Health Care Technology - 0.3% |  |  |
| Certara Inc (b)(c) | 445416 | 5180188 |
| Doximity Inc Class A (b) | 482179 | 31823814 |
| Veeva Systems Inc Class A (b) | 533144 | 155251533 |
|  |  | 192255535 |
| Life Sciences Tools & Services - 2.1% |  |  |
| Agilent Technologies Inc  | 1029170 | 150629321 |
| Avantor Inc (b) | 2386040 | 28202993 |
| Bio-Rad Laboratories Inc Class A (b) | 68670 | 21943499 |
| Bio-Techne Corp  | 578119 | 36172906 |
| Bruker Corp  | 387131 | 15074881 |
| Charles River Laboratories International Inc (b) | 177821 | 32020227 |
| Illumina Inc (b) | 577244 | 71312724 |
| IQVIA Holdings Inc (b) | 611009 | 132259008 |
| Medpace Holdings Inc (b) | 80623 | 47157199 |
| Mettler-Toledo International Inc (b) | 75133 | 106410117 |
| QIAGEN NV (c) | 769740 | 36062319 |
| Repligen Corp (b) | 190892 | 28454362 |
| Revvity Inc  | 425688 | 39840140 |
| Sotera Health Co (b) | 629502 | 10449732 |
| Tempus AI Inc Class A (b)(c) | 298533 | 26823190 |
| Waters Corp (b) | 216142 | 75563243 |
| West Pharmaceutical Services Inc  | 259072 | 73076439 |
|  |  | 931452300 |
| Pharmaceuticals - 0.5% |  |  |
| Corcept Therapeutics Inc (b) | 340441 | 25012200 |
| Elanco Animal Health Inc (b) | 1785389 | 39546366 |
| Jazz Pharmaceuticals PLC (b) | 213465 | 29381323 |
| Organon & Co  | 940694 | 6349684 |
| Perrigo Co PLC  | 529566 | 10983199 |
| Royalty Pharma PLC Class A  | 1369414 | 51407802 |
| Viatris Inc  | 4364158 | 45212677 |
|  |  | 207893251 |
| TOTAL HEALTH CARE |  | 4414750646 |
| Industrials - 18.5% |  |  |
| Aerospace & Defense - 3.2% |  |  |
| ATI Inc (b) | 505146 | 49994300 |
| Axon Enterprise Inc (b) | 269426 | 197281800 |
| BWX Technologies Inc  | 329496 | 70383641 |
| Carpenter Technology Corp  | 173794 | 54901525 |
| Curtiss-Wright Corp  | 135750 | 80870348 |
| HEICO Corp  | 153308 | 48716683 |
| HEICO Corp Class A  | 270829 | 67092468 |
| Hexcel Corp  | 286491 | 20455457 |
| Howmet Aerospace Inc  | 1448315 | 298280475 |
| Huntington Ingalls Industries Inc  | 140853 | 45357483 |
| Karman Holdings Inc (b) | 95617 | 8054776 |
| L3Harris Technologies Inc  | 674532 | 195007201 |
| Leonardo DRS Inc  | 273927 | 10014771 |
| Loar Holdings Inc (b)(c) | 155698 | 12320383 |
| Rocket Lab Corp  | 1494285 | 94110069 |
| Spirit AeroSystems Holdings Inc Class A (b) | 423073 | 15522548 |
| StandardAero Inc (b) | 511645 | 14781424 |
| Textron Inc  | 641532 | 51842201 |
| Woodward Inc  | 214111 | 56120634 |
|  |  | 1391108187 |
| Air Freight & Logistics - 0.3% |  |  |
| CH Robinson Worldwide Inc  | 424255 | 65331028 |
| Expeditors International of Washington Inc  | 495110 | 60353909 |
| GXO Logistics Inc (b) | 410416 | 23069483 |
|  |  | 148754420 |
| Building Products - 1.1% |  |  |
| A O Smith Corp  | 410369 | 27080250 |
| AAON Inc (c) | 243979 | 24005094 |
| Advanced Drainage Systems Inc  | 255159 | 35735018 |
| Allegion plc  | 310796 | 51520653 |
| Armstrong World Industries Inc  | 155282 | 29570351 |
| Builders FirstSource Inc (b) | 394372 | 45814195 |
| Carlisle Cos Inc  | 155117 | 50420781 |
| Fortune Brands Innovations Inc  | 443998 | 22555098 |
| Hayward Holdings Inc (b) | 716706 | 12162501 |
| Lennox International Inc  | 114697 | 57921985 |
| Masco Corp  | 762078 | 49352171 |
| Owens Corning  | 309999 | 39465973 |
| Simpson Manufacturing Co Inc  | 151734 | 26781051 |
| Trex Co Inc (b) | 386515 | 18676405 |
|  |  | 491061526 |
| Commercial Services & Supplies - 0.5% |  |  |
| Clean Harbors Inc (b) | 182950 | 38512805 |
| MSA Safety Inc  | 133556 | 20972298 |
| Rollins Inc  | 1013698 | 58399142 |
| Tetra Tech Inc  | 948217 | 30323979 |
| Veralto Corp  | 861123 | 84975618 |
|  |  | 233183842 |
| Construction & Engineering - 1.5% |  |  |
| AECOM  | 477923 | 64208955 |
| API Group Corp (b) | 1330672 | 48995343 |
| Comfort Systems USA Inc  | 125641 | 121316437 |
| EMCOR Group Inc  | 159748 | 107954503 |
| Everus Construction Group Inc (b) | 183703 | 16696766 |
| MasTec Inc (b) | 224628 | 45860052 |
| Quanta Services Inc  | 531910 | 238896738 |
| Valmont Industries Inc  | 71651 | 29622673 |
| WillScot Holdings Corp  | 644462 | 14017049 |
|  |  | 687568516 |
| Electrical Equipment - 1.9% |  |  |
| Acuity Inc  | 111487 | 40698329 |
| AMETEK Inc  | 832087 | 168173104 |
| Generac Holdings Inc (b) | 210890 | 35433738 |
| Hubbell Inc  | 193221 | 90813870 |
| nVent Electric PLC  | 588288 | 67270733 |
| Regal Rexnord Corp  | 239951 | 33806696 |
| Rockwell Automation Inc  | 408704 | 150550205 |
| Sensata Technologies Holding PLC  | 523869 | 16674750 |
| Vertiv Holdings Co Class A  | 1374399 | 265066592 |
|  |  | 868488017 |
| Ground Transportation - 0.8% |  |  |
| Avis Budget Group Inc (b)(c) | 60982 | 8297821 |
| JB Hunt Transport Services Inc  | 282846 | 47761376 |
| Knight-Swift Transportation Holdings Inc  | 576576 | 26015109 |
| Landstar System Inc  | 125196 | 16078922 |
| Lyft Inc Class A (b) | 1440838 | 29479545 |
| Old Dominion Freight Line Inc  | 676096 | 94937401 |
| Ryder System Inc  | 143328 | 24255397 |
| Saia Inc (b) | 97792 | 28604160 |
| Schneider National Inc Class B  | 188824 | 4035169 |
| U-Haul Holding Co (b) | 28274 | 1503046 |
| U-Haul Holding Co Class N  | 364692 | 17683915 |
| XPO Inc (b) | 414421 | 59622749 |
|  |  | 358274610 |
| Machinery - 3.8% |  |  |
| AGCO Corp  | 224031 | 23111038 |
| Allison Transmission Holdings Inc  | 308387 | 25457347 |
| CNH Industrial NV Class A  | 2323476 | 24373263 |
| Crane Co  | 177688 | 33760720 |
| Cummins Inc  | 497076 | 217560225 |
| Donaldson Co Inc  | 419348 | 35330069 |
| Dover Corp  | 491033 | 89102848 |
| Esab Corp  | 205577 | 24015505 |
| Flowserve Corp  | 470519 | 32112922 |
| Fortive Corp  | 1226139 | 61723837 |
| Gates Industrial Corp PLC (b) | 915787 | 20220577 |
| Graco Inc  | 599619 | 49030846 |
| IDEX Corp  | 276667 | 47437324 |
| Ingersoll Rand Inc  | 1457660 | 111263188 |
| ITT Inc  | 280442 | 51901401 |
| Lincoln Electric Holdings Inc  | 195838 | 45914219 |
| Middleby Corp/The (b) | 183663 | 22816454 |
| Mueller Industries Inc  | 391640 | 41462927 |
| Nordson Corp  | 194654 | 45149995 |
| Oshkosh Corp  | 231363 | 28524744 |
| Otis Worldwide Corp  | 1427310 | 132397276 |
| Pentair PLC  | 590789 | 62830410 |
| RBC Bearings Inc (b) | 111936 | 47967934 |
| Snap-on Inc  | 185241 | 62157618 |
| Stanley Black & Decker Inc  | 566657 | 38374012 |
| Timken Co/The  | 225884 | 17734153 |
| Toro Co/The  | 356028 | 26605972 |
| Westinghouse Air Brake Technologies Corp  | 612421 | 125203349 |
| Xylem Inc/NY  | 878882 | 132579350 |
|  |  | 1676119523 |
| Marine Transportation - 0.0% |  |  |
| Kirby Corp (b) | 205441 | 21259035 |
| Passenger Airlines - 0.8% |  |  |
| Alaska Air Group Inc (b) | 414845 | 17311482 |
| American Airlines Group Inc (b) | 2404596 | 31572345 |
| Delta Air Lines 1991 Series J Pass Through Trust  | 2363410 | 135612466 |
| Southwest Airlines Co  | 1704693 | 51652198 |
| United Airlines Holdings Inc (b) | 1177825 | 110762663 |
|  |  | 346911154 |
| Professional Services - 2.3% |  |  |
| Amentum Holdings Inc (b) | 577361 | 12938660 |
| Booz Allen Hamilton Holding Corp Class A  | 440897 | 38428583 |
| Broadridge Financial Solutions Inc  | 420886 | 92763274 |
| CACI International Inc (b) | 78419 | 44091083 |
| Clarivate PLC (b)(c) | 1291597 | 4391430 |
| Concentrix Corp (c) | 163193 | 6578310 |
| Dawn Bidco LLC (b) | 557714 | 38337260 |
| Equifax Inc  | 447153 | 94393998 |
| ExlService Holdings Inc (b) | 573189 | 22411690 |
| FTI Consulting Inc (b) | 113962 | 18804870 |
| Genpact Ltd  | 581286 | 22176061 |
| Jacobs Solutions Inc  | 429897 | 66982252 |
| KBR Inc  | 465347 | 19935465 |
| Leidos Holdings Inc  | 460559 | 87722673 |
| ManpowerGroup Inc  | 181696 | 5570799 |
| Parsons Corp (b) | 190558 | 15842992 |
| Paychex Inc  | 1165470 | 136394954 |
| Paycom Software Inc  | 185607 | 34725214 |
| Paylocity Holding Corp (b) | 161336 | 22791937 |
| Robert Half Inc  | 382664 | 10021970 |
| Science Applications International Corp  | 170292 | 15958063 |
| SS&C Technologies Holdings Inc  | 763823 | 64863849 |
| TransUnion  | 706591 | 57361057 |
| Verisk Analytics Inc  | 505486 | 110580117 |
|  |  | 1044066561 |
| Trading Companies & Distributors - 2.3% |  |  |
| Air Lease Corp Class A  | 376161 | 24021641 |
| Applied Industrial Technologies Inc  | 138013 | 35481762 |
| Core & Main Inc Class A (b) | 685592 | 35774191 |
| Fastenal Co  | 4146157 | 170614361 |
| Ferguson Enterprises Inc  | 699522 | 173831217 |
| FTAI Aviation Ltd  | 367895 | 63609046 |
| MSC Industrial Direct Co Inc Class A  | 158734 | 13478103 |
| QXO Inc (b)(c) | 2212904 | 39102014 |
| SiteOne Landscape Supply Inc (b) | 160453 | 20821986 |
| United Rentals Inc  | 231812 | 201949978 |
| Watsco Inc  | 125842 | 46311114 |
| Wesco International Inc  | 173056 | 44913224 |
| WW Grainger Inc  | 159972 | 156612588 |
|  |  | 1026521225 |
| TOTAL INDUSTRIALS |  | 8293316616 |
| Information Technology - 12.5% |  |  |
| Communications Equipment - 0.5% |  |  |
| Ciena Corp (b) | 509467 | 96757973 |
| F5 Inc (b) | 207987 | 52631110 |
| Lumentum Holdings Inc (b) | 248189 | 50024975 |
| Ubiquiti Inc  | 15207 | 11970646 |
|  |  | 211384704 |
| Electronic Equipment, Instruments & Components - 2.4% |  |  |
| Arrow Electronics Inc (b) | 186432 | 20796490 |
| Avnet Inc  | 300810 | 14574245 |
| CDW Corp/DE  | 475476 | 75776610 |
| Cognex Corp  | 605986 | 25081761 |
| Coherent Corp (b) | 555480 | 73301141 |
| Corning Inc  | 2819955 | 251201591 |
| Crane NXT Co (c) | 176841 | 11185193 |
| Flex Ltd (b) | 1348756 | 84324225 |
| Ingram Micro Holding Corp (c) | 74079 | 1700853 |
| IPG Photonics Corp (b) | 90257 | 7682676 |
| Jabil Inc  | 380989 | 84156660 |
| Keysight Technologies Inc (b) | 621454 | 113701224 |
| Littelfuse Inc  | 88694 | 21580137 |
| Ralliant Corp  | 409881 | 18001974 |
| TD SYNNEX Corp  | 279241 | 43698424 |
| Teledyne Technologies Inc (b) | 167898 | 88452024 |
| Trimble Inc (b) | 860464 | 68622004 |
| Vontier Corp  | 528186 | 20335161 |
| Zebra Technologies Corp Class A (b) | 183584 | 49429992 |
|  |  | 1073602385 |
| IT Services - 2.2% |  |  |
| Akamai Technologies Inc (b) | 519685 | 39028344 |
| Amdocs Ltd  | 399316 | 33646366 |
| Cloudflare Inc Class A (b) | 1114577 | 282322354 |
| Cognizant Technology Solutions Corp Class A  | 1788488 | 130345005 |
| DXC Technology Co (b) | 649922 | 9228892 |
| EPAM Systems Inc (b) | 197778 | 32344614 |
| Gartner Inc (b) | 272954 | 67785396 |
| Globant SA (b)(c) | 169233 | 10421368 |
| GoDaddy Inc Class A (b) | 496848 | 66145374 |
| Kyndryl Holdings Inc (b) | 835366 | 24158785 |
| MongoDB Inc Class A (b) | 285474 | 102719255 |
| Okta Inc Class A (b) | 594984 | 54458886 |
| Twilio Inc Class A (b) | 512143 | 69077848 |
| VeriSign Inc  | 304495 | 73017901 |
|  |  | 994700388 |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Amkor Technology Inc  | 412488 | 13315113 |
| Astera Labs Inc (b) | 454996 | 84938653 |
| Cirrus Logic Inc (b) | 184572 | 24483476 |
| Enphase Energy Inc (b) | 466521 | 14233556 |
| Entegris Inc  | 544405 | 49851166 |
| First Solar Inc (b) | 366890 | 97937617 |
| GlobalFoundries Inc (b) | 373600 | 13300159 |
| Lattice Semiconductor Corp (b) | 491061 | 35827811 |
| MACOM Technology Solutions Holdings Inc (b) | 228846 | 33898958 |
| Microchip Technology Inc  | 1909017 | 119160841 |
| MKS Inc  | 242608 | 34865196 |
| Monolithic Power Systems Inc  | 167174 | 168009870 |
| ON Semiconductor Corp (b) | 1530433 | 76644085 |
| Onto Innovation Inc (b) | 177620 | 23971595 |
| Qorvo Inc (b) | 306351 | 29078837 |
| Skyworks Solutions Inc  | 543378 | 42231338 |
| Teradyne Inc  | 580837 | 105572933 |
| Universal Display Corp  | 158983 | 23415016 |
|  |  | 990736220 |
| Software - 3.5% |  |  |
| Appfolio Inc Class A (b) | 79609 | 20254918 |
| Aurora Innovation Inc Class A (b)(c) | 3829199 | 20065003 |
| Bentley Systems Inc Class B (c) | 568510 | 28897363 |
| BILL Holdings Inc (b) | 336416 | 16706419 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 2020659 | 17620146 |
| Circle Internet Group Inc Class A (c) | 170965 | 21709136 |
| Confluent Inc Class A (b) | 1013572 | 23687178 |
| Datadog Inc Class A (b) | 1115142 | 181556269 |
| Docusign Inc (b) | 730956 | 53462122 |
| Dolby Laboratories Inc Class A  | 218358 | 14481503 |
| Dropbox Inc Class A (b) | 670250 | 19437250 |
| Dynatrace Inc (b) | 1067130 | 53964764 |
| Elastic NV (b) | 331217 | 29551181 |
| Fair Isaac Corp (b) | 84755 | 140653465 |
| Gen Digital Inc  | 1986174 | 52355547 |
| Gitlab Inc Class A (b) | 490418 | 23907878 |
| Guidewire Software Inc (b) | 302432 | 70660212 |
| HubSpot Inc (b) | 185162 | 91084891 |
| Informatica Inc Class A (b) | 382857 | 9521654 |
| Manhattan Associates Inc (b) | 217926 | 39677787 |
| nCino Inc (b)(c) | 404017 | 10779174 |
| Nutanix Inc Class A (b) | 921345 | 65636618 |
| Pegasystems Inc  | 314009 | 19986673 |
| Procore Technologies Inc (b) | 418405 | 30886657 |
| PTC Inc (b) | 430686 | 85508398 |
| RingCentral Inc Class A (b) | 298587 | 8993440 |
| Rubrik Inc Class A (b) | 421187 | 31702745 |
| SailPoint Inc (c) | 220624 | 4783127 |
| Samsara Inc Class A (b) | 980559 | 39389055 |
| SentinelOne Inc Class A (b) | 684654 | 12221074 |
| Teradata Corp (b) | 350625 | 7310530 |
| Tyler Technologies Inc (b) | 155753 | 74178924 |
| UiPath Inc Class A (b) | 1467917 | 23281164 |
| Unity Software Inc (b) | 1145217 | 43403724 |
| Zoom Communications Inc Class A (b) | 949577 | 82831602 |
| Zscaler Inc (b) | 352647 | 116775528 |
|  |  | 1586923119 |
| Technology Hardware, Storage & Peripherals - 1.7% |  |  |
| Hewlett Packard Enterprise Co  | 4739647 | 115742180 |
| HP Inc  | 3417592 | 94564770 |
| NetApp Inc  | 721631 | 84993698 |
| Pure Storage Inc Class A (b) | 1121718 | 110713567 |
| Sandisk Corp/DE  | 487087 | 97091052 |
| Super Micro Computer Inc (b)(c) | 1854485 | 96359041 |
| Western Digital Corp  | 1250146 | 187784431 |
|  |  | 787248739 |
| TOTAL INFORMATION TECHNOLOGY |  | 5644595555 |
| Materials - 4.6% |  |  |
| Chemicals - 1.9% |  |  |
| Albemarle Corp  | 429461 | 42185954 |
| Ashland Inc  | 191068 | 9343225 |
| Axalta Coating Systems Ltd (b) | 835656 | 23791126 |
| Celanese Corp  | 420156 | 16150797 |
| CF Industries Holdings Inc  | 586430 | 48843755 |
| Corteva Inc  | 2479391 | 152333784 |
| Dow Inc  | 2194291 | 52333840 |
| DuPont de Nemours Inc  | 1527669 | 124734174 |
| Eastman Chemical Co  | 455545 | 27114038 |
| Element Solutions Inc  | 841594 | 22487392 |
| FMC Corp  | 265863 | 4033142 |
| Huntsman Corp  | 759253 | 6286615 |
| International Flavors & Fragrances Inc  | 783304 | 49324653 |
| LyondellBasell Industries NV Class A1  | 974125 | 45218883 |
| Mosaic Co/The  | 1148687 | 31531458 |
| NewMarket Corp  | 21371 | 16410791 |
| Olin Corp  | 454203 | 9402002 |
| PPG Industries Inc  | 835647 | 81684494 |
| RPM International Inc  | 468816 | 51232212 |
| Scotts Miracle-Gro Co/The  | 157670 | 8438498 |
| Westlake Corp (c) | 138372 | 9521377 |
|  |  | 832402210 |
| Construction Materials - 0.7% |  |  |
| Eagle Materials Inc  | 116069 | 24643770 |
| James Hardie Industries PLC (b) | 533147 | 11158767 |
| Martin Marietta Materials Inc  | 216594 | 132793781 |
| Vulcan Materials Co  | 477485 | 138231908 |
|  |  | 306828226 |
| Containers & Packaging - 1.1% |  |  |
| Amcor PLC  | 8424959 | 66557176 |
| AptarGroup Inc  | 236242 | 27406434 |
| Avery Dennison Corp  | 281628 | 49253921 |
| Ball Corp  | 1002095 | 47098465 |
| Crown Holdings Inc  | 417998 | 40621046 |
| Graphic Packaging Holding CO  | 1106008 | 17685068 |
| International Paper Co  | 1900718 | 73443744 |
| Packaging Corp of America  | 318978 | 62443133 |
| Sealed Air Corp  | 526674 | 17648846 |
| Silgan Holdings Inc  | 322264 | 12445835 |
| Smurfit WestRock PLC  | 1891708 | 69841859 |
| Sonoco Products Co  | 367443 | 14907163 |
|  |  | 499352690 |
| Metals & Mining - 0.9% |  |  |
| Alcoa Corp  | 944727 | 34756506 |
| Cleveland-Cliffs Inc (b) | 1771002 | 22013555 |
| MP Materials Corp (b)(c) | 471778 | 29764474 |
| Nucor Corp  | 829582 | 124478780 |
| Reliance Inc  | 190644 | 53843585 |
| Royal Gold Inc  | 295979 | 51734169 |
| Steel Dynamics Inc  | 507343 | 79551382 |
|  |  | 396142451 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 229561 | 19997058 |
| TOTAL MATERIALS |  | 2054722635 |
| Real Estate - 7.0% |  |  |
| Diversified REITs - 0.1% |  |  |
| WP Carey Inc  | 782830 | 51666780 |
| Health Care REITs - 0.6% |  |  |
| Alexandria Real Estate Equities Inc  | 631681 | 36776468 |
| Healthcare Realty Trust Inc  | 1189533 | 21078525 |
| Healthpeak Properties Inc  | 1992250 | 35760888 |
| Medical Properties Trust Inc (c) | 1801720 | 9314891 |
| Omega Healthcare Investors Inc  | 1037157 | 43591709 |
| Ventas Inc  | 1636190 | 120734460 |
|  |  | 267256941 |
| Hotel & Resort REITs - 0.1% |  |  |
| Host Hotels & Resorts Inc  | 2509766 | 40206451 |
| Park Hotels & Resorts Inc  | 849423 | 8740563 |
|  |  | 48947014 |
| Industrial REITs - 0.3% |  |  |
| Americold Realty Trust Inc  | 1092551 | 14082982 |
| EastGroup Properties Inc  | 191209 | 33371707 |
| First Industrial Realty Trust Inc  | 462231 | 25552130 |
| Lineage Inc  | 268868 | 10593399 |
| Rexford Industrial Realty Inc  | 867028 | 35825597 |
| STAG Industrial Inc Class A  | 674178 | 25800792 |
|  |  | 145226607 |
| Office REITs - 0.2% |  |  |
| BXP Inc  | 575186 | 40947491 |
| Cousins Properties Inc  | 604619 | 15677771 |
| Highwoods Properties Inc  | 384633 | 11012042 |
| Kilroy Realty Corp  | 424815 | 17948434 |
| Vornado Realty Trust  | 638951 | 24241801 |
|  |  | 109827539 |
| Real Estate Management & Development - 0.9% |  |  |
| CBRE Group Inc Class A (b) | 1073939 | 163700522 |
| CoStar Group Inc (b) | 1508240 | 103781994 |
| Howard Hughes Holdings Inc (b) | 111736 | 8858430 |
| Jones Lang LaSalle Inc (b) | 170366 | 51976963 |
| Zillow Group Inc Class A (b) | 181615 | 12990921 |
| Zillow Group Inc Class C (b) | 587419 | 44044677 |
|  |  | 385353507 |
| Residential REITs - 1.2% |  |  |
| American Homes 4 Rent Class A  | 1233968 | 38993389 |
| AvalonBay Communities Inc  | 513633 | 89331051 |
| Camden Property Trust  | 388172 | 38615350 |
| Equity LifeStyle Properties Inc  | 693920 | 42363816 |
| Equity Residential  | 1367938 | 81310235 |
| Essex Property Trust Inc  | 230607 | 58059924 |
| Invitation Homes Inc  | 2212324 | 62276921 |
| Mid-America Apartment Communities Inc  | 420238 | 53887119 |
| Sun Communities Inc  | 456331 | 57771505 |
| UDR Inc  | 1193163 | 40197661 |
|  |  | 562806971 |
| Retail REITs - 1.3% |  |  |
| Agree Realty Corp  | 390970 | 28544720 |
| Brixmor Property Group Inc  | 1099548 | 28764176 |
| Federal Realty Investment Trust  | 307744 | 29601895 |
| Kimco Realty Corp  | 2424373 | 50087546 |
| NNN REIT Inc  | 675317 | 27323326 |
| Realty Income Corp  | 3266678 | 189401990 |
| Regency Centers Corp  | 652404 | 44983256 |
| Simon Property Group Inc  | 1170204 | 205675055 |
|  |  | 604381964 |
| Specialized REITs - 2.3% |  |  |
| Crown Castle Inc  | 1571691 | 141797962 |
| CubeSmart  | 822328 | 30977096 |
| Digital Realty Trust Inc  | 1218280 | 207607096 |
| EPR Properties  | 269457 | 13208782 |
| Extra Space Storage Inc  | 761336 | 101668809 |
| Gaming and Leisure Properties Inc  | 980619 | 43794445 |
| Iron Mountain Inc  | 1059639 | 109089835 |
| Lamar Advertising Co Class A  | 316449 | 37527687 |
| Millrose Properties Inc Class A  | 432651 | 13935689 |
| National Storage Affiliates Trust  | 255038 | 7419055 |
| Rayonier Inc  | 584680 | 12903888 |
| SBA Communications Corp Class A  | 388976 | 74481124 |
| VICI Properties Inc  | 3814457 | 114395565 |
| Weyerhaeuser Co  | 2625429 | 60384867 |
|  |  | 969191900 |
| TOTAL REAL ESTATE |  | 3144659223 |
| Utilities - 6.2% |  |  |
| Electric Utilities - 2.9% |  |  |
| Alliant Energy Corp  | 927686 | 61987979 |
| Edison International  | 1391134 | 77041001 |
| Entergy Corp  | 1612746 | 154968763 |
| Evergy Inc  | 831326 | 63854150 |
| Eversource Energy  | 1326969 | 97943582 |
| Exelon Corp  | 3650855 | 168377433 |
| FirstEnergy Corp  | 1981901 | 90830523 |
| IDACORP Inc  | 194719 | 25122645 |
| NRG Energy Inc  | 687123 | 118088959 |
| OGE Energy Corp  | 725514 | 32024188 |
| PG&E Corp  | 7951848 | 126911494 |
| Pinnacle West Capital Corp  | 430263 | 38086881 |
| PPL Corp  | 2673164 | 97623949 |
| Xcel Energy Inc  | 2137620 | 173510615 |
|  |  | 1326372162 |
| Gas Utilities - 0.4% |  |  |
| Atmos Energy Corp  | 571568 | 98149657 |
| MDU Resources Group Inc  | 732356 | 14046588 |
| National Fuel Gas Co  | 323900 | 25558949 |
| UGI Corp (c) | 758911 | 25370395 |
|  |  | 163125589 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| AES Corp/The  | 2589513 | 35916545 |
| Clearway Energy Inc Class A  | 127013 | 3809120 |
| Clearway Energy Inc Class C  | 293548 | 9372988 |
| Talen Energy Corp (b) | 163830 | 65495957 |
| Vistra Corp  | 1223341 | 230355111 |
|  |  | 344949721 |
| Multi-Utilities - 1.9% |  |  |
| Ameren Corp  | 974669 | 99435731 |
| CenterPoint Energy Inc  | 2353414 | 89994551 |
| CMS Energy Corp  | 1074416 | 79023297 |
| Consolidated Edison Inc  | 1301892 | 126817300 |
| DTE Energy Co  | 748373 | 101434476 |
| NiSource Inc  | 1699463 | 71564387 |
| Public Service Enterprise Group Inc  | 1803611 | 145298903 |
| WEC Energy Group Inc  | 1153584 | 128889940 |
|  |  | 842458585 |
| Water Utilities - 0.2% |  |  |
| American Water Works Co Inc  | 703442 | 90343056 |
| Essential Utilities Inc  | 1012881 | 39532744 |
|  |  | 129875800 |
| TOTAL UTILITIES |  | 2806781857 |
| TOTAL UNITED STATES |  | 44128477003 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $33,421,337,904) |  | <br> **44972507975** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (e)<br>(Cost $7,357,893)<br>| 4.15 | 7368000 | **7360093** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.18 | 33239604 | 33246252 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.18 | 505874141 | 505924728 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $539,167,063) |  |  | **539170980** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.1%**<br> (Cost $33,967,862,860)<br>| <br>**45519039048** |
| **NET OTHER ASSETS (LIABILITIES) - (1.1)%**  | **(475158569)** |
| **NET ASSETS - 100.0%** | **45043880479** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 MidCap 400 Index Contracts (United States) | 190 | 12/19/2025 | 61896300 | 396712 | 396712 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% |

---

**Legend**

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

(b) Non-income producing.

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,143,549.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 101616714 | 2018376517 | 2086744806 | 2283147 | (2174) | 1 | 33246252 | 33239604 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 792829330 | 1601676018 | 1888580620 | 5583884 | - | - | 505924728 | 505874141 | 2.0% |
| Total | 894446044 | 3620052535 | 3975325426 | 7867031 | (2174) | 1 | 539170980 |  |  |

---

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 October 31, 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 | 1908574363 | 1908574363 | - | - |
| Consumer Discretionary | 5098381839 | 5098381839 | - | - |
| Consumer Staples | 2113915658 | 2113915658 | - | - |
| Energy | 2512699138 | 2512699138 | - | - |
| Financials | 6755575632 | 6755575632 | - | - |
| Health Care | 4414750646 | 4414750646 | - | - |
| Industrials | 8359744208 | 8359744208 | - | - |
| Information Technology | 5657894905 | 5657894905 | - | - |
| Materials | 2178429663 | 2178429663 | - | - |
| Real Estate | 3144659223 | 3144659223 | - | - |
| Utilities | 2827882700 | 2827882700 | - | - |
|  **U.S. Treasury Obligations** | 7360093 | - | 7360093 | - |
|  **Money Market Funds** | 539170980 | 539170980 | - | - |
| **Total Investments in Securities:** | 45519039048 | 45511678955 | 7360093 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 396712 | 396712 | - | - |
| Total Assets | 396712 | 396712 | - | - |
| **Total Derivative Instruments:** | 396712 | 396712 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 396712 | - |
| **Total Equity Risk**  | 396712 | - |
| **Total Value of Derivatives** | 396712 | - |

---

(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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $570,088,064) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $33,428,695,797) | $44979868068 |  |
| Fidelity Central Funds (cost $539,167,063) | 539170980 |  |
| Total Investment in Securities (cost $33,967,862,860) |  | $45519039048 |
| Foreign currency held at value (cost $2,273) |  | 2212 |
| Receivable for investments sold |  | 3442611 |
| Receivable for fund shares sold |  | 63246253 |
| Dividends receivable |  | 16971084 |
| Distributions receivable from Fidelity Central Funds |  | 642246 |
| Receivable for daily variation margin on futures contracts |  | 296305 |
| Other receivables |  | 436903 |
| **Total assets** |  | 45604076662 |
| **Liabilities** |  |  |
| Payable to custodian bank | $3442475 |  |
| Payable for investments purchased  | 3475275 |  |
| Payable for fund shares redeemed | 46180467 |  |
| Accrued management fee | 944318 |  |
| Other payables and accrued expenses | 242847 |  |
| Collateral on securities loaned | 505910801 |  |
| **Total liabilities** |  | 560196183 |
| **Net Assets**  |  | $45043880479 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $32544527052 |
| Total accumulated earnings (loss) |  | 12499353427 |
| **Net Assets** |  | $45043880479 |
| **Net Asset Value**, offering price and redemption price per share ($45,043,880,479 ÷ 1,221,292,490 shares) |  | $36.88 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $339506588 |
| Interest  |  | 234656 |
| Income from Fidelity Central Funds (including $5,583,884 from security lending)  |  | 7867031 |
| **Total income** |  | 347608275 |
| **Expenses** |  |  |
| Management fee | $5354652 |  |
| Independent trustees' fees and expenses | 41036 |  |
| Total expenses before reductions | 5395688 |  |
| Expense reductions | (15995) |  |
| Total expenses after reductions |  | 5379693 |
| **Net Investment income (loss)** |  | 342228582 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (55585032) |  |
| Redemptions in-kind | 1230803230 |  |
| Fidelity Central Funds | (2174) |  |
| Foreign currency transactions | 1407 |  |
| Futures contracts | 27978527 |  |
| Total net realized gain (loss) |  | 1203195958 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4062785388 |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | (61) |  |
| Futures contracts | (8142615) |  |
| Total change in net unrealized appreciation (depreciation) |  | 4054642713 |
| **Net gain (loss)** |  | 5257838671 |
| **Net increase (decrease) in net assets resulting from operations** |  | $5600067253 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $342228582 | $568598912 |
| &nbsp;&nbsp;Net realized gain (loss) | 1203195958<br>| 852632234<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4054642713 | 859022580<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 5600067253<br>| 2280253726<br>|
| Distributions to shareholders | (105550116)<br>| (837852622)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 8063906811 | 12084799366 |
| Reinvestment of distributions | 94969791<br>| 787472826<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (6330212635) | (10035197394) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1828663967<br>| 2837074798<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 7323181104<br>| 4279475902<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 37720699375 | 33441223473<br>|
| &nbsp;&nbsp;End of period | $45043880479 | $37720699375 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 226784587 | 361934513 |
| Issued in reinvestment of distributions | 2703382<br>| 23123576<br>|
| &nbsp;&nbsp;Redeemed | (176883365) | (303097949) |
| &nbsp;&nbsp;Net increase (decrease) | 52604604 | 81960140 |

---

**Financial Highlights** 

**Fidelity® Mid Cap Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.28 | $30.77 | $26.83 | $27.85 | $30.70 | $19.71 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .52  | .48  | .46  | .38  | .34  |
| Net realized and unrealized gain (loss)  | 4.41  | 1.77  | 3.88  | (.94)  | (2.16)  | 11.28  |
| Total from investment operations  | 4.69  | 2.29  | 4.36  | (.48)  | (1.78)  | 11.62  |
| Distributions from net investment income  | (.09)  | (.40)  | (.42)  | (.41)  | (.35)  | (.37)  |
| Distributions from net realized gain  | -  | (.39)  | -  | (.12)  | (.72)  | (.26)  |
| Total distributions  | (.09)  | (.78) C | (.42)  | (.54) C | (1.07)  | (.63)  |
| Net asset value, end of period  | $36.88 | $32.28 | $30.77 | $26.83 | $27.85 | $30.70 |
| **Total Return** D,E | 14.53% <br>| 7.32%  | 16.34%  | (1.65)%  | (6.13)%  | 59.59%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .02% H | .03%  | .03%  | .03%  | .03%  | .03%  |
| Expenses net of fee waivers, if any  | .02% H<br>| .03%  | .03%  | .03%  | .03%  | .03%  |
| Expenses net of all reductions, if any  | .02% H | .02%  | .02%  | .02%  | .03%  | .03%  |
| Net investment income (loss)  | 1.58% H | 1.56%  | 1.66%  | 1.72%  | 1.24%  | 1.35%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $45043880 | $37720699 | $33441223 | $26520703 | $24606512 | $21954129 |
| Portfolio turnover rate I,J | 20% H<br>| 15%  | 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 for periods of less than one year are not annualized.*

