# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0000035315-26-000381
**Filing Date:** 2026-6
**Character Count:** 975604
**Document Hash:** 341061a8cf83896d1d4c582ec22b82c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035315-26-000381.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0000035315-26-000381

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**EFFECTIVENESS DATE**: 20260622

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 261105590

**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, Massachusetts 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; April 30, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Small Cap Index Fund<br> **Fidelity® Small Cap Index Fund : FSSNX** <br>|

---

This annual shareholder report contains information about Fidelity® Small Cap Index Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, industrials gained about 67% and contributed most to the fund's performance for the fiscal year, driven by the capital goods industry (+90%). Information technology, which gained approximately 67%, also helped, as did health care, which advanced approximately 39%, lifted by the pharmaceuticals, biotechnology & life sciences industry (+64%). The financials sector rose approximately 25%, while energy gained approximately 96% and materials advanced roughly 64%. Other contributors included the consumer discretionary (+23%), real estate (+24%), communication services (+57%), utilities (+17%) and consumer staples (+3%) sectors.

• Turning to individual stocks, the top contributor was Bloom Energy (+1444%), from the capital goods group. Another notable contributor was Credo Technology (+304%), a stock in the semiconductors & semiconductor equipment industry. Fabrinet (+233%) and TTM Technologies (+688%), from the technology hardware & equipment category, helped. Lastly, EchoStar (+447%), from the media & entertainment category, also boosted the fund.

• In contrast, the biggest detractor was SPS Commerce (-61%), from the software & services category. From the same category, Commvault Systems (-41%) hurt the fund. In pharmaceuticals, biotechnology & life sciences, ADMA Biologics (-57%) hurt the fund. In technology hardware & equipment, Badger Meter returned -45% and hindered the fund. Lastly, in capital goods, Aebi Schmidt Holding returned about 5% and also detracted.

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

**CUMULATIVE PERFORMANCE**

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Small Cap Index Fund<br>| $10000 | $12590<br>| $14067<br>| $14734<br>| $12337<br>| $21584<br>| $17938<br>| $17318<br>| $19647<br>| $19851<br>| $28696<br>|
| Russell 2000® Index<br>| $10000 | $12563<br>| $14012<br>| $14658<br>| $12256<br>| $21437<br>| $17821<br>| $17171<br>| $19459<br>| $19629<br>| $28347<br>|
| Russell 3000® Index<br>| $10000 | $11858<br>| $13406<br>| $15106<br>| $14948<br>| $22560<br>| $21857<br>| $22186<br>| $27133<br>| $30227<br>| $39601<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130824_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Small Cap Index Fund | 44.56% | 5.86% | 11.12% |
| Russell 2000® Index | 44.41%<br>| 5.75%<br>| 10.98% |
| Russell 3000® Index | 31.01%<br>| 11.91%<br>| 14.75% |

---

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $32562648785<br>|
| Number of Holdings | 1929<br>|
| Total Advisory Fee | $6979883<br>|
| Portfolio Turnover | 20%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.2 |
| Financials | 16.6 |
| Health Care | 16.3 |
| Information Technology | 16.2 |
| Consumer Discretionary | 8.0 |
| Energy | 6.3 |
| Real Estate | 5.2 |
| Materials | 4.8 |
| Utilities | 2.8 |
| Communication Services | 2.5 |
| Consumer Staples | 1.7 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2356_20260430_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 | 96.0 |
| Canada | 1.1 |
| Thailand | 0.8 |
| Switzerland | 0.3 |
| Puerto Rico | 0.3 |
| Norway | 0.2 |
| United Kingdom | 0.2 |
| Cameroon | 0.2 |
| Monaco | 0.1 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2356_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.1&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;Thailand - 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;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;Norway - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;Cameroon - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;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 | 2.0<br>|
| Credo Technology Group Holding Ltd | 1.0<br>|
| Fabrinet | 0.8<br>|
| Coeur Mining Inc | 0.7<br>|
| Nextpower Inc Class A | 0.6<br>|
| EchoStar Corp Class A | 0.6<br>|
| TTM Technologies Inc | 0.6<br>|
| IonQ Inc | 0.5<br>|
| Sterling Infrastructure Inc | 0.5<br>|
| Advanced Energy Industries 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img2356_20260430_2.jpg)<br>| ![](img130824_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913275.101 2358-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Series Large Cap Growth Index Fund<br> **Fidelity® Series Large Cap Growth Index Fund : FHOFX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Series Large Cap Growth Index Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, information technology gained 39% and contributed most to the fund's performance for the fiscal year, driven by the semiconductors & semiconductor equipment industry (+101%). Communication services stocks also helped (+52%), benefiting from the media & entertainment industry (+52%). Consumer discretionary rose approximately 25%, industrials gained 29%, lifted by the capital goods industry (+65%), and health care advanced 3%. Other contributors included the consumer staples (+6%), energy (+38%), utilities (+28%) and materials (+1%) sectors.

• Conversely, financials returned -3% and detracted most. This group was hampered by the financial services industry (-3%). Real estate (-7%) also hurt, hampered by the equity real estate investment trusts industry (-6%).

• Turning to individual stocks, the biggest contributor was NVIDIA (+83%), from the semiconductors & semiconductor equipment industry. Within the same group, Broadcom gained approximately 118% and boosted the fund. Alphabet, within the media & entertainment industry, gained roughly 142% and boosted the fund. In technology hardware & equipment, Apple (+28%) boosted the fund. Lastly, Amazon.com (+45%), from the consumer discretionary distribution & retail industry, also helped.

• In contrast, the biggest detractor was ServiceNow (-54%), from the software & services industry. From the same industry, Intuit (-38%) and Adobe (-34%) hurt the fund's performance. Netflix (-17%), a stock in the media & entertainment industry, detracted. Lastly, Mastercard, within the financial services group, returned approximately -8% and also hindered the fund.

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

**CUMULATIVE PERFORMANCE**

August 17, 2018 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Large Cap Growth Index Fund<br>| $10000 | $10597<br>| $11738<br>| $17749<br>| $16801<br>| $17203<br>| $22692<br>| $25987<br>| $33940<br>|
| Russell 1000® Growth Index<br>| $10000 | $10588<br>| $11735<br>| $17768<br>| $16818<br>| $17211<br>| $22684<br>| $25980<br>| $33938<br>|
| Russell 1000® Index<br>| $10000 | $10462<br>| $10471<br>| $15652<br>| $15324<br>| $15603<br>| $19163<br>| $21452<br>| $27977<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130835_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Series Large Cap Growth Index Fund | 30.60% | 13.84% | 17.18% |
| Russell 1000® Growth Index | 30.63%<br>| 13.82%<br>| 17.18% |
| Russell 1000® Index | 30.42%<br>| 12.32%<br>| 14.28% |

---

**A** From August 17, 2018

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2471367882<br>|
| Number of Holdings | 391<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 50.5 |
| Communication Services | 12.9 |
| Consumer Discretionary | 12.7 |
| Health Care | 7.1 |
| Industrials | 6.6 |
| Financials | 5.6 |
| Consumer Staples | 2.7 |
| Real Estate | 0.4 |
| Energy | 0.4 |
| Materials | 0.3 |
| Utilities | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3222_20260430_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 | 99.6 |
| Brazil | 0.2 |
| Korea (South) | 0.1 |
| Canada | 0.1 |
| Switzerland | 0.0 |
| Australia | 0.0 |
| Kazakhstan | 0.0 |
| Puerto Rico | 0.0 |
| Germany | 0.0 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3222_20260430_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;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;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;Australia - 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;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;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.0&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.3<br>|
| Apple Inc | 11.2<br>|
| Microsoft Corp | 8.8<br>|
| Broadcom Inc | 5.9<br>|
| Amazon.com Inc | 4.9<br>|
| Alphabet Inc Class A | 4.3<br>|
| Alphabet Inc Class C | 3.4<br>|
| Meta Platforms Inc Class A | 3.3<br>|
| Tesla Inc | 3.3<br>|
| Eli Lilly & Co | 2.4<br>|
|  | 60.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 .

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3222_20260430_2.jpg)<br>| ![](img130835_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913290.101 3222-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Mid Cap Index Fund<br> **Fidelity® Mid Cap Index Fund : FSMDX** <br>|

---

This annual shareholder report contains information about Fidelity® Mid Cap Index Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, information technology gained 66% and contributed most to the fund's performance for the fiscal year, driven by the technology hardware & equipment industry (+198%). Industrials, which gained 38%, also helped, benefiting from the capital goods industry (+53%), as did energy, which advanced 56%. The financials sector rose approximately 14%, while consumer discretionary gained 15% and materials advanced 29%. Other contributors included the utilities (+16%), health care (+11%), real estate (+7%) and communication services (+10%) sectors.

• Conversely, consumer staples returned roughly -2% and detracted most. This group was hampered by the household & personal products industry (-21%).

• Turning to individual stocks, the biggest contributor was Western Digital (+894%), from the technology hardware & equipment category. From the same industry, Corning (+276%) and Ciena (+686%) lifted the fund. Lastly, Vertiv Holdings (+285%) and Quanta Services (+149%), within the capital goods category, also boosted the fund.

• In contrast, the biggest detractor was Flutter Entertainment (-61%), from the consumer services category. Fair Isaac (-48%), Gartner (-65%) and HubSpot (-64%), within the software & services industry, hurt the fund's performance. Lastly, Charter Communications (-58%), from the media & entertainment group, also detracted.