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

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

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

H*Annualized.*

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

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

**Fidelity® Small Cap Index Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

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>|
| AUSTRALIA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Benitec Biopharma Inc (b) | 148009 | 2421427 |
| AUSTRIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Critical Metals Corp (b)(c) | 328859 | 4255435 |
| BAHAMAS (NASSAU) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| OneSpaWorld Holdings Ltd  | 951838 | 22149270 |
| BAILIWICK OF GUERNSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Super Group SGHC Ltd  | 1600848 | 17289158 |
| BELGIUM - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Titan America SA (c) | 244629 | 3610724 |
| BERMUDA - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Corp Ltd  | 522413 | 5025613 |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| Bank of Nt Butterfield & Son Ltd/The (United States)  | 422028 | 19523015 |
| Insurance - 0.1% |  |  |
| Aspen Insurance Holdings Ltd (b)(c) | 154936 | 5693898 |
| Hamilton Insurance Group Ltd Class B (b) | 462546 | 10948464 |
| Kestrel Group Ltd (c) | 26376 | 523300 |
|  |  | 17165662 |
| TOTAL FINANCIALS |  | 36688677 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Himalaya Shipping Ltd (United States)  | 289984 | 2273475 |
| TOTAL BERMUDA |  | 43987765 |
| BRAZIL - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Pagseguro Digital Ltd Class A  | 1804800 | 17308032 |
| StoneCo Ltd Class A (b) | 2525845 | 48016313 |
|  |  | 65324345 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| VTEX Class A (b)(c) | 591665 | 2656576 |
| TOTAL BRAZIL |  | 67980921 |
| CAMEROON - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Golar LNG Ltd  | 1004631 | 41240103 |
| CANADA - 1.4%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunopta Inc (United States) (b) | 963670 | 5030357 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Encore Energy Corp (United States) (b)(c) | 1869891 | 5777963 |
| Kolibri Global Energy Inc (United States) (b) | 286637 | 1252604 |
| Teekay Tankers Ltd Class A  | 242335 | 14782435 |
|  |  | 21813002 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Kingsway Financial Services Inc (b)(c) | 202376 | 2881834 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Aurinia Pharmaceuticals Inc (b) | 1169649 | 15404277 |
| Bright Minds Biosciences Inc (United States) (b) | 46170 | 2527808 |
| Fennec Pharmaceuticals Inc (United States) (b) | 233497 | 1914675 |
| TuHURA Biosciences Inc (b)(c) | 271473 | 692256 |
| Xenon Pharmaceuticals Inc (b) | 763156 | 31991500 |
|  |  | 52530516 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Brookfield Business Corp Class A (United States) (c) | 229286 | 8359768 |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| D-Wave Quantum Inc (b)(c) | 3107622 | 115168472 |
| Hut 8 Corp (United States) (b)(c) | 947700 | 48010482 |
|  |  | 163178954 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Novagold Resources Inc (United States) (b)(c) | 3045397 | 25246341 |
| Ssr Mining Inc (United States) (b)(c) | 2048242 | 46208340 |
| US Goldmining Inc (b) | 16291 | 188160 |
| Vox Royalty Corp (United States) (c) | 433258 | 1850012 |
|  |  | 73492853 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Real Brokerage Inc/The (b) | 1070378 | 3981806 |
| Utilities - 0.2% |  |  |
| Gas Utilities - 0.2% |  |  |
| Brookfield Infrastructure Corp (United States)  | 1210196 | 54833981 |
| TOTAL CANADA |  | 386103071 |
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 1961887 | 10554952 |
| Software - 0.0% |  |  |
| Mercurity Fintech Holding Inc (b)(c) | 321278 | 3354142 |
| TOTAL CHINA |  | 13909094 |
| COSTA RICA - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Logistic Properties Of The Americas (b)(c) | 33274 | 112798 |
| GERMANY - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Orion SA  | 563721 | 2987721 |
| GHANA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Kosmos Energy Ltd (b) | 4758712 | 7471178 |
| GIBRALTAR - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Forafric Global PLC (b)(c) | 28867 | 269617 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Patria Investments Ltd Class A  | 651526 | 9492734 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Triller Group Inc (b) | 1092285 | 626425 |
| IRELAND - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Ardmore Shipping Corp  | 354243 | 4459919 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b) | 415066 | 4461960 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Cimpress PLC (b) | 150291 | 10401640 |
| TOTAL IRELAND |  | 19323519 |
| ISLE OF MAN - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Lifezone Metals Ltd (b)(c) | 277343 | 1378395 |
| ISRAEL - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Nexxen International Ltd (b) | 379848 | 3122350 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Nano-X Imaging Ltd (b)(c) | 636765 | 2311457 |
| Pharmaceuticals - 0.0% |  |  |
| MediWound Ltd (b)(c) | 77530 | 1421125 |
| TOTAL HEALTH CARE |  | 3732582 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Sapiens International Corp NV  | 312970 | 13473359 |
| TOTAL ISRAEL |  | 20328291 |
| ITALY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Ermenegildo Zegna Holditalia Spa (c) | 618632 | 6316233 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Webtoon Entertainment Inc (b) | 183686 | 3220016 |
| MALTA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Gambling.com Group Ltd (b)(c) | 164484 | 1172771 |
| MEXICO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Borr Drilling Ltd (c) | 2485468 | 7704951 |
| MONACO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc  | 448029 | 27643389 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Costamare Bulkers Holdings Ltd  | 84302 | 1090868 |
| Costamare Inc  | 449086 | 5487831 |
| Safe Bulkers Inc  | 575774 | 2700380 |
|  |  | 9279079 |
| TOTAL MONACO |  | 36922468 |
| NORWAY - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Seadrill Ltd (b)(c) | 631580 | 19932665 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| FLEX LNG Ltd (c) | 311082 | 8078800 |
| SFL Corp Ltd (c) | 1238574 | 9239762 |
|  |  | 17318562 |
| TOTAL ENERGY |  | 37251227 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| T1 Energy Inc (b)(c) | 1145270 | 4260404 |
| TOTAL NORWAY |  | 41511631 |
| PANAMA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Banco Latinoamericano de Comercio Exterior SA Class E  | 287027 | 12345031 |
| PUERTO RICO - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class A (b) | 104881 | 818072 |
| Liberty Latin America Ltd Class C (b) | 1456976 | 11524680 |
|  |  | 12342752 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| First BanCorp/Puerto Rico  | 1629319 | 31755427 |
| Ofg Bancorp  | 449125 | 17363173 |
|  |  | 49118600 |
| Financial Services - 0.1% |  |  |
| EVERTEC Inc  | 644747 | 18355947 |
| TOTAL FINANCIALS |  | 67474547 |
| TOTAL PUERTO RICO |  | 79817299 |
| SINGAPORE - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Grindr Inc Class A (b)(c) | 335709 | 4652927 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Scilex Holding Co (b)(c) | 4640 | 76560 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Kulicke & Soffa Industries Inc  | 518965 | 20722272 |
| TOTAL SINGAPORE |  | 25451759 |
| SOUTH AFRICA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Caledonia Mining Corp PLC  | 167581 | 4712378 |
| SWEDEN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| SiriusPoint Ltd (b) | 1029573 | 18738229 |
| SWITZERLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Garrett Motion Inc  | 1351980 | 22902541 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| ADC Therapeutics SA (b) | 739550 | 3298393 |
| CRISPR Therapeutics AG (b)(c) | 832014 | 53240576 |
|  |  | 56538969 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Aebi Schmidt Holding AG  | 371990 | 4147689 |
| TOTAL SWITZERLAND |  | 83589199 |
| THAILAND - 0.6%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| BKV Corp (b) | 165104 | 3894803 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Fabrinet (b) | 363445 | 160122964 |
| TOTAL THAILAND |  | 164017767 |
| UNITED KINGDOM - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Genius Sports Ltd Class A (b) | 2199069 | 24761517 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Marex Group PLC  | 540461 | 16402991 |
| Insurance - 0.0% |  |  |
| Fidelis Insurance Holdings Ltd  | 586408 | 10543616 |
| TOTAL FINANCIALS |  | 26946607 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Indivior PLC (b) | 1218815 | 35796597 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 273377 | 3335199 |
| TOTAL UNITED KINGDOM |  | 90839920 |
| UNITED STATES - 95.3%  |  |  |
| Communication Services - 2.7% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Anterix Inc (b) | 113080 | 2286478 |
| Atn International Inc  | 104023 | 1511454 |
| Bandwidth Inc Class A (b) | 272388 | 4399066 |
| Cogent Communications Holdings Inc (c) | 453667 | 18713764 |
| Globalstar Inc (b)(c) | 504336 | 27440922 |
| IDT Corp Class B  | 163858 | 8301046 |
| Lumen Technologies Inc (b) | 9592695 | 98612905 |
| Shenandoah Telecommunications Co  | 511796 | 6305327 |
| Uniti Group Inc (b) | 1441369 | 8302285 |
|  |  | 175873247 |
| Entertainment - 0.5% |  |  |
| AMC Entertainment Holdings Inc Class A (b)(c) | 4358541 | 11288621 |
| Atlanta Braves Holdings Inc Class A (b)(c) | 11019 | 475359 |
| Atlanta Braves Holdings Inc Class C (b) | 522269 | 21266794 |
| Cinemark Holdings Inc (c) | 1046045 | 28253676 |
| CuriosityStream Inc Class A  | 324187 | 1406972 |
| Eventbrite Inc Class A (b) | 747214 | 1726064 |
| Gaia Inc Class A (b) | 171191 | 854243 |
| Golden Matrix Group Inc (b)(c) | 168860 | 173926 |
| IMAX Corp (b) | 439627 | 14283481 |
| Lionsgate Studios Corp  | 2056631 | 13224137 |
| Madison Square Garden Entertainment Corp Class A (b) | 397619 | 17558855 |
| Marcus Corp/The  | 237925 | 3426120 |
| Playstudios Inc Class A (b) | 895819 | 833112 |
| Playtika Holding Corp  | 633003 | 2323121 |
| Reservoir Media Inc (b)(c) | 199113 | 1513259 |
| Sphere Entertainment Co Class A (b)(c) | 279156 | 19116603 |
| Starz Entertainment Corp  | 111881 | 1175869 |
| Vivid Seats Inc Class A (b)(c) | 38961 | 483506 |
|  |  | 139383718 |
| Interactive Media & Services - 0.6% |  |  |
| Angi Inc Class A (b) | 408031 | 5414571 |
| Arena Group Holdings Inc/The (b) | 130177 | 725086 |
| Bumble Inc Class A (b) | 725262 | 4025204 |
| Cargurus Inc Class A (b) | 825990 | 29008769 |
| Cars.com Inc (b) | 575708 | 6183104 |
| EverQuote Inc Class A (b) | 277124 | 5969251 |
| fuboTV Inc Class A (b)(c) | 3360357 | 12702149 |
| Getty Images Holdings Inc Class A (b)(c) | 1126267 | 2117382 |
| MediaAlpha Inc Class A (b) | 336858 | 4294940 |
| Nextdoor Holdings Inc Class A (b) | 2162788 | 4217437 |
| QuinStreet Inc (b) | 548939 | 8118808 |
| Rumble Inc Class A (b)(c) | 1068776 | 7331803 |
| Shutterstock Inc  | 249699 | 6249966 |
| Teads Holding Co (b)(c) | 385076 | 569912 |
| Travelzoo (b) | 66021 | 555896 |
| TripAdvisor Inc Class A (c) | 1168584 | 18767459 |
| TrueCar Inc (b) | 811845 | 1786059 |
| Vimeo Inc Class A (b) | 1483096 | 11568149 |
| Yelp Inc Class A (b) | 620748 | 20472269 |
| Ziff Davis Inc (b) | 419095 | 14207321 |
| ZipRecruiter Inc Class A (b) | 688457 | 3201325 |
|  |  | 167486860 |
| Media - 0.9% |  |  |
| Advantage Solutions Inc Class A (b)(c) | 969755 | 1241286 |
| Altice USA Inc Class A (b) | 2640034 | 5887276 |
| AMC Networks Inc Class A (b) | 316763 | 2401064 |
| Boston Omaha Corp (b)(c) | 215057 | 2735525 |
| Cable One Inc (c) | 51827 | 7698901 |
| EchoStar Corp Class A (b)(c) | 1364063 | 102127398 |
| Emerald Holding Inc  | 138866 | 609622 |
| Entravision Communications Corp Class A  | 635887 | 1316286 |
| EW Scripps Co/The Class A (b) | 632103 | 1536010 |
| Gannett Co Inc (b) | 1412501 | 7486255 |
| Gray Media Inc  | 891904 | 4076001 |
| Ibotta Inc Class A (b)(c) | 140692 | 4538724 |
| iHeartMedia Inc Class A (b) | 1202153 | 3570394 |
| Integral Ad Science Holding Corp (b) | 765726 | 7818062 |
| John Wiley & Sons Inc Class A  | 415432 | 15316978 |
| Magnite Inc (b) | 1407252 | 25161666 |
| National CineMedia Inc  | 650267 | 2874180 |
| Newsmax Inc Class B (c) | 110928 | 1109280 |
| PubMatic Inc Class A (b) | 423916 | 3543938 |
| Scholastic Corp  | 204796 | 5871501 |
| Sinclair Inc Class A (c) | 390018 | 5327646 |
| Stagwell Inc Class A (b) | 1159231 | 5506347 |
| TechTarget Inc (c) | 286188 | 1571172 |
| TEGNA Inc  | 1620235 | 31870023 |
| Thryv Holdings Inc (b)(c) | 376302 | 2901288 |
| WideOpenWest Inc (b) | 489904 | 2513208 |
|  |  | 256610031 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Gogo Inc (b)(c) | 774673 | 7049524 |
| Spok Holdings Inc  | 212425 | 3035553 |
| Telephone and Data Systems Inc  | 1000913 | 38855443 |
|  |  | 48940520 |
| TOTAL COMMUNICATION SERVICES |  | 788294376 |
| Consumer Discretionary - 8.7% |  |  |
| Automobile Components - 1.2% |  |  |
| Adient PLC (b) | 843682 | 19564986 |
| American Axle & Manufacturing Holdings Inc (b)(c) | 1171164 | 7261217 |
| Cooper-Standard Holdings Inc (b) | 169549 | 5123771 |
| Dana Inc  | 1329070 | 26980121 |
| Dorman Products Inc (b) | 277500 | 37221075 |
| Fox Factory Holding Corp (b) | 420092 | 9288234 |
| Gentherm Inc (b) | 307189 | 11304555 |
| Goodyear Tire & Rubber Co/The (b) | 2629245 | 18115498 |
| Holley Inc Class A (b) | 597947 | 1716107 |
| LCI Industries  | 249036 | 25772736 |
| Luminar Technologies Inc Class A (b)(c) | 467359 | 542135 |
| Modine Manufacturing Co (b) | 527098 | 80756685 |
| Motorcar Parts of America Inc (b) | 131245 | 2239040 |
| Patrick Industries Inc (c) | 326528 | 34079727 |
| Phinia Inc  | 387195 | 20099292 |
| Solid Power Inc (b)(c) | 1532917 | 9626719 |
| Standard Motor Products Inc  | 213850 | 7940251 |
| Strattec Security Corp (b) | 38850 | 2383836 |
| Visteon Corp  | 276247 | 29602629 |
| XPEL Inc (b)(d) | 242067 | 8254485 |
|  |  | 357873099 |
| Automobiles - 0.0% |  |  |
| Faraday Future Intelligent Electric Inc Class A (b)(c) | 923424 | 1274325 |
| Livewire Group Inc (b)(c) | 377049 | 2066229 |
| Winnebago Industries Inc  | 274600 | 10355166 |
|  |  | 13695720 |
| Broadline Retail - 0.1% |  |  |
| Groupon Inc (b)(c) | 251216 | 5056978 |
| Kohl's Corp (c) | 1098338 | 17869960 |
| Savers Value Village Inc (b)(c) | 384840 | 3544376 |
|  |  | 26471314 |
| Distributors - 0.0% |  |  |
| A-Mark Precious Metals Inc  | 190905 | 5074255 |
| GigaCloud Technology Inc Class A (b) | 249304 | 6975526 |
| Weyco Group Inc  | 62773 | 1799702 |
|  |  | 13849483 |
| Diversified Consumer Services - 1.0% |  |  |
| Adtalem Global Education Inc (b) | 356771 | 34970693 |
| American Public Education Inc (b) | 174418 | 5841259 |
| Carriage Services Inc  | 141790 | 6338013 |
| Coursera Inc (b) | 1389705 | 11701316 |
| Driven Brands Holdings Inc (b) | 596957 | 8566333 |
| European Wax Center Inc Class A (b) | 305678 | 1192144 |
| Frontdoor Inc (b) | 747904 | 49683263 |
| Graham Holdings Co Class B  | 32335 | 32727224 |
| KinderCare Learning Cos Inc (b) | 313922 | 1852140 |
| Laureate Education Inc (b) | 1292897 | 37532800 |
| Lincoln Educational Services Corp (b) | 296335 | 5754826 |
| Matthews International Corp Class A (c) | 299776 | 7020754 |
| McGraw Hill Inc (c) | 235357 | 2626584 |
| Mister Car Wash Inc (b) | 1002025 | 5601320 |
| Nerdy Inc Class A (b)(c) | 589953 | 583994 |
| Perdoceo Education Corp  | 619135 | 19663728 |
| Strategic Education Inc  | 235754 | 17912589 |
| Stride Inc (b) | 429796 | 29243320 |
| Udemy Inc (b) | 972676 | 5539390 |
| Universal Technical Institute Inc (b) | 468506 | 13923998 |
| Zspace Inc (b) | 32924 | 31250 |
|  |  | 298306938 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Accel Entertainment Inc Class A (b) | 539277 | 5495233 |
| Bally's Corp (c) | 75913 | 1382375 |
| Biglari Holdings Inc Class B (b) | 6712 | 2425113 |
| BJ's Restaurants Inc (b) | 202057 | 6861856 |
| Bloomin' Brands Inc  | 849146 | 5799667 |
| Brightstar Lottery PLC  | 1126993 | 18775703 |
| Brinker International Inc (b) | 445248 | 48380648 |
| Cheesecake Factory Inc/The  | 464888 | 23151422 |
| Cracker Barrel Old Country Store Inc (c) | 224686 | 7571918 |
| Dave & Buster's Entertainment Inc (b)(c) | 275887 | 4052780 |
| Denny's Corp (b)(c) | 508897 | 1989787 |
| Dine Brands Global Inc (c) | 161219 | 3985334 |
| El Pollo Loco Holdings Inc (b) | 264049 | 2698581 |
| Empire Resorts Inc (b)(e) | 17230 | 0 |
| First Watch Restaurant Group Inc (b) | 455200 | 7506248 |
| Global Business Travel Group I Class A (b) | 945411 | 7430930 |
| Golden Entertainment Inc  | 198574 | 4011195 |
| Hilton Grand Vacations Inc (b) | 579046 | 24001457 |
| Inspired Entertainment Inc (b) | 249465 | 1883461 |
| Jack in the Box Inc (c) | 188451 | 3022754 |
| Krispy Kreme Inc (c) | 773830 | 2778050 |
| Kura Sushi USA Inc Class A (b) | 63960 | 3641243 |
| Life Time Group Holdings Inc (b) | 1364770 | 33750762 |
| Lindblad Expeditions Holdings Inc (b) | 376739 | 4543472 |
| Marriott Vacations Worldwide Corp  | 281203 | 18553774 |
| Monarch Casino & Resort Inc  | 128116 | 11539408 |
| Nathan's Famous Inc  | 28613 | 3028114 |
| Papa John's International Inc  | 329057 | 16719386 |
| Portillo's Inc Class A (b)(c) | 595470 | 3185765 |
| Pursuit Attractions and Hospitality Inc (b) | 214313 | 7603825 |
| Rci Hospitality Holdings Inc  | 82337 | 2051015 |
| Red Rock Resorts Inc Class A  | 489976 | 26120621 |
| Rush Street Interactive Inc Class A (b) | 891574 | 15121095 |
| Sabre Corp (b) | 3620255 | 7403421 |
| Serve Robotics Inc (b)(c) | 475916 | 6296369 |
| Shake Shack Inc Class A (b) | 390909 | 37726628 |
| Six Flags Entertainment Corp (b)(c) | 964331 | 22160326 |
| Sweetgreen Inc Class A (b)(c) | 1039761 | 6540097 |
| Target Hospitality Corp (b) | 323934 | 2491052 |
| United Parks & Resorts Inc (b)(c) | 272214 | 13175158 |
| Xponential Fitness Inc Class A (b)(c) | 281053 | 1888676 |
|  |  | 426744719 |
| Household Durables - 1.7% |  |  |
| Bassett Furniture Industries Inc  | 82741 | 1220430 |
| Beazer Homes USA Inc (b) | 280218 | 6276883 |
| Cavco Industries Inc (b) | 76716 | 40644137 |
| Century Communities Inc  | 262725 | 15605865 |
| Champion Homes Inc (b) | 576333 | 39323201 |
| Cricut Inc Class A (c) | 464551 | 2466766 |
| Dream Finders Homes Inc Class A (b)(c) | 304272 | 6024586 |
| Ethan Allen Interiors Inc  | 234830 | 5675841 |
| Flexsteel Industries Inc  | 37276 | 1274466 |
| Green Brick Partners Inc (b) | 313513 | 20296832 |
| Hamilton Beach Brands Holding Co Class A  | 72510 | 1020215 |
| Helen of Troy Ltd (b) | 228792 | 4262395 |
| Hovnanian Enterprises Inc Class A (b) | 47721 | 5737496 |
| Installed Building Products Inc (c) | 235674 | 58501357 |
| KB Home  | 669211 | 41772151 |
| La-Z-Boy Inc  | 416900 | 13215730 |
| Legacy Housing Corp (b) | 84348 | 1894034 |
| Leggett & Platt Inc  | 1339107 | 12507259 |
| LGI Homes Inc (b) | 209094 | 8533126 |
| Lovesac Co/The (b) | 137595 | 1908443 |
| M/I Homes Inc (b) | 262377 | 32846977 |
| Meritage Homes Corp  | 716408 | 48400524 |
| Sonos Inc (b) | 1180204 | 20264103 |
| Taylor Morrison Home Corp (b) | 977007 | 57907205 |
| Traeger Inc (b) | 331754 | 305213 |
| Tri Pointe Homes Inc (b) | 867537 | 27631053 |
|  |  | 475516288 |
| Leisure Products - 0.4% |  |  |
| Acushnet Holdings Corp (c) | 276912 | 21413605 |
| American Outdoor Brands Inc (b)(c) | 122320 | 840338 |
| Clarus Corp  | 298685 | 997608 |
| Escalade Inc  | 103551 | 1191872 |
| Funko Inc Class A (b) | 337894 | 1054229 |
| JAKKS Pacific Inc  | 90457 | 1537769 |
| Johnson Outdoors Inc Class A  | 54063 | 2201986 |
| Latham Group Inc (b) | 449407 | 3258201 |
| Malibu Boats Inc Class A (b) | 184411 | 5139535 |
| Marine Products Corp  | 97853 | 826857 |
| MasterCraft Boat Holdings Inc (b)(c) | 161652 | 3242739 |
| Outdoor Holding Co (b) | 885599 | 1416958 |
| Peloton Interactive Inc Class A (b) | 3790787 | 27521114 |
| Polaris Inc  | 536657 | 35473028 |
| Smith & Wesson Brands Inc  | 443170 | 4247784 |
| Sturm Ruger & Co Inc  | 161338 | 6842345 |
| Topgolf Callaway Brands Corp (b) | 1321487 | 12435193 |
|  |  | 129641161 |
| Specialty Retail - 2.2% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 240143 | 864514 |
| Abercrombie & Fitch Co Class A (b) | 474237 | 34405894 |
| Academy Sports & Outdoors Inc  | 667060 | 31945503 |
| Advance Auto Parts Inc  | 603410 | 28438713 |
| America's Car-Mart Inc/TX (b) | 76327 | 1697512 |
| American Eagle Outfitters Inc  | 1635287 | 27325646 |
| Arhaus Inc Class A (b) | 521983 | 5230270 |
| Arko Corp  | 777928 | 3426773 |
| Asbury Automotive Group Inc (b) | 197447 | 46321066 |
| BARK Inc (b) | 1117258 | 1014247 |
| Barnes & Noble Education Inc (b) | 159092 | 1452510 |
| Bed Bath & Beyond Inc (b) | 551000 | 4248210 |
| Boot Barn Holdings Inc (b) | 309324 | 58663297 |
| Buckle Inc/The  | 317311 | 17388643 |
| Build-A-Bear Workshop Inc  | 125359 | 6796965 |
| Caleres Inc  | 332742 | 3673472 |
| Camping World Holdings Inc Class A  | 603617 | 7943600 |
| Citi Trends Inc (b) | 47470 | 1700375 |
| Designer Brands Inc Class A  | 362419 | 1337326 |
| Envela Corp (b) | 66436 | 603902 |
| EVgo Inc Class A (b)(c) | 1312206 | 5393167 |
| Genesco Inc (b) | 98091 | 2845620 |
| Group 1 Automotive Inc  | 126717 | 50375076 |
| Haverty Furniture Cos Inc  | 142331 | 3104239 |
| J Jill Inc  | 77193 | 1163299 |
| Lands' End Inc (b)(c) | 125698 | 1978487 |
| MarineMax Inc (b) | 188658 | 4673059 |
| Monro Inc  | 302259 | 4428094 |
| National Vision Holdings Inc (b) | 781883 | 20133487 |
| ODP Corp/The (b) | 282083 | 7864474 |
| OneWater Marine Inc Class A (b)(c) | 114936 | 1784956 |
| Petco Health & Wellness Co Inc Class A (b) | 799687 | 2543005 |
| RealReal Inc/The (b)(c) | 958476 | 11702992 |
| Revolve Group Inc Class A (b)(c) | 406280 | 8986914 |
| Sally Beauty Holdings Inc (b) | 1016364 | 15357260 |
| Shoe Carnival Inc (c) | 182777 | 3350302 |
| Signet Jewelers Ltd  | 402996 | 39836155 |
| Sleep Number Corp (b)(c) | 187612 | 1031866 |
| Sonic Automotive Inc Class A  | 149789 | 9516095 |
| Stitch Fix Inc Class A (b) | 1078120 | 4517323 |
| ThredUp Inc Class A (b) | 927921 | 8156426 |
| Tile Shop Holdings Inc (b)(c) | 282946 | 1771242 |
| Torrid Holdings Inc (b) | 320215 | 400268 |
| Upbound Group Inc  | 530425 | 10279637 |
| Urban Outfitters Inc (b) | 615266 | 39752336 |
| Victoria's Secret & Co (b) | 696174 | 24540134 |
| Warby Parker Inc Class A (b) | 986142 | 19318522 |
| Winmark Corp  | 29810 | 12018498 |
| Zumiez Inc (b) | 141830 | 3070620 |
|  |  | 604371991 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Capri Holdings Ltd (b) | 1167347 | 24222450 |
| Carter's Inc  | 359655 | 11293167 |
| Figs Inc Class A (b) | 890201 | 6640899 |
| G-III Apparel Group Ltd (b) | 388026 | 10418498 |
| Hanesbrands Inc (b) | 3523741 | 23291928 |
| Kontoor Brands Inc  | 554042 | 44833079 |
| Lakeland Industries Inc  | 94700 | 1558762 |
| Movado Group Inc  | 157548 | 2868949 |
| Oxford Industries Inc  | 143068 | 5272056 |
| Rocky Brands Inc  | 70919 | 1999207 |
| Steven Madden Ltd (c) | 721947 | 24481223 |
| Superior Group of Cos Inc  | 114946 | 1073595 |
| Wolverine World Wide Inc  | 809311 | 18371360 |
|  |  | 176325173 |
| TOTAL CONSUMER DISCRETIONARY |  | 2522795886 |
| Consumer Staples - 1.8% |  |  |
| Beverages - 0.1% |  |  |
| MGP Ingredients Inc  | 142331 | 3444410 |
| National Beverage Corp (b)(c) | 241633 | 8280763 |
| Vita Coco Co Inc/The (b) | 442725 | 18231416 |
| Zevia PBC Class A (b) | 334692 | 789873 |
|  |  | 30746462 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Andersons Inc/The  | 329615 | 15264471 |
| Chefs' Warehouse Inc/The (b) | 365895 | 21587805 |
| Grocery Outlet Holding Corp (b)(c) | 952463 | 12963021 |
| Guardian Pharmacy Services Inc Class A (b) | 195688 | 5487092 |
| HF Foods Group Inc (b) | 401716 | 867706 |
| Ingles Markets Inc Class A  | 146826 | 10145677 |
| Natural Grocers by Vitamin Cottage Inc  | 128383 | 4119810 |
| PriceSmart Inc  | 257953 | 29649118 |
| United Natural Foods Inc (b) | 602234 | 22674110 |
| Village Super Market Inc Class A  | 92069 | 2888204 |
| Weis Markets Inc  | 166643 | 10555168 |
|  |  | 136202182 |
| Food Products - 0.7% |  |  |
| Alico Inc  | 50706 | 1785358 |
| B&G Foods Inc  | 786591 | 3146364 |
| Beyond Meat Inc (b)(c) | 737676 | 1220854 |
| BRC Inc Class A (b)(c) | 943748 | 1198560 |
| Cal-Maine Foods Inc  | 463520 | 40697056 |
| Calavo Growers Inc  | 172176 | 3824029 |
| Dole PLC  | 712659 | 9079276 |
| Fresh Del Monte Produce Inc  | 336436 | 11893013 |
| Hain Celestial Group Inc (b) | 967284 | 1122049 |
| J & J Snack Foods Corp  | 157350 | 13319678 |
| John B Sanfilippo & Son Inc  | 79125 | 4967468 |
| Lifeway Foods Inc (b) | 50949 | 1222267 |
| Limoneira Co  | 168595 | 2382247 |
| Mama's Creations Inc (b)(c) | 342990 | 3632264 |
| Marzetti Company/The  | 202444 | 31741195 |
| Mission Produce Inc (b) | 424363 | 4888662 |
| Seneca Foods Corp Class A (b) | 46428 | 5006563 |
| Simply Good Foods Co/The (b) | 944283 | 18479618 |
| Tootsie Roll Industries Inc Class A  | 181822 | 6416498 |
| TreeHouse Foods Inc (b) | 505680 | 9203376 |
| Utz Brands Inc Class A  | 728655 | 7672737 |
| Vital Farms Inc (b)(c) | 348338 | 11442903 |
| Westrock Coffee Co (b) | 363093 | 1601240 |
|  |  | 195943275 |
| Household Products - 0.3% |  |  |
| Central Garden & Pet Co (b)(c) | 216228 | 6631713 |
| Central Garden & Pet Co Class A (b) | 367172 | 10211053 |
| Energizer Holdings Inc  | 668257 | 15523610 |
| Oil-Dri Corp of America  | 99883 | 5532519 |
| Spectrum Brands Holdings Inc  | 241413 | 13007332 |
| WD-40 Co  | 137291 | 26672896 |
|  |  | 77579123 |
| Personal Care Products - 0.2% |  |  |
| Beauty Health Co/The Class A (b)(c) | 1153049 | 1648860 |
| Edgewell Personal Care Co  | 459161 | 8903132 |
| FitLife Brands Inc (b) | 38716 | 740249 |
| Herbalife Ltd (b)(c) | 1017437 | 8139496 |
| Honest Co Inc/The (b)(c) | 948677 | 3234989 |
| Interparfums Inc  | 184654 | 16461904 |
| Lifevantage Corp  | 106130 | 869205 |
| Medifast Inc (b)(c) | 112886 | 1356890 |
| Nature's Sunshine Products Inc (b) | 167770 | 2261540 |
| Nu Skin Enterprises Inc Class A  | 492416 | 5278700 |
| Olaplex Holdings Inc (b) | 1409104 | 1465468 |
| USANA Health Sciences Inc (b) | 111615 | 2360657 |
| Waldencast plc Class A (b)(c) | 440964 | 798144 |
|  |  | 53519234 |
| Tobacco - 0.0% |  |  |
| Ispire Technology Inc (b)(c) | 193992 | 362765 |
| Turning Point Brands Inc  | 171412 | 15409939 |
| Universal Corp/VA  | 245311 | 12432361 |
|  |  | 28205065 |
| TOTAL CONSUMER STAPLES |  | 522195341 |
| Energy - 4.4% |  |  |
| Energy Equipment & Services - 1.6% |  |  |
| Archrock Inc  | 1662958 | 42022949 |
| Atlas Energy Solutions Inc  | 788442 | 9760912 |
| Bristow Group Inc (b) | 284821 | 11592215 |
| Cactus Inc Class A  | 689949 | 30475047 |
| Core Laboratories Inc  | 471179 | 7510593 |
| DMC Global Inc (b) | 203495 | 1640170 |
| Energy Services of America Corp  | 120880 | 1324845 |
| Expro Group Holdings NV (b) | 1037337 | 14087036 |
| Flowco Holdings Inc Class A  | 200695 | 3251259 |
| Forum Energy Technologies Inc (b) | 111767 | 2993120 |
| Helix Energy Solutions Group Inc (b) | 1392751 | 9359287 |
| Helmerich & Payne Inc  | 973762 | 25570990 |
| Innovex International Inc (b)(c) | 389573 | 7818730 |
| Kodiak Gas Services Inc  | 677821 | 24998038 |
| Liberty Energy Inc Class A  | 1589588 | 28787439 |
| Mammoth Energy Services Inc (b) | 242694 | 495095 |
| Nabors Industries Ltd (b)(c) | 152461 | 7397408 |
| National Energy Services Reunited Corp (b) | 614444 | 7754283 |
| Natural Gas Services Group Inc  | 99786 | 2778042 |
| Noble Corp PLC (c) | 1274305 | 37400852 |
| Oceaneering International Inc (b) | 942047 | 21940275 |
| Oil States International Inc (b) | 584112 | 3487149 |
| Patterson-UTI Energy Inc  | 3548373 | 22248299 |
| ProFrac Holding Corp Class A (b) | 137289 | 750971 |
| ProPetro Holding Corp (b) | 792860 | 8229887 |
| Ranger Energy Services Inc Class A  | 194477 | 2672114 |
| RPC Inc  | 933742 | 4855458 |
| SEACOR Marine Holdings Inc (b)(c) | 206751 | 1314936 |
| Select Water Solutions Inc Class A  | 937305 | 10835246 |
| Solaris Energy Infrastructure Inc Class A  | 366925 | 19531418 |
| TETRA Technologies Inc (b) | 1275171 | 9002707 |
| Tidewater Inc (b)(c) | 494823 | 25033096 |
| Transocean Ltd (b)(c) | 8543485 | 32806982 |
| Valaris Ltd (b)(c) | 640885 | 35966466 |
|  |  | 475693314 |
| Oil, Gas & Consumable Fuels - 2.8% |  |  |
| Berry Corp  | 769122 | 2591941 |
| California Resources Corp  | 681983 | 32169138 |
| Calumet Inc (b)(c) | 690517 | 13506513 |
| Centrus Energy Corp Class A (b)(c) | 158164 | 58118943 |
| Clean Energy Fuels Corp (b) | 1730061 | 4947974 |
| CNX Resources Corp (b) | 1375899 | 46312760 |
| Comstock Resources Inc (b)(c) | 743890 | 13947938 |
| Core Natural Resources Inc  | 524379 | 41425941 |
| Crescent Energy Co Class A  | 1801354 | 15185414 |
| CVR Energy Inc (b) | 311051 | 11070305 |
| Delek US Holdings Inc  | 599007 | 22618504 |
| DHT Holdings Inc  | 1286198 | 17080709 |
| Diversified Energy Co PLC (United States) (d) | 580055 | 7337696 |
| Dorian LPG Ltd  | 373153 | 10765464 |
| Empire Petroleum Corp (b)(c) | 149136 | 448899 |
| Energy Fuels Inc/Canada (United States) (b)(c) | 2157882 | 44258160 |
| Epsilon Energy Ltd  | 191956 | 921389 |
| Evolution Petroleum Corp  | 331353 | 1451326 |
| Excelerate Energy Inc Class A  | 230016 | 5959715 |
| FutureFuel Corp  | 264872 | 1040947 |
| Gevo Inc (b)(c) | 2335699 | 5465536 |
| Granite Ridge Resources Inc  | 550280 | 2905478 |
| Green Plains Inc (b) | 643863 | 6618912 |
| Gulfport Energy Corp (b) | 159856 | 29734815 |
| HighPeak Energy Inc Class A (c) | 183204 | 1218307 |
| Infinity Natural Resources Inc Class A (b) | 151510 | 1739335 |
| International Seaways Inc (c) | 405680 | 20782986 |
| Kinetik Holdings Inc Class A (c) | 446959 | 17212391 |
| Lightbridge Corp (b)(c) | 212200 | 5693326 |
| Magnolia Oil & Gas Corp Class A  | 1875363 | 42120653 |
| Murphy Oil Corp  | 1361705 | 38536252 |
| NACCO Industries Inc Class A  | 39706 | 1678770 |
| Navigator Holdings Ltd  | 325035 | 5343575 |
| New Fortress Energy Inc Class A (b)(c) | 1743771 | 2249465 |
| NextDecade Corp (b)(c) | 1341600 | 7955688 |
| NextNRG Inc (b) | 185031 | 368212 |
| Nordic American Tankers Ltd (c) | 2090465 | 7692911 |
| Northern Oil & Gas Inc (c) | 980596 | 21700589 |
| OPAL Fuels Inc Class A (b)(c) | 212597 | 512359 |
| Par Pacific Holdings Inc (b) | 508969 | 20348581 |
| PBF Energy Inc Class A  | 842800 | 28798476 |
| Peabody Energy Corp  | 1230851 | 33749934 |
| Prairie Operating Co (b)(c) | 243447 | 499066 |
| PrimeEnergy Resources Corp (b)(c) | 3339 | 451566 |
| REX American Resources Corp (b) | 295901 | 9477709 |
| Riley Exploration Permian Inc  | 136259 | 3545459 |
| Sable Offshore Corp (b)(c) | 763869 | 7990070 |
| SandRidge Energy Inc  | 366633 | 4366599 |
| SM Energy Co  | 1151151 | 24047544 |
| Summit Midstream Corp Class A (b) | 87270 | 1912958 |
| Talos Energy Inc (b) | 1202570 | 11797212 |
| Uranium Energy Corp (b)(c) | 4280202 | 64759456 |
| VAALCO Energy Inc  | 1066292 | 4190528 |
| Verde Clean Fuels Inc Class A (b)(c) | 40625 | 134875 |
| Vital Energy Inc (b)(c) | 296747 | 4661895 |
| Vitesse Energy Inc (c) | 300881 | 6544162 |
| W&T Offshore Inc (c) | 1039788 | 2183555 |
| World Kinect Corp  | 552486 | 14281763 |
| XCF Global Inc Class A  | 351084 | 309481 |
|  |  | 814740125 |
| TOTAL ENERGY |  | 1290433439 |
| Financials - 15.9% |  |  |
| Banks - 9.1% |  |  |
| 1st Source Corp  | 183022 | 10878828 |
| ACNB Corp  | 103051 | 4655844 |
| Amalgamated Financial Corp  | 235885 | 6430225 |
| Amerant Bancorp Inc Class A  | 371056 | 6222609 |
| Ameris Bancorp  | 664817 | 47614194 |
| Ames National Corp  | 92067 | 1920518 |
| Arrow Financial Corp  | 168716 | 4705489 |
| Associated Banc-Corp  | 1676846 | 41535475 |
| Atlantic Union Bankshares Corp  | 1436395 | 46711565 |
| Axos Financial Inc (b) | 546305 | 42600864 |
| Banc of California Inc  | 1292314 | 21930569 |
| BancFirst Corp  | 209880 | 22847537 |
| Bancorp Inc/The (b) | 457918 | 29934100 |
| Bank First Corp  | 90931 | 11104494 |
| Bank of Hawaii Corp  | 398714 | 25888500 |
| Bank of Marin Bancorp  | 149168 | 3841076 |
| Bank7 Corp  | 42720 | 1773307 |
| BankFinancial Corp  | 113137 | 1250164 |
| BankUnited Inc  | 761121 | 30505730 |
| Bankwell Financial Group Inc  | 69858 | 3028344 |
| Banner Corp  | 343744 | 20758700 |
| Bar Harbor Bankshares  | 154076 | 4519049 |
| BayCom Corp  | 103105 | 2810642 |
| BCB Bancorp Inc  | 166520 | 1322169 |
| Beacon Financial Corp  | 838586 | 20411183 |
| Blue Foundry Bancorp (b) | 177565 | 1463136 |
| Blue Ridge Bankshares Inc (b) | 631078 | 2827229 |
| Bridgewater Bancshares Inc (b) | 205728 | 3386283 |
| Burke & Herbert Financial Services Corp  | 136880 | 8056757 |
| Business First Bancshares Inc  | 285426 | 6998646 |
| BV Financial Inc (b) | 82030 | 1337089 |
| Byline Bancorp Inc  | 306742 | 8202281 |
| C&F Financial Corp  | 30965 | 2118316 |
| Cadence Bank  | 1881537 | 71009206 |
| California BanCorp (b) | 220116 | 4069945 |
| Camden National Corp  | 170364 | 6499387 |
| Capital Bancorp Inc  | 116240 | 3230891 |
| Capital City Bank Group Inc  | 139720 | 5435108 |
| Capitol Federal Financial Inc  | 1245634 | 7523629 |
| Carter Bankshares Inc (b) | 225221 | 3846775 |
| Cathay General Bancorp  | 679905 | 30901682 |
| CB Financial Services Inc  | 46579 | 1507762 |
| Central Pacific Financial Corp  | 267969 | 7639796 |
| CF Bankshares Inc Class A  | 35780 | 830096 |
| Chain Bridge Bancorp Inc Class A (b) | 22470 | 666010 |
| Chemung Financial Corp  | 42103 | 2133359 |
| ChoiceOne Financial Services Inc  | 143365 | 4105974 |
| Citizens & Northern Corp  | 155687 | 3014100 |
| Citizens Community Bancorp Inc/WI  | 95772 | 1498832 |
| Citizens Financial Services Inc  | 46081 | 2524778 |
| City Holding Co  | 141656 | 16698409 |
| Civista Bancshares Inc  | 184975 | 3982512 |
| CNB Financial Corp/PA  | 282441 | 6948049 |
| Coastal Financial Corp/WA Class A (b) | 129363 | 13777160 |
| CoastalSouth Bancshares Inc (b) | 42166 | 897292 |
| Colony Bankcorp Inc  | 168351 | 2691932 |
| Columbia Financial Inc (b) | 266047 | 3924193 |
| Community Financial System Inc  | 533695 | 29609399 |
| Community Trust Bancorp Inc  | 161052 | 8245057 |
| Community West Bancshares  | 165824 | 3512152 |
| Connectone Bancorp Inc  | 479338 | 11532872 |
| Customers Bancorp Inc (b) | 296377 | 19892824 |
| CVB Financial Corp  | 1335874 | 24540005 |
| Dime Community Bancshares Inc  | 401372 | 10536015 |
| Eagle Bancorp Inc  | 283641 | 4750987 |
| Eagle Bancorp Montana Inc  | 73227 | 1188474 |
| Eagle Financial Services Inc  | 45874 | 1661098 |
| Eastern Bankshares Inc  | 1979790 | 34705719 |
| ECB Bancorp Inc/MD (b)(c) | 74335 | 1191590 |
| Enterprise Financial Services Corp  | 368230 | 19284205 |
| Equity Bancshares Inc Class A  | 137039 | 5551450 |
| Esquire Financial Holdings Inc  | 71536 | 6710077 |
| Farmers & Merchants Bancorp Inc/Archbold OH  | 129565 | 3096604 |
| Farmers National Banc Corp  | 373807 | 4852015 |
| FB Bancorp Inc (b) | 170417 | 2065454 |
| FB Financial Corp  | 415855 | 22460329 |
| Fidelity D&D Bancorp Inc  | 49191 | 2148663 |
| Financial Institutions Inc  | 199384 | 5668487 |
| Finward Bancorp  | 33145 | 1165047 |
| Finwise Bancorp (b) | 89399 | 1715567 |
| First Bancorp Inc/The  | 112021 | 2777001 |
| First Bancorp/Southern Pines NC  | 405121 | 19664573 |
| First Bank/Hamilton NJ  | 213240 | 3330809 |
| First Busey Corp  | 863759 | 19313651 |
| First Business Financial Services Inc  | 79657 | 4031441 |
| First Capital Inc  | 33066 | 1423491 |
| First Commonwealth Financial Corp  | 1051946 | 16084254 |
| First Community Bankshares Inc  | 158091 | 5112663 |
| First Community Corp/SC  | 73005 | 1957264 |
| First Financial Bancorp  | 964109 | 22569792 |
| First Financial Bankshares Inc  | 1354200 | 41831238 |
| First Financial Corp  | 114727 | 6117244 |
| First Foundation Inc (b) | 630488 | 3429855 |
| First Internet Bancorp  | 77980 | 1383365 |
| First Interstate BancSystem Inc Class A  | 906790 | 28337188 |
| First Merchants Corp  | 590060 | 20935329 |
| First Mid Bancshares Inc  | 210037 | 7504622 |
| First National Corp/VA  | 77046 | 1735076 |
| First Savings Financial Group Inc  | 55099 | 1630930 |
| First United Corp  | 60471 | 2088064 |
| First Western Financial Inc (b) | 82026 | 1893980 |
| Firstsun Capital Bancorp (b)(c) | 125913 | 4286079 |
| Five Star Bancorp  | 156148 | 5544815 |
| Flagstar Financial Inc  | 3052156 | 34855622 |
| Flushing Financial Corp  | 329514 | 4504456 |
| Franklin Financial Services Corp  | 41965 | 1901015 |
| FS Bancorp Inc  | 67008 | 2592540 |
| Fulton Financial Corp  | 1845975 | 32064586 |
| FVCBankcorp Inc  | 156905 | 1917379 |
| GBank Financial Holdings Inc (b)(c) | 90011 | 3264699 |
| German American Bancorp Inc  | 364774 | 14058390 |
| Glacier Bancorp Inc (c) | 1292175 | 52785349 |
| Great Southern Bancorp Inc  | 86233 | 4803178 |
| Greene County Bancorp Inc  | 71403 | 1567296 |
| Hancock Whitney Corp  | 868131 | 49578961 |
| Hanmi Financial Corp  | 303569 | 8014222 |
| Hanover Bancorp Inc  | 46163 | 956036 |
| Harborone Northeast Bancorp Inc  | 384704 | 4654918 |
| Hawthorn Bancshares Inc  | 58715 | 1773780 |
| HBT Financial Inc  | 99834 | 2434951 |
| Heritage Commerce Corp  | 611657 | 6361233 |
| Heritage Financial Corp Wash  | 344476 | 7643922 |
| Hilltop Holdings Inc  | 449687 | 14524890 |
| Hingham Institution For Savings The  | 16713 | 4917967 |
| Home Bancorp Inc  | 68864 | 3660122 |
| Home BancShares Inc/AR  | 1899693 | 50740800 |
| HomeTrust Bancshares Inc  | 159344 | 6263813 |
| Hope Bancorp Inc  | 1255779 | 13173122 |
| Horizon Bancorp Inc/IN  | 438208 | 6836045 |
| Independent Bank Corp  | 491240 | 33055540 |
| Independent Bank Corp/MI  | 203449 | 6148229 |
| International Bancshares Corp  | 548967 | 36440429 |
| Investar Holding Corp  | 91710 | 2179030 |
| John Marshall Bancorp Inc  | 126487 | 2415902 |
| Kearny Financial Corp/MD  | 584038 | 3732003 |
| Lakeland Financial Corp  | 252261 | 14391490 |
| Landmark Bancorp Inc/Manhattan KS  | 46425 | 1192658 |
| LCNB Corp  | 141734 | 2177034 |
| LINKBANCORP Inc  | 226265 | 1590643 |
| Live Oak Bancshares Inc  | 354849 | 11049998 |
| MainStreet Bancshares Inc  | 69339 | 1286238 |
| Mechanics Bancorp Class A (b) | 181604 | 2431678 |
| Mercantile Bank Corp  | 159997 | 7015868 |
| Meridian Corp  | 91624 | 1309307 |
| Metrocity Bankshares Inc  | 196567 | 5034081 |
| Metropolitan Bank Holding Corp  | 90937 | 6026395 |
| Mid Penn Bancorp Inc  | 193344 | 5500637 |
| Middlefield Banc Corp  | 74646 | 2433460 |
| Midland States Bancorp Inc  | 215488 | 3154744 |
| MidWestOne Financial Group Inc  | 158469 | 5861768 |
| MVB Financial Corp  | 115585 | 2956664 |
| National Bank Holdings Corp Class A  | 383590 | 13678819 |
| National Bankshares Inc VA  | 65464 | 1874234 |
| NB Bancorp Inc  | 347552 | 6280265 |
| Nbt Bancorp Inc  | 514226 | 20810726 |
| Nicolet Bankshares Inc  | 135433 | 16000055 |
| Northeast Bank  | 78419 | 6765991 |
| Northeast Community Bancorp Inc  | 125546 | 2465723 |
| Northfield Bancorp Inc  | 381990 | 3903938 |
| Northpointe Bancshares Inc  | 104524 | 1656705 |
| Northrim BanCorp Inc  | 217949 | 4790519 |
| Northwest Bancshares Inc  | 1479787 | 17328306 |
| Norwood Financial Corp  | 87800 | 2336358 |
| Oak Valley Bancorp  | 69485 | 1895551 |
| OceanFirst Financial Corp  | 578110 | 10510040 |
| Ohio Valley Banc Corp  | 38821 | 1358735 |
| Old National Bancorp/IN  | 3527144 | 72059552 |
| Old Second Bancorp Inc  | 495677 | 8897402 |
| OP Bancorp  | 121669 | 1624281 |
| Orange County Bancorp Inc  | 110089 | 2691676 |
| Origin Bancorp Inc  | 297620 | 10315509 |
| Orrstown Financial Services Inc  | 188284 | 6266092 |
| Park National Corp  | 149131 | 22696247 |
| Parke Bancorp Inc  | 100417 | 2170011 |
| Pathward Financial Inc  | 238396 | 16225232 |
| Patriot National Bancorp Inc (b) | 448838 | 534116 |
| PCB Bancorp  | 110795 | 2334451 |
| Peapack-Gladstone Financial Corp  | 159256 | 4029177 |
| Peoples Bancorp Inc/OH  | 355795 | 10175737 |
| Peoples Bancorp of North Carolina Inc  | 43824 | 1289740 |
| Peoples Financial Services Corp  | 95368 | 4247691 |
| Pioneer Bancorp Inc/NY (b) | 108633 | 1427438 |
| Plumas Bancorp  | 56886 | 2334601 |
| Ponce Financial Group Inc (b) | 187790 | 2649717 |
| Preferred Bank/Los Angeles CA  | 117866 | 10637407 |
| Primis Financial Corp  | 214903 | 2339219 |
| Princeton Bancorp Inc  | 55303 | 1718817 |
| Provident Bancorp Inc (b) | 154768 | 1973292 |
| Provident Financial Services Inc  | 1303445 | 23840009 |
| QCR Holdings Inc  | 165479 | 12309983 |
| RBB Bancorp  | 171077 | 3187165 |
| Red River Bancshares Inc  | 46690 | 3084341 |
| Renasant Corp  | 947769 | 31873471 |
| Republic Bancorp Inc/KY Class A  | 84031 | 5537643 |
| Rhinebeck Bancorp Inc (b) | 40763 | 407221 |
| Richmond Mutual BanCorp Inc  | 92875 | 1238024 |
| Riverview Bancorp Inc  | 196253 | 1016591 |
| S&T Bancorp Inc  | 381097 | 13963394 |
| SB Financial Group Inc  | 60199 | 1177492 |
| Seacoast Banking Corp of Florida  | 854913 | 25903864 |
| ServisFirst Bancshares Inc  | 518755 | 36452914 |
| Shore Bancshares Inc  | 310700 | 4850027 |
| Sierra Bancorp  | 127087 | 3657564 |
| Simmons First National Corp Class A  | 1425955 | 24783098 |
| SmartFinancial Inc  | 143417 | 5015292 |
| Sound Financial Bancorp Inc  | 20855 | 930967 |
| South Plains Financial Inc  | 127772 | 4663678 |
| Southern First Bancshares Inc (b) | 77296 | 3388657 |
| Southern Missouri Bancorp Inc  | 96498 | 5060355 |
| Southside Bancshares Inc  | 295940 | 8321833 |
| SR Bancorp Inc  | 74312 | 1093873 |
| Stellar Bancorp Inc  | 471782 | 13884544 |
| Stock Yards Bancorp Inc  | 263268 | 17117685 |
| Texas Capital Bancshares Inc (b) | 457005 | 38315299 |
| Third Coast Bancshares Inc (b) | 128296 | 4714878 |
| Timberland Bancorp Inc/WA  | 76254 | 2449278 |
| Tompkins Financial Corp  | 135708 | 8612030 |
| Towne Bank/Portsmouth VA  | 739774 | 24050053 |
| TriCo Bancshares  | 298358 | 13196374 |
| Triumph Financial Inc (b) | 227800 | 12405988 |
| TrustCo Bank Corp NY  | 189085 | 7130395 |
| Trustmark Corp  | 569788 | 21207509 |
| UMB Financial Corp  | 731011 | 78130456 |
| Union Bankshares Inc/Morrisville VT  | 37257 | 850205 |
| United Bankshares Inc/WV  | 1431208 | 51222934 |
| United Community Banks Inc/GA  | 1234469 | 36046495 |
| United Security Bancshares/Fresno CA  | 144171 | 1321327 |
| Unity Bancorp Inc  | 72849 | 3308073 |
| Univest Financial Corp  | 289884 | 8510994 |
| USCB Financial Holdings Inc  | 105906 | 1827938 |
| Valley National Bancorp  | 4896740 | 53227564 |
| Virginia National Bankshares Corp  | 48822 | 1942139 |
| WaFd Inc  | 796947 | 23135371 |
| Washington Trust Bancorp Inc  | 196983 | 5365817 |
| WesBanco Inc  | 956006 | 28775781 |
| West BanCorp Inc  | 155960 | 3317269 |
| Westamerica BanCorp  | 249954 | 11910308 |
| Western New England Bancorp Inc  | 182204 | 2071659 |
| WSFS Financial Corp  | 562557 | 29303594 |
|  |  | 2622650474 |
| Capital Markets - 1.5% |  |  |
| Acadian Asset Management Inc  | 266879 | 12836880 |
| AlTi Global Inc Class A (b)(c) | 425663 | 1677112 |
| Artisan Partners Asset Management Inc Class A  | 633885 | 27675419 |
| Bakkt Holdings Inc Class A (b) | 111131 | 3074995 |
| BGC Group Inc Class A  | 3640740 | 33276364 |
| Cohen & Steers Inc  | 279727 | 19110949 |
| Diamond Hill Investment Group Inc  | 25679 | 3295900 |
| DigitalBridge Group Inc Class A  | 1721724 | 20367995 |
| Donnelley Financial Solutions Inc (b) | 266961 | 12266858 |
| Forge Global Holdings Inc Class A (b) | 104031 | 2282440 |
| GCM Grosvenor Inc Class A (c) | 484409 | 5575548 |
| MarketWise Inc Class A  | 23196 | 393868 |
| Moelis & Co Class A  | 747812 | 47358934 |
| Open Lending Corp (b)(c) | 1061613 | 2017065 |
| P10 Inc Class A (c) | 579335 | 5886044 |
| Perella Weinberg Partners Class A  | 622400 | 11626432 |
| Piper Sandler Cos  | 175669 | 56084085 |
| PJT Partners Inc Class A  | 230602 | 37152288 |
| Siebert Financial Corp (b)(c) | 140742 | 395485 |
| Silvercrest Asset Management Group Inc Class A  | 83114 | 1175232 |
| StepStone Group Inc Class A  | 700632 | 42654476 |
| StoneX Group Inc (b) | 461149 | 42388816 |
| Value Line Inc  | 8629 | 316338 |
| Victory Capital Holdings Inc Class A  | 445367 | 27733003 |
| Virtus Invt Partners Inc  | 66360 | 10804735 |
| Westwood Holdings Group Inc  | 76412 | 1279901 |
| WisdomTree Inc  | 1203340 | 14391946 |
|  |  | 443099108 |
| Consumer Finance - 1.0% |  |  |
| Atlanticus Holdings Corp (b) | 52853 | 2912729 |
| Bread Financial Holdings Inc  | 470023 | 29446941 |
| Consumer Portfolio Services Inc (b) | 92242 | 774832 |
| Dave Inc Class A (b) | 93193 | 22302949 |
| Encore Capital Group Inc (b) | 228009 | 9480614 |
| Enova International Inc (b) | 241877 | 28921233 |
| FirstCash Holdings Inc  | 398629 | 63182697 |
| Green Dot Corp Class A (b) | 541877 | 6291192 |
| Jefferson Capital Inc  | 116135 | 2192629 |
| LendingClub Corp (b) | 1137799 | 19786325 |
| Lendingtree Inc (b) | 112928 | 7227392 |
| Medallion Financial Corp  | 172181 | 1692539 |
| Navient Corp  | 695966 | 8511664 |
| Nelnet Inc Class A  | 129308 | 16687197 |
| NerdWallet Inc Class A (b) | 416213 | 4857206 |
| Oportun Financial Corp (b) | 386625 | 2060711 |
| OppFi Inc Class A  | 244280 | 2381730 |
| PRA Group Inc (b) | 396490 | 5435878 |
| PROG Holdings Inc  | 396260 | 11463802 |
| Regional Management Corp  | 93448 | 3677179 |
| Upstart Holdings Inc (b)(c) | 846611 | 40230955 |
| Vroom Inc  | 11142 | 262616 |
| World Acceptance Corp (b) | 25923 | 3304405 |
|  |  | 293085415 |
| Financial Services - 1.8% |  |  |
| Acacia Research Corp (b)(c) | 337170 | 1169980 |
| Alerus Financial Corp  | 229833 | 4854073 |
| Better Home & Finance Holding Co Class A (b)(c) | 51839 | 3795133 |
| Burford Capital Ltd (United States)  | 2023532 | 20134143 |
| Cannae Holdings Inc  | 574023 | 10263531 |
| Cantaloupe Inc (b)(c) | 589964 | 6230020 |
| Cass Information Systems Inc  | 122392 | 4838156 |
| Compass Diversified Holdings  | 684979 | 4370166 |
| Enact Holdings Inc  | 293047 | 10467639 |
| Essent Group Ltd  | 982626 | 59517657 |
| Federal Agricultural Mortgage Corp Class C  | 93676 | 14860761 |
| Finance of America Cos Inc Class A (b) | 43934 | 966548 |
| Flywire Corp (b) | 1178853 | 15702322 |
| HA Sustainable Infrastructure Capital Inc  | 1208426 | 33485484 |
| International Money Express Inc (b) | 274310 | 4084476 |
| Jackson Financial Inc  | 721720 | 72756593 |
| loanDepot Inc Class A (b)(c) | 850091 | 2567275 |
| Marqeta Inc Class A (b) | 3859310 | 17482674 |
| Merchants Bancorp/IN  | 261305 | 8150103 |
| NCR Atleos Corp (b) | 734796 | 27113972 |
| NewtekOne Inc  | 257415 | 2677116 |
| NMI Holdings Inc (b) | 785978 | 28633179 |
| Onity Group Inc (b) | 65097 | 2439185 |
| Payoneer Global Inc (b) | 2794303 | 16179014 |
| Paysafe Ltd (b)(c) | 328531 | 3617126 |
| Paysign Inc (b) | 350743 | 1811588 |
| PennyMac Financial Services Inc  | 294083 | 36998582 |
| Priority Technology Holdings Inc (b) | 248918 | 1732469 |
| Radian Group Inc  | 1366272 | 46371272 |
| Remitly Global Inc (b) | 1678974 | 26930743 |
| Repay Holdings Corp Class A (b) | 770883 | 3307088 |
| Security National Financial Corp Class A  | 151325 | 1206060 |
| Sezzle Inc (b)(c) | 159822 | 10476332 |
| SWK Holdings Corp  | 28446 | 460541 |
| Velocity Financial Inc (b) | 83944 | 1563037 |
| Walker & Dunlop Inc  | 331922 | 26527206 |
| Waterstone Financial Inc  | 160855 | 2461082 |
|  |  | 536202326 |
| Insurance - 1.7% |  |  |
| Abacus Global Management Inc Class A (b) | 403450 | 2025319 |
| Ambac Financial Group Inc (b) | 431323 | 3541162 |
| American Coastal Insurance Corp  | 245390 | 2905418 |
| American Integrity Insurance Group Inc  | 79392 | 1891911 |
| Amerisafe Inc  | 192357 | 7709669 |
| Ategrity Specialty Holdings LLC  | 62673 | 1217736 |
| Baldwin Insurance Group Inc/The Class A (b)(c) | 706379 | 15610976 |
| Bowhead Specialty Holdings Inc (b) | 162227 | 3886959 |
| Citizens Inc/TX Class A (b)(c) | 452569 | 2520809 |
| CNO Financial Group Inc  | 968050 | 38741362 |
| Crawford & Co Class A  | 161095 | 1744659 |
| Donegal Group Inc Class A  | 168928 | 3167400 |
| eHealth Inc (b) | 293957 | 1525637 |
| Employers Holdings Inc  | 244579 | 9325797 |
| F&G Annuities & Life Inc  | 215525 | 6390316 |
| Genworth Financial Inc Class A (b) | 4139193 | 34934789 |
| GoHealth Inc Class A (b) | 51003 | 201972 |
| Goosehead Insurance Inc Class A  | 242157 | 16628921 |
| Greenlight Capital Re Ltd Class A (b) | 259905 | 3150049 |
| HCI Group Inc  | 103787 | 21173586 |
| Heritage Insurance Holdings Inc (b) | 227762 | 5382016 |
| Hippo Holdings Inc (b) | 180900 | 6653502 |
| Horace Mann Educators Corp  | 411009 | 18376212 |
| Investors Title Co  | 14246 | 3683873 |
| James River Group Holdings Ltd  | 383370 | 1955187 |
| Kingstone Cos Inc  | 112841 | 1645222 |
| Lemonade Inc (b)(c) | 559383 | 33607731 |
| MBIA Inc (b)(c) | 459717 | 3139867 |
| Mercury General Corp  | 270714 | 20926192 |
| NI Holdings Inc (b) | 66184 | 873629 |
| Oscar Health Inc Class A (b)(c) | 1952501 | 35145018 |
| Palomar Hldgs Inc (b) | 265226 | 30238416 |
| ProAssurance Corp (b) | 510160 | 12218332 |
| Root Inc/OH Class A (b)(c) | 115516 | 9301348 |
| Safety Insurance Group Inc  | 150481 | 10342559 |
| Selective Insurance Group Inc  | 612865 | 46173250 |
| Selectquote Inc (b) | 1401852 | 2915852 |
| Skyward Specialty Insurance Group Inc (b) | 359280 | 16379575 |
| Slide Insurance Holdings Inc (b) | 269592 | 4310776 |
| Stewart Information Services Corp  | 279887 | 19107885 |
| Tiptree Inc Class A  | 237009 | 4197429 |
| Trupanion Inc (b) | 372614 | 14900834 |
| United Fire Group Inc  | 210988 | 6378167 |
| Universal Insurance Holdings Inc  | 258299 | 7960775 |
|  |  | 494108094 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.8% |  |  |
| ACRES Commercial Realty Corp (b) | 63770 | 1339170 |
| Adamas Trust Inc  | 862489 | 5752802 |
| AG Mortgage Investment Trust Inc  | 281963 | 2013216 |
| Angel Oak Mortgage REIT Inc  | 134385 | 1218872 |
| Apollo Commercial Real Estate Finance Inc  | 1406017 | 13764906 |
| Arbor Realty Trust Inc  | 1932680 | 19500741 |
| Ares Commercial Real Estate Corp  | 559386 | 2494862 |
| ARMOUR Residential REIT Inc (c) | 1128962 | 18311764 |
| Blackstone Mortgage Trust Inc Class A  | 1643385 | 30369755 |
| Brightspire Capital Inc Class A  | 1326973 | 6847181 |
| Chimera Investment Corp  | 814427 | 10392089 |
| Claros Mortgage Trust Inc (b) | 951482 | 3044742 |
| Dynex Capital Inc  | 1326452 | 17562224 |
| Ellington Financial Inc  | 933186 | 12430038 |
| Franklin BSP Realty Trust Inc  | 850568 | 8624760 |
| Invesco Mortgage Capital Inc (c) | 692698 | 5216016 |
| Kkr Real Estate Finance Trust Inc  | 585952 | 4769649 |
| Ladder Capital Corp Class A  | 1155315 | 12211680 |
| Lument Finance Trust Inc (c) | 497339 | 775848 |
| MFA Financial Inc  | 1064277 | 9567850 |
| Nexpoint Real Estate Finance Inc  | 84732 | 1104905 |
| Orchid Island Capital Inc  | 1305759 | 9440638 |
| Pennymac Mortgage Investment Trust  | 891084 | 10728651 |
| Ready Capital Corp (c) | 1675023 | 4907817 |
| Redwood Trust Inc  | 1349828 | 7167587 |
| Rithm Property Trust Inc  | 419290 | 1119504 |
| Seven Hills Realty Trust  | 155092 | 1467170 |
| Sunrise Realty Trust Inc  | 106665 | 1053850 |
| TPG RE Finance Trust Inc  | 683730 | 5914265 |
| Two Harbors Investment Corp  | 1055628 | 10260704 |
|  |  | 239373256 |
| TOTAL FINANCIALS |  | 4628518673 |
| Health Care - 16.5% |  |  |
| Biotechnology - 8.0% |  |  |
| 4D Molecular Therapeutics Inc (b)(c) | 401728 | 4619872 |
| Abeona Therapeutics Inc (b)(c) | 440123 | 2116992 |
| Absci Corp (b)(c) | 1318831 | 5644597 |
| ACADIA Pharmaceuticals Inc (b) | 1250884 | 28395067 |
| Actuate Therapeutics Inc (b)(c) | 60833 | 405148 |
| ADMA Biologics Inc (b) | 2331034 | 36084406 |
| Agios Pharmaceuticals Inc (b) | 567955 | 24558374 |
| Akebia Therapeutics Inc (b) | 2508069 | 5542832 |
| Akero Therapeutics Inc (b) | 702475 | 38074145 |
| Aldeyra Therapeutics Inc (b)(c) | 555763 | 2817718 |
| Alector Inc (b) | 686045 | 1008486 |
| Alkermes PLC (b) | 1631156 | 50076489 |
| Allogene Therapeutics Inc (b)(c) | 1520124 | 1884954 |
| Altimmune Inc (b) | 822387 | 3330667 |
| Amicus Therapeutics Inc (b) | 2796171 | 25249424 |
| AnaptysBio Inc (b)(c) | 198559 | 7263288 |
| Anavex Life Sciences Corp (b)(c) | 839888 | 6693907 |
| Anika Therapeutics Inc (b) | 128386 | 1251764 |
| Annexon Inc (b) | 1013349 | 3202183 |
| Apogee Therapeutics Inc (b) | 329128 | 18625354 |
| Arbutus Biopharma Corp (b)(c) | 1516861 | 7174753 |
| Arcellx Inc (b) | 344026 | 31048347 |
| Arcturus Therapeutics Holdings Inc (b)(c) | 258039 | 2572649 |
| Arcus Biosciences Inc (b) | 690595 | 13618533 |
| Arcutis Biotherapeutics Inc (b) | 1075359 | 27217336 |
| Ardelyx Inc (b)(c) | 2370172 | 14363242 |
| ArriVent Biopharma Inc (b)(c) | 246295 | 4613105 |
| Arrowhead Pharmaceuticals Inc (b)(c) | 1212102 | 51381004 |
| ARS Pharmaceuticals Inc (b)(c) | 592577 | 5309490 |
| Astria Therapeutics Inc (b) | 367062 | 4635993 |
| aTyr Pharma Inc (b)(c) | 876349 | 758918 |
| Aura Biosciences Inc (b)(c) | 424712 | 2603485 |
| Avidity Biosciences Inc (b) | 1025097 | 71603025 |
| Avita Medical Inc (b)(c) | 118178 | 457349 |
| Beam Therapeutics Inc (b) | 960494 | 24021955 |
| Bicara Therapeutics Inc (b) | 352285 | 5724631 |
| BioCryst Pharmaceuticals Inc (b)(c) | 2096226 | 15344374 |
| Biohaven Ltd (b)(c) | 908015 | 15617858 |
| Bridgebio Pharma Inc (b) | 1570621 | 98383700 |
| Candel Therapeutics Inc (b)(c) | 418461 | 2251320 |
| Capricor Therapeutics Inc (b)(c) | 391562 | 2549069 |
| Cardiff Oncology Inc (b)(c) | 646987 | 1520419 |
| CareDx Inc (b) | 547811 | 8217165 |
| Cartesian Therapeutics Inc (b)(c) | 98339 | 803430 |
| Cartesian Therapeutics Inc rights (b)(c)(e) | 1117119 | 323964 |
| Catalyst Pharmaceuticals Inc (b) | 1163545 | 24748602 |
| Celcuity Inc (b)(c) | 296482 | 22876551 |
| Celldex Therapeutics Inc (b) | 657519 | 17575483 |
| CG oncology Inc (b) | 561358 | 24289961 |
| Chinook Therapeutics Inc rights (b)(e) | 86210 | 0 |
| Cidara Therapeutics Inc (b) | 155403 | 16976224 |
| Cogent Biosciences Inc (b) | 1305178 | 21274401 |
| Coherus Oncology Inc (b)(c) | 1102083 | 1851499 |
| Compass Therapeutics Inc (b) | 993866 | 3717059 |
| Concentra Biosciences LLC rights (b)(e) | 29697 | 0 |
| Corvus Pharmaceuticals Inc (b)(c) | 593471 | 4771507 |
| Cullinan Therapeutics Inc (b) | 526834 | 4562382 |
| Cytokinetics Inc (b) | 1173683 | 74634503 |
| Day One Biopharmaceuticals Inc (b) | 719915 | 5356168 |
| Denali Therapeutics Inc (b) | 1328976 | 21635729 |
| Design Therapeutics Inc (b) | 234869 | 1573622 |
| DiaMedica Therapeutics Inc (b)(c) | 315770 | 2229336 |
| Dianthus Therapeutics Inc (b) | 164881 | 5767537 |
| Disc Medicine Inc (b) | 231956 | 19999246 |
| Dynavax Technologies Corp (b) | 1034538 | 10614360 |
| Dyne Therapeutics Inc (b) | 1096849 | 24766850 |
| Editas Medicine Inc (b) | 843720 | 2598658 |
| Eledon Pharmaceuticals Inc (b)(c) | 596870 | 2578478 |
| Emergent BioSolutions Inc (b) | 542567 | 6771236 |
| Enanta Pharmaceuticals Inc (b) | 207359 | 2272655 |
| Entrada Therapeutics Inc (b) | 292541 | 2033160 |
| Erasca Inc (b) | 1780922 | 4309831 |
| Fate Therapeutics Inc (b) | 1160963 | 1567300 |
| Foghorn Therapeutics Inc (b) | 335881 | 1481235 |
| Geron Corp (b) | 5464704 | 6885527 |
| Gossamer Bio Inc (b)(c) | 1910060 | 4679647 |
| GRAIL Inc (b)(c) | 312378 | 28716910 |
| Greenwich Lifesciences Inc (b)(c) | 60881 | 560714 |
| Gyre Therapeutics Inc (b)(c) | 89443 | 693183 |
| Heron Therapeutics Inc (b)(c) | 1543452 | 1790404 |
| Humacyte Inc Class A (b)(c) | 1301376 | 2173298 |
| Ideaya Biosciences Inc (b) | 806196 | 25685405 |
| ImmunityBio Inc (b)(c) | 2300246 | 5520590 |
| Immunome Inc (b)(c) | 774666 | 12448883 |
| Immunovant Inc (b) | 685290 | 16912957 |
| Inhibikase Therapeutics Inc (b)(c) | 602815 | 886138 |
| Inhibrx Biosciences Inc (b) | 91489 | 7470992 |
| Inmune Bio Inc (b)(c) | 223651 | 409281 |
| Intellia Therapeutics Inc (b)(c) | 997850 | 12592867 |
| Iovance Biotherapeutics Inc (b)(c) | 2640525 | 5201834 |
| Ironwood Pharmaceuticals Inc Class A (b) | 1639499 | 3147838 |
| Jade Biosciences Inc  | 329437 | 3228483 |
| Janux Therapeutics Inc (b) | 395310 | 11349350 |
| KalVista Pharmaceuticals Inc (b)(c) | 385904 | 4210213 |
| Keros Therapeutics Inc (b)(c) | 338413 | 5150646 |
| Kodiak Sciences Inc (b) | 329109 | 5965101 |
| Korro Bio Inc (b) | 70160 | 2870246 |
| Krystal Biotech Inc (b)(c) | 249289 | 49237070 |
| Kura Oncology Inc (b) | 806487 | 8282621 |
| Kymera Therapeutics Inc (b) | 506509 | 31322517 |
| Larimar Therapeutics Inc (b)(c) | 470024 | 1828393 |
| Lexeo Therapeutics Inc (b) | 251334 | 2515853 |
| Madrigal Pharmaceuticals Inc (b)(c) | 187003 | 78335558 |
| MannKind Corp (b) | 3040208 | 16994763 |
| MeiraGTx Holdings plc (b)(c) | 419367 | 3807852 |
| Metsera Inc (b) | 536630 | 33829155 |
| MiMedx Group Inc (b) | 1189828 | 9102184 |
| Mineralys Therapeutics Inc (b) | 393081 | 16061290 |
| Mirum Pharmaceuticals Inc (b)(c) | 405231 | 29440032 |
| Monopar Therapeutics Inc (b) | 35453 | 3054630 |
| Monte Rosa Therapeutics Inc (b) | 474246 | 6094061 |
| Myriad Genetics Inc (b) | 913012 | 7340616 |
| Neurogene Inc (b)(c) | 100809 | 3453716 |
| Nkarta Inc (b) | 409681 | 864427 |
| Novavax Inc (b)(c) | 1510113 | 12684949 |
| Nurix Therapeutics Inc (b) | 754289 | 9760500 |
| Nuvalent Inc Class A (b) | 431761 | 42882503 |
| Nuvectis Pharma Inc (b) | 131896 | 885022 |
| Olema Pharmaceuticals Inc (b)(c) | 597280 | 5357602 |
| OmniAb Operations Inc (b)(c)(e) | 45323 | 18130 |
| OmniAb Operations Inc (b)(c)(e) | 45323 | 14503 |
| Oncternal Therapeutics Inc rights (b)(e) | 4336 | 0 |
| Organogenesis Holdings Inc Class A (b) | 686628 | 2918169 |
| ORIC Pharmaceuticals Inc (b) | 582635 | 7667477 |
| Oruka Therapeutics Inc (b) | 276308 | 7783596 |
| Palvella Therapeutics Inc (b) | 69263 | 5529958 |
| Perspective Therapeutics Inc (b) | 622405 | 1699166 |
| Praxis Precision Medicines Inc (b) | 207750 | 41292390 |
| Precigen Inc (b)(c) | 1512979 | 6263733 |
| Prime Medicine Inc (b)(c) | 754591 | 3727680 |
| Protagonist Therapeutics Inc (b) | 585250 | 46012355 |
| Protalix BioTherapeutics Inc (b)(c) | 701147 | 1661718 |
| Protara Therapeutics Inc (b) | 322132 | 1668644 |
| PTC Therapeutics Inc (b) | 781022 | 53351613 |
| Puma Biotechnology Inc (b) | 427228 | 2178863 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 3683891 | 20335078 |
| REGENXBIO Inc (b) | 467768 | 5973397 |
| Relay Therapeutics Inc (b) | 1326194 | 9469025 |
| Replimune Group Inc (b)(c) | 694845 | 6760842 |
| Rezolute Inc/old (b) | 774489 | 7218237 |
| Rhythm Pharmaceuticals Inc (b) | 524768 | 59697608 |
| Rigel Pharmaceuticals Inc (b) | 176982 | 5589092 |
| Rocket Pharmaceuticals Inc (b) | 846986 | 3193137 |
| Sana Biotechnology Inc (b) | 1339790 | 6631961 |
| Savara Inc (b)(c) | 1145005 | 4751771 |
| Scholar Rock Holding Corp (b) | 815907 | 24167165 |
| SELLAS Life Sciences Group Inc (b)(c) | 1003555 | 1826470 |
| Sionna Therapeutics Inc  | 125866 | 4809340 |
| Soleno Therapeutics Inc (b) | 419894 | 28200081 |
| Solid Biosciences Inc (b) | 589928 | 3179712 |
| Spyre Therapeutics Inc (b) | 500216 | 12235283 |
| Stoke Therapeutics Inc (b) | 450572 | 13535183 |
| Syndax Pharmaceuticals Inc (b) | 855181 | 11715980 |
| Tango Therapeutics Inc (b)(c) | 720008 | 5839265 |
| Taysha Gene Therapies Inc (b) | 2133340 | 10581366 |
| Tectonic Therapeutic Inc (b)(c) | 111600 | 2036700 |
| Tevogen Bio Holdings Inc Class A (b)(c) | 277450 | 174350 |
| TG Therapeutics Inc (b)(c) | 1460018 | 50779426 |
| Tobira Therapeutics Inc rights (b)(e) | 9663 | 0 |
| Tonix Pharmaceuticals Holding Corp (b)(c) | 88840 | 1654201 |
| Travere Therapeutics Inc (b) | 884973 | 31115651 |
| TriSalus Life Sciences Inc Class A (b)(c) | 164696 | 780659 |
| Twist Bioscience Corp (b)(c) | 594060 | 19538633 |
| Tyra Biosciences Inc (b)(c) | 247293 | 3917121 |
| Upstream Bio Inc (b) | 329622 | 8520729 |
| UroGen Pharma Ltd (b)(c) | 372766 | 7630520 |
| Vanda Pharmaceuticals Inc (b) | 556712 | 2421697 |
| Vaxcyte Inc (b) | 1151058 | 52119906 |
| Vera Therapeutics Inc Class A (b) | 516834 | 14709096 |
| Veracyte Inc (b) | 787759 | 28422345 |
| Verastem Inc (b)(c) | 457152 | 4320086 |
| Vericel Corp (b) | 506248 | 17749055 |
| Vir Biotechnology Inc (b) | 888609 | 5296110 |
| Viridian Therapeutics Inc (b) | 704063 | 16637009 |
| Voyager Therapeutics Inc (b)(c) | 491926 | 2297294 |
| Xencor Inc (b)(c) | 706082 | 10386466 |
| XOMA Royalty Corp (b) | 93239 | 3075022 |
| Zenas Biopharma Inc (b)(c) | 165360 | 5167500 |
| Zymeworks Inc (b) | 498806 | 9519713 |
|  |  | 2279247452 |
| Health Care Equipment & Supplies - 2.5% |  |  |
| Accuray Inc Del (b) | 1033437 | 1457146 |
| Alphatec Holdings Inc (b)(c) | 1163612 | 22096992 |
| AngioDynamics Inc (b) | 396825 | 4773805 |
| Anteris Technologies Global Corp  | 337874 | 1517054 |
| Artivion Inc (b) | 381633 | 17314689 |
| AtriCure Inc (b) | 485636 | 16778724 |
| Avanos Medical Inc (b) | 441002 | 4899532 |
| Axogen Inc (b) | 445410 | 9897010 |
| Beta Bionics Inc  | 384843 | 10475426 |
| Bioventus Inc (b) | 469184 | 3073155 |
| Butterfly Network Inc Class A (b)(c) | 1970025 | 5299367 |
| CapsoVision Inc  | 46085 | 224895 |
| Carlsmed Inc (c) | 65373 | 842658 |
| Ceribell Inc (b) | 261957 | 2986310 |
| Cerus Corp (b) | 1910399 | 2808287 |
| ClearPoint Neuro Inc (b)(c) | 269920 | 6267542 |
| CONMED Corp  | 313534 | 13795496 |
| CVRx Inc (b) | 169496 | 1727164 |
| Delcath Systems Inc (b)(c) | 296845 | 2917986 |
| Electromed Inc (b) | 68970 | 1659418 |
| Embecta Corp  | 591959 | 7896733 |
| Enovis Corp (b) | 572151 | 17873997 |
| Glaukos Corp (b) | 561875 | 49484331 |
| Haemonetics Corp (b) | 484417 | 24225694 |
| ICU Medical Inc (b) | 242984 | 29179949 |
| Inogen Inc (b) | 246722 | 2032989 |
| Integer Holdings Corp (b) | 346002 | 22341349 |
| Integra LifeSciences Holdings Corp (b) | 671059 | 8059419 |
| iRadimed Corp  | 81577 | 6265929 |
| iRhythm Technologies Inc (b) | 320237 | 59980391 |
| Kestra Medical Technologies Ltd  | 131447 | 3599019 |
| KORU Medical Systems Inc (b) | 424531 | 1681143 |
| Lantheus Holdings Inc (b) | 685988 | 39574648 |
| LeMaitre Vascular Inc  | 209292 | 18126780 |
| LENSAR Inc (b) | 93576 | 1150985 |
| LivaNova PLC (b) | 547273 | 28802978 |
| Lucid Diagnostics Inc (b)(c) | 727047 | 879727 |
| Merit Medical Systems Inc (b) | 587207 | 51404101 |
| Myomo Inc (b) | 409407 | 379111 |
| Neogen Corp (b) | 2195043 | 13543415 |
| Neuronetics Inc (b)(c) | 362899 | 961682 |
| NeuroPace Inc (b) | 243626 | 2421642 |
| Novocure Ltd (b) | 1019478 | 13059513 |
| Omnicell Inc (b) | 467777 | 15703274 |
| OraSure Technologies Inc (b) | 785701 | 2152821 |
| Orthofix Medical Inc (b) | 383829 | 5926320 |
| OrthoPediatrics Corp (b) | 174518 | 2938883 |
| Outset Medical Inc (b) | 163690 | 2147613 |
| Pro-Dex Inc (b)(c) | 21312 | 772347 |
| PROCEPT BioRobotics Corp (b)(c) | 527906 | 17964641 |
| Pulmonx Corp (b) | 424698 | 849396 |
| Pulse Biosciences Inc (b)(c) | 180186 | 3050549 |
| Pulse Biosciences Inc warrants 6/26/2030 (b)(c) | 17423 | 80240 |
| QuidelOrtho Corp (b) | 680632 | 18370258 |
| RxSight Inc (b)(c) | 348087 | 3059685 |
| Sanara Medtech Inc (b) | 31000 | 908300 |
| SANUWAVE Health Inc (b) | 70277 | 2033816 |
| Semler Scientific Inc (b)(c) | 120599 | 3191050 |
| Shoulder Innovations Inc  | 46079 | 540046 |
| SI-BONE Inc (b)(c) | 384678 | 5704775 |
| Sight Sciences Inc (b) | 423196 | 2141372 |
| STAAR Surgical Co (b) | 501421 | 12971761 |
| Stereotaxis Inc (b) | 600752 | 1748188 |
| Surmodics Inc (b) | 141290 | 3876291 |
| Tactile Systems Technology Inc (b) | 235909 | 3555149 |
| Tandem Diabetes Care Inc (b) | 670685 | 9389590 |
| TransMedics Group Inc (b)(c) | 334170 | 43956722 |
| Treace Medical Concepts Inc (b) | 481250 | 3075188 |
| UFP Technologies Inc (b)(c) | 75569 | 14557612 |
| Utah Medical Products Inc  | 30884 | 1794360 |
| Varex Imaging Corp (b) | 407618 | 4765054 |
|  |  | 720963482 |
| Health Care Providers & Services - 3.2% |  |  |
| AdaptHealth Corp (b) | 1023495 | 9201220 |
| Addus HomeCare Corp (b) | 182689 | 21354517 |
| agilon health Inc (b) | 3090166 | 2461317 |
| AirSculpt Technologies Inc (b)(c) | 165940 | 1727435 |
| Alignment Healthcare Inc (b) | 1469704 | 24779209 |
| AMN Healthcare Services Inc (b) | 383897 | 7558932 |
| Ardent Health Inc (b)(c) | 234899 | 3420129 |
| Astrana Health Inc (b) | 410492 | 12811455 |
| Aveanna Healthcare Holdings Inc (b) | 488170 | 4417939 |
| BrightSpring Health Services Inc (b) | 1077486 | 35610912 |
| Brookdale Senior Living Inc (b) | 2299813 | 21319267 |
| Castle Biosciences Inc (b)(c) | 285420 | 7278210 |
| Clover Health Investments Corp Class A (b)(c) | 4058098 | 14325086 |
| Community Health Systems Inc (b) | 1289926 | 5004913 |
| Concentra Group Holdings Parent Inc  | 1172211 | 23350443 |
| CorVel Corp (b) | 292832 | 21654926 |
| Cross Country Healthcare Inc (b) | 314863 | 3860220 |
| DocGo Inc Class A (b)(c) | 942880 | 1027739 |
| Enhabit Inc (b) | 491806 | 3998383 |
| Ensign Group Inc/The  | 565046 | 101764786 |
| Fulgent Genetics Inc (b) | 207102 | 4649440 |
| GeneDx Holdings Corp Class A (b) | 188754 | 25842310 |
| Guardant Health Inc (b) | 1200473 | 111667999 |
| HealthEquity Inc (b) | 858328 | 81180662 |
| Hims & Hers Health Inc Class A (b)(c) | 1916692 | 87132818 |
| Innovage Holding Corp (b) | 206837 | 928698 |
| Joint Corp/The (b) | 153109 | 1208030 |
| LifeStance Health Group Inc (b) | 1330340 | 6518666 |
| National HealthCare Corp  | 127956 | 15283065 |
| National Research Corp Class A  | 134121 | 1791857 |
| NeoGenomics Inc (b) | 1296690 | 12668661 |
| Nutex Health Inc (b)(c) | 34717 | 4272274 |
| Omada Health Inc (c) | 92482 | 2272283 |
| Oncology Institute Inc/The (b)(c) | 600529 | 2678359 |
| OPKO Health Inc (b) | 4058531 | 5519602 |
| Option Care Health Inc (b) | 1657531 | 43145532 |
| Owens & Minor Inc (b) | 754528 | 2995476 |
| PACS Group Inc (b) | 442517 | 5345605 |
| Pediatrix Medical Group Inc (b) | 858281 | 14565029 |
| Pennant Group Inc/The (b) | 339967 | 8407384 |
| Premier Inc Class A  | 831166 | 23372388 |
| Privia Health Group Inc (b) | 1156082 | 28092793 |
| Progyny Inc (b) | 755340 | 14132411 |
| RadNet Inc (b)(c) | 686425 | 52161436 |
| SBC Medical Group Holdings Inc (b) | 60512 | 197269 |
| Select Medical Holdings Corp  | 1126015 | 15572787 |
| Sonida Senior Living Inc (b) | 52531 | 1360553 |
| Surgery Partners Inc (b) | 776764 | 17034435 |
| Talkspace Inc Class A (b) | 1436630 | 4640315 |
| US Physical Therapy Inc  | 151637 | 13081724 |
| Viemed Healthcare Inc (b) | 351900 | 2273274 |
|  |  | 936920173 |
| Health Care Technology - 0.4% |  |  |
| Claritev Corp Class A (b)(c) | 77324 | 5033792 |
| Definitive Healthcare Corp Class A (b) | 366738 | 1015864 |
| Evolent Health Inc Class A (b) | 1179085 | 7864497 |
| Health Catalyst Inc (b) | 704493 | 2275512 |
| HealthStream Inc  | 245903 | 6049214 |
| LifeMD Inc (b)(c) | 375021 | 2216374 |
| OptimizeRx Corp (b)(c) | 157902 | 3235412 |
| Phreesia Inc (b) | 574024 | 12995903 |
| Schrodinger Inc/United States (b)(c) | 565795 | 11904327 |
| Simulations Plus Inc (b)(c) | 166895 | 2867256 |
| Teladoc Health Inc (b) | 1764036 | 15223631 |
| TruBridge Inc (b) | 98897 | 1900800 |
| Waystar Holding Corp (b) | 1099239 | 39407719 |
|  |  | 111990301 |
| Life Sciences Tools & Services - 0.4% |  |  |
| 10X Genomics Inc Class A (b) | 1075261 | 14666560 |
| Adaptive Biotechnologies Corp (b) | 1500029 | 26040503 |
| Alpha Teknova Inc (b)(c) | 108383 | 569011 |
| Atlantic International Corp (b) | 109731 | 303954 |
| Azenta Inc (b) | 409318 | 12361404 |
| BioLife Solutions Inc (b) | 382395 | 10657349 |
| Codexis Inc (b) | 847457 | 2008473 |
| CryoPort Inc (b)(c) | 497089 | 4593102 |
| Cytek Biosciences Inc (b) | 1197874 | 4671709 |
| Fortrea Holdings Inc (b) | 916262 | 9584101 |
| Ginkgo Bioworks Holdings Inc Class A (b)(c) | 393065 | 5105914 |
| Lifecore Biomedical Inc (b)(c) | 272585 | 1959886 |
| Maravai LifeSciences Holdings Inc Class A (b) | 1089036 | 3419573 |
| MaxCyte Inc (b) | 1062881 | 1636837 |
| Mesa Laboratories Inc (c) | 52441 | 3769983 |
| Niagen Bioscience Inc (b) | 523305 | 3945720 |
| OmniAb Inc (b)(c) | 903616 | 1400605 |
| Pacific Biosciences of California Inc (b)(c) | 2761694 | 6462364 |
| Personalis Inc (b)(c) | 518790 | 5001136 |
| Quanterix Corp (b) | 429638 | 2294267 |
| Quantum-Si Inc Class A (b) | 1572400 | 3380660 |
| Standard BioTools Inc (b) | 3043612 | 3652334 |
|  |  | 127485445 |
| Pharmaceuticals - 2.0% |  |  |
| Aardvark Therapeutics Inc  | 59695 | 638140 |
| Aclaris Therapeutics Inc (b) | 923062 | 2326116 |
| Alumis Inc (b) | 560743 | 2663529 |
| Amneal Intermediate Inc Class A (b) | 1503824 | 16271376 |
| Amphastar Pharmaceuticals Inc (b) | 374224 | 9542712 |
| Amylyx Pharmaceuticals Inc (b) | 697382 | 9714531 |
| ANI Pharmaceuticals Inc (b) | 182453 | 16530242 |
| Aquestive Therapeutics Inc (b)(c) | 878292 | 5989951 |
| Arvinas Inc (b) | 657365 | 6665681 |
| Atea Pharmaceuticals Inc (b) | 765184 | 2486848 |
| Avadel Pharmaceuticals PLC Class A (b) | 897518 | 16954115 |
| Axsome Therapeutics Inc (b) | 406528 | 54877215 |
| BioAge Labs Inc (b) | 243246 | 1841372 |
| Biote Corp Class A (b) | 294068 | 843975 |
| Collegium Pharmaceutical Inc (b) | 321384 | 11569824 |
| CorMedix Inc (b)(c) | 708377 | 7884236 |
| Crinetics Pharmaceuticals Inc (b) | 908635 | 39525623 |
| Edgewise Therapeutics Inc (b) | 677055 | 12376565 |
| Enliven Therapeutics Inc (b)(c) | 422013 | 9883544 |
| Esperion Therapeutics Inc (b) | 1999241 | 5937746 |
| Eton Pharmaceuticals Inc (b)(c) | 257231 | 4632730 |
| Evolus Inc (b)(c) | 584422 | 3775366 |
| EyePoint Pharmaceuticals Inc (b) | 588091 | 7698111 |
| Fulcrum Therapeutics Inc (b) | 429755 | 3760356 |
| Harmony Biosciences Holdings Inc (b) | 439676 | 12561543 |
| Harrow Inc (b)(c) | 316635 | 11959304 |
| Innoviva Inc (b) | 631440 | 11492208 |
| Journey Medical Corp (b)(c) | 123450 | 1002414 |
| LENZ Therapeutics Inc (b)(c) | 161979 | 4814016 |
| Ligand Pharmaceuticals Inc (b) | 191528 | 36641222 |
| Liquidia Corp (b)(c) | 644547 | 15701165 |
| Maze Therapeutics Inc  | 196217 | 6457501 |
| MBX Biosciences Inc (b) | 153905 | 3379754 |
| Mind Medicine MindMed Inc (b)(c) | 759975 | 10791645 |
| Novartis AG rights (b)(e) | 526013 | 7 |
| Nuvation Bio Inc Class A (b) | 2505581 | 13079133 |
| Ocular Therapeutix Inc (b) | 1747936 | 20380934 |
| Omeros Corp (b)(c) | 650351 | 4767073 |
| Pacira BioSciences Inc (b) | 461914 | 9875721 |
| Phathom Pharmaceuticals Inc (b) | 432693 | 5862990 |
| Phibro Animal Health Corp Class A  | 205219 | 8631511 |
| Prestige Consumer Healthcare Inc (b) | 497320 | 30137592 |
| Rapport Therapeutics Inc (b) | 179292 | 5186918 |
| Septerna Inc (b)(c) | 221207 | 4556864 |
| SIGA Technologies Inc  | 412206 | 3413066 |
| Supernus Pharmaceuticals Inc (b) | 542001 | 29880515 |
| Tarsus Pharmaceuticals Inc (b) | 393621 | 27085061 |
| Terns Pharmaceuticals Inc (b)(c) | 739786 | 6110632 |
| Theravance Biopharma Inc (b) | 379254 | 5559864 |
| Third Harmonic Bio Inc (b)(c)(e) | 250248 | 3 |
| Trevi Therapeutics Inc (b)(c) | 877862 | 10235871 |
| Tvardi Therapeutics Inc (b)(c) | 46137 | 214537 |
| WaVe Life Sciences Ltd (b) | 1129385 | 10209640 |
| Xeris Biopharma Holdings Inc (b)(c) | 1538827 | 14926622 |
| Zevra Therapeutics Inc (b) | 545992 | 5558199 |
|  |  | 584863429 |
| TOTAL HEALTH CARE |  | 4761470282 |
| Industrials - 18.0% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| AAR Corp (b) | 358834 | 30217411 |
| AeroVironment Inc (b) | 321094 | 118775882 |
| AerSale Corp (b) | 322206 | 2390769 |
| AIRO Group Holdings Inc (c) | 70180 | 1148144 |
| Archer Aviation Inc Class A (b)(c) | 5537401 | 62129639 |
| Astronics Corp (b) | 305138 | 15006687 |
| Byrna Technologies Inc (b)(c) | 183971 | 3725413 |
| Cadre Holdings Inc  | 288151 | 12234891 |
| Ducommun Inc (b) | 138407 | 12698842 |
| Eve Holding Inc Class A (b) | 513435 | 2238577 |
| Intuitive Machines Inc Class A (b)(c) | 1105471 | 13188269 |
| Kratos Defense & Security Solutions Inc (b) | 1677237 | 151957672 |
| Mercury Systems Inc (b) | 523220 | 40502460 |
| Moog Inc Class A  | 282892 | 57950426 |
| National Presto Industries Inc  | 52405 | 5605763 |
| Park Aerospace Corp  | 187399 | 3590565 |
| Redwire Corp Class A (b)(c) | 496447 | 3907038 |
| Satellogic Inc Class A (b) | 695180 | 1327794 |
| V2X Inc (b) | 194557 | 11107259 |
| Voyager Technologies Inc Class A  | 138077 | 4222395 |
| VSE Corp  | 227508 | 41106145 |
|  |  | 595032041 |
| Air Freight & Logistics - 0.1% |  |  |
| Arrive AI Inc (c) | 37085 | 185796 |
| Forward Air Corp Class A (b)(c) | 211215 | 3972954 |
| Hub Group Inc Class A  | 603242 | 22217403 |
| Radiant Logistics Inc (b) | 326073 | 1972742 |
|  |  | 28348895 |
| Building Products - 1.3% |  |  |
| American Woodmark Corp (b) | 144418 | 9203759 |
| Apogee Enterprises Inc  | 214179 | 7841093 |
| AZZ Inc  | 298391 | 29794341 |
| CSW Industrials Inc  | 163921 | 41049097 |
| Gibraltar Industries Inc (b) | 300065 | 18721055 |
| Griffon Corp  | 384390 | 28448704 |
| Insteel Industries Inc  | 187579 | 5859968 |
| Janus International Group Inc (b) | 1365591 | 13109674 |
| JELD-WEN Holding Inc (b) | 848314 | 3681683 |
| Masterbrand Inc (b) | 1277419 | 16133802 |
| Quanex Building Products Corp  | 461373 | 6556110 |
| Resideo Technologies Inc (b) | 1386715 | 59351402 |
| Tecnoglass Inc  | 244763 | 14595218 |
| UFP Industries Inc  | 608747 | 56083861 |
| Zurn Elkay Water Solutions Corp  | 1511580 | 71210534 |
|  |  | 381640301 |
| Commercial Services & Supplies - 1.4% |  |  |
| ABM Industries Inc  | 623032 | 26790376 |
| ACCO Brands Corp  | 899757 | 3383086 |
| Acme United Corp  | 32978 | 1253494 |
| ACV Auctions Inc Class A (b) | 1685921 | 15291303 |
| BrightView Holdings Inc (b) | 718655 | 8853830 |
| Brink's Co/The  | 422583 | 46974326 |
| Casella Waste Systems Inc Class A (b) | 632044 | 55980137 |
| CECO Environmental Corp (b) | 292994 | 14324477 |
| CompX International Inc Class A  | 16546 | 372120 |
| CoreCivic Inc (b) | 1083365 | 20074753 |
| Deluxe Corp  | 449273 | 8136334 |
| Ennis Inc  | 255827 | 4195563 |
| Enviri Corp (b) | 757880 | 9253715 |
| GEO Group Inc/The (b) | 1360153 | 23081796 |
| Healthcare Services Group Inc (b) | 731629 | 13074210 |
| HNI Corp  | 456537 | 18681494 |
| Interface Inc  | 581001 | 14466925 |
| Liquidity Services Inc (b) | 233185 | 5582449 |
| MillerKnoll Inc  | 681185 | 10640110 |
| Mobile Infrastructure Corp Class A (b) | 143462 | 490640 |
| Montrose Environmental Group Inc (b) | 321269 | 8314442 |
| NL Industries Inc  | 93503 | 565693 |
| OPENLANE Inc (b) | 1066752 | 28183588 |
| Perma-Fix Environmental Services Inc (b)(c) | 173768 | 2378884 |
| Pitney Bowes Inc  | 1734016 | 17132078 |
| Quad/Graphics Inc Class A  | 290689 | 1601696 |
| Steelcase Inc Class A  | 842778 | 13450737 |
| UniFirst Corp/MA  | 151712 | 23416747 |
| Vestis Corp  | 1156022 | 6069116 |
| Virco Mfg. Corp  | 111619 | 817051 |
|  |  | 402831170 |
| Construction & Engineering - 2.4% |  |  |
| Ameresco Inc Class A (b)(c) | 324939 | 12841589 |
| Arcosa Inc  | 488087 | 49784874 |
| Argan Inc  | 133349 | 40832797 |
| Bowman Consulting Group Ltd (b) | 141472 | 6124323 |
| Centuri Holdings Inc (b) | 705941 | 14252949 |
| Concrete Pumping Holdings Inc  | 226997 | 1450511 |
| Construction Partners Inc Class A (b) | 471795 | 53949758 |
| Dycom Industries Inc (b) | 281880 | 81122245 |
| Fluor Corp (b) | 1651308 | 80534291 |
| Granite Construction Inc  | 440131 | 45293881 |
| Great Lakes Dredge & Dock Corp (b) | 667114 | 7571744 |
| IES Holdings Inc (b) | 90833 | 35595636 |
| Limbach Holdings Inc (b) | 106762 | 10086874 |
| Matrix Service Co (b) | 265949 | 3994554 |
| MYR Group Inc (b) | 154904 | 33722601 |
| NWPX Infrastructure Inc (b) | 97110 | 5842138 |
| Orion Group Holdings Inc (b) | 378911 | 4080871 |
| Primoris Services Corp  | 543958 | 76980936 |
| Southland Holdings Inc (b) | 103519 | 462730 |
| Sterling Infrastructure Inc (b) | 300029 | 113380959 |
| Tutor Perini Corp (b) | 447266 | 30127838 |
|  |  | 708034099 |
| Electrical Equipment - 3.2% |  |  |
| Allient Inc  | 144393 | 7895409 |
| American Superconductor Corp (b) | 439127 | 26009492 |
| Amprius Technologies Inc (b) | 939503 | 13237597 |
| Array Technologies Inc (b)(c) | 1526837 | 13222408 |
| Atkore Inc  | 339049 | 23479143 |
| Bloom Energy Corp Class A (b)(c) | 2159449 | 285392780 |
| EnerSys  | 386902 | 48811556 |
| Enovix Corp Class B (b)(c) | 1655407 | 19848330 |
| Eos Energy Enterprises Inc (b)(c) | 2559615 | 41030628 |
| Fluence Energy Inc Class A (b)(c) | 775433 | 16284093 |
| Hyliion Holdings Corp Class A (b) | 1236092 | 2929538 |
| KULR Technology Group Inc (b)(c) | 358230 | 1372021 |
| LSI Industries Inc  | 266476 | 6099636 |
| NANO Nuclear Energy Inc (b)(c) | 312803 | 14870655 |
| Net Power Inc Class A (b)(c) | 367055 | 1402150 |
| NEXTracker Inc Class A (b) | 1467862 | 148576992 |
| NuScale Power Corp Class A (b)(c) | 1274843 | 57202205 |
| Plug Power Inc (b)(c) | 10979791 | 29535638 |
| Powell Industries Inc (c) | 96056 | 36826910 |
| Power Solutions International Inc (b) | 65953 | 5646896 |
| Preformed Line Products Co  | 24533 | 5203695 |
| Shoals Technologies Group Inc (b) | 1691127 | 17773745 |
| SKYX Platforms Corp (b) | 610956 | 1075283 |
| SunPower Inc Class A (b)(c) | 638766 | 1149779 |
| Sunrun Inc (b) | 2107726 | 43756392 |
| Thermon Group Holdings Inc (b) | 326796 | 9388849 |
| Vicor Corp (b) | 235158 | 21335885 |
|  |  | 899357705 |
| Ground Transportation - 0.3% |  |  |
| ArcBest Corp  | 229535 | 17059041 |
| Covenant Logistics Group Inc Class A  | 161932 | 3266168 |
| Ftai Infrastructure Inc  | 1083757 | 5787262 |
| Heartland Express Inc  | 439398 | 3427304 |
| Hertz Global Holdings Inc (b)(c) | 1193032 | 6120254 |
| Marten Transport Ltd  | 588103 | 6028056 |
| PAMT CORP (b)(c) | 60523 | 609467 |
| Proficient Auto Logistics Inc (b) | 242442 | 1813466 |
| RXO Inc (b)(c) | 1633042 | 28953836 |
| Universal Logistics Holdings Inc  | 68468 | 1107812 |
| Werner Enterprises Inc  | 584423 | 15311883 |
|  |  | 89484549 |
| Machinery - 3.9% |  |  |
| 3D Systems Corp (b)(c) | 1349944 | 3860840 |
| AirJoule Technologies Corp Class A (b) | 236324 | 1219431 |
| Alamo Group Inc  | 104046 | 18595101 |
| Albany International Corp Class A  | 304284 | 17216389 |
| Astec Industries Inc  | 230101 | 10706600 |
| Atmus Filtration Technologies Inc  | 838651 | 38141847 |
| Blue Bird Corp (b) | 318590 | 15916756 |
| Chart Industries Inc (b) | 454927 | 90812528 |
| Columbus McKinnon Corp/NY  | 295084 | 4789213 |
| Douglas Dynamics Inc  | 230287 | 6961576 |
| Eastern Co/The  | 59325 | 1266589 |
| Energy Recovery Inc (b) | 536520 | 9179857 |
| Enerpac Tool Group Corp Class A  | 544514 | 22346855 |
| Enpro Inc  | 212510 | 49304445 |
| ESCO Technologies Inc  | 261318 | 57351461 |
| Federal Signal Corp  | 604237 | 71318093 |
| Franklin Electric Co Inc  | 402019 | 38099341 |
| Gencor Industries Inc (b) | 106744 | 1450651 |
| Gorman-Rupp Co/The  | 210693 | 9474864 |
| Graham Corp (b) | 104354 | 6500211 |
| Greenbrier Cos Inc/The  | 305713 | 12769632 |
| Helios Technologies Inc  | 333275 | 18450104 |
| Hillenbrand Inc  | 710656 | 22456730 |
| Hillman Solutions Corp Class A (b) | 1989290 | 18341254 |
| Hyster-Yale Inc Class A  | 120149 | 4318155 |
| JBT Marel Corp  | 525401 | 66253066 |
| Kadant Inc (c) | 118524 | 32790850 |
| Kennametal Inc  | 769660 | 16894037 |
| L B Foster Co Class A (b) | 101863 | 2791046 |
| Lindsay Corp  | 109548 | 12186120 |
| Manitowoc Co Inc/The (b) | 346091 | 3519745 |
| Mayville Engineering Co Inc (b)(c) | 143948 | 2565153 |
| Microvast Holdings Inc (b)(c) | 2003336 | 10918181 |
| Miller Industries Inc/TN  | 112100 | 4499694 |
| Mueller Water Products Inc Class A1  | 1568916 | 40258385 |
| Omega Flex Inc  | 39043 | 1079538 |
| Palladyne AI Corp Class A (b)(c) | 258417 | 2162950 |
| Park-Ohio Holdings Corp  | 98793 | 2038100 |
| Proto Labs Inc (b) | 238339 | 11859749 |
| REV Group Inc  | 487793 | 25009147 |
| Richtech Robotics Inc Class B (b)(c) | 702680 | 3386918 |
| SPX Technologies Inc (b) | 484956 | 108576799 |
| Standex International Corp  | 120864 | 28189111 |
| Tennant CO  | 188136 | 15050880 |
| Terex Corp  | 648727 | 29854417 |
| Titan International Inc (b) | 489629 | 3696699 |
| Trinity Industries Inc  | 824161 | 22557287 |
| Wabash National Corp  | 412174 | 3305635 |
| Watts Water Technologies Inc Class A  | 276327 | 75326740 |
| Worthington Enterprises Inc  | 316396 | 17746652 |
|  |  | 1093365422 |
| Marine Transportation - 0.1% |  |  |
| Genco Shipping & Trading Ltd  | 344700 | 5873688 |
| Matson Inc  | 327316 | 33042551 |
| Pangaea Logistics Solutions Ltd  | 300613 | 1488034 |
|  |  | 40404273 |
| Passenger Airlines - 0.5% |  |  |
| Allegiant Travel Co (b)(c) | 144660 | 8994959 |
| flyExclusive Inc Class A (b)(c) | 44273 | 171337 |
| Frontier Group Holdings Inc (b)(c) | 846381 | 3267031 |
| JetBlue Airways Corp (b)(c) | 3312647 | 13913117 |
| Joby Aviation Inc Class A (b)(c) | 4641404 | 80481945 |
| SkyWest Inc (b) | 407148 | 40910231 |
| Strata Critical Medical Inc (b)(c) | 664945 | 3344673 |
| Sun Country Airlines Holdings Inc (b) | 513865 | 6310262 |
|  |  | 157393555 |
| Professional Services - 1.7% |  |  |
| Alight Inc Class A  | 4327430 | 12462998 |
| Asure Software Inc (b) | 250608 | 2217881 |
| Barrett Business Services Inc  | 249262 | 10087633 |
| BlackSky Technology Inc Class A (b)(c) | 311862 | 6586525 |
| Cbiz Inc (b) | 496713 | 27319215 |
| Conduent Inc (b) | 1516930 | 3610293 |
| CRA International Inc  | 66400 | 12648536 |
| CSG Systems International Inc  | 279085 | 21843983 |
| Exponent Inc  | 512255 | 36272777 |
| First Advantage Corp (b)(c) | 793443 | 10021185 |
| Forrester Research Inc (b) | 120120 | 856456 |
| Franklin Covey Co (b) | 104448 | 1773527 |
| Heidrick & Struggles International Inc  | 205711 | 12007351 |
| HireQuest Inc  | 58751 | 501145 |
| Huron Consulting Group Inc (b) | 171142 | 28142590 |
| IBEX Holdings Ltd (b) | 106965 | 3997282 |
| ICF International Inc  | 184967 | 14849151 |
| Innodata Inc (b)(c) | 308991 | 23053819 |
| Insperity Inc  | 363770 | 16049532 |
| Kelly Services Inc Class A  | 311366 | 3490413 |
| Kforce Inc  | 183729 | 4648344 |
| Korn Ferry  | 520958 | 33705983 |
| Legalzoom.com Inc (b) | 1190001 | 11864310 |
| Maximus Inc  | 569812 | 47362773 |
| Mistras Group Inc (b) | 162572 | 1550937 |
| Planet Labs PBC Class A (b) | 2347118 | 31568737 |
| Rcm Technologies Inc (b) | 49166 | 1135735 |
| Resolute Holdings Management Inc (c) | 42773 | 3150659 |
| Resources Connection Inc  | 353251 | 1554304 |
| Skillsoft Corp Class A (b)(c) | 45156 | 592898 |
| Spire Global Inc Class A (b)(c) | 283618 | 3085764 |
| TIC Solutions Inc  | 1713308 | 20782426 |
| TriNet Group Inc  | 300413 | 18024780 |
| TrueBlue Inc (b) | 292932 | 1388498 |
| TTEC Holdings Inc (b)(c) | 206448 | 720504 |
| Upwork Inc (b) | 1236922 | 19716537 |
| Verra Mobility Corp Class A (b) | 1604029 | 37229513 |
| Willdan Group Inc (b) | 139556 | 13189438 |
|  |  | 499064432 |
| Trading Companies & Distributors - 1.0% |  |  |
| Alta Equipment Group Inc Class A  | 207581 | 1270395 |
| BlueLinx Holdings Inc (b) | 76496 | 5005898 |
| Boise Cascade Co  | 380090 | 26792544 |
| Custom Truck One Source Inc Class A (b)(c) | 603274 | 3553284 |
| Distribution Solutions Group Inc (b) | 97400 | 2662916 |
| DNOW Inc (b) | 1045071 | 15362544 |
| DXP Enterprises Inc/TX (b) | 130279 | 15587882 |
| EVI Industries Inc  | 51712 | 1393121 |
| GATX Corp  | 360718 | 56578618 |
| Global Industrial Co  | 147552 | 4193428 |
| Herc Holdings Inc  | 328615 | 46679761 |
| Hudson Technologies Inc (b) | 391968 | 3557110 |
| Karat Packaging Inc  | 87444 | 2100405 |
| McGrath RentCorp  | 246880 | 26524787 |
| Mrc Global Inc (b) | 841961 | 11745356 |
| NPK International Inc (b) | 784702 | 9651835 |
| Rush Enterprises Inc Class A  | 668971 | 33053857 |
| Rush Enterprises Inc Class B  | 38885 | 2040296 |
| Titan Machinery Inc (b) | 207962 | 3410577 |
| Transcat Inc (b) | 92519 | 6721505 |
| Willis Lease Finance Corp  | 28360 | 3640857 |
| Xometry Inc Class A (b) | 436639 | 21259953 |
|  |  | 302786929 |
| Transportation Infrastructure - 0.0% |  |  |
| Sky Harbour Group Corp Class A (b)(c) | 217655 | 2150431 |
| TOTAL INDUSTRIALS |  | 5199893802 |
| Information Technology - 15.0% |  |  |
| Communications Equipment - 1.0% |  |  |
| ADTRAN Holdings Inc (b)(c) | 744935 | 7762223 |
| Applied Optoelectronics Inc (b)(c) | 546236 | 19424152 |
| Aviat Networks Inc (b) | 117339 | 2928781 |
| BK Technologies Corp (b) | 30102 | 2248920 |
| Calix Inc (b) | 592382 | 40530777 |
| Clearfield Inc (b) | 118077 | 4168118 |
| CommScope Holding Co Inc (b) | 2144557 | 37100836 |
| Digi International Inc (b) | 365652 | 13412115 |
| Extreme Networks Inc (b) | 1324423 | 25190525 |
| Harmonic Inc (b) | 1132558 | 12118371 |
| Inseego Corp (b)(c) | 127649 | 2124079 |
| Netgear Inc (b) | 278370 | 9665006 |
| NetScout Systems Inc (b) | 702679 | 19534476 |
| Ribbon Communications Inc (b) | 936576 | 3146895 |
| Viasat Inc (b) | 1185168 | 47193391 |
| Viavi Solutions Inc (b) | 2223428 | 39354676 |
|  |  | 285903341 |
| Electronic Equipment, Instruments & Components - 3.0% |  |  |
| 908 Devices Inc (b)(c) | 279295 | 2228774 |
| Advanced Energy Industries Inc  | 379016 | 76837914 |
| Aeva Technologies Inc (b)(c) | 310672 | 5076380 |
| Arlo Technologies Inc (b) | 998673 | 19314336 |
| Badger Meter Inc  | 298538 | 53871182 |
| Bel Fuse Inc Class A  | 16705 | 2284075 |
| Bel Fuse Inc Class B  | 103962 | 16009108 |
| Belden Inc  | 398093 | 48507632 |
| Benchmark Electronics Inc  | 360045 | 15777172 |
| Climb Global Solutions Inc  | 39035 | 4336008 |
| CTS Corp  | 292983 | 12161724 |
| Daktronics Inc (b) | 387196 | 7275413 |
| ePlus Inc  | 265441 | 19419664 |
| Evolv Technologies Holdings Inc Class A (b) | 1165693 | 9022464 |
| Frequency Electronics Inc (b)(c) | 66811 | 2453300 |
| Insight Enterprises Inc (b) | 291031 | 29103100 |
| Itron Inc (b) | 456917 | 45842483 |
| Kimball Electronics Inc (b) | 243511 | 7080082 |
| Knowles Corp (b) | 855976 | 20209593 |
| M-Tron Industries Inc (b) | 25177 | 1387756 |
| Methode Electronics Inc  | 336015 | 2261381 |
| MicroVision Inc (b)(c) | 2486274 | 2908941 |
| Mirion Technologies Inc Class A (b) | 2362791 | 69395172 |
| Napco Security Technologies Inc  | 347147 | 15326540 |
| Neonode Inc (b)(c) | 113980 | 346498 |
| nLight Inc (b) | 483064 | 15945943 |
| Novanta Inc (b) | 363025 | 46107805 |
| OSI Systems Inc (b) | 161187 | 44884132 |
| Ouster Inc Class A (b) | 510731 | 17037986 |
| PC Connection Inc  | 111707 | 6810776 |
| Plexus Corp (b) | 270286 | 37813011 |
| Powerfleet Inc NJ (b)(c) | 1260689 | 6429514 |
| Red Cat Holdings Inc (b)(c) | 858381 | 9656786 |
| Richardson Electronics Ltd/United States  | 125208 | 1349742 |
| Rogers Corp (b) | 186841 | 16356061 |
| Sanmina Corp (b) | 525733 | 72051708 |
| ScanSource Inc (b) | 210718 | 9040856 |
| TTM Technologies Inc (b) | 1012333 | 68028778 |
| Vishay Intertechnology Inc  | 1218009 | 20681793 |
| Vishay Precision Group Inc (b) | 120810 | 4525543 |
| Vuzix Corp (b)(c) | 656191 | 2198240 |
|  |  | 867355366 |
| IT Services - 0.6% |  |  |
| Applied Digital Corp (b)(c) | 2154807 | 74685611 |
| ASGN Inc (b) | 431042 | 19293440 |
| Backblaze Inc Class A (b) | 536124 | 5527438 |
| BigBear.ai Holdings Inc (b)(c) | 2908802 | 20128910 |
| Commerce.com Inc (b) | 671268 | 3107971 |
| Crexendo Inc (b) | 146597 | 948483 |
| CSP Inc  | 70923 | 946112 |
| DigitalOcean Holdings Inc (b) | 687063 | 27935982 |
| Fastly Inc Class A (b) | 1373951 | 11390054 |
| Grid Dynamics Holdings Inc (b) | 662740 | 6189992 |
| Hackett Group Inc/The  | 252986 | 4581576 |
| Information Services Group Inc  | 361636 | 1992614 |
| Rackspace Technology Inc (b) | 870376 | 1392602 |
| TSS Inc/MD (b)(c) | 185284 | 3753854 |
| Tucows Inc Class A (b)(c) | 67356 | 1290541 |
| Unisys Corp (b) | 694485 | 2479311 |
|  |  | 185644491 |
| Semiconductors & Semiconductor Equipment - 3.8% |  |  |
| ACM Research Inc Class A (b)(c) | 507911 | 21057990 |
| Aehr Test Systems (b)(c) | 287614 | 7475088 |
| Aeluma Inc (b)(c) | 99093 | 1616207 |
| Alpha & Omega Semiconductor Ltd (b) | 250447 | 7027543 |
| Ambarella Inc (b) | 409301 | 34884724 |
| Ambiq Micro Inc (c) | 46388 | 1417617 |
| Atomera Inc (b)(c) | 298199 | 942308 |
| Axcelis Technologies Inc (b) | 324221 | 25795023 |
| Blaize Holdings Inc Class A (b) | 735883 | 2877303 |
| CEVA Inc (b) | 234548 | 6382051 |
| Cohu Inc (b) | 458155 | 10899507 |
| Credo Technology Group Holding Ltd (b) | 1490012 | 279556051 |
| Diodes Inc (b) | 461277 | 24613741 |
| FormFactor Inc (b) | 783134 | 43033213 |
| Ichor Holdings Ltd (b) | 345080 | 7826414 |
| Impinj Inc (b) | 261082 | 52780337 |
| Kopin Corp (b)(c) | 1597908 | 5528762 |
| MaxLinear Inc Class A (b) | 819120 | 12409668 |
| Navitas Semiconductor Corp Class A (b)(c) | 1350854 | 18182495 |
| NVE Corp  | 49289 | 3403405 |
| PDF Solutions Inc (b) | 321313 | 9359848 |
| Penguin Solutions Inc (b) | 521846 | 11621510 |
| Photronics Inc (b) | 585040 | 13982456 |
| Power Integrations Inc  | 570930 | 23916258 |
| Rambus Inc (b) | 1085301 | 111612355 |
| Rigetti Computing Inc Class A (b) | 3213713 | 142271075 |
| Semtech Corp (b)(c) | 876738 | 59495441 |
| Silicon Laboratories Inc (b)(c) | 324288 | 42507671 |
| SiTime Corp (b) | 214419 | 62104319 |
| SkyWater Technology Inc (b)(c) | 265292 | 4638631 |
| Synaptics Inc (b) | 385215 | 27327152 |
| Ultra Clean Holdings Inc (b) | 447385 | 12262823 |
| Veeco Instruments Inc (b) | 575081 | 16533579 |
|  |  | 1105342565 |
| Software - 5.8% |  |  |
| 8x8 Inc (b) | 1328712 | 2444830 |
| A10 Networks Inc  | 722141 | 12882995 |
| ACI Worldwide Inc (b) | 1061011 | 50535954 |
| Adeia Inc  | 1092347 | 18613593 |
| Agilysys Inc (b) | 260349 | 32663386 |
| Airship AI Holdings Inc Class A (b)(c) | 210513 | 999937 |
| Alarm.com Holdings Inc (b) | 478662 | 23559744 |
| Alkami Technology Inc (b)(c) | 685572 | 13910256 |
| Amplitude Inc Class A (b) | 896238 | 9007192 |
| Appian Corp Class A (b) | 395375 | 11833574 |
| Arteris Inc (b) | 292274 | 3977849 |
| Asana Inc Class A (b) | 869473 | 12216096 |
| AudioEye Inc (b) | 86190 | 1324740 |
| AvePoint Inc Class A (b) | 1335167 | 18785800 |
| Bit Digital Inc (b)(c) | 3199503 | 11710181 |
| Bitdeer Technologies Group Class A (b)(c) | 902432 | 20033990 |
| Blackbaud Inc (b) | 384620 | 24631065 |
| BlackLine Inc (b) | 523445 | 29967226 |
| Blend Labs Inc Class A (b) | 2126796 | 7039695 |
| Box Inc Class A (b) | 1413542 | 45360563 |
| Braze Inc Class A (b) | 802078 | 22987555 |
| C3.ai Inc Class A (b)(c) | 1232962 | 21675472 |
| Cerence Inc (b)(c) | 406005 | 4356434 |
| Cipher Mining Inc (b)(c) | 2666353 | 49727483 |
| Cleanspark Inc (b)(c) | 2791624 | 49690907 |
| Clear Secure Inc Class A  | 842757 | 25678806 |
| Clearwater Analytics Holdings Inc Class A (b) | 2483156 | 45714902 |
| Commvault Systems Inc (b) | 449857 | 62629092 |
| Consensus Cloud Solutions Inc (b) | 194160 | 5692771 |
| Core Scientific Inc (b)(c) | 2858776 | 61578035 |
| CS Disco Inc (b) | 242719 | 1533984 |
| Daily Journal Corp (b)(c) | 12754 | 5165880 |
| Digimarc Corp (b)(c) | 170408 | 1658070 |
| Digital Turbine Inc (b) | 1051453 | 6561067 |
| Domo Inc Class B (b) | 324350 | 4443595 |
| eGain Corp (b) | 186614 | 2690974 |
| EverCommerce Inc (b)(c) | 147957 | 1714822 |
| Expensify Inc Class A (b) | 628712 | 1024801 |
| Five9 Inc (b) | 768304 | 18654421 |
| Freshworks Inc Class A (b) | 2020239 | 22424653 |
| I3 Verticals Inc Class A (b)(c) | 233205 | 7171054 |
| Intapp Inc (b) | 568688 | 21826245 |
| InterDigital Inc  | 260623 | 94335101 |
| Jamf Holding Corp (b) | 724814 | 9313860 |
| Kaltura Inc (b) | 821839 | 1273850 |
| Life360 Inc (b) | 161492 | 15940875 |
| LiveRamp Holdings Inc (b) | 650172 | 17775702 |
| MARA Holdings Inc (b)(c) | 3739175 | 68314727 |
| Mitek Systems Inc (b) | 447605 | 4122442 |
| N-able Inc/US (b) | 738367 | 5781414 |
| NCR Voyix Corp (b) | 1396879 | 15938389 |
| NextNav Inc Class A (b)(c) | 884707 | 11810838 |
| ON24 Inc (b) | 373052 | 2059247 |
| OneSpan Inc  | 364929 | 4160191 |
| Ooma Inc (b)(c) | 254929 | 2862853 |
| Pagaya Technologies Ltd Class A (b)(c) | 462175 | 12427886 |
| PagerDuty Inc (b) | 857469 | 13770952 |
| PAR Technology Corp (b)(c) | 403006 | 14242232 |
| Porch Group Inc (b)(c) | 810162 | 12192938 |
| Progress Software Corp (b) | 431003 | 18377968 |
| PROS Holdings Inc (b)(c) | 438438 | 10105996 |
| Q2 Holdings Inc (b) | 625872 | 38653855 |
| Qualys Inc (b) | 367807 | 45335891 |
| Rapid7 Inc (b) | 640391 | 11853637 |
| Red Violet Inc (c) | 113426 | 6083036 |
| ReposiTrak Inc  | 113124 | 1697991 |
| Rezolve AI PLC (b)(c) | 1474381 | 6325094 |
| Rimini Street Inc (b) | 490914 | 1953838 |
| Riot Platforms Inc (b) | 3507666 | 69381633 |
| SEMrush Holdings Inc Class A (b) | 513920 | 3731059 |
| Silvaco Group Inc (b)(c) | 85110 | 501298 |
| SoundHound AI Inc Class A (b)(c) | 3683627 | 64905508 |
| SoundThinking Inc (b) | 97991 | 916216 |
| Sprinklr Inc Class A (b) | 1131061 | 8731791 |
| Sprout Social Inc Class A (b) | 518860 | 5328692 |
| SPS Commerce Inc (b) | 383489 | 31538135 |
| Synchronoss Technologies Inc (b) | 112182 | 588395 |
| Telos Corp (b) | 539615 | 3701759 |
| Tenable Holdings Inc (b) | 1221741 | 35454924 |
| Terawulf Inc (b)(c) | 2853672 | 44231916 |
| Varonis Systems Inc (b) | 1110188 | 39111923 |
| Verint Systems Inc (b) | 605882 | 12287287 |
| Vertex Inc Class A (b)(c) | 654491 | 14987844 |
| Viant Technology Inc Class A (b) | 133958 | 1189547 |
| Weave Communications Inc (b) | 581213 | 4306788 |
| Workiva Inc Class A (b) | 505486 | 42971365 |
| Xperi Inc (b) | 459164 | 3085582 |
| Yext Inc (b) | 1017247 | 8616082 |
| Zeta Global Holdings Corp Class A (b) | 1873544 | 33705057 |
|  |  | 1672083293 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| CompoSecure Inc Class A (b) | 442541 | 8788864 |
| Corsair Gaming Inc (b) | 467504 | 3810158 |
| CPI Card Group Inc (b) | 58966 | 922228 |
| Diebold Nixdorf Inc (b) | 254944 | 15079938 |
| Eastman Kodak Co (b)(c) | 642603 | 4074103 |
| Immersion Corp  | 302822 | 2025879 |
| IonQ Inc (b)(c) | 2781366 | 173501611 |
| Quantum Computing Inc (b)(c) | 1350128 | 22560639 |
| Turtle Beach Corp (b) | 149809 | 2531772 |
| Xerox Holdings Corp (c) | 1191963 | 3957317 |
|  |  | 237252509 |
| TOTAL INFORMATION TECHNOLOGY |  | 4353581565 |
| Materials - 3.7% |  |  |
| Chemicals - 1.5% |  |  |
| AdvanSix Inc  | 265938 | 4943787 |
| American Vanguard Corp (b) | 272846 | 1219622 |
| Arq Inc (b) | 317672 | 2109342 |
| ASP Isotopes Inc (b)(c) | 769593 | 7795977 |
| Aspen Aerogels Inc (b)(c) | 663371 | 5399840 |
| Avient Corp  | 925828 | 29691304 |
| Balchem Corp  | 330262 | 50658889 |
| Cabot Corp  | 546739 | 36893948 |
| Chemours Co/The  | 1514216 | 20275352 |
| Core Molding Technologies Inc (b) | 83598 | 1497240 |
| Ecovyst Inc (b) | 1171734 | 9596501 |
| Flotek Industries Inc (b)(c) | 142004 | 2458089 |
| Hawkins Inc  | 196207 | 27831963 |
| HB Fuller Co  | 550481 | 31581095 |
| Ingevity Corp (b) | 365203 | 19618705 |
| Innospec Inc  | 253086 | 18622068 |
| Intrepid Potash Inc (b) | 110149 | 2933268 |
| Koppers Holdings Inc  | 193067 | 5448351 |
| Kronos Worldwide Inc  | 227608 | 1119831 |
| LSB Industries Inc (b) | 538169 | 4536765 |
| Mativ Holdings Inc  | 540102 | 5768289 |
| Minerals Technologies Inc  | 317168 | 17999284 |
| Perimeter Solutions Inc  | 1398632 | 32881838 |
| PureCycle Technologies Inc (b)(c) | 1304210 | 15102752 |
| Quaker Chemical Corp  | 140494 | 19513212 |
| Rayonier Advanced Materials Inc (b) | 639695 | 4445880 |
| Sensient Technologies Corp  | 425396 | 40110589 |
| Solesence Inc (b)(c) | 187012 | 611529 |
| Stepan Co  | 217688 | 9436775 |
| Trinseo PLC  | 357699 | 522241 |
| Tronox Holdings PLC  | 1206356 | 4222246 |
| Valhi Inc  | 25961 | 360079 |
|  |  | 435206651 |
| Construction Materials - 0.2% |  |  |
| Knife River Corp (b) | 574750 | 34749385 |
| Smith-Midland Corp (b)(c) | 27239 | 993134 |
| United States Lime & Minerals Inc  | 108648 | 12735719 |
|  |  | 48478238 |
| Containers & Packaging - 0.2% |  |  |
| Ardagh Metal Packaging SA  | 1428987 | 5101483 |
| Greif Inc Class A  | 295212 | 16794611 |
| Greif Inc Class B  | 8378 | 493883 |
| Myers Industries Inc  | 375360 | 6504989 |
| O-I Glass Inc (b) | 1539950 | 17386036 |
| Ranpak Holdings Corp Class A (b) | 482560 | 2557567 |
| TriMas Corp  | 334209 | 11874446 |
|  |  | 60713015 |
| Metals & Mining - 1.7% |  |  |
| Alpha Metallurgical Resources Inc (b) | 117790 | 20408295 |
| American Battery Technology Co (b)(c) | 891236 | 4572041 |
| Ascent Industries Co (b) | 75713 | 920670 |
| Century Aluminum Co (b)(c) | 530891 | 15724991 |
| Coeur Mining Inc (b) | 6441205 | 110595491 |
| Commercial Metals Co  | 1140806 | 67718244 |
| Compass Minerals International Inc (b) | 346764 | 6012888 |
| Constellium SE (b) | 1429756 | 22490062 |
| Contango ORE Inc (b)(c) | 85864 | 1842641 |
| Dakota Gold Corp (b) | 863237 | 3522007 |
| Ferroglobe PLC  | 1201098 | 5825325 |
| Friedman Industries Inc  | 67014 | 1423377 |
| Hecla Mining Co  | 6035598 | 77678147 |
| Idaho Strategic Resources Inc (b)(c) | 129666 | 4286758 |
| Ivanhoe Electric Inc / US (b)(c) | 864233 | 12782006 |
| Kaiser Aluminum Corp  | 161878 | 14654815 |
| Materion Corp  | 207956 | 23837996 |
| Metallus Inc (b) | 367793 | 6469479 |
| NioCorp Developments Ltd (b)(c) | 698140 | 5145292 |
| Olympic Steel Inc  | 98903 | 3659411 |
| Perpetua Resources Corp (United States) (b)(c) | 755475 | 18154064 |
| Ramaco Resources Inc Class A (b) | 291264 | 8842775 |
| Ryerson Holding Corp  | 273068 | 6023880 |
| SunCoke Energy Inc  | 863111 | 6913519 |
| Tredegar Corp (b) | 259394 | 1792413 |
| United States Antimony Corp (b)(c) | 934830 | 7544078 |
| US Gold Corp (b) | 123160 | 1886811 |
| Warrior Met Coal Inc  | 524484 | 35580995 |
| Worthington Steel Inc  | 330889 | 10585139 |
|  |  | 506893610 |
| Paper & Forest Products - 0.1% |  |  |
| Clearwater Paper Corp (b) | 159387 | 2813181 |
| Magnera Corp (b) | 329515 | 2995291 |
| Sylvamo Corp  | 347544 | 14110286 |
|  |  | 19918758 |
| TOTAL MATERIALS |  | 1071210272 |
| Real Estate - 5.5% |  |  |
| Diversified REITs - 0.5% |  |  |
| Alexander & Baldwin Inc  | 749805 | 11974386 |
| Alpine Income Property Trust Inc  | 140123 | 2057006 |
| American Assets Trust Inc  | 538377 | 10288384 |
| Armada Hoffler Properties Inc Class A  | 828076 | 5415617 |
| Broadstone Net Lease Inc Class A  | 1928660 | 34561587 |
| CTO Realty Growth Inc  | 321097 | 5355898 |
| Essential Properties Realty Trust Inc  | 2008753 | 60021540 |
| Gladstone Commercial Corp  | 491820 | 5621503 |
| Global Net Lease Inc  | 2036692 | 15519593 |
| Modiv Industrial Inc Class C  | 102944 | 1484452 |
| NexPoint Diversified Real Estate Trust  | 390868 | 1242960 |
|  |  | 153542926 |
| Health Care REITs - 1.0% |  |  |
| American Healthcare REIT Inc  | 1602933 | 72644924 |
| CareTrust REIT Inc  | 2149273 | 74472309 |
| Community Healthcare Trust Inc  | 292671 | 4290557 |
| Diversified Healthcare Trust  | 2220988 | 9461409 |
| Global Medical REIT Inc  | 139341 | 4277768 |
| LTC Properties Inc  | 466069 | 16349701 |
| National Health Investors Inc  | 468550 | 34911661 |
| Sabra Health Care REIT Inc  | 2407713 | 42905446 |
| Sila Realty Trust Inc  | 569311 | 13492671 |
| Strawberry Fields REIT Inc  | 75026 | 872551 |
| Universal Health Realty Income Trust  | 136519 | 5217756 |
|  |  | 278896753 |
| Hotel & Resort REITs - 0.6% |  |  |
| Apple Hospitality REIT Inc  | 2286556 | 25586562 |
| Braemar Hotels & Resorts Inc  | 627113 | 1599138 |
| Chatham Lodging Trust  | 477389 | 3055290 |
| DiamondRock Hospitality Co  | 2087910 | 16327456 |
| Pebblebrook Hotel Trust  | 1180130 | 12344160 |
| RLJ Lodging Trust  | 1523664 | 10360915 |
| Ryman Hospitality Properties Inc  | 623053 | 54149536 |
| Service Properties Trust  | 1525443 | 3264448 |
| Summit Hotel Properties Inc  | 1108478 | 5697577 |
| Sunstone Hotel Investors Inc  | 1925400 | 17039790 |
| Xenia Hotels & Resorts Inc  | 1000037 | 12300455 |
|  |  | 161725327 |
| Industrial REITs - 0.4% |  |  |
| Industrial Logistics Properties Trust  | 545345 | 2879421 |
| LXP Industrial Trust  | 2957592 | 28067548 |
| One Liberty Properties Inc  | 196935 | 3956424 |
| Plymouth Industrial REIT Inc  | 418975 | 9217450 |
| Terreno Realty Corp  | 1032705 | 58998437 |
|  |  | 103119280 |
| Office REITs - 0.6% |  |  |
| Brandywine Realty Trust  | 1764341 | 6051690 |
| City Office Reit Inc  | 415442 | 2866550 |
| COPT Defense Properties  | 1154427 | 32520209 |
| Douglas Emmett Inc  | 1637018 | 21183013 |
| Easterly Government Properties Inc  | 427810 | 9249252 |
| Empire State Realty Trust Inc Class A  | 1391111 | 10280310 |
| Franklin Street Properties Corp  | 769760 | 923712 |
| Hudson Pacific Properties Inc (b) | 3727253 | 9094497 |
| JBG SMITH Properties  | 628467 | 12248822 |
| NET Lease Office Properties  | 147370 | 4325310 |
| Paramount Group Inc (b) | 1878847 | 12287659 |
| Peakstone Realty Trust  | 381454 | 5153444 |
| Piedmont Realty Trust Inc Class A1  | 1250737 | 10080940 |
| Postal Realty Trust Inc Class A  | 239951 | 3553674 |
| SL Green Realty Corp  | 724986 | 37228031 |
|  |  | 177047113 |
| Real Estate Management & Development - 0.6% |  |  |
| American Realty Investors Inc (b) | 13299 | 209459 |
| Anywhere Real Estate Inc (b) | 1057547 | 10628347 |
| Compass Inc Class A (b) | 4697347 | 36216545 |
| Cushman & Wakefield PLC (b) | 2325304 | 36507274 |
| Douglas Elliman Inc (b) | 739920 | 1827602 |
| eXp World Holdings Inc (c) | 885434 | 9066844 |
| Forestar Group Inc (b) | 195967 | 5097102 |
| FRP Holdings Inc (b) | 114554 | 2714930 |
| Kennedy-Wilson Holdings Inc  | 1213664 | 9175300 |
| Marcus & Millichap Inc  | 241714 | 7060466 |
| Maui Land & Pineapple Co Inc (b)(c) | 68922 | 1102752 |
| Newmark Group Inc Class A  | 1560533 | 27824303 |
| RE/MAX Holdings Inc Class A (b) | 180526 | 1431571 |
| RMR Group Inc/The Class A  | 170342 | 2635191 |
| Seaport Entertainment Group Inc (b)(c) | 77459 | 1864438 |
| St Joe Co/The  | 382255 | 21704439 |
| Stratus Properties Inc (b)(c) | 67322 | 1264980 |
| Tejon Ranch Co (b) | 209288 | 3310936 |
| Transcontinental Realty Investors Inc (b) | 19011 | 852073 |
|  |  | 180494552 |
| Residential REITs - 0.3% |  |  |
| Apartment Investment and Management Co Class A  | 1312092 | 6980329 |
| BRT Apartments Corp  | 116412 | 1712421 |
| Centerspace  | 172275 | 10207294 |
| Clipper Realty Inc  | 154002 | 599067 |
| Elme Communities  | 892555 | 14682530 |
| Independence Realty Trust Inc  | 2380619 | 37923261 |
| NexPoint Residential Trust Inc  | 228153 | 6997453 |
| UMH Properties Inc  | 815633 | 11859304 |
| Veris Residential Inc  | 797618 | 11453794 |
|  |  | 102415453 |
| Retail REITs - 1.1% |  |  |
| Acadia Realty Trust  | 1336284 | 25482936 |
| Alexander's Inc  | 22784 | 5033669 |
| CBL & Associates Properties Inc  | 187275 | 5537722 |
| Curbline Properties Corp  | 983240 | 22673514 |
| FrontView REIT Inc (c) | 197016 | 2620313 |
| Getty Realty Corp  | 545414 | 14960706 |
| InvenTrust Properties Corp  | 791971 | 21700005 |
| Kite Realty Group Trust  | 2235851 | 49501742 |
| Macerich Co/The  | 2556506 | 43844079 |
| NETSTREIT Corp  | 961112 | 17895905 |
| Phillips Edison & Co Inc  | 1279042 | 43282782 |
| Saul Centers Inc  | 129361 | 3830379 |
| SITE Centers Corp  | 518083 | 3797548 |
| Tanger Inc  | 1127118 | 36698962 |
| Urban Edge Properties  | 1288141 | 24770951 |
| Whitestone REIT  | 464398 | 5823551 |
|  |  | 327454764 |
| Specialized REITs - 0.4% |  |  |
| Farmland Partners Inc  | 422812 | 4240804 |
| Four Corners Property Trust Inc  | 1020139 | 24116086 |
| Gladstone Land Corp  | 366526 | 3320725 |
| Outfront Media Inc  | 1404450 | 24844721 |
| PotlatchDeltic Corp  | 792020 | 31680800 |
| Safehold Inc  | 575402 | 8303051 |
| Smartstop Self Storage REIT Inc  | 314699 | 10809911 |
|  |  | 107316098 |
| TOTAL REAL ESTATE |  | 1592012266 |
| Utilities - 3.1% |  |  |
| Electric Utilities - 1.3% |  |  |
| ALLETE Inc  | 589393 | 39683831 |
| Genie Energy Ltd Class B  | 219319 | 3300751 |
| Hawaiian Electric Industries Inc (b) | 1750162 | 20336882 |
| MGE Energy Inc  | 370499 | 30703252 |
| Oklo Inc Class A (b)(c) | 1093361 | 145165540 |
| Otter Tail Corp  | 387674 | 29936186 |
| Portland General Electric Co  | 1113157 | 50849012 |
| TXNM Energy Inc  | 978830 | 55597544 |
|  |  | 375572998 |
| Gas Utilities - 0.8% |  |  |
| Chesapeake Utilities Corp  | 229812 | 29250471 |
| New Jersey Resources Corp  | 1019951 | 45183829 |
| Northwest Natural Holding Co  | 408901 | 18617263 |
| ONE Gas Inc  | 603907 | 48427302 |
| RGC Resources Inc  | 85300 | 1766563 |
| Southwest Gas Holdings Inc  | 651793 | 51817544 |
| Spire Inc  | 588265 | 50826096 |
|  |  | 245889068 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| Hallador Energy Co (b) | 312126 | 6751285 |
| Montauk Renewables Inc (b) | 686249 | 1393085 |
| Ormat Technologies Inc  | 613508 | 65258847 |
|  |  | 73403217 |
| Multi-Utilities - 0.4% |  |  |
| Avista Corp  | 812343 | 30909651 |
| Black Hills Corp  | 732248 | 46446491 |
| Northwestern Energy Group Inc  | 621634 | 37092901 |
| Unitil Corp  | 162101 | 7902423 |
|  |  | 122351466 |
| Water Utilities - 0.3% |  |  |
| American States Water Co  | 389683 | 27788295 |
| Cadiz Inc (b)(c) | 551808 | 2924582 |
| California Water Service Group  | 602510 | 26739394 |
| Consolidated Water Co Ltd  | 151801 | 5162752 |
| Global Water Resources Inc  | 123211 | 1222253 |
| H2O America  | 321788 | 14882695 |
| Middlesex Water Co  | 180809 | 10391093 |
| Pure Cycle Corp (b) | 194488 | 2141313 |
| York Water Co/The  | 145898 | 4533051 |
|  |  | 95785428 |
| TOTAL UTILITIES |  | 913002177 |
| TOTAL UNITED STATES |  | 27643408079 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $22,191,743,913) |  | <br> **28884705377** |

---

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| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (g)<br>(Cost $6,122,590)<br>| 4.15 | 6131000 | **6124421** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 9.1%** | &nbsp;&nbsp;**Money Market Funds - 9.1%** | &nbsp;&nbsp;**Money Market Funds - 9.1%** | &nbsp;&nbsp;**Money Market Funds - 9.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.18 | 125045422 | 125070431 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.18 | 2502727619 | 2502977892 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,628,030,360) |  |  | **2628048323** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 108.6%**<br> (Cost $24,825,896,863)<br>| <br>**31518878121** |
| **NET OTHER ASSETS (LIABILITIES) - (8.6)%**  | **(2493222533)** |
| **NET ASSETS - 100.0%** | **29025655588** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 1164 | 12/19/2025 | 144912180 | 4144233 | 4144233 |
| 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 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 $15,592,181 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 $6,124,421.

(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 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 | 51848609 | 1265397851 | 1192180632 | 1875541 | 4602 | 1 | 125070431 | 125045422 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 2048610113 | 4322008868 | 3867641089 | 14582080 | - | - | 2502977892 | 2502727619 | 9.7% |
| Total | 2100458722 | 5587406719 | 5059821721 | 16457621 | 4602 | 1 | 2628048323 |  |  |

---

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 October 31, 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 | 812805192 | 812805192 | - | - |
| Consumer Discretionary | 2616214605 | 2616214605 | - | - |
| Consumer Staples | 527495315 | 527495315 | - | - |
| Energy | 1446937624 | 1446937624 | - | - |
| Financials | 4869037102 | 4869037102 | - | - |
| Health Care | 4917028893 | 4916592046 | 80240 | 356607 |
| Industrials | 5241951056 | 5241951056 | - | - |
| Information Technology | 4727644784 | 4727644784 | - | - |
| Materials | 1161647778 | 1161647778 | - | - |
| Real Estate | 1596106870 | 1596106870 | - | - |
| Utilities | 967836158 | 967836158 | - | - |
|  **U.S. Treasury Obligations** | 6124421 | - | 6124421 | - |
|  **Money Market Funds** | 2628048323 | 2628048323 | - | - |
| **Total Investments in Securities:** | 31518878121 | 31512316853 | 6204661 | 356607 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 4144233 | 4144233 | - | - |
| Total Assets | 4144233 | 4144233 | - | - |
| **Total Derivative Instruments:** | 4144233 | 4144233 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 4144233 | - |
| **Total Equity Risk**  | 4144233 | - |
| **Total Value of Derivatives** | 4144233 | - |

---

(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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,821,180,121) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $22,197,866,503) | $28890829798 |  |
| Fidelity Central Funds (cost $2,628,030,360) | 2628048323 |  |
| Total Investment in Securities (cost $24,825,896,863) |  | $31518878121 |
| Segregated cash with brokers for derivative instruments |  | 5042295 |
| Receivable for investments sold |  | 1326296 |
| Receivable for fund shares sold |  | 74383537 |
| Dividends receivable |  | 6063080 |
| Distributions receivable from Fidelity Central Funds |  | 2638357 |
| Receivable for daily variation margin on futures contracts |  | 809684 |
| Other receivables |  | 453480 |
| **Total assets** |  | 31609594850 |
| **Liabilities** |  |  |
| Payable to custodian bank | $712951 |  |
| Payable for fund shares redeemed | 79482917 |  |
| Accrued management fee | 601948 |  |
| Other payables and accrued expenses | 207483 |  |
| Collateral on securities loaned | 2502933963 |  |
| **Total liabilities** |  | 2583939262 |
| **Net Assets**  |  | $29025655588 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $22663864303 |
| Total accumulated earnings (loss) |  | 6361791285 |
| **Net Assets** |  | $29025655588 |
| **Net Asset Value**, offering price and redemption price per share ($29,025,655,588 ÷ 932,175,793 shares) |  | $31.14 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $175255829 |
| Interest  |  | 245482 |
| Income from Fidelity Central Funds (including $14,582,080 from security lending)  |  | 16457621 |
| **Total income** |  | 191958932 |
| **Expenses** |  |  |
| Management fee | $3305752 |  |
| Independent trustees' fees and expenses | 25876 |  |
| Total expenses before reductions | 3331628 |  |
| Expense reductions | (57605) |  |
| Total expenses after reductions |  | 3274023 |
| **Net Investment income (loss)** |  | 188684909 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 225341809 |  |
| Redemptions in-kind | 105132780 |  |
| Fidelity Central Funds | 4602 |  |
| Futures contracts | 28599042 |  |
| Total net realized gain (loss) |  | 359078233 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 5725494225 |  |
| Fidelity Central Funds  | 1 |  |
| Futures contracts | (3640813) |  |
| Total change in net unrealized appreciation (depreciation) |  | 5721853413 |
| **Net gain (loss)** |  | 6080931646 |
| **Net increase (decrease) in net assets resulting from operations** |  | $6269616555 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $188684909 | $352057029 |
| &nbsp;&nbsp;Net realized gain (loss) | 359078233<br>| 738813882<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 5721853413 | (675311094)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6269616555<br>| 415559817<br>|
| Distributions to shareholders | -<br>| (278049075)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3428491234 | 8750894161 |
| Reinvestment of distributions | -<br>| 259756111<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (4381483116) | (10132967902) |
| **Net increase (decrease) in net assets resulting from share transactions** | (952991882)<br>| (1122317630)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 5316624673<br>| (984806888)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 23709030915 | 24693837803<br>|
| &nbsp;&nbsp;End of period | $29025655588 | $23709030915 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 120167077 | 329894759 |
| Issued in reinvestment of distributions | -<br>| 9448104<br>|
| &nbsp;&nbsp;Redeemed | (156239161) | (379336707) |
| &nbsp;&nbsp;Net increase (decrease) | (36072084) | (39993844) |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.49 | $24.49 | $21.91 | $22.98 | $28.75 | $16.60 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .36  | .37  | .38  | .30  | .25  |
| Net realized and unrealized gain (loss)  | 6.45  | (.08)  | 2.57  | (1.18)  | (4.99)  | 12.13  |
| Total from investment operations  | 6.65  | .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  | $31.14 | $24.49 | $24.49 | $21.91 | $22.98 | $28.75 |
| **Total Return** C,D | 27.15% <br>| 1.03%  | 13.45%  | (3.46)%  | (16.89)%  | 74.95%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .02% G,H | .02% G | .03%  | .03%  | .02% G | .03%  |
| Expenses net of fee waivers, if any  | .02% G,H<br>| .02% G | .03%  | .03%  | .02% G | .03%  |
| Expenses net of all reductions, if any  | .02% G,H | .02% G | .02%  | .02%  | .02% G | .03%  |
| Net investment income (loss)  | 1.41% H | 1.33%  | 1.56%  | 1.69%  | 1.10%  | 1.09%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $29025656 | $23709031 | $24693838 | $19732038 | $18704544 | $21215363 |
| Portfolio turnover rate I | 25% H,J<br>| 14% J | 9% J | 9% J | 24% J | 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 for periods of less than one year are not annualized.*

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

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

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

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

H*Annualized.*

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

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 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 October 31, 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 Funds represent a return of capital or capital gain. The Funds determine 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** | $242606 |
| **Fidelity Small Cap Index Fund** | 196415 |

---

**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. 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.

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** | 34388154368 | 13643628079 | (2512346687) | 11131281392 |
| **Fidelity Small Cap Index Fund** | 25075793546 | 10059805019 | (3612576211) | 6447228808 |

---

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 prior 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 elected 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) |

---

**New Accounting Pronouncement.** 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):

---

| | |
|:---|:---|
| 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** | 8458560195 | 4353171831 |
| **Fidelity Small Cap Index Fund** | 3299822981 | 3562595015 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Mid Cap Index Fund** | 56741452 | - | 1230803230 | 1230803230 | 2012811760 |
| **Fidelity Small Cap Index Fund** | 7442280 | - | 105132780 | 105132780 | 211343687 |

---

**Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Small Cap Index Fund** | 1528182 | 47877930 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares 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 on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Mid Cap Index Fund** | 21522538 | 389803000 | 697729194 |
| **Fidelity Small Cap Index Fund** | 77663346 | 1159757440 | 2021491295 |

---

**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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** |
| **Fidelity Mid Cap Index Fund** | Borrower | 111964000 | 4.56% |
| **Fidelity Small Cap Index Fund** | Borrower | 92629167 | 4.61% |

---

**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.

**Other.** During the period, the investment adviser reimbursed the Funds for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Index Fund** | 56123 |

---

**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** | 543490 | 25235 | 43624 |
| **Fidelity Small Cap Index Fund** | 1511859 | 94478 | 17938464 |

---

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** | 70672667 |
| **Fidelity Small Cap Index Fund** | 358615051 |

---

**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** | 15995 |
| **Fidelity Small Cap Index Fund** | 57605 |

---

**10. Other.**

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

**11. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Mid Cap Index Fund**

**Fidelity Small Cap Index Fund**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<u>Other Contractual Arrangements</u>. The Board considered that current contractual arrangements for each fund oblige FMR to pay all expenses of each fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.025%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

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

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

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

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

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

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

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

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

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

![](img119045_4.jpg)<br>

1.929323.114 MCX-I-SCX-I-SANN-1225

**Fidelity® Large Cap Value Index Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119046_1.jpg)

![](img119046_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_LC2-I-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Large Cap Value Index Fund](#Sub_Sec_Fund_2827_LC2-I-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2827_LC2-I-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LC2-I-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LC2-I-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LC2-I-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LC2-I-SANN)** |