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

**CUMULATIVE PERFORMANCE**

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Mid Cap Index Fund<br>| $10000 | $11670<br>| $12969<br>| $14353<br>| $12920<br>| $20618<br>| $19356<br>| $19036<br>| $22146<br>| $23767<br>| $29897<br>|
| Russell Midcap® Index<br>| $10000 | $11670<br>| $12973<br>| $14360<br>| $12924<br>| $20623<br>| $19365<br>| $19038<br>| $22151<br>| $23775<br>| $29905<br>|
| Russell 3000® Index<br>| $10000 | $11858<br>| $13406<br>| $15106<br>| $14948<br>| $22560<br>| $21857<br>| $22186<br>| $27133<br>| $30227<br>| $39601<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130843_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Mid Cap Index Fund | 25.79% | 7.71% | 11.57% |
| Russell Midcap® Index | 25.78%<br>| 7.72%<br>| 11.58% |
| Russell 3000® Index | 31.01%<br>| 11.91%<br>| 14.75% |

---

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $50042693940<br>|
| Number of Holdings | 808<br>|
| Total Advisory Fee | $11166100<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.3 |
| Information Technology | 14.8 |
| Financials | 13.7 |
| Consumer Discretionary | 10.5 |
| Health Care | 8.6 |
| Energy | 7.1 |
| Real Estate | 6.8 |
| Utilities | 6.1 |
| Materials | 5.2 |
| Consumer Staples | 4.3 |
| Communication Services | 3.4 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2349_20260430_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 | 98.4 |
| Canada | 0.4 |
| Australia | 0.3 |
| United Kingdom | 0.2 |
| Korea (South) | 0.2 |
| Bermuda | 0.1 |
| Puerto Rico | 0.1 |
| Guatemala | 0.1 |
| Switzerland | 0.1 |
| Brazil | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2349_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.4&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;Australia - 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;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;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;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;Guatemala - 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;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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Sandisk Corp/DE | 1.2<br>|
| Western Digital Corp | 1.1<br>|
| Corning Inc | 1.0<br>|
| Vertiv Holdings Co Class A | 1.0<br>|
| Quanta Services Inc | 0.8<br>|
| Howmet Aerospace Inc | 0.8<br>|
| Bank of New York Mellon Corp/The | 0.8<br>|
| Cummins Inc | 0.8<br>|
| Valero Energy Corp | 0.6<br>|
| Monolithic Power Systems Inc | 0.6<br>|
|  | 8.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2349_20260430_2.jpg)<br>| ![](img130843_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913274.101 2352-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Large Cap Value Index Fund<br> **Fidelity® Large Cap Value Index Fund : FLCOX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Large Cap Value Index Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, information technology gained approximately 90% and contributed most to the fund's performance for the fiscal year. Industrials, which gained approximately 40%, also helped, benefiting from the capital goods industry (+46%), as did financials, which advanced 14%, lifted by the banks industry (+36%). The energy sector rose 54%, while communication services gained 44% and consumer discretionary advanced 18%. Other contributors included the materials (+30%), health care (+9%), utilities (+21%), consumer staples (+8%) and real estate (+14%) sectors.

• Turning to individual stocks, the top contributor was Alphabet (+115%), from the media & entertainment category. Micron Technology (+571%) and Intel (+370%), from the semiconductors & semiconductor equipment category, helped. Another notable contributor was Caterpillar (+190%), a stock in the capital goods industry. Lastly, Exxon Mobil (+51%), from the energy sector, also boosted the fund.

• Conversely, the biggest detractor was Berkshire Hathaway (-11%), from the financial services category. In software & services, Salesforce (-34%) and Accenture (-39%) hurt. Lastly, Abbott Laboratories (-29%) and Boston Scientific (-44%), from the health care equipment & services industry, also hurt the fund.

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

**CUMULATIVE PERFORMANCE**

June 7, 2016 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Large Cap Value Index Fund<br>| $10000 | $11348<br>| $12205<br>| $13321<br>| $11850<br>| $17294<br>| $17514<br>| $17720<br>| $20110<br>| $21824<br>| $28198<br>|
| Russell 1000® Value Index<br>| $10000 | $11355<br>| $12207<br>| $13314<br>| $11848<br>| $17289<br>| $17516<br>| $17729<br>| $20108<br>| $21828<br>| $28213<br>|
| Russell 1000® Index<br>| $10000 | $11501<br>| $13015<br>| $14750<br>| $14763<br>| $22068<br>| $21605<br>| $21997<br>| $27017<br>| $30244<br>| $39444<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130844_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Large Cap Value Index Fund | 29.21% | 10.27% | 11.04% |
| Russell 1000® Value Index | 29.25%<br>| 10.29%<br>| 11.04% |
| Russell 1000® Index | 30.42%<br>| 12.32%<br>| 14.87% |

---

**A** From June 7, 2016

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13339586246<br>|
| Number of Holdings | 870<br>|
| Total Advisory Fee | $4199216<br>|
| Portfolio Turnover | 21%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 19.4 |
| Information Technology | 14.2 |
| Industrials | 13.5 |
| Health Care | 10.8 |
| Communication Services | 8.4 |
| Consumer Staples | 7.2 |
| Consumer Discretionary | 7.0 |
| Energy | 6.9 |
| Utilities | 4.4 |
| Materials | 4.1 |
| Real Estate | 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_20260430_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 |
| Canada | 0.2 |
| Australia | 0.2 |
| United Kingdom | 0.1 |
| Mexico | 0.0 |
| Bermuda | 0.0 |
| Puerto Rico | 0.0 |
| Guatemala | 0.0 |
| Brazil | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2827_20260430_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;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;Australia - 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;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;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;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;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;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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Berkshire Hathaway Inc Class B | 2.8<br>|
| JPMorgan Chase & Co | 2.7<br>|
| Alphabet Inc Class A | 2.5<br>|
| Amazon.com Inc | 2.2<br>|
| Exxon Mobil Corp | 2.1<br>|
| Alphabet Inc Class C | 2.0<br>|
| Micron Technology Inc | 1.8<br>|
| Johnson & Johnson | 1.8<br>|
| Walmart Inc | 1.6<br>|
| Intel Corp | 1.3<br>|
|  | 20.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2827_20260430_2.jpg)<br>| ![](img130844_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913284.101 2830-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Large Cap Growth Index Fund<br> **Fidelity® Large Cap Growth Index Fund : FSPGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Large Cap Growth Index Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, information technology gained roughly 39% and contributed most to the fund's performance for the fiscal year, driven by the semiconductors & semiconductor equipment industry (+102%). Communication services stocks also helped (+52%), benefiting from the media & entertainment industry (+52%). Consumer discretionary rose about 25%, industrials gained 29%, lifted by the capital goods industry (+65%), and health care advanced about 3%. Other contributors included the consumer staples (+6%), energy (+38%), utilities (+28%) and materials (+1%) sectors.

• In contrast, financials returned -3% and detracted most. This group was hampered by the financial services industry (-3%). Real estate (-6%) also hurt, hampered by the equity real estate investment trusts industry (-6%).

• Turning to individual stocks, the top contributor was NVIDIA (+83%), from the semiconductors & semiconductor equipment industry. Within the same group, Broadcom gained about 119% and helped. Alphabet (+142%), from the media & entertainment industry, lifted the fund. Apple (+28%), a stock in the technology hardware & equipment category, lifted the fund. Lastly, Amazon.com (+45%), from the consumer discretionary distribution & retail category, also lifted the fund.

• Conversely, the biggest detractor was ServiceNow (-54%), from the software & services group. From the same industry, Intuit (-38%) and Adobe (-34%) hindered the fund. Another notable detractor was Netflix (-17%), a stock in the media & entertainment group. Lastly, in financial services, Mastercard returned roughly -8% and also detracted.

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

**CUMULATIVE PERFORMANCE**

June 7, 2016 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Large Cap Growth Index Fund<br>| $10000 | $11634<br>| $13832<br>| $16230<br>| $17990<br>| $27226<br>| $25757<br>| $26356<br>| $34750<br>| $39775<br>| $51944<br>|
| Russell 1000® Growth Index<br>| $10000 | $11645<br>| $13853<br>| $16268<br>| $18030<br>| $27300<br>| $25840<br>| $26444<br>| $34853<br>| $39917<br>| $52144<br>|
| Russell 1000® Index<br>| $10000 | $11501<br>| $13015<br>| $14750<br>| $14763<br>| $22068<br>| $21605<br>| $21997<br>| $27017<br>| $30244<br>| $39444<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130847_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Large Cap Growth Index Fund | 30.59% | 13.79% | 18.10% |
| Russell 1000® Growth Index | 30.63%<br>| 13.82%<br>| 18.15% |
| Russell 1000® Index | 30.42%<br>| 12.32%<br>| 14.87% |

---

**A** From June 7, 2016

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $44086672150<br>|
| Number of Holdings | 392<br>|
| Total Advisory Fee | $14067279<br>|
| Portfolio Turnover | 16%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 50.5 |
| Communication Services | 12.9 |
| Consumer Discretionary | 12.7 |
| Health Care | 7.1 |
| Industrials | 6.6 |
| Financials | 5.6 |
| Consumer Staples | 2.7 |
| Real Estate | 0.4 |
| Energy | 0.4 |
| Materials | 0.3 |
| Utilities | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2823_20260430_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 | 99.6 |
| Brazil | 0.2 |
| Korea (South) | 0.1 |
| Canada | 0.1 |
| Switzerland | 0.0 |
| Australia | 0.0 |
| Kazakhstan | 0.0 |
| Puerto Rico | 0.0 |
| Germany | 0.0 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2823_20260430_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;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;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;Australia - 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;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;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.0&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.3<br>|
| Apple Inc | 11.2<br>|
| Microsoft Corp | 8.8<br>|
| Broadcom Inc | 5.9<br>|
| Amazon.com Inc | 4.9<br>|
| Alphabet Inc Class A | 4.3<br>|
| Alphabet Inc Class C | 3.4<br>|
| Meta Platforms Inc Class A | 3.3<br>|
| Tesla Inc | 3.3<br>|
| Eli Lilly & Co | 2.4<br>|
|  | 60.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2823_20260430_2.jpg)<br>| ![](img130847_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913283.101 2826-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Flex® Small Cap Index Fund<br> **Fidelity Flex® Small Cap Index Fund : FLXSX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Flex® Small Cap Index Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, industrials gained approximately 61% and contributed most to the fund's performance for the fiscal year, driven by the capital goods industry (+81%). Information technology, which gained approximately 71%, also helped, as did health care, which advanced 44%, lifted by the pharmaceuticals, biotechnology & life sciences industry (+68%). The financials sector rose about 21%, while energy gained 92% and consumer discretionary advanced approximately 23%. Other contributors included the materials (+61%), communication services (+57%), real estate (+26%), utilities (+10%) and consumer staples (+3%) sectors.

• Turning to individual stocks, the top contributor was Bloom Energy (+1020%), from the capital goods industry. Within the same group, Rocket Lab gained 105% and contributed. In pharmaceuticals, biotechnology & life sciences, Revolution Medicines gained approximately 254% and lifted the fund. Another notable contributor was Credo Technology (+273%), a stock in the semiconductors & semiconductor equipment industry. Lastly, in media & entertainment, EchoStar gained roughly 485% and also lifted the fund.

• Conversely, the biggest detractor was Shift4 Payments (-57%), from the financial services industry. From the same industry, Rocket returned 19% and hurt the fund. Gitlab (-51%), from the software & services industry, detracted. Chewy (-35%), a stock in the consumer discretionary distribution & retail category, hindered the fund. Lastly, ADMA Biologics, within the pharmaceuticals, biotechnology & life sciences category, returned -57% and also detracted.