---

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

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

The 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 (Semi-Annual Report)**

**Fidelity® Large Cap Value Index Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 63094 | 694034 |
| Liberty Global Ltd Class C (b) | 85007 | 947828 |
| TOTAL BELGIUM |  | 1641862 |
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| RenaissanceRe Holdings Ltd  | 19909 | 5058678 |
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 157898 | 2876902 |
| CANADA - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Restaurant Brands International Inc (United States)  | 49349 | 3241736 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Brookfield Asset Management Ltd Class A (United States)  | 102939 | 5564882 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| RB Global Inc (United States)  | 71506 | 7094825 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A (United States)  | 56546 | 2446180 |
| TOTAL CANADA |  | 18347623 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (b) | 60105 | 1877079 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 16045 | 640356 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA  | 42768 | 2014800 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b) | 50780 | 1519338 |
| KAZAKHSTAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b)(c) | 892 | 137065 |
| MEXICO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Southern Copper Corp  | 34598 | 4802202 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 24226 | 2700472 |
| UNITED KINGDOM - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Flutter Entertainment PLC (b) | 12597 | 2929936 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TechnipFMC PLC  | 166630 | 6890151 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Anglogold Ashanti Plc  | 184447 | 12542396 |
| TOTAL UNITED KINGDOM |  | 22362483 |
| UNITED STATES - 99.4%  |  |  |
| Communication Services - 8.1% |  |  |
| Diversified Telecommunication Services - 1.2% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 6343 | 509026 |
| AT&T Inc  | 2934659 | 72632811 |
| Frontier Communications Parent Inc (b) | 98994 | 3738013 |
| GCI LLC Class A  | 926 | 33864 |
| GCI LLC Class C  | 7482 | 274028 |
| Iridium Communications Inc (c) | 39681 | 759891 |
| Verizon Communications Inc  | 1775426 | 70555429 |
|  |  | 148503062 |
| Entertainment - 1.3% |  |  |
| Electronic Arts Inc  | 105164 | 21039110 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 7018 | 638498 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 60473 | 6038229 |
| Liberty Media Corp-Liberty Live Class A (b) | 8677 | 761320 |
| Liberty Media Corp-Liberty Live Class C (b) | 18952 | 1713450 |
| Madison Square Garden Sports Corp Class A (b) | 7095 | 1521097 |
| Roku Inc Class A (b) | 47749 | 5067601 |
| Take-Two Interactive Software Inc (b) | 49861 | 12782865 |
| TKO Group Holdings Inc Class A  | 16548 | 3117643 |
| Walt Disney Co/The  | 759840 | 85573181 |
| Warner Bros Discovery Inc (b) | 975929 | 21909606 |
|  |  | 160162600 |
| Interactive Media & Services - 4.6% |  |  |
| Alphabet Inc Class A  | 864540 | 243100003 |
| Alphabet Inc Class C  | 701399 | 197668266 |
| IAC Inc Class A (b)(c) | 30442 | 980841 |
| Match Group Inc  | 103239 | 3338749 |
| Meta Platforms Inc Class A  | 162847 | 105581852 |
| Pinterest Inc Class A (b) | 123780 | 4097118 |
| Trump Media & Technology Group Corp (b)(c) | 32249 | 494216 |
| ZoomInfo Technologies Inc (b) | 123181 | 1382091 |
|  |  | 556643136 |
| Media - 0.7% |  |  |
| Charter Communications Inc Class A (b) | 37907 | 8864173 |
| Comcast Corp Class A  | 1371281 | 38169607 |
| DoubleVerify Holdings Inc (b) | 38378 | 436742 |
| Fox Corp Class A  | 88288 | 5707819 |
| Fox Corp Class B  | 65464 | 3823752 |
| Interpublic Group of Cos Inc/The  | 171373 | 4397431 |
| Liberty Broadband Corp Class A (b) | 9356 | 500452 |
| Liberty Broadband Corp Class C (b) | 36731 | 1976863 |
| New York Times Co/The Class A  | 69300 | 3949407 |
| News Corp Class A  | 157744 | 4180216 |
| News Corp Class B (c) | 63809 | 1944260 |
| Nexstar Media Group Inc  | 12061 | 2360700 |
| NIQ Global Intelligence Plc (c) | 11858 | 147038 |
| Omnicom Group Inc  | 87033 | 6529216 |
| Sirius XM Holdings Inc  | 94643 | 2052807 |
|  |  | 85040483 |
| Wireless Telecommunication Services - 0.3% |  |  |
| T-Mobile US Inc  | 190374 | 39988059 |
| TOTAL COMMUNICATION SERVICES |  | 990337340 |
| Consumer Discretionary - 7.6% |  |  |
| Automobile Components - 0.2% |  |  |
| Aptiv PLC  | 91285 | 7403214 |
| BorgWarner Inc  | 90715 | 3897116 |
| Gentex Corp  | 94515 | 2216377 |
| Lear Corp  | 24313 | 2544355 |
| QuantumScape Corp Class A (b)(c) | 175624 | 3238507 |
|  |  | 19299569 |
| Automobiles - 0.5% |  |  |
| Ford Motor Co  | 1643611 | 21580612 |
| General Motors Co  | 398783 | 27551918 |
| Harley-Davidson Inc  | 49704 | 1341014 |
| Lucid Group Inc (b)(c) | 53856 | 955944 |
| Rivian Automotive Inc Class A (b)(c) | 325691 | 4419627 |
| Thor Industries Inc  | 21289 | 2221507 |
|  |  | 58070622 |
| Broadline Retail - 2.4% |  |  |
| Amazon.com Inc (b) | 1103406 | 269473814 |
| Dillard's Inc Class A (c) | 1217 | 730297 |
| eBay Inc  | 192410 | 15644857 |
| Etsy Inc (b) | 17975 | 1114450 |
| Macy's Inc  | 118331 | 2306271 |
| Ollie's Bargain Outlet Holdings Inc (b) | 25485 | 3078843 |
|  |  | 292348532 |
| Distributors - 0.1% |  |  |
| Genuine Parts Co  | 57740 | 7350880 |
| LKQ Corp  | 121375 | 3879145 |
| Pool Corp  | 12472 | 3330772 |
|  |  | 14560797 |
| Diversified Consumer Services - 0.1% |  |  |
| ADT Inc  | 212511 | 1878597 |
| Bright Horizons Family Solutions Inc (b) | 20947 | 2288041 |
| Grand Canyon Education Inc (b) | 7473 | 1407165 |
| H&R Block Inc  | 46812 | 2328429 |
| Service Corp International/US  | 57994 | 4843079 |
|  |  | 12745311 |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| Aramark  | 108618 | 4114450 |
| Booking Holdings Inc  | 793 | 4026648 |
| Boyd Gaming Corp  | 23311 | 1815228 |
| Caesars Entertainment Inc (b) | 92679 | 1862848 |
| Carnival Corp (b) | 310973 | 8965352 |
| Choice Hotels International Inc (c) | 7841 | 728899 |
| Churchill Downs Inc  | 4355 | 432016 |
| Darden Restaurants Inc  | 2141 | 385701 |
| Domino's Pizza Inc  | 9217 | 3672606 |
| Hyatt Hotels Corp Class A (c) | 16992 | 2334871 |
| Marriott International Inc/MD Class A1  | 21718 | 5659276 |
| McDonald's Corp  | 282358 | 84264098 |
| MGM Resorts International (b) | 88230 | 2826007 |
| Norwegian Cruise Line Holdings Ltd (b) | 19381 | 434522 |
| Penn Entertainment Inc (b) | 64128 | 1055547 |
| Starbucks Corp  | 414367 | 33509859 |
| Travel + Leisure Co  | 15271 | 958713 |
| Vail Resorts Inc  | 2984 | 442617 |
| Wendy's Co/The (c) | 69063 | 589798 |
| Wyndham Hotels & Resorts Inc  | 3254 | 238940 |
| Wynn Resorts Ltd  | 34379 | 4090757 |
| Yum! Brands Inc  | 77050 | 10649081 |
|  |  | 173057834 |
| Household Durables - 0.7% |  |  |
| DR Horton Inc  | 112013 | 16698898 |
| Garmin Ltd  | 67573 | 14456568 |
| Lennar Corp Class A  | 93033 | 11514695 |
| Lennar Corp Class B (c) | 8668 | 1023257 |
| Mohawk Industries Inc (b) | 22982 | 2611674 |
| Newell Brands Inc  | 201087 | 683695 |
| NVR Inc (b) | 1165 | 8400605 |
| PulteGroup Inc  | 81845 | 9810760 |
| SharkNinja Inc (b) | 28587 | 2444189 |
| Toll Brothers Inc  | 41090 | 5545096 |
| TopBuild Corp (b) | 11031 | 4660377 |
| Whirlpool Corp (c) | 24481 | 1753574 |
|  |  | 79603388 |
| Leisure Products - 0.0% |  |  |
| Brunswick Corp/DE  | 32105 | 2122462 |
| Hasbro Inc  | 55417 | 4228871 |
| Mattel Inc (b) | 134270 | 2467883 |
| YETI Holdings Inc (b) | 34587 | 1175611 |
|  |  | 9994827 |
| Specialty Retail - 1.8% |  |  |
| AutoNation Inc (b) | 11486 | 2295707 |
| AutoZone Inc (b) | 5890 | 21642393 |
| Bath & Body Works Inc  | 92734 | 2270128 |
| Best Buy Co Inc  | 83996 | 6899431 |
| Dick's Sporting Goods Inc  | 26998 | 5978707 |
| Five Below Inc (b) | 22608 | 3555560 |
| Floor & Decor Holdings Inc Class A (b) | 32054 | 2002734 |
| GameStop Corp Class A (b)(c) | 173512 | 3867582 |
| Gap Inc/The  | 100078 | 2286782 |
| Home Depot Inc/The  | 99810 | 37886878 |
| Lithia Motors Inc Class A  | 9992 | 3138287 |
| Lowe's Cos Inc  | 236003 | 56199395 |
| O'Reilly Automotive Inc (b) | 28268 | 2669630 |
| Penske Automotive Group Inc  | 7912 | 1266474 |
| Restoration Hardware Inc (b) | 5732 | 988713 |
| Ross Stores Inc  | 108516 | 17245363 |
| TJX Cos Inc/The  | 233081 | 32663971 |
| Ulta Beauty Inc (b) | 14144 | 7353183 |
| Valvoline Inc (b) | 7058 | 232985 |
| Wayfair Inc Class A (b) | 32787 | 3393782 |
| Williams-Sonoma Inc  | 42031 | 8168305 |
|  |  | 222005990 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Columbia Sportswear Co  | 14327 | 711049 |
| Crocs Inc (b) | 24112 | 1969709 |
| Lululemon Athletica Inc (b) | 19116 | 3260043 |
| NIKE Inc Class B  | 485646 | 31367875 |
| PVH Corp  | 21587 | 1690910 |
| Ralph Lauren Corp Class A  | 14422 | 4610137 |
| Tapestry Inc  | 5544 | 608841 |
| Under Armour Inc Class A (b)(c) | 66667 | 307335 |
| Under Armour Inc Class C (b)(c) | 116645 | 517904 |
| VF Corp  | 149639 | 2100932 |
|  |  | 47144735 |
| TOTAL CONSUMER DISCRETIONARY |  | 928831605 |
| Consumer Staples - 7.3% |  |  |
| Beverages - 1.3% |  |  |
| Boston Beer Co Inc/The Class A (b) | 3343 | 691968 |
| Brown-Forman Corp Class A  | 29947 | 812163 |
| Brown-Forman Corp Class B  | 58248 | 1586093 |
| Coca-Cola Co/The  | 827027 | 56982160 |
| Coca-Cola Consolidated Inc  | 18601 | 2425198 |
| Constellation Brands Inc Class A  | 61259 | 8048207 |
| Keurig Dr Pepper Inc  | 547777 | 14877623 |
| Molson Coors Beverage Co Class B  | 77213 | 3375752 |
| PepsiCo Inc  | 496127 | 72479194 |
| Primo Brands Corp Class A  | 106880 | 2348154 |
|  |  | 163626512 |
| Consumer Staples Distribution & Retail - 2.2% |  |  |
| Albertsons Cos Inc Class A  | 174607 | 3088798 |
| BJ's Wholesale Club Holdings Inc (b) | 46961 | 4144778 |
| Casey's General Stores Inc  | 13071 | 6707906 |
| Dollar General Corp  | 92844 | 9159989 |
| Dollar Tree Inc (b) | 82535 | 8180869 |
| Kroger Co/The  | 254888 | 16218523 |
| Maplebear Inc (b) | 73055 | 2692807 |
| Performance Food Group Co (b) | 55671 | 5385613 |
| Sysco Corp  | 93986 | 6981280 |
| Target Corp  | 193585 | 17949201 |
| US Foods Holding Corp (b) | 95061 | 6903330 |
| Walmart Inc  | 1635796 | 165509840 |
|  |  | 252922934 |
| Food Products - 1.0% |  |  |
| Archer-Daniels-Midland Co  | 201272 | 12182994 |
| Bunge Global SA  | 57766 | 5464664 |
| Campbell's Company/The  | 101106 | 3046324 |
| Conagra Brands Inc  | 16 | 275 |
| Darling Ingredients Inc (b) | 10 | 321 |
| Flowers Foods Inc (c) | 117022 | 1396072 |
| Freshpet Inc (b) | 15677 | 771465 |
| General Mills Inc  | 246109 | 11471140 |
| Hershey Co/The  | 53884 | 9140343 |
| Hormel Foods Corp  | 131037 | 2829089 |
| Ingredion Inc  | 26584 | 3068059 |
| JM Smucker Co  | 45486 | 4710075 |
| Kellanova  | 115395 | 9584709 |
| Kraft Heinz Co/The  | 398611 | 9857650 |
| Lamb Weston Holdings Inc  | 57361 | 3540895 |
| McCormick & Co Inc/MD  | 108650 | 6970984 |
| Mondelez International Inc  | 546622 | 31408901 |
| Pilgrim's Pride Corp (c) | 17246 | 657073 |
| Post Holdings Inc (b) | 21922 | 2278353 |
| Seaboard Corp  | 105 | 353848 |
| Smithfield Foods Inc  | 18802 | 416652 |
| Tyson Foods Inc Class A  | 121291 | 6235570 |
|  |  | 125385456 |
| Household Products - 1.5% |  |  |
| Church & Dwight Co Inc  | 102468 | 8985419 |
| Clorox Co/The  | 53474 | 6013686 |
| Colgate-Palmolive Co  | 176854 | 13626601 |
| Kimberly-Clark Corp  | 88596 | 10605827 |
| Procter & Gamble Co/The  | 981480 | 147585148 |
| Reynolds Consumer Products Inc  | 23168 | 566225 |
|  |  | 187382906 |
| Personal Care Products - 0.2% |  |  |
| BellRing Brands Inc (b) | 53859 | 1622772 |
| Coty Inc Class A (b) | 168701 | 669742 |
| elf Beauty Inc (b) | 22795 | 2784181 |
| Estee Lauder Cos Inc/The Class A  | 97798 | 9456089 |
| Kenvue Inc  | 796715 | 11448795 |
|  |  | 25981579 |
| Tobacco - 1.1% |  |  |
| Altria Group Inc  | 707665 | 39898153 |
| Philip Morris International Inc  | 652712 | 94205923 |
|  |  | 134104076 |
| TOTAL CONSUMER STAPLES |  | 889403463 |
| Energy - 5.8% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Baker Hughes Co Class A  | 411803 | 19935383 |
| Halliburton Co  | 377554 | 10133549 |
| NOV Inc (c) | 184238 | 2689875 |
| SLB Ltd  | 579045 | 20880363 |
| Weatherford International PLC  | 29971 | 2208563 |
|  |  | 55847733 |
| Oil, Gas & Consumable Fuels - 5.3% |  |  |
| Antero Midstream Corp  | 137546 | 2372669 |
| Antero Resources Corp (b) | 122289 | 3779953 |
| APA Corp  | 155113 | 3513309 |
| Cheniere Energy Inc  | 50361 | 10676532 |
| Chevron Corp  | 803811 | 126777071 |
| Chord Energy Corp  | 1304 | 118299 |
| Civitas Resources Inc  | 43421 | 1251827 |
| ConocoPhillips  | 532307 | 47300800 |
| Coterra Energy Inc  | 321154 | 7598504 |
| Devon Energy Corp  | 264307 | 8587334 |
| Diamondback Energy Inc  | 81863 | 11721963 |
| DT Midstream Inc  | 42058 | 4604930 |
| EOG Resources Inc  | 229619 | 24302875 |
| EQT Corp  | 260198 | 13941409 |
| Expand Energy Corp  | 92594 | 9565886 |
| Exxon Mobil Corp  | 1814625 | 207520516 |
| HF Sinclair Corp  | 61264 | 3161222 |
| Kinder Morgan Inc  | 813638 | 21309179 |
| Marathon Petroleum Corp  | 127932 | 24935226 |
| Matador Resources Co  | 51737 | 2041542 |
| Occidental Petroleum Corp  | 298834 | 12311961 |
| ONEOK Inc  | 264232 | 17703544 |
| Ovintiv Inc  | 111331 | 4176026 |
| Permian Resources Corp Class A  | 296509 | 3724153 |
| Phillips 66  | 158901 | 21632782 |
| Range Resources Corp  | 98555 | 3503630 |
| Valero Energy Corp  | 130622 | 22148266 |
| Viper Energy Inc Class A  | 72182 | 2711156 |
| Williams Cos Inc/The  | 481350 | 27855725 |
|  |  | 650848289 |
| TOTAL ENERGY |  | 706696022 |
| Financials - 21.8% |  |  |
| Banks - 7.3% |  |  |
| Bank of America Corp  | 2598100 | 138868445 |
| Bank OZK  | 44427 | 1998771 |
| BOK Financial Corp  | 9195 | 961612 |
| Citigroup Inc  | 628255 | 63598254 |
| Citizens Financial Group Inc  | 181087 | 9211896 |
| Columbia Banking System Inc  | 127291 | 3411399 |
| Comerica Inc  | 54186 | 4145229 |
| Commerce Bancshares Inc/MO  | 51103 | 2689551 |
| Cullen/Frost Bankers Inc  | 24748 | 3047469 |
| East West Bancorp Inc  | 56899 | 5780938 |
| Fifth Third Bancorp  | 277210 | 11537480 |
| First Citizens BancShares Inc/NC Class A  | 4000 | 7299280 |
| First Hawaiian Inc  | 52040 | 1276541 |
| First Horizon Corp  | 209289 | 4470413 |
| FNB Corp/PA  | 154161 | 2423411 |
| Huntington Bancshares Inc/OH  | 647895 | 10003499 |
| JPMorgan Chase & Co  | 1160894 | 361177341 |
| KeyCorp  | 410051 | 7212797 |
| M&T Bank Corp  | 65175 | 11983727 |
| Pinnacle Financial Partners Inc  | 30361 | 2587061 |
| PNC Financial Services Group Inc/The  | 164497 | 30028927 |
| Prosperity Bancshares Inc  | 40755 | 2682494 |
| Regions Financial Corp  | 373994 | 9050655 |
| SOUTHSTATE BANK CORP  | 41924 | 3716563 |
| Synovus Financial Corp  | 58298 | 2602423 |
| TFS Financial Corp (c) | 19068 | 253603 |
| Truist Financial Corp  | 544660 | 24308176 |
| US Bancorp  | 656098 | 30626655 |
| Webster Financial Corp  | 69650 | 3972836 |
| Wells Fargo & Co  | 1348826 | 117307397 |
| Western Alliance Bancorp  | 36105 | 2792722 |
| Wintrust Financial Corp  | 27475 | 3572300 |
| Zions Bancorp NA  | 60369 | 3145829 |
|  |  | 887745694 |
| Capital Markets - 5.8% |  |  |
| Affiliated Managers Group Inc  | 11488 | 2733684 |
| Ameriprise Financial Inc  | 3417 | 1547115 |
| Bank of New York Mellon Corp/The  | 271103 | 29260147 |
| Blackrock Inc  | 63786 | 69068119 |
| Carlyle Group Inc/The  | 108873 | 5805108 |
| Cboe Global Markets Inc  | 43696 | 10733485 |
| Charles Schwab Corp/The  | 649823 | 61421270 |
| CME Group Inc Class A  | 150546 | 39968458 |
| Coinbase Global Inc Class A (b) | 79390 | 27292694 |
| Evercore Inc Class A  | 15344 | 4519729 |
| FactSet Research Systems Inc  | 15296 | 4080973 |
| Franklin Resources Inc  | 136577 | 3088006 |
| Goldman Sachs Group Inc/The  | 119040 | 93966606 |
| Hamilton Lane Inc Class A  | 5945 | 677492 |
| Houlihan Lokey Inc Class A  | 13241 | 2371198 |
| Interactive Brokers Group Inc Class A  | 168011 | 11821254 |
| Intercontinental Exchange Inc  | 238314 | 34862955 |
| Invesco Ltd  | 157320 | 3728484 |
| Janus Henderson Group PLC  | 51724 | 2253097 |
| Jefferies Financial Group Inc  | 50636 | 2675100 |
| KKR & Co Inc Class A  | 213439 | 25256237 |
| Lazard Inc  | 31060 | 1515728 |
| MarketAxess Holdings Inc  | 15911 | 2546715 |
| Morgan Stanley  | 481412 | 78951568 |
| Morningstar Inc  | 3255 | 691037 |
| MSCI Inc  | 16084 | 9466238 |
| Nasdaq Inc  | 169690 | 14506798 |
| Northern Trust Corp  | 79129 | 10181528 |
| Raymond James Financial Inc  | 75397 | 11963242 |
| Robinhood Markets Inc Class A (b) | 267845 | 39314289 |
| S&P Global Inc  | 128270 | 62494427 |
| SEI Investments Co  | 41387 | 3336206 |
| State Street Corp  | 118527 | 13708833 |
| Stifel Financial Corp  | 41588 | 4925267 |
| T Rowe Price Group Inc  | 92023 | 9435118 |
| TPG Inc Class A  | 3386 | 186365 |
| Tradeweb Markets Inc Class A  | 44632 | 4703766 |
| Virtu Financial Inc Class A  | 33986 | 1184072 |
|  |  | 706242408 |
| Consumer Finance - 1.2% |  |  |
| Ally Financial Inc  | 106526 | 4151318 |
| American Express Co  | 154400 | 55696712 |
| Capital One Financial Corp  | 263797 | 58032703 |
| Credit Acceptance Corp (b)(c) | 1764 | 789108 |
| OneMain Holdings Inc  | 51490 | 3047693 |
| SLM Corp  | 76078 | 2042694 |
| SoFi Technologies Inc Class A (b) | 406721 | 12071479 |
| Synchrony Financial  | 154790 | 11513280 |
|  |  | 147344987 |
| Financial Services - 3.9% |  |  |
| Affirm Holdings Inc Class A (b) | 45271 | 3254079 |
| Apollo Global Management Inc  | 52078 | 6473816 |
| Berkshire Hathaway Inc Class B (b) | 771469 | 368407307 |
| Block Inc Class A (b) | 143989 | 10934525 |
| Corebridge Financial Inc  | 112786 | 3672312 |
| Euronet Worldwide Inc (b)(c) | 17695 | 1342343 |
| Fidelity National Information Services Inc  | 221050 | 13820046 |
| Fiserv Inc (b) | 165052 | 11007318 |
| Global Payments Inc  | 104231 | 8105003 |
| Jack Henry & Associates Inc  | 30287 | 4510946 |
| MGIC Investment Corp  | 97462 | 2672408 |
| PayPal Holdings Inc (b) | 401551 | 27815438 |
| Rocket Cos Inc Class A  | 398199 | 6633995 |
| UWM Holdings Corp Class A  | 80195 | 451498 |
| Voya Financial Inc  | 40157 | 2990090 |
| Western Union Co/The (c) | 174568 | 1628719 |
| WEX Inc (b) | 13040 | 1902275 |
|  |  | 475622118 |
| Insurance - 3.5% |  |  |
| AFLAC Inc  | 203868 | 21852611 |
| Allstate Corp/The  | 110389 | 21141701 |
| American Financial Group Inc/OH  | 27525 | 3624492 |
| American International Group Inc  | 244106 | 19274610 |
| Aon PLC  | 6667 | 2271314 |
| Arch Capital Group Ltd  | 153600 | 13257216 |
| Arthur J Gallagher & Co  | 99596 | 24848206 |
| Assurant Inc  | 21096 | 4466445 |
| Assured Guaranty Ltd  | 19065 | 1536258 |
| Axis Capital Holdings Ltd  | 31576 | 2957408 |
| Brighthouse Financial Inc (b) | 25309 | 1444384 |
| Brown & Brown Inc  | 105135 | 8383465 |
| Chubb Ltd  | 156802 | 43424746 |
| Cincinnati Financial Corp  | 63873 | 9874127 |
| CNA Financial Corp  | 8822 | 393019 |
| Everest Group Ltd  | 15811 | 4972876 |
| Fidelity National Financial Inc/US  | 109565 | 6052371 |
| First American Financial Corp  | 41864 | 2616919 |
| Globe Life Inc  | 34446 | 4529993 |
| Hanover Insurance Group Inc/The  | 14909 | 2547650 |
| Hartford Insurance Group Inc/The  | 115426 | 14333601 |
| Kemper Corp  | 25519 | 1148099 |
| Lincoln National Corp  | 72784 | 3056928 |
| Loews Corp  | 70874 | 7056215 |
| Markel Group Inc (b) | 4035 | 7967229 |
| Marsh & McLennan Cos Inc  | 182251 | 32468016 |
| MetLife Inc  | 235145 | 18769274 |
| Old Republic International Corp  | 95135 | 3754027 |
| Primerica Inc  | 13725 | 3566716 |
| Principal Financial Group Inc  | 93941 | 7894802 |
| Progressive Corp/The  | 232954 | 47988524 |
| Prudential Financial Inc  | 151066 | 15710864 |
| Reinsurance Group of America Inc  | 28324 | 5167997 |
| RLI Corp  | 32237 | 1900694 |
| Travelers Companies Inc/The  | 94155 | 25291916 |
| Unum Group  | 71075 | 5218327 |
| W R Berkley Corp  | 115314 | 8226501 |
| White Mountains Insurance Group Ltd  | 1040 | 1980742 |
| Willis Towers Watson PLC  | 40504 | 12681802 |
|  |  | 423652085 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.1% |  |  |
| AGNC Investment Corp  | 457152 | 4571520 |
| Annaly Capital Management Inc  | 277675 | 5878380 |
| Rithm Capital Corp  | 220254 | 2416186 |
| Starwood Property Trust Inc  | 141587 | 2574052 |
|  |  | 15440138 |
| TOTAL FINANCIALS |  | 2656047430 |
| Health Care - 11.9% |  |  |
| Biotechnology - 1.1% |  |  |
| Amgen Inc  | 59191 | 17664370 |
| Biogen Inc (b) | 61777 | 9530338 |
| BioMarin Pharmaceutical Inc (b) | 79152 | 4240173 |
| Caris Life Sciences Inc (b) | 4731 | 142307 |
| Exact Sciences Corp (b) | 74117 | 4794629 |
| Exelixis Inc (b) | 19931 | 770732 |
| Gilead Sciences Inc  | 380304 | 45556616 |
| Incyte Corp (b) | 48539 | 4537426 |
| Insmed Inc (b) | 4406 | 835378 |
| Ionis Pharmaceuticals Inc (b) | 4326 | 321422 |
| Moderna Inc (b) | 153396 | 4166235 |
| Neurocrine Biosciences Inc (b) | 5168 | 740109 |
| Regeneron Pharmaceuticals Inc  | 43832 | 28569698 |
| Revolution Medicines Inc (b) | 72690 | 4277080 |
| Roivant Sciences Ltd (b) | 162549 | 3249355 |
| Sarepta Therapeutics Inc (b)(c) | 8796 | 211191 |
| United Therapeutics Corp (b) | 18563 | 8268517 |
| Viking Therapeutics Inc (b)(c) | 43965 | 1674187 |
|  |  | 139549763 |
| Health Care Equipment & Supplies - 2.8% |  |  |
| Abbott Laboratories  | 726842 | 89852208 |
| Align Technology Inc (b) | 31009 | 4275521 |
| Baxter International Inc  | 49 | 905 |
| Becton Dickinson & Co  | 122937 | 21970071 |
| Boston Scientific Corp (b) | 513189 | 51688396 |
| Cooper Cos Inc/The (b) | 89709 | 6271556 |
| DENTSPLY SIRONA Inc  | 111483 | 1405801 |
| Edwards Lifesciences Corp (b) | 243043 | 20038895 |
| Envista Holdings Corp (b) | 76231 | 1551301 |
| GE HealthCare Technologies Inc  | 194905 | 14608130 |
| Globus Medical Inc Class A (b) | 50523 | 3051084 |
| Hologic Inc (b) | 97793 | 7227881 |
| Medtronic PLC  | 541906 | 49150874 |
| ResMed Inc  | 47182 | 11648292 |
| Solventum Corp (b) | 64384 | 4445071 |
| STERIS PLC  | 41915 | 9879366 |
| Stryker Corp  | 107925 | 38447202 |
| Teleflex Inc  | 705 | 87751 |
| Zimmer Biomet Holdings Inc  | 86651 | 8713625 |
|  |  | 344313930 |
| Health Care Providers & Services - 2.7% |  |  |
| Acadia Healthcare Co Inc (b) | 46271 | 994826 |
| Cardinal Health Inc  | 50312 | 9598020 |
| Centene Corp (b) | 66790 | 2362362 |
| Chemed Corp  | 6029 | 2600308 |
| Cigna Group/The  | 102852 | 25138057 |
| CVS Health Corp  | 527907 | 41255932 |
| Elevance Health Inc  | 95840 | 30400448 |
| Encompass Health Corp  | 43518 | 4954524 |
| HCA Healthcare Inc  | 57155 | 26273010 |
| Henry Schein Inc (b) | 48545 | 3068044 |
| Humana Inc  | 51020 | 14193254 |
| Labcorp Holdings Inc  | 35962 | 9132910 |
| McKesson Corp  | 4152 | 3368684 |
| Molina Healthcare Inc (b) | 11384 | 1742435 |
| Quest Diagnostics Inc  | 48568 | 8545540 |
| Tenet Healthcare Corp (b) | 37225 | 7686590 |
| UnitedHealth Group Inc  | 381468 | 130294210 |
| Universal Health Services Inc Class B  | 24265 | 5265748 |
|  |  | 326874902 |
| Health Care Technology - 0.0% |  |  |
| Certara Inc (b)(c) | 51247 | 596002 |
| Veeva Systems Inc Class A (b) | 12334 | 3591661 |
|  |  | 4187663 |
| Life Sciences Tools & Services - 2.0% |  |  |
| Agilent Technologies Inc  | 118575 | 17354637 |
| Avantor Inc (b) | 283229 | 3347767 |
| Bio-Rad Laboratories Inc Class A (b) | 8323 | 2659615 |
| Bio-Techne Corp  | 68081 | 4259828 |
| Bruker Corp  | 46678 | 1817641 |
| Charles River Laboratories International Inc (b) | 20888 | 3761302 |
| Danaher Corp  | 267602 | 57636119 |
| Illumina Inc (b) | 67152 | 8295958 |
| IQVIA Holdings Inc (b) | 70676 | 15298527 |
| Mettler-Toledo International Inc (b) | 8645 | 12243827 |
| QIAGEN NV (c) | 88136 | 4129172 |
| Repligen Corp (b) | 19666 | 2931414 |
| Revvity Inc  | 50549 | 4730881 |
| Sotera Health Co (b) | 64406 | 1069139 |
| Thermo Fisher Scientific Inc  | 158206 | 89764502 |
| Waters Corp (b) | 12102 | 4230859 |
| West Pharmaceutical Services Inc  | 29838 | 8416405 |
|  |  | 241947593 |
| Pharmaceuticals - 3.3% |  |  |
| Bristol-Myers Squibb Co  | 690485 | 31810644 |
| Elanco Animal Health Inc (b)(c) | 205375 | 4549056 |
| Jazz Pharmaceuticals PLC (b) | 24322 | 3347680 |
| Johnson & Johnson  | 1005890 | 189982445 |
| Merck & Co Inc  | 1054753 | 90687664 |
| Organon & Co  | 119787 | 808562 |
| Perrigo Co PLC  | 61793 | 1281587 |
| Pfizer Inc  | 2388312 | 58871891 |
| Royalty Pharma PLC Class A  | 157521 | 5913338 |
| Viatris Inc  | 505083 | 5232660 |
| Zoetis Inc Class A  | 37614 | 5419801 |
|  |  | 397905328 |
| TOTAL HEALTH CARE |  | 1454779179 |
| Industrials - 13.1% |  |  |
| Aerospace & Defense - 2.9% |  |  |
| ATI Inc (b) | 58562 | 5795881 |
| Boeing Co (b) | 260243 | 52314048 |
| BWX Technologies Inc  | 31350 | 6696674 |
| Carpenter Technology Corp  | 16491 | 5209507 |
| Curtiss-Wright Corp  | 15593 | 9289218 |
| General Dynamics Corp  | 105463 | 36374189 |
| Hexcel Corp  | 32938 | 2351773 |
| Huntington Ingalls Industries Inc  | 16496 | 5312042 |
| L3Harris Technologies Inc  | 78326 | 22644047 |
| Leonardo DRS Inc  | 18687 | 683197 |
| Loar Holdings Inc (b) | 1934 | 153036 |
| Lockheed Martin Corp  | 63510 | 31239299 |
| Northrop Grumman Corp  | 56868 | 33179635 |
| RTX Corp  | 559020 | 99785070 |
| Spirit AeroSystems Holdings Inc Class A (b)(c) | 39519 | 1449952 |
| StandardAero Inc (b) | 54126 | 1563700 |
| Textron Inc  | 75252 | 6081114 |
| TransDigm Group Inc  | 19149 | 25056658 |
| Woodward Inc  | 24437 | 6405182 |
|  |  | 351584222 |
| Air Freight & Logistics - 0.6% |  |  |
| CH Robinson Worldwide Inc  | 48497 | 7468053 |
| Expeditors International of Washington Inc  | 56685 | 6909902 |
| FedEx Corp  | 90448 | 22957511 |
| GXO Logistics Inc (b) | 46998 | 2641757 |
| United Parcel Service Inc Class B  | 313202 | 30198937 |
|  |  | 70176160 |
| Building Products - 0.8% |  |  |
| A O Smith Corp  | 47300 | 3121327 |
| Advanced Drainage Systems Inc  | 29772 | 4169569 |
| Allegion plc  | 35629 | 5906219 |
| Armstrong World Industries Inc  | 10979 | 2090731 |
| Builders FirstSource Inc (b) | 46484 | 5400046 |
| Carlisle Cos Inc  | 16036 | 5212502 |
| Carrier Global Corp  | 333562 | 19843603 |
| Fortune Brands Innovations Inc  | 53313 | 2708300 |
| Hayward Holdings Inc (b) | 82482 | 1399720 |
| Johnson Controls International plc  | 274309 | 31378207 |
| Masco Corp  | 88346 | 5721287 |
| Owens Corning  | 36429 | 4637776 |
| Simpson Manufacturing Co Inc  | 16004 | 2824706 |
| Trex Co Inc (b) | 45056 | 2177106 |
|  |  | 96591099 |
| Commercial Services & Supplies - 0.3% |  |  |
| Clean Harbors Inc (b) | 21087 | 4439024 |
| Copart Inc (b) | 25206 | 1084110 |
| MSA Safety Inc  | 15153 | 2379476 |
| Republic Services Inc  | 83206 | 17326818 |
| Tetra Tech Inc  | 90060 | 2880119 |
| Veralto Corp  | 58702 | 5792713 |
|  |  | 33902260 |
| Construction & Engineering - 0.3% |  |  |
| AECOM  | 56079 | 7534214 |
| API Group Corp (b) | 153820 | 5663652 |
| EMCOR Group Inc  | 12141 | 8204645 |
| Everus Construction Group Inc (b) | 21174 | 1924505 |
| MasTec Inc (b) | 20652 | 4216312 |
| Quanta Services Inc  | 14149 | 6354740 |
| Valmont Industries Inc  | 8447 | 3492243 |
| WillScot Holdings Corp  | 22 | 479 |
|  |  | 37390790 |
| Electrical Equipment - 1.3% |  |  |
| Acuity Inc  | 12978 | 4737619 |
| AMETEK Inc  | 95881 | 19378509 |
| Eaton Corp PLC  | 164215 | 62657875 |
| Emerson Electric Co  | 236099 | 32952337 |
| Generac Holdings Inc (b) | 24903 | 4184202 |
| Hubbell Inc  | 22531 | 10589570 |
| nVent Electric PLC  | 68210 | 7799814 |
| Regal Rexnord Corp  | 28722 | 4046643 |
| Rockwell Automation Inc  | 43462 | 16009662 |
| Sensata Technologies Holding PLC  | 62785 | 1998447 |
|  |  | 164354678 |
| Ground Transportation - 1.2% |  |  |
| Avis Budget Group Inc (b)(c) | 4539 | 617622 |
| CSX Corp  | 784782 | 28267848 |
| JB Hunt Transport Services Inc  | 33175 | 5601931 |
| Knight-Swift Transportation Holdings Inc  | 71909 | 3244534 |
| Landstar System Inc  | 14432 | 1853502 |
| Lyft Inc Class A (b) | 139129 | 2846579 |
| Norfolk Southern Corp  | 93804 | 26582178 |
| Old Dominion Freight Line Inc  | 73890 | 10375634 |
| Ryder System Inc  | 16254 | 2750664 |
| Saia Inc (b) | 11362 | 3323385 |
| Schneider National Inc Class B  | 27628 | 590409 |
| U-Haul Holding Co (b) | 1951 | 103715 |
| U-Haul Holding Co Class N  | 26029 | 1262146 |
| Union Pacific Corp  | 230315 | 50754517 |
| XPO Inc (b) | 38015 | 5469218 |
|  |  | 143643882 |
| Industrial Conglomerates - 0.7% |  |  |
| 3M Co  | 187165 | 31162972 |
| Honeywell International Inc  | 266633 | 53681222 |
|  |  | 84844194 |
| Machinery - 3.4% |  |  |
| AGCO Corp  | 26258 | 2708775 |
| Allison Transmission Holdings Inc  | 29257 | 2415165 |
| Caterpillar Inc  | 169935 | 98096678 |
| CNH Industrial NV Class A  | 380834 | 3994949 |
| Crane Co  | 20321 | 3860990 |
| Cummins Inc  | 57294 | 25076438 |
| Deere & Co  | 102436 | 47287531 |
| Donaldson Co Inc  | 47413 | 3994545 |
| Dover Corp  | 56448 | 10243054 |
| Esab Corp  | 23695 | 2768050 |
| Flowserve Corp  | 54394 | 3712391 |
| Fortive Corp  | 146039 | 7351603 |
| Gates Industrial Corp PLC (b) | 105556 | 2330676 |
| Graco Inc  | 68649 | 5613429 |
| IDEX Corp  | 32555 | 5581880 |
| Illinois Tool Works Inc  | 82052 | 20014124 |
| Ingersoll Rand Inc  | 169808 | 12961445 |
| ITT Inc  | 31583 | 5845066 |
| Lincoln Electric Holdings Inc  | 22572 | 5292005 |
| Middleby Corp/The (b) | 21603 | 2683741 |
| Mueller Industries Inc  | 44984 | 4762456 |
| Nordson Corp  | 22671 | 5258538 |
| Oshkosh Corp  | 26621 | 3282103 |
| Otis Worldwide Corp  | 165924 | 15391110 |
| PACCAR Inc  | 216820 | 21335088 |
| Parker-Hannifin Corp  | 53508 | 41352588 |
| Pentair PLC  | 68095 | 7241903 |
| RBC Bearings Inc (b) | 10158 | 4353008 |
| Snap-on Inc  | 21334 | 7158624 |
| Stanley Black & Decker Inc  | 69439 | 4702409 |
| Timken Co/The  | 27166 | 2132803 |
| Toro Co/The  | 41036 | 3066620 |
| Westinghouse Air Brake Technologies Corp  | 70588 | 14431011 |
| Xylem Inc/NY  | 100974 | 15231928 |
|  |  | 421532724 |
| Marine Transportation - 0.0% |  |  |
| Kirby Corp (b) | 23238 | 2404668 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (b) | 40520 | 1690899 |
| American Airlines Group Inc (b)(c) | 260878 | 3425328 |
| Delta Air Lines 1991 Series J Pass Through Trust  | 275024 | 15780877 |
| Southwest Airlines Co  | 178712 | 5414974 |
| United Airlines Holdings Inc (b) | 136175 | 12805897 |
|  |  | 39117975 |
| Professional Services - 0.7% |  |  |
| Amentum Holdings Inc (b) | 68928 | 1544676 |
| Automatic Data Processing Inc  | 12361 | 3217568 |
| Broadridge Financial Solutions Inc  | 4328 | 953891 |
| CACI International Inc (b) | 9227 | 5187881 |
| Clarivate PLC (b)(c) | 185853 | 631900 |
| Concentrix Corp (c) | 19782 | 797412 |
| Dawn Bidco LLC (b) | 58917 | 4049955 |
| Equifax Inc  | 43093 | 9096932 |
| FTI Consulting Inc (b) | 13506 | 2228625 |
| Genpact Ltd  | 67913 | 2590881 |
| Jacobs Solutions Inc  | 49550 | 7720386 |
| KBR Inc  | 50842 | 2178071 |
| Leidos Holdings Inc  | 53218 | 10136433 |
| ManpowerGroup Inc  | 28224 | 865348 |
| Parsons Corp (b) | 22802 | 1895758 |
| Paychex Inc  | 93195 | 10906612 |
| Paycom Software Inc  | 9688 | 1812528 |
| Paylocity Holding Corp (b) | 1526 | 215578 |
| Science Applications International Corp  | 20457 | 1917025 |
| SS&C Technologies Holdings Inc  | 88038 | 7476187 |
| TransUnion  | 82908 | 6730471 |
| Verisk Analytics Inc  | 23812 | 5209113 |
|  |  | 87363231 |
| Trading Companies & Distributors - 0.6% |  |  |
| Air Lease Corp Class A  | 43437 | 2773887 |
| Applied Industrial Technologies Inc  | 15860 | 4077447 |
| Core & Main Inc Class A (b) | 33152 | 1729871 |
| Fastenal Co  | 81678 | 3361050 |
| Ferguson Enterprises Inc  | 76116 | 18914826 |
| MSC Industrial Direct Co Inc Class A  | 18295 | 1553428 |
| QXO Inc (b)(c) | 257364 | 4547622 |
| SiteOne Landscape Supply Inc (b) | 12797 | 1660667 |
| United Rentals Inc  | 26854 | 23394668 |
| Watsco Inc  | 14806 | 5448756 |
| Wesco International Inc  | 20028 | 5197867 |
| WW Grainger Inc  | 2665 | 2609035 |
|  |  | 75269124 |
| TOTAL INDUSTRIALS |  | 1608175007 |
| Information Technology - 11.3% |  |  |
| Communications Equipment - 1.3% |  |  |
| Ciena Corp (b) | 58566 | 11122855 |
| Cisco Systems Inc  | 1664230 | 121671855 |
| F5 Inc (b) | 23596 | 5970968 |
| Lumentum Holdings Inc (b) | 26238 | 5288531 |
| Motorola Solutions Inc  | 40209 | 16353402 |
|  |  | 160407611 |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Arrow Electronics Inc (b) | 23107 | 2577586 |
| Avnet Inc  | 37086 | 1796817 |
| CDW Corp/DE  | 51765 | 8249788 |
| Cognex Corp  | 70280 | 2908889 |
| Coherent Corp (b) | 64796 | 8550480 |
| Corning Inc  | 325217 | 28970330 |
| Crane NXT Co (c) | 20357 | 1287580 |
| Flex Ltd (b) | 155216 | 9704104 |
| Ingram Micro Holding Corp (c) | 9018 | 207053 |
| IPG Photonics Corp (b) | 10407 | 885844 |
| Jabil Inc  | 14829 | 3275578 |
| Keysight Technologies Inc (b) | 71629 | 13105242 |
| Littelfuse Inc  | 10408 | 2532370 |
| Ralliant Corp  | 47530 | 2087518 |
| TD SYNNEX Corp  | 32543 | 5092654 |
| Teledyne Technologies Inc (b) | 19278 | 10156036 |
| Trimble Inc (b) | 99178 | 7909446 |
| Vontier Corp  | 60879 | 2343842 |
| Zebra Technologies Corp Class A (b) | 21643 | 5827378 |
|  |  | 117468535 |
| IT Services - 2.0% |  |  |
| Accenture PLC Class A  | 262466 | 65642747 |
| Akamai Technologies Inc (b) | 60746 | 4562025 |
| Amdocs Ltd  | 46078 | 3882532 |
| Cognizant Technology Solutions Corp Class A  | 205874 | 15004097 |
| DXC Technology Co (b) | 80903 | 1148822 |
| EPAM Systems Inc (b) | 23074 | 3773522 |
| Globant SA (b)(c) | 18830 | 1159551 |
| IBM Corporation  | 389213 | 119647968 |
| Kyndryl Holdings Inc (b) | 88847 | 2569455 |
| MongoDB Inc Class A (b) | 29852 | 10741347 |
| Okta Inc Class A (b) | 41873 | 3832636 |
| Twilio Inc Class A (b) | 49076 | 6619371 |
| VeriSign Inc  | 34786 | 8341683 |
|  |  | 246925756 |
| Semiconductors & Semiconductor Equipment - 4.6% |  |  |
| Advanced Micro Devices Inc (b) | 279817 | 71666730 |
| Amkor Technology Inc  | 47826 | 1543823 |
| Analog Devices Inc  | 207108 | 48490196 |
| Applied Materials Inc  | 240391 | 56035142 |
| Cirrus Logic Inc (b) | 21121 | 2801701 |
| Entegris Inc  | 53152 | 4867129 |
| First Solar Inc (b) | 42640 | 11382322 |
| GlobalFoundries Inc (b) | 43128 | 1535357 |
| Intel Corp (b) | 1829672 | 73168583 |
| Lattice Semiconductor Corp (b) | 8134 | 593457 |
| MACOM Technology Solutions Holdings Inc (b) | 19623 | 2906755 |
| Marvell Technology Inc  | 336727 | 31564789 |
| Microchip Technology Inc  | 221565 | 13830087 |
| Micron Technology Inc  | 467386 | 104586966 |
| MKS Inc  | 28002 | 4024167 |
| ON Semiconductor Corp (b) | 178231 | 8925808 |
| Onto Innovation Inc (b) | 16133 | 2177310 |
| Qorvo Inc (b) | 35380 | 3358270 |
| QUALCOMM Inc  | 348393 | 63024294 |
| Skyworks Solutions Inc  | 63545 | 4938717 |
| Teradyne Inc  | 67519 | 12272253 |
| Texas Instruments Inc  | 224748 | 36287812 |
| Universal Display Corp  | 18354 | 2703177 |
|  |  | 562684845 |
| Software - 1.7% |  |  |
| Aurora Innovation Inc Class A (b)(c) | 444290 | 2328080 |
| BILL Holdings Inc (b)(c) | 39572 | 1965146 |
| Ccc Intelligent Solutions Holdings Inc Class A (b)(c) | 228562 | 1993061 |
| Circle Internet Group Inc Class A (c) | 16769 | 2129328 |
| Docusign Inc (b) | 20511 | 1500175 |
| Dolby Laboratories Inc Class A  | 25037 | 1660454 |
| Dropbox Inc Class A (b) | 56791 | 1646939 |
| Fair Isaac Corp (b) | 1758 | 2917454 |
| Gen Digital Inc  | 204679 | 5395338 |
| Informatica Inc Class A (b) | 42017 | 1044963 |
| nCino Inc (b)(c) | 38501 | 1027207 |
| Nutanix Inc Class A (b) | 79767 | 5682601 |
| Pegasystems Inc  | 22796 | 1450965 |
| PTC Inc (b) | 43668 | 8669845 |
| Roper Technologies Inc  | 44924 | 20042843 |
| Rubrik Inc Class A (b) | 19446 | 1463700 |
| SailPoint Inc (c) | 25405 | 550779 |
| Salesforce Inc  | 347379 | 90460965 |
| SentinelOne Inc Class A (b) | 37696 | 672874 |
| Strategy Inc Class A (b) | 104402 | 28137383 |
| Synopsys Inc (b) | 20712 | 9399520 |
| Teradata Corp (b) | 31114 | 648726 |
| Tyler Technologies Inc (b) | 3048 | 1451640 |
| UiPath Inc Class A (b)(c) | 170419 | 2702845 |
| Unity Software Inc (b) | 124774 | 4728935 |
| Zoom Communications Inc Class A (b) | 109801 | 9577941 |
|  |  | 209249707 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| Dell Technologies Inc Class C  | 109186 | 17689224 |
| Hewlett Packard Enterprise Co  | 551287 | 13462429 |
| HP Inc  | 396836 | 10980452 |
| NetApp Inc  | 50086 | 5899129 |
| Pure Storage Inc Class A (b) | 17232 | 1700798 |
| Sandisk Corp/DE  | 56313 | 11224870 |
| Super Micro Computer Inc (b) | 116700 | 6063732 |
| Western Digital Corp  | 144044 | 21636850 |
|  |  | 88657484 |
| TOTAL INFORMATION TECHNOLOGY |  | 1385393938 |
| Materials - 3.8% |  |  |
| Chemicals - 1.8% |  |  |
| Air Products and Chemicals Inc  | 93561 | 22696963 |
| Albemarle Corp  | 50498 | 4960419 |
| Ashland Inc  | 25916 | 1267292 |
| Axalta Coating Systems Ltd (b) | 95170 | 2709490 |
| CF Industries Holdings Inc  | 68124 | 5674048 |
| Corteva Inc  | 286181 | 17582961 |
| Dow Inc  | 83482 | 1991046 |
| DuPont de Nemours Inc  | 177213 | 14469441 |
| Eastman Chemical Co  | 60814 | 3619649 |
| Ecolab Inc  | 78567 | 20144579 |
| Element Solutions Inc  | 94140 | 2515421 |
| FMC Corp (c) | 63083 | 956968 |
| Huntsman Corp  | 124942 | 1034520 |
| International Flavors & Fragrances Inc  | 113802 | 7166112 |
| Linde PLC  | 196965 | 82390460 |
| LyondellBasell Industries NV Class A1  | 121702 | 5649407 |
| Mosaic Co/The  | 134170 | 3682967 |
| NewMarket Corp  | 2463 | 1891338 |
| Olin Corp  | 59053 | 1222397 |
| PPG Industries Inc  | 96431 | 9426130 |
| RPM International Inc  | 53398 | 5835333 |
| Scotts Miracle-Gro Co/The  | 21446 | 1147790 |
| Sherwin-Williams Co/The  | 9377 | 3234502 |
| Solstice Advanced Materials Inc  | 66658 | 3004276 |
| Westlake Corp (c) | 19623 | 1350259 |
|  |  | 225623768 |
| Construction Materials - 0.6% |  |  |
| CRH PLC  | 283950 | 33818446 |
| Eagle Materials Inc  | 12993 | 2758674 |
| James Hardie Industries PLC (b) | 24895 | 521052 |
| Martin Marietta Materials Inc  | 24964 | 15305428 |
| Vulcan Materials Co  | 54852 | 15879654 |
|  |  | 68283254 |
| Containers & Packaging - 0.5% |  |  |
| Amcor PLC  | 1028166 | 8122511 |
| AptarGroup Inc  | 27229 | 3158836 |
| Avery Dennison Corp  | 32715 | 5721526 |
| Ball Corp  | 117974 | 5544778 |
| Crown Holdings Inc  | 48178 | 4681938 |
| Graphic Packaging Holding CO  | 143400 | 2292966 |
| International Paper Co  | 220313 | 8512894 |
| Packaging Corp of America  | 36766 | 7197312 |
| Sealed Air Corp  | 60989 | 2043741 |
| Silgan Holdings Inc  | 37425 | 1445354 |
| Smurfit WestRock PLC  | 218966 | 8084225 |
| Sonoco Products Co  | 44454 | 1803499 |
|  |  | 58609580 |
| Metals & Mining - 0.9% |  |  |
| Alcoa Corp  | 111649 | 4107567 |
| Cleveland-Cliffs Inc (b)(c) | 208952 | 2597273 |
| Freeport-McMoRan Inc  | 600200 | 25028340 |
| MP Materials Corp (b)(c) | 54629 | 3446544 |
| Newmont Corp  | 459384 | 37196323 |
| Nucor Corp  | 96768 | 14520038 |
| Reliance Inc  | 22117 | 6246504 |
| Royal Gold Inc  | 34287 | 5993025 |
| Steel Dynamics Inc  | 53684 | 8417651 |
|  |  | 107553265 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 26542 | 2312073 |
| TOTAL MATERIALS |  | 462381940 |
| Real Estate - 4.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| WP Carey Inc  | 90230 | 5955180 |
| Health Care REITs - 0.8% |  |  |
| Alexandria Real Estate Equities Inc  | 78274 | 4557112 |
| Healthcare Realty Trust Inc  | 141839 | 2513387 |
| Healthpeak Properties Inc  | 302718 | 5433788 |
| Medical Properties Trust Inc (c) | 238725 | 1234208 |
| Omega Healthcare Investors Inc  | 119782 | 5034437 |
| Ventas Inc  | 187164 | 13810832 |
| Welltower Inc  | 277832 | 50298706 |
|  |  | 82882470 |
| Hotel & Resort REITs - 0.0% |  |  |
| Host Hotels & Resorts Inc  | 291237 | 4665617 |
| Park Hotels & Resorts Inc  | 124417 | 1280251 |
|  |  | 5945868 |
| Industrial REITs - 0.5% |  |  |
| Americold Realty Trust Inc  | 15 | 193 |
| EastGroup Properties Inc  | 22038 | 3846292 |
| First Industrial Realty Trust Inc  | 53276 | 2945097 |
| Prologis Inc  | 388974 | 48267784 |
| Rexford Industrial Realty Inc  | 103506 | 4276868 |
| STAG Industrial Inc Class A  | 78373 | 2999335 |
|  |  | 62335569 |
| Office REITs - 0.1% |  |  |
| BXP Inc  | 67881 | 4832449 |
| Cousins Properties Inc  | 69843 | 1811029 |
| Highwoods Properties Inc  | 44521 | 1274636 |
| Kilroy Realty Corp  | 50078 | 2115796 |
| Vornado Realty Trust  | 74543 | 2828161 |
|  |  | 12862071 |
| Real Estate Management & Development - 0.3% |  |  |
| CBRE Group Inc Class A (b) | 109926 | 16756020 |
| CoStar Group Inc (b) | 152861 | 10518365 |
| Howard Hughes Holdings Inc (b) | 12879 | 1021047 |
| Jones Lang LaSalle Inc (b) | 14464 | 4412822 |
| Zillow Group Inc Class A (b) | 20897 | 1494762 |
| Zillow Group Inc Class C (b) | 68125 | 5108013 |
|  |  | 39311029 |
| Residential REITs - 0.5% |  |  |
| American Homes 4 Rent Class A  | 144166 | 4555646 |
| AvalonBay Communities Inc  | 59281 | 10310152 |
| Camden Property Trust  | 45076 | 4484160 |
| Equity LifeStyle Properties Inc  | 80740 | 4929177 |
| Equity Residential  | 157826 | 9381177 |
| Essex Property Trust Inc  | 26897 | 6771858 |
| Invitation Homes Inc  | 260772 | 7340732 |
| Mid-America Apartment Communities Inc  | 49038 | 6288143 |
| Sun Communities Inc  | 43125 | 5459625 |
| UDR Inc  | 131493 | 4429998 |
|  |  | 63950668 |
| Retail REITs - 0.5% |  |  |
| Agree Realty Corp  | 46361 | 3384817 |
| Brixmor Property Group Inc  | 126734 | 3315361 |
| Federal Realty Investment Trust  | 35410 | 3406088 |
| Kimco Realty Corp  | 287630 | 5942436 |
| NNN REIT Inc  | 79559 | 3218957 |
| Realty Income Corp  | 383581 | 22240026 |
| Regency Centers Corp  | 75197 | 5184833 |
| Simon Property Group Inc  | 105159 | 18482746 |
|  |  | 65175264 |
| Specialized REITs - 1.4% |  |  |
| Crown Castle Inc  | 184912 | 16682761 |
| CubeSmart  | 96938 | 3651654 |
| Digital Realty Trust Inc  | 140879 | 24007190 |
| EPR Properties  | 30966 | 1517953 |
| Equinix Inc  | 40885 | 34589119 |
| Extra Space Storage Inc  | 88987 | 11883324 |
| Gaming and Leisure Properties Inc  | 114733 | 5123976 |
| Iron Mountain Inc  | 122908 | 12653379 |
| Millrose Properties Inc Class A  | 48629 | 1566340 |
| National Storage Affiliates Trust  | 30771 | 895128 |
| Public Storage Operating Co  | 57430 | 15997701 |
| Rayonier Inc  | 64480 | 1423074 |
| SBA Communications Corp Class A  | 45574 | 8726510 |
| VICI Properties Inc  | 445893 | 13372331 |
| Weyerhaeuser Co  | 313671 | 7214433 |
|  |  | 159304873 |
| TOTAL REAL ESTATE |  | 497722992 |
| Utilities - 4.6% |  |  |
| Electric Utilities - 3.0% |  |  |
| Alliant Energy Corp  | 107020 | 7151076 |
| American Electric Power Co Inc  | 224343 | 26979489 |
| Constellation Energy Corp  | 130988 | 49382476 |
| Duke Energy Corp  | 326090 | 40532987 |
| Edison International  | 164410 | 9105026 |
| Entergy Corp  | 184154 | 17695358 |
| Evergy Inc  | 96407 | 7405022 |
| Eversource Energy  | 154910 | 11433907 |
| Exelon Corp  | 425135 | 19607226 |
| FirstEnergy Corp  | 228439 | 10469359 |
| IDACORP Inc  | 21682 | 2797412 |
| NextEra Energy Inc  | 864445 | 70365824 |
| OGE Energy Corp  | 83627 | 3691296 |
| PG&E Corp  | 929999 | 14842784 |
| Pinnacle West Capital Corp  | 51385 | 4548600 |
| PPL Corp  | 307748 | 11238957 |
| Southern Co/The  | 460529 | 43308147 |
| Xcel Energy Inc  | 247549 | 20093552 |
|  |  | 370648498 |
| Gas Utilities - 0.2% |  |  |
| Atmos Energy Corp  | 65187 | 11193912 |
| MDU Resources Group Inc  | 85115 | 1632505 |
| National Fuel Gas Co  | 36398 | 2872166 |
| UGI Corp  | 89506 | 2992186 |
|  |  | 18690769 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 308324 | 4276454 |
| Clearway Energy Inc Class A  | 15774 | 473061 |
| Clearway Energy Inc Class C  | 34017 | 1086163 |
| Talen Energy Corp (b) | 18697 | 7474687 |
|  |  | 13310365 |
| Multi-Utilities - 1.2% |  |  |
| Ameren Corp  | 109286 | 11149358 |
| CenterPoint Energy Inc  | 266922 | 10207097 |
| CMS Energy Corp  | 123837 | 9108211 |
| Consolidated Edison Inc  | 153751 | 14976885 |
| Dominion Energy Inc  | 359338 | 21089547 |
| DTE Energy Co  | 86258 | 11691409 |
| NiSource Inc  | 197122 | 8300807 |
| Public Service Enterprise Group Inc  | 209636 | 16888276 |
| Sempra  | 274358 | 25224476 |
| WEC Energy Group Inc  | 132279 | 14779533 |
|  |  | 143415599 |
| Water Utilities - 0.1% |  |  |
| American Water Works Co Inc  | 81113 | 10417343 |
| Essential Utilities Inc  | 121178 | 4729577 |
|  |  | 15146920 |
| TOTAL UTILITIES |  | 561212151 |
| TOTAL UNITED STATES |  | 12140981067 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,654,839,513) |  | <br> **12204959927** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (e)<br>(Cost $2,114,096)<br>| 4.15 | 2117000 | **2114728** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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) | 4.18 | 9172274 | 9174108 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.18 | 46717567 | 46722239 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $55,896,347) |  |  | **55896347** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $9,712,849,956)<br>| <br>**12262971002** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(32722718)** |
| **NET ASSETS - 100.0%** | **12230248284** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 31 | 12/19/2025 | 10654700 | 290208 | 290208 |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 35 | 12/19/2025 | 11401950 | 68416 | 68416 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **358624** |
| 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) 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 $1,320,581.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 24418322 | 493766543 | 509012994 | 551104 | 2237 | - | 9174108 | 9172274 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 80412913 | 323331598 | 357022272 | 599756 | - | - | 46722239 | 46717567 | 0.2% |
| Total | 104831235 | 817098141 | 866035266 | 1150860 | 2237 | - | 55896347 |  |  |

---

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 October 31, 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 | 993994002 | 993994002 | - | - |
| Consumer Discretionary | 937520712 | 937520712 | - | - |
| Consumer Staples | 889403463 | 889403463 | - | - |
| Energy | 713586173 | 713586173 | - | - |
| Financials | 2672385429 | 2672385429 | - | - |
| Health Care | 1454779179 | 1454779179 | - | - |
| Industrials | 1615269832 | 1615269832 | - | - |
| Information Technology | 1386913276 | 1386913276 | - | - |
| Materials | 479726538 | 479726538 | - | - |
| Real Estate | 497722992 | 497722992 | - | - |
| Utilities | 563658331 | 563658331 | - | - |
|  **U.S. Treasury Obligations** | 2114728 | - | 2114728 | - |
|  **Money Market Funds** | 55896347 | 55896347 | - | - |
| **Total Investments in Securities:** | 12262971002 | 12260856274 | 2114728 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 358624 | 358624 | - | - |
| Total Assets | 358624 | 358624 | - | - |
| **Total Derivative Instruments:** | 358624 | 358624 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 358624 | - |
| **Total Equity Risk**  | 358624 | - |
| **Total Value of Derivatives** | 358624 | - |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $59,804,823) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $9,656,953,609) | $12207074655 |  |
| Fidelity Central Funds (cost $55,896,347) | 55896347 |  |
| Total Investment in Securities (cost $9,712,849,956) |  | $12262971002 |
| Receivable for fund shares sold |  | 13608648 |
| Dividends receivable |  | 9048652 |
| Distributions receivable from Fidelity Central Funds |  | 105446 |
| Receivable for daily variation margin on futures contracts |  | 85317 |
| Other receivables |  | 40489 |
| **Total assets** |  | 12285859554 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $8533989 |  |
| Accrued management fee | 356225 |  |
| Collateral on securities loaned | 46721056 |  |
| **Total liabilities** |  | 55611270 |
| **Net Assets**  |  | $12230248284 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $9373073165 |
| Total accumulated earnings (loss) |  | 2857175119 |
| **Net Assets** |  | $12230248284 |
| **Net Asset Value**, offering price and redemption price per share ($12,230,248,284 ÷ 604,299,856 shares) |  | $20.24 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $112684339 |
| Interest  |  | 63546 |
| Income from Fidelity Central Funds (including $599,756 from security lending)  |  | 1150860 |
| **Total income** |  | 113898745 |
| **Expenses** |  |  |
| Management fee | $2014452 |  |
| Independent trustees' fees and expenses | 11186 |  |
| Total expenses before reductions | 2025638 |  |
| Expense reductions | (9161) |  |
| Total expenses after reductions |  | 2016477 |
| **Net Investment income (loss)** |  | 111882268 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (43243136) |  |
| Redemptions in-kind | 379343756 |  |
| Fidelity Central Funds | 2237 |  |
| Foreign currency transactions | (110) |  |
| Futures contracts | 7505588 |  |
| Total net realized gain (loss) |  | 343608335 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 961327094 |  |
| Futures contracts | (1724421) |  |
| Total change in net unrealized appreciation (depreciation) |  | 959602673 |
| **Net gain (loss)** |  | 1303211008 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1415093276 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $111882268 | $193591651 |
| &nbsp;&nbsp;Net realized gain (loss) | 343608335<br>| 41994660<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 959602673 | 342865654<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1415093276<br>| 578451965<br>|
| Distributions to shareholders | (58218941)<br>| (177473617)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2271430777 | 4873183747 |
| Reinvestment of distributions | 46181899<br>| 148213723<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2013992436) | (2532965586) |
| **Net increase (decrease) in net assets resulting from share transactions** | 303620240<br>| 2488431884<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1660494575<br>| 2889410232<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 10569753709 | 7680343477<br>|
| &nbsp;&nbsp;End of period | $12230248284 | $10569753709 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 117809250 | 264190256 |
| Issued in reinvestment of distributions | 2422975<br>| 8213833<br>|
| &nbsp;&nbsp;Redeemed | (104505156) | (139188163) |
| &nbsp;&nbsp;Net increase (decrease) | 15727069 | 133215926 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.96 | $16.87 | $15.17 | $15.30 | $15.35 | $10.77 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .38  | .36  | .34  | .30  | .28  |
| Net realized and unrealized gain (loss)  | 2.19  | 1.06  | 1.66  | (.17)  | (.10)  | 4.60  |
| Total from investment operations  | 2.38  | 1.44  | 2.02  | .17  | .20  | 4.88  |
| Distributions from net investment income  | (.10)  | (.29)  | (.32)  | (.30)  | (.25)  | (.30)  |
| Distributions from net realized gain  | -  | (.05)  | -  | -  | -  | -  |
| Total distributions  | (.10)  | (.35) C | (.32)  | (.30)  | (.25)  | (.30)  |
| Net asset value, end of period  | $20.24 | $17.96 | $16.87 | $15.17 | $15.30 | $15.35 |
| **Total Return** D,E | 13.26% <br>| 8.52%  | 13.49%  | 1.18%  | 1.27%  | 45.93%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .03% H,I | .04%  | .04%  | .04%  | .04%  | .04%  |
| Expenses net of fee waivers, if any  | .03% H,I<br>| .04%  | .04%  | .04%  | .04%  | .04%  |
| Expenses net of all reductions, if any  | .03% H,I | .04%  | .03%  | .03%  | .04%  | .04%  |
| Net investment income (loss)  | 1.93% H | 2.08%  | 2.30%  | 2.28%  | 1.90%  | 2.24%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $12230248 | $10569754 | $7680343 | $5986235 | $5307593 | $3689832 |
| Portfolio turnover rate J | 28% H,K<br>| 14% K | 27% K | 16%  | 16%  | 31%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 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 October 31, 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to the 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:

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| | |
|:---|:---|
| **Gross unrealized appreciation** | $3012973202 |
| **Gross unrealized depreciation** | <u>(601704061)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2411269141</u> |
| **Tax cost** | <u>$9852060485</u> |

---

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

**New Accounting Pronouncement.** 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):

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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 Large Cap Value Index Fund** | 2610031444 | 1632778556 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Large Cap Value Index Fund** | 31922166 | - | 379343756 | 379343756 | 612337521 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares 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 on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Large Cap Value Index Fund** | 5597016 | 51024968 | 102331511 |

---

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

**7. Committed Line of Credit.**

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

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

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

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

**8. Security Lending.** 

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

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Large Cap Value Index Fund** | 56408 | 495 | 34440 |

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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 Large Cap Value Index Fund** | 13904357 |

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**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $9,161.

**10. Other.**

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

**11. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Large Cap Value Index Fund**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<u>Other Contractual Arrangements</u>. The Board considered that current contractual arrangements for the fund oblige FMR to pay all expenses of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.035%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

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

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

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

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

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

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

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

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

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

![](img119046_4.jpg)<br>

1.9879610.109 LC2-I-SANN-1225

**Fidelity® Large Cap Growth Index Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119049_1.jpg)

![](img119049_2.jpg)

**Contents**

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| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_LC1-I-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Large Cap Growth Index Fund](#Sub_Sec_Fund_2823_LC1-I-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2823_LC1-I-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LC1-I-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LC1-I-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LC1-I-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LC1-I-SANN)** |

---

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

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

The 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 (Semi-Annual Report)**

**Fidelity® Large Cap Growth Index Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 4550513 | 73308764 |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 48803 | 889191 |
| TOTAL BRAZIL |  | 74197955 |
| CANADA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc (United States)  | 280554 | 18429593 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Brookfield Asset Management Ltd Class A (United States)  | 179501 | 9703824 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| RB Global Inc (United States)  | 15383 | 1526301 |
| TOTAL CANADA |  | 29659718 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 22148 | 883927 |
| KAZAKHSTAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b)(c) | 20399 | 3134510 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Coupang Inc Class A (b) | 1689004 | 53997458 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 8123 | 905471 |
| SWITZERLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| On Holding AG Class A (b) | 299659 | 11132332 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Flutter Entertainment PLC (b) | 197181 | 45862329 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Anglogold Ashanti Plc  | 83160 | 5654880 |
| TOTAL UNITED KINGDOM |  | 51517209 |
| UNITED STATES - 99.3%  |  |  |
| Communication Services - 11.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 241897 | 19412234 |
| GCI LLC Class A  | 1077 | 39386 |
| GCI LLC Class C  | 6401 | 234437 |
| Iridium Communications Inc  | 9858 | 188780 |
|  |  | 19874837 |
| Entertainment - 2.2% |  |  |
| Liberty Media Corp-Liberty Formula One Class A (b) | 8803 | 800897 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 89335 | 8920100 |
| Live Nation Entertainment Inc (b) | 215285 | 32191566 |
| Netflix Inc (b) | 576554 | 645083208 |
| ROBLOX Corp Class A (b) | 831103 | 94513033 |
| Roku Inc Class A (b) | 22735 | 2412866 |
| Spotify Technology SA (b) | 209260 | 137132263 |
| Take-Two Interactive Software Inc (b) | 84027 | 21542002 |
| TKO Group Holdings Inc Class A  | 39852 | 7508117 |
|  |  | 950104052 |
| Interactive Media & Services - 9.0% |  |  |
| Alphabet Inc Class A  | 4875871 | 1371046167 |
| Alphabet Inc Class C  | 3970132 | 1118862601 |
| Meta Platforms Inc Class A  | 2173050 | 1408896968 |
| Pinterest Inc Class A (b) | 399050 | 13208555 |
| Reddit Inc Class A (b) | 158593 | 33138007 |
| Trump Media & Technology Group Corp (b)(c) | 118318 | 1813223 |
|  |  | 3946965521 |
| Media - 0.0% |  |  |
| DoubleVerify Holdings Inc (b) | 88915 | 1011853 |
| Liberty Broadband Corp Class A (b) | 5133 | 274564 |
| Liberty Broadband Corp Class C (b) | 31820 | 1712553 |
| Nexstar Media Group Inc  | 2274 | 445090 |
| NIQ Global Intelligence Plc (c) | 31933 | 395968 |
| Trade Desk Inc (The) Class A (b) | 607057 | 30522826 |
|  |  | 34362854 |
| TOTAL COMMUNICATION SERVICES |  | 4951307264 |
| Consumer Discretionary - 12.7% |  |  |
| Automobiles - 3.9% |  |  |
| Tesla Inc (b) | 3754836 | 1714307924 |
| Broadline Retail - 4.5% |  |  |
| Amazon.com Inc (b) | 8066865 | 1970089770 |
| Etsy Inc (b) | 76644 | 4751928 |
|  |  | 1974841698 |
| Distributors - 0.0% |  |  |
| Pool Corp  | 9126 | 2437190 |
| Diversified Consumer Services - 0.0% |  |  |
| Bright Horizons Family Solutions Inc (b) | 10009 | 1093283 |
| Duolingo Inc Class A (b) | 51122 | 13835658 |
| Grand Canyon Education Inc (b) | 10629 | 2001441 |
| H&R Block Inc  | 30530 | 1518562 |
|  |  | 18448944 |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Airbnb Inc Class A (b) | 578524 | 73206427 |
| Booking Holdings Inc  | 41566 | 211061341 |
| Carnival Corp (b) | 453538 | 13075501 |
| Cava Group Inc (b)(c) | 135751 | 7293901 |
| Chipotle Mexican Grill Inc (b) | 1824794 | 57827722 |
| Choice Hotels International Inc  | 11200 | 1041151 |
| Churchill Downs Inc  | 72408 | 7182874 |
| Darden Restaurants Inc  | 150956 | 27194723 |
| Domino's Pizza Inc  | 13136 | 5234171 |
| DoorDash Inc Class A (b) | 488099 | 124157743 |
| DraftKings Inc Class A (b) | 653773 | 19998916 |
| Dutch Bros Inc Class A (b) | 159526 | 8860074 |
| Expedia Group Inc Class A  | 164608 | 36213760 |
| Hilton Worldwide Holdings Inc  | 313950 | 80672592 |
| Las Vegas Sands Corp  | 423275 | 25121371 |
| Light & Wonder Inc Class A (b)(c) | 112594 | 8185584 |
| Marriott International Inc/MD Class A1  | 237610 | 61916414 |
| McDonald's Corp  | 54983 | 16408577 |
| Norwegian Cruise Line Holdings Ltd (b) | 543037 | 12174890 |
| Planet Fitness Inc Class A (b) | 114140 | 10351357 |
| Royal Caribbean Cruises Ltd  | 344670 | 98861696 |
| Starbucks Corp  | 204664 | 16551178 |
| Texas Roadhouse Inc  | 90040 | 14728743 |
| Travel + Leisure Co  | 27457 | 1723750 |
| Vail Resorts Inc (c) | 39887 | 5916439 |
| Viking Holdings Ltd (b) | 237096 | 14427292 |
| Wendy's Co/The (c) | 95091 | 812076 |
| Wingstop Inc (c) | 37783 | 8184931 |
| Wyndham Hotels & Resorts Inc  | 91195 | 6696449 |
| Yum! Brands Inc  | 127410 | 17609336 |
|  |  | 992690979 |
| Household Durables - 0.1% |  |  |
| SharkNinja Inc (b) | 19236 | 1644678 |
| Somnigroup International Inc  | 275008 | 21819135 |
| TopBuild Corp (b) | 2720 | 1149145 |
|  |  | 24612958 |
| Specialty Retail - 1.8% |  |  |
| AutoZone Inc (b) | 3560 | 13080971 |
| Burlington Stores Inc (b) | 85493 | 23390030 |
| Carvana Co Class A (b) | 179557 | 55041403 |
| Chewy Inc Class A (b) | 289726 | 9769561 |
| Floor & Decor Holdings Inc Class A (b) | 46005 | 2874392 |
| Home Depot Inc/The  | 1032264 | 391837092 |
| Lithia Motors Inc Class A  | 3900 | 1224911 |
| Murphy USA Inc  | 24461 | 8761930 |
| O'Reilly Automotive Inc (b) | 1065522 | 100627898 |
| Restoration Hardware Inc (b) | 3527 | 608371 |
| Ross Stores Inc  | 87581 | 13918373 |
| TJX Cos Inc/The  | 760820 | 106621315 |
| Tractor Supply Co  | 723179 | 39131216 |
| Ulta Beauty Inc (b) | 15356 | 7983277 |
| Valvoline Inc (b) | 153272 | 5059509 |
| Wayfair Inc Class A (b) | 23155 | 2396774 |
| Williams-Sonoma Inc  | 24087 | 4681068 |
|  |  | 787008091 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Deckers Outdoor Corp (b) | 200915 | 16374573 |
| Lululemon Athletica Inc (b) | 82520 | 14072961 |
| Ralph Lauren Corp Class A  | 3792 | 1212150 |
| Tapestry Inc  | 258035 | 28337404 |
|  |  | 59997088 |
| TOTAL CONSUMER DISCRETIONARY |  | 5574344872 |
| Consumer Staples - 2.3% |  |  |
| Beverages - 0.7% |  |  |
| Celsius Holdings Inc (b) | 223637 | 13469657 |
| Coca-Cola Co/The  | 2585091 | 178112770 |
| Coca-Cola Consolidated Inc  | 9626 | 1255037 |
| Monster Beverage Corp (b) | 948989 | 63420935 |
| PepsiCo Inc  | 255296 | 37296193 |
|  |  | 293554592 |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| BJ's Wholesale Club Holdings Inc (b) | 26248 | 2316648 |
| Casey's General Stores Inc  | 7531 | 3864834 |
| Costco Wholesale Corp  | 603833 | 550363589 |
| Performance Food Group Co (b) | 25702 | 2486411 |
| Sprouts Farmers Market Inc (b) | 133160 | 10514314 |
| Sysco Corp  | 353455 | 26254637 |
| Walmart Inc  | 591389 | 59836739 |
|  |  | 655637172 |
| Food Products - 0.0% |  |  |
| Darling Ingredients Inc (b) | 23882 | 765417 |
| Freshpet Inc (b) | 17933 | 882483 |
| Hershey Co/The  | 23917 | 4057041 |
|  |  | 5704941 |
| Household Products - 0.1% |  |  |
| Colgate-Palmolive Co  | 518326 | 39937019 |
| Kimberly-Clark Corp  | 162806 | 19489506 |
|  |  | 59426525 |
| TOTAL CONSUMER STAPLES |  | 1014323230 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| SLB Ltd  | 161289 | 5816081 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Cheniere Energy Inc  | 135052 | 28631024 |
| HF Sinclair Corp  | 21567 | 1112857 |
| Phillips 66  | 39671 | 5400810 |
| Targa Resources Corp  | 292144 | 45001862 |
| Texas Pacific Land Corp  | 26156 | 24675047 |
| Williams Cos Inc/The  | 87801 | 5081044 |
|  |  | 109902644 |
| TOTAL ENERGY |  | 115718725 |
| Financials - 5.6% |  |  |
| Banks - 0.2% |  |  |
| Bank of America Corp  | 729151 | 38973121 |
| Citigroup Inc  | 443430 | 44888419 |
| Pinnacle Financial Partners Inc  | 7224 | 615557 |
| Western Alliance Bancorp  | 30644 | 2370313 |
|  |  | 86847410 |
| Capital Markets - 1.3% |  |  |
| Ameriprise Financial Inc  | 118002 | 53427766 |
| Ares Management Corp Class A  | 255975 | 38066042 |
| Bank of New York Mellon Corp/The  | 69732 | 7526175 |
| Blackstone Inc  | 995724 | 146012968 |
| Blue Owl Capital Inc Class A  | 829866 | 13086987 |
| Charles Schwab Corp/The  | 202868 | 19175083 |
| Coinbase Global Inc Class A (b) | 27907 | 9593868 |
| FactSet Research Systems Inc  | 3366 | 898049 |
| Goldman Sachs Group Inc/The  | 21999 | 17365351 |
| Hamilton Lane Inc Class A  | 35415 | 4035893 |
| Houlihan Lokey Inc Class A  | 28067 | 5026238 |
| Interactive Brokers Group Inc Class A  | 31147 | 2191503 |
| Jefferies Financial Group Inc  | 50842 | 2685983 |
| KKR & Co Inc Class A  | 229989 | 27214598 |
| Lazard Inc  | 24200 | 1180960 |
| LPL Financial Holdings Inc  | 108399 | 40900027 |
| Moody's Corp  | 211474 | 101570962 |
| Morningstar Inc  | 21431 | 4549801 |
| MSCI Inc  | 50333 | 29623487 |
| Robinhood Markets Inc Class A (b) | 134773 | 19781981 |
| TPG Inc Class A  | 168872 | 9294715 |
| Tradeweb Markets Inc Class A  | 13271 | 1398631 |
|  |  | 554607068 |
| Consumer Finance - 0.2% |  |  |
| Ally Financial Inc  | 44260 | 1724812 |
| American Express Co  | 245004 | 88380293 |
| Credit Acceptance Corp (b)(c) | 628 | 280929 |
| SLM Corp  | 39195 | 1052386 |
| SoFi Technologies Inc Class A (b) | 211279 | 6270761 |
|  |  | 97709181 |
| Financial Services - 3.6% |  |  |
| Affirm Holdings Inc Class A (b) | 217071 | 15603063 |
| Apollo Global Management Inc  | 390588 | 48553994 |
| Block Inc Class A (b) | 274169 | 20820394 |
| Corpay Inc (b) | 92449 | 24069097 |
| Equitable Holdings Inc  | 409014 | 20205292 |
| Fiserv Inc (b) | 203276 | 13556476 |
| Mastercard Inc Class A  | 1106783 | 610933148 |
| Shift4 Payments Inc Class A (b)(c) | 88858 | 6140088 |
| Toast Inc Class A (b) | 614506 | 22208247 |
| UWM Holdings Corp Class A  | 23557 | 132626 |
| Visa Inc Class A  | 2317102 | 789529336 |
| WEX Inc (b) | 3782 | 551718 |
|  |  | 1572303479 |
| Insurance - 0.3% |  |  |
| Aon PLC  | 263846 | 89887055 |
| Arthur J Gallagher & Co  | 21015 | 5243032 |
| Brown & Brown Inc  | 40128 | 3199807 |
| Everest Group Ltd  | 8043 | 2529684 |
| Kinsale Capital Group Inc  | 30081 | 12016457 |
| Markel Group Inc (b) | 3458 | 6827925 |
| Marsh & McLennan Cos Inc  | 79585 | 14178068 |
| Progressive Corp/The  | 40000 | 8240000 |
| RLI Corp  | 5878 | 346567 |
| Ryan Specialty Holdings Inc Class A  | 142850 | 7828180 |
|  |  | 150296775 |
| TOTAL FINANCIALS |  | 2461763913 |
| Health Care - 6.9% |  |  |
| Biotechnology - 2.6% |  |  |
| AbbVie Inc  | 2410074 | 525492535 |
| Alnylam Pharmaceuticals Inc (b) | 169795 | 77433312 |
| Amgen Inc  | 539751 | 161077891 |
| Apellis Pharmaceuticals Inc (b) | 146489 | 3145119 |
| Caris Life Sciences Inc (b) | 14985 | 450748 |
| Exact Sciences Corp (b) | 13995 | 905337 |
| Exelixis Inc (b) | 289976 | 11213372 |
| Gilead Sciences Inc  | 456121 | 54638735 |
| Halozyme Therapeutics Inc (b) | 166691 | 10866586 |
| Incyte Corp (b) | 55707 | 5207490 |
| Insmed Inc (b) | 237498 | 45029621 |
| Ionis Pharmaceuticals Inc (b) | 196443 | 14595715 |
| Natera Inc (b) | 176629 | 35136807 |
| Neurocrine Biosciences Inc (b) | 112715 | 16141915 |
| Sarepta Therapeutics Inc (b) | 104871 | 2517953 |
| Summit Therapeutics Inc (b)(c) | 158784 | 3002605 |
| Ultragenyx Pharmaceutical Inc (b) | 122331 | 4232653 |
| Vertex Pharmaceuticals Inc (b) | 349859 | 148889495 |
| Viking Therapeutics Inc (b)(c) | 11578 | 440889 |
|  |  | 1120418778 |
| Health Care Equipment & Supplies - 1.1% |  |  |
| Boston Scientific Corp (b) | 346155 | 34864732 |
| Dexcom Inc (b) | 531906 | 30967567 |
| IDEXX Laboratories Inc (b) | 109781 | 69108237 |
| Inspire Medical Systems Inc (b) | 38902 | 2804056 |
| Insulet Corp (b) | 95386 | 29856772 |
| Intuitive Surgical Inc (b) | 485510 | 259398284 |
| Masimo Corp (b) | 61311 | 8623392 |
| Penumbra Inc (b) | 50877 | 11567903 |
| ResMed Inc  | 46957 | 11592744 |
| Stryker Corp  | 120420 | 42898421 |
|  |  | 501682108 |
| Health Care Providers & Services - 0.6% |  |  |
| Cardinal Health Inc  | 163143 | 31122790 |
| Cencora Inc  | 249083 | 84142728 |
| Chemed Corp  | 1747 | 753481 |
| Cigna Group/The  | 28487 | 6962508 |
| DaVita Inc (b) | 51116 | 6083826 |
| HCA Healthcare Inc  | 49170 | 22602466 |
| McKesson Corp  | 157590 | 127859071 |
| Molina Healthcare Inc (b) | 40039 | 6128369 |
|  |  | 285655239 |
| Health Care Technology - 0.1% |  |  |
| Doximity Inc Class A (b) | 181614 | 11986524 |
| Veeva Systems Inc Class A (b) | 159863 | 46552106 |
|  |  | 58538630 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Medpace Holdings Inc (b) | 30368 | 17762547 |
| Repligen Corp (b) | 8884 | 1324249 |
| Sotera Health Co (b) | 22740 | 377483 |
| Tempus AI Inc Class A (b)(c) | 111969 | 10060415 |
| Waters Corp (b) | 42372 | 14813251 |
|  |  | 44337945 |
| Pharmaceuticals - 2.4% |  |  |
| Bristol-Myers Squibb Co  | 533410 | 24574199 |
| Corcept Therapeutics Inc (b) | 127850 | 9393139 |
| Eli Lilly & Co  | 1089873 | 940407817 |
| Zoetis Inc Class A  | 484284 | 69780482 |
|  |  | 1044155637 |
| TOTAL HEALTH CARE |  | 3054788337 |
| Industrials - 5.7% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Axon Enterprise Inc (b) | 101478 | 74305236 |
| Boeing Co (b) | 139495 | 28041285 |
| BWX Technologies Inc  | 21821 | 4661184 |
| Carpenter Technology Corp  | 11569 | 3654647 |
| GE Aerospace  | 1430570 | 441974602 |
| HEICO Corp  | 57739 | 18347722 |
| HEICO Corp Class A  | 102011 | 25271185 |
| Howmet Aerospace Inc  | 545502 | 112346137 |
| Karman Holdings Inc (b) | 36041 | 3036094 |
| Leonardo DRS Inc  | 40518 | 1481338 |
| Loar Holdings Inc (b) | 52418 | 4147836 |
| Lockheed Martin Corp  | 79077 | 38896395 |
| Rocket Lab Corp (c) | 562817 | 35446215 |
| Spirit AeroSystems Holdings Inc Class A (b) | 17314 | 635250 |
| StandardAero Inc (b) | 16865 | 487229 |
| TransDigm Group Inc  | 13143 | 17197747 |
|  |  | 809930102 |
| Building Products - 0.4% |  |  |
| AAON Inc (c) | 91411 | 8993928 |
| Armstrong World Industries Inc  | 17153 | 3266446 |
| Carlisle Cos Inc  | 6841 | 2223667 |
| Lennox International Inc  | 43200 | 21816000 |
| Simpson Manufacturing Co Inc  | 4697 | 829020 |
| Trane Technologies PLC  | 303275 | 136064329 |
|  |  | 173193390 |
| Commercial Services & Supplies - 0.6% |  |  |
| Cintas Corp  | 467713 | 85717762 |
| Copart Inc (b) | 1120495 | 48192490 |
| Rollins Inc  | 381786 | 21994691 |
| Tetra Tech Inc  | 66278 | 2119570 |
| Veralto Corp  | 128700 | 12700116 |
| Waste Management Inc  | 503273 | 100538848 |
|  |  | 271263477 |
| Construction & Engineering - 0.3% |  |  |
| Comfort Systems USA Inc  | 47321 | 45692211 |
| EMCOR Group Inc  | 20786 | 14046763 |
| MasTec Inc (b) | 17829 | 3639969 |
| Quanta Services Inc  | 155206 | 69707671 |
| WillScot Holdings Corp  | 61476 | 1337103 |
|  |  | 134423717 |
| Electrical Equipment - 0.7% |  |  |
| GE Vernova Inc  | 371928 | 217629950 |
| Rockwell Automation Inc  | 12362 | 4553666 |
| Vertiv Holdings Co Class A  | 517551 | 99814886 |
|  |  | 321998502 |
| Ground Transportation - 0.7% |  |  |
| Avis Budget Group Inc (b) | 7870 | 1070871 |
| Lyft Inc Class A (b) | 86833 | 1776603 |
| Old Dominion Freight Line Inc  | 14267 | 2003372 |
| U-Haul Holding Co (b) | 4588 | 243898 |
| U-Haul Holding Co Class N  | 51581 | 2501163 |
| Uber Technologies Inc (b) | 2738926 | 264306359 |
| Union Pacific Corp  | 64233 | 14155026 |
| XPO Inc (b) | 32092 | 4617076 |
|  |  | 290674368 |
| Industrial Conglomerates - 0.0% |  |  |
| 3M Co  | 116733 | 19436045 |
| Machinery - 0.2% |  |  |
| Allison Transmission Holdings Inc  | 19246 | 1588757 |
| Caterpillar Inc  | 77535 | 44757854 |
| Illinois Tool Works Inc  | 130501 | 31831804 |
| RBC Bearings Inc (b) | 8543 | 3660932 |
|  |  | 81839347 |
| Passenger Airlines - 0.0% |  |  |
| Alaska Air Group Inc (b) | 26932 | 1123872 |
| American Airlines Group Inc (b) | 56124 | 736908 |
| Southwest Airlines Co  | 67376 | 2041493 |
|  |  | 3902273 |
| Professional Services - 0.6% |  |  |
| Automatic Data Processing Inc  | 513948 | 133780664 |
| Booz Allen Hamilton Holding Corp Class A  | 165349 | 14411819 |
| Broadridge Financial Solutions Inc  | 144021 | 31742228 |
| Dawn Bidco LLC (b) | 19228 | 1321733 |
| Equifax Inc  | 29243 | 6173197 |
| ExlService Holdings Inc (b) | 215267 | 8416940 |
| KBR Inc  | 13259 | 568016 |
| Paychex Inc  | 137374 | 16076879 |
| Paycom Software Inc  | 38159 | 7139167 |
| Paylocity Holding Corp (b) | 55575 | 7851080 |
| Verisk Analytics Inc  | 114264 | 24996393 |
|  |  | 252478116 |
| Trading Companies & Distributors - 0.3% |  |  |
| Core & Main Inc Class A (b) | 149910 | 7822304 |
| Fastenal Co  | 1282547 | 52776809 |
| Ferguson Enterprises Inc  | 15484 | 3847774 |
| FTAI Aviation Ltd  | 138565 | 23957889 |
| SiteOne Landscape Supply Inc (b) | 19372 | 2513904 |
| WW Grainger Inc  | 51451 | 50370529 |
|  |  | 141289209 |
| TOTAL INDUSTRIALS |  | 2500428546 |
| Information Technology - 53.7% |  |  |
| Communications Equipment - 0.6% |  |  |
| Arista Networks Inc  | 1403412 | 221304038 |
| Lumentum Holdings Inc (b) | 7028 | 1416564 |
| Motorola Solutions Inc  | 95475 | 38830637 |
| Ubiquiti Inc  | 5722 | 4504244 |
|  |  | 266055483 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Amphenol Corp Class A  | 1640347 | 228565951 |
| CDW Corp/DE  | 12919 | 2058901 |
| Jabil Inc  | 93638 | 20683698 |
|  |  | 251308550 |
| IT Services - 0.7% |  |  |
| Cloudflare Inc Class A (b) | 419803 | 106336100 |
| Gartner Inc (b) | 101921 | 25311061 |
| Globant SA (b)(c) | 5646 | 347680 |
| GoDaddy Inc Class A (b) | 186989 | 24893846 |
| Kyndryl Holdings Inc (b) | 20546 | 594190 |
| MongoDB Inc Class A (b) | 10216 | 3675921 |
| Okta Inc Class A (b) | 88286 | 8080818 |
| Snowflake Inc (b) | 425211 | 116882000 |
| Twilio Inc Class A (b) | 32808 | 4425143 |
|  |  | 290546759 |
| Semiconductors & Semiconductor Equipment - 21.4% |  |  |
| Advanced Micro Devices Inc (b) | 1281535 | 328226744 |
| Applied Materials Inc  | 309490 | 72142119 |
| Astera Labs Inc (b) | 171372 | 31991725 |
| Broadcom Inc  | 5996234 | 2216387973 |
| Enphase Energy Inc (b) | 173266 | 5286346 |
| Entegris Inc  | 33197 | 3039849 |
| KLA Corp  | 181039 | 218829081 |
| Lam Research Corp  | 1739491 | 273900253 |
| Lattice Semiconductor Corp (b) | 157349 | 11480183 |
| MACOM Technology Solutions Holdings Inc (b) | 21358 | 3163761 |
| Marvell Technology Inc  | 82082 | 7694367 |
| Monolithic Power Systems Inc  | 62965 | 63279825 |
| NVIDIA Corp  | 29812011 | 6036634107 |
| Onto Innovation Inc (b) | 14724 | 1987151 |
| QUALCOMM Inc  | 335973 | 60777516 |
| Texas Instruments Inc  | 505851 | 81674702 |
|  |  | 9416495702 |
| Software - 18.8% |  |  |
| Adobe Inc (b) | 578983 | 197033705 |
| Appfolio Inc Class A (b) | 29913 | 7610765 |
| AppLovin Corp Class A (b) | 324342 | 206712887 |
| Atlassian Corp Class A (b) | 220173 | 37301710 |
| Autodesk Inc (b) | 289829 | 87337071 |
| Bentley Systems Inc Class B  | 214119 | 10883669 |
| Cadence Design Systems Inc (b) | 371191 | 125718680 |
| Circle Internet Group Inc Class A (c) | 9936 | 1261673 |
| Confluent Inc Class A (b) | 376559 | 8800184 |
| Crowdstrike Holdings Inc Class A (b) | 332253 | 180416702 |
| Datadog Inc Class A (b) | 419666 | 68325821 |
| Docusign Inc (b) | 206446 | 15099460 |
| Dropbox Inc Class A (b) | 66827 | 1937983 |
| Dynatrace Inc (b) | 399429 | 20199125 |
| Elastic NV (b) | 123333 | 11003770 |
| Fair Isaac Corp (b) | 26278 | 43609129 |
| Fortinet Inc (b) | 865600 | 74813808 |
| Gen Digital Inc  | 81096 | 2137691 |
| Gitlab Inc Class A (b) | 180643 | 8806346 |
| Guidewire Software Inc (b) | 113908 | 26613465 |
| HubSpot Inc (b) | 69172 | 34027090 |
| Intuit Inc  | 371446 | 247958777 |
| Manhattan Associates Inc (b) | 81547 | 14847262 |
| Microsoft Corp  | 9462057 | 4899547735 |
| nCino Inc (b)(c) | 20549 | 548247 |
| Nutanix Inc Class A (b) | 85417 | 6085107 |
| Oracle Corp  | 2252631 | 591563427 |
| Palantir Technologies Inc Class A (b) | 2971595 | 595715650 |
| Palo Alto Networks Inc (b) | 893620 | 196810869 |
| Pegasystems Inc  | 39138 | 2491134 |
| Procore Technologies Inc (b) | 155877 | 11506840 |
| PTC Inc (b) | 18718 | 3716272 |
| RingCentral Inc Class A (b)(c) | 108812 | 3277417 |
| Rubrik Inc Class A (b) | 94461 | 7110079 |
| Salesforce Inc  | 142263 | 37046708 |
| Samsara Inc Class A (b) | 364955 | 14660242 |
| SentinelOne Inc Class A (b) | 286332 | 5111026 |
| Servicenow Inc (b) | 281167 | 258471200 |
| Strategy Inc Class A (b) | 19905 | 5364597 |
| Synopsys Inc (b) | 184305 | 83641295 |
| Teradata Corp (b) | 29650 | 618203 |
| Tyler Technologies Inc (b) | 48558 | 23126233 |
| Unity Software Inc (b) | 25141 | 952844 |
| Workday Inc Class A (b) | 292708 | 70226503 |
| Zscaler Inc (b) | 132823 | 43983008 |
|  |  | 8294031409 |
| Technology Hardware, Storage & Peripherals - 11.6% |  |  |
| Apple Inc  | 18634174 | 5038121625 |
| Dell Technologies Inc Class C  | 56230 | 9109822 |
| NetApp Inc  | 107310 | 12638972 |
| Pure Storage Inc Class A (b) | 362194 | 35748548 |
| Super Micro Computer Inc (b) | 320191 | 16637124 |
|  |  | 5112256091 |
| TOTAL INFORMATION TECHNOLOGY |  | 23630693994 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Ecolab Inc  | 83180 | 21327352 |
| Sherwin-Williams Co/The  | 287625 | 99213368 |
|  |  | 120540720 |
| Construction Materials - 0.0% |  |  |
| Eagle Materials Inc  | 2681 | 569230 |
| James Hardie Industries PLC (b) | 126948 | 2657022 |
|  |  | 3226252 |
| Metals & Mining - 0.0% |  |  |
| Steel Dynamics Inc  | 18347 | 2876809 |
| TOTAL MATERIALS |  | 126643781 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| CBRE Group Inc Class A (b) | 44449 | 6775361 |
| CoStar Group Inc (b) | 70318 | 4838582 |
| Jones Lang LaSalle Inc (b) | 17290 | 5275006 |
|  |  | 16888949 |
| Residential REITs - 0.0% |  |  |
| Sun Communities Inc  | 32895 | 4164507 |
| UDR Inc  | 24620 | 829448 |
|  |  | 4993955 |
| Retail REITs - 0.0% |  |  |
| Simon Property Group Inc  | 97815 | 17191964 |
| Specialized REITs - 0.4% |  |  |
| American Tower Corp  | 636336 | 113891417 |
| Lamar Advertising Co Class A  | 119190 | 14134742 |
| Public Storage Operating Co  | 28280 | 7877677 |
|  |  | 135903836 |
| TOTAL REAL ESTATE |  | 174978704 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.1% |  |  |
| NRG Energy Inc  | 258802 | 44477712 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 460234 | 86662062 |
| TOTAL UTILITIES |  | 131139774 |
| TOTAL UNITED STATES |  | 43736131140 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $24,495,277,867) |  | <br> **43961559720** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (e)<br>(Cost $4,462,870)<br>| 4.15 | 4469000 | **4464204** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.18 | 57156207 | 57167638 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.18 | 63959012 | 63965408 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $121,133,046) |  |  | **121133046** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $24,620,873,783)<br>| <br>**44087156970** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(43572118)** |
| **NET ASSETS - 100.0%** | **44043584852** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 109 | 12/19/2025 | 56688720 | 3043673 | 3043673 |
| CME E-Mini S&P 500 Index Contracts (United States) | 52 | 12/19/2025 | 17872400 | 488522 | 488522 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **3532195** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% |