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

**CUMULATIVE PERFORMANCE**

March 9, 2017 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Flex® Small Cap Index Fund<br>| $10000 | $10310<br>| $11519<br>| $12052<br>| $10096<br>| $17670<br>| $14688<br>| $14180<br>| $16090<br>| $16243<br>|
| Fidelity Flex Small Cap Linked Index℠<br>| $10000 | $10316<br>| $11506<br>| $12037<br>| $10064<br>| $17603<br>| $14634<br>| $14100<br>| $15978<br>| $16118<br>|
| Fidelity U.S. Small Cap Index℠<br>| $10000 | $10310<br>| $11519<br>| $12052<br>| $10096<br>| $17670<br>| $14727<br>| $14020<br>| $15854<br>| $16223<br>|
| Russell 2000® Index<br>| $10000 | $10316<br>| $11506<br>| $12037<br>| $10064<br>| $17603<br>| $14634<br>| $14100<br>| $15978<br>| $16118<br>|
| Russell 3000® Index<br>| $10000 | $10131<br>| $11453<br>| $12906<br>| $12771<br>| $19274<br>| $18674<br>| $18955<br>| $23182<br>| $25825<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130874_1.jpg)

Effective July 21, 2025, the fund began comparing its performance to the Fidelity U.S. Small Cap IndexSM rather than Russell 2000®Index because the Fidelity U.S. Small Cap IndexSM conforms more closely to the fund's investment policies.

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity Flex® Small Cap Index Fund A | 43.17% | 5.65% | 9.66% |
| Fidelity Flex Small Cap Linked Index℠ A | 43.01%<br>| 5.54%<br>| 9.56% |
| Fidelity U.S. Small Cap Index℠ B | 44.75%<br>| n/a  | n/a  |
| Russell 2000® Index A | 44.41%<br>| 5.75%<br>| 9.68% |
| Russell 3000® Index A | 31.01%<br>| 11.91%<br>| 14.25% |

---

**A** From March 9, 2017

**B** From April 21, 2022

Effective July 21, 2025, the fund began comparing its performance to the Fidelity U.S. Small Cap IndexSM rather than Russell 2000® Index because the Fidelity U.S. Small Cap IndexSM conforms more closely to the fund's investment policies.

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $411053777<br>|
| Number of Holdings | 1676<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 80%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.6 |
| Health Care | 16.5 |
| Industrials | 16.0 |
| Information Technology | 14.9 |
| Consumer Discretionary | 10.9 |
| Energy | 6.2 |
| Real Estate | 5.3 |
| Materials | 3.3 |
| Communication Services | 3.0 |
| Consumer Staples | 2.4 |
| Utilities | 2.2 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2921_20260430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 97.9 |
| Canada | 0.5 |
| Puerto Rico | 0.5 |
| Japan | 0.2 |
| Singapore | 0.2 |
| Norway | 0.1 |
| Switzerland | 0.1 |
| Monaco | 0.1 |
| Bahamas (Nassau) | 0.1 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2921_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.5&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;Singapore - 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;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;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;Bahamas (Nassau) - 0.1&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)**  |  |
| Sanmina Corp | 0.5<br>|
| Applied Optoelectronics Inc | 0.5<br>|
| Semtech Corp | 0.5<br>|
| Oklo Inc Class A | 0.4<br>|
| Axsome Therapeutics Inc | 0.4<br>|
| Applied Digital Corp | 0.4<br>|
| FirstCash Holdings Inc | 0.4<br>|
| ESCO Technologies Inc | 0.4<br>|
| Lumen Technologies Inc | 0.4<br>|
| Viasat Inc | 0.3<br>|
|  | 4.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2921_20260430_2.jpg)<br>| ![](img130874_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913287.101 2921-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Flex® Mid Cap Index Fund<br> **Fidelity Flex® Mid Cap Index Fund : FLAPX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Flex® Mid Cap Index Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, information technology gained about 89% and contributed most to the fund's performance for the fiscal year, driven by the technology hardware & equipment industry (+339%). Industrials, which gained roughly 46%, also helped, benefiting from the capital goods industry (+60%), as did financials, which advanced about 18%. The energy sector rose 72%, while health care gained approximately 26% and materials advanced 37%. Other contributors included the consumer discretionary (+18%), utilities (+21%), communication services (+19%), real estate (+9%) and consumer staples (+1%) sectors.

• Turning to individual stocks, the top contributor was Sandisk (+2772%), from the technology hardware & equipment industry. From the same category, Ciena (+655%), Lumentum Holdings (+1412%) and Coherent (+437%) boosted the fund. Lastly, in capital goods, Comfort Systems USA gained approximately 316% and also boosted the fund.

• In contrast, the biggest detractor was Duolingo (-72%), from the consumer services industry. In software & services, Nutanix (-41%) and Guidewire Software (-32%) hurt. Another notable detractor was Zillow (-34%), a stock in the real estate management & development industry. Lastly, Toast (-20%), from the financial services group, also hindered the fund.

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

**CUMULATIVE PERFORMANCE**

March 9, 2017 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Flex® Mid Cap Index Fund<br>| $10000 | $10190<br>| $11330<br>| $12548<br>| $11309<br>| $18053<br>| $16954<br>| $16680<br>| $19409<br>| $20828<br>|
| Fidelity Flex Mid Cap Linked Index℠<br>| $10000 | $10192<br>| $11330<br>| $12542<br>| $11288<br>| $18012<br>| $16913<br>| $16627<br>| $19345<br>| $20764<br>|
| Fidelity U.S. Mid Cap Index℠<br>| $10000 | $10190<br>| $11330<br>| $12548<br>| $11309<br>| $18053<br>| $16955<br>| $16524<br>| $19198<br>| $19785<br>|
| Russell Midcap® Index<br>| $10000 | $10192<br>| $11330<br>| $12542<br>| $11288<br>| $18012<br>| $16913<br>| $16627<br>| $19345<br>| $20764<br>|
| Russell 1000® Index<br>| $10000 | $10116<br>| $11449<br>| $12975<br>| $12986<br>| $19411<br>| $19004<br>| $19349<br>| $23765<br>| $26603<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130875_1.jpg)

Effective August 21, 2025, the fund began comparing its performance to Fidelity U.S. Mid Cap IndexSM rather than Russell Midcap® Index because the Fidelity U.S. Mid Cap IndexSM conforms more closely to the fund's investment policies.

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity Flex® Mid Cap Index Fund A | 33.48% | 9.02% | 11.83% |
| Fidelity Flex Mid Cap Linked Index℠ A | 33.50%<br>| 9.01%<br>| 11.79% |
| Fidelity U.S. Mid Cap Index℠ B | 34.47%<br>| n/a  | n/a  |
| Russell Midcap® Index A | 25.78%<br>| 7.72%<br>| 11.06% |
| Russell 1000® Index A | 30.42%<br>| 12.32%<br>| 14.57% |

---

**A** From March 9, 2017

**B** From April 21, 2022

Effective August 21, 2025, the fund began comparing its performance to Fidelity U.S. Mid Cap IndexSM rather than Russell Midcap® Index because the Fidelity U.S. Mid Cap IndexSM conforms more closely to the fund's investment policies.

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $605831383<br>|
| Number of Holdings | 511<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.0 |
| Financials | 16.2 |
| Information Technology | 14.2 |
| Consumer Discretionary | 11.5 |
| Health Care | 11.1 |
| Real Estate | 7.7 |
| Materials | 4.2 |
| Energy | 3.6 |
| Communication Services | 3.6 |
| Consumer Staples | 3.5 |
| Utilities | 3.0 |

---

Common Stocks 99.6 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2920_20260430_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; |
| 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) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 98.5 |
| Thailand | 0.6 |
| Bermuda | 0.3 |
| Puerto Rico | 0.2 |
| Sweden | 0.2 |
| Switzerland | 0.1 |
| Belgium | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2920_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.5&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;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;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;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;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)**  |  |
| Astera Labs Inc | 0.6<br>|
| Fabrinet | 0.6<br>|
| nVent Electric PLC | 0.6<br>|
| RBC Bearings Inc | 0.6<br>|
| Everpure Inc Class A | 0.5<br>|
| BWX Technologies Inc | 0.5<br>|
| MKS Inc | 0.5<br>|
| Loews Corp | 0.5<br>|
| Reddit Inc Class A | 0.5<br>|
| Affirm Holdings Inc Class A | 0.5<br>|
|  | 5.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2920_20260430_2.jpg)<br>| ![](img130875_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913286.101 2920-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity Flex® Mid Cap Focused Index Fund<br> **Fidelity Flex® Mid Cap Focused Index Fund : FXMCX** <br>|

---

This annual shareholder report contains information about Fidelity Flex® Mid Cap Focused Index Fund for the period July 24, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity 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%

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, energy gained roughly 57% and contributed most to the fund's performance for the fiscal year, followed by industrials (+27%), health care (+22%) and information technology (+20%). Other positive performers included communication services (+6%), materials (+5%), real estate (+4%) and financials (+2%).

• Conversely, consumer staples returned roughly -12%, while consumer discretionary returned about -4%.

• Turning to individual stocks, Coherent (+249%), from the technology hardware & equipment category, aided the fund's result. From the same industry, Ciena (+480%) and Sandisk (+2090%) also lifted the fund.

• In contrast, Duolingo (-70%), from the consumer services category, detracted from the fund's result. Kyndryl Holdings (-64%) and Guidewire Software (-39%), within the software & services industry, also were notable detractors.

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

**CUMULATIVE PERFORMANCE**

July 24, 2025 through April 30, 2026.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Fidelity Flex® Mid Cap Focused Index Fund<br>| $10000 | $11233<br>|
| Fidelity U.S. Mid Cap Focused Index℠<br>| $10000 | $11231<br>|
| Russell 1000® Index<br>| $10000 | $11374<br>|
|  | 2025 | 2026 |

---

![](img130885_1.jpg)

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $14017828<br>|
| Number of Holdings | 417<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 135%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.8 |
| Financials | 16.2 |
| Information Technology | 14.4 |
| Consumer Discretionary | 11.5 |
| Health Care | 11.3 |
| Real Estate | 7.8 |
| Materials | 4.0 |
| Communication Services | 3.7 |
| Energy | 3.6 |
| Consumer Staples | 3.5 |
| Utilities | 2.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img8967_20260430_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 | 98.6 |
| Bermuda | 0.4 |
| Thailand | 0.4 |
| Switzerland | 0.4 |
| Puerto Rico | 0.1 |
| Sweden | 0.1 |
| Belgium | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img8967_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.6&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;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;Switzerland - 0.4&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;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;Belgium - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Astera Labs Inc | 0.9<br>|
| Everpure Inc Class A | 0.7<br>|
| BWX Technologies Inc | 0.7<br>|
| RBC Bearings Inc | 0.7<br>|
| Wesco International Inc | 0.7<br>|
| Affirm Holdings Inc Class A | 0.6<br>|
| IonQ Inc | 0.6<br>|
| Lattice Semiconductor Corp | 0.6<br>|
| API Group Corp | 0.5<br>|
| Annaly Capital Management Inc | 0.5<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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img8967_20260430_2.jpg)<br>| ![](img130885_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918064.100 8967-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity Flex® Small Cap Focused Index Fund<br> **Fidelity Flex® Small Cap Focused Index Fund : FXSCX** <br>|

---

This annual shareholder report contains information about Fidelity Flex® Small Cap Focused Index Fund for the period July 24, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity 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%

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, energy gained 46% and contributed most to the fund's performance for the fiscal year, followed by industrials (+45%), materials (+42%), health care (+42%) and information technology (+31%). Other positive performers included communication services (+27%), real estate (+16%), utilities (+12%), financials (+8%) and consumer discretionary (+8%).

• Conversely, consumer staples returned roughly -7% and detracted.

• Turning to individual stocks, Bloom Energy (+530%), from the capital goods category, significantly aided the fund's result. From the same industry, Rocket Lab (+76%) also helped. In pharmaceuticals, biotechnology & life sciences, Revolution Medicines (+300%) was another notable contributor.

• In contrast, Upstart Holdings (-62%), from the financial services category, hurt results, while other notable detractors from this segment included Shift4 Payments (-58%) and Hamilton Lane (-40%).

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

**CUMULATIVE PERFORMANCE**

July 24, 2025 through April 30, 2026.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Fidelity Flex® Small Cap Focused Index Fund<br>| $10000 | $12674<br>|
| Fidelity U.S. Small Cap Focused Index℠<br>| $10000 | $12670<br>|
| Russell 3000® Index<br>| $10000 | $11424<br>|
|  | 2025 | 2026 |

---

![](img130886_1.jpg)

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15607510<br>|
| Number of Holdings | 930<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 115%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.7 |
| Health Care | 16.7 |
| Industrials | 16.2 |
| Information Technology | 14.8 |
| Consumer Discretionary | 10.8 |
| Energy | 6.1 |
| Real Estate | 5.4 |
| Materials | 3.5 |
| Communication Services | 3.0 |
| Consumer Staples | 2.4 |
| Utilities | 2.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img8968_20260430_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 | 98.4 |
| Canada | 0.2 |
| Switzerland | 0.2 |
| Puerto Rico | 0.2 |
| Norway | 0.2 |
| Singapore | 0.2 |
| Japan | 0.2 |
| Ghana | 0.1 |
| Israel | 0.1 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img8968_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.4&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;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;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;Norway - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 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;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;Ghana - 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;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 - 0.2&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Sanmina Corp | 0.6<br>|
| Applied Optoelectronics Inc | 0.5<br>|
| Axsome Therapeutics Inc | 0.5<br>|
| FirstCash Holdings Inc | 0.5<br>|
| Powell Industries Inc | 0.5<br>|
| Applied Digital Corp | 0.4<br>|
| Glaukos Corp | 0.4<br>|
| StoneX Group Inc | 0.4<br>|
| Hut 8 Corp (United States) | 0.3<br>|
| Terawulf Inc | 0.3<br>|
|  | 4.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img8968_20260430_2.jpg)<br>| ![](img130886_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918062.100 8968-TSRA-0626 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, April 30, 2026, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

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

Item 4.

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

<u>Fees and Services</u>

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

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

**<u>April 30, 2026 Fees</u><sup>A,B</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Flex Mid Cap Focused Index Fund | &nbsp;&nbsp; $33500  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9200  | &nbsp;&nbsp; $0  |
| &nbsp;&nbsp; Fidelity Flex Mid Cap Index Fund | &nbsp;&nbsp; $41100  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9500  | &nbsp;&nbsp; $100  |
| &nbsp;&nbsp; Fidelity Flex Small Cap Focused Index Fund | &nbsp;&nbsp; $33500  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9000  | &nbsp;&nbsp; $0  |
| &nbsp;&nbsp; Fidelity Flex Small Cap Index Fund | &nbsp;&nbsp; $51300  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9300  | &nbsp;&nbsp; $200  |
| &nbsp;&nbsp; Fidelity Large Cap Growth Index Fund | &nbsp;&nbsp; $40500  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9700  | &nbsp;&nbsp; $100  |
| &nbsp;&nbsp; Fidelity Large Cap Value Index Fund | &nbsp;&nbsp; $40300  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9500  | &nbsp;&nbsp; $100  |
| &nbsp;&nbsp; Fidelity Mid Cap Index Fund | &nbsp;&nbsp; $41000  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9500  | &nbsp;&nbsp; $100  |
| &nbsp;&nbsp; Fidelity Series Large Cap Growth Index Fund | &nbsp;&nbsp; $40300  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7700  | &nbsp;&nbsp; $100  |
| &nbsp;&nbsp; Fidelity Small Cap Index Fund | &nbsp;&nbsp; $51000  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9300  | &nbsp;&nbsp; $200  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Flex Mid Cap Focused Index Fund | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| &nbsp;&nbsp; Fidelity Flex Mid Cap Index Fund | &nbsp;&nbsp; $41500  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7700  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity Flex Small Cap Focused Index Fund | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| &nbsp;&nbsp; Fidelity Flex Small Cap Index Fund | &nbsp;&nbsp; $51400  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7500  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Fidelity Large Cap Growth Index Fund | &nbsp;&nbsp; $41300  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7700  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity Large Cap Value Index Fund | &nbsp;&nbsp; $41300  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7700  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity Mid Cap Index Fund | &nbsp;&nbsp; $41700  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7700  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity Series Large Cap Growth Index Fund | &nbsp;&nbsp; $40300  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7700  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity Small Cap Index Fund | &nbsp;&nbsp; $51900  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7500  | &nbsp;&nbsp; $1000  |

---

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

<sup>B</sup> Fidelity Flex Mid Cap Focused Index Fund and Fidelity Flex Small Cap Focused Index Fund commenced operations on July 24, 2025.

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **<u>April 30, 2026</u><sup>A,B</sup>** | &nbsp;&nbsp; **<u>April 30, 2025</u><sup>A,B</sup>** |
| &nbsp;&nbsp; Audit-Related Fees | &nbsp;&nbsp; $154800  | &nbsp;&nbsp; $250000  |
| &nbsp;&nbsp; Tax Fees | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| &nbsp;&nbsp; All Other Fees | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3964900 |

---

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

<sup>B</sup> May include amounts billed prior to Fidelity Flex Mid Cap Focused Index Fund and Fidelity Flex Small Cap Focused Index Fund's commencement of operations

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **<u>Billed By</u>** | &nbsp;&nbsp; **<u>April 30, 2026</u><sup>A,B</sup>** | &nbsp;&nbsp; **<u>April 30, 2025</u><sup>A,B</sup>** |
| &nbsp;&nbsp; Deloitte Entities | &nbsp;&nbsp; $2735800  | &nbsp;&nbsp; $4590700  |

---

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

<sup>B</sup> May include amounts billed prior to Fidelity Flex Mid Cap Focused Index Fund and Fidelity Flex Small Cap Focused Index Fund's commencement of operations

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

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

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

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

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

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

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

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

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

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

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

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

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

**Annual Report**

**April 30, 2026**

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**Contents**

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| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_CGI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Large Cap Growth Index Fund](#Sub_Sec_Fund_3222_CGI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3222_CGI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_CGI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_CGI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CGI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CGI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CGI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CGI-ANN)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