---

**Legend**

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

(b) Non-income producing.

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,314,365.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 80293003 | 1104714629 | 1127838383 | 1611805 | (1611) | - | 57167638 | 57156207 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 54630981 | 385847819 | 376513392 | 146351 | - | - | 63965408 | 63959012 | 0.2% |
| Total | 134923984 | 1490562448 | 1504351775 | 1758156 | (1611) | - | 121133046 |  |  |

---

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 October 31, 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 | 4951307264 | 4951307264 | - | - |
| Consumer Discretionary | 5704650511 | 5704650511 | - | - |
| Consumer Staples | 1014323230 | 1014323230 | - | - |
| Energy | 115718725 | 115718725 | - | - |
| Financials | 2549705673 | 2549705673 | - | - |
| Health Care | 3054788337 | 3054788337 | - | - |
| Industrials | 2501954847 | 2501954847 | - | - |
| Information Technology | 23630693994 | 23630693994 | - | - |
| Materials | 132298661 | 132298661 | - | - |
| Real Estate | 174978704 | 174978704 | - | - |
| Utilities | 131139774 | 131139774 | - | - |
|  **U.S. Treasury Obligations** | 4464204 | - | 4464204 | - |
|  **Money Market Funds** | 121133046 | 121133046 | - | - |
| **Total Investments in Securities:** | 44087156970 | 44082692766 | 4464204 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 3532195 | 3532195 | - | - |
| Total Assets | 3532195 | 3532195 | - | - |
| **Total Derivative Instruments:** | 3532195 | 3532195 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 3532195 | - |
| **Total Equity Risk**  | 3532195 | - |
| **Total Value of Derivatives** | 3532195 | - |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $84,679,836) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $24,499,740,737) | $43966023924 |  |
| Fidelity Central Funds (cost $121,133,046) | 121133046 |  |
| Total Investment in Securities (cost $24,620,873,783) |  | $44087156970 |
| Cash |  | 128790 |
| Receivable for fund shares sold |  | 56335266 |
| Dividends receivable |  | 8507598 |
| Distributions receivable from Fidelity Central Funds |  | 241416 |
| Receivable for daily variation margin on futures contracts |  | 340236 |
| Other receivables |  | 87440 |
| **Total assets** |  | 44152797716 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $128790 |  |
| Payable for fund shares redeemed | 43777783 |  |
| Accrued management fee | 1245961 |  |
| Other payables and accrued expenses | 89298 |  |
| Collateral on securities loaned | 63971032 |  |
| **Total liabilities** |  | 109212864 |
| **Net Assets**  |  | $44043584852 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $24983600344 |
| Total accumulated earnings (loss) |  | 19059984508 |
| **Net Assets** |  | $44043584852 |
| **Net Asset Value**, offering price and redemption price per share ($44,043,584,852 ÷ 925,561,764 shares) |  | $47.59 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $107866232 |
| Interest  |  | 135497 |
| Income from Fidelity Central Funds (including $146,351 from security lending)  |  | 1758156 |
| **Total income** |  | 109759885 |
| **Expenses** |  |  |
| Management fee | $6704727 |  |
| Independent trustees' fees and expenses | 35107 |  |
| Total expenses before reductions | 6739834 |  |
| Expense reductions | (1582) |  |
| Total expenses after reductions |  | 6738252 |
| **Net Investment income (loss)** |  | 103021633 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 68688432 |  |
| Redemptions in-kind | 77125030 |  |
| Fidelity Central Funds | (1611) |  |
| Futures contracts | 27095894 |  |
| Total net realized gain (loss) |  | 172907745 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 10232571270 |  |
| Futures contracts | (3702698) |  |
| Total change in net unrealized appreciation (depreciation) |  | 10228868572 |
| **Net gain (loss)** |  | 10401776317 |
| **Net increase (decrease) in net assets resulting from operations** |  | $10504797950 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $103021633 | $175744183 |
| &nbsp;&nbsp;Net realized gain (loss) | 172907745<br>| 453611022<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 10228868572 | 2360580000<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 10504797950<br>| 2989935205<br>|
| Distributions to shareholders | -<br>| (116186775)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 6357699442 | 14179230808 |
| Reinvestment of distributions | -<br>| 104573920<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (4044580270) | (8050329082) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2313119172<br>| 6233475646<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 12817917122<br>| 9107224076<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 31225667730 | 22118443654<br>|
| &nbsp;&nbsp;End of period | $44043584852 | $31225667730 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 150068826 | 385332800 |
| Issued in reinvestment of distributions | -<br>| 2632117<br>|
| &nbsp;&nbsp;Redeemed | (94473824) | (220915188) |
| &nbsp;&nbsp;Net increase (decrease) | 55595002 | 167049729 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.89 | $31.47 | $24.05 | $23.70 | $25.63 | $17.27 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .11  | .22  | .23  | .23  | .19  | .18  |
| Net realized and unrealized gain (loss)  | 11.59  | 4.35  | 7.41  | .30  | (1.46)  | 8.60  |
| Total from investment operations  | 11.70  | 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  | $47.59 | $35.89 | $31.47 | $24.05 | $23.70 | $25.63 |
| **Total Return** C,D | 32.60% <br>| 14.46%  | 31.85%  | 2.33%  | (5.39)%  | 51.34%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .03% G,H | .04%  | .04%  | .04%  | .04%  | .04%  |
| Expenses net of fee waivers, if any  | .03% G,H<br>| .04%  | .04%  | .04%  | .04%  | .04%  |
| Expenses net of all reductions, if any  | .03% G,H | .04%  | .03%  | .03%  | .04%  | .04%  |
| Net investment income (loss)  | .53% G | .61%  | .80%  | 1.01%  | .70%  | .82%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $44043585 | $31225668 | $22118444 | $12953183 | $8720854 | $7121373 |
| Portfolio turnover rate I | 24% G,J<br>| 9% J | 15% J | 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 for periods of less than one year are not annualized.*

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

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

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

G*Annualized.*

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

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

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 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.

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

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 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. 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.

**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.

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| | |
|:---|:---|
| **Fidelity Large Cap Growth Index Fund** | $87440 |

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

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to futures contracts, 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:

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| | |
|:---|:---|
| **Gross unrealized appreciation** | $19867313787 |
| **Gross unrealized depreciation** | <u>(544309608)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$19323004179</u> |
| **Tax cost** | <u>$24767684986</u> |

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

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

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**New Accounting Pronouncement.** 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):

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

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Large Cap Growth Index Fund** | 7130913423 | 4586741665 |

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**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Large Cap Growth Index Fund** | 2442815 | - | 77125030 | 77125030 | 101384725 |

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**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares 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 on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Large Cap Growth Index Fund** | 42105784 | 609364323 | 1497517837 |

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**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 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.

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Large Cap Growth Index Fund** | 67609 |

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**7. Committed Line of Credit.**

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

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

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

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

**8. Security Lending.** 

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

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Large Cap Growth Index Fund** | 14942 | 972 | - |

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

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Large Cap Growth Index Fund** | 20678139 |

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**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,582.

**10. Other.**

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

**11. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Large Cap Growth Index Fund**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<u>Other Contractual Arrangements</u>. The Board considered that current contractual arrangements for the fund oblige FMR to pay all expenses of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.035%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

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

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

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

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

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

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

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

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

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

![](img119049_4.jpg)<br>

1.9879606.109 LC1-I-SANN-1225

**Fidelity Flex® Funds**

**Fidelity Flex® Small Cap Index Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119054_1.jpg)

![](img119054_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_ZAP-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® Small Cap Index Fund](#Sub_Sec_Fund_2921_ZAP-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2921_ZAP-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ZAP-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ZAP-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ZAP-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ZAP-SANN)** |