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

**Schedule of Investments April 30, 2026**

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%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Anglogold Ashanti Plc  | 4872 | 456653 |
| BRAZIL - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (c) | 266638 | 3860918 |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 2949 | 56503 |
| TOTAL BRAZIL |  | 3917421 |
| CANADA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc (United States)  | 17335 | 1398588 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Brookfield Asset Management Ltd Class A (United States)  | 10495 | 503865 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| RB Global Inc (United States)  | 942 | 98250 |
| TOTAL CANADA |  | 2000703 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b)(c) | 1042 | 40367 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish  | 382 | 14413 |
| KAZAKHSTAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b)(c) | 1218 | 182493 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Coupang Inc Class A (c) | 104294 | 2083794 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 486 | 73060 |
| SWITZERLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| On Holding AG Class A (c) | 17992 | 640695 |
| UNITED STATES - 99.1%  |  |  |
| Communication Services - 12.9% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 15907 | 1175527 |
| GCI Liberty Inc Class C  | 606 | 20756 |
| Iridium Communications Inc  | 505 | 19730 |
|  |  | 1216013 |
| Entertainment - 1.8% |  |  |
| Liberty Media Corp-Liberty Formula One Class A (c) | 567 | 44906 |
| Liberty Media Corp-Liberty Formula One Class C (c) | 5166 | 444018 |
| Live Nation Entertainment Inc (c) | 12612 | 1991939 |
| Netflix Inc (c) | 337864 | 31627449 |
| ROBLOX Corp Class A (c) | 49442 | 2732165 |
| Roku Inc Class A (c) | 1367 | 159338 |
| Spotify Technology SA (c) | 12262 | 5475596 |
| Take-Two Interactive Software Inc (c) | 4923 | 1052340 |
| TKO Group Holdings Inc Class A  | 2250 | 418703 |
|  |  | 43946454 |
| Interactive Media & Services - 11.1% |  |  |
| Alphabet Inc Class A  | 271664 | 104536307 |
| Alphabet Inc Class C  | 221234 | 84498114 |
| Meta Platforms Inc Class A  | 133519 | 81701611 |
| Pinterest Inc Class A (c) | 23354 | 459140 |
| Reddit Inc Class A (c) | 10324 | 1520003 |
| Trump Media & Technology Group Corp (b)(c) | 7337 | 67134 |
|  |  | 272782309 |
| Media - 0.0% |  |  |
| DoubleVerify Holdings Inc (c) | 5634 | 62087 |
| Liberty Broadband Corp Class A (c) | 254 | 9761 |
| Liberty Broadband Corp Class C (c) | 1982 | 76287 |
| Nexstar Media Group Inc  | 134 | 27890 |
| NIQ Global Intelligence Plc  | 2819 | 30812 |
| Trade Desk Inc (The) Class A (c) | 34927 | 823928 |
|  |  | 1030765 |
| TOTAL COMMUNICATION SERVICES |  | 318975541 |
| Consumer Discretionary - 12.5% |  |  |
| Automobiles - 3.3% |  |  |
| Tesla Inc (c) | 210969 | 80512099 |
| Broadline Retail - 4.9% |  |  |
| Amazon.com Inc (c) | 455290 | 120679167 |
| Etsy Inc (c) | 4237 | 272609 |
|  |  | 120951776 |
| Distributors - 0.0% |  |  |
| Pool Corp  | 510 | 108793 |
| Diversified Consumer Services - 0.0% |  |  |
| Bright Horizons Family Solutions Inc (c) | 612 | 49639 |
| Duolingo Inc Class A (c) | 3026 | 333163 |
| Grand Canyon Education Inc (c) | 639 | 108036 |
| H&R Block Inc  | 1719 | 54544 |
|  |  | 545382 |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Airbnb Inc Class A (c) | 33296 | 4673427 |
| Booking Holdings Inc  | 60897 | 10252619 |
| Carnival Corp  | 28176 | 746946 |
| Cava Group Inc (b)(c) | 7953 | 742890 |
| Chipotle Mexican Grill Inc (c) | 104944 | 3567047 |
| Choice Hotels International Inc (b) | 656 | 64996 |
| Churchill Downs Inc  | 4439 | 448295 |
| Darden Restaurants Inc  | 8703 | 1745474 |
| Domino's Pizza Inc  | 746 | 253207 |
| DoorDash Inc Class A (c) | 29152 | 4916485 |
| DraftKings Inc Class A (c) | 38309 | 893366 |
| Dutch Bros Inc Class A (c) | 9892 | 568889 |
| Expedia Group Inc Class A  | 9249 | 2297174 |
| Flutter Entertainment PLC (c) | 10412 | 1123767 |
| Hilton Worldwide Holdings Inc  | 18186 | 5893537 |
| Las Vegas Sands Corp  | 24435 | 1334395 |
| Marriott International Inc/MD Class A1  | 13570 | 4908133 |
| McDonald's Corp  | 3226 | 947121 |
| Norwegian Cruise Line Holdings Ltd (c) | 32667 | 593886 |
| Planet Fitness Inc Class A (c) | 6603 | 440222 |
| Royal Caribbean Cruises Ltd  | 20198 | 5327424 |
| Starbucks Corp  | 11995 | 1263433 |
| Texas Roadhouse Inc  | 5275 | 849222 |
| Travel + Leisure Co  | 1648 | 106560 |
| Vail Resorts Inc (b) | 2221 | 282467 |
| Viking Holdings Ltd (c) | 13896 | 1138221 |
| Wendy's Co/The (b) | 5411 | 37660 |
| Wingstop Inc  | 2214 | 363229 |
| Wyndham Hotels & Resorts Inc  | 5279 | 429605 |
| Yum! Brands Inc  | 7470 | 1192586 |
|  |  | 57402283 |
| Household Durables - 0.0% |  |  |
| SharkNinja Inc (c) | 1164 | 134477 |
| Somnigroup International Inc  | 16090 | 1220587 |
| TopBuild Corp (c) | 155 | 68619 |
|  |  | 1423683 |
| Specialty Retail - 1.8% |  |  |
| AutoZone Inc (c) | 208 | 770438 |
| Burlington Stores Inc (c) | 5008 | 1602610 |
| Carvana Co Class A (c) | 10776 | 4265141 |
| Chewy Inc Class A (c) | 18441 | 468770 |
| Floor & Decor Holdings Inc Class A (c) | 2764 | 133778 |
| Home Depot Inc/The  | 60489 | 19888783 |
| Lithia Motors Inc  | 223 | 64697 |
| Murphy USA Inc  | 1356 | 797328 |
| O'Reilly Automotive Inc (c) | 61715 | 6134471 |
| RH (c) | 198 | 26128 |
| Ross Stores Inc  | 5073 | 1155579 |
| TJX Cos Inc/The  | 44581 | 6988072 |
| Tractor Supply Co  | 42360 | 1486836 |
| Ulta Beauty Inc (c) | 883 | 474595 |
| Valvoline Inc (c) | 8937 | 296977 |
| Wayfair Inc Class A (c) | 1436 | 91803 |
| Williams-Sonoma Inc  | 1349 | 244452 |
|  |  | 44890458 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Deckers Outdoor Corp (c) | 11559 | 1181330 |
| Lululemon Athletica Inc (c) | 4711 | 648705 |
| Ralph Lauren Corp Class A  | 234 | 83921 |
| Tapestry Inc  | 14942 | 2167188 |
|  |  | 4081144 |
| TOTAL CONSUMER DISCRETIONARY |  | 309915618 |
| Consumer Staples - 2.7% |  |  |
| Beverages - 0.8% |  |  |
| Celsius Holdings Inc (c) | 13096 | 439633 |
| Coca-Cola Co/The  | 151481 | 11930644 |
| Coca-Cola Consolidated Inc  | 637 | 130629 |
| Monster Beverage Corp (c) | 55597 | 4284861 |
| PepsiCo Inc  | 14955 | 2370218 |
|  |  | 19155985 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| BJ's Wholesale Club Holdings Inc (c) | 1564 | 146844 |
| Casey's General Stores Inc  | 440 | 361746 |
| Costco Wholesale Corp  | 35385 | 35899145 |
| Performance Food Group Co (c) | 1522 | 137832 |
| Sprouts Farmers Market Inc (c) | 7795 | 638021 |
| Sysco Corp  | 20448 | 1527670 |
| Walmart Inc  | 34652 | 4571638 |
|  |  | 43282896 |
| Food Products - 0.0% |  |  |
| Darling Ingredients Inc (c) | 1430 | 91849 |
| Freshpet Inc (c) | 1108 | 74656 |
| Hershey Co/The  | 1397 | 259479 |
|  |  | 425984 |
| Household Products - 0.1% |  |  |
| Colgate-Palmolive Co  | 30365 | 2591956 |
| Kimberly-Clark Corp  | 9528 | 937841 |
|  |  | 3529797 |
| TOTAL CONSUMER STAPLES |  | 66394662 |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| SLB Ltd  | 9438 | 536833 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Cheniere Energy Inc  | 7644 | 2101718 |
| HF Sinclair Corp  | 1279 | 85961 |
| Phillips 66  | 2292 | 410612 |
| Targa Resources Corp  | 16930 | 4403154 |
| Texas Pacific Land Corp  | 4598 | 2039995 |
| Williams Cos Inc/The  | 5141 | 392310 |
|  |  | 9433750 |
| TOTAL ENERGY |  | 9970583 |
| Financials - 5.4% |  |  |
| Banks - 0.2% |  |  |
| Bank of America Corp  | 41575 | 2222600 |
| Citigroup Inc  | 24656 | 3155475 |
| Western Alliance Bancorp  | 1799 | 146690 |
|  |  | 5524765 |
| Capital Markets - 1.2% |  |  |
| Ameriprise Financial Inc  | 6609 | 3137887 |
| Ares Management Corp Class A  | 14997 | 1760648 |
| Bank of New York Mellon Corp/The  | 3983 | 535196 |
| Blackstone Inc  | 59129 | 7425420 |
| Blue Owl Capital Inc Class A  | 51637 | 503461 |
| Charles Schwab Corp/The  | 11632 | 1065956 |
| Coinbase Global Inc Class A (c) | 1732 | 325218 |
| FactSet Research Systems Inc  | 208 | 47336 |
| Goldman Sachs Group Inc/The  | 1260 | 1163950 |
| Hamilton Lane Inc Class A  | 2147 | 197503 |
| Houlihan Lokey Inc Class A  | 1624 | 251314 |
| Interactive Brokers Group Inc Class A  | 1872 | 148824 |
| Jefferies Financial Group Inc  | 2875 | 138633 |
| KKR & Co Inc Class A  | 13471 | 1405564 |
| Lazard Inc  | 1444 | 70033 |
| LPL Financial Holdings Inc  | 6352 | 2122394 |
| Moody's Corp  | 12392 | 5723245 |
| Morningstar Inc  | 1132 | 190980 |
| MSCI Inc  | 2798 | 1654765 |
| Robinhood Markets Inc Class A (c) | 8095 | 590045 |
| TPG Inc Class A  | 10264 | 447716 |
| Tradeweb Markets Inc Class A  | 796 | 90146 |
|  |  | 28996234 |
| Consumer Finance - 0.2% |  |  |
| Ally Financial Inc  | 2690 | 119409 |
| American Express Co  | 14114 | 4559529 |
| Credit Acceptance Corp (c) | 33 | 16662 |
| Figure Technology Solutions Inc Class A  | 459 | 16111 |
| SLM Corp  | 2268 | 52345 |
| SoFi Technologies Inc Class A (c) | 12974 | 208881 |
|  |  | 4972937 |
| Financial Services - 3.5% |  |  |
| Affirm Holdings Inc Class A (c) | 13027 | 837376 |
| Apollo Global Management Inc  | 23243 | 2991839 |
| Block Inc Class A (c) | 15775 | 1112295 |
| Corpay Inc (c) | 5416 | 1659842 |
| Equitable Holdings Inc  | 22742 | 959712 |
| Fiserv Inc (c) | 11775 | 737704 |
| Mastercard Inc Class A  | 64135 | 32254774 |
| Shift4 Payments Inc Class A (b)(c) | 5271 | 233400 |
| Toast Inc Class A (c) | 36914 | 1052787 |
| UWM Holdings Corp Class A  | 2513 | 8895 |
| Visa Inc Class A  | 134202 | 44265188 |
| WEX Inc (c) | 217 | 32622 |
|  |  | 86146434 |
| Insurance - 0.3% |  |  |
| Aon PLC  | 15461 | 4818422 |
| Arthur J Gallagher & Co  | 1213 | 250363 |
| Brown & Brown Inc  | 2453 | 147548 |
| Everest Group Ltd  | 478 | 170531 |
| Kinsale Capital Group Inc  | 1761 | 569877 |
| Markel Group Inc (c) | 202 | 358039 |
| Marsh & McLennan Cos Inc  | 4589 | 769621 |
| Progressive Corp/The  | 2342 | 471398 |
| RLI Corp  | 378 | 19569 |
| Ryan Specialty Holdings Inc Class A (b) | 8829 | 306984 |
|  |  | 7882352 |
| TOTAL FINANCIALS |  | 133522722 |
| Health Care - 7.1% |  |  |
| Biotechnology - 2.6% |  |  |
| AbbVie Inc  | 141233 | 29845358 |
| Alnylam Pharmaceuticals Inc (c) | 10105 | 3127396 |
| Amgen Inc  | 31630 | 10951888 |
| Apellis Pharmaceuticals Inc (c) | 8591 | 351801 |
| Caris Life Sciences Inc (c) | 3697 | 70242 |
| Exelixis Inc (c) | 16981 | 754975 |
| Gilead Sciences Inc  | 26726 | 3496830 |
| Halozyme Therapeutics Inc (c) | 9242 | 588346 |
| Incyte Corp (c) | 3300 | 314391 |
| Insmed Inc (c) | 15644 | 2132747 |
| Ionis Pharmaceuticals Inc (c) | 11705 | 875066 |
| Natera Inc (c) | 10529 | 2170659 |
| Neurocrine Biosciences Inc (c) | 6601 | 869154 |
| Sarepta Therapeutics Inc (c) | 6721 | 140334 |
| Summit Therapeutics Inc (c) | 9495 | 203763 |
| Ultragenyx Pharmaceutical Inc (c) | 7216 | 178163 |
| Vertex Pharmaceuticals Inc (c) | 20233 | 8647180 |
| Viking Therapeutics Inc (b)(c) | 696 | 21700 |
|  |  | 64739993 |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Boston Scientific Corp (c) | 20292 | 1169022 |
| Dexcom Inc (c) | 31171 | 1856233 |
| IDEXX Laboratories Inc (c) | 6352 | 3562202 |
| Inspire Medical Systems Inc (c) | 2193 | 123114 |
| Insulet Corp (c) | 5590 | 962263 |
| Intuitive Surgical Inc (c) | 28142 | 12878061 |
| Masimo Corp (c) | 3593 | 641099 |
| Penumbra Inc (c) | 3021 | 986296 |
| ResMed Inc  | 2753 | 588619 |
| Stryker Corp  | 7061 | 2225133 |
|  |  | 24992042 |
| Health Care Providers & Services - 0.7% |  |  |
| Cardinal Health Inc  | 9563 | 1844511 |
| Cencora Inc  | 14598 | 4496331 |
| Chemed Corp  | 96 | 40798 |
| Cigna Group/The  | 1668 | 484687 |
| DaVita Inc (c) | 2799 | 434237 |
| HCA Healthcare Inc  | 2734 | 1187786 |
| McKesson Corp  | 9096 | 7415060 |
| Molina Healthcare Inc (c) | 2223 | 432640 |
|  |  | 16336050 |
| Health Care Technology - 0.1% |  |  |
| Doximity Inc Class A (c) | 10532 | 257402 |
| Veeva Systems Inc Class A (c) | 9471 | 1477192 |
|  |  | 1734594 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Medpace Holdings Inc (c) | 1779 | 744796 |
| Repligen Corp (c) | 545 | 64479 |
| Sotera Health Co (c) | 1814 | 28225 |
| Tempus AI Inc Class A (b)(c) | 7874 | 436850 |
| Waters Corp (c) | 2482 | 767509 |
|  |  | 2041859 |
| Pharmaceuticals - 2.6% |  |  |
| Bristol-Myers Squibb Co  | 31250 | 1893438 |
| Corcept Therapeutics Inc (c) | 7485 | 348202 |
| Eli Lilly & Co  | 63868 | 59691033 |
| Zoetis Inc Class A  | 28033 | 3222954 |
|  |  | 65155627 |
| TOTAL HEALTH CARE |  | 175000165 |
| Industrials - 6.6% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| Axon Enterprise Inc (c) | 6028 | 2421809 |
| Boeing Co (c) | 8464 | 1938510 |
| BWX Technologies Inc  | 1265 | 273733 |
| Carpenter Technology Corp  | 672 | 287750 |
| FTAI Aviation Ltd  | 8121 | 2027570 |
| GE Aerospace  | 82924 | 24042156 |
| HEICO Corp  | 3341 | 901802 |
| HEICO Corp Class A  | 6035 | 1261436 |
| Howmet Aerospace Inc  | 31969 | 7769746 |
| Karman Holdings Inc (b)(c) | 4051 | 275387 |
| Leonardo DRS Inc  | 2459 | 99909 |
| Loar Holdings Inc (b)(c) | 3069 | 172232 |
| Lockheed Martin Corp  | 4578 | 2371267 |
| Rocket Lab Corp  | 39025 | 3219953 |
| StandardAero Inc (c) | 1646 | 40920 |
| TransDigm Group Inc  | 771 | 894345 |
|  |  | 47998525 |
| Building Products - 0.4% |  |  |
| AAON Inc (b) | 5348 | 499022 |
| Armstrong World Industries Inc  | 1023 | 174309 |
| Carlisle Cos Inc  | 395 | 140328 |
| Lennox International Inc  | 2529 | 1352737 |
| Simpson Manufacturing Co Inc  | 290 | 55311 |
| Trane Technologies PLC  | 17769 | 8751943 |
|  |  | 10973650 |
| Commercial Services & Supplies - 0.6% |  |  |
| Cintas Corp  | 27404 | 4787753 |
| Copart Inc (c) | 65634 | 2173142 |
| Rollins Inc (b) | 23877 | 1330665 |
| Tetra Tech Inc  | 3939 | 127308 |
| Veralto Corp  | 7826 | 690253 |
| Waste Management Inc  | 29491 | 6858133 |
|  |  | 15967254 |
| Construction & Engineering - 0.5% |  |  |
| Comfort Systems USA Inc  | 2773 | 5103013 |
| EMCOR Group Inc  | 1217 | 1085162 |
| MasTec Inc (c) | 1042 | 410600 |
| Quanta Services Inc  | 9094 | 6618341 |
| WillScot Holdings Corp  | 3783 | 85647 |
|  |  | 13302763 |
| Electrical Equipment - 1.4% |  |  |
| GE Vernova Inc  | 21523 | 23319310 |
| Rockwell Automation Inc  | 724 | 296051 |
| Vertiv Holdings Co Class A  | 30329 | 9962773 |
|  |  | 33578134 |
| Ground Transportation - 0.6% |  |  |
| Avis Budget Group Inc (b)(c) | 473 | 85457 |
| Lyft Inc Class A (c) | 5071 | 71754 |
| Old Dominion Freight Line Inc  | 842 | 178866 |
| U-Haul Holding Co (c) | 270 | 13867 |
| U-Haul Holding Co Class N  | 2937 | 140066 |
| Uber Technologies Inc (c) | 160500 | 11974905 |
| Union Pacific Corp  | 3760 | 1013245 |
| XPO Inc (c) | 1879 | 413624 |
|  |  | 13891784 |
| Industrial Conglomerates - 0.0% |  |  |
| 3M Co  | 6834 | 1001318 |
| Machinery - 0.3% |  |  |
| Allison Transmission Holdings Inc  | 1138 | 152889 |
| Caterpillar Inc  | 4543 | 4043770 |
| Illinois Tool Works Inc  | 7556 | 1949524 |
| RBC Bearings Inc (c) | 498 | 298347 |
|  |  | 6444530 |
| Passenger Airlines - 0.0% |  |  |
| Alaska Air Group Inc (b)(c) | 1608 | 62889 |
| American Airlines Group Inc (c) | 3558 | 41664 |
| Southwest Airlines Co  | 3710 | 140683 |
|  |  | 245236 |
| Professional Services - 0.5% |  |  |
| Automatic Data Processing Inc  | 29810 | 6317932 |
| Booz Allen Hamilton Holding Corp Class A  | 9533 | 741381 |
| Broadridge Financial Solutions Inc  | 8440 | 1299591 |
| Equifax Inc  | 1670 | 290480 |
| ExlService Holdings Inc (c) | 12296 | 391996 |
| KBR Inc  | 750 | 28118 |
| Paychex Inc  | 8053 | 745949 |
| Paycom Software Inc  | 2155 | 273168 |
| Paylocity Holding Corp (c) | 3204 | 337990 |
| Verisk Analytics Inc  | 6698 | 1235714 |
|  |  | 11662319 |
| Trading Companies & Distributors - 0.3% |  |  |
| Core & Main Inc Class A (c) | 8777 | 442097 |
| Fastenal Co  | 75167 | 3377253 |
| Ferguson Enterprises Inc  | 879 | 235317 |
| SiteOne Landscape Supply Inc (c) | 1093 | 137773 |
| WW Grainger Inc  | 2977 | 3457339 |
|  |  | 7649779 |
| TOTAL INDUSTRIALS |  | 162715292 |
| Information Technology - 50.5% |  |  |
| Communications Equipment - 0.7% |  |  |
| Arista Networks Inc (c) | 82240 | 14203671 |
| Lumentum Holdings Inc (c) | 423 | 381681 |
| Motorola Solutions Inc  | 5595 | 2456373 |
| Ubiquiti Inc  | 335 | 339023 |
|  |  | 17380748 |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Amphenol Corp Class A  | 97272 | 14325248 |
| CDW Corp/DE  | 775 | 106105 |
| Jabil Inc  | 5394 | 1820421 |
|  |  | 16251774 |
| IT Services - 0.4% |  |  |
| Cloudflare Inc Class A (c) | 24991 | 5122406 |
| Gartner Inc (c) | 5582 | 828871 |
| Globant SA (c) | 396 | 16327 |
| GoDaddy Inc Class A (c) | 10712 | 929694 |
| Kyndryl Holdings Inc (c) | 1196 | 16529 |
| MongoDB Inc Class A (c) | 612 | 153508 |
| Okta Inc Class A (c) | 5246 | 386368 |
| Snowflake Inc (c) | 26435 | 3607584 |
| Twilio Inc Class A (c) | 1913 | 283239 |
|  |  | 11344526 |
| Semiconductors & Semiconductor Equipment - 23.1% |  |  |
| Advanced Micro Devices Inc (c) | 75100 | 26622199 |
| Applied Materials Inc  | 17939 | 7076756 |
| Astera Labs Inc (c) | 10285 | 2002901 |
| Broadcom Inc  | 341952 | 142741023 |
| Enphase Energy Inc (c) | 10141 | 334247 |
| Entegris Inc  | 1930 | 272863 |
| KLA Corp  | 10490 | 18361172 |
| Lam Research Corp  | 100097 | 25811012 |
| Lattice Semiconductor Corp (c) | 9218 | 1127177 |
| MACOM Technology Solutions Holdings Inc (c) | 1311 | 369191 |
| Marvell Technology Inc  | 4710 | 777857 |
| Monolithic Power Systems Inc  | 3690 | 5957173 |
| NVIDIA Corp  | 1637675 | 326830800 |
| Onto Innovation Inc (c) | 856 | 252570 |
| QUALCOMM Inc  | 19489 | 3499835 |
| Texas Instruments Inc  | 29644 | 8332336 |
|  |  | 570369112 |
| Software - 14.3% |  |  |
| Adobe Inc (c) | 32679 | 8042302 |
| Appfolio Inc Class A (c) | 1750 | 292408 |
| AppLovin Corp Class A (c) | 19007 | 8483774 |
| Atlassian Corp Class A (c) | 13218 | 906623 |
| Autodesk Inc (c) | 16984 | 4025208 |
| Bentley Systems Inc Class B (b) | 12530 | 408729 |
| Cadence Design Systems Inc (c) | 21752 | 7169242 |
| Circle Internet Group Inc Class A (c) | 1440 | 130867 |
| Crowdstrike Holdings Inc Class A (c) | 19713 | 8787070 |
| Datadog Inc Class A (c) | 24885 | 3289548 |
| Docusign Inc (c) | 11957 | 549902 |
| Dropbox Inc Class A (c) | 3736 | 90747 |
| Dynatrace Inc (c) | 23394 | 847097 |
| Elastic NV (c) | 7348 | 341168 |
| Fair Isaac Corp (c) | 1522 | 1560050 |
| Fortinet Inc (c) | 49327 | 4158759 |
| Gen Digital Inc  | 4801 | 92611 |
| Gitlab Inc Class A (b)(c) | 11151 | 246883 |
| Guidewire Software Inc (c) | 6764 | 936070 |
| HubSpot Inc (c) | 4053 | 898793 |
| Intuit Inc  | 21767 | 8456480 |
| Manhattan Associates Inc (c) | 4706 | 648910 |
| Microsoft Corp  | 526671 | 214765900 |
| nCino Inc (c) | 1336 | 23352 |
| Nutanix Inc Class A (c) | 5002 | 204532 |
| Oracle Corp  | 134199 | 21658377 |
| Palantir Technologies Inc Class A (c) | 174141 | 24224755 |
| Palo Alto Networks Inc (c) | 63772 | 11435595 |
| Pegasystems Inc  | 2501 | 91412 |
| Procore Technologies Inc (c) | 9977 | 564499 |
| PTC Inc (c) | 1113 | 151702 |
| RingCentral Inc Class A  | 5896 | 237137 |
| Rubrik Inc Class A (c) | 6797 | 361464 |
| Salesforce Inc (b) | 8142 | 1437307 |
| Samsara Inc Class A (c) | 25549 | 734278 |
| SentinelOne Inc Class A (c) | 17484 | 247573 |
| ServiceNow Inc (c) | 83260 | 7352691 |
| Strategy Inc Class A (c) | 1348 | 223027 |
| Synopsys Inc (c) | 11172 | 5391607 |
| Teradata Corp (c) | 1808 | 47641 |
| Tyler Technologies Inc (c) | 2844 | 970202 |
| Unity Software Inc (c) | 1636 | 43223 |
| Workday Inc Class A (c) | 16864 | 2064154 |
| Zscaler Inc (c) | 7962 | 1040474 |
|  |  | 353634143 |
| Technology Hardware, Storage & Peripherals - 11.3% |  |  |
| Apple Inc  | 1013361 | 274975507 |
| Dell Technologies Inc Class C  | 3406 | 711684 |
| Everpure Inc Class A (c) | 21490 | 1535461 |
| NetApp Inc  | 6220 | 688989 |
| Super Micro Computer Inc (b)(c) | 18759 | 513997 |
|  |  | 278425638 |
| TOTAL INFORMATION TECHNOLOGY |  | 1247405941 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Ecolab Inc  | 4873 | 1269904 |
| Sherwin-Williams Co/The  | 16672 | 5361882 |
|  |  | 6631786 |
| Construction Materials - 0.0% |  |  |
| Eagle Materials Inc  | 151 | 31727 |
| James Hardie Industries PLC (c) | 7374 | 154780 |
|  |  | 186507 |
| Metals & Mining - 0.0% |  |  |
| Steel Dynamics Inc  | 1037 | 237120 |
| TOTAL MATERIALS |  | 7055413 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| CBRE Group Inc Class A (c) | 2595 | 370384 |
| CoStar Group Inc (c) | 4219 | 146020 |
| Jones Lang LaSalle Inc (c) | 1007 | 320357 |
|  |  | 836761 |
| Residential REITs - 0.0% |  |  |
| Sun Communities Inc  | 1837 | 234842 |
| UDR Inc  | 1501 | 54546 |
|  |  | 289388 |
| Retail REITs - 0.0% |  |  |
| Simon Property Group Inc  | 5734 | 1168073 |
| Specialized REITs - 0.4% |  |  |
| American Tower Corp  | 37291 | 6813439 |
| Lamar Advertising Co Class A  | 6874 | 947512 |
| Public Storage  | 1655 | 500555 |
|  |  | 8261506 |
| TOTAL REAL ESTATE |  | 10555728 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.1% |  |  |
| NRG Energy Inc  | 16319 | 2538910 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 26971 | 4257103 |
| TOTAL UTILITIES |  | 6796013 |
| TOTAL UNITED STATES |  | 2448307678 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,377,307,080) |  | <br> **2457717277** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/14/2026 (e)<br>(Cost $271,645)<br>| 3.64 | 272000 | **271648** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.69 | 2383781 | 2384258 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.69 | 7441647 | 7442392 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $9,826,650) |  |  | **9826650** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $1,387,405,375)<br>| <br>**2467815575** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **3552307** |
| **NET ASSETS - 100.0%** | **2471367882** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Nasdaq 100 Index Contracts (United States) | 23 | 6/2026 | 12694160 | 301570 |
| CME E-Mini S&P 500 Index Contracts (United States) | 2 | 6/2026 | 724375 | 4706 |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **306276** |
| The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. |