---

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

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

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

The 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 (Semi-Annual Report)**

**Fidelity Flex® Small Cap Index Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| BAHAMAS (NASSAU) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| OneSpaWorld Holdings Ltd  | 13040 | 303441 |
| BERMUDA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Corp Ltd  | 6829 | 65695 |
| CANADA - 0.7%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunopta Inc (United States) (b) | 12085 | 63084 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Teekay Tankers Ltd Class A  | 3061 | 186721 |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| D-Wave Quantum Inc (b)(c) | 43006 | 1593802 |
| Hut 8 Corp (United States) (b) | 11924 | 604070 |
|  |  | 2197872 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| McEwen Inc (b) | 5716 | 104774 |
| TOTAL CANADA |  | 2552451 |
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 25068 | 134866 |
| GERMANY - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Orion SA  | 7164 | 37970 |
| Paper & Forest Products - 0.0% |  |  |
| Mercer International Inc  | 5694 | 11957 |
| TOTAL GERMANY |  | 49927 |
| GHANA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Kosmos Energy Ltd (b) | 60459 | 94921 |
| IRELAND - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Ardmore Shipping Corp  | 4781 | 60193 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b) | 5504 | 59168 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Cimpress PLC (b) | 1852 | 128177 |
| TOTAL IRELAND |  | 247538 |
| ISRAEL - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Mobileye Global Inc Class A (b) | 20281 | 266695 |
| JAPAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Allegro MicroSystems Inc (b) | 15757 | 471449 |
| MONACO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc  | 4824 | 297641 |
| NETHERLANDS - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| uniQure NV (b) | 7700 | 521213 |
| PHILIPPINES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| TaskUS Inc Class A (b) | 2178 | 29054 |
| PUERTO RICO - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class A (b) | 4436 | 34600 |
| Liberty Latin America Ltd Class C (b) | 15667 | 123926 |
|  |  | 158526 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| First BanCorp/Puerto Rico  | 20302 | 395686 |
| Ofg Bancorp  | 5662 | 218893 |
|  |  | 614579 |
| Financial Services - 0.1% |  |  |
| EVERTEC Inc  | 8140 | 231746 |
| TOTAL FINANCIALS |  | 846325 |
| TOTAL PUERTO RICO |  | 1004851 |
| SINGAPORE - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Kulicke & Soffa Industries Inc  | 6632 | 264816 |
| SWEDEN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| SiriusPoint Ltd (b) | 13171 | 239712 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Garrett Motion Inc  | 17425 | 295180 |
| THAILAND - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| BKV Corp (b) | 2388 | 56333 |
| UNITED KINGDOM - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Soho House & Co Inc Class A (b) | 3691 | 32850 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 3497 | 42663 |
| TOTAL UNITED KINGDOM |  | 75513 |
| UNITED STATES - 97.7%  |  |  |
| Communication Services - 3.6% |  |  |
| Diversified Telecommunication Services - 1.4% |  |  |
| Anterix Inc (b) | 2407 | 48670 |
| AST SpaceMobile Inc Class A (b) | 29735 | 2386234 |
| Atn International Inc  | 1288 | 18714 |
| Bandwidth Inc Class A (b) | 3607 | 58253 |
| Cogent Communications Holdings Inc  | 6016 | 248160 |
| Globalstar Inc (b) | 6435 | 350128 |
| IDT Corp Class B  | 2615 | 132476 |
| Lumen Technologies Inc (b) | 119843 | 1231986 |
| Shenandoah Telecommunications Co  | 5846 | 72023 |
| Uniti Group Inc (b) | 22652 | 130476 |
|  |  | 4677120 |
| Entertainment - 0.5% |  |  |
| AMC Entertainment Holdings Inc Class A (b) | 64907 | 168109 |
| Atlanta Braves Holdings Inc Class A (b) | 1334 | 57549 |
| Atlanta Braves Holdings Inc Class C (b) | 5781 | 235402 |
| Cinemark Holdings Inc  | 12984 | 350698 |
| Eventbrite Inc Class A (b) | 10145 | 23435 |
| Madison Square Garden Entertainment Corp Class A (b) | 5144 | 227159 |
| Madison Square Garden Sports Corp Class A (b) | 2278 | 488380 |
| Marcus Corp/The  | 2979 | 42898 |
| Sphere Entertainment Co Class A (b) | 3429 | 234818 |
| Starz Entertainment Corp  | 1582 | 16627 |
| Vivid Seats Inc Class A (b) | 398 | 4939 |
|  |  | 1850014 |
| Interactive Media & Services - 0.6% |  |  |
| Angi Inc Class A (b) | 4722 | 62661 |
| Bumble Inc Class A (b) | 9285 | 51531 |
| Cargurus Inc Class A (b) | 10822 | 380069 |
| Cars.com Inc (b) | 7309 | 78499 |
| EverQuote Inc Class A (b) | 3612 | 77802 |
| fuboTV Inc Class A (b)(c) | 43345 | 163844 |
| MediaAlpha Inc Class A (b) | 4217 | 53766 |
| Nextdoor Holdings Inc Class A (b) | 28544 | 55661 |
| QuinStreet Inc (b) | 7182 | 106222 |
| Rumble Inc Class A (b)(c) | 14030 | 96246 |
| Shutterstock Inc  | 3093 | 77418 |
| TripAdvisor Inc Class A  | 14745 | 236805 |
| Trump Media & Technology Group Corp (b) | 20380 | 312324 |
| Vimeo Inc Class A (b) | 19787 | 154339 |
| Yelp Inc Class A (b) | 7622 | 251374 |
| ZipRecruiter Inc Class A (b) | 8156 | 37924 |
|  |  | 2196485 |
| Media - 0.9% |  |  |
| Altice USA Inc Class A (b) | 33603 | 74935 |
| AMC Networks Inc Class A (b) | 4053 | 30722 |
| Boston Omaha Corp (b) | 2844 | 36176 |
| Cable One Inc  | 579 | 86010 |
| Cardlytics Inc (b) | 6774 | 13141 |
| Clear Channel Outdoor Holdings Inc (b) | 40785 | 73821 |
| DoubleVerify Holdings Inc (b) | 17202 | 195759 |
| EchoStar Corp Class A (b) | 17078 | 1278630 |
| EW Scripps Co/The Class A (b) | 8746 | 21253 |
| Gannett Co Inc (b) | 15828 | 83888 |
| Gray Media Inc  | 10604 | 48460 |
| Ibotta Inc Class A (b) | 1845 | 59520 |
| iHeartMedia Inc Class A (b) | 15418 | 45791 |
| Integral Ad Science Holding Corp (b) | 9803 | 100089 |
| John Wiley & Sons Inc Class A  | 5204 | 191871 |
| Magnite Inc (b) | 18066 | 323020 |
| National CineMedia Inc  | 12016 | 53111 |
| PubMatic Inc Class A (b) | 4475 | 37411 |
| Scholastic Corp  | 2907 | 83344 |
| Sinclair Inc Class A  | 5082 | 69420 |
| Stagwell Inc Class A (b) | 14020 | 66595 |
| TechTarget Inc  | 3685 | 20230 |
| Thryv Holdings Inc (b) | 5286 | 40755 |
| WideOpenWest Inc (b) | 6145 | 31524 |
|  |  | 3065476 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Array Digital Infrastructure Inc  | 1843 | 90528 |
| Gogo Inc (b) | 9536 | 86778 |
| Spok Holdings Inc  | 2712 | 38754 |
| Telephone and Data Systems Inc  | 12463 | 483814 |
|  |  | 699874 |
| TOTAL COMMUNICATION SERVICES |  | 12488969 |
| Consumer Discretionary - 10.4% |  |  |
| Automobile Components - 1.3% |  |  |
| Adient PLC (b) | 10302 | 238903 |
| American Axle & Manufacturing Holdings Inc (b) | 15200 | 94240 |
| Cooper-Standard Holdings Inc (b) | 2263 | 68388 |
| Dana Inc  | 16667 | 338340 |
| Dorman Products Inc (b) | 3530 | 473479 |
| Fox Factory Holding Corp (b) | 5256 | 116210 |
| Gentherm Inc (b) | 3855 | 141864 |
| Goodyear Tire & Rubber Co/The (b) | 36233 | 249645 |
| LCI Industries  | 3084 | 319163 |
| Luminar Technologies Inc Class A (b) | 8102 | 9398 |
| Modine Manufacturing Co (b) | 6666 | 1021299 |
| Patrick Industries Inc  | 4229 | 441381 |
| Phinia Inc  | 4943 | 256591 |
| Solid Power Inc (b) | 21258 | 133500 |
| Standard Motor Products Inc  | 2633 | 97763 |
| Stoneridge Inc (b) | 3592 | 24462 |
| Visteon Corp  | 3467 | 371524 |
| XPEL Inc (b)(d) | 3171 | 108131 |
|  |  | 4504281 |
| Automobiles - 0.0% |  |  |
| Winnebago Industries Inc  | 3545 | 133681 |
| Broadline Retail - 0.2% |  |  |
| Dillard's Inc Class A  | 384 | 230431 |
| Groupon Inc (b) | 3675 | 73978 |
| Kohl's Corp  | 14194 | 230936 |
| Savers Value Village Inc (b) | 4783 | 44051 |
|  |  | 579396 |
| Distributors - 0.0% |  |  |
| A-Mark Precious Metals Inc  | 2530 | 67247 |
| GigaCloud Technology Inc Class A (b) | 3366 | 94181 |
|  |  | 161428 |
| Diversified Consumer Services - 1.5% |  |  |
| ADT Inc  | 65199 | 576359 |
| Adtalem Global Education Inc (b) | 4568 | 447755 |
| American Public Education Inc (b) | 2324 | 77831 |
| Carriage Services Inc  | 1970 | 88059 |
| Coursera Inc (b) | 18025 | 151771 |
| Driven Brands Holdings Inc (b) | 7411 | 106348 |
| European Wax Center Inc Class A (b) | 3862 | 15062 |
| Frontdoor Inc (b) | 9253 | 614677 |
| Graham Holdings Co Class B  | 431 | 436228 |
| Grand Canyon Education Inc (b) | 3531 | 664887 |
| KinderCare Learning Cos Inc (b) | 4025 | 23748 |
| Laureate Education Inc (b) | 17052 | 495020 |
| Lincoln Educational Services Corp (b) | 3770 | 73213 |
| Matthews International Corp Class A  | 3944 | 92368 |
| Mister Car Wash Inc (b) | 12422 | 69439 |
| Nerdy Inc Class A (b)(c) | 8334 | 8249 |
| Perdoceo Education Corp  | 7763 | 246553 |
| Strategic Education Inc  | 3000 | 227940 |
| Stride Inc (b) | 5469 | 372111 |
| Udemy Inc (b) | 12052 | 68636 |
| Universal Technical Institute Inc (b) | 6351 | 188752 |
|  |  | 5045006 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| Accel Entertainment Inc Class A (b) | 7571 | 77148 |
| Biglari Holdings Inc Class B (b) | 85 | 30711 |
| BJ's Restaurants Inc (b) | 2834 | 96243 |
| Bloomin' Brands Inc  | 9800 | 66934 |
| Brinker International Inc (b) | 5646 | 613495 |
| Cheesecake Factory Inc/The  | 5810 | 289338 |
| Cracker Barrel Old Country Store Inc  | 2850 | 96045 |
| Dave & Buster's Entertainment Inc (b)(c) | 3439 | 50519 |
| Denny's Corp (b) | 6576 | 25712 |
| Dine Brands Global Inc  | 1971 | 48723 |
| El Pollo Loco Holdings Inc (b) | 3305 | 33777 |
| Empire Resorts Inc (b)(e) | 126 | 0 |
| First Watch Restaurant Group Inc (b) | 5745 | 94735 |
| Global Business Travel Group I Class A (b) | 13871 | 109026 |
| Golden Entertainment Inc  | 2512 | 50742 |
| Jack in the Box Inc  | 2417 | 38769 |
| Krispy Kreme Inc  | 12067 | 43321 |
| Kura Sushi USA Inc Class A (b) | 812 | 46227 |
| Life Time Group Holdings Inc (b) | 19265 | 476423 |
| Lindblad Expeditions Holdings Inc (b) | 4854 | 58539 |
| Lucky Strike Entertainment Corp Class A (c) | 1982 | 16609 |
| Monarch Casino & Resort Inc  | 1580 | 142311 |
| Papa John's International Inc  | 4157 | 211217 |
| Portillo's Inc Class A (b) | 9166 | 49038 |
| Pursuit Attractions and Hospitality Inc (b) | 2693 | 95548 |
| Rci Hospitality Holdings Inc  | 1019 | 25383 |
| Red Rock Resorts Inc Class A  | 6107 | 325564 |
| Rush Street Interactive Inc Class A (b) | 12110 | 205386 |
| Sabre Corp (b) | 50526 | 103326 |
| Serve Robotics Inc (b)(c) | 6115 | 80901 |
| Shake Shack Inc Class A (b) | 5109 | 493070 |
| Six Flags Entertainment Corp (b) | 12829 | 294810 |
| Sweetgreen Inc Class A (b) | 13583 | 85437 |
| Target Hospitality Corp (b) | 4103 | 31552 |
| United Parks & Resorts Inc (b) | 3475 | 168190 |
| Viking Holdings Ltd (b) | 23264 | 1415615 |
| Wendy's Co/The  | 19983 | 170655 |
| Xponential Fitness Inc Class A (b) | 3512 | 23601 |
|  |  | 6284640 |
| Household Durables - 2.0% |  |  |
| Beazer Homes USA Inc (b) | 3466 | 77638 |
| Cavco Industries Inc (b) | 1006 | 532979 |
| Century Communities Inc  | 3259 | 193585 |
| Champion Homes Inc (b) | 7175 | 489550 |
| Cricut Inc Class A  | 6276 | 33326 |
| Dream Finders Homes Inc Class A (b) | 3674 | 72745 |
| Ethan Allen Interiors Inc  | 2997 | 72437 |
| Flexsteel Industries Inc  | 499 | 17060 |
| Green Brick Partners Inc (b) | 3873 | 250738 |
| Helen of Troy Ltd (b) | 2929 | 54567 |
| Hovnanian Enterprises Inc Class A (b) | 582 | 69974 |
| Installed Building Products Inc  | 2900 | 719867 |
| KB Home  | 8632 | 538809 |
| La-Z-Boy Inc  | 5219 | 165442 |
| Legacy Housing Corp (b) | 1133 | 25442 |
| Leggett & Platt Inc  | 17112 | 159826 |
| LGI Homes Inc (b) | 2533 | 103372 |
| Lovesac Co/The (b) | 1772 | 24578 |
| M/I Homes Inc (b) | 3350 | 419387 |
| Meritage Homes Corp  | 9027 | 609864 |
| SharkNinja Inc (b) | 8959 | 765995 |
| Smith Douglas Homes Corp Class A (b) | 1176 | 20545 |
| Sonos Inc (b) | 15348 | 263525 |
| Taylor Morrison Home Corp (b) | 12548 | 743720 |
| Tri Pointe Homes Inc (b) | 11088 | 353153 |
|  |  | 6778124 |
| Leisure Products - 0.3% |  |  |
| Acushnet Holdings Corp  | 3504 | 270965 |
| Funko Inc Class A (b) | 4827 | 15060 |
| JAKKS Pacific Inc  | 1143 | 19431 |
| Johnson Outdoors Inc Class A  | 774 | 31525 |
| Latham Group Inc (b) | 5973 | 43304 |
| Malibu Boats Inc Class A (b) | 2455 | 68421 |
| MasterCraft Boat Holdings Inc (b) | 1638 | 32858 |
| Peloton Interactive Inc Class A (b) | 49728 | 361026 |
| Smith & Wesson Brands Inc  | 5691 | 54548 |
| Sturm Ruger & Co Inc  | 2081 | 88255 |
| Topgolf Callaway Brands Corp (b) | 17630 | 165898 |
|  |  | 1151291 |
| Specialty Retail - 2.6% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 3305 | 11897 |
| Abercrombie & Fitch Co Class A (b) | 6044 | 438492 |
| America's Car-Mart Inc/TX (b) | 991 | 22040 |
| American Eagle Outfitters Inc  | 20432 | 341419 |
| Arhaus Inc Class A (b) | 6897 | 69108 |
| Arko Corp  | 10102 | 44499 |
| Asbury Automotive Group Inc (b) | 2494 | 585092 |
| BARK Inc (b) | 15019 | 13634 |
| Barnes & Noble Education Inc (b) | 2839 | 25920 |
| Bed Bath & Beyond Inc (b) | 7346 | 56638 |
| Boot Barn Holdings Inc (b) | 3878 | 735463 |
| Buckle Inc/The  | 3834 | 210103 |
| Build-A-Bear Workshop Inc  | 1572 | 85234 |
| Caleres Inc  | 4298 | 47450 |
| Camping World Holdings Inc Class A  | 7877 | 103661 |
| Chewy Inc Class A (b) | 28320 | 954950 |
| Citi Trends Inc (b) | 879 | 31486 |
| Designer Brands Inc Class A  | 4504 | 16620 |
| EVgo Inc Class A (b) | 17287 | 71050 |
| Gap Inc/The  | 28892 | 660182 |
| Genesco Inc (b) | 1261 | 36582 |
| Group 1 Automotive Inc  | 1610 | 640039 |
| Guess? Inc  | 3935 | 66816 |
| Haverty Furniture Cos Inc  | 1744 | 38037 |
| J Jill Inc  | 945 | 14241 |
| Lands' End Inc (b)(c) | 1481 | 23311 |
| MarineMax Inc (b) | 2399 | 59423 |
| Monro Inc  | 3845 | 56329 |
| National Vision Holdings Inc (b) | 10052 | 258839 |
| ODP Corp/The (b) | 3849 | 107310 |
| OneWater Marine Inc Class A (b)(c) | 1720 | 26712 |
| Penske Automotive Group Inc  | 2353 | 376645 |
| Petco Health & Wellness Co Inc Class A (b) | 11402 | 36258 |
| RealReal Inc/The (b) | 12232 | 149353 |
| Revolve Group Inc Class A (b) | 5080 | 112370 |
| Sally Beauty Holdings Inc (b) | 12530 | 189328 |
| Shoe Carnival Inc  | 2262 | 41462 |
| Signet Jewelers Ltd  | 5221 | 516096 |
| Sleep Number Corp (b) | 2883 | 15857 |
| Sonic Automotive Inc Class A  | 1869 | 118738 |
| Stitch Fix Inc Class A (b) | 14648 | 61375 |
| ThredUp Inc Class A (b) | 12309 | 108196 |
| Upbound Group Inc  | 6591 | 127734 |
| Urban Outfitters Inc (b) | 6829 | 441222 |
| Victoria's Secret & Co (b) | 10124 | 356871 |
| Warby Parker Inc Class A (b) | 12539 | 245639 |
| Winmark Corp  | 373 | 150382 |
| Zumiez Inc (b) | 1744 | 37758 |
|  |  | 8937861 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Carter's Inc  | 4608 | 144691 |
| Columbia Sportswear Co  | 3271 | 162340 |
| Figs Inc Class A (b) | 19667 | 146716 |
| G-III Apparel Group Ltd (b) | 4809 | 129122 |
| Hanesbrands Inc (b) | 44897 | 296769 |
| Kontoor Brands Inc  | 6497 | 525737 |
| Lakeland Industries Inc  | 1169 | 19242 |
| Levi Strauss & Co Class A  | 12843 | 260456 |
| Movado Group Inc  | 2061 | 37531 |
| Oxford Industries Inc  | 1801 | 66367 |
| Steven Madden Ltd  | 9219 | 312616 |
| Wolverine World Wide Inc  | 10332 | 234536 |
|  |  | 2336123 |
| TOTAL CONSUMER DISCRETIONARY |  | 35911831 |
| Consumer Staples - 2.1% |  |  |
| Beverages - 0.2% |  |  |
| Boston Beer Co Inc/The Class A (b) | 1002 | 207404 |
| MGP Ingredients Inc  | 1776 | 42979 |
| National Beverage Corp (b) | 3020 | 103495 |
| Vita Coco Co Inc/The (b) | 5556 | 228797 |
|  |  | 582675 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Andersons Inc/The  | 4308 | 199503 |
| Chefs' Warehouse Inc/The (b) | 4598 | 271282 |
| Grocery Outlet Holding Corp (b) | 12416 | 168982 |
| Guardian Pharmacy Services Inc Class A (b) | 2514 | 70493 |
| Ingles Markets Inc Class A  | 1706 | 117885 |
| Natural Grocers by Vitamin Cottage Inc  | 1353 | 43417 |
| PriceSmart Inc  | 3201 | 367923 |
| United Natural Foods Inc (b) | 7686 | 289378 |
| Weis Markets Inc  | 1210 | 76641 |
|  |  | 1605504 |
| Food Products - 0.8% |  |  |
| Alico Inc  | 766 | 26971 |
| B&G Foods Inc  | 10274 | 41096 |
| Beyond Meat Inc (b) | 9669 | 16002 |
| BRC Inc Class A (b)(c) | 12305 | 15627 |
| Cal-Maine Foods Inc  | 5796 | 508889 |
| Calavo Growers Inc  | 2171 | 48218 |
| Fresh Del Monte Produce Inc  | 4192 | 148187 |
| Hain Celestial Group Inc (b) | 11117 | 12896 |
| J & J Snack Foods Corp  | 1976 | 167268 |
| John B Sanfilippo & Son Inc  | 1183 | 74269 |
| Limoneira Co  | 2066 | 29193 |
| Mama's Creations Inc (b) | 4414 | 46744 |
| Marzetti Company/The  | 2599 | 407497 |
| Mission Produce Inc (b) | 5443 | 62703 |
| Pilgrim's Pride Corp  | 5458 | 207950 |
| Seaboard Corp  | 33 | 111209 |
| Seneca Foods Corp Class A (b) | 635 | 68475 |
| Simply Good Foods Co/The (b) | 11712 | 229204 |
| Tootsie Roll Industries Inc Class A  | 2534 | 89425 |
| TreeHouse Foods Inc (b) | 5564 | 101265 |
| Utz Brands Inc Class A  | 9745 | 102615 |
| Vital Farms Inc (b) | 4702 | 154461 |
| Westrock Coffee Co (b) | 4670 | 20595 |
|  |  | 2690759 |
| Household Products - 0.3% |  |  |
| Central Garden & Pet Co (b) | 757 | 23217 |
| Central Garden & Pet Co Class A (b) | 6844 | 190332 |
| Energizer Holdings Inc  | 7703 | 178941 |
| Oil-Dri Corp of America  | 1343 | 74389 |
| Reynolds Consumer Products Inc  | 6942 | 169662 |
| Spectrum Brands Holdings Inc  | 3049 | 164280 |
| WD-40 Co  | 1725 | 335133 |
|  |  | 1135954 |
| Personal Care Products - 0.2% |  |  |
| Coty Inc Class A (b) | 46305 | 183831 |
| Edgewell Personal Care Co  | 5920 | 114789 |
| Herbalife Ltd (b) | 12957 | 103656 |
| Honest Co Inc/The (b) | 12790 | 43614 |
| Interparfums Inc  | 2326 | 207363 |
| Medifast Inc (b) | 1373 | 16503 |
| Nu Skin Enterprises Inc Class A  | 6344 | 68008 |
| Olaplex Holdings Inc (b) | 15684 | 16311 |
| USANA Health Sciences Inc (b) | 1383 | 29250 |
|  |  | 783325 |
| Tobacco - 0.1% |  |  |
| Turning Point Brands Inc  | 2285 | 205422 |
| Universal Corp/VA  | 3146 | 159438 |
|  |  | 364860 |
| TOTAL CONSUMER STAPLES |  | 7163077 |
| Energy - 4.0% |  |  |
| Energy Equipment & Services - 1.6% |  |  |
| Archrock Inc  | 22384 | 565644 |
| Atlas Energy Solutions Inc (c) | 9869 | 122178 |
| Bristow Group Inc (b) | 3182 | 129507 |
| Cactus Inc Class A  | 8741 | 386090 |
| Core Laboratories Inc  | 5923 | 94413 |
| DMC Global Inc (b) | 2245 | 18095 |
| Expro Group Holdings NV (b) | 13078 | 177599 |
| Helix Energy Solutions Group Inc (b) | 17289 | 116182 |
| Innovex International Inc (b) | 4888 | 98102 |
| Kodiak Gas Services Inc  | 8383 | 309165 |
| Liberty Energy Inc Class A  | 20582 | 372740 |
| Nabors Industries Ltd (b) | 1995 | 96797 |
| Natural Gas Services Group Inc  | 1434 | 39923 |
| Noble Corp PLC  | 15968 | 468661 |
| Oceaneering International Inc (b) | 12798 | 298065 |
| Oil States International Inc (b) | 7387 | 44100 |
| Patterson-UTI Energy Inc  | 44521 | 279147 |
| ProPetro Holding Corp (b) | 10288 | 106789 |
| Ranger Energy Services Inc Class A  | 1919 | 26367 |
| RPC Inc  | 11498 | 59790 |
| Select Water Solutions Inc Class A  | 12542 | 144986 |
| Solaris Energy Infrastructure Inc Class A  | 5327 | 283556 |
| TETRA Technologies Inc (b) | 16851 | 118968 |
| Tidewater Inc (b) | 5854 | 296154 |
| Transocean Ltd (b) | 121927 | 468200 |
| Valaris Ltd (b) | 8420 | 472530 |
|  |  | 5593748 |
| Oil, Gas & Consumable Fuels - 2.4% |  |  |
| Amplify Energy Corp (b) | 4503 | 20444 |
| Berry Corp  | 10276 | 34630 |
| California Resources Corp  | 9325 | 439860 |
| Calumet Inc (b) | 8171 | 159825 |
| Centrus Energy Corp Class A (b) | 2222 | 816497 |
| Clean Energy Fuels Corp (b) | 22470 | 64264 |
| CNX Resources Corp (b) | 18043 | 607327 |
| Comstock Resources Inc (b) | 10075 | 188906 |
| Core Natural Resources Inc  | 6550 | 517450 |
| Crescent Energy Co Class A  | 23765 | 200339 |
| CVR Energy Inc (b) | 3856 | 137235 |
| Delek US Holdings Inc  | 7651 | 288902 |
| Dorian LPG Ltd  | 4698 | 135537 |
| Excelerate Energy Inc Class A  | 3167 | 82057 |
| FutureFuel Corp  | 4029 | 15834 |
| Gevo Inc (b) | 30160 | 70574 |
| Granite Ridge Resources Inc  | 9005 | 47546 |
| Green Plains Inc (b) | 8437 | 86732 |
| Gulfport Energy Corp (b) | 2004 | 372764 |
| HighPeak Energy Inc Class A (c) | 3206 | 21320 |
| International Seaways Inc  | 5186 | 265679 |
| Kinetik Holdings Inc Class A  | 5629 | 216773 |
| Magnolia Oil & Gas Corp Class A  | 23992 | 538860 |
| New Fortress Energy Inc Class A (b)(c) | 15138 | 19528 |
| NextDecade Corp (b) | 17843 | 105809 |
| Northern Oil & Gas Inc  | 12469 | 275939 |
| Par Pacific Holdings Inc (b) | 6480 | 259070 |
| Peabody Energy Corp  | 15468 | 424133 |
| REX American Resources Corp (b) | 3738 | 119728 |
| Riley Exploration Permian Inc  | 1455 | 37859 |
| Ring Energy Inc (b) | 21132 | 20179 |
| Sable Offshore Corp (b) | 9908 | 103638 |
| SandRidge Energy Inc  | 4406 | 52475 |
| Summit Midstream Corp Class A (b) | 1431 | 31368 |
| Talos Energy Inc (b) | 16638 | 163219 |
| Uranium Energy Corp (b) | 56470 | 854392 |
| VAALCO Energy Inc  | 14468 | 56859 |
| Vital Energy Inc (b) | 3727 | 58551 |
| Vitesse Energy Inc  | 3878 | 84347 |
| W&T Offshore Inc (c) | 12968 | 27233 |
| World Kinect Corp  | 7245 | 187283 |
|  |  | 8210965 |
| TOTAL ENERGY |  | 13804713 |
| Financials - 16.2% |  |  |
| Banks - 7.9% |  |  |
| 1st Source Corp  | 2334 | 138733 |
| Amalgamated Financial Corp  | 2726 | 74311 |
| Amerant Bancorp Inc Class A  | 4930 | 82676 |
| Ameris Bancorp  | 8166 | 584849 |
| Associated Banc-Corp  | 20723 | 513309 |
| Atlantic Union Bankshares Corp  | 18077 | 587864 |
| Axos Financial Inc (b) | 7156 | 558025 |
| Banc of California Inc  | 16575 | 281278 |
| BancFirst Corp  | 2626 | 285866 |
| Bancorp Inc/The (b) | 5847 | 382218 |
| Bank First Corp  | 1133 | 138362 |
| Bank of Hawaii Corp  | 5056 | 328286 |
| Bank of Marin Bancorp  | 2092 | 53869 |
| BankUnited Inc  | 9536 | 382203 |
| Banner Corp  | 4392 | 265233 |
| Bar Harbor Bankshares  | 2092 | 61358 |
| Beacon Financial Corp  | 10533 | 256373 |
| BOK Financial Corp  | 2826 | 295543 |
| Burke & Herbert Financial Services Corp  | 1701 | 100121 |
| Business First Bancshares Inc  | 3791 | 92955 |
| Byline Bancorp Inc  | 4148 | 110918 |
| California BanCorp (b) | 2896 | 53547 |
| Camden National Corp  | 2178 | 83091 |
| Capital Bancorp Inc  | 1484 | 41248 |
| Capitol Federal Financial Inc  | 15333 | 92611 |
| Cathay General Bancorp  | 8771 | 398642 |
| Central Pacific Financial Corp  | 3418 | 97447 |
| City Holding Co  | 1846 | 217606 |
| CNB Financial Corp/PA  | 3754 | 92348 |
| Coastal Financial Corp/WA Class A (b) | 1644 | 175086 |
| Columbia Banking System Inc  | 37965 | 1017462 |
| Columbia Financial Inc (b) | 3503 | 51669 |
| Community Financial System Inc  | 6716 | 372604 |
| Community Trust Bancorp Inc  | 1926 | 98602 |
| Connectone Bancorp Inc  | 6311 | 151843 |
| Customers Bancorp Inc (b) | 3723 | 249888 |
| CVB Financial Corp  | 16451 | 302205 |
| Dime Community Bancshares Inc  | 5146 | 135083 |
| Eagle Bancorp Inc  | 3530 | 59128 |
| Eastern Bankshares Inc  | 24774 | 434288 |
| Enterprise Financial Services Corp  | 4697 | 245982 |
| Equity Bancshares Inc Class A  | 1922 | 77860 |
| Esquire Financial Holdings Inc  | 865 | 81137 |
| Farmers National Banc Corp  | 4894 | 63524 |
| FB Bancorp Inc (b) | 2563 | 31063 |
| FB Financial Corp  | 5328 | 287765 |
| Financial Institutions Inc  | 2579 | 73321 |
| First Bancorp/Southern Pines NC  | 5267 | 255660 |
| First Busey Corp  | 11291 | 252467 |
| First Business Financial Services Inc  | 1075 | 54406 |
| First Commonwealth Financial Corp  | 13224 | 202195 |
| First Community Bankshares Inc  | 2375 | 76808 |
| First Financial Bancorp  | 12152 | 284478 |
| First Financial Corp  | 1501 | 80033 |
| First Foundation Inc (b) | 10330 | 56195 |
| First Hawaiian Inc  | 15851 | 388825 |
| First Interstate BancSystem Inc Class A  | 11586 | 362063 |
| First Merchants Corp  | 7314 | 259501 |
| First Mid Bancshares Inc  | 2754 | 98400 |
| Firstsun Capital Bancorp (b) | 1423 | 48439 |
| Five Star Bancorp  | 2136 | 75849 |
| Flushing Financial Corp  | 4322 | 59082 |
| FNB Corp/PA  | 45541 | 715905 |
| Fulton Financial Corp  | 23097 | 401195 |
| German American Bancorp Inc  | 4770 | 183836 |
| Great Southern Bancorp Inc  | 1081 | 60212 |
| Hanmi Financial Corp  | 3764 | 99370 |
| Harborone Northeast Bancorp Inc  | 4818 | 58298 |
| Heritage Commerce Corp  | 7740 | 80496 |
| Heritage Financial Corp Wash  | 4281 | 94995 |
| Hilltop Holdings Inc  | 5591 | 180589 |
| Hingham Institution For Savings The  | 244 | 71799 |
| Home BancShares Inc/AR  | 23322 | 622931 |
| HomeTrust Bancshares Inc  | 1744 | 68557 |
| Hope Bancorp Inc  | 16150 | 169414 |
| Horizon Bancorp Inc/IN  | 5468 | 85301 |
| Independent Bank Corp  | 6326 | 425677 |
| Independent Bank Corp/MI  | 2672 | 80748 |
| International Bancshares Corp  | 6880 | 456694 |
| Kearny Financial Corp/MD  | 7339 | 46896 |
| Lakeland Financial Corp  | 3244 | 185070 |
| Live Oak Bancshares Inc  | 4460 | 138884 |
| Mechanics Bancorp Class A (b) | 2397 | 32095 |
| Mercantile Bank Corp  | 2089 | 91603 |
| Metropolitan Bank Holding Corp  | 1173 | 77735 |
| Mid Penn Bancorp Inc  | 2624 | 74653 |
| Midland States Bancorp Inc  | 2815 | 41211 |
| MidWestOne Financial Group Inc  | 2598 | 96100 |
| National Bank Holdings Corp Class A  | 4808 | 171453 |
| NB Bancorp Inc  | 4275 | 77249 |
| Nbt Bancorp Inc  | 6650 | 269126 |
| Nicolet Bankshares Inc  | 1680 | 198475 |
| Northeast Bank  | 913 | 78774 |
| Northeast Community Bancorp Inc  | 1481 | 29086 |
| Northfield Bancorp Inc  | 4655 | 47574 |
| Northrim BanCorp Inc  | 2846 | 62555 |
| Northwest Bancshares Inc  | 18617 | 218005 |
| OceanFirst Financial Corp  | 7219 | 131241 |
| Old Second Bancorp Inc  | 6639 | 119170 |
| Origin Bancorp Inc  | 3700 | 128242 |
| Orrstown Financial Services Inc  | 2508 | 83466 |
| Park National Corp  | 1821 | 277138 |
| Pathward Financial Inc  | 2915 | 198395 |
| Peapack-Gladstone Financial Corp  | 2027 | 51283 |
| Peoples Bancorp Inc/OH  | 4432 | 126755 |
| Peoples Financial Services Corp  | 1196 | 53270 |
| Preferred Bank/Los Angeles CA  | 1459 | 131675 |
| Provident Financial Services Inc  | 16581 | 303266 |
| QCR Holdings Inc  | 2141 | 159269 |
| Renasant Corp  | 12035 | 404737 |
| Republic Bancorp Inc/KY Class A  | 1210 | 79739 |
| S&T Bancorp Inc  | 4872 | 178510 |
| Seacoast Banking Corp of Florida  | 11010 | 333603 |
| Shore Bancshares Inc  | 3975 | 62050 |
| Simmons First National Corp Class A  | 18313 | 318280 |
| SmartFinancial Inc  | 1892 | 66163 |
| Southern Missouri Bancorp Inc  | 1223 | 64134 |
| Southside Bancshares Inc  | 3642 | 102413 |
| Stellar Bancorp Inc  | 5853 | 172254 |
| Stock Yards Bancorp Inc  | 3478 | 226140 |
| Texas Capital Bancshares Inc (b) | 5805 | 486691 |
| TFS Financial Corp  | 6431 | 85532 |
| Third Coast Bancshares Inc (b) | 1614 | 59315 |
| Tompkins Financial Corp  | 1605 | 101853 |
| Towne Bank/Portsmouth VA  | 9266 | 301238 |
| TriCo Bancshares  | 4138 | 183024 |
| Triumph Financial Inc (b) | 2845 | 154939 |
| TrustCo Bank Corp NY  | 2434 | 91786 |
| Trustmark Corp  | 7680 | 285850 |
| UMB Financial Corp  | 9063 | 968653 |
| United Community Banks Inc/GA  | 15426 | 450439 |
| Unity Bancorp Inc  | 851 | 38643 |
| Univest Financial Corp  | 3627 | 106489 |
| WaFd Inc  | 9996 | 290184 |
| Washington Trust Bancorp Inc  | 2483 | 67637 |
| WesBanco Inc  | 12177 | 366528 |
| Westamerica BanCorp  | 3234 | 154100 |
| WSFS Financial Corp  | 7098 | 369735 |
|  |  | 27240191 |
| Capital Markets - 2.5% |  |  |
| Acadian Asset Management Inc  | 3355 | 161376 |
| Artisan Partners Asset Management Inc Class A  | 9000 | 392940 |
| BGC Group Inc Class A  | 46312 | 423292 |
| Cohen & Steers Inc  | 3502 | 239257 |
| Diamond Hill Investment Group Inc  | 328 | 42099 |
| DigitalBridge Group Inc Class A  | 21013 | 248584 |
| Donnelley Financial Solutions Inc (b) | 3483 | 160044 |
| Federated Hermes Inc Class B  | 9428 | 457069 |
| GCM Grosvenor Inc Class A  | 6853 | 78878 |
| Hamilton Lane Inc Class A  | 5135 | 585185 |
| Lazard Inc  | 14323 | 698962 |
| Moelis & Co Class A  | 9439 | 597772 |
| Open Lending Corp (b) | 13046 | 24787 |
| Oppenheimer Holdings Inc Class A  | 761 | 53087 |
| P10 Inc Class A  | 8019 | 81473 |
| Perella Weinberg Partners Class A  | 7904 | 147647 |
| Piper Sandler Cos  | 2111 | 673958 |
| PJT Partners Inc Class A  | 3095 | 498635 |
| StepStone Group Inc Class A  | 9153 | 557235 |
| StoneX Group Inc (b) | 5898 | 542144 |
| TPG Inc Class A  | 15778 | 868421 |
| Victory Capital Holdings Inc Class A  | 6272 | 390557 |
| Virtu Financial Inc Class A  | 10083 | 351292 |
| Virtus Invt Partners Inc  | 794 | 129279 |
| WisdomTree Inc  | 15200 | 181792 |
|  |  | 8585765 |
| Consumer Finance - 1.1% |  |  |
| Atlanticus Holdings Corp (b) | 717 | 39514 |
| Bread Financial Holdings Inc  | 5914 | 370512 |
| Dave Inc Class A (b) | 1397 | 334330 |
| Encore Capital Group Inc (b) | 2893 | 120291 |
| Enova International Inc (b) | 3179 | 380113 |
| EZCORP Inc Class A (b) | 7320 | 133590 |
| FirstCash Holdings Inc  | 4965 | 786953 |
| Green Dot Corp Class A (b) | 6528 | 75790 |
| LendingClub Corp (b) | 14493 | 252033 |
| Lendingtree Inc (b) | 1432 | 91648 |
| Navient Corp  | 8558 | 104664 |
| Nelnet Inc Class A  | 1784 | 230225 |
| NerdWallet Inc Class A (b) | 4806 | 56086 |
| Oportun Financial Corp (b) | 5219 | 27817 |
| PRA Group Inc (b) | 4805 | 65877 |
| PROG Holdings Inc  | 5015 | 145084 |
| Upstart Holdings Inc (b) | 10744 | 510555 |
| World Acceptance Corp (b) | 402 | 51243 |
|  |  | 3776325 |
| Financial Services - 2.0% |  |  |
| Alerus Financial Corp  | 3303 | 69759 |
| Cannae Holdings Inc  | 6340 | 113359 |
| Cantaloupe Inc (b) | 7513 | 79337 |
| Cass Information Systems Inc  | 1548 | 61192 |
| Enact Holdings Inc  | 3755 | 134129 |
| Federal Agricultural Mortgage Corp Class C  | 1188 | 188464 |
| Flywire Corp (b) | 13894 | 185068 |
| HA Sustainable Infrastructure Capital Inc  | 15731 | 435906 |
| International Money Express Inc (b) | 3839 | 57163 |
| Jackson Financial Inc  | 8847 | 891867 |
| loanDepot Inc Class A (b) | 11057 | 33392 |
| Marqeta Inc Class A (b) | 49514 | 224298 |
| Merchants Bancorp/IN  | 3734 | 116463 |
| NCR Atleos Corp (b) | 9336 | 344498 |
| NewtekOne Inc  | 3161 | 32874 |
| NMI Holdings Inc (b) | 9870 | 359564 |
| Onity Group Inc (b) | 767 | 28739 |
| Paymentus Holdings Inc Class A (b) | 5230 | 149578 |
| Payoneer Global Inc (b) | 36958 | 213987 |
| PennyMac Financial Services Inc  | 3670 | 461723 |
| Radian Group Inc  | 17210 | 584108 |
| Remitly Global Inc (b) | 21473 | 344427 |
| Repay Holdings Corp Class A (b) | 8617 | 36967 |
| Rocket Cos Inc Class A  | 32439 | 540435 |
| Sezzle Inc (b) | 2154 | 141195 |
| Shift4 Payments Inc Class A (b) | 8544 | 590391 |
| UWM Holdings Corp Class A  | 25867 | 145631 |
| Velocity Financial Inc (b) | 1241 | 23107 |
| Walker & Dunlop Inc  | 4323 | 345494 |
|  |  | 6933115 |
| Insurance - 2.0% |  |  |
| Abacus Global Management Inc Class A (b) | 4044 | 20301 |
| Ambac Financial Group Inc (b) | 5905 | 48480 |
| American Coastal Insurance Corp  | 3191 | 37781 |
| American Integrity Insurance Group Inc  | 875 | 20851 |
| Amerisafe Inc  | 2392 | 95871 |
| Baldwin Insurance Group Inc/The Class A (b) | 9027 | 199497 |
| Bowhead Specialty Holdings Inc (b) | 2192 | 52520 |
| Brighthouse Financial Inc (b) | 7238 | 413073 |
| CNO Financial Group Inc  | 12305 | 492447 |
| Donegal Group Inc Class A  | 2163 | 40556 |
| eHealth Inc (b) | 3676 | 19078 |
| Employers Holdings Inc  | 2948 | 112407 |
| F&G Annuities & Life Inc  | 2777 | 82338 |
| Genworth Financial Inc Class A (b) | 51948 | 438441 |
| Goosehead Insurance Inc Class A  | 3213 | 220637 |
| HCI Group Inc  | 1366 | 278678 |
| Heritage Insurance Holdings Inc (b) | 2856 | 67487 |
| Hippo Holdings Inc (b) | 2661 | 97872 |
| Horace Mann Educators Corp  | 5178 | 231508 |
| Investors Title Co  | 199 | 51459 |
| James River Group Holdings Ltd  | 5840 | 29784 |
| Kemper Corp  | 7965 | 358345 |
| Lemonade Inc (b) | 7971 | 478898 |
| MBIA Inc (b) | 5648 | 38576 |
| Mercury General Corp  | 3381 | 261351 |
| Oscar Health Inc Class A (b) | 26623 | 479214 |
| Palomar Hldgs Inc (b) | 3400 | 387634 |
| ProAssurance Corp (b) | 6491 | 155459 |
| Root Inc/OH Class A (b) | 1718 | 138333 |
| Safety Insurance Group Inc  | 1888 | 129762 |
| Selectquote Inc (b) | 18522 | 38526 |
| Skyward Specialty Insurance Group Inc (b) | 4774 | 217647 |
| Stewart Information Services Corp  | 3555 | 242700 |
| Tiptree Inc Class A  | 2944 | 52138 |
| Trupanion Inc (b) | 4252 | 170037 |
| TWFG Inc Class A (b) | 1835 | 44701 |
| United Fire Group Inc  | 2782 | 84100 |
| Universal Insurance Holdings Inc  | 3272 | 100843 |
| White Mountains Insurance Group Ltd  | 323 | 615174 |
|  |  | 7044504 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.7% |  |  |
| Adamas Trust Inc  | 10859 | 72430 |
| AG Mortgage Investment Trust Inc  | 4125 | 29453 |
| Apollo Commercial Real Estate Finance Inc  | 16785 | 164325 |
| Arbor Realty Trust Inc (c) | 24485 | 247054 |
| Ares Commercial Real Estate Corp  | 7188 | 32058 |
| ARMOUR Residential REIT Inc  | 14347 | 232708 |
| Brightspire Capital Inc Class A  | 17023 | 87839 |
| Chimera Investment Corp  | 10286 | 131249 |
| Claros Mortgage Trust Inc (b) | 16656 | 53299 |
| Dynex Capital Inc  | 16660 | 220578 |
| Ellington Financial Inc  | 12669 | 168751 |
| Franklin BSP Realty Trust Inc  | 10813 | 109644 |
| Invesco Mortgage Capital Inc  | 8841 | 66573 |
| Kkr Real Estate Finance Trust Inc  | 7314 | 59536 |
| Ladder Capital Corp Class A  | 14294 | 151088 |
| MFA Financial Inc  | 13340 | 119927 |
| Orchid Island Capital Inc  | 17291 | 125014 |
| Pennymac Mortgage Investment Trust  | 11029 | 132789 |
| Ready Capital Corp (c) | 19839 | 58128 |
| Redwood Trust Inc  | 16426 | 87222 |
| TPG RE Finance Trust Inc  | 10313 | 89207 |
| Two Harbors Investment Corp  | 13288 | 129159 |
|  |  | 2568031 |
| TOTAL FINANCIALS |  | 56147931 |
| Health Care - 15.6% |  |  |
| Biotechnology - 8.5% |  |  |
| 4D Molecular Therapeutics Inc (b) | 4500 | 51750 |
| Abeona Therapeutics Inc (b) | 6114 | 29408 |
| Absci Corp (b)(c) | 16841 | 72079 |
| ACADIA Pharmaceuticals Inc (b) | 15877 | 360408 |
| ADMA Biologics Inc (b) | 30335 | 469586 |
| Agios Pharmaceuticals Inc (b) | 7363 | 318376 |
| Akebia Therapeutics Inc (b) | 34002 | 75144 |
| Akero Therapeutics Inc (b) | 9341 | 506282 |
| Alector Inc (b) | 10991 | 16157 |
| Allogene Therapeutics Inc (b) | 20293 | 25163 |
| Altimmune Inc (b) | 11196 | 45344 |
| Amicus Therapeutics Inc (b) | 39118 | 353236 |
| AnaptysBio Inc (b) | 2501 | 91487 |
| Anavex Life Sciences Corp (b) | 11006 | 87718 |
| Anika Therapeutics Inc (b) | 1866 | 18194 |
| Annexon Inc (b) | 13034 | 41187 |
| Apogee Therapeutics Inc (b) | 5073 | 287081 |
| Arbutus Biopharma Corp (b) | 19608 | 92746 |
| Arcellx Inc (b) | 5273 | 475888 |
| Arcturus Therapeutics Holdings Inc (b) | 3201 | 31914 |
| Arcus Biosciences Inc (b) | 8741 | 172373 |
| Arcutis Biotherapeutics Inc (b) | 13854 | 350645 |
| Ardelyx Inc (b) | 30487 | 184751 |
| ArriVent Biopharma Inc (b) | 3837 | 71867 |
| ARS Pharmaceuticals Inc (b) | 8359 | 74897 |
| Astria Therapeutics Inc (b) | 5844 | 73810 |
| aTyr Pharma Inc (b) | 12900 | 11171 |
| Aura Biosciences Inc (b) | 7136 | 43744 |
| Avidity Biosciences Inc (b) | 17136 | 1196950 |
| Avita Medical Inc (b) | 3306 | 12794 |
| Beam Therapeutics Inc (b) | 12459 | 311600 |
| Bicara Therapeutics Inc (b) | 4054 | 65878 |
| BioCryst Pharmaceuticals Inc (b) | 26613 | 194807 |
| Biohaven Ltd (b) | 11109 | 191075 |
| Bridgebio Pharma Inc (b) | 21354 | 1337615 |
| C4 Therapeutics Inc (b) | 7577 | 19776 |
| Candel Therapeutics Inc (b) | 4988 | 26835 |
| Capricor Therapeutics Inc (b) | 5141 | 33468 |
| Cardiff Oncology Inc (b)(c) | 8584 | 20172 |
| CareDx Inc (b) | 6832 | 102480 |
| Cartesian Therapeutics Inc rights (b)(e) | 15874 | 4603 |
| Catalyst Pharmaceuticals Inc (b) | 14651 | 311627 |
| Celcuity Inc (b) | 4200 | 324072 |
| Celldex Therapeutics Inc (b) | 8398 | 224479 |
| CG oncology Inc (b) | 8219 | 355636 |
| Chinook Therapeutics Inc rights (b)(e) | 702 | 0 |
| Cogent Biosciences Inc (b) | 17707 | 288624 |
| Coherus Oncology Inc (b) | 14985 | 25175 |
| Compass Therapeutics Inc (b) | 18906 | 70708 |
| Corvus Pharmaceuticals Inc (b) | 8194 | 65880 |
| Cullinan Therapeutics Inc (b) | 6564 | 56844 |
| Day One Biopharmaceuticals Inc (b) | 9131 | 67935 |
| Denali Therapeutics Inc (b) | 17591 | 286381 |
| Dianthus Therapeutics Inc (b) | 3354 | 117323 |
| Disc Medicine Inc (b) | 3615 | 311685 |
| Dynavax Technologies Corp (b) | 12647 | 129758 |
| Dyne Therapeutics Inc (b) | 15685 | 354167 |
| Editas Medicine Inc (b) | 11511 | 35454 |
| Emergent BioSolutions Inc (b) | 6831 | 85251 |
| Enanta Pharmaceuticals Inc (b) | 2538 | 27816 |
| Entrada Therapeutics Inc (b) | 3061 | 21274 |
| Erasca Inc (b) | 27257 | 65962 |
| Geron Corp (b) | 68487 | 86294 |
| Gossamer Bio Inc (b) | 25331 | 62061 |
| GRAIL Inc (b) | 3478 | 319733 |
| Heron Therapeutics Inc (b) | 19987 | 23185 |
| Humacyte Inc Class A (b) | 16933 | 28278 |
| Ideaya Biosciences Inc (b) | 11090 | 353327 |
| ImmunityBio Inc (b) | 37442 | 89861 |
| Immunome Inc (b) | 10235 | 164476 |
| Immunovant Inc (b) | 8351 | 206103 |
| Intellia Therapeutics Inc (b) | 13618 | 171859 |
| Iovance Biotherapeutics Inc (b) | 38885 | 76603 |
| Ironwood Pharmaceuticals Inc Class A (b) | 18103 | 34758 |
| Janux Therapeutics Inc (b) | 6067 | 174184 |
| KalVista Pharmaceuticals Inc (b) | 4938 | 53874 |
| Keros Therapeutics Inc (b) | 4527 | 68901 |
| Kodiak Sciences Inc (b) | 4185 | 75853 |
| Korro Bio Inc (b) | 840 | 34364 |
| Krystal Biotech Inc (b) | 3273 | 646450 |
| Kura Oncology Inc (b) | 10897 | 111912 |
| Kymera Therapeutics Inc (b) | 6799 | 420450 |
| Lexicon Pharmaceuticals Inc (b) | 23708 | 32717 |
| Madrigal Pharmaceuticals Inc (b) | 2321 | 972267 |
| MannKind Corp (b) | 38950 | 217731 |
| MiMedx Group Inc (b) | 15062 | 115224 |
| Mineralys Therapeutics Inc (b) | 6762 | 276295 |
| Mirum Pharmaceuticals Inc (b) | 5492 | 398994 |
| Monte Rosa Therapeutics Inc (b) | 6044 | 77665 |
| Myriad Genetics Inc (b) | 11924 | 95869 |
| Neurogene Inc (b) | 1260 | 43168 |
| Nkarta Inc (b) | 6896 | 14551 |
| Novavax Inc (b)(c) | 20577 | 172847 |
| Nurix Therapeutics Inc (b) | 8976 | 116149 |
| Nuvalent Inc Class A (b) | 5922 | 588173 |
| Ocugen Inc (b) | 40004 | 62406 |
| Olema Pharmaceuticals Inc (b) | 5165 | 46330 |
| OmniAb Operations Inc (b)(e) | 613 | 244 |
| OmniAb Operations Inc (b)(e) | 613 | 194 |
| Oncternal Therapeutics Inc rights (b)(e) | 19 | 0 |
| Organogenesis Holdings Inc Class A (b) | 9594 | 40775 |
| ORIC Pharmaceuticals Inc (b) | 9673 | 127297 |
| Perspective Therapeutics Inc (b) | 7665 | 20925 |
| Praxis Precision Medicines Inc (b) | 2484 | 493720 |
| Precigen Inc (b)(c) | 19081 | 78995 |
| Prime Medicine Inc (b) | 8214 | 40577 |
| Protagonist Therapeutics Inc (b) | 7431 | 584225 |
| PTC Therapeutics Inc (b) | 10092 | 689385 |
| Puma Biotechnology Inc (b) | 4949 | 25240 |
| RAPT Therapeutics Inc (b) | 1081 | 32657 |
| Recursion Pharmaceuticals Inc Class A (b) | 54177 | 299057 |
| REGENXBIO Inc (b) | 6010 | 76748 |
| Relay Therapeutics Inc (b) | 16480 | 117667 |
| Replimune Group Inc (b) | 8951 | 87093 |
| Revolution Medicines Inc (b) | 22310 | 1312720 |
| Rezolute Inc/old (b) | 10015 | 93340 |
| Rhythm Pharmaceuticals Inc (b) | 7672 | 872767 |
| Rigel Pharmaceuticals Inc (b) | 2311 | 72981 |
| Rocket Pharmaceuticals Inc (b) | 11139 | 41994 |
| Roivant Sciences Ltd (b) | 54677 | 1092993 |
| Sana Biotechnology Inc (b) | 19242 | 95248 |
| Sangamo Therapeutics Inc (b) | 38585 | 23074 |
| Savara Inc (b) | 14810 | 61462 |
| Scholar Rock Holding Corp (b) | 10119 | 299725 |
| Seres Therapeutics Inc (b) | 828 | 13331 |
| Soleno Therapeutics Inc (b) | 6136 | 412094 |
| Spyre Therapeutics Inc (b) | 6480 | 158501 |
| Stoke Therapeutics Inc (b) | 6260 | 188050 |
| Summit Therapeutics Inc (b)(c) | 18858 | 356605 |
| Syndax Pharmaceuticals Inc (b) | 10872 | 148946 |
| Tango Therapeutics Inc (b) | 10397 | 84320 |
| Taysha Gene Therapies Inc (b) | 27869 | 138230 |
| Tectonic Therapeutic Inc (b) | 1239 | 22612 |
| TG Therapeutics Inc (b) | 17238 | 599538 |
| Travere Therapeutics Inc (b) | 11299 | 397273 |
| Twist Bioscience Corp (b) | 7658 | 251872 |
| Tyra Biosciences Inc (b) | 2907 | 46047 |
| Upstream Bio Inc (b) | 4347 | 112370 |
| Vanda Pharmaceuticals Inc (b) | 7650 | 33278 |
| Vaxcyte Inc (b) | 14828 | 671412 |
| Vera Therapeutics Inc Class A (b) | 7358 | 209409 |
| Veracyte Inc (b) | 9993 | 360547 |
| Verastem Inc (b) | 7329 | 69259 |
| Vericel Corp (b) | 6415 | 224910 |
| Vir Biotechnology Inc (b) | 12057 | 71860 |
| Viridian Therapeutics Inc (b) | 9087 | 214726 |
| Voyager Therapeutics Inc (b) | 5878 | 27450 |
| Xencor Inc (b) | 8974 | 132008 |
|  |  | 29235173 |
| Health Care Equipment & Supplies - 1.8% |  |  |
| Accuray Inc Del (b) | 14130 | 19923 |
| Alphatec Holdings Inc (b) | 14458 | 274557 |
| AngioDynamics Inc (b) | 5231 | 62929 |
| Artivion Inc (b) | 5274 | 239281 |
| AtriCure Inc (b) | 6305 | 217838 |
| Avanos Medical Inc (b) | 5925 | 65827 |
| Axogen Inc (b) | 5895 | 130987 |
| Bioventus Inc (b) | 5916 | 38750 |
| Butterfly Network Inc Class A (b) | 26240 | 70586 |
| Ceribell Inc (b) | 2674 | 30484 |
| Cerus Corp (b) | 24620 | 36191 |
| ClearPoint Neuro Inc (b) | 3623 | 84126 |
| CVRx Inc (b) | 2349 | 23936 |
| Delcath Systems Inc (b) | 3403 | 33451 |
| Electromed Inc (b) | 917 | 22063 |
| Embecta Corp  | 7497 | 100010 |
| Glaukos Corp (b) | 7278 | 640974 |
| Haemonetics Corp (b) | 6114 | 305761 |
| Inogen Inc (b) | 3103 | 25569 |
| Integer Holdings Corp (b) | 4449 | 287272 |
| Integra LifeSciences Holdings Corp (b) | 8451 | 101497 |
| iRadimed Corp  | 1015 | 77962 |
| LeMaitre Vascular Inc  | 2646 | 229170 |
| Merit Medical Systems Inc (b) | 7526 | 658827 |
| Neogen Corp (b) | 27452 | 169379 |
| NeuroPace Inc (b) | 3081 | 30625 |
| Novocure Ltd (b) | 12884 | 165044 |
| Omnicell Inc (b) | 5819 | 195344 |
| OraSure Technologies Inc (b) | 9427 | 25830 |
| Orthofix Medical Inc (b) | 4954 | 76490 |
| OrthoPediatrics Corp (b) | 2155 | 36290 |
| PROCEPT BioRobotics Corp (b) | 7048 | 239843 |
| Pulse Biosciences Inc (b) | 2282 | 38634 |
| Pulse Biosciences Inc warrants 6/26/2030 (b)(c) | 258 | 1188 |
| RxSight Inc (b) | 4489 | 39458 |
| Semler Scientific Inc (b)(c) | 1665 | 44056 |
| Senseonics Holdings Inc (b) | 4708 | 33191 |
| SI-BONE Inc (b) | 4924 | 73023 |
| STAAR Surgical Co (b) | 6284 | 162567 |
| Surmodics Inc (b) | 1836 | 50371 |
| Tactile Systems Technology Inc (b) | 2887 | 43507 |
| Tandem Diabetes Care Inc (b) | 8511 | 119154 |
| TransMedics Group Inc (b) | 4329 | 569437 |
| Treace Medical Concepts Inc (b) | 6124 | 39132 |
| UFP Technologies Inc (b) | 978 | 188402 |
| Utah Medical Products Inc  | 401 | 23298 |
| Varex Imaging Corp (b) | 5339 | 62413 |
|  |  | 6204647 |
| Health Care Providers & Services - 2.2% |  |  |
| AdaptHealth Corp (b) | 13485 | 121230 |
| Addus HomeCare Corp (b) | 2307 | 269665 |
| agilon health Inc (b) | 39845 | 31737 |
| Alignment Healthcare Inc (b) | 18369 | 309701 |
| AMN Healthcare Services Inc (b) | 4913 | 96737 |
| Astrana Health Inc (b) | 5442 | 169845 |
| Aveanna Healthcare Holdings Inc (b) | 9098 | 82337 |
| BrightSpring Health Services Inc (b) | 12376 | 409027 |
| Brookdale Senior Living Inc (b) | 30072 | 278767 |
| Castle Biosciences Inc (b) | 3716 | 94758 |
| Clover Health Investments Corp Class A (b)(c) | 50076 | 176768 |
| Community Health Systems Inc (b) | 14774 | 57323 |
| Concentra Group Holdings Parent Inc  | 15127 | 301330 |
| CorVel Corp (b) | 3984 | 294617 |
| Cross Country Healthcare Inc (b) | 3975 | 48734 |
| DocGo Inc Class A (b) | 11140 | 12143 |
| Enhabit Inc (b) | 6482 | 52699 |
| Fulgent Genetics Inc (b) | 2589 | 58123 |
| GeneDx Holdings Corp Class A (b) | 2699 | 369520 |
| Hims & Hers Health Inc Class A (b)(c) | 26261 | 1193825 |
| LifeStance Health Group Inc (b) | 22014 | 107869 |
| National HealthCare Corp  | 1575 | 188118 |
| National Research Corp Class A  | 1772 | 23674 |
| NeoGenomics Inc (b) | 16350 | 159740 |
| OPKO Health Inc (b) | 55521 | 75509 |
| Owens & Minor Inc (b) | 9420 | 37397 |
| PACS Group Inc (b) | 5552 | 67068 |
| Pediatrix Medical Group Inc (b) | 10821 | 183632 |
| Pennant Group Inc/The (b) | 4347 | 107501 |
| Premier Inc Class A  | 10482 | 294754 |
| Privia Health Group Inc (b) | 14678 | 356675 |
| Progyny Inc (b) | 10158 | 190056 |
| RadNet Inc (b) | 8794 | 668256 |
| Select Medical Holdings Corp  | 13928 | 192624 |
| Sonida Senior Living Inc (b) | 978 | 25330 |
| Surgery Partners Inc (b) | 9511 | 208576 |
| Talkspace Inc Class A (b) | 18241 | 58918 |
| US Physical Therapy Inc  | 1928 | 166329 |
|  |  | 7540912 |
| Health Care Technology - 0.4% |  |  |
| Certara Inc (b) | 15279 | 177695 |
| Claritev Corp Class A (b) | 970 | 63147 |
| Definitive Healthcare Corp Class A (b) | 5464 | 15135 |
| Evolent Health Inc Class A (b) | 14779 | 98576 |
| GoodRx Holdings Inc Class A (b) | 11282 | 38020 |
| Health Catalyst Inc (b) | 8967 | 28963 |
| HealthStream Inc  | 3065 | 75399 |
| LifeMD Inc (b) | 5238 | 30957 |
| OptimizeRx Corp (b) | 2101 | 43049 |
| Phreesia Inc (b) | 7164 | 162193 |
| Schrodinger Inc/United States (b) | 7089 | 149153 |
| Simulations Plus Inc (b) | 2114 | 36319 |
| Teladoc Health Inc (b) | 22376 | 193105 |
| TruBridge Inc (b) | 1292 | 24832 |
| Waystar Holding Corp (b) | 14601 | 523446 |
|  |  | 1659989 |
| Life Sciences Tools & Services - 0.6% |  |  |
| 10X Genomics Inc Class A (b) | 14488 | 197616 |
| Adaptive Biotechnologies Corp (b) | 14887 | 258439 |
| Azenta Inc (b) | 5157 | 155741 |
| BioLife Solutions Inc (b) | 4908 | 136786 |
| Codexis Inc (b) | 10139 | 24029 |
| CryoPort Inc (b) | 6413 | 59256 |
| Cytek Biosciences Inc (b) | 13927 | 54315 |
| Fortrea Holdings Inc (b) | 11443 | 119694 |
| Ginkgo Bioworks Holdings Inc Class A (b) | 5366 | 69704 |
| Lifecore Biomedical Inc (b) | 4769 | 34289 |
| Maravai LifeSciences Holdings Inc Class A (b) | 15745 | 49439 |
| MaxCyte Inc (b) | 13656 | 21030 |
| Mesa Laboratories Inc  | 705 | 50682 |
| Niagen Bioscience Inc (b) | 7190 | 54213 |
| OmniAb Inc (b) | 12580 | 19499 |
| Pacific Biosciences of California Inc (b) | 37845 | 88557 |
| Personalis Inc (b) | 6806 | 65610 |
| Quanterix Corp (b) | 5534 | 29552 |
| Quantum-Si Inc Class A (b) | 21498 | 46221 |
| Sotera Health Co (b) | 22362 | 371210 |
| Standard BioTools Inc (b) | 38456 | 46147 |
|  |  | 1952029 |
| Pharmaceuticals - 2.1% |  |  |
| Aclaris Therapeutics Inc (b) | 12484 | 31460 |
| Alumis Inc (b) | 7800 | 37050 |
| Amneal Intermediate Inc Class A (b) | 21588 | 233582 |
| Amphastar Pharmaceuticals Inc (b) | 4590 | 117045 |
| Amylyx Pharmaceuticals Inc (b) | 10245 | 142713 |
| ANI Pharmaceuticals Inc (b) | 2203 | 199592 |
| Aquestive Therapeutics Inc (b) | 11414 | 77843 |
| Arvinas Inc (b) | 9243 | 93724 |
| Axsome Therapeutics Inc (b) | 5320 | 718148 |
| Collegium Pharmaceutical Inc (b) | 3989 | 143604 |
| CorMedix Inc (b)(c) | 8897 | 99024 |
| Crinetics Pharmaceuticals Inc (b) | 11938 | 519304 |
| Edgewise Therapeutics Inc (b) | 9323 | 170424 |
| Enliven Therapeutics Inc (b) | 5586 | 130824 |
| Esperion Therapeutics Inc (b) | 25819 | 76682 |
| Evolus Inc (b) | 8300 | 53618 |
| EyePoint Pharmaceuticals Inc (b) | 8293 | 108555 |
| Fulcrum Therapeutics Inc (b) | 4612 | 40355 |
| Harmony Biosciences Holdings Inc (b) | 5034 | 143821 |
| Harrow Inc (b) | 4163 | 157237 |
| Innoviva Inc (b) | 7585 | 138047 |
| LENZ Therapeutics Inc (b) | 2553 | 75875 |
| Ligand Pharmaceuticals Inc (b) | 2493 | 476936 |
| Liquidia Corp (b) | 8612 | 209788 |
| Mind Medicine MindMed Inc (b) | 9577 | 135993 |
| Nektar Therapeutics (b) | 2402 | 155962 |
| Novartis AG rights (b)(e) | 7778 | 0 |
| Nuvation Bio Inc Class A (b) | 30276 | 158041 |
| Ocular Therapeutix Inc (b) | 21496 | 250643 |
| Omeros Corp (b) | 8700 | 63771 |
| Pacira BioSciences Inc (b) | 5676 | 121353 |
| Phathom Pharmaceuticals Inc (b) | 5807 | 78685 |
| Phibro Animal Health Corp Class A  | 2622 | 110281 |
| Prestige Consumer Healthcare Inc (b) | 6259 | 379295 |
| Septerna Inc (b) | 2908 | 59905 |
| SIGA Technologies Inc  | 5369 | 44455 |
| Supernus Pharmaceuticals Inc (b) | 7141 | 393683 |
| Tarsus Pharmaceuticals Inc (b) | 4931 | 339302 |
| Terns Pharmaceuticals Inc (b) | 8628 | 71267 |
| Theravance Biopharma Inc (b) | 4736 | 69430 |
| Third Harmonic Bio Inc (b)(e) | 4575 | 0 |
| Trevi Therapeutics Inc (b) | 12444 | 145097 |
| WaVe Life Sciences Ltd (b) | 15391 | 139135 |
| Xeris Biopharma Holdings Inc (b) | 20492 | 198772 |
| Zevra Therapeutics Inc (b) | 7187 | 73164 |
|  |  | 7183485 |
| TOTAL HEALTH CARE |  | 53776235 |
| Industrials - 19.4% |  |  |
| Aerospace & Defense - 3.5% |  |  |
| AAR Corp (b) | 4499 | 378861 |
| AeroVironment Inc (b) | 4041 | 1494806 |
| AerSale Corp (b) | 4021 | 29835 |
| Archer Aviation Inc Class A (b) | 67149 | 753412 |
| Astronics Corp (b) | 3946 | 194064 |
| Byrna Technologies Inc (b) | 2371 | 48012 |
| Cadre Holdings Inc  | 3658 | 155319 |
| Ducommun Inc (b) | 1742 | 159829 |
| Intuitive Machines Inc Class A (b) | 14016 | 167211 |
| Kratos Defense & Security Solutions Inc (b) | 21446 | 1943008 |
| Leonardo DRS Inc  | 9817 | 358910 |
| Loar Holdings Inc (b) | 4520 | 357668 |
| Mercury Systems Inc (b) | 6699 | 518570 |
| Moog Inc Class A  | 3613 | 740123 |
| National Presto Industries Inc  | 681 | 72847 |
| Redwire Corp Class A (b)(c) | 7176 | 56475 |
| Rocket Lab Corp  | 53918 | 3395756 |
| StandardAero Inc (b) | 17869 | 516235 |
| V2X Inc (b) | 2618 | 149462 |
| Virgin Galactic Holdings Inc Class A (b) | 7295 | 28741 |
| VSE Corp  | 2625 | 474285 |
|  |  | 11993429 |
| Air Freight & Logistics - 0.1% |  |  |
| Forward Air Corp Class A (b) | 2783 | 52348 |
| Hub Group Inc Class A  | 7675 | 282670 |
|  |  | 335018 |
| Building Products - 1.3% |  |  |
| AAON Inc  | 8593 | 845466 |
| American Woodmark Corp (b) | 1832 | 116753 |
| Apogee Enterprises Inc  | 2758 | 100970 |
| AZZ Inc  | 3815 | 380928 |
| CSW Industrials Inc  | 2132 | 533895 |
| Gibraltar Industries Inc (b) | 3744 | 233588 |
| Griffon Corp  | 4962 | 367238 |
| Hayward Holdings Inc (b) | 25304 | 429409 |
| Insteel Industries Inc  | 2511 | 78444 |
| Janus International Group Inc (b) | 17590 | 168864 |
| JELD-WEN Holding Inc (b) | 10902 | 47315 |
| Masterbrand Inc (b) | 16034 | 202509 |
| Quanex Building Products Corp  | 5843 | 83029 |
| Resideo Technologies Inc (b) | 17380 | 743864 |
| Tecnoglass Inc  | 3338 | 199045 |
|  |  | 4531317 |
| Commercial Services & Supplies - 1.4% |  |  |
| ABM Industries Inc  | 7913 | 340259 |
| ACCO Brands Corp  | 11483 | 43176 |
| ACV Auctions Inc Class A (b) | 21789 | 197626 |
| Brady Corp Class A  | 5574 | 423122 |
| BrightView Holdings Inc (b) | 8828 | 108761 |
| Brink's Co/The  | 5294 | 588481 |
| CECO Environmental Corp (b) | 3808 | 186173 |
| CoreCivic Inc (b) | 13590 | 251823 |
| Deluxe Corp  | 5658 | 102466 |
| Ennis Inc  | 3389 | 55580 |
| Enviri Corp (b) | 10166 | 124127 |
| GEO Group Inc/The (b) | 17610 | 298842 |
| Healthcare Services Group Inc (b) | 9190 | 164225 |
| HNI Corp  | 5832 | 238645 |
| Interface Inc  | 7413 | 184584 |
| Liquidity Services Inc (b) | 3053 | 73089 |
| MillerKnoll Inc  | 8592 | 134207 |
| Montrose Environmental Group Inc (b) | 4132 | 106936 |
| OPENLANE Inc (b) | 13506 | 356829 |
| Perma-Fix Environmental Services Inc (b) | 2155 | 29502 |
| Pitney Bowes Inc  | 20112 | 198707 |
| Quad/Graphics Inc Class A  | 3815 | 21021 |
| Steelcase Inc Class A  | 13424 | 214247 |
| UniFirst Corp/MA  | 1906 | 294191 |
| Vestis Corp  | 14280 | 74970 |
| Virco Mfg. Corp  | 1370 | 10028 |
|  |  | 4821617 |
| Construction & Engineering - 2.3% |  |  |
| Ameresco Inc Class A (b) | 3861 | 152587 |
| Arcosa Inc  | 6225 | 634950 |
| Argan Inc  | 1732 | 530356 |
| Bowman Consulting Group Ltd (b) | 1836 | 79480 |
| Construction Partners Inc Class A (b) | 6038 | 690445 |
| Dycom Industries Inc (b) | 3675 | 1057628 |
| Granite Construction Inc  | 5569 | 573106 |
| Great Lakes Dredge & Dock Corp (b) | 8662 | 98314 |
| IES Holdings Inc (b) | 1110 | 434987 |
| Limbach Holdings Inc (b) | 1394 | 131705 |
| Matrix Service Co (b) | 3540 | 53171 |
| MYR Group Inc (b) | 1972 | 429304 |
| NWPX Infrastructure Inc (b) | 1237 | 74418 |
| Orion Group Holdings Inc (b) | 4665 | 50242 |
| Primoris Services Corp  | 6862 | 971110 |
| Sterling Infrastructure Inc (b) | 3864 | 1460206 |
| Tutor Perini Corp (b) | 5626 | 378967 |
|  |  | 7800976 |
| Electrical Equipment - 2.4% |  |  |
| Allient Inc  | 1882 | 102908 |
| American Superconductor Corp (b) | 5734 | 339625 |
| Array Technologies Inc (b) | 19337 | 167458 |
| Blink Charging Co (b) | 13083 | 22241 |
| Bloom Energy Corp Class A (b) | 27343 | 3613652 |
| ChargePoint Holdings Inc Class A (b) | 2816 | 30413 |
| EnerSys  | 4763 | 600900 |
| Enovix Corp Class B (b) | 22414 | 268744 |
| Eos Energy Enterprises Inc (b) | 32982 | 528701 |
| Fluence Energy Inc Class A (b)(c) | 8118 | 170478 |
| FuelCell Energy Inc (b) | 2912 | 26062 |
| GrafTech International Ltd (b)(c) | 2048 | 27648 |
| Hyliion Holdings Corp Class A (b) | 16073 | 38093 |
| LSI Industries Inc  | 3786 | 86662 |
| Net Power Inc Class A (b)(c) | 4677 | 17866 |
| NuScale Power Corp Class A (b) | 16635 | 746412 |
| Plug Power Inc (b) | 146596 | 394343 |
| Powell Industries Inc  | 1195 | 458151 |
| Preformed Line Products Co  | 336 | 71269 |
| SES AI Corp Class A (b) | 33798 | 79763 |
| Shoals Technologies Group Inc (b) | 21245 | 223285 |
| Thermon Group Holdings Inc (b) | 4167 | 119718 |
| Vicor Corp (b) | 2907 | 263752 |
|  |  | 8398144 |
| Ground Transportation - 0.6% |  |  |
| ArcBest Corp  | 2871 | 213373 |
| Avis Budget Group Inc (b) | 2144 | 291734 |
| Covenant Logistics Group Inc Class A  | 1933 | 38989 |
| Ftai Infrastructure Inc  | 14689 | 78439 |
| Heartland Express Inc  | 5798 | 45224 |
| Hertz Global Holdings Inc (b) | 15905 | 81593 |
| Marten Transport Ltd  | 7471 | 76578 |
| Proficient Auto Logistics Inc (b) | 3041 | 22747 |
| Ryder System Inc  | 5183 | 877119 |
| Schneider National Inc Class B  | 6344 | 135571 |
| Universal Logistics Holdings Inc  | 871 | 14092 |
| Werner Enterprises Inc  | 7568 | 198282 |
|  |  | 2073741 |
| Machinery - 4.2% |  |  |
| 3D Systems Corp (b) | 16347 | 46752 |
| Alamo Group Inc  | 1371 | 245025 |
| Albany International Corp Class A  | 3740 | 211609 |
| Astec Industries Inc  | 2900 | 134937 |
| Atmus Filtration Technologies Inc  | 10444 | 474993 |
| Blue Bird Corp (b) | 4034 | 201539 |
| Columbus McKinnon Corp/NY  | 3634 | 58980 |
| Douglas Dynamics Inc  | 2981 | 90116 |
| Energy Recovery Inc (b) | 6728 | 115116 |
| Enerpac Tool Group Corp Class A  | 6849 | 281083 |
| Enpro Inc  | 2675 | 620627 |
| Esab Corp  | 7248 | 846711 |
| ESCO Technologies Inc  | 3283 | 720520 |
| Federal Signal Corp  | 7728 | 912136 |
| Franklin Electric Co Inc  | 4871 | 461625 |
| Gates Industrial Corp PLC (b) | 32715 | 722347 |
| Gorman-Rupp Co/The  | 2640 | 118721 |
| Graham Corp (b) | 1326 | 82597 |
| Greenbrier Cos Inc/The  | 3900 | 162903 |
| Helios Technologies Inc  | 4200 | 232512 |
| Hillenbrand Inc  | 8929 | 282156 |
| Hillman Solutions Corp Class A (b) | 25111 | 231523 |
| Hyster-Yale Inc Class A  | 1469 | 52796 |
| JBT Marel Corp  | 6598 | 832008 |
| Kadant Inc  | 1494 | 413330 |
| Kennametal Inc  | 9638 | 211554 |
| Lindsay Corp  | 1381 | 153622 |
| Manitowoc Co Inc/The (b) | 4510 | 45867 |
| Mayville Engineering Co Inc (b) | 1860 | 33145 |
| Miller Industries Inc/TN  | 1465 | 58805 |
| Mueller Water Products Inc Class A1  | 19861 | 509633 |
| Proto Labs Inc (b) | 3034 | 150972 |
| REV Group Inc  | 6203 | 318028 |
| SPX Technologies Inc (b) | 6276 | 1405134 |
| Standex International Corp  | 1531 | 357075 |
| Symbotic Inc Class A (b) | 5794 | 469024 |
| Tennant CO  | 2346 | 187680 |
| Terex Corp  | 8313 | 382564 |
| Titan International Inc (b) | 6147 | 46410 |
| Trinity Industries Inc  | 10242 | 280324 |
| Wabash National Corp  | 5233 | 41969 |
| Watts Water Technologies Inc Class A  | 3493 | 952192 |
| Worthington Enterprises Inc  | 3998 | 224248 |
|  |  | 14380908 |
| Marine Transportation - 0.0% |  |  |
| Genco Shipping & Trading Ltd  | 4934 | 84075 |
| Passenger Airlines - 0.4% |  |  |
| Allegiant Travel Co (b) | 1690 | 105084 |
| Frontier Group Holdings Inc (b) | 7221 | 27873 |
| JetBlue Airways Corp (b) | 36729 | 154262 |
| Joby Aviation Inc Class A (b) | 27154 | 470850 |
| SkyWest Inc (b) | 5127 | 515161 |
| Strata Critical Medical Inc (b) | 2693 | 13546 |
| Sun Country Airlines Holdings Inc (b) | 6813 | 83664 |
|  |  | 1370440 |
| Professional Services - 1.9% |  |  |
| Alight Inc Class A  | 59284 | 170738 |
| Amentum Holdings Inc (b) | 19452 | 435919 |
| Barrett Business Services Inc  | 3265 | 132135 |
| BlackSky Technology Inc Class A (b) | 3859 | 81502 |
| Cbiz Inc (b) | 6181 | 339955 |
| Conduent Inc (b) | 19958 | 47500 |
| CRA International Inc  | 833 | 158678 |
| CSG Systems International Inc  | 3488 | 273006 |
| First Advantage Corp (b) | 10082 | 127336 |
| Franklin Covey Co (b) | 1360 | 23093 |
| Heidrick & Struggles International Inc  | 2631 | 153571 |
| Huron Consulting Group Inc (b) | 2039 | 335293 |
| ICF International Inc  | 2336 | 187534 |
| Innodata Inc (b) | 4045 | 301797 |
| Insperity Inc  | 4552 | 200834 |
| Kelly Services Inc Class A (c) | 4068 | 45602 |
| Kforce Inc  | 2170 | 54901 |
| Korn Ferry  | 6653 | 430449 |
| Legalzoom.com Inc (b) | 14865 | 148204 |
| Mistras Group Inc (b) | 2393 | 22829 |
| Parsons Corp (b) | 6783 | 563939 |
| Planet Labs PBC Class A (b) | 31538 | 424186 |
| Resolute Holdings Management Inc  | 469 | 34547 |
| Resources Connection Inc  | 3968 | 17459 |
| Spire Global Inc Class A (b) | 3644 | 39647 |
| TriNet Group Inc  | 3822 | 229320 |
| TrueBlue Inc (b) | 3774 | 17889 |
| TTEC Holdings Inc (b) | 2689 | 9385 |
| UL Solutions Inc Class A  | 7981 | 621480 |
| Upwork Inc (b) | 16830 | 268270 |
| Verra Mobility Corp Class A (b) | 20271 | 470490 |
| Willdan Group Inc (b) | 1768 | 167094 |
|  |  | 6534582 |
| Trading Companies & Distributors - 1.3% |  |  |
| Alta Equipment Group Inc Class A  | 2512 | 15372 |
| BlueLinx Holdings Inc (b) | 1007 | 65898 |
| Boise Cascade Co  | 4727 | 333206 |
| Custom Truck One Source Inc Class A (b) | 7821 | 46066 |
| Distribution Solutions Group Inc (b) | 851 | 23266 |
| DNOW Inc (b) | 13581 | 199641 |
| DXP Enterprises Inc/TX (b) | 1612 | 192876 |
| Global Industrial Co  | 1815 | 51582 |
| Herc Holdings Inc  | 3877 | 550728 |
| Hudson Technologies Inc (b) | 4933 | 44767 |
| McGrath RentCorp  | 3124 | 335643 |
| Mrc Global Inc (b) | 10749 | 149949 |
| MSC Industrial Direct Co Inc Class A  | 5815 | 493752 |
| NPK International Inc (b) | 10685 | 131426 |
| QXO Inc (b) | 61571 | 1087960 |
| Rush Enterprises Inc Class A  | 7773 | 384064 |
| Titan Machinery Inc (b) | 2556 | 41918 |
| Transcat Inc (b) | 1193 | 86671 |
| Willis Lease Finance Corp  | 388 | 49811 |
| Xometry Inc Class A (b) | 5507 | 268136 |
|  |  | 4552732 |
| TOTAL INDUSTRIALS |  | 66876979 |
| Information Technology - 15.9% |  |  |
| Communications Equipment - 1.1% |  |  |
| ADTRAN Holdings Inc (b) | 9411 | 98063 |
| Applied Optoelectronics Inc (b) | 7434 | 264353 |
| Aviat Networks Inc (b) | 1478 | 36891 |
| Calix Inc (b) | 7558 | 517118 |
| Clearfield Inc (b) | 1464 | 51679 |
| CommScope Holding Co Inc (b) | 28134 | 486718 |
| Digi International Inc (b) | 4703 | 172506 |
| Extreme Networks Inc (b) | 16764 | 318851 |
| Harmonic Inc (b) | 14360 | 153652 |
| Netgear Inc (b) | 3652 | 126797 |
| NetScout Systems Inc (b) | 8661 | 240776 |
| Ribbon Communications Inc (b) | 11751 | 39483 |
| Viasat Inc (b) | 17050 | 678932 |
| Viavi Solutions Inc (b) | 28477 | 504043 |
|  |  | 3689862 |
| Electronic Equipment, Instruments & Components - 3.3% |  |  |
| 908 Devices Inc (b) | 3516 | 28058 |
| Advanced Energy Industries Inc  | 4783 | 969659 |
| Aeva Technologies Inc (b) | 3315 | 54167 |
| Arlo Technologies Inc (b) | 13256 | 256371 |
| Avnet Inc  | 10660 | 516477 |
| Badger Meter Inc  | 3745 | 675785 |
| Bel Fuse Inc Class B  | 1339 | 206193 |
| Belden Inc  | 5032 | 613149 |
| Benchmark Electronics Inc  | 4552 | 199469 |
| Climb Global Solutions Inc  | 524 | 58206 |
| Crane NXT Co  | 6268 | 396451 |
| CTS Corp  | 3728 | 154749 |
| Daktronics Inc (b) | 5268 | 98986 |
| ePlus Inc  | 3350 | 245086 |
| Evolv Technologies Holdings Inc Class A (b) | 17379 | 134513 |
| IPG Photonics Corp (b) | 3223 | 274342 |
| Itron Inc (b) | 5810 | 582917 |
| Kimball Electronics Inc (b) | 3073 | 89347 |
| Knowles Corp (b) | 10914 | 257680 |
| Lightwave Logic Inc (b) | 16557 | 77983 |
| Methode Electronics Inc  | 4492 | 30231 |
| MicroVision Inc (b)(c) | 38402 | 44930 |
| Mirion Technologies Inc Class A (b) | 31127 | 914200 |
| Napco Security Technologies Inc  | 4531 | 200044 |
| nLight Inc (b) | 6332 | 209019 |
| OSI Systems Inc (b) | 2005 | 558312 |
| Ouster Inc Class A (b) | 7288 | 243128 |
| PC Connection Inc  | 1479 | 90175 |
| Plexus Corp (b) | 3429 | 479717 |
| Powerfleet Inc NJ (b) | 15055 | 76781 |
| Red Cat Holdings Inc (b) | 12823 | 144259 |
| Rogers Corp (b) | 2132 | 186635 |
| Sanmina Corp (b) | 6769 | 927691 |
| ScanSource Inc (b) | 2616 | 112239 |
| SmartRent Inc Class A (b) | 21756 | 30241 |
| TTM Technologies Inc (b) | 13129 | 882269 |
| Vishay Intertechnology Inc  | 15643 | 265618 |
| Vishay Precision Group Inc (b) | 1572 | 58887 |
|  |  | 11343964 |
| IT Services - 0.5% |  |  |
| Applied Digital Corp (b) | 29559 | 1024515 |
| Backblaze Inc Class A (b) | 7241 | 74655 |
| BigBear.ai Holdings Inc (b) | 47049 | 325579 |
| Commerce.com Inc (b) | 8648 | 40040 |
| DigitalOcean Holdings Inc (b) | 8660 | 352116 |
| Fastly Inc Class A (b) | 17489 | 144984 |
| Grid Dynamics Holdings Inc (b) | 8303 | 77550 |
| Hackett Group Inc/The  | 3250 | 58858 |
| Rackspace Technology Inc (b) | 12922 | 20674 |
| TSS Inc/MD (b) | 3018 | 61145 |
| Unisys Corp (b) | 8536 | 30473 |
|  |  | 2210589 |
| Semiconductors & Semiconductor Equipment - 3.9% |  |  |
| ACM Research Inc Class A (b) | 6687 | 277243 |
| Aehr Test Systems (b) | 3603 | 93642 |
| Alpha & Omega Semiconductor Ltd (b) | 3161 | 88698 |
| Ambarella Inc (b) | 5117 | 436122 |
| Ambiq Micro Inc  | 520 | 15891 |
| Amkor Technology Inc  | 14465 | 466930 |
| Atomera Inc (b) | 3982 | 12583 |
| Axcelis Technologies Inc (b) | 3992 | 317604 |
| CEVA Inc (b) | 3067 | 83453 |
| Cohu Inc (b) | 5885 | 140004 |
| Credo Technology Group Holding Ltd (b) | 19186 | 3599678 |
| Diodes Inc (b) | 5897 | 314664 |
| FormFactor Inc (b) | 9794 | 538180 |
| Ichor Holdings Ltd (b) | 4390 | 99565 |
| Impinj Inc (b) | 3288 | 664702 |
| Kopin Corp (b) | 20870 | 72210 |
| MACOM Technology Solutions Holdings Inc (b) | 8137 | 1205334 |
| MaxLinear Inc Class A (b) | 10353 | 156848 |
| Navitas Semiconductor Corp Class A (b) | 23272 | 313241 |
| NVE Corp  | 631 | 43571 |
| PDF Solutions Inc (b) | 4034 | 117510 |
| Penguin Solutions Inc (b) | 6025 | 134177 |
| Photronics Inc (b) | 7632 | 182405 |
| Rigetti Computing Inc Class A (b) | 41172 | 1822684 |
| Semtech Corp (b) | 11003 | 746664 |
| SiTime Corp (b) | 2774 | 803461 |
| SkyWater Technology Inc (b) | 3580 | 62596 |
| SolarEdge Technologies Inc (b) | 7535 | 264403 |
| Ultra Clean Holdings Inc (b) | 5739 | 157306 |
| Veeco Instruments Inc (b) | 7640 | 219650 |
|  |  | 13451019 |
| Software - 6.2% |  |  |
| 8x8 Inc (b) | 17172 | 31595 |
| A10 Networks Inc  | 9190 | 163950 |
| ACI Worldwide Inc (b) | 13122 | 625001 |
| Adeia Inc  | 13914 | 237095 |
| Agilysys Inc (b) | 3223 | 404358 |
| Alarm.com Holdings Inc (b) | 6351 | 312596 |
| Alkami Technology Inc (b) | 9893 | 200729 |
| Amplitude Inc Class A (b) | 11844 | 119032 |
| Appfolio Inc Class A (b) | 2909 | 740137 |
| Appian Corp Class A (b) | 5114 | 153062 |
| Arteris Inc (b) | 3938 | 53596 |
| Asana Inc Class A (b) | 11430 | 160592 |
| AvePoint Inc Class A (b) | 17512 | 246394 |
| Blackbaud Inc (b) | 4716 | 302013 |
| BlackLine Inc (b) | 6608 | 378308 |
| Blend Labs Inc Class A (b) | 28537 | 94457 |
| Braze Inc Class A (b) | 10217 | 292819 |
| C3.ai Inc Class A (b) | 15091 | 265300 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 70352 | 613469 |
| Cerence Inc (b) | 5555 | 59605 |
| Cipher Mining Inc (b) | 36957 | 689248 |
| Cleanspark Inc (b) | 35690 | 635282 |
| Clear Secure Inc Class A  | 11039 | 336358 |
| Clearwater Analytics Holdings Inc Class A (b) | 36582 | 673475 |
| Confluent Inc Class A (b) | 37062 | 866139 |
| Consensus Cloud Solutions Inc (b) | 2387 | 69987 |
| Core Scientific Inc (b) | 38773 | 835170 |
| Daily Journal Corp (b) | 116 | 46985 |
| Digimarc Corp (b) | 2035 | 19800 |
| Digital Turbine Inc (b) | 12499 | 77994 |
| Domo Inc Class B (b) | 4274 | 58554 |
| Expensify Inc Class A (b) | 7734 | 12605 |
| Freshworks Inc Class A (b) | 25369 | 281596 |
| Gitlab Inc Class A (b) | 17624 | 859170 |
| I3 Verticals Inc Class A (b) | 2707 | 83240 |
| Informatica Inc Class A (b) | 13956 | 347086 |
| Intapp Inc (b) | 7093 | 272229 |
| InterDigital Inc  | 3280 | 1187229 |
| Jamf Holding Corp (b) | 10527 | 135272 |
| Klaviyo Inc Class A (b) | 15670 | 407420 |
| LiveRamp Holdings Inc (b) | 8369 | 228808 |
| MARA Holdings Inc (b) | 47039 | 859403 |
| Mitek Systems Inc (b) | 5909 | 54422 |
| N-able Inc/US (b) | 9555 | 74816 |
| nCino Inc (b) | 13394 | 357352 |
| NCR Voyix Corp (b) | 17521 | 199915 |
| NextNav Inc Class A (b) | 11071 | 147798 |
| OneSpan Inc  | 4939 | 56305 |
| Onestream Inc Class A (b) | 9935 | 187672 |
| Ooma Inc (b) | 3372 | 37868 |
| PagerDuty Inc (b) | 11680 | 187581 |
| PAR Technology Corp (b) | 5137 | 181542 |
| Pegasystems Inc  | 11752 | 748015 |
| Porch Group Inc (b) | 12447 | 187327 |
| Progress Software Corp (b) | 5474 | 233411 |
| PROS Holdings Inc (b) | 6073 | 139983 |
| Q2 Holdings Inc (b) | 7928 | 489633 |
| Red Violet Inc  | 1700 | 91171 |
| Rekor Systems Inc (b) | 16173 | 40918 |
| Riot Platforms Inc (b) | 40959 | 810169 |
| SEMrush Holdings Inc Class A (b) | 5786 | 42006 |
| SoundHound AI Inc Class A (b)(c) | 47642 | 839452 |
| Sprinklr Inc Class A (b) | 15507 | 119714 |
| Sprout Social Inc Class A (b) | 6737 | 69189 |
| Telos Corp (b) | 6806 | 46689 |
| Terawulf Inc (b)(c) | 39307 | 609259 |
| Verint Systems Inc (b) | 7608 | 154290 |
| Veritone Inc (b) | 5726 | 35845 |
| Vertex Inc Class A (b) | 9316 | 213336 |
| Viant Technology Inc Class A (b) | 2003 | 17786 |
| Weave Communications Inc (b) | 8490 | 62911 |
| Xperi Inc (b) | 5941 | 39924 |
| Yext Inc (b) | 13153 | 111406 |
| Zeta Global Holdings Corp Class A (b) | 24721 | 444731 |
|  |  | 21469594 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| CompoSecure Inc Class A (b) | 6048 | 120113 |
| Corsair Gaming Inc (b) | 5969 | 48647 |
| Diebold Nixdorf Inc (b) | 4657 | 275462 |
| Eastman Kodak Co (b) | 7522 | 47689 |
| Immersion Corp  | 3436 | 22987 |
| IonQ Inc (b) | 37701 | 2351788 |
| Turtle Beach Corp (b) | 1724 | 29136 |
| Xerox Holdings Corp  | 14911 | 49505 |
|  |  | 2945327 |
| TOTAL INFORMATION TECHNOLOGY |  | 55110355 |
| Materials - 3.2% |  |  |
| Chemicals - 1.5% |  |  |
| AdvanSix Inc  | 3436 | 63875 |
| American Vanguard Corp (b) | 3639 | 16266 |
| Arq Inc (b) | 4175 | 27722 |
| ASP Isotopes Inc (b) | 10233 | 103660 |
| Aspen Aerogels Inc (b) | 8842 | 71974 |
| Cabot Corp  | 6764 | 456435 |
| Ecovyst Inc (b) | 14424 | 118133 |
| Hawkins Inc  | 2654 | 376470 |
| HB Fuller Co  | 6845 | 392698 |
| Ingevity Corp (b) | 4616 | 247972 |
| Innospec Inc  | 3158 | 232366 |
| Intrepid Potash Inc (b) | 1354 | 36057 |
| Koppers Holdings Inc  | 2521 | 71143 |
| Kronos Worldwide Inc  | 2714 | 13353 |
| LSB Industries Inc (b) | 6944 | 58538 |
| Mativ Holdings Inc  | 7006 | 74824 |
| Minerals Technologies Inc  | 3968 | 225184 |
| NewMarket Corp  | 992 | 761757 |
| Origin Materials Inc Class A (b) | 16418 | 10051 |
| Perimeter Solutions Inc  | 17671 | 415445 |
| PureCycle Technologies Inc (b)(c) | 17997 | 208405 |
| Quaker Chemical Corp  | 1740 | 241669 |
| Rayonier Advanced Materials Inc (b) | 8563 | 59513 |
| Sensient Technologies Corp  | 5401 | 509260 |
| Stepan Co  | 2713 | 117609 |
| Trinseo PLC  | 4533 | 6617 |
| Tronox Holdings PLC  | 15184 | 53144 |
| Westlake Corp  | 4224 | 290653 |
|  |  | 5260793 |
| Construction Materials - 0.0% |  |  |
| United States Lime & Minerals Inc  | 1341 | 157192 |
| Containers & Packaging - 0.2% |  |  |
| Ardagh Metal Packaging SA  | 18496 | 66031 |
| Greif Inc Class A  | 3311 | 188363 |
| Myers Industries Inc  | 4827 | 83652 |
| O-I Glass Inc (b) | 19476 | 219884 |
| Ranpak Holdings Corp Class A (b) | 5367 | 28444 |
| TriMas Corp  | 4067 | 144501 |
|  |  | 730875 |
| Metals & Mining - 1.4% |  |  |
| Alpha Metallurgical Resources Inc (b) | 1389 | 240658 |
| Century Aluminum Co (b) | 6748 | 199876 |
| Coeur Mining Inc (b) | 81634 | 1401656 |
| Compass Minerals International Inc (b) | 4426 | 76747 |
| Contango ORE Inc (b) | 1155 | 24785 |
| Hecla Mining Co  | 83972 | 1080720 |
| Idaho Strategic Resources Inc (b) | 1711 | 56566 |
| Ivanhoe Electric Inc / US (b) | 12094 | 178870 |
| Kaiser Aluminum Corp  | 2033 | 184047 |
| Materion Corp  | 2629 | 301362 |
| Mesabi Trust  | 1712 | 58448 |
| Metallus Inc (b) | 4605 | 81002 |
| Olympic Steel Inc  | 1261 | 46657 |
| Ramaco Resources Inc Class A (b) | 5033 | 152802 |
| Ryerson Holding Corp  | 3510 | 77431 |
| SunCoke Energy Inc  | 10854 | 86941 |
| Warrior Met Coal Inc  | 6666 | 452221 |
| Worthington Steel Inc  | 4107 | 131383 |
|  |  | 4832172 |
| Paper & Forest Products - 0.1% |  |  |
| Clearwater Paper Corp (b) | 2051 | 36200 |
| Sylvamo Corp  | 4295 | 174377 |
|  |  | 210577 |
| TOTAL MATERIALS |  | 11191609 |
| Real Estate - 4.9% |  |  |
| Diversified REITs - 0.5% |  |  |
| Alexander & Baldwin Inc  | 9244 | 147627 |
| Alpine Income Property Trust Inc  | 1641 | 24089 |
| American Assets Trust Inc  | 5951 | 113724 |
| Armada Hoffler Properties Inc Class A  | 10306 | 67401 |
| Broadstone Net Lease Inc Class A  | 24061 | 431173 |
| CTO Realty Growth Inc  | 3976 | 66320 |
| Essential Properties Realty Trust Inc  | 25191 | 752707 |
| Gladstone Commercial Corp  | 6058 | 69243 |
| Global Net Lease Inc  | 25206 | 192070 |
|  |  | 1864354 |
| Health Care REITs - 0.8% |  |  |
| CareTrust REIT Inc  | 28007 | 970443 |
| Community Healthcare Trust Inc  | 3385 | 49624 |
| Diversified Healthcare Trust  | 27324 | 116400 |
| Global Medical REIT Inc  | 1624 | 49857 |
| LTC Properties Inc  | 5848 | 205148 |
| National Health Investors Inc  | 6045 | 450413 |
| Sabra Health Care REIT Inc  | 30498 | 543474 |
| Sila Realty Trust Inc  | 7016 | 166279 |
| Universal Health Realty Income Trust  | 1672 | 63904 |
|  |  | 2615542 |
| Hotel & Resort REITs - 0.4% |  |  |
| Apple Hospitality REIT Inc  | 27953 | 312795 |
| Chatham Lodging Trust  | 6386 | 40870 |
| DiamondRock Hospitality Co  | 25926 | 202741 |
| Pebblebrook Hotel Trust  | 14886 | 155708 |
| RLJ Lodging Trust  | 18755 | 127534 |
| Service Properties Trust  | 19889 | 42562 |
| Summit Hotel Properties Inc  | 13585 | 69827 |
| Sunstone Hotel Investors Inc  | 24018 | 212559 |
| Xenia Hotels & Resorts Inc  | 12146 | 149396 |
|  |  | 1313992 |
| Industrial REITs - 0.0% |  |  |
| One Liberty Properties Inc  | 2108 | 42350 |
| Plymouth Industrial REIT Inc  | 5602 | 123244 |
|  |  | 165594 |
| Office REITs - 0.6% |  |  |
| Brandywine Realty Trust  | 22210 | 76180 |
| COPT Defense Properties  | 14387 | 405282 |
| Easterly Government Properties Inc  | 5442 | 117656 |
| Empire State Realty Trust Inc Class A  | 17375 | 128401 |
| Hudson Pacific Properties Inc (b) | 47578 | 116090 |
| JBG SMITH Properties  | 7798 | 151983 |
| NET Lease Office Properties  | 1873 | 54973 |
| Orion Properties Inc  | 6309 | 15583 |
| Paramount Group Inc (b) | 23302 | 152395 |
| Peakstone Realty Trust  | 4226 | 57093 |
| Piedmont Realty Trust Inc Class A1  | 15615 | 125857 |
| Postal Realty Trust Inc Class A  | 3029 | 44859 |
| SL Green Realty Corp  | 8992 | 461740 |
|  |  | 1908092 |
| Real Estate Management & Development - 0.8% |  |  |
| Anywhere Real Estate Inc (b) | 12301 | 123625 |
| Compass Inc Class A (b) | 58152 | 448352 |
| Cushman & Wakefield PLC (b) | 29413 | 461784 |
| Douglas Elliman Inc (b) | 9853 | 24337 |
| eXp World Holdings Inc  | 11420 | 116941 |
| Forestar Group Inc (b) | 2458 | 63933 |
| Kennedy-Wilson Holdings Inc  | 15106 | 114201 |
| Marcus & Millichap Inc  | 3059 | 89353 |
| Newmark Group Inc Class A  | 19701 | 351269 |
| Opendoor Technologies Inc Class A (b) | 85055 | 660877 |
| RE/MAX Holdings Inc Class A (b) | 2400 | 19032 |
| RMR Group Inc/The Class A  | 2156 | 33353 |
| Seaport Entertainment Group Inc (b) | 953 | 22939 |
| St Joe Co/The  | 5084 | 288670 |
| Tejon Ranch Co (b) | 3232 | 51130 |
|  |  | 2869796 |
| Residential REITs - 0.2% |  |  |
| Apartment Investment and Management Co Class A  | 16515 | 87860 |
| Centerspace  | 2119 | 125551 |
| Elme Communities  | 11145 | 183335 |
| NexPoint Residential Trust Inc  | 2727 | 83637 |
| UMH Properties Inc  | 10272 | 149355 |
| Veris Residential Inc  | 10176 | 146127 |
|  |  | 775865 |
| Retail REITs - 1.0% |  |  |
| Acadia Realty Trust  | 16624 | 317020 |
| Alexander's Inc  | 275 | 60756 |
| CBL & Associates Properties Inc  | 2032 | 60086 |
| Curbline Properties Corp  | 12300 | 283638 |
| FrontView REIT Inc  | 2605 | 34646 |
| Getty Realty Corp  | 6629 | 181833 |
| InvenTrust Properties Corp  | 9956 | 272794 |
| Macerich Co/The  | 32006 | 548903 |
| NETSTREIT Corp  | 10576 | 196925 |
| Phillips Edison & Co Inc  | 15983 | 540865 |
| Saul Centers Inc  | 1600 | 47376 |
| SITE Centers Corp  | 6609 | 48444 |
| Tanger Inc  | 14368 | 467822 |
| Urban Edge Properties  | 15929 | 306315 |
| Whitestone REIT  | 5774 | 72406 |
|  |  | 3439829 |
| Specialized REITs - 0.6% |  |  |
| EPR Properties  | 9683 | 474661 |
| Farmland Partners Inc  | 5188 | 52036 |
| Four Corners Property Trust Inc  | 13323 | 314956 |
| Gladstone Land Corp  | 4272 | 38704 |
| Millrose Properties Inc Class A  | 15283 | 492265 |
| Outfront Media Inc  | 18415 | 325761 |
| PotlatchDeltic Corp  | 9025 | 361000 |
| Safehold Inc  | 5827 | 84084 |
|  |  | 2143467 |
| TOTAL REAL ESTATE |  | 17096531 |
| Utilities - 2.4% |  |  |
| Electric Utilities - 1.2% |  |  |
| ALLETE Inc  | 7383 | 497097 |
| Hawaiian Electric Industries Inc (b) | 21865 | 254071 |
| MGE Energy Inc  | 4644 | 384848 |
| Oklo Inc Class A (b) | 14810 | 1966325 |
| Otter Tail Corp  | 5324 | 411119 |
| TXNM Energy Inc  | 12088 | 686598 |
|  |  | 4200058 |
| Gas Utilities - 0.4% |  |  |
| Chesapeake Utilities Corp  | 2992 | 380822 |
| Northwest Natural Holding Co  | 5199 | 236710 |
| Spire Inc  | 7509 | 648778 |
|  |  | 1266310 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Clearway Energy Inc Class A  | 6058 | 181679 |
| Clearway Energy Inc Class C  | 9042 | 288712 |
| Hallador Energy Co (b) | 4448 | 96210 |
|  |  | 566601 |
| Multi-Utilities - 0.3% |  |  |
| Avista Corp  | 10313 | 392410 |
| Northwestern Energy Group Inc  | 7800 | 465426 |
| Unitil Corp  | 2226 | 108517 |
|  |  | 966353 |
| Water Utilities - 0.3% |  |  |
| American States Water Co  | 4902 | 349563 |
| Cadiz Inc (b) | 7033 | 37275 |
| California Water Service Group  | 7578 | 336312 |
| Consolidated Water Co Ltd  | 1937 | 65877 |
| H2O America  | 4157 | 192261 |
| Middlesex Water Co  | 2284 | 131261 |
| York Water Co/The  | 1878 | 58349 |
|  |  | 1170898 |
| TOTAL UTILITIES |  | 8170220 |
| TOTAL UNITED STATES |  | 337738450 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $249,078,352) |  | <br> **344709746** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (g)<br>(Cost $182,749)<br>| 4.15 | 183000 | **182804** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.18 | 699315 | 699454 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.18 | 4650335 | 4650800 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $5,350,254) |  |  | **5350254** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.3%**<br> (Cost $254,611,355)<br>| <br>**350242804** |
| **NET OTHER ASSETS (LIABILITIES) - (1.3)%**  | **(4484374)** |
| **NET ASSETS - 100.0%** | **345758430** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 9 | 12/19/2025 | 1120455 | 23806 | 23806 |
| 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) Security 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 $108,131 or 0.0% 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 $102,890.

(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 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 | 317847 | 35194811 | 34813188 | 41852 | (16) | - | 699454 | 699315 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 15452859 | 83010638 | 93812697 | 219348 | - | - | 4650800 | 4650335 | 0.0% |
| Total | 15770706 | 118205449 | 128625885 | 261200 | (16) | - | 5350254 |  |  |

---

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 October 31, 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 | 12647495 | 12647495 | - | - |
| Consumer Discretionary | 36809997 | 36809997 | - | - |
| Consumer Staples | 7226161 | 7226161 | - | - |
| Energy | 14566217 | 14566217 | - | - |
| Financials | 57233968 | 57233968 | - | - |
| Health Care | 54356616 | 54350387 | 1188 | 5041 |
| Industrials | 67076873 | 67076873 | - | - |
| Information Technology | 58179358 | 58179358 | - | - |
| Materials | 11346310 | 11346310 | - | - |
| Real Estate | 17096531 | 17096531 | - | - |
| Utilities | 8170220 | 8170220 | - | - |
|  **U.S. Treasury Obligations** | 182804 | - | 182804 | - |
|  **Money Market Funds** | 5350254 | 5350254 | - | - |
| **Total Investments in Securities:** | 350242804 | 350053771 | 183992 | 5041 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 23806 | 23806 | - | - |
| Total Assets | 23806 | 23806 | - | - |
| **Total Derivative Instruments:** | 23806 | 23806 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 23806 | - |
| **Total Equity Risk**  | 23806 | - |
| **Total Value of Derivatives** | 23806 | - |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $4,595,125) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $249,261,101) | $344892550 |  |
| Fidelity Central Funds (cost $5,350,254) | 5350254 |  |
| Total Investment in Securities (cost $254,611,355) |  | $350242804 |
| Cash |  | 980 |
| Receivable for fund shares sold |  | 397244 |
| Dividends receivable |  | 67887 |
| Distributions receivable from Fidelity Central Funds |  | 14903 |
| Receivable for daily variation margin on futures contracts |  | 5724 |
| Other receivables |  | 2098 |
| **Total assets** |  | 350731640 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $322429 |  |
| Collateral on securities loaned | 4650781 |  |
| **Total liabilities** |  | 4973210 |
| **Net Assets**  |  | $345758430 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $235377286 |
| Total accumulated earnings (loss) |  | 110381144 |
| **Net Assets** |  | $345758430 |
| **Net Asset Value**, offering price and redemption price per share ($345,758,430 ÷ 19,376,331 shares) |  | $17.84 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $3091348 |
| Interest  |  | 5377 |
| Income from Fidelity Central Funds (including $219,348 from security lending)  |  | 261200 |
| **Total income** |  | 3357925 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $538 |  |
| Proxy fee | 83 |  |
| **Total expenses** |  | 621 |
| **Net Investment income (loss)** |  | 3357304 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (5759276) |  |
| Redemptions in-kind | 33983761 |  |
| Fidelity Central Funds | (16) |  |
| Futures contracts | 683606 |  |
| Total net realized gain (loss) |  | 28908075 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 76727502 |  |
| Futures contracts | (132066) |  |
| Total change in net unrealized appreciation (depreciation) |  | 76595436 |
| **Net gain (loss)** |  | 105503511 |
| **Net increase (decrease) in net assets resulting from operations** |  | $108860815 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3357304 | $5615459 |
| &nbsp;&nbsp;Net realized gain (loss) | 28908075<br>| 9101712<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 76595436 | (14887602)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 108860815<br>| (170431)<br>|
| Distributions to shareholders | -<br>| (5782451)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 146131320 | 242338200 |
| Reinvestment of distributions | -<br>| 4313319<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (360229770) | (136244709) |
| **Net increase (decrease) in net assets resulting from share transactions** | (214098450)<br>| 110406810<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (105237635)<br>| 104453928<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 450996065 | 346542137<br>|
| &nbsp;&nbsp;End of period | $345758430 | $450996065 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 9061874 | 15976325 |
| Issued in reinvestment of distributions | -<br>| 273207<br>|
| &nbsp;&nbsp;Redeemed | (21596090) | (8768587) |
| &nbsp;&nbsp;Net increase (decrease) | (12534216) | 7480945 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.13 | $14.19 | $12.70 | $13.32 | $16.47 | $9.52 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .12  | .21  | .21  | .22  | .18  | .14  |
| Net realized and unrealized gain (loss)  | 3.59  | (.05)  | 1.50  | (.68)  | (2.89)  | 6.96  |
| Total from investment operations  | 3.71  | .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  | $17.84 | $14.13 | $14.19 | $12.70 | $13.32 | $16.47 |
| **Total Return** C,D | 26.26% <br>| .96%  | 13.47%  | (3.46)%  | (16.88)%  | 75.01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | -% G,H | -% G | .04%  | -% G | -% G | -% G |
| Expenses net of fee waivers, if any G | -% H<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -% H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.48% H | 1.34%  | 1.55%  | 1.66%  | 1.14%  | 1.09%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $345758 | $450996 | $346542 | $282765 | $242826 | $178073 |
| Portfolio turnover rate I | 92% H,J<br>| 10% J | 21%  | 16%  | 18%  | 47%  |

---

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

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

E*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 represents less than .005%.*

H*Annualized.*

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

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 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 October 31, 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), 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** | $114743573 |
| **Gross unrealized depreciation** | <u>(21692232)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$93051341</u> |
| **Tax cost** | <u>$257215269</u> |

---

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

---

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

---

**New Accounting Pronouncement.** 

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 Small Cap Index Fund** | 203638468 | 330463228 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Flex Small Cap Index Fund** | 4861086 | - | 33983761 | 33983761 | 80099670 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares 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 on Investments ($)** | **Total Proceeds ($)** |
| **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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Flex Small Cap Index Fund**

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

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

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable. The Board's decision to renew the fund's Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

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

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

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

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

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

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

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

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

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

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

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

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

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

![](img119054_4.jpg)<br>

1.9881630.108 ZAP-SANN-1225

**Fidelity Flex® Funds**

**Fidelity Flex® Mid Cap Index Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119055_1.jpg)

![](img119055_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_ZMP-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® Mid Cap Index Fund](#Sub_Sec_Fund_2920_ZMP-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2920_ZMP-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ZMP-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ZMP-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ZMP-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ZMP-SANN)** |