---

**Legend**

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

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

(c) Non-income producing.

(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 $271,648.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 3528295 | 201183271 | 202326838 | 146259 | (470) | - | 2384258 | 2383781 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 5985583 | 71722684 | 70265858 | 16110 | (16) | (1) | 7442392 | 7441647 | 0.0% |
| Total | 9513878 | 272905955 | 272592696 | 162369 | (486) | (1) | 9826650 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 318975541 | 318975541 | - | - |
| Consumer Discretionary | 314079062 | 314079062 | - | - |
| Consumer Staples | 66394662 | 66394662 | - | - |
| Energy | 9970583 | 9970583 | - | - |
| Financials | 138213974 | 138213974 | - | - |
| Health Care | 175000165 | 175000165 | - | - |
| Industrials | 162813542 | 162813542 | - | - |
| Information Technology | 1247405941 | 1247405941 | - | - |
| Materials | 7512066 | 7512066 | - | - |
| Real Estate | 10555728 | 10555728 | - | - |
| Utilities | 6796013 | 6796013 | - | - |
|  **U.S. Treasury Obligations** | 271648 | - | 271648 | - |
|  **Money Market Funds** | 9826650 | 9826650 | - | - |
| **Total Investments in Securities:** | 2467815575 | 2467543927 | 271648 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 306276 | 306276 | - | - |
| Total Assets | 306276 | 306276 | - | - |
| **Total Derivative Instruments:** | 306276 | 306276 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. 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)  | 306276 | - |
| **Total Equity Risk**  | 306276 | - |
| **Total Value of Derivatives** | 306276 | - |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $7,408,685) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,377,578,725) | $2457988925 |  |
| Fidelity Central Funds (cost $9,826,650) | 9826650 |  |
| Total Investment in Securities (cost $1,387,405,375) |  | $2467815575 |
| Receivable for investments sold |  | 113750389 |
| Receivable for fund shares sold |  | 73 |
| Dividends receivable |  | 452765 |
| Distributions receivable from Fidelity Central Funds |  | 9589 |
| Receivable for variation margin on futures contracts |  | 31650 |
| **Total assets** |  | 2582060041 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $103245574 |  |
| Other payables and accrued expenses | 4185 |  |
| Collateral on securities loaned | 7442400 |  |
| **Total liabilities** |  | 110692159 |
| **Net Assets**  |  | $2471367882 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1397763180 |
| Total accumulated earnings (loss) |  | 1073604702 |
| **Net Assets** |  | $2471367882 |
| **Net Asset Value**, offering price and redemption price per share ($2,471,367,882 ÷ 82,076,596 shares) |  | $30.11 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $11754303 |
| Interest  |  | 12524 |
| Income from Fidelity Central Funds (including $16,110 from security lending)  |  | 162369 |
| Security lending |  | 79 |
| **Total income** |  | 11929275 |
| **Expenses** |  |  |
| Custodian fees and expenses | $35788 |  |
| Independent trustees' fees and expenses | 4807 |  |
| Interest | 1825 |  |
| Total expenses before reductions | 42420 |  |
| Expense reductions | (456) |  |
| Total expenses after reductions |  | 41964 |
| **Net Investment income (loss)** |  | 11887311 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 18819153 |  |
| Fidelity Central Funds | (486) |  |
| Futures contracts | 1224352 |  |
| Total net realized gain (loss) |  | 20043019 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 517029320 |  |
| Fidelity Central Funds  | (1) |  |
| Futures contracts | 113803 |  |
| Total change in net unrealized appreciation (depreciation) |  | 517143122 |
| **Net gain (loss)** |  | 537186141 |
| **Net increase (decrease) in net assets resulting from operations** |  | $549073452 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $11887311 | $9427602 |
| &nbsp;&nbsp;Net realized gain (loss) | 20043019<br>| 11265899<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 517143122 | 133855510<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 549073452<br>| 154549011<br>|
| Distributions to shareholders | (21391220)<br>| (8536692)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 657229123 | 764835701 |
| Reinvestment of distributions | 21391220<br>| 8536692<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (487161047) | (319128573) |
| **Net increase (decrease) in net assets resulting from share transactions** | 191459296<br>| 454243820<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 719141528<br>| 600256139<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1752226354 | 1151970215<br>|
| &nbsp;&nbsp;End of period | $2471367882 | $1752226354 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 23105992 | 31951379 |
| Issued in reinvestment of distributions | 720326<br>| 336223<br>|
| &nbsp;&nbsp;Redeemed | (17031319) | (13376853) |
| &nbsp;&nbsp;Net increase (decrease) | 6794999 | 18910749 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.28 | $20.44 | $15.63 | $15.47 | $16.85 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .15  | .15  | .15  | .13  |
| Net realized and unrealized gain (loss)  | 6.96  | 2.83  | 4.82  | .20  | (.92)  |
| Total from investment operations  | 7.12  | 2.98  | 4.97  | .35  | (.79)  |
| Distributions from net investment income  | (.15)  | (.14)  | (.16)  | (.13)  | (.12)  |
| Distributions from net realized gain  | (.14)  | -  | -  | (.06)  | (.46)  |
| Total distributions  | (.29)  | (.14)  | (.16)  | (.19)  | (.59) C |
| Net asset value, end of period  | $30.11 | $23.28 | $20.44 | $15.63 | $15.47 |
| **Total Return** D | 30.60% <br>| 14.52%  | 31.91%  | 2.39%  | (5.34)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | -% G | -% G | -% G | .01%  | .01%  |
| Expenses net of fee waivers, if any  | -% G<br>| -% G | -% G | -% G | -% G |
| Expenses net of all reductions, if any  | -% G | -% G | -% G | -% G | -% G |
| Net investment income (loss)  | .55%  | .64%  | .83%  | 1.04%  | .73%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2471368 | $1752226 | $1151970 | $813569 | $643492 |
| Portfolio turnover rate H | 34% <br>| 28%  | 28%  | 29%  | 40%  |

---

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

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

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

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

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

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

G*Amount represents less than .005%.*

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

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

Fidelity Series Large Cap Growth Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may operate as a non-diversified fund, as defined under the 1940 Act, to the approximate extent the Index is non-diversified.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026 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, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $1119152046 |
| **Gross unrealized depreciation**  | <u>(55725217)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1063426829</u> |
| **Tax Cost**  | <u>$1404388746</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$3681936</u> |
| **Undistributed long-term capital gain**  | <u>$6495937</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1063426829</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income**  | $10793421 | $8536692 |
| **Long-term Capital Gains**  | <u>10597799</u> | <u>-</u> |
| **Total**  | <u>$21391220</u> | <u>$8536692</u> |