---

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

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

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

The 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 (Semi-Annual Report)**

**Fidelity Flex® Mid Cap Index Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

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>|
| BELGIUM - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Liberty Global Ltd Class A (b) | 21167 | 232837 |
| Liberty Global Ltd Class C (b) | 17741 | 197812 |
| TOTAL BELGIUM |  | 430649 |
| BERMUDA - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| RenaissanceRe Holdings Ltd  | 6067 | 1541564 |
| PUERTO RICO - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Popular Inc  | 8691 | 968786 |
| SWEDEN - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Autoliv Inc  | 9103 | 1063230 |
| SWITZERLAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| CRISPR Therapeutics AG (b) | 11711 | 749387 |
| THAILAND - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Fabrinet (b) | 4616 | 2033671 |
| UNITED KINGDOM - 1.2%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| TechnipFMC PLC  | 52895 | 2187208 |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Anglogold Ashanti Plc  | 54616 | 3713888 |
| TOTAL UNITED KINGDOM |  | 5901096 |
| UNITED STATES - 97.0%  |  |  |
| Communication Services - 3.8% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Frontier Communications Parent Inc (b) | 32154 | 1214135 |
| GCI Liberty Inc/DEL Class A (b)(c) | 1527 | 0 |
| Iridium Communications Inc  | 13723 | 262795 |
|  |  | 1476930 |
| Entertainment - 0.8% |  |  |
| Roku Inc Class A (b) | 16765 | 1779269 |
| TKO Group Holdings Inc Class A  | 8884 | 1673746 |
| Warner Music Group Corp Class A  | 18767 | 599793 |
|  |  | 4052808 |
| Interactive Media & Services - 1.3% |  |  |
| IAC Inc Class A (b) | 8708 | 280572 |
| Match Group Inc  | 30957 | 1001149 |
| Reddit Inc Class A (b) | 15949 | 3332544 |
| Snap Inc Class A (b) | 142321 | 1110104 |
| Ziff Davis Inc (b) | 5290 | 179331 |
| ZoomInfo Technologies Inc (b) | 36096 | 404997 |
|  |  | 6308697 |
| Media - 1.5% |  |  |
| Interpublic Group of Cos Inc/The  | 47232 | 1211973 |
| Liberty Broadband Corp Class A (b) | 2376 | 127092 |
| Liberty Broadband Corp Class C (b) | 14924 | 803210 |
| New York Times Co/The Class A  | 20868 | 1189267 |
| News Corp Class A  | 48804 | 1293306 |
| News Corp Class B  | 15703 | 478470 |
| Nexstar Media Group Inc  | 3670 | 718329 |
| Paramount Skydance Corp Class B  | 39740 | 611599 |
| Sirius XM Holdings Inc  | 24330 | 527718 |
| TEGNA Inc  | 20719 | 407543 |
|  |  | 7368507 |
| TOTAL COMMUNICATION SERVICES |  | 19206942 |
| Consumer Discretionary - 11.5% |  |  |
| Automobile Components - 0.7% |  |  |
| BorgWarner Inc  | 27882 | 1197811 |
| Gentex Corp  | 28303 | 663705 |
| Lear Corp  | 6872 | 719155 |
| QuantumScape Corp Class A (b) | 55882 | 1030464 |
|  |  | 3611135 |
| Automobiles - 0.6% |  |  |
| Harley-Davidson Inc  | 15684 | 423154 |
| Lucid Group Inc (b)(d) | 16615 | 294916 |
| Rivian Automotive Inc Class A (b) | 102844 | 1395593 |
| Thor Industries Inc  | 6850 | 714798 |
|  |  | 2828461 |
| Broadline Retail - 0.4% |  |  |
| Etsy Inc (b) | 12760 | 791120 |
| Macy's Inc  | 35044 | 683007 |
| Ollie's Bargain Outlet Holdings Inc (b) | 7897 | 954037 |
|  |  | 2428164 |
| Diversified Consumer Services - 0.9% |  |  |
| Bright Horizons Family Solutions Inc (b) | 7313 | 798799 |
| Duolingo Inc Class A (b) | 5116 | 1384594 |
| H&R Block Inc  | 17245 | 857766 |
| Service Corp International/US  | 18057 | 1507941 |
|  |  | 4549100 |
| Hotels, Restaurants & Leisure - 3.2% |  |  |
| Aramark  | 33844 | 1282011 |
| Boyd Gaming Corp  | 7629 | 594070 |
| Caesars Entertainment Inc (b) | 26764 | 537956 |
| Cava Group Inc (b) | 12840 | 689893 |
| Choice Hotels International Inc (d) | 2654 | 246716 |
| Churchill Downs Inc  | 8572 | 850342 |
| Dutch Bros Inc Class A (b) | 16342 | 907635 |
| Hilton Grand Vacations Inc (b) | 7929 | 328657 |
| Hyatt Hotels Corp Class A  | 5442 | 747785 |
| Light & Wonder Inc Class A (b) | 10800 | 785160 |
| Marriott Vacations Worldwide Corp  | 3600 | 237528 |
| MGM Resorts International (b) | 26232 | 840211 |
| Norwegian Cruise Line Holdings Ltd (b) | 58199 | 1304822 |
| Penn Entertainment Inc (b) | 18082 | 297630 |
| Planet Fitness Inc Class A (b) | 10791 | 978636 |
| Texas Roadhouse Inc  | 8565 | 1401063 |
| Travel + Leisure Co  | 8365 | 525155 |
| Vail Resorts Inc  | 4794 | 711094 |
| Wingstop Inc  | 3594 | 778568 |
| Wyndham Hotels & Resorts Inc  | 9824 | 721376 |
| Wynn Resorts Ltd  | 10874 | 1293897 |
|  |  | 16060205 |
| Household Durables - 1.4% |  |  |
| Mohawk Industries Inc (b) | 6715 | 763093 |
| Newell Brands Inc  | 54234 | 184396 |
| Somnigroup International Inc  | 27006 | 2142656 |
| Toll Brothers Inc  | 12667 | 1709412 |
| TopBuild Corp (b) | 3601 | 1521350 |
| Whirlpool Corp (d) | 7242 | 518744 |
|  |  | 6839651 |
| Leisure Products - 0.7% |  |  |
| Brunswick Corp/DE  | 8436 | 557704 |
| Hasbro Inc  | 17141 | 1308030 |
| Mattel Inc (b) | 41430 | 761483 |
| Polaris Inc  | 6895 | 455760 |
| YETI Holdings Inc (b) | 10461 | 355569 |
|  |  | 3438546 |
| Specialty Retail - 2.3% |  |  |
| Academy Sports & Outdoors Inc  | 8571 | 410465 |
| Advance Auto Parts Inc  | 7727 | 364174 |
| AutoNation Inc (b) | 3632 | 725928 |
| Bath & Body Works Inc  | 27264 | 667423 |
| Dick's Sporting Goods Inc  | 8618 | 1908456 |
| Five Below Inc (b) | 7085 | 1114258 |
| Floor & Decor Holdings Inc Class A (b) | 13874 | 866848 |
| GameStop Corp Class A (b) | 53057 | 1182641 |
| Lithia Motors Inc Class A  | 3302 | 1037092 |
| Murphy USA Inc  | 2262 | 810248 |
| Restoration Hardware Inc (b) | 1978 | 341184 |
| Valvoline Inc (b) | 16359 | 540011 |
| Wayfair Inc Class A (b) | 13516 | 1399041 |
|  |  | 11367769 |
| Textiles, Apparel & Luxury Goods - 1.3% |  |  |
| Capri Holdings Ltd (b) | 15356 | 318637 |
| Crocs Inc (b) | 7037 | 574853 |
| PVH Corp  | 6218 | 487056 |
| Ralph Lauren Corp Class A  | 4979 | 1591587 |
| Tapestry Inc  | 26793 | 2942407 |
| Under Armour Inc Class A (b) | 14452 | 66623 |
| Under Armour Inc Class C (b) | 26447 | 117425 |
| VF Corp  | 42271 | 593485 |
|  |  | 6692073 |
| TOTAL CONSUMER DISCRETIONARY |  | 57815104 |
| Consumer Staples - 4.3% |  |  |
| Beverages - 0.9% |  |  |
| Brown-Forman Corp Class A  | 7730 | 209638 |
| Brown-Forman Corp Class B  | 22270 | 606412 |
| Celsius Holdings Inc (b) | 20606 | 1241099 |
| Coca-Cola Consolidated Inc  | 7716 | 1006012 |
| Molson Coors Beverage Co Class B  | 21873 | 956288 |
| Primo Brands Corp Class A  | 32692 | 718243 |
|  |  | 4737692 |
| Consumer Staples Distribution & Retail - 2.0% |  |  |
| Albertsons Cos Inc Class A  | 51965 | 919261 |
| BJ's Wholesale Club Holdings Inc (b) | 17019 | 1502097 |
| Casey's General Stores Inc  | 4787 | 2456641 |
| Maplebear Inc (b) | 23757 | 875682 |
| Performance Food Group Co (b) | 20144 | 1948731 |
| US Foods Holding Corp (b) | 28966 | 2103511 |
|  |  | 9805923 |
| Food Products - 1.1% |  |  |
| Campbell's Company/The  | 25468 | 767351 |
| Darling Ingredients Inc (b) | 20364 | 652666 |
| Flowers Foods Inc  | 27763 | 331213 |
| Freshpet Inc (b) | 6290 | 309531 |
| Hormel Foods Corp  | 37703 | 814008 |
| Ingredion Inc  | 8261 | 953402 |
| Lamb Weston Holdings Inc  | 17944 | 1107683 |
| Post Holdings Inc (b) | 6140 | 638130 |
|  |  | 5573984 |
| Personal Care Products - 0.3% |  |  |
| BellRing Brands Inc (b) | 16191 | 487834 |
| elf Beauty Inc (b) | 7635 | 932539 |
|  |  | 1420373 |
| TOTAL CONSUMER STAPLES |  | 21537972 |
| Energy - 2.6% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Helmerich & Payne Inc  | 12880 | 338229 |
| NOV Inc  | 47974 | 700421 |
| Weatherford International PLC  | 9260 | 682369 |
|  |  | 1721019 |
| Oil, Gas & Consumable Fuels - 2.3% |  |  |
| Antero Midstream Corp  | 43050 | 742613 |
| Antero Resources Corp (b) | 37779 | 1167749 |
| APA Corp  | 46071 | 1043508 |
| Chord Energy Corp  | 7403 | 671600 |
| Civitas Resources Inc  | 10791 | 311105 |
| DT Midstream Inc  | 13064 | 1430377 |
| HF Sinclair Corp  | 20479 | 1056716 |
| Matador Resources Co  | 15063 | 594386 |
| Murphy Oil Corp  | 17326 | 490326 |
| PBF Energy Inc Class A  | 10588 | 361792 |
| Permian Resources Corp Class A  | 90061 | 1131166 |
| Range Resources Corp  | 30650 | 1089608 |
| SM Energy Co  | 14872 | 310675 |
| Viper Energy Inc Class A  | 21725 | 815991 |
|  |  | 11217612 |
| TOTAL ENERGY |  | 12938631 |
| Financials - 15.8% |  |  |
| Banks - 4.1% |  |  |
| Bank OZK  | 13657 | 614428 |
| Cadence Bank  | 24037 | 907156 |
| Comerica Inc  | 16562 | 1266993 |
| Commerce Bancshares Inc/MO  | 15967 | 840343 |
| Cullen/Frost Bankers Inc  | 8283 | 1019969 |
| East West Bancorp Inc  | 17751 | 1803503 |
| First Financial Bankshares Inc  | 16801 | 518983 |
| First Horizon Corp  | 65376 | 1396431 |
| Flagstar Financial Inc  | 38495 | 439613 |
| Glacier Bancorp Inc  | 15281 | 624229 |
| Hancock Whitney Corp  | 10917 | 623470 |
| Old National Bancorp/IN  | 44991 | 919166 |
| Pinnacle Financial Partners Inc  | 9917 | 845028 |
| Prosperity Bancshares Inc  | 12257 | 806756 |
| ServisFirst Bancshares Inc  | 6481 | 455420 |
| SOUTHSTATE BANK CORP  | 13037 | 1155730 |
| Synovus Financial Corp  | 17943 | 800976 |
| United Bankshares Inc/WV  | 18361 | 657140 |
| Valley National Bancorp  | 62168 | 675766 |
| Webster Financial Corp  | 21404 | 1220884 |
| Western Alliance Bancorp  | 13344 | 1032158 |
| Wintrust Financial Corp  | 8605 | 1118822 |
| Zions Bancorp NA  | 19045 | 992435 |
|  |  | 20735399 |
| Capital Markets - 2.9% |  |  |
| Affiliated Managers Group Inc  | 3644 | 867126 |
| Blue Owl Capital Inc Class A  | 79723 | 1257232 |
| Carlyle Group Inc/The  | 33537 | 1788193 |
| Evercore Inc Class A  | 4966 | 1462785 |
| Franklin Resources Inc  | 39556 | 894361 |
| Houlihan Lokey Inc Class A  | 6984 | 1250695 |
| Invesco Ltd  | 57446 | 1361470 |
| Janus Henderson Group PLC  | 16082 | 700532 |
| Jefferies Financial Group Inc  | 21246 | 1122426 |
| MarketAxess Holdings Inc  | 4815 | 770689 |
| Morningstar Inc  | 3139 | 666409 |
| SEI Investments Co  | 12050 | 971351 |
| Stifel Financial Corp  | 13139 | 1556052 |
|  |  | 14669321 |
| Consumer Finance - 1.6% |  |  |
| Ally Financial Inc  | 36130 | 1407986 |
| Credit Acceptance Corp (b)(d) | 809 | 361898 |
| OneMain Holdings Inc  | 15353 | 908744 |
| SLM Corp  | 26837 | 720573 |
| SoFi Technologies Inc Class A (b) | 154234 | 4577666 |
|  |  | 7976867 |
| Financial Services - 2.3% |  |  |
| Affirm Holdings Inc Class A (b) | 36304 | 2609533 |
| Corebridge Financial Inc  | 34706 | 1130027 |
| Equitable Holdings Inc  | 38558 | 1904765 |
| Essent Group Ltd  | 12694 | 768876 |
| Euronet Worldwide Inc (b) | 4954 | 375810 |
| MGIC Investment Corp  | 29682 | 813880 |
| Toast Inc Class A (b) | 59781 | 2160485 |
| Voya Financial Inc  | 12418 | 924644 |
| Western Union Co/The  | 42173 | 393474 |
| WEX Inc (b) | 4403 | 642310 |
|  |  | 11723804 |
| Insurance - 3.9% |  |  |
| American Financial Group Inc/OH  | 8922 | 1174849 |
| Assurant Inc  | 6494 | 1374910 |
| Assured Guaranty Ltd  | 5771 | 465027 |
| Axis Capital Holdings Ltd  | 10082 | 944280 |
| Erie Indemnity Co Class A  | 3273 | 957811 |
| First American Financial Corp  | 13128 | 820631 |
| Globe Life Inc  | 10421 | 1370466 |
| Hanover Insurance Group Inc/The  | 4613 | 788269 |
| Kinsale Capital Group Inc  | 2849 | 1138090 |
| Lincoln National Corp  | 21757 | 913794 |
| Loews Corp  | 21807 | 2171105 |
| Old Republic International Corp  | 29458 | 1162413 |
| Primerica Inc  | 4171 | 1083918 |
| Reinsurance Group of America Inc  | 8510 | 1552735 |
| RLI Corp  | 11814 | 696553 |
| Ryan Specialty Holdings Inc Class A  | 14493 | 794216 |
| Selective Insurance Group Inc  | 7862 | 592323 |
| Unum Group  | 20177 | 1481395 |
|  |  | 19482785 |
| Mortgage Real Estate Investment Trusts (REITs) - 1.0% |  |  |
| AGNC Investment Corp (d) | 134598 | 1345980 |
| Annaly Capital Management Inc  | 82791 | 1752685 |
| Blackstone Mortgage Trust Inc Class A  | 20627 | 381187 |
| Rithm Capital Corp  | 68302 | 749273 |
| Starwood Property Trust Inc  | 44505 | 809101 |
|  |  | 5038226 |
| TOTAL FINANCIALS |  | 79626402 |
| Health Care - 9.8% |  |  |
| Biotechnology - 3.4% |  |  |
| Alkermes PLC (b) | 21263 | 652774 |
| Apellis Pharmaceuticals Inc (b) | 13182 | 283018 |
| Arrowhead Pharmaceuticals Inc (b) | 17795 | 754330 |
| Cytokinetics Inc (b) | 15401 | 979350 |
| Exact Sciences Corp (b) | 24395 | 1578113 |
| Exelixis Inc (b) | 34694 | 1341617 |
| Halozyme Therapeutics Inc (b) | 15050 | 981110 |
| Incyte Corp (b) | 21134 | 1975606 |
| Ionis Pharmaceuticals Inc (b) | 20528 | 1525230 |
| Moderna Inc (b) | 44598 | 1211282 |
| Neurocrine Biosciences Inc (b) | 12775 | 1829508 |
| Sarepta Therapeutics Inc (b) | 12598 | 302478 |
| Ultragenyx Pharmaceutical Inc (b) | 12419 | 429697 |
| United Therapeutics Corp (b) | 5826 | 2595075 |
| Viking Therapeutics Inc (b) | 14481 | 551436 |
|  |  | 16990624 |
| Health Care Equipment & Supplies - 1.7% |  |  |
| CONMED Corp  | 4005 | 176220 |
| DENTSPLY SIRONA Inc  | 25905 | 326662 |
| Enovis Corp (b) | 7371 | 230270 |
| Envista Holdings Corp (b) | 21376 | 435002 |
| Globus Medical Inc Class A (b) | 14495 | 875353 |
| ICU Medical Inc (b) | 3190 | 383087 |
| Inspire Medical Systems Inc (b) | 3472 | 250262 |
| iRhythm Technologies Inc (b) | 4132 | 773924 |
| Lantheus Holdings Inc (b) | 8761 | 505422 |
| LivaNova PLC (b) | 7042 | 370620 |
| Masimo Corp (b) | 5938 | 835180 |
| Penumbra Inc (b) | 5017 | 1140715 |
| QuidelOrtho Corp (b) | 8753 | 236243 |
| Solventum Corp (b) | 18946 | 1308032 |
| Teleflex Inc  | 5696 | 708981 |
|  |  | 8555973 |
| Health Care Providers & Services - 2.4% |  |  |
| Acadia Healthcare Co Inc (b) | 11969 | 257333 |
| Chemed Corp  | 1877 | 809550 |
| DaVita Inc (b) | 4595 | 546897 |
| Encompass Health Corp  | 12954 | 1474813 |
| Ensign Group Inc/The  | 7378 | 1328778 |
| Guardant Health Inc (b) | 16054 | 1493343 |
| HealthEquity Inc (b) | 11132 | 1052865 |
| Henry Schein Inc (b) | 13264 | 838285 |
| Option Care Health Inc (b) | 20910 | 544287 |
| Tenet Healthcare Corp (b) | 11380 | 2349856 |
| Universal Health Services Inc Class B  | 7267 | 1577012 |
|  |  | 12273019 |
| Health Care Technology - 0.2% |  |  |
| Doximity Inc Class A (b) | 17549 | 1158234 |
| Life Sciences Tools & Services - 1.3% |  |  |
| Bio-Rad Laboratories Inc Class A (b) | 2351 | 751262 |
| Bio-Techne Corp  | 20192 | 1263413 |
| Bruker Corp  | 14294 | 556608 |
| Charles River Laboratories International Inc (b) | 6346 | 1142724 |
| Medpace Holdings Inc (b) | 2857 | 1671089 |
| Repligen Corp (b) | 6807 | 1014651 |
|  |  | 6399747 |
| Pharmaceuticals - 0.8% |  |  |
| Corcept Therapeutics Inc (b) | 12072 | 886930 |
| Elanco Animal Health Inc (b) | 63997 | 1417534 |
| Jazz Pharmaceuticals PLC (b) | 7812 | 1075244 |
| Organon & Co  | 33626 | 226975 |
| Perrigo Co PLC  | 17821 | 369607 |
|  |  | 3976290 |
| TOTAL HEALTH CARE |  | 49353887 |
| Industrials - 22.4% |  |  |
| Aerospace & Defense - 2.8% |  |  |
| ATI Inc (b) | 17756 | 1757311 |
| BWX Technologies Inc  | 11770 | 2514190 |
| Carpenter Technology Corp  | 6422 | 2028710 |
| Curtiss-Wright Corp  | 4851 | 2889886 |
| Hexcel Corp  | 10254 | 732136 |
| Huntington Ingalls Industries Inc  | 5057 | 1628455 |
| Spirit AeroSystems Holdings Inc Class A (b) | 15072 | 552992 |
| Woodward Inc  | 7721 | 2023751 |
|  |  | 14127431 |
| Air Freight & Logistics - 0.6% |  |  |
| CH Robinson Worldwide Inc  | 15216 | 2343112 |
| GXO Logistics Inc (b) | 14739 | 828479 |
|  |  | 3171591 |
| Building Products - 2.1% |  |  |
| A O Smith Corp  | 14731 | 972099 |
| Advanced Drainage Systems Inc  | 9224 | 1291821 |
| Allegion plc  | 11048 | 1831428 |
| Armstrong World Industries Inc  | 5556 | 1058029 |
| Fortune Brands Innovations Inc  | 15484 | 786587 |
| Owens Corning  | 10798 | 1374693 |
| Simpson Manufacturing Co Inc  | 5358 | 945687 |
| Trex Co Inc (b) | 13808 | 667203 |
| UFP Industries Inc  | 7563 | 696779 |
| Zurn Elkay Water Solutions Corp  | 19167 | 902957 |
|  |  | 10527283 |
| Commercial Services & Supplies - 1.2% |  |  |
| Casella Waste Systems Inc Class A (b) | 8041 | 712191 |
| Clean Harbors Inc (b) | 6478 | 1363684 |
| MSA Safety Inc  | 4730 | 742752 |
| Rollins Inc  | 36167 | 2083581 |
| Tetra Tech Inc  | 33814 | 1081372 |
|  |  | 5983580 |
| Construction & Engineering - 3.4% |  |  |
| AECOM  | 17047 | 2290264 |
| API Group Corp (b) | 47624 | 1753516 |
| Comfort Systems USA Inc  | 4533 | 4376974 |
| EMCOR Group Inc  | 5764 | 3895196 |
| Everus Construction Group Inc (b) | 6565 | 596693 |
| Fluor Corp (b) | 20830 | 1015879 |
| MasTec Inc (b) | 7888 | 1610414 |
| Valmont Industries Inc  | 2539 | 1049699 |
| WillScot Holdings Corp  | 23457 | 510190 |
|  |  | 17098825 |
| Electrical Equipment - 1.9% |  |  |
| Acuity Inc  | 3907 | 1426250 |
| Atkore Inc  | 4383 | 303523 |
| Generac Holdings Inc (b) | 7564 | 1270903 |
| NEXTracker Inc Class A (b) | 19065 | 1929759 |
| nVent Electric PLC  | 20728 | 2370248 |
| Regal Rexnord Corp  | 8551 | 1204750 |
| Sensata Technologies Holding PLC  | 18788 | 598022 |
| Sunrun Inc (b) | 29711 | 616800 |
|  |  | 9720255 |
| Ground Transportation - 1.4% |  |  |
| Knight-Swift Transportation Holdings Inc  | 20910 | 943459 |
| Landstar System Inc  | 4472 | 574339 |
| Lyft Inc Class A (b) | 51211 | 1047777 |
| RXO Inc (b) | 21133 | 374688 |
| Saia Inc (b) | 3430 | 1003275 |
| U-Haul Holding Co (b) | 261 | 13875 |
| U-Haul Holding Co Class N  | 13839 | 671053 |
| XPO Inc (b) | 15168 | 2182220 |
|  |  | 6810686 |
| Machinery - 4.7% |  |  |
| AGCO Corp  | 7978 | 823010 |
| Allison Transmission Holdings Inc  | 10776 | 889559 |
| Chart Industries Inc (b) | 5684 | 1134640 |
| CNH Industrial NV Class A  | 114410 | 1200161 |
| Crane Co  | 6303 | 1197570 |
| Donaldson Co Inc  | 15003 | 1264003 |
| Flowserve Corp  | 16849 | 1149944 |
| Graco Inc  | 21378 | 1748079 |
| ITT Inc  | 10043 | 1858658 |
| Lincoln Electric Holdings Inc  | 7106 | 1666002 |
| Middleby Corp/The (b) | 6006 | 746125 |
| Mueller Industries Inc  | 14268 | 1510553 |
| Nordson Corp  | 6928 | 1606950 |
| Oshkosh Corp  | 8246 | 1016649 |
| Pentair PLC  | 21120 | 2246113 |
| RBC Bearings Inc (b) | 4047 | 1734261 |
| Timken Co/The  | 8190 | 642997 |
| Toro Co/The  | 12729 | 951238 |
|  |  | 23386512 |
| Marine Transportation - 0.2% |  |  |
| Kirby Corp (b) | 7181 | 743090 |
| Matson Inc  | 4098 | 413693 |
|  |  | 1156783 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (b) | 14850 | 619690 |
| American Airlines Group Inc (b) | 84927 | 1115092 |
|  |  | 1734782 |
| Professional Services - 2.1% |  |  |
| CACI International Inc (b) | 2834 | 1593417 |
| Clarivate PLC (b) | 58121 | 197610 |
| Concentrix Corp  | 5780 | 232992 |
| Dawn Bidco LLC (b) | 20566 | 1413707 |
| ExlService Holdings Inc (b) | 20765 | 811912 |
| Exponent Inc  | 6538 | 462956 |
| FTI Consulting Inc (b) | 4091 | 675056 |
| Genpact Ltd  | 20880 | 796572 |
| KBR Inc  | 16585 | 710501 |
| ManpowerGroup Inc  | 6069 | 186075 |
| Maximus Inc  | 7260 | 603451 |
| Paycom Software Inc  | 6453 | 1207292 |
| Paylocity Holding Corp (b) | 5751 | 812444 |
| Robert Half Inc  | 13015 | 340863 |
| Science Applications International Corp  | 6041 | 566102 |
|  |  | 10610950 |
| Trading Companies & Distributors - 1.7% |  |  |
| Air Lease Corp Class A  | 13504 | 862365 |
| Applied Industrial Technologies Inc  | 4906 | 1261284 |
| Core & Main Inc Class A (b) | 24428 | 1274653 |
| FTAI Aviation Ltd  | 13211 | 2284183 |
| GATX Corp  | 4579 | 718216 |
| SiteOne Landscape Supply Inc (b) | 5746 | 745658 |
| Wesco International Inc  | 6270 | 1627253 |
|  |  | 8773612 |
| TOTAL INDUSTRIALS |  | 113102290 |
| Information Technology - 12.8% |  |  |
| Communications Equipment - 1.0% |  |  |
| Ciena Corp (b) | 18199 | 3456354 |
| Lumentum Holdings Inc (b) | 8989 | 1811823 |
|  |  | 5268177 |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| Arrow Electronics Inc (b) | 6632 | 739800 |
| Cognex Corp  | 21619 | 894810 |
| Coherent Corp (b) | 20025 | 2642499 |
| Flex Ltd (b) | 48325 | 3021279 |
| Insight Enterprises Inc (b) | 4064 | 406400 |
| Littelfuse Inc  | 3192 | 776646 |
| Novanta Inc (b) | 4640 | 589326 |
| TD SYNNEX Corp  | 9881 | 1546278 |
| Vontier Corp  | 18854 | 725879 |
|  |  | 11342917 |
| IT Services - 0.8% |  |  |
| Amdocs Ltd  | 14330 | 1207446 |
| ASGN Inc (b) | 5656 | 253162 |
| DXC Technology Co (b) | 23162 | 328900 |
| EPAM Systems Inc (b) | 7171 | 1172745 |
| Kyndryl Holdings Inc (b) | 29717 | 859416 |
|  |  | 3821669 |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Cirrus Logic Inc (b) | 6603 | 875888 |
| Enphase Energy Inc (b) | 16844 | 513910 |
| Lattice Semiconductor Corp (b) | 17614 | 1285117 |
| MKS Inc  | 8639 | 1241511 |
| Onto Innovation Inc (b) | 6309 | 851463 |
| Power Integrations Inc  | 7243 | 303409 |
| Qorvo Inc (b) | 10854 | 1030262 |
| Rambus Inc (b) | 13851 | 1424437 |
| Silicon Laboratories Inc (b) | 4225 | 553813 |
| Skyworks Solutions Inc  | 19151 | 1488416 |
| Synaptics Inc (b) | 4955 | 351508 |
| Universal Display Corp  | 5691 | 838170 |
|  |  | 10757904 |
| Software - 5.2% |  |  |
| Aurora Innovation Inc Class A (b) | 147371 | 772224 |
| Bentley Systems Inc Class B  | 19164 | 974106 |
| BILL Holdings Inc (b) | 11810 | 586485 |
| Box Inc Class A (b) | 18603 | 596970 |
| Circle Internet Group Inc Class A (d) | 6845 | 869178 |
| Commvault Systems Inc (b) | 5725 | 797035 |
| Dolby Laboratories Inc Class A  | 7884 | 522867 |
| Dropbox Inc Class A (b) | 23764 | 689156 |
| Dynatrace Inc (b) | 38837 | 1963987 |
| Elastic NV (b) | 11950 | 1066179 |
| Five9 Inc (b) | 9971 | 242096 |
| Guidewire Software Inc (b) | 10839 | 2532424 |
| Manhattan Associates Inc (b) | 7790 | 1418325 |
| Nutanix Inc Class A (b) | 34512 | 2458635 |
| Procore Technologies Inc (b) | 14902 | 1100066 |
| Qualys Inc (b) | 4644 | 572419 |
| Rapid7 Inc (b) | 7430 | 137529 |
| RingCentral Inc Class A (b) | 10412 | 313609 |
| Rubrik Inc Class A (b) | 17162 | 1291784 |
| Samsara Inc Class A (b) | 38632 | 1551847 |
| SentinelOne Inc Class A (b) | 41040 | 732564 |
| SPS Commerce Inc (b) | 4890 | 402154 |
| Tenable Holdings Inc (b) | 15614 | 453118 |
| Teradata Corp (b) | 12180 | 253953 |
| UiPath Inc Class A (b) | 54787 | 868922 |
| Unity Software Inc (b) | 43553 | 1650659 |
| Varonis Systems Inc (b) | 14431 | 508404 |
| Workiva Inc Class A (b) | 6716 | 570927 |
|  |  | 25897622 |
| Technology Hardware, Storage & Peripherals - 1.5% |  |  |
| Pure Storage Inc Class A (b) | 39989 | 3946915 |
| Sandisk Corp/DE  | 17780 | 3544087 |
|  |  | 7491002 |
| TOTAL INFORMATION TECHNOLOGY |  | 64579291 |
| Materials - 4.2% |  |  |
| Chemicals - 1.8% |  |  |
| Albemarle Corp  | 15168 | 1489953 |
| Ashland Inc  | 5900 | 288510 |
| Avient Corp  | 11838 | 379645 |
| Axalta Coating Systems Ltd (b) | 27847 | 792804 |
| Balchem Corp  | 4177 | 640710 |
| Celanese Corp  | 14109 | 542350 |
| Chemours Co/The  | 19422 | 260061 |
| Element Solutions Inc  | 29204 | 780331 |
| FMC Corp  | 16322 | 247605 |
| Huntsman Corp  | 21544 | 178383 |
| Mosaic Co/The  | 40916 | 1123144 |
| Olin Corp  | 14823 | 306836 |
| RPM International Inc  | 16538 | 1807273 |
| Scotts Miracle-Gro Co/The  | 5747 | 307579 |
|  |  | 9145184 |
| Construction Materials - 0.3% |  |  |
| Eagle Materials Inc  | 4176 | 886649 |
| Knife River Corp (b) | 7288 | 440632 |
|  |  | 1327281 |
| Containers & Packaging - 0.9% |  |  |
| AptarGroup Inc  | 8477 | 983417 |
| Crown Holdings Inc  | 14818 | 1440013 |
| Graphic Packaging Holding CO  | 38267 | 611889 |
| Sealed Air Corp  | 18947 | 634914 |
| Silgan Holdings Inc  | 11446 | 442045 |
| Sonoco Products Co  | 12802 | 519377 |
|  |  | 4631655 |
| Metals & Mining - 1.1% |  |  |
| Alcoa Corp  | 33341 | 1226615 |
| Cleveland-Cliffs Inc (b) | 63671 | 791431 |
| Commercial Metals Co  | 14411 | 855437 |
| MP Materials Corp (b) | 17327 | 1093160 |
| Royal Gold Inc  | 8485 | 1483093 |
|  |  | 5449736 |
| Paper & Forest Products - 0.1% |  |  |
| Louisiana-Pacific Corp  | 8154 | 710295 |
| TOTAL MATERIALS |  | 21264151 |
| Real Estate - 6.9% |  |  |
| Health Care REITs - 0.7% |  |  |
| American Healthcare REIT Inc  | 21732 | 984894 |
| Healthcare Realty Trust Inc  | 45532 | 806827 |
| Medical Properties Trust Inc (d) | 63800 | 329846 |
| Omega Healthcare Investors Inc  | 38124 | 1602352 |
|  |  | 3723919 |
| Hotel & Resort REITs - 0.2% |  |  |
| Park Hotels & Resorts Inc  | 26631 | 274033 |
| Ryman Hospitality Properties Inc  | 8151 | 708403 |
|  |  | 982436 |
| Industrial REITs - 1.2% |  |  |
| Americold Realty Trust Inc  | 37041 | 477458 |
| EastGroup Properties Inc  | 6883 | 1201290 |
| First Industrial Realty Trust Inc  | 17111 | 945896 |
| Lineage Inc  | 7440 | 293135 |
| LXP Industrial Trust  | 38544 | 365783 |
| Rexford Industrial Realty Inc  | 30502 | 1260343 |
| STAG Industrial Inc Class A  | 24189 | 925713 |
| Terreno Realty Corp  | 13381 | 764457 |
|  |  | 6234075 |
| Office REITs - 0.8% |  |  |
| BXP Inc  | 19002 | 1352752 |
| Cousins Properties Inc  | 21913 | 568204 |
| Douglas Emmett Inc  | 21855 | 282804 |
| Highwoods Properties Inc  | 14144 | 404943 |
| Kilroy Realty Corp  | 14101 | 595767 |
| Vornado Realty Trust  | 20785 | 788583 |
|  |  | 3993053 |
| Real Estate Management & Development - 0.9% |  |  |
| Howard Hughes Holdings Inc (b) | 3991 | 316406 |
| Jones Lang LaSalle Inc (b) | 6101 | 1861354 |
| Zillow Group Inc Class A (b) | 6460 | 462084 |
| Zillow Group Inc Class C (b) | 22517 | 1688325 |
|  |  | 4328169 |
| Residential REITs - 0.9% |  |  |
| American Homes 4 Rent Class A  | 42075 | 1329570 |
| Camden Property Trust  | 13806 | 1373421 |
| Equity LifeStyle Properties Inc  | 25005 | 1526555 |
| Independence Realty Trust Inc  | 30350 | 483476 |
|  |  | 4713022 |
| Retail REITs - 1.6% |  |  |
| Agree Realty Corp  | 14294 | 1043605 |
| Brixmor Property Group Inc  | 39542 | 1034419 |
| Federal Realty Investment Trust  | 10173 | 978541 |
| Kimco Realty Corp  | 87580 | 1809403 |
| Kite Realty Group Trust  | 28549 | 632075 |
| NNN REIT Inc  | 24509 | 991634 |
| Regency Centers Corp  | 21115 | 1455879 |
|  |  | 7945556 |
| Specialized REITs - 0.6% |  |  |
| CubeSmart  | 29550 | 1113149 |
| Lamar Advertising Co Class A  | 11207 | 1329038 |
| National Storage Affiliates Trust  | 9295 | 270391 |
| Rayonier Inc  | 18440 | 406971 |
|  |  | 3119549 |
| TOTAL REAL ESTATE |  | 35039779 |
| Utilities - 2.9% |  |  |
| Electric Utilities - 0.8% |  |  |
| IDACORP Inc  | 6947 | 896302 |
| OGE Energy Corp  | 25941 | 1145036 |
| Pinnacle West Capital Corp  | 15380 | 1361438 |
| Portland General Electric Co  | 14196 | 648473 |
|  |  | 4051249 |
| Gas Utilities - 0.8% |  |  |
| MDU Resources Group Inc  | 26373 | 505834 |
| National Fuel Gas Co  | 11630 | 917723 |
| New Jersey Resources Corp  | 13050 | 578115 |
| ONE Gas Inc  | 7755 | 621873 |
| Southwest Gas Holdings Inc  | 8254 | 656193 |
| UGI Corp  | 27723 | 926781 |
|  |  | 4206519 |
| Independent Power and Renewable Electricity Producers - 0.9% |  |  |
| AES Corp/The  | 91806 | 1273349 |
| Ormat Technologies Inc  | 7806 | 830324 |
| Talen Energy Corp (b) | 5880 | 2350707 |
|  |  | 4454380 |
| Multi-Utilities - 0.1% |  |  |
| Black Hills Corp  | 9402 | 596368 |
| Water Utilities - 0.3% |  |  |
| Essential Utilities Inc  | 36197 | 1412769 |
| TOTAL UTILITIES |  | 14721285 |
| TOTAL UNITED STATES |  | 489185734 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $456,187,083) |  | <br> **501874117** |

---

---

| | | |
|:---|:---|:---|
| &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 | **46** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (f)<br>(Cost $116,840)<br>| 4.15 | 117000 | **116874** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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) | 4.18 | 2277338 | 2277793 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.18 | 2317986 | 2318218 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $4,596,011) |  |  | **4596011** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $460,900,008)<br>| <br>**506587048** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(2112015)** |
| **NET ASSETS - 100.0%** | **504475033** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 MidCap 400 Index Contracts (United States) | 8 | 12/19/2025 | 2606160 | (24081) | (24081) |
| 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) Level 3 security.

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

(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 $116,874.

(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 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 | 914223 | 31184220 | 29820660 | 29135 | 10 | - | 2277793 | 2277338 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3871356 | 24907395 | 26460533 | 86006 | - | - | 2318218 | 2317986 | 0.0% |
| Total | 4785579 | 56091615 | 56281193 | 115141 | 10 | - | 4596011 |  |  |

---

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 October 31, 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 | 19637591 | 19637591 | - | - |
| Consumer Discretionary | 58878334 | 58878334 | - | - |
| Consumer Staples | 21537972 | 21537972 | - | - |
| Energy | 15125839 | 15125839 | - | - |
| Financials | 82136752 | 82136752 | - | - |
| Health Care | 50103274 | 50103274 | - | - |
| Industrials | 113102290 | 113102290 | - | - |
| Information Technology | 66612962 | 66612962 | - | - |
| Materials | 24978039 | 24978039 | - | - |
| Real Estate | 35039779 | 35039779 | - | - |
| Utilities | 14721285 | 14721285 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Real Estate | 46 | 46 | - | - |
|  **U.S. Treasury Obligations** | 116874 | - | 116874 | - |
|  **Money Market Funds** | 4596011 | 4596011 | - | - |
| **Total Investments in Securities:** | 506587048 | 506470174 | 116874 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (24081) | (24081) | - | - |
| Total Liabilities | (24081) | (24081) | - | - |
| **Total Derivative Instruments:** | (24081) | (24081) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | - | (24081) |
| **Total Equity Risk**  | - | (24081) |
| **Total Value of Derivatives** | - | (24081) |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,278,316) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $456,303,997) | $501991037 |  |
| Fidelity Central Funds (cost $4,596,011) | 4596011 |  |
| Total Investment in Securities (cost $460,900,008) |  | $506587048 |
| Segregated cash with brokers for derivative instruments |  | 61220 |
| Cash |  | 1592 |
| Receivable for fund shares sold |  | 636241 |
| Dividends receivable |  | 216811 |
| Distributions receivable from Fidelity Central Funds |  | 8834 |
| Receivable for daily variation margin on futures contracts |  | 15520 |
| Other receivables |  | 2200 |
| **Total assets** |  | 507529466 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $287779 |  |
| Payable for fund shares redeemed | 448466 |  |
| Collateral on securities loaned | 2318188 |  |
| **Total liabilities** |  | 3054433 |
| **Net Assets**  |  | $504475033 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $347069247 |
| Total accumulated earnings (loss) |  | 157405786 |
| **Net Assets** |  | $504475033 |
| **Net Asset Value**, offering price and redemption price per share ($504,475,033 ÷ 24,086,771 shares) |  | $20.94 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $4116560 |
| Interest  |  | 3185 |
| Income from Fidelity Central Funds (including $86,006 from security lending)  |  | 115141 |
| **Total income** |  | 4234886 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $606 |  |
| Proxy fee | 83 |  |
| Total expenses before reductions | 689 |  |
| Expense reductions | (444) |  |
| Total expenses after reductions |  | 245 |
| **Net Investment income (loss)** |  | 4234641 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (12074221) |  |
| Redemptions in-kind | 129011387 |  |
| Fidelity Central Funds | 10 |  |
| Foreign currency transactions | (11) |  |
| Futures contracts | 293286 |  |
| Total net realized gain (loss) |  | 117230451 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (37478433) |  |
| Futures contracts | (30503) |  |
| Total change in net unrealized appreciation (depreciation) |  | (37508936) |
| **Net gain (loss)** |  | 79721515 |
| **Net increase (decrease) in net assets resulting from operations** |  | $83956156 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4234641 | $7298831 |
| &nbsp;&nbsp;Net realized gain (loss) | 117230451<br>| 11479573<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (37508936) | 11484959<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 83956156<br>| 30263363<br>|
| Distributions to shareholders | -<br>| (5037711)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 409399944 | 235522054 |
| Reinvestment of distributions | -<br>| 3720271<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (484053516) | (173412358) |
| **Net increase (decrease) in net assets resulting from share transactions** | (74653572)<br>| 65829967<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 9302584<br>| 91055619<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 495172449 | 404116830<br>|
| &nbsp;&nbsp;End of period | $504475033 | $495172449 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 20455785 | 12959637 |
| Issued in reinvestment of distributions | -<br>| 201454<br>|
| &nbsp;&nbsp;Redeemed | (23959620) | (9466012) |
| &nbsp;&nbsp;Net increase (decrease) | (3503835) | 3695079 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.95 | $16.91 | $14.83 | $15.35 | $16.82 | $10.78 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .29  | .26  | .26  | .21  | .19  |
| Net realized and unrealized gain (loss)  | 2.83  | .95  | 2.15  | (.52)  | (1.18)  | 6.17  |
| Total from investment operations  | 2.99  | 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  | $20.94 | $17.95 | $16.91 | $14.83 | $15.35 | $16.82 |
| **Total Return** D,E | 16.66% <br>| 7.31%  | 16.36%  | (1.62)%  | (6.09)%  | 59.64%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | -% H,I | -% H | .04%  | -% H | -% H | -% H |
| Expenses net of fee waivers, if any H | -% I<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -% I | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.58% I | 1.58%  | 1.67%  | 1.75%  | 1.27%  | 1.35%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $504475 | $495172 | $404117 | $293963 | $251337 | $189335 |
| Portfolio turnover rate J | 135% I,K<br>| 17% K | 10% K | 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 for periods of less than one year are not annualized.*

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

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

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

H*Amount represents less than .005%.*

I*Annualized.*

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

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 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.

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

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 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.

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

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

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to futures contracts, 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:

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| | |
|:---|:---|
| **Gross unrealized appreciation** | $73659608 |
| **Gross unrealized depreciation** | <u>(32341433)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$41318175</u> |
| **Tax cost** | <u>$465292954</u> |

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

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| | |
|:---|:---|
| Short-term | $- |
| Long-term | <u>(2906504)</u> |
| **Total capital loss carryforward** | <u>$(2906504)</u> |

---

**New Accounting Pronouncement.** 

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):

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

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Flex Mid Cap Index Fund** | 594980920 | 353697501 |

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**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Flex Mid Cap Index Fund** | 16240018 | - | 129011387 | 129011387 | 326935140 |

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**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares 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 on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Flex Mid Cap Index Fund** | 1377002 | 13522015 | 24025897 |

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services 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. Interfund trades during the period are noted in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Flex Mid Cap Index Fund** | 11960 | - | - |

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**7. Committed Line of Credit.**

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

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

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| | | |
|:---|:---|:---|
|  | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Flex Mid Cap Index Fund** | - | - |

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**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $444.

**10. Other.**

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

**11. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Flex Mid Cap Index Fund**

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

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

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable. The Board's decision to renew the fund's Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

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

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

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

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

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

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

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

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

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

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

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

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

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

![](img119055_4.jpg)<br>

1.9881626.108 ZMP-SANN-1225

**Fidelity Flex® Mid Cap Focused Index Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119063_1.jpg)

![](img119063_2.jpg)

**Contents**

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| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_FXM-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® Mid Cap Focused Index Fund](#Sub_Sec_Fund_8967_FXM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements8967_FXM-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FXM-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FXM-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FXM-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FXM-SANN)** |

---

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

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

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

The 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 (Semi-Annual Report)**

**Fidelity Flex® Mid Cap Focused Index Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Liberty Global Ltd Class A (a) | 676 | 7436 |
| BERMUDA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| RenaissanceRe Holdings Ltd  | 73 | 18549 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 21 | 2340 |
| SWEDEN - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Autoliv Inc  | 21 | 2452 |
| THAILAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Fabrinet (a) | 14 | 6168 |
| UNITED KINGDOM - 0.8%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TechnipFMC PLC  | 310 | 12819 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Anglogold Ashanti Plc  | 357 | 24276 |
| TOTAL UNITED KINGDOM |  | 37095 |
| UNITED STATES - 97.5%  |  |  |
| Communication Services - 3.7% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Frontier Communications Parent Inc (a) | 153 | 5777 |
| Iridium Communications Inc  | 348 | 6664 |
|  |  | 12441 |
| Entertainment - 0.9% |  |  |
| Roku Inc Class A (a) | 70 | 7429 |
| TKO Group Holdings Inc Class A  | 115 | 21666 |
| Warner Music Group Corp Class A  | 347 | 11090 |
|  |  | 40185 |
| Interactive Media & Services - 1.3% |  |  |
| IAC Inc Class A (a) | 231 | 7443 |
| Match Group Inc  | 458 | 14812 |
| Reddit Inc Class A (a) | 93 | 19432 |
| Snap Inc Class A (a) | 1957 | 15265 |
| Ziff Davis Inc (a) | 31 | 1051 |
|  |  | 58003 |
| Media - 1.2% |  |  |
| Interpublic Group of Cos Inc/The  | 229 | 5876 |
| Liberty Broadband Corp Class C (a) | 203 | 10925 |
| New York Times Co/The Class A  | 298 | 16983 |
| News Corp Class A  | 249 | 6599 |
| Nexstar Media Group Inc  | 66 | 12918 |
|  |  | 53301 |
| TOTAL COMMUNICATION SERVICES |  | 163930 |
| Consumer Discretionary - 11.6% |  |  |
| Automobile Components - 0.1% |  |  |
| BorgWarner Inc  | 62 | 2664 |
| Gentex Corp  | 23 | 539 |
|  |  | 3203 |
| Automobiles - 0.5% |  |  |
| Rivian Automotive Inc Class A (a) | 469 | 6364 |
| Thor Industries Inc  | 145 | 15131 |
|  |  | 21495 |
| Broadline Retail - 0.1% |  |  |
| Etsy Inc (a) | 8 | 496 |
| Ollie's Bargain Outlet Holdings Inc (a) | 27 | 3262 |
|  |  | 3758 |
| Diversified Consumer Services - 1.1% |  |  |
| Bright Horizons Family Solutions Inc (a) | 107 | 11688 |
| Duolingo Inc Class A (a) | 62 | 16780 |
| H&R Block Inc  | 243 | 12087 |
| Service Corp International/US  | 97 | 8100 |
|  |  | 48655 |
| Hotels, Restaurants & Leisure - 3.6% |  |  |
| Aramark  | 448 | 16970 |
| Caesars Entertainment Inc (a) | 451 | 9065 |
| Cava Group Inc (a) | 52 | 2794 |
| Choice Hotels International Inc  | 77 | 7158 |
| Churchill Downs Inc  | 123 | 12202 |
| Dutch Bros Inc Class A (a) | 55 | 3055 |
| Hyatt Hotels Corp Class A  | 4 | 549 |
| Light & Wonder Inc Class A (a) | 35 | 2545 |
| MGM Resorts International (a) | 413 | 13228 |
| Norwegian Cruise Line Holdings Ltd (a) | 821 | 18407 |
| Penn Entertainment Inc (a) | 522 | 8592 |
| Planet Fitness Inc Class A (a) | 43 | 3900 |
| Texas Roadhouse Inc  | 106 | 17339 |
| Vail Resorts Inc  | 75 | 11125 |
| Wingstop Inc  | 11 | 2383 |
| Wyndham Hotels & Resorts Inc  | 147 | 10794 |
| Wynn Resorts Ltd  | 164 | 19514 |
|  |  | 159620 |
| Household Durables - 1.2% |  |  |
| Mohawk Industries Inc (a) | 12 | 1363 |
| Somnigroup International Inc  | 152 | 12060 |
| Toll Brothers Inc  | 61 | 8232 |
| TopBuild Corp (a) | 50 | 21124 |
| Whirlpool Corp  | 124 | 8882 |
|  |  | 51661 |
| Leisure Products - 0.9% |  |  |
| Hasbro Inc  | 243 | 18543 |
| Mattel Inc (a) | 675 | 12407 |
| YETI Holdings Inc (a) | 298 | 10129 |
|  |  | 41079 |
| Specialty Retail - 3.3% |  |  |
| Academy Sports & Outdoors Inc  | 242 | 11589 |
| AutoNation Inc (a) | 63 | 12592 |
| Bath & Body Works Inc  | 426 | 10428 |
| Dick's Sporting Goods Inc  | 103 | 22809 |
| Five Below Inc (a) | 191 | 30040 |
| Floor & Decor Holdings Inc Class A (a) | 51 | 3186 |
| GameStop Corp Class A (a) | 708 | 15781 |
| Lithia Motors Inc Class A  | 47 | 14762 |
| Murphy USA Inc  | 9 | 3224 |
| Restoration Hardware Inc (a) | 54 | 9314 |
| Valvoline Inc (a) | 293 | 9672 |
|  |  | 143397 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Crocs Inc (a) | 116 | 9476 |
| Ralph Lauren Corp Class A  | 19 | 6074 |
| Tapestry Inc  | 160 | 17571 |
| Under Armour Inc Class A (a) | 723 | 3333 |
|  |  | 36454 |
| TOTAL CONSUMER DISCRETIONARY |  | 509322 |
| Consumer Staples - 4.2% |  |  |
| Beverages - 0.7% |  |  |
| Brown-Forman Corp Class B  | 360 | 9804 |
| Celsius Holdings Inc (a) | 40 | 2409 |
| Coca-Cola Consolidated Inc  | 30 | 3911 |
| Molson Coors Beverage Co Class B  | 109 | 4765 |
| Primo Brands Corp Class A  | 439 | 9645 |
|  |  | 30534 |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| Albertsons Cos Inc Class A  | 234 | 4139 |
| BJ's Wholesale Club Holdings Inc (a) | 195 | 17211 |
| Casey's General Stores Inc  | 31 | 15909 |
| Maplebear Inc (a) | 80 | 2948 |
| Performance Food Group Co (a) | 244 | 23605 |
| US Foods Holding Corp (a) | 177 | 12854 |
|  |  | 76666 |
| Food Products - 1.1% |  |  |
| Campbell's Company/The  | 94 | 2832 |
| Darling Ingredients Inc (a) | 18 | 577 |
| Freshpet Inc (a) | 121 | 5954 |
| Hormel Foods Corp  | 501 | 10817 |
| Ingredion Inc  | 35 | 4039 |
| Lamb Weston Holdings Inc  | 245 | 15124 |
| Post Holdings Inc (a) | 98 | 10185 |
|  |  | 49528 |
| Personal Care Products - 0.7% |  |  |
| BellRing Brands Inc (a) | 215 | 6478 |
| elf Beauty Inc (a) | 185 | 22596 |
|  |  | 29074 |
| TOTAL CONSUMER STAPLES |  | 185802 |
| Energy - 2.7% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| NOV Inc  | 834 | 12176 |
| Oil, Gas & Consumable Fuels - 2.4% |  |  |
| Antero Midstream Corp  | 683 | 11782 |
| Antero Resources Corp (a) | 477 | 14744 |
| APA Corp  | 708 | 16037 |
| Chord Energy Corp  | 11 | 998 |
| DT Midstream Inc  | 67 | 7336 |
| HF Sinclair Corp  | 22 | 1135 |
| Matador Resources Co  | 13 | 513 |
| Murphy Oil Corp  | 367 | 10386 |
| PBF Energy Inc Class A  | 343 | 11720 |
| Permian Resources Corp Class A  | 425 | 5338 |
| Range Resources Corp  | 415 | 14753 |
| SM Energy Co  | 383 | 8001 |
| Viper Energy Inc Class A  | 82 | 3080 |
|  |  | 105823 |
| TOTAL ENERGY |  | 117999 |
| Financials - 15.9% |  |  |
| Banks - 4.4% |  |  |
| Cadence Bank  | 45 | 1698 |
| Comerica Inc  | 60 | 4590 |
| Commerce Bancshares Inc/MO  | 36 | 1895 |
| Cullen/Frost Bankers Inc  | 118 | 14531 |
| East West Bancorp Inc  | 220 | 22352 |
| First Horizon Corp  | 864 | 18455 |
| Flagstar Financial Inc  | 1045 | 11934 |
| Hancock Whitney Corp  | 298 | 17019 |
| Old National Bancorp/IN  | 154 | 3146 |
| Pinnacle Financial Partners Inc  | 142 | 12100 |
| Prosperity Bancshares Inc  | 184 | 12111 |
| SOUTHSTATE BANK CORP  | 174 | 15425 |
| Synovus Financial Corp  | 14 | 625 |
| Valley National Bancorp  | 1658 | 18022 |
| Webster Financial Corp  | 302 | 17226 |
| Western Alliance Bancorp  | 47 | 3635 |
| Wintrust Financial Corp  | 125 | 16253 |
| Zions Bancorp NA  | 64 | 3335 |
|  |  | 194352 |
| Capital Markets - 2.7% |  |  |
| Affiliated Managers Group Inc  | 10 | 2380 |
| Blue Owl Capital Inc Class A  | 974 | 15360 |
| Carlyle Group Inc/The  | 420 | 22394 |
| Evercore Inc Class A  | 17 | 5008 |
| Franklin Resources Inc  | 89 | 2011 |
| Houlihan Lokey Inc Class A  | 31 | 5551 |
| Invesco Ltd  | 168 | 3982 |
| Janus Henderson Group PLC  | 435 | 18949 |
| Jefferies Financial Group Inc  | 289 | 15268 |
| MarketAxess Holdings Inc  | 21 | 3361 |
| Morningstar Inc  | 12 | 2548 |
| SEI Investments Co  | 172 | 13865 |
| Stifel Financial Corp  | 62 | 7343 |
|  |  | 118020 |
| Consumer Finance - 1.4% |  |  |
| Ally Financial Inc  | 178 | 6937 |
| Credit Acceptance Corp (a) | 22 | 9841 |
| OneMain Holdings Inc  | 244 | 14442 |
| SLM Corp  | 65 | 1745 |
| SoFi Technologies Inc Class A (a) | 923 | 27395 |
|  |  | 60360 |
| Financial Services - 3.0% |  |  |
| Affirm Holdings Inc Class A (a) | 444 | 31916 |
| Corebridge Financial Inc  | 143 | 4656 |
| Equitable Holdings Inc  | 438 | 21637 |
| Essent Group Ltd  | 198 | 11993 |
| Euronet Worldwide Inc (a) | 140 | 10620 |
| MGIC Investment Corp  | 70 | 1919 |
| Toast Inc Class A (a) | 385 | 13914 |
| Voya Financial Inc  | 187 | 13924 |
| Western Union Co/The  | 1159 | 10813 |
| WEX Inc (a) | 73 | 10649 |
|  |  | 132041 |
| Insurance - 3.3% |  |  |
| American Financial Group Inc/OH  | 42 | 5531 |
| Assurant Inc  | 35 | 7410 |
| Axis Capital Holdings Ltd  | 42 | 3934 |
| Erie Indemnity Co Class A  | 41 | 11998 |
| First American Financial Corp  | 44 | 2749 |
| Globe Life Inc  | 56 | 7365 |
| Hanover Insurance Group Inc/The  | 69 | 11791 |
| Kinsale Capital Group Inc  | 16 | 6392 |
| Lincoln National Corp  | 337 | 14154 |
| Loews Corp  | 141 | 14038 |
| Old Republic International Corp  | 383 | 15113 |
| Primerica Inc  | 20 | 5197 |
| Reinsurance Group of America Inc  | 50 | 9123 |
| Ryan Specialty Holdings Inc Class A  | 192 | 10522 |
| Unum Group  | 240 | 17621 |
|  |  | 142938 |
| Mortgage Real Estate Investment Trusts (REITs) - 1.1% |  |  |
| AGNC Investment Corp  | 688 | 6880 |
| Annaly Capital Management Inc  | 978 | 20704 |
| Rithm Capital Corp  | 1033 | 11332 |
| Starwood Property Trust Inc  | 642 | 11672 |
|  |  | 50588 |
| TOTAL FINANCIALS |  | 698299 |
| Health Care - 10.1% |  |  |
| Biotechnology - 4.0% |  |  |
| Alkermes PLC (a) | 343 | 10530 |
| Apellis Pharmaceuticals Inc (a) | 335 | 7192 |
| Cytokinetics Inc (a) | 258 | 16406 |
| Exact Sciences Corp (a) | 326 | 21089 |
| Exelixis Inc (a) | 170 | 6574 |
| Halozyme Therapeutics Inc (a) | 213 | 13885 |
| Incyte Corp (a) | 265 | 24773 |
| Ionis Pharmaceuticals Inc (a) | 351 | 26080 |
| Moderna Inc (a) | 200 | 5432 |
| Neurocrine Biosciences Inc (a) | 65 | 9309 |
| Sarepta Therapeutics Inc (a) | 200 | 4802 |
| United Therapeutics Corp (a) | 36 | 16035 |
| Viking Therapeutics Inc (a) | 329 | 12528 |
|  |  | 174635 |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Enovis Corp (a) | 112 | 3499 |
| Envista Holdings Corp (a) | 491 | 9992 |
| Globus Medical Inc Class A (a) | 57 | 3442 |
| iRhythm Technologies Inc (a) | 82 | 15359 |
| Lantheus Holdings Inc (a) | 128 | 7384 |
| Masimo Corp (a) | 85 | 11955 |
| Penumbra Inc (a) | 62 | 14097 |
| Solventum Corp (a) | 96 | 6628 |
| Teleflex Inc  | 14 | 1742 |
|  |  | 74098 |
| Health Care Providers & Services - 1.8% |  |  |
| Chemed Corp  | 25 | 10783 |
| DaVita Inc (a) | 4 | 476 |
| Encompass Health Corp  | 163 | 18558 |
| Ensign Group Inc/The  | 28 | 5043 |
| Guardant Health Inc (a) | 24 | 2232 |
| HealthEquity Inc (a) | 38 | 3594 |
| Henry Schein Inc (a) | 42 | 2654 |
| Option Care Health Inc (a) | 39 | 1015 |
| Tenet Healthcare Corp (a) | 138 | 28496 |
| Universal Health Services Inc Class B  | 38 | 8246 |
|  |  | 81097 |
| Health Care Technology - 0.1% |  |  |
| Doximity Inc Class A (a) | 64 | 4224 |
| Life Sciences Tools & Services - 1.9% |  |  |
| Bio-Techne Corp  | 269 | 16831 |
| Bruker Corp  | 256 | 9969 |
| Charles River Laboratories International Inc (a) | 91 | 16386 |
| Medpace Holdings Inc (a) | 41 | 23982 |
| Repligen Corp (a) | 100 | 14906 |
|  |  | 82074 |
| Pharmaceuticals - 0.6% |  |  |
| Corcept Therapeutics Inc (a) | 43 | 3159 |
| Elanco Animal Health Inc (a) | 64 | 1418 |
| Jazz Pharmaceuticals PLC (a) | 110 | 15140 |
| Perrigo Co PLC  | 340 | 7052 |
|  |  | 26769 |
| TOTAL HEALTH CARE |  | 442897 |
| Industrials - 22.4% |  |  |
| Aerospace & Defense - 3.4% |  |  |
| ATI Inc (a) | 254 | 25139 |
| BWX Technologies Inc  | 154 | 32897 |
| Carpenter Technology Corp  | 26 | 8213 |
| Curtiss-Wright Corp  | 25 | 14893 |
| Hexcel Corp  | 277 | 19778 |
| Huntington Ingalls Industries Inc  | 69 | 22219 |
| Spirit AeroSystems Holdings Inc Class A (a) | 402 | 14749 |
| Woodward Inc  | 37 | 9698 |
|  |  | 147586 |
| Air Freight & Logistics - 0.5% |  |  |
| CH Robinson Worldwide Inc  | 76 | 11703 |
| GXO Logistics Inc (a) | 200 | 11242 |
|  |  | 22945 |
| Building Products - 2.6% |  |  |
| A O Smith Corp  | 206 | 13594 |
| Advanced Drainage Systems Inc  | 128 | 17926 |
| Allegion plc  | 135 | 22379 |
| Armstrong World Industries Inc  | 84 | 15996 |
| Fortune Brands Innovations Inc  | 32 | 1626 |
| Owens Corning  | 131 | 16678 |
| Simpson Manufacturing Co Inc  | 80 | 14120 |
| Trex Co Inc (a) | 17 | 821 |
| UFP Industries Inc  | 113 | 10411 |
|  |  | 113551 |
| Commercial Services & Supplies - 1.0% |  |  |
| Casella Waste Systems Inc Class A (a) | 19 | 1683 |
| Clean Harbors Inc (a) | 81 | 17051 |
| Rollins Inc  | 405 | 23332 |
| Tetra Tech Inc  | 111 | 3550 |
|  |  | 45616 |
| Construction & Engineering - 3.0% |  |  |
| AECOM  | 91 | 12226 |
| API Group Corp (a) | 631 | 23233 |
| Comfort Systems USA Inc  | 23 | 22208 |
| EMCOR Group Inc  | 36 | 24328 |
| Fluor Corp (a) | 22 | 1073 |
| MasTec Inc (a) | 112 | 22866 |
| Valmont Industries Inc  | 40 | 16537 |
| WillScot Holdings Corp  | 394 | 8570 |
|  |  | 131041 |
| Electrical Equipment - 1.8% |  |  |
| Acuity Inc  | 53 | 19348 |
| Generac Holdings Inc (a) | 19 | 3192 |
| NEXTracker Inc Class A (a) | 286 | 28949 |
| nVent Electric PLC  | 73 | 8348 |
| Regal Rexnord Corp  | 22 | 3099 |
| Sunrun Inc (a) | 777 | 16131 |
|  |  | 79067 |
| Ground Transportation - 1.6% |  |  |
| Knight-Swift Transportation Holdings Inc  | 306 | 13807 |
| Lyft Inc Class A (a) | 1297 | 26537 |
| Saia Inc (a) | 12 | 3509 |
| XPO Inc (a) | 184 | 26472 |
|  |  | 70325 |
| Machinery - 5.3% |  |  |
| AGCO Corp  | 129 | 13308 |
| Allison Transmission Holdings Inc  | 32 | 2642 |
| Chart Industries Inc (a) | 7 | 1397 |
| CNH Industrial NV Class A  | 493 | 5172 |
| Crane Co  | 88 | 16720 |
| Donaldson Co Inc  | 45 | 3791 |
| Flowserve Corp  | 258 | 17609 |
| Graco Inc  | 118 | 9649 |
| ITT Inc  | 129 | 23874 |
| Lincoln Electric Holdings Inc  | 89 | 20866 |
| Middleby Corp/The (a) | 87 | 10808 |
| Mueller Industries Inc  | 190 | 20115 |
| Nordson Corp  | 31 | 7190 |
| Oshkosh Corp  | 10 | 1232 |
| Pentair PLC  | 245 | 26056 |
| RBC Bearings Inc (a) | 51 | 21855 |
| Timken Co/The  | 219 | 17194 |
| Toro Co/The  | 183 | 13676 |
|  |  | 233154 |
| Marine Transportation - 0.0% |  |  |
| Kirby Corp (a) | 1 | 103 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (a) | 235 | 9807 |
| American Airlines Group Inc (a) | 162 | 2127 |
|  |  | 11934 |
| Professional Services - 1.7% |  |  |
| CACI International Inc (a) | 11 | 6185 |
| Dawn Bidco LLC (a) | 267 | 18354 |
| ExlService Holdings Inc (a) | 58 | 2268 |
| Genpact Ltd  | 49 | 1869 |
| KBR Inc  | 241 | 10324 |
| ManpowerGroup Inc  | 157 | 4814 |
| Maximus Inc  | 194 | 16125 |
| Paycom Software Inc  | 30 | 5613 |
| Paylocity Holding Corp (a) | 77 | 10878 |
| Science Applications International Corp  | 2 | 187 |
|  |  | 76617 |
| Trading Companies & Distributors - 1.2% |  |  |
| Applied Industrial Technologies Inc  | 17 | 4370 |
| Core & Main Inc Class A (a) | 95 | 4957 |
| FTAI Aviation Ltd  | 163 | 28183 |
| SiteOne Landscape Supply Inc (a) | 93 | 12069 |
| Wesco International Inc  | 17 | 4412 |
|  |  | 53991 |
| TOTAL INDUSTRIALS |  | 985930 |
| Information Technology - 12.7% |  |  |
| Communications Equipment - 0.3% |  |  |
| Ciena Corp (a) | 77 | 14624 |
| Electronic Equipment, Instruments & Components - 3.1% |  |  |
| Arrow Electronics Inc (a) | 118 | 13163 |
| Cognex Corp  | 398 | 16473 |
| Coherent Corp (a) | 277 | 36553 |
| Flex Ltd (a) | 612 | 38262 |
| Insight Enterprises Inc (a) | 109 | 10900 |
| TD SYNNEX Corp  | 40 | 6259 |
| Vontier Corp  | 353 | 13591 |
|  |  | 135201 |
| IT Services - 1.0% |  |  |
| Amdocs Ltd  | 74 | 6235 |
| DXC Technology Co (a) | 706 | 10025 |
| EPAM Systems Inc (a) | 102 | 16681 |
| Kyndryl Holdings Inc (a) | 451 | 13043 |
|  |  | 45984 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Cirrus Logic Inc (a) | 6 | 796 |
| Enphase Energy Inc (a) | 261 | 7963 |
| Lattice Semiconductor Corp (a) | 47 | 3429 |
| MKS Inc  | 3 | 431 |
| Onto Innovation Inc (a) | 109 | 14711 |
| Qorvo Inc (a) | 19 | 1803 |
| Rambus Inc (a) | 20 | 2057 |
| Skyworks Solutions Inc  | 87 | 6762 |
| Universal Display Corp  | 10 | 1473 |
|  |  | 39425 |
| Software - 6.2% |  |  |
| Aurora Innovation Inc Class A (a) | 2290 | 12000 |
| Bentley Systems Inc Class B  | 310 | 15757 |
| BILL Holdings Inc (a) | 281 | 13954 |
| Box Inc Class A (a) | 354 | 11360 |
| Circle Internet Group Inc Class A  | 65 | 8254 |
| Commvault Systems Inc (a) | 88 | 12251 |
| Dolby Laboratories Inc Class A  | 147 | 9749 |
| Dropbox Inc Class A (a) | 430 | 12470 |
| Dynatrace Inc (a) | 241 | 12187 |
| Elastic NV (a) | 49 | 4372 |
| Five9 Inc (a) | 311 | 7551 |
| Guidewire Software Inc (a) | 127 | 29672 |
| Manhattan Associates Inc (a) | 104 | 18935 |
| Nutanix Inc Class A (a) | 233 | 16599 |
| Procore Technologies Inc (a) | 56 | 4134 |
| Qualys Inc (a) | 3 | 370 |
| Rubrik Inc Class A (a) | 70 | 5269 |
| Samsara Inc Class A (a) | 204 | 8195 |
| SentinelOne Inc Class A (a) | 696 | 12424 |
| SPS Commerce Inc (a) | 90 | 7402 |
| Teradata Corp (a) | 382 | 7965 |
| UiPath Inc Class A (a) | 1041 | 16510 |
| Unity Software Inc (a) | 126 | 4775 |
| Workiva Inc Class A (a) | 193 | 16407 |
|  |  | 268562 |
| Technology Hardware, Storage & Peripherals - 1.2% |  |  |
| Pure Storage Inc Class A (a) | 487 | 48067 |
| Sandisk Corp/DE  | 34 | 6777 |
|  |  | 54844 |
| TOTAL INFORMATION TECHNOLOGY |  | 558640 |
| Materials - 4.3% |  |  |
| Chemicals - 1.9% |  |  |
| Albemarle Corp  | 64 | 6287 |
| Ashland Inc  | 180 | 8802 |
| Axalta Coating Systems Ltd (a) | 105 | 2989 |
| Celanese Corp  | 243 | 9341 |
| Chemours Co/The  | 580 | 7766 |
| Element Solutions Inc  | 64 | 1710 |
| FMC Corp  | 154 | 2336 |
| Huntsman Corp  | 657 | 5440 |
| Mosaic Co/The  | 571 | 15675 |
| RPM International Inc  | 198 | 21638 |
|  |  | 81984 |
| Construction Materials - 0.3% |  |  |
| Eagle Materials Inc  | 62 | 13164 |
| Knife River Corp (a) | 3 | 181 |
|  |  | 13345 |
| Containers & Packaging - 1.0% |  |  |
| AptarGroup Inc  | 43 | 4988 |
| Crown Holdings Inc  | 194 | 18853 |
| Graphic Packaging Holding CO  | 568 | 9082 |
| Silgan Holdings Inc  | 306 | 11818 |
|  |  | 44741 |
| Metals & Mining - 0.8% |  |  |
| Alcoa Corp  | 124 | 4562 |
| Cleveland-Cliffs Inc (a) | 1760 | 21877 |
| Commercial Metals Co  | 15 | 890 |
| Royal Gold Inc  | 47 | 8215 |
|  |  | 35544 |
| Paper & Forest Products - 0.3% |  |  |
| Louisiana-Pacific Corp  | 137 | 11934 |
| TOTAL MATERIALS |  | 187548 |
| Real Estate - 7.0% |  |  |
| Health Care REITs - 0.7% |  |  |
| American Healthcare REIT Inc  | 29 | 1314 |
| Healthcare Realty Trust Inc  | 688 | 12191 |
| Omega Healthcare Investors Inc  | 460 | 19334 |
|  |  | 32839 |
| Hotel & Resort REITs - 0.4% |  |  |
| Park Hotels & Resorts Inc  | 711 | 7316 |
| Ryman Hospitality Properties Inc  | 127 | 11038 |
|  |  | 18354 |
| Industrial REITs - 1.4% |  |  |
| Americold Realty Trust Inc  | 35 | 451 |
| EastGroup Properties Inc  | 89 | 15533 |
| First Industrial Realty Trust Inc  | 246 | 13599 |
| Lineage Inc  | 202 | 7959 |
| Rexford Industrial Realty Inc  | 402 | 16612 |
| STAG Industrial Inc Class A  | 68 | 2602 |
| Terreno Realty Corp  | 32 | 1828 |
|  |  | 58584 |
| Office REITs - 0.9% |  |  |
| BXP Inc  | 89 | 6336 |
| Cousins Properties Inc  | 368 | 9542 |
| Highwoods Properties Inc  | 372 | 10650 |
| Vornado Realty Trust  | 324 | 12293 |
|  |  | 38821 |
| Real Estate Management & Development - 1.0% |  |  |
| Jones Lang LaSalle Inc (a) | 74 | 22577 |
| Zillow Group Inc Class A (a) | 141 | 10086 |
| Zillow Group Inc Class C (a) | 128 | 9597 |
|  |  | 42260 |
| Residential REITs - 1.1% |  |  |
| American Homes 4 Rent Class A  | 499 | 15768 |
| Camden Property Trust  | 80 | 7958 |
| Equity LifeStyle Properties Inc  | 291 | 17766 |
| Independence Realty Trust Inc  | 498 | 7933 |
|  |  | 49425 |
| Retail REITs - 1.0% |  |  |
| Agree Realty Corp  | 61 | 4454 |
| Brixmor Property Group Inc  | 539 | 14100 |
| Federal Realty Investment Trust  | 36 | 3463 |
| Kimco Realty Corp  | 527 | 10888 |
| Kite Realty Group Trust  | 20 | 442 |
| NNN REIT Inc  | 97 | 3925 |
| Regency Centers Corp  | 117 | 8067 |
|  |  | 45339 |
| Specialized REITs - 0.5% |  |  |
| CubeSmart  | 377 | 14202 |
| Lamar Advertising Co Class A  | 54 | 6403 |
|  |  | 20605 |
| TOTAL REAL ESTATE |  | 306227 |
| Utilities - 2.9% |  |  |
| Electric Utilities - 0.7% |  |  |
| IDACORP Inc  | 101 | 13031 |
| OGE Energy Corp  | 76 | 3355 |
| Pinnacle West Capital Corp  | 61 | 5400 |
| Portland General Electric Co  | 234 | 10689 |
|  |  | 32475 |
| Gas Utilities - 0.7% |  |  |
| MDU Resources Group Inc  | 251 | 4814 |
| National Fuel Gas Co  | 163 | 12862 |
| Southwest Gas Holdings Inc  | 139 | 11051 |
| UGI Corp  | 21 | 702 |
|  |  | 29429 |
| Independent Power and Renewable Electricity Producers - 1.1% |  |  |
| AES Corp/The  | 239 | 3315 |
| Ormat Technologies Inc  | 136 | 14466 |
| Talen Energy Corp (a) | 78 | 31183 |
|  |  | 48964 |
| Water Utilities - 0.4% |  |  |
| Essential Utilities Inc  | 439 | 17134 |
| TOTAL UTILITIES |  | 128002 |
| TOTAL UNITED STATES |  | 4284596 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,305,529) |  | <br> **4358636** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $26,120)<br>| 4.18 | 26115 | **26120** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $4,331,649)<br>| <br>**4384756** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **8015** |
| **NET ASSETS - 100.0%** | **4392771** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 MidCap 400 Index Contracts (United States) | 1 | 12/19/2025 | 32577 | (495) | (495) |
| The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% |

---

**Legend**

(a) Non-income producing.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**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 | - | 3000000 | 2973880 | 691 | - | - | 26120 | 26115 | 0.0% |
| Total | - | 3000000 | 2973880 | 691 | - | - | 26120 |  |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 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 | 171366 | 171366 | - | - |
| Consumer Discretionary | 511774 | 511774 | - | - |
| Consumer Staples | 185802 | 185802 | - | - |
| Energy | 130818 | 130818 | - | - |
| Financials | 719188 | 719188 | - | - |
| Health Care | 442897 | 442897 | - | - |
| Industrials | 985930 | 985930 | - | - |
| Information Technology | 564808 | 564808 | - | - |
| Materials | 211824 | 211824 | - | - |
| Real Estate | 306227 | 306227 | - | - |
| Utilities | 128002 | 128002 | - | - |
|  **Money Market Funds** | 26120 | 26120 | - | - |
| **Total Investments in Securities:** | 4384756 | 4384756 | - | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (495) | (495) | - | - |
| Total Liabilities | (495) | (495) | - | - |
| **Total Derivative Instruments:** | (495) | (495) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | - | (495) |
| **Total Equity Risk**  | - | (495) |
| **Total Value of Derivatives** | - | (495) |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,305,529) | $4358636 |  |
| Fidelity Central Funds (cost $26,120) | 26120 |  |
| Total Investment in Securities (cost $4,331,649) |  | $4384756 |
| Segregated cash with brokers for derivative instruments |  | 2210 |
| Cash |  | 4485 |
| Receivable for investments sold |  | 7963 |
| Receivable for fund shares sold |  | 75008 |
| Dividends receivable |  | 1472 |
| Distributions receivable from Fidelity Central Funds |  | 95 |
| Receivable for daily variation margin on futures contracts |  | 194 |
| **Total assets** |  | 4476183 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $75487 |  |
| Payable for fund shares redeemed | 7925 |  |
| **Total liabilities** |  | 83412 |
| **Net Assets**  |  | $4392771 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4328471 |
| Total accumulated earnings (loss) |  | 64300 |
| **Net Assets** |  | $4392771 |
| **Net Asset Value**, offering price and redemption price per share ($4,392,771 ÷ 428,534 shares) |  | $10.25 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br>**For the period July 24, 2025 (commencement of operations) through October 31, 2025 (Unaudited)**  | <br>**For the period July 24, 2025 (commencement of operations) through October 31, 2025 (Unaudited)**  | <br>**For the period July 24, 2025 (commencement of operations) through October 31, 2025 (Unaudited)**  |
| **Investment Income** |  |  |
| Dividends  |  | $11544 |
| Income from Fidelity Central Funds  |  | 691 |
| **Total income** |  | 12235 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $1 |  |
| **Total expenses** |  | 1 |
| **Net Investment income (loss)** |  | 12234 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (6377) |  |
| Redemptions in-kind | 5051 |  |
| Futures contracts | 780 |  |
| Total net realized gain (loss) |  | (546) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 53107 |  |
| Futures contracts | (495) |  |
| Total change in net unrealized appreciation (depreciation) |  | 52612 |
| **Net gain (loss)** |  | 52066 |
| **Net increase (decrease) in net assets resulting from operations** |  | $64300 |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **For the period July 24, 2025 (commencement of operations) through October 31, 2025**<br> **(Unaudited)**  |
| **Increase (Decrease) in Net Assets** |  |
| Operations |  |
| &nbsp;&nbsp;Net investment income (loss) | $12234 |
| &nbsp;&nbsp;Net realized gain (loss) | (546)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 52612 |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 64300<br>|
| Share transactions |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 4417408 |
| &nbsp;&nbsp;Cost of shares redeemed | (88937) |
| **Net increase (decrease) in net assets resulting from share transactions** | 4328471<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 4392771<br>|
| **Net Assets** |  |
| &nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;End of period | $4392771 |
| **Other Information** |  |
| Shares |  |
| &nbsp;&nbsp;Sold | 437174 |
| &nbsp;&nbsp;Redeemed | (8640) |
| &nbsp;&nbsp;Net increase (decrease) | 428534 |

---

**Financial Highlights** 

**Fidelity Flex® Mid Cap Focused Index Fund** <br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .04  |
| Net realized and unrealized gain (loss)  | .21  |
| Total from investment operations  | .25  |
| Net asset value, end of period  | $10.25 |
| **Total Return** D | 2.50% <br>|
| **Ratios to Average Net Assets** B,E,F |  |
| Expenses before reductions  | -% G,H |
| Expenses net of fee waivers, if any  | -% G,H<br>|
| Expenses net of all reductions, if any  | -% G,H |
| Net investment income (loss)  | 1.37% G |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $4393 |
| Portfolio turnover rate I | 3% J,K<br>|

---

A*For the period July 24, 2025 (commencement of operations) through October 31, 2025.*

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

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

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.*

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

G*Annualized.*

H*Amount represents less than .005%.*

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

J*Amount not annualized.*

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Flex Mid Cap Focused Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. 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.

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 October 31, 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. 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.

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

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

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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** | $279685 |
| **Gross unrealized depreciation** | <u>(231155)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$48530</u> |
| **Tax cost** | <u>$4335731</u> |

---

**New Accounting Pronouncement.** 

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 Focused Index Fund** | 4443220 | 92519 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Flex Mid Cap Focused Index Fund** | 3880 | - | 5051 | 5051 | 39651 |

---

**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. Other.**

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

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund** | **Affiliated %**  |
| Fidelity Flex Mid Cap Focused Index Fund  | 71% |

---

**8. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Flex Mid Cap Focused Index Fund**

At its March 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts) for the fund. FMR and Geode are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund. The Board also considered the nature and extent of the supervision of third-party service providers, principally custodians, subcustodians, and pricing vendors.

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

<u>Investment Performance</u>. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board also considered the fact that it oversees funds managed by FMR and sub-advised by Geode that have a similar investment process as the fund.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board noted that the fund is available exclusively to certain fee-based accounts and advisory programs offered by Fidelity. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of the program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes and extraordinary expenses (such as litigation expenses). The Board further noted that the fund will also pay its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** The fund is a new fund and therefore no revenue, cost, or profitability data were available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders.

**Economies of Scale.** The Board concluded that because the fund will pay no advisory fees and FMR or an affiliate will bear all expenses of the fund, with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to approve the fund's Advisory Contracts.

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

![](img119063_4.jpg)<br>

1.9918055.100 FXM-SANN-1225

**Fidelity Flex® Small Cap Focused Index Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119064_1.jpg)

![](img119064_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_FXS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® Small Cap Focused Index Fund](#Sub_Sec_Fund_8968_FXS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements8968_FXS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FXS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FXS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FXS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FXS-SANN)** |

---

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

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

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

The 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 (Semi-Annual Report)**

**Fidelity Flex® Small Cap Focused Index Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| BAHAMAS (NASSAU) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd  | 53 | 1233 |
| BERMUDA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Corp Ltd  | 239 | 2299 |
| CANADA - 0.8%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Sunopta Inc (United States) (a) | 759 | 3962 |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| D-Wave Quantum Inc (a) | 1204 | 44620 |
| TOTAL CANADA |  | 48582 |
| IRELAND - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Cimpress PLC (a) | 99 | 6852 |
| ISRAEL - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Mobileye Global Inc Class A (a) | 584 | 7680 |
| JAPAN - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Allegro MicroSystems Inc (a) | 427 | 12776 |
| MONACO - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Scorpio Tankers Inc  | 172 | 10612 |
| PUERTO RICO - 0.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Liberty Latin America Ltd Class C (a) | 803 | 6351 |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| First BanCorp/Puerto Rico  | 179 | 3489 |
| Ofg Bancorp  | 15 | 580 |
|  |  | 4069 |
| Financial Services - 0.1% |  |  |
| EVERTEC Inc  | 234 | 6662 |
| TOTAL FINANCIALS |  | 10731 |
| TOTAL PUERTO RICO |  | 17082 |
| SINGAPORE - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Kulicke & Soffa Industries Inc  | 29 | 1158 |
| SWEDEN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| SiriusPoint Ltd (a) | 82 | 1492 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Garrett Motion Inc  | 704 | 11926 |
| UNITED STATES - 97.7%  |  |  |
| Communication Services - 3.6% |  |  |
| Diversified Telecommunication Services - 1.5% |  |  |
| Anterix Inc (a) | 138 | 2790 |
| AST SpaceMobile Inc Class A (a) | 407 | 32662 |
| Cogent Communications Holdings Inc  | 54 | 2227 |
| Globalstar Inc (a) | 270 | 14691 |
| Lumen Technologies Inc (a) | 3074 | 31601 |
| Shenandoah Telecommunications Co  | 353 | 4349 |
| Uniti Group Inc (a) | 823 | 4740 |
|  |  | 93060 |
| Entertainment - 0.6% |  |  |
| Atlanta Braves Holdings Inc Class C (a) | 190 | 7736 |
| Cinemark Holdings Inc  | 366 | 9886 |
| Madison Square Garden Entertainment Corp Class A (a) | 192 | 8479 |
| Madison Square Garden Sports Corp Class A (a) | 58 | 12435 |
|  |  | 38536 |
| Interactive Media & Services - 0.6% |  |  |
| Angi Inc Class A (a) | 322 | 4273 |
| Cargurus Inc Class A (a) | 81 | 2845 |
| fuboTV Inc Class A (a) | 1813 | 6853 |
| Rumble Inc Class A (a) | 665 | 4562 |
| Shutterstock Inc  | 190 | 4756 |
| TripAdvisor Inc Class A  | 19 | 305 |
| Trump Media & Technology Group Corp (a) | 193 | 2958 |
| Yelp Inc Class A (a) | 229 | 7552 |
| ZipRecruiter Inc Class A (a) | 609 | 2832 |
|  |  | 36936 |
| Media - 0.8% |  |  |
| Altice USA Inc Class A (a) | 1836 | 4094 |
| DoubleVerify Holdings Inc (a) | 19 | 216 |
| EchoStar Corp Class A (a) | 176 | 13177 |
| Gannett Co Inc (a) | 895 | 4744 |
| John Wiley & Sons Inc Class A  | 170 | 6268 |
| Magnite Inc (a) | 640 | 11443 |
| National CineMedia Inc  | 778 | 3439 |
| Scholastic Corp  | 188 | 5390 |
|  |  | 48771 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Array Digital Infrastructure Inc  | 82 | 4027 |
| Gogo Inc (a) | 508 | 4623 |
| Telephone and Data Systems Inc  | 141 | 5474 |
|  |  | 14124 |
| TOTAL COMMUNICATION SERVICES |  | 231427 |
| Consumer Discretionary - 10.5% |  |  |
| Automobile Components - 1.5% |  |  |
| American Axle & Manufacturing Holdings Inc (a) | 897 | 5561 |
| Dana Inc  | 541 | 10982 |
| Dorman Products Inc (a) | 91 | 12206 |
| Gentherm Inc (a) | 189 | 6955 |
| Goodyear Tire & Rubber Co/The (a) | 972 | 6697 |
| LCI Industries  | 94 | 9728 |
| Modine Manufacturing Co (a) | 163 | 24973 |
| Patrick Industries Inc  | 115 | 12003 |
| Phinia Inc  | 15 | 779 |
| Visteon Corp  | 24 | 2572 |
| XPEL Inc (a)(b) | 166 | 5661 |
|  |  | 98117 |
| Automobiles - 0.1% |  |  |
| Winnebago Industries Inc  | 158 | 5958 |
| Broadline Retail - 0.2% |  |  |
| Dillard's Inc Class A  | 16 | 9601 |
| Groupon Inc (a) | 197 | 3966 |
|  |  | 13567 |
| Distributors - 0.1% |  |  |
| GigaCloud Technology Inc Class A (a) | 201 | 5624 |
| Diversified Consumer Services - 1.2% |  |  |
| ADT Inc  | 1573 | 13905 |
| Adtalem Global Education Inc (a) | 113 | 11076 |
| American Public Education Inc (a) | 134 | 4488 |
| Carriage Services Inc  | 105 | 4694 |
| Frontdoor Inc (a) | 93 | 6178 |
| Graham Holdings Co Class B  | 5 | 5061 |
| Grand Canyon Education Inc (a) | 48 | 9038 |
| Laureate Education Inc (a) | 165 | 4790 |
| Mister Car Wash Inc (a) | 649 | 3628 |
| Perdoceo Education Corp  | 27 | 857 |
| Strategic Education Inc  | 93 | 7066 |
| Stride Inc (a) | 78 | 5307 |
|  |  | 76088 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| BJ's Restaurants Inc (a) | 147 | 4992 |
| Bloomin' Brands Inc  | 581 | 3968 |
| Brinker International Inc (a) | 83 | 9019 |
| Cheesecake Factory Inc/The  | 46 | 2291 |
| Dave & Buster's Entertainment Inc (a) | 189 | 2776 |
| Golden Entertainment Inc  | 159 | 3212 |
| Krispy Kreme Inc  | 705 | 2531 |
| Life Time Group Holdings Inc (a) | 462 | 11425 |
| Papa John's International Inc  | 150 | 7622 |
| Pursuit Attractions and Hospitality Inc (a) | 143 | 5074 |
| Red Rock Resorts Inc Class A  | 37 | 1972 |
| Rush Street Interactive Inc Class A (a) | 496 | 8412 |
| Shake Shack Inc Class A (a) | 53 | 5115 |
| Six Flags Entertainment Corp (a) | 335 | 7698 |
| Sweetgreen Inc Class A (a) | 326 | 2051 |
| United Parks & Resorts Inc (a) | 135 | 6534 |
| Viking Holdings Ltd (a) | 508 | 30912 |
| Wendy's Co/The  | 165 | 1409 |
|  |  | 117013 |
| Household Durables - 1.9% |  |  |
| Cavco Industries Inc (a) | 25 | 13245 |
| Century Communities Inc  | 12 | 713 |
| Champion Homes Inc (a) | 97 | 6618 |
| Ethan Allen Interiors Inc  | 171 | 4133 |
| Green Brick Partners Inc (a) | 124 | 8028 |
| Helen of Troy Ltd (a) | 122 | 2273 |
| Installed Building Products Inc  | 35 | 8688 |
| KB Home  | 105 | 6554 |
| La-Z-Boy Inc  | 180 | 5706 |
| Leggett & Platt Inc  | 719 | 6715 |
| M/I Homes Inc (a) | 34 | 4256 |
| Meritage Homes Corp  | 122 | 8242 |
| SharkNinja Inc (a) | 208 | 17785 |
| Taylor Morrison Home Corp (a) | 283 | 16773 |
| Tri Pointe Homes Inc (a) | 303 | 9651 |
|  |  | 119380 |
| Leisure Products - 0.4% |  |  |
| Acushnet Holdings Corp  | 115 | 8893 |
| Malibu Boats Inc Class A (a) | 151 | 4208 |
| Peloton Interactive Inc Class A (a) | 368 | 2671 |
| Sturm Ruger & Co Inc  | 116 | 4920 |
| Topgolf Callaway Brands Corp (a) | 816 | 7679 |
|  |  | 28371 |
| Specialty Retail - 2.6% |  |  |
| Abercrombie & Fitch Co Class A (a) | 70 | 5079 |
| American Eagle Outfitters Inc  | 660 | 11029 |
| Asbury Automotive Group Inc (a) | 60 | 14076 |
| Boot Barn Holdings Inc (a) | 42 | 7965 |
| Camping World Holdings Inc Class A  | 359 | 4724 |
| Chewy Inc Class A (a) | 613 | 20670 |
| Gap Inc/The  | 367 | 8386 |
| Group 1 Automotive Inc  | 38 | 15107 |
| Monro Inc  | 232 | 3399 |
| ODP Corp/The (a) | 227 | 6329 |
| Penske Automotive Group Inc  | 22 | 3522 |
| RealReal Inc/The (a) | 706 | 8620 |
| Revolve Group Inc Class A (a) | 253 | 5596 |
| Signet Jewelers Ltd  | 150 | 14828 |
| Upbound Group Inc  | 259 | 5019 |
| Urban Outfitters Inc (a) | 191 | 12341 |
| Victoria's Secret & Co (a) | 383 | 13501 |
| Warby Parker Inc Class A (a) | 46 | 900 |
|  |  | 161091 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Carter's Inc  | 172 | 5401 |
| Columbia Sportswear Co  | 108 | 5360 |
| Hanesbrands Inc (a) | 211 | 1395 |
| Kontoor Brands Inc  | 69 | 5583 |
| Levi Strauss & Co Class A  | 31 | 629 |
| Oxford Industries Inc  | 90 | 3317 |
| Steven Madden Ltd  | 297 | 10071 |
| Wolverine World Wide Inc  | 452 | 10260 |
|  |  | 42016 |
| TOTAL CONSUMER DISCRETIONARY |  | 667225 |
| Consumer Staples - 2.0% |  |  |
| Beverages - 0.2% |  |  |
| Boston Beer Co Inc/The Class A (a) | 32 | 6623 |
| Vita Coco Co Inc/The (a) | 215 | 8854 |
|  |  | 15477 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Andersons Inc/The  | 3 | 138 |
| Chefs' Warehouse Inc/The (a) | 146 | 8614 |
| Grocery Outlet Holding Corp (a) | 455 | 6193 |
| Ingles Markets Inc Class A  | 82 | 5666 |
| PriceSmart Inc  | 24 | 2759 |
| United Natural Foods Inc (a) | 18 | 678 |
| Weis Markets Inc  | 55 | 3484 |
|  |  | 27532 |
| Food Products - 0.9% |  |  |
| B&G Foods Inc  | 673 | 2692 |
| Cal-Maine Foods Inc  | 74 | 6497 |
| Calavo Growers Inc  | 140 | 3109 |
| J & J Snack Foods Corp  | 4 | 338 |
| John B Sanfilippo & Son Inc  | 70 | 4395 |
| Marzetti Company/The  | 67 | 10505 |
| Mission Produce Inc (a) | 354 | 4078 |
| Pilgrim's Pride Corp  | 166 | 6325 |
| Simply Good Foods Co/The (a) | 237 | 4638 |
| Vital Farms Inc (a) | 183 | 6012 |
|  |  | 48589 |
| Household Products - 0.2% |  |  |
| Central Garden & Pet Co Class A (a) | 222 | 6174 |
| Energizer Holdings Inc  | 31 | 720 |
| Spectrum Brands Holdings Inc  | 9 | 484 |
| WD-40 Co  | 20 | 3886 |
|  |  | 11264 |
| Personal Care Products - 0.2% |  |  |
| Coty Inc Class A (a) | 257 | 1020 |
| Edgewell Personal Care Co  | 217 | 4208 |
| Interparfums Inc  | 73 | 6508 |
| Nu Skin Enterprises Inc Class A  | 324 | 3473 |
|  |  | 15209 |
| Tobacco - 0.1% |  |  |
| Turning Point Brands Inc  | 95 | 8541 |
| Universal Corp/VA  | 3 | 152 |
|  |  | 8693 |
| TOTAL CONSUMER STAPLES |  | 126764 |
| Energy - 3.9% |  |  |
| Energy Equipment & Services - 1.5% |  |  |
| Archrock Inc  | 231 | 5837 |
| Bristow Group Inc (a) | 155 | 6309 |
| Cactus Inc Class A  | 40 | 1766 |
| Core Laboratories Inc  | 322 | 5133 |
| Helix Energy Solutions Group Inc (a) | 712 | 4785 |
| Liberty Energy Inc Class A  | 598 | 10830 |
| Noble Corp PLC  | 432 | 12679 |
| Oceaneering International Inc (a) | 386 | 8990 |
| Patterson-UTI Energy Inc  | 117 | 733 |
| RPC Inc  | 654 | 3401 |
| Select Water Solutions Inc Class A  | 534 | 6173 |
| TETRA Technologies Inc (a) | 908 | 6410 |
| Tidewater Inc (a) | 184 | 9309 |
| Transocean Ltd (a) | 663 | 2546 |
| Valaris Ltd (a) | 239 | 13413 |
|  |  | 98314 |
| Oil, Gas & Consumable Fuels - 2.4% |  |  |
| California Resources Corp  | 72 | 3396 |
| Calumet Inc (a) | 391 | 7648 |
| Centrus Energy Corp Class A (a) | 90 | 33071 |
| CNX Resources Corp (a) | 195 | 6564 |
| Comstock Resources Inc (a) | 328 | 6150 |
| Core Natural Resources Inc  | 164 | 12956 |
| CVR Energy Inc (a) | 231 | 8221 |
| Gulfport Energy Corp (a) | 13 | 2418 |
| International Seaways Inc  | 188 | 9631 |
| Kinetik Holdings Inc Class A  | 3 | 116 |
| Magnolia Oil & Gas Corp Class A  | 589 | 13229 |
| NextDecade Corp (a) | 726 | 4305 |
| Northern Oil & Gas Inc  | 348 | 7701 |
| Peabody Energy Corp  | 524 | 14368 |
| REX American Resources Corp (a) | 227 | 7271 |
| Uranium Energy Corp (a) | 243 | 3677 |
| Vitesse Energy Inc  | 201 | 4372 |
| World Kinect Corp  | 254 | 6566 |
|  |  | 151660 |
| TOTAL ENERGY |  | 249974 |
| Financials - 16.2% |  |  |
| Banks - 7.5% |  |  |
| 1st Source Corp  | 95 | 5647 |
| Amerant Bancorp Inc Class A  | 205 | 3438 |
| Ameris Bancorp  | 97 | 6947 |
| Associated Banc-Corp  | 527 | 13054 |
| Atlantic Union Bankshares Corp  | 232 | 7545 |
| Axos Financial Inc (a) | 180 | 14036 |
| Banc of California Inc  | 527 | 8943 |
| BancFirst Corp  | 21 | 2286 |
| Bancorp Inc/The (a) | 166 | 10851 |
| Bank of Hawaii Corp  | 139 | 9025 |
| BankUnited Inc  | 85 | 3407 |
| Banner Corp  | 131 | 7911 |
| Beacon Financial Corp  | 315 | 7667 |
| BOK Financial Corp  | 22 | 2301 |
| Burke & Herbert Financial Services Corp  | 86 | 5062 |
| Byline Bancorp Inc  | 193 | 5161 |
| Camden National Corp  | 117 | 4464 |
| Cathay General Bancorp  | 236 | 10726 |
| City Holding Co  | 60 | 7073 |
| Coastal Financial Corp/WA Class A (a) | 64 | 6816 |
| Columbia Banking System Inc  | 573 | 15356 |
| Community Financial System Inc  | 72 | 3995 |
| Community Trust Bancorp Inc  | 97 | 4966 |
| Customers Bancorp Inc (a) | 131 | 8793 |
| CVB Financial Corp  | 142 | 2609 |
| Eagle Bancorp Inc  | 211 | 3534 |
| Eastern Bankshares Inc  | 273 | 4786 |
| Enterprise Financial Services Corp  | 27 | 1414 |
| Equity Bancshares Inc Class A  | 114 | 4618 |
| Esquire Financial Holdings Inc  | 49 | 4596 |
| FB Financial Corp  | 31 | 1674 |
| First Bancorp/Southern Pines NC  | 22 | 1068 |
| First Busey Corp  | 355 | 7938 |
| First Commonwealth Financial Corp  | 54 | 826 |
| First Financial Bancorp  | 101 | 2364 |
| First Financial Corp  | 82 | 4372 |
| First Hawaiian Inc  | 421 | 10327 |
| First Interstate BancSystem Inc Class A  | 326 | 10188 |
| First Merchants Corp  | 58 | 2058 |
| FNB Corp/PA  | 612 | 9621 |
| Fulton Financial Corp  | 254 | 4412 |
| German American Bancorp Inc  | 10 | 385 |
| Heritage Commerce Corp  | 458 | 4763 |
| Hilltop Holdings Inc  | 203 | 6557 |
| Hingham Institution For Savings The  | 14 | 4120 |
| Home BancShares Inc/AR  | 543 | 14504 |
| Hope Bancorp Inc  | 12 | 126 |
| Independent Bank Corp  | 68 | 4576 |
| International Bancshares Corp  | 79 | 5244 |
| Lakeland Financial Corp  | 2 | 113 |
| Live Oak Bancshares Inc  | 199 | 6197 |
| Mercantile Bank Corp  | 110 | 4824 |
| Metropolitan Bank Holding Corp  | 71 | 4705 |
| Mid Penn Bancorp Inc  | 141 | 4011 |
| MidWestOne Financial Group Inc  | 146 | 5401 |
| National Bank Holdings Corp Class A  | 12 | 428 |
| NB Bancorp Inc  | 255 | 4608 |
| Nbt Bancorp Inc  | 53 | 2145 |
| Nicolet Bankshares Inc  | 59 | 6970 |
| Northeast Bank  | 51 | 4400 |
| Northwest Bancshares Inc  | 595 | 6967 |
| OceanFirst Financial Corp  | 317 | 5763 |
| Park National Corp  | 12 | 1826 |
| Pathward Financial Inc  | 3 | 204 |
| Peapack-Gladstone Financial Corp  | 118 | 2985 |
| Peoples Bancorp Inc/OH  | 187 | 5348 |
| Provident Financial Services Inc  | 485 | 8871 |
| QCR Holdings Inc  | 84 | 6249 |
| Renasant Corp  | 316 | 10627 |
| S&T Bancorp Inc  | 11 | 403 |
| Seacoast Banking Corp of Florida  | 84 | 2545 |
| Simmons First National Corp Class A  | 195 | 3389 |
| Southside Bancshares Inc  | 174 | 4893 |
| Stock Yards Bancorp Inc  | 94 | 6112 |
| Texas Capital Bancshares Inc (a) | 66 | 5533 |
| Third Coast Bancshares Inc (a) | 11 | 404 |
| Towne Bank/Portsmouth VA  | 264 | 8583 |
| TriCo Bancshares  | 154 | 6811 |
| Trustmark Corp  | 232 | 8635 |
| UMB Financial Corp  | 137 | 14643 |
| United Community Banks Inc/GA  | 157 | 4584 |
| Univest Financial Corp  | 176 | 5167 |
| WaFd Inc  | 294 | 8535 |
| WesBanco Inc  | 325 | 9783 |
| Westamerica BanCorp  | 3 | 143 |
| WSFS Financial Corp  | 74 | 3855 |
|  |  | 478810 |
| Capital Markets - 2.6% |  |  |
| Acadian Asset Management Inc  | 179 | 8610 |
| Artisan Partners Asset Management Inc Class A  | 92 | 4017 |
| BGC Group Inc Class A  | 1193 | 10904 |
| Cohen & Steers Inc  | 103 | 7037 |
| DigitalBridge Group Inc Class A  | 38 | 449 |
| Federated Hermes Inc Class B  | 247 | 11975 |
| Hamilton Lane Inc Class A  | 108 | 12308 |
| Lazard Inc  | 339 | 16543 |
| Moelis & Co Class A  | 123 | 7790 |
| Perella Weinberg Partners Class A  | 316 | 5903 |
| Piper Sandler Cos  | 52 | 16602 |
| PJT Partners Inc Class A  | 79 | 12728 |
| StepStone Group Inc Class A  | 110 | 6697 |
| StoneX Group Inc (a) | 71 | 6526 |
| TPG Inc Class A  | 360 | 19814 |
| Victory Capital Holdings Inc Class A  | 168 | 10461 |
| Virtu Financial Inc Class A  | 111 | 3867 |
| Virtus Invt Partners Inc  | 27 | 4396 |
|  |  | 166627 |
| Consumer Finance - 1.4% |  |  |
| Bread Financial Holdings Inc  | 46 | 2881 |
| Dave Inc Class A (a) | 61 | 14599 |
| Encore Capital Group Inc (a) | 138 | 5738 |
| Enova International Inc (a) | 90 | 10761 |
| EZCORP Inc Class A (a) | 313 | 5712 |
| FirstCash Holdings Inc  | 69 | 10937 |
| Green Dot Corp Class A (a) | 387 | 4493 |
| Lendingtree Inc (a) | 81 | 5184 |
| Navient Corp  | 398 | 4868 |
| Nelnet Inc Class A  | 59 | 7614 |
| PROG Holdings Inc  | 204 | 5902 |
| Upstart Holdings Inc (a) | 272 | 12925 |
|  |  | 91614 |
| Financial Services - 2.1% |  |  |
| Cantaloupe Inc (a) | 433 | 4572 |
| Enact Holdings Inc  | 151 | 5394 |
| Federal Agricultural Mortgage Corp Class C  | 38 | 6028 |
| HA Sustainable Infrastructure Capital Inc  | 389 | 10779 |
| Jackson Financial Inc  | 126 | 12702 |
| Marqeta Inc Class A (a) | 1636 | 7411 |
| Merchants Bancorp/IN  | 153 | 4772 |
| NCR Atleos Corp (a) | 282 | 10406 |
| NMI Holdings Inc (a) | 263 | 9581 |
| Payoneer Global Inc (a) | 1114 | 6450 |
| PennyMac Financial Services Inc  | 40 | 5032 |
| Radian Group Inc  | 232 | 7874 |
| Remitly Global Inc (a) | 541 | 8678 |
| Repay Holdings Corp Class A (a) | 540 | 2317 |
| Rocket Cos Inc Class A  | 394 | 6564 |
| Shift4 Payments Inc Class A (a) | 195 | 13476 |
| UWM Holdings Corp Class A  | 961 | 5410 |
| Walker & Dunlop Inc  | 45 | 3596 |
|  |  | 131042 |
| Insurance - 1.9% |  |  |
| American Integrity Insurance Group Inc  | 17 | 405 |
| Baldwin Insurance Group Inc/The Class A (a) | 193 | 4265 |
| Brighthouse Financial Inc (a) | 82 | 4680 |
| CNO Financial Group Inc  | 158 | 6323 |
| Employers Holdings Inc  | 114 | 4347 |
| F&G Annuities & Life Inc  | 133 | 3943 |
| Genworth Financial Inc Class A (a) | 1361 | 11487 |
| Goosehead Insurance Inc Class A  | 84 | 5768 |
| HCI Group Inc  | 44 | 8976 |
| Horace Mann Educators Corp  | 32 | 1431 |
| Kemper Corp  | 79 | 3554 |
| Lemonade Inc (a) | 53 | 3184 |
| Mercury General Corp  | 114 | 8812 |
| Oscar Health Inc Class A (a) | 283 | 5094 |
| Palomar Hldgs Inc (a) | 83 | 9463 |
| ProAssurance Corp (a) | 242 | 5796 |
| Skyward Specialty Insurance Group Inc (a) | 37 | 1687 |
| Stewart Information Services Corp  | 26 | 1775 |
| Tiptree Inc Class A  | 163 | 2887 |
| Trupanion Inc (a) | 161 | 6438 |
| Universal Insurance Holdings Inc  | 179 | 5517 |
| White Mountains Insurance Group Ltd  | 8 | 15237 |
|  |  | 121069 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.7% |  |  |
| Adamas Trust Inc  | 634 | 4229 |
| Apollo Commercial Real Estate Finance Inc  | 608 | 5952 |
| Arbor Realty Trust Inc  | 694 | 7002 |
| ARMOUR Residential REIT Inc  | 439 | 7122 |
| Chimera Investment Corp  | 408 | 5206 |
| Ellington Financial Inc  | 6 | 80 |
| MFA Financial Inc  | 523 | 4702 |
| Orchid Island Capital Inc  | 715 | 5169 |
| Pennymac Mortgage Investment Trust  | 1 | 12 |
| Two Harbors Investment Corp  | 474 | 4607 |
|  |  | 44081 |
| TOTAL FINANCIALS |  | 1033243 |
| Health Care - 15.7% |  |  |
| Biotechnology - 8.2% |  |  |
| ACADIA Pharmaceuticals Inc (a) | 121 | 2747 |
| ADMA Biologics Inc (a) | 421 | 6517 |
| Agios Pharmaceuticals Inc (a) | 35 | 1513 |
| Akero Therapeutics Inc (a) | 103 | 5583 |
| Altimmune Inc (a) | 613 | 2483 |
| Amicus Therapeutics Inc (a) | 379 | 3422 |
| Arbutus Biopharma Corp (a) | 1162 | 5496 |
| Arcellx Inc (a) | 146 | 13177 |
| Arcus Biosciences Inc (a) | 521 | 10274 |
| Arcutis Biotherapeutics Inc (a) | 83 | 2101 |
| ARS Pharmaceuticals Inc (a) | 376 | 3369 |
| Avidity Biosciences Inc (a) | 218 | 15227 |
| Beam Therapeutics Inc (a) | 412 | 10304 |
| BioCryst Pharmaceuticals Inc (a) | 83 | 607 |
| Biohaven Ltd (a) | 70 | 1203 |
| Bridgebio Pharma Inc (a) | 312 | 19544 |
| Capricor Therapeutics Inc (a) | 329 | 2142 |
| Catalyst Pharmaceuticals Inc (a) | 156 | 3318 |
| Cogent Biosciences Inc (a) | 870 | 14181 |
| Cullinan Therapeutics Inc (a) | 414 | 3585 |
| Day One Biopharmaceuticals Inc (a) | 549 | 4085 |
| Denali Therapeutics Inc (a) | 561 | 9133 |
| Disc Medicine Inc (a) | 132 | 11381 |
| Dynavax Technologies Corp (a) | 479 | 4915 |
| Dyne Therapeutics Inc (a) | 612 | 13819 |
| Geron Corp (a) | 3338 | 4206 |
| GRAIL Inc (a) | 182 | 16731 |
| Ideaya Biosciences Inc (a) | 25 | 796 |
| ImmunityBio Inc (a) | 1606 | 3854 |
| Immunome Inc (a) | 601 | 9658 |
| Krystal Biotech Inc (a) | 78 | 15406 |
| Madrigal Pharmaceuticals Inc (a) | 52 | 21783 |
| MannKind Corp (a) | 1359 | 7597 |
| MiMedx Group Inc (a) | 695 | 5317 |
| Mirum Pharmaceuticals Inc (a) | 171 | 12423 |
| Myriad Genetics Inc (a) | 592 | 4760 |
| Nuvalent Inc Class A (a) | 68 | 6754 |
| Protagonist Therapeutics Inc (a) | 202 | 15881 |
| PTC Therapeutics Inc (a) | 127 | 8675 |
| Recursion Pharmaceuticals Inc Class A (a) | 1628 | 8987 |
| Revolution Medicines Inc (a) | 504 | 29655 |
| Rhythm Pharmaceuticals Inc (a) | 201 | 22866 |
| Rocket Pharmaceuticals Inc (a) | 715 | 2696 |
| Roivant Sciences Ltd (a) | 1311 | 26207 |
| Savara Inc (a) | 950 | 3943 |
| Scholar Rock Holding Corp (a) | 285 | 8442 |
| Soleno Therapeutics Inc (a) | 75 | 5037 |
| Spyre Therapeutics Inc (a) | 335 | 8194 |
| Summit Therapeutics Inc (a) | 202 | 3820 |
| Syndax Pharmaceuticals Inc (a) | 453 | 6206 |
| TG Therapeutics Inc (a) | 397 | 13808 |
| Travere Therapeutics Inc (a) | 392 | 13783 |
| Twist Bioscience Corp (a) | 69 | 2269 |
| Vaxcyte Inc (a) | 373 | 16889 |
| Vera Therapeutics Inc Class A (a) | 270 | 7684 |
| Veracyte Inc (a) | 292 | 10535 |
| Vericel Corp (a) | 190 | 6661 |
| Viridian Therapeutics Inc (a) | 404 | 9547 |
| Xencor Inc (a) | 509 | 7487 |
|  |  | 518683 |
| Health Care Equipment & Supplies - 2.0% |  |  |
| Alphatec Holdings Inc (a) | 563 | 10691 |
| AngioDynamics Inc (a) | 322 | 3874 |
| Artivion Inc (a) | 222 | 10072 |
| AtriCure Inc (a) | 33 | 1140 |
| Avanos Medical Inc (a) | 340 | 3777 |
| Bioventus Inc (a) | 351 | 2299 |
| Butterfly Network Inc Class A (a) | 1495 | 4022 |
| Delcath Systems Inc (a) | 213 | 2094 |
| Glaukos Corp (a) | 170 | 14972 |
| Haemonetics Corp (a) | 163 | 8152 |
| Integer Holdings Corp (a) | 87 | 5618 |
| Integra LifeSciences Holdings Corp (a) | 318 | 3819 |
| LeMaitre Vascular Inc  | 16 | 1386 |
| Merit Medical Systems Inc (a) | 115 | 10067 |
| Neogen Corp (a) | 900 | 5553 |
| Novocure Ltd (a) | 420 | 5380 |
| Omnicell Inc (a) | 28 | 940 |
| OrthoPediatrics Corp (a) | 108 | 1819 |
| PROCEPT BioRobotics Corp (a) | 188 | 6398 |
| Surmodics Inc (a) | 114 | 3128 |
| Tandem Diabetes Care Inc (a) | 3 | 41 |
| TransMedics Group Inc (a) | 122 | 16048 |
| Treace Medical Concepts Inc (a) | 375 | 2396 |
| UFP Technologies Inc (a) | 4 | 770 |
|  |  | 124456 |
| Health Care Providers & Services - 2.0% |  |  |
| AdaptHealth Corp (a) | 547 | 4918 |
| Addus HomeCare Corp (a) | 16 | 1870 |
| agilon health Inc (a) | 1208 | 962 |
| Alignment Healthcare Inc (a) | 508 | 8565 |
| AMN Healthcare Services Inc (a) | 232 | 4568 |
| Astrana Health Inc (a) | 9 | 280 |
| Aveanna Healthcare Holdings Inc (a) | 353 | 3195 |
| Brookdale Senior Living Inc (a) | 108 | 1001 |
| Castle Biosciences Inc (a) | 219 | 5585 |
| Clover Health Investments Corp Class A (a) | 134 | 472 |
| Concentra Group Holdings Parent Inc  | 155 | 3088 |
| CorVel Corp (a) | 50 | 3698 |
| GeneDx Holdings Corp Class A (a) | 87 | 11911 |
| Hims & Hers Health Inc Class A (a) | 386 | 17548 |
| LifeStance Health Group Inc (a) | 876 | 4292 |
| National HealthCare Corp  | 61 | 7286 |
| PACS Group Inc (a) | 305 | 3684 |
| Pediatrix Medical Group Inc (a) | 416 | 7060 |
| Premier Inc Class A  | 51 | 1434 |
| Privia Health Group Inc (a) | 148 | 3596 |
| Progyny Inc (a) | 50 | 936 |
| RadNet Inc (a) | 224 | 17022 |
| Select Medical Holdings Corp  | 450 | 6224 |
| Surgery Partners Inc (a) | 311 | 6820 |
| Talkspace Inc Class A (a) | 1126 | 3637 |
|  |  | 129652 |
| Health Care Technology - 0.3% |  |  |
| Evolent Health Inc Class A (a) | 578 | 3855 |
| Phreesia Inc (a) | 13 | 294 |
| Teladoc Health Inc (a) | 47 | 406 |
| TruBridge Inc (a) | 96 | 1845 |
| Waystar Holding Corp (a) | 352 | 12620 |
|  |  | 19020 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Azenta Inc (a) | 194 | 5859 |
| Mesa Laboratories Inc  | 42 | 3019 |
| Niagen Bioscience Inc (a) | 415 | 3129 |
| Sotera Health Co (a) | 156 | 2589 |
|  |  | 14596 |
| Pharmaceuticals - 3.0% |  |  |
| Amneal Intermediate Inc Class A (a) | 786 | 8505 |
| Amphastar Pharmaceuticals Inc (a) | 197 | 5024 |
| ANI Pharmaceuticals Inc (a) | 86 | 7792 |
| Arvinas Inc (a) | 519 | 5263 |
| Axsome Therapeutics Inc (a) | 72 | 9719 |
| Collegium Pharmaceutical Inc (a) | 179 | 6444 |
| CorMedix Inc (a) | 486 | 5409 |
| Crinetics Pharmaceuticals Inc (a) | 326 | 14181 |
| Edgewise Therapeutics Inc (a) | 398 | 7275 |
| Enliven Therapeutics Inc (a) | 254 | 5949 |
| Evolus Inc (a) | 424 | 2739 |
| Harmony Biosciences Holdings Inc (a) | 4 | 114 |
| Harrow Inc (a) | 201 | 7592 |
| Innoviva Inc (a) | 310 | 5642 |
| Ligand Pharmaceuticals Inc (a) | 75 | 14349 |
| Mind Medicine MindMed Inc (a) | 536 | 7611 |
| Nuvation Bio Inc Class A (a) | 1932 | 10085 |
| Ocular Therapeutix Inc (a) | 821 | 9573 |
| Omeros Corp (a) | 525 | 3848 |
| Pacira BioSciences Inc (a) | 230 | 4917 |
| Phibro Animal Health Corp Class A  | 156 | 6561 |
| Prestige Consumer Healthcare Inc (a) | 83 | 5030 |
| Roche Holding AG rights (a)(c) | 6 | 0 |
| Supernus Pharmaceuticals Inc (a) | 225 | 12404 |
| Tarsus Pharmaceuticals Inc (a) | 153 | 10528 |
| Trevi Therapeutics Inc (a) | 585 | 6821 |
| Xeris Biopharma Holdings Inc (a) | 996 | 9661 |
|  |  | 193036 |
| TOTAL HEALTH CARE |  | 999443 |
| Industrials - 19.5% |  |  |
| Aerospace & Defense - 3.9% |  |  |
| AAR Corp (a) | 136 | 11453 |
| AeroVironment Inc (a) | 48 | 17756 |
| Archer Aviation Inc Class A (a) | 740 | 8303 |
| Cadre Holdings Inc  | 166 | 7048 |
| Ducommun Inc (a) | 83 | 7615 |
| Intuitive Machines Inc Class A (a) | 633 | 7552 |
| Kratos Defense & Security Solutions Inc (a) | 489 | 44303 |
| Leonardo DRS Inc  | 268 | 9798 |
| Loar Holdings Inc (a) | 35 | 2769 |
| Mercury Systems Inc (a) | 187 | 14476 |
| Moog Inc Class A  | 45 | 9218 |
| National Presto Industries Inc  | 38 | 4065 |
| Rocket Lab Corp  | 1155 | 72742 |
| StandardAero Inc (a) | 443 | 12798 |
| VSE Corp  | 73 | 13190 |
|  |  | 243086 |
| Air Freight & Logistics - 0.0% |  |  |
| Hub Group Inc Class A  | 33 | 1215 |
| Building Products - 1.4% |  |  |
| AAON Inc  | 196 | 19284 |
| Apogee Enterprises Inc  | 114 | 4174 |
| AZZ Inc  | 27 | 2696 |
| CSW Industrials Inc  | 50 | 12521 |
| Gibraltar Industries Inc (a) | 122 | 7612 |
| Griffon Corp  | 133 | 9843 |
| Hayward Holdings Inc (a) | 180 | 3055 |
| JELD-WEN Holding Inc (a) | 632 | 2743 |
| Quanex Building Products Corp  | 278 | 3950 |
| Resideo Technologies Inc (a) | 493 | 21100 |
| Tecnoglass Inc  | 1 | 60 |
|  |  | 87038 |
| Commercial Services & Supplies - 1.3% |  |  |
| ABM Industries Inc  | 211 | 9073 |
| ACV Auctions Inc Class A (a) | 36 | 327 |
| Brady Corp Class A  | 52 | 3947 |
| BrightView Holdings Inc (a) | 335 | 4127 |
| Brink's Co/The  | 57 | 6336 |
| CoreCivic Inc (a) | 67 | 1242 |
| Deluxe Corp  | 294 | 5324 |
| Enviri Corp (a) | 591 | 7216 |
| GEO Group Inc/The (a) | 162 | 2749 |
| HNI Corp  | 178 | 7284 |
| Interface Inc  | 290 | 7221 |
| Liquidity Services Inc (a) | 149 | 3567 |
| OPENLANE Inc (a) | 401 | 10595 |
| Pitney Bowes Inc  | 714 | 7054 |
| UniFirst Corp/MA  | 12 | 1852 |
| Vestis Corp  | 586 | 3077 |
|  |  | 80991 |
| Construction & Engineering - 2.6% |  |  |
| Arcosa Inc  | 68 | 6936 |
| Argan Inc  | 54 | 16535 |
| Construction Partners Inc Class A (a) | 151 | 17267 |
| Dycom Industries Inc (a) | 87 | 25038 |
| Granite Construction Inc  | 57 | 5866 |
| Great Lakes Dredge & Dock Corp (a) | 486 | 5516 |
| IES Holdings Inc (a) | 38 | 14891 |
| MYR Group Inc (a) | 62 | 13497 |
| NWPX Infrastructure Inc (a) | 67 | 4031 |
| Primoris Services Corp  | 177 | 25049 |
| Sterling Infrastructure Inc (a) | 43 | 16250 |
| Tutor Perini Corp (a) | 233 | 15695 |
|  |  | 166571 |
| Electrical Equipment - 2.4% |  |  |
| Array Technologies Inc (a) | 993 | 8599 |
| Bloom Energy Corp Class A (a) | 652 | 86168 |
| EnerSys  | 122 | 15392 |
| Eos Energy Enterprises Inc (a) | 1317 | 21112 |
| NuScale Power Corp Class A (a) | 84 | 3769 |
| Powell Industries Inc  | 39 | 14952 |
| Thermon Group Holdings Inc (a) | 186 | 5344 |
|  |  | 155336 |
| Ground Transportation - 0.7% |  |  |
| Avis Budget Group Inc (a) | 78 | 10613 |
| Ftai Infrastructure Inc  | 838 | 4475 |
| Hertz Global Holdings Inc (a) | 900 | 4617 |
| Ryder System Inc  | 116 | 19632 |
| Schneider National Inc Class B  | 249 | 5321 |
| Werner Enterprises Inc  | 7 | 183 |
|  |  | 44841 |
| Machinery - 3.4% |  |  |
| Alamo Group Inc  | 1 | 179 |
| Albany International Corp Class A  | 1 | 56 |
| Atmus Filtration Technologies Inc  | 91 | 4139 |
| Columbus McKinnon Corp/NY  | 211 | 3425 |
| Enerpac Tool Group Corp Class A  | 38 | 1560 |
| Enpro Inc  | 26 | 6032 |
| Esab Corp  | 101 | 11799 |
| ESCO Technologies Inc  | 80 | 17558 |
| Federal Signal Corp  | 96 | 11331 |
| Franklin Electric Co Inc  | 51 | 4833 |
| Gates Industrial Corp PLC (a) | 400 | 8832 |
| Helios Technologies Inc  | 180 | 9965 |
| Hillenbrand Inc  | 297 | 9385 |
| Hillman Solutions Corp Class A (a) | 17 | 157 |
| JBT Marel Corp  | 90 | 11349 |
| Kadant Inc  | 37 | 10236 |
| Kennametal Inc  | 324 | 7112 |
| Mueller Water Products Inc Class A1  | 485 | 12445 |
| Proto Labs Inc (a) | 141 | 7016 |
| REV Group Inc  | 209 | 10715 |
| SPX Technologies Inc (a) | 89 | 19926 |
| Standex International Corp  | 47 | 10962 |
| Tennant CO  | 82 | 6560 |
| Terex Corp  | 57 | 2623 |
| Trinity Industries Inc  | 298 | 8156 |
| Watts Water Technologies Inc Class A  | 47 | 12812 |
| Worthington Enterprises Inc  | 132 | 7404 |
|  |  | 216567 |
| Marine Transportation - 0.1% |  |  |
| Genco Shipping & Trading Ltd  | 304 | 5180 |
| Passenger Airlines - 0.2% |  |  |
| Allegiant Travel Co (a) | 90 | 5596 |
| SkyWest Inc (a) | 52 | 5225 |
|  |  | 10821 |
| Professional Services - 2.1% |  |  |
| Alight Inc Class A  | 1222 | 3519 |
| Amentum Holdings Inc (a) | 169 | 3787 |
| Barrett Business Services Inc  | 133 | 5383 |
| Cbiz Inc (a) | 154 | 8470 |
| CRA International Inc  | 33 | 6286 |
| CSG Systems International Inc  | 3 | 235 |
| First Advantage Corp (a) | 382 | 4825 |
| Heidrick & Struggles International Inc  | 118 | 6888 |
| Huron Consulting Group Inc (a) | 12 | 1973 |
| ICF International Inc  | 78 | 6262 |
| Insperity Inc  | 118 | 5206 |
| Korn Ferry  | 169 | 10934 |
| Parsons Corp (a) | 172 | 14300 |
| Planet Labs PBC Class A (a) | 1421 | 19113 |
| TriNet Group Inc  | 109 | 6540 |
| UL Solutions Inc Class A  | 197 | 15340 |
| Upwork Inc (a) | 30 | 478 |
| Verra Mobility Corp Class A (a) | 219 | 5083 |
| Willdan Group Inc (a) | 98 | 9262 |
|  |  | 133884 |
| Trading Companies & Distributors - 1.4% |  |  |
| Boise Cascade Co  | 119 | 8388 |
| DNOW Inc (a) | 429 | 6306 |
| DXP Enterprises Inc/TX (a) | 66 | 7897 |
| Herc Holdings Inc  | 43 | 6108 |
| McGrath RentCorp  | 84 | 9025 |
| MSC Industrial Direct Co Inc Class A  | 60 | 5095 |
| NPK International Inc (a) | 629 | 7737 |
| QXO Inc (a) | 1344 | 23748 |
| Rush Enterprises Inc Class A  | 199 | 9833 |
| Willis Lease Finance Corp  | 21 | 2696 |
|  |  | 86833 |
| TOTAL INDUSTRIALS |  | 1232363 |
| Information Technology - 15.7% |  |  |
| Communications Equipment - 1.1% |  |  |
| ADTRAN Holdings Inc (a) | 567 | 5908 |
| Calix Inc (a) | 51 | 3489 |
| CommScope Holding Co Inc (a) | 1236 | 21384 |
| Digi International Inc (a) | 209 | 7666 |
| Extreme Networks Inc (a) | 571 | 10860 |
| Netgear Inc (a) | 211 | 7326 |
| NetScout Systems Inc (a) | 314 | 8729 |
| Viavi Solutions Inc (a) | 259 | 4584 |
|  |  | 69946 |
| Electronic Equipment, Instruments & Components - 3.6% |  |  |
| Advanced Energy Industries Inc  | 124 | 25139 |
| Arlo Technologies Inc (a) | 598 | 11565 |
| Avnet Inc  | 269 | 13033 |
| Badger Meter Inc  | 87 | 15699 |
| Bel Fuse Inc Class B  | 71 | 10933 |
| Belden Inc  | 63 | 7677 |
| Benchmark Electronics Inc  | 179 | 7844 |
| Climb Global Solutions Inc  | 32 | 3555 |
| Crane NXT Co  | 56 | 3542 |
| Daktronics Inc (a) | 320 | 6013 |
| ePlus Inc  | 15 | 1097 |
| IPG Photonics Corp (a) | 9 | 765 |
| Itron Inc (a) | 139 | 13946 |
| Knowles Corp (a) | 428 | 10105 |
| Mirion Technologies Inc Class A (a) | 370 | 10867 |
| OSI Systems Inc (a) | 54 | 15037 |
| PC Connection Inc  | 80 | 4878 |
| Plexus Corp (a) | 40 | 5596 |
| Sanmina Corp (a) | 169 | 23161 |
| TTM Technologies Inc (a) | 399 | 26813 |
| Vishay Intertechnology Inc  | 540 | 9169 |
|  |  | 226434 |
| IT Services - 0.4% |  |  |
| Commerce.com Inc (a) | 566 | 2620 |
| DigitalOcean Holdings Inc (a) | 262 | 10653 |
| Fastly Inc Class A (a) | 848 | 7030 |
| Hackett Group Inc/The  | 182 | 3296 |
|  |  | 23599 |
| Semiconductors & Semiconductor Equipment - 4.3% |  |  |
| ACM Research Inc Class A (a) | 259 | 10738 |
| Ambarella Inc (a) | 162 | 13807 |
| Ambiq Micro Inc  | 9 | 275 |
| Amkor Technology Inc  | 91 | 2937 |
| Axcelis Technologies Inc (a) | 142 | 11298 |
| Credo Technology Group Holding Ltd (a) | 434 | 81428 |
| Diodes Inc (a) | 192 | 10245 |
| FormFactor Inc (a) | 71 | 3901 |
| Ichor Holdings Ltd (a) | 256 | 5806 |
| Impinj Inc (a) | 23 | 4650 |
| MACOM Technology Solutions Holdings Inc (a) | 184 | 27256 |
| MaxLinear Inc Class A (a) | 492 | 7454 |
| PDF Solutions Inc (a) | 247 | 7195 |
| Photronics Inc (a) | 314 | 7505 |
| Rigetti Computing Inc Class A (a) | 1123 | 49715 |
| Semtech Corp (a) | 305 | 20697 |
| SiTime Corp (a) | 29 | 8400 |
|  |  | 273307 |
| Software - 5.6% |  |  |
| ACI Worldwide Inc (a) | 192 | 9145 |
| Adeia Inc  | 27 | 460 |
| Agilysys Inc (a) | 103 | 12922 |
| Alarm.com Holdings Inc (a) | 180 | 8860 |
| Alkami Technology Inc (a) | 313 | 6351 |
| Appfolio Inc Class A (a) | 68 | 17301 |
| Asana Inc Class A (a) | 22 | 309 |
| AvePoint Inc Class A (a) | 134 | 1885 |
| Blackbaud Inc (a) | 138 | 8838 |
| BlackLine Inc (a) | 63 | 3607 |
| Blend Labs Inc Class A (a) | 1457 | 4823 |
| Braze Inc Class A (a) | 291 | 8340 |
| C3.ai Inc Class A (a) | 440 | 7735 |
| Ccc Intelligent Solutions Holdings Inc Class A (a) | 985 | 8589 |
| Cleanspark Inc (a) | 1068 | 19011 |
| Clear Secure Inc Class A  | 330 | 10055 |
| Clearwater Analytics Holdings Inc Class A (a) | 569 | 10475 |
| Confluent Inc Class A (a) | 555 | 12970 |
| Core Scientific Inc (a) | 326 | 7022 |
| Freshworks Inc Class A (a) | 722 | 8014 |
| Gitlab Inc Class A (a) | 261 | 12724 |
| I3 Verticals Inc Class A (a) | 169 | 5197 |
| Informatica Inc Class A (a) | 94 | 2338 |
| Intapp Inc (a) | 82 | 3147 |
| InterDigital Inc  | 47 | 17012 |
| Klaviyo Inc Class A (a) | 190 | 4940 |
| LiveRamp Holdings Inc (a) | 47 | 1285 |
| MARA Holdings Inc (a) | 622 | 11364 |
| nCino Inc (a) | 121 | 3228 |
| NCR Voyix Corp (a) | 674 | 7690 |
| NextNav Inc Class A (a) | 455 | 6074 |
| OneSpan Inc  | 298 | 3397 |
| Onestream Inc Class A (a) | 344 | 6498 |
| PagerDuty Inc (a) | 409 | 6569 |
| PAR Technology Corp (a) | 15 | 530 |
| Pegasystems Inc  | 307 | 19542 |
| Progress Software Corp (a) | 55 | 2345 |
| PROS Holdings Inc (a) | 289 | 6661 |
| Q2 Holdings Inc (a) | 191 | 11796 |
| Riot Platforms Inc (a) | 1167 | 23084 |
| SoundHound AI Inc Class A (a) | 544 | 9585 |
| Sprinklr Inc Class A (a) | 704 | 5435 |
| Sprout Social Inc Class A (a) | 205 | 2105 |
| Verint Systems Inc (a) | 338 | 6855 |
| Vertex Inc Class A (a) | 268 | 6137 |
| Zeta Global Holdings Corp Class A (a) | 246 | 4426 |
|  |  | 356676 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| CompoSecure Inc Class A (a) | 324 | 6435 |
| Diebold Nixdorf Inc (a) | 15 | 887 |
| IonQ Inc (a) | 576 | 35931 |
| Xerox Holdings Corp  | 939 | 3117 |
|  |  | 46370 |
| TOTAL INFORMATION TECHNOLOGY |  | 996332 |
| Materials - 3.3% |  |  |
| Chemicals - 1.2% |  |  |
| Aspen Aerogels Inc (a) | 581 | 4729 |
| Cabot Corp  | 92 | 6208 |
| Hawkins Inc  | 23 | 3263 |
| HB Fuller Co  | 78 | 4475 |
| Ingevity Corp (a) | 5 | 269 |
| Innospec Inc  | 30 | 2207 |
| Koppers Holdings Inc  | 166 | 4685 |
| LSB Industries Inc (a) | 459 | 3869 |
| Mativ Holdings Inc  | 22 | 234 |
| Minerals Technologies Inc  | 132 | 7491 |
| NewMarket Corp  | 24 | 18430 |
| Perimeter Solutions Inc  | 43 | 1011 |
| Quaker Chemical Corp  | 8 | 1111 |
| Sensient Technologies Corp  | 64 | 6035 |
| Stepan Co  | 96 | 4162 |
| Tronox Holdings PLC  | 870 | 3045 |
| Westlake Corp  | 116 | 7982 |
|  |  | 79206 |
| Construction Materials - 0.1% |  |  |
| United States Lime & Minerals Inc  | 62 | 7267 |
| Containers & Packaging - 0.1% |  |  |
| Greif Inc Class A  | 124 | 7054 |
| O-I Glass Inc (a) | 117 | 1321 |
|  |  | 8375 |
| Metals & Mining - 1.8% |  |  |
| Alpha Metallurgical Resources Inc (a) | 54 | 9356 |
| Coeur Mining Inc (a) | 1001 | 17187 |
| Hecla Mining Co  | 2154 | 27723 |
| Kaiser Aluminum Corp  | 97 | 8781 |
| Materion Corp  | 92 | 10546 |
| Metallus Inc (a) | 302 | 5312 |
| Ryerson Holding Corp  | 220 | 4853 |
| SunCoke Energy Inc  | 587 | 4702 |
| Warrior Met Coal Inc  | 198 | 13432 |
| Worthington Steel Inc  | 213 | 6814 |
|  |  | 108706 |
| Paper & Forest Products - 0.1% |  |  |
| Clearwater Paper Corp (a) | 106 | 1871 |
| Sylvamo Corp  | 138 | 5603 |
|  |  | 7474 |
| TOTAL MATERIALS |  | 211028 |
| Real Estate - 4.9% |  |  |
| Diversified REITs - 0.4% |  |  |
| Alexander & Baldwin Inc  | 1 | 16 |
| Armada Hoffler Properties Inc Class A  | 644 | 4212 |
| Broadstone Net Lease Inc Class A  | 279 | 5000 |
| CTO Realty Growth Inc  | 230 | 3836 |
| Essential Properties Realty Trust Inc  | 381 | 11384 |
| Global Net Lease Inc  | 107 | 815 |
|  |  | 25263 |
| Health Care REITs - 0.9% |  |  |
| CareTrust REIT Inc  | 626 | 21692 |
| Community Healthcare Trust Inc  | 211 | 3093 |
| Global Medical REIT Inc  | 103 | 3162 |
| LTC Properties Inc  | 31 | 1087 |
| National Health Investors Inc  | 155 | 11549 |
| Sabra Health Care REIT Inc  | 745 | 13276 |
| Sila Realty Trust Inc  | 250 | 5925 |
|  |  | 59784 |
| Hotel & Resort REITs - 0.3% |  |  |
| Apple Hospitality REIT Inc  | 790 | 8840 |
| DiamondRock Hospitality Co  | 107 | 836 |
| Sunstone Hotel Investors Inc  | 127 | 1124 |
| Xenia Hotels & Resorts Inc  | 522 | 6421 |
|  |  | 17221 |
| Industrial REITs - 0.1% |  |  |
| Plymouth Industrial REIT Inc  | 303 | 6666 |
| Office REITs - 0.6% |  |  |
| Brandywine Realty Trust  | 1202 | 4122 |
| COPT Defense Properties  | 388 | 10930 |
| Easterly Government Properties Inc  | 229 | 4951 |
| JBG SMITH Properties  | 342 | 6666 |
| Piedmont Realty Trust Inc Class A1  | 736 | 5932 |
| SL Green Realty Corp  | 114 | 5854 |
|  |  | 38455 |
| Real Estate Management & Development - 0.7% |  |  |
| Compass Inc Class A (a) | 1456 | 11226 |
| Cushman & Wakefield PLC (a) | 247 | 3878 |
| Kennedy-Wilson Holdings Inc  | 675 | 5103 |
| Marcus & Millichap Inc  | 157 | 4586 |
| Newmark Group Inc Class A  | 630 | 11233 |
| St Joe Co/The  | 163 | 9255 |
|  |  | 45281 |
| Residential REITs - 0.1% |  |  |
| Apartment Investment and Management Co Class A  | 369 | 1963 |
| Elme Communities  | 44 | 724 |
| UMH Properties Inc  | 373 | 5424 |
| Veris Residential Inc  | 26 | 373 |
|  |  | 8484 |
| Retail REITs - 1.0% |  |  |
| Acadia Realty Trust  | 169 | 3223 |
| Alexander's Inc  | 17 | 3756 |
| Curbline Properties Corp  | 361 | 8326 |
| Getty Realty Corp  | 230 | 6309 |
| InvenTrust Properties Corp  | 303 | 8302 |
| Macerich Co/The  | 414 | 7100 |
| NETSTREIT Corp  | 397 | 7392 |
| Phillips Edison & Co Inc  | 223 | 7546 |
| Tanger Inc  | 179 | 5828 |
| Urban Edge Properties  | 143 | 2750 |
| Whitestone REIT  | 334 | 4188 |
|  |  | 64720 |
| Specialized REITs - 0.8% |  |  |
| EPR Properties  | 242 | 11863 |
| Farmland Partners Inc  | 345 | 3460 |
| Four Corners Property Trust Inc  | 113 | 2671 |
| Millrose Properties Inc Class A  | 401 | 12917 |
| Outfront Media Inc  | 548 | 9694 |
| PotlatchDeltic Corp  | 102 | 4080 |
| Safehold Inc  | 286 | 4127 |
|  |  | 48812 |
| TOTAL REAL ESTATE |  | 314686 |
| Utilities - 2.4% |  |  |
| Electric Utilities - 0.9% |  |  |
| ALLETE Inc  | 94 | 6329 |
| Hawaiian Electric Industries Inc (a) | 806 | 9366 |
| MGE Energy Inc  | 56 | 4641 |
| Oklo Inc Class A (a) | 146 | 19384 |
| Otter Tail Corp  | 64 | 4942 |
| TXNM Energy Inc  | 171 | 9713 |
|  |  | 54375 |
| Gas Utilities - 0.5% |  |  |
| Chesapeake Utilities Corp  | 88 | 11201 |
| Northwest Natural Holding Co  | 32 | 1456 |
| Spire Inc  | 192 | 16589 |
|  |  | 29246 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Clearway Energy Inc Class C  | 107 | 3417 |
| Multi-Utilities - 0.5% |  |  |
| Avista Corp  | 297 | 11301 |
| Northwestern Energy Group Inc  | 219 | 13068 |
| Unitil Corp  | 121 | 5898 |
|  |  | 30267 |
| Water Utilities - 0.5% |  |  |
| American States Water Co  | 58 | 4135 |
| California Water Service Group  | 231 | 10252 |
| Consolidated Water Co Ltd  | 154 | 5238 |
| H2O America  | 159 | 7354 |
| Middlesex Water Co  | 113 | 6494 |
|  |  | 33473 |
| TOTAL UTILITIES |  | 150778 |
| TOTAL UNITED STATES |  | 6213263 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,871,577) |  | <br> **6334955** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.6%**<br> (Cost $5,871,577)<br>| <br>**6334955** |
| **NET OTHER ASSETS (LIABILITIES) - 0.4%**  | **25180** |
| **NET ASSETS - 100.0%** | **6360135** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Russell 2000 Index Contracts (United States) | 2 | 12/19/2025 | 24899 | 450 | 450 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% |

---

**Legend**

(a) Non-income producing.

(b) Security 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 $5,661 or 0.1% of net assets.

(c) Level 3 security.

**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 | - | 5000000 | 5000000 | 641 | - | - | - | - | 0.0% |
| Total | - | 5000000 | 5000000 | 641 | - | - | - |  |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 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 | 237778 | 237778 | - | - |
| Consumer Discretionary | 688064 | 688064 | - | - |
| Consumer Staples | 130726 | 130726 | - | - |
| Energy | 262885 | 262885 | - | - |
| Financials | 1045466 | 1045466 | - | - |
| Health Care | 999443 | 999443 | - | - |
| Industrials | 1239215 | 1239215 | - | - |
| Information Technology | 1054886 | 1054886 | - | - |
| Materials | 211028 | 211028 | - | - |
| Real Estate | 314686 | 314686 | - | - |
| Utilities | 150778 | 150778 | - | - |
| **Total Investments in Securities:** | 6334955 | 6334955 | - | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 450 | 450 | - | - |
| Total Assets | 450 | 450 | - | - |
| **Total Derivative Instruments:** | 450 | 450 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 450 | - |
| **Total Equity Risk**  | 450 | - |
| **Total Value of Derivatives** | 450 | - |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $5,871,577)<br>|  | $6334955 |
| Segregated cash with brokers for derivative instruments |  | 8313 |
| Cash |  | 16945 |
| Receivable for investments sold |  | 87 |
| Receivable for fund shares sold |  | 49817 |
| Dividends receivable |  | 940 |
| Receivable for daily variation margin on futures contracts |  | 143 |
| **Total assets** |  | 6411200 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $45631 |  |
| Payable for fund shares redeemed | 5434 |  |
| **Total liabilities** |  | 51065 |
| **Net Assets**  |  | $6360135 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5882111 |
| Total accumulated earnings (loss) |  | 478024 |
| **Net Assets** |  | $6360135 |
| **Net Asset Value**, offering price and redemption price per share ($6,360,135 ÷ 580,596 shares) |  | $10.95 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br>**For the period July 24, 2025 (commencement of operations) through October 31, 2025 (Unaudited)**  | <br>**For the period July 24, 2025 (commencement of operations) through October 31, 2025 (Unaudited)**  | <br>**For the period July 24, 2025 (commencement of operations) through October 31, 2025 (Unaudited)**  |
| **Investment Income** |  |  |
| Dividends  |  | $20415 |
| Interest  |  | 60 |
| Income from Fidelity Central Funds  |  | 641 |
| **Total income** |  | 21116 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $2 |  |
| **Total expenses** |  | 2 |
| **Net Investment income (loss)** |  | 21114 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 14003 |  |
| Unaffiliated issuers  | (22205) |  |
| Futures contracts | 1284 |  |
| Total net realized gain (loss) |  | (6918) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 463378 |  |
| Futures contracts | 450 |  |
| Total change in net unrealized appreciation (depreciation) |  | 463828 |
| **Net gain (loss)** |  | 456910 |
| **Net increase (decrease) in net assets resulting from operations** |  | $478024 |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **For the period July 24, 2025 (commencement of operations) through October 31, 2025**<br> **(Unaudited)**  |
| **Increase (Decrease) in Net Assets** |  |
| Operations |  |
| &nbsp;&nbsp;Net investment income (loss) | $21114 |
| &nbsp;&nbsp;Net realized gain (loss) | (6918)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 463828 |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 478024<br>|
| Share transactions |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 6012706 |
| &nbsp;&nbsp;Cost of shares redeemed | (130595) |
| **Net increase (decrease) in net assets resulting from share transactions** | 5882111<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 6360135<br>|
| **Net Assets** |  |
| &nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;End of period | $6360135 |
| **Other Information** |  |
| Shares |  |
| &nbsp;&nbsp;Sold | 592616 |
| &nbsp;&nbsp;Redeemed | (12020) |
| &nbsp;&nbsp;Net increase (decrease) | 580596 |

---

**Financial Highlights** 

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

---

| | |
|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .04  |
| Net realized and unrealized gain (loss)  | .91  |
| Total from investment operations  | .95  |
| Net asset value, end of period  | $10.95 |
| **Total Return** D | 9.50% <br>|
| **Ratios to Average Net Assets** C,E,F |  |
| Expenses before reductions  | -% G,H |
| Expenses net of fee waivers, if any  | -% G,H<br>|
| Expenses net of all reductions, if any  | -% G,H |
| Net investment income (loss)  | 1.43% G |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $6360 |
| Portfolio turnover rate I | 4% G,J<br>|

---

A*For the period July 24, 2025 (commencement of operations) through October 31, 2025.*

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

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

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

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

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

G*Annualized.*

H*Amount represents less than .005%.*

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

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Flex Small Cap Focused Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. 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.

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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.

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 October 31, 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. 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

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

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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** | $805108 |
| **Gross unrealized depreciation** | <u>(358748)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$446360</u> |
| **Tax cost** | <u>$5889045</u> |

---

**New Accounting Pronouncement.** 

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):

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

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Flex Small Cap Focused Index Fund** | 6228780 | 212871 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Flex Small Cap Focused Index Fund** | 9025 | - | 14003 | 14003 | 97744 |

---

**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. Other.**

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

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund** | **Affiliated %**  |
| Fidelity Flex Small Cap Focused Index Fund  | 87% |

---

**8. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Flex Small Cap Focused Index Fund**

At its March 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts) for the fund. FMR and Geode are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund. The Board also considered the nature and extent of the supervision of third-party service providers, principally custodians, subcustodians, and pricing vendors.

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

<u>Investment Performance</u>. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board also considered the fact that it oversees funds managed by FMR and sub-advised by Geode that have a similar investment process as the fund.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board noted that the fund is available exclusively to certain fee-based accounts and advisory programs offered by Fidelity. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of the program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes and extraordinary expenses (such as litigation expenses). The Board further noted that the fund will also pay its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** The fund is a new fund and therefore no revenue, cost, or profitability data were available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders.

**Economies of Scale.** The Board concluded that because the fund will pay no advisory fees and FMR or an affiliate will bear all expenses of the fund, with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to approve the fund's Advisory Contracts.

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

![](img119064_4.jpg)<br>

1.9918047.100 FXS-SANN-1225

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Salem Street Trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

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

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99.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.](ex99906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Salem Street Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

## 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:

December 22, 2025

---

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

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Salem Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

December 22, 2025

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|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

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## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Salem Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: December 22, 2025

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

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Dated: December 22, 2025

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

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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.

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