---

**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. Subsequent payments from or to a fund are made or as needed depending on the fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Large Cap Growth Index Fund** | 909660003 | 733454183 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Series Large Cap Growth Index Fund**  | Borrower | 16932000 | 3.88% | 1825 |

---

**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, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

**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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series Large Cap Growth Index Fund** | 1574 | 751 | 82176 |

---

**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 $456.

**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.

**Report of Independent Registered Public Accounting Firm**

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

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

We have audited the accompanying statement of assets and liabilities of Fidelity Series Large Cap Growth Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of April 30, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 12, 2026

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2026, $18,389,830, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $167,924 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 100% and 91% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 99.76% and 93.99% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.12% and 2.96% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130789_4.jpg)<br>

1.9891255.107 CGI-ANN-0626

**Fidelity® Mid Cap Index Fund**

**Fidelity® Small Cap Index Fund**

**Annual Report**

**April 30, 2026**

![](img130794_1.jpg)

![](img130794_2.jpg)

**Contents**

---

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

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Mid Cap Index Fund**

**Schedule of Investments April 30, 2026**

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>|
| AUSTRALIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Anglogold Ashanti Plc  | 1865758 | 174877497 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 620157 | 7181418 |
| Liberty Global Ltd Class C (b) | 482765 | 5474555 |
| TOTAL BELGIUM |  | 12655973 |
| BERMUDA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| RenaissanceRe Holdings Ltd  | 167710 | 51481939 |
| BRAZIL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| XP Inc Class A  | 1465138 | 28072044 |
| CANADA - 0.4%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Restaurant Brands International Inc (United States) (c) | 1263571 | 101944909 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| RB Global Inc (United States) (c) | 686625 | 71614988 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A (United States) (c) | 500232 | 18138412 |
| TOTAL CANADA |  | 191698309 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (b) | 552575 | 19378805 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b)(c) | 159150 | 6165471 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish (c) | 118882 | 4485418 |
| GUATEMALA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Millicom International Cellular SA (c) | 369443 | 31358322 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b)(c) | 455866 | 22109501 |
| KAZAKHSTAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b)(c) | 65348 | 9791091 |
| KOREA (SOUTH) - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Coupang Inc Class A (b) | 4846187 | 96826816 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 238661 | 35877908 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| On Holding AG Class A (b) | 836749 | 29796632 |
| UNITED KINGDOM - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TechnipFMC PLC  | 1484600 | 112191222 |
| UNITED STATES - 98.2%  |  |  |
| Communication Services - 3.3% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 800021 | 59121552 |
| GCI Liberty Inc Class A  | 12638 | 440560 |
| GCI Liberty Inc Class C  | 119027 | 4076675 |
| Iridium Communications Inc  | 340316 | 13296146 |
|  |  | 76934933 |
| Entertainment - 2.0% |  |  |
| Electronic Arts Inc  | 931495 | 188506643 |
| Liberty Media Corp-Liberty Formula One Class A (b)(c) | 84231 | 6671095 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 776796 | 66765616 |
| Live Nation Entertainment Inc (b) | 586215 | 92586797 |
| Madison Square Garden Sports Corp Class A (b)(c) | 59644 | 20425684 |
| ROBLOX Corp Class A (b) | 2297502 | 126959961 |
| Roku Inc Class A (b) | 477399 | 55645627 |
| Take-Two Interactive Software Inc (b) | 674802 | 144245676 |
| TKO Group Holdings Inc Class A  | 245841 | 45748552 |
| Warner Bros Discovery Inc (b) | 8627493 | 233373686 |
|  |  | 980929337 |
| Interactive Media & Services - 0.3% |  |  |
| IAC Inc Class A (b)(c) | 239763 | 10683839 |
| Match Group Inc  | 871599 | 32615235 |
| Pinterest Inc Class A (b) | 2187977 | 43015628 |
| Reddit Inc Class A (b) | 479752 | 70633887 |
| Trump Media & Technology Group Corp (b)(c) | 594302 | 5437862 |
| ZoomInfo Technologies Inc (b) | 960850 | 6005313 |
|  |  | 168391764 |
| Media - 0.8% |  |  |
| Charter Communications Inc Class A (b)(c) | 303042 | 50053447 |
| DoubleVerify Holdings Inc (b) | 530286 | 5843752 |
| Fox Corp Class A  | 764154 | 48516138 |
| Fox Corp Class B  | 552865 | 31524362 |
| Liberty Broadband Corp Class A (b) | 61394 | 2359371 |
| Liberty Broadband Corp Class C (b) | 420699 | 16192705 |
| New York Times Co/The Class A  | 594418 | 46976855 |
| News Corp Class A  | 1401172 | 36878847 |
| News Corp Class B (c) | 462075 | 14084046 |
| Nexstar Media Group Inc  | 104414 | 21732730 |
| NIQ Global Intelligence Plc (c) | 257172 | 2810890 |
| Omnicom Group Inc  | 1157645 | 88814524 |
| Sirius XM Holdings Inc  | 703081 | 18941002 |
| Trade Desk Inc (The) Class A (b) | 1623660 | 38302139 |
|  |  | 423030808 |
| TOTAL COMMUNICATION SERVICES |  | 1649286842 |
| Consumer Discretionary - 9.9% |  |  |
| Automobile Components - 0.3% |  |  |
| Aptiv PLC (b) | 804583 | 48484172 |
| BorgWarner Inc  | 786013 | 44779161 |
| Gentex Corp  | 812764 | 18782976 |
| Lear Corp  | 191449 | 24338911 |
| QuantumScape Corp Class A (b)(c) | 1664971 | 12137639 |
| Versigent PLC  | 268177 | 9378149 |
|  |  | 157901008 |
| Automobiles - 0.5% |  |  |
| Ford Motor Co  | 14460721 | 174685510 |
| Harley-Davidson Inc (c) | 412828 | 9862461 |
| Lucid Group Inc (b)(c) | 489536 | 3118344 |
| Rivian Automotive Inc Class A (b)(c) | 2942784 | 48261658 |
| Thor Industries Inc (c) | 186536 | 14743805 |
|  |  | 250671778 |
| Broadline Retail - 0.5% |  |  |
| Dillard's Inc Class A (c) | 10934 | 6223851 |
| eBay Inc  | 1673370 | 173160328 |
| Etsy Inc (b) | 344298 | 22152133 |
| Macy's Inc  | 989225 | 19339349 |
| Ollie's Bargain Outlet Holdings Inc (b) | 226745 | 19615710 |
|  |  | 240491371 |
| Distributors - 0.2% |  |  |
| Genuine Parts Co  | 513753 | 55089734 |
| LKQ Corp  | 951317 | 30042591 |
| Pool Corp  | 122195 | 26066637 |
|  |  | 111198962 |
| Diversified Consumer Services - 0.3% |  |  |
| ADT Inc  | 1890815 | 14237837 |
| Bright Horizons Family Solutions Inc (b) | 207527 | 16832515 |
| Duolingo Inc Class A (b)(c) | 140817 | 15503952 |
| Grand Canyon Education Inc (b) | 101838 | 17217751 |
| H&R Block Inc  | 463914 | 14719991 |
| Liberty Live Holdings Inc Class A  | 73055 | 6663347 |
| Liberty Live Holdings Inc Class C  | 178297 | 16688599 |
| Service Corp International/US  | 505109 | 40928982 |
|  |  | 142792974 |
| Hotels, Restaurants & Leisure - 3.4% |  |  |
| Aramark  | 966421 | 44155775 |
| Boyd Gaming Corp  | 203739 | 17715106 |
| Caesars Entertainment Inc (b)(c) | 750288 | 20858006 |
| Carnival Corp  | 4244270 | 112515598 |
| Cava Group Inc (b)(c) | 369610 | 34525270 |
| Choice Hotels International Inc (c) | 100154 | 9923258 |
| Churchill Downs Inc  | 244823 | 24724675 |
| Darden Restaurants Inc  | 425802 | 85398849 |
| Domino's Pizza Inc  | 116180 | 39433816 |
| DraftKings Inc Class A (b) | 1780186 | 41513938 |
| Dutch Bros Inc Class A (b) | 459704 | 26437577 |
| Expedia Group Inc Class A  | 429741 | 106734772 |
| Flutter Entertainment PLC (b)(c) | 584892 | 63127394 |
| Hilton Worldwide Holdings Inc  | 844855 | 273792161 |
| Hyatt Hotels Corp Class A (c) | 148637 | 24907102 |
| Las Vegas Sands Corp  | 1135233 | 61995074 |
| MGM Resorts International (b) | 758895 | 29551371 |
| Norwegian Cruise Line Holdings Ltd (b) | 1681936 | 30577596 |
| Penn Entertainment Inc (b) | 486714 | 8498026 |
| Planet Fitness Inc Class A (b) | 306911 | 20461756 |
| Royal Caribbean Cruises Ltd  | 938515 | 247542717 |
| Texas Roadhouse Inc  | 245188 | 39472816 |
| Travel + Leisure Co  | 227473 | 14708404 |
| Vail Resorts Inc (c) | 127643 | 16233637 |
| Viking Holdings Ltd (b) | 645604 | 52881424 |
| Wendy's Co/The (c) | 593089 | 4127899 |
| Wingstop Inc  | 102880 | 16878493 |
| Wyndham Hotels & Resorts Inc  | 274148 | 22310164 |
| Wynn Resorts Ltd  | 282556 | 30264573 |
| Yum! Brands Inc  | 1032515 | 164841020 |
|  |  | 1686108267 |
| Household Durables - 1.5% |  |  |
| DR Horton Inc  | 958493 | 147473733 |
| Garmin Ltd  | 603705 | 151614474 |
| Lennar Corp Class A  | 759628 | 68594409 |
| Lennar Corp Class B (c) | 35151 | 3106645 |
| Mohawk Industries Inc (b) | 187876 | 19832191 |
| Newell Brands Inc  | 1544491 | 6301522 |
| NVR Inc (b) | 10010 | 63221859 |
| PulteGroup Inc  | 719463 | 88033493 |
| SharkNinja Inc (b)(c) | 308468 | 35637308 |
| Somnigroup International Inc (c) | 748835 | 56806623 |
| Toll Brothers Inc  | 349152 | 49628465 |
| TopBuild Corp (b) | 103909 | 46000514 |
| Whirlpool Corp (c) | 223298 | 12518086 |
|  |  | 748769322 |
| Leisure Products - 0.1% |  |  |
| Brunswick Corp/DE  | 242599 | 19274491 |
| Hasbro Inc  | 516425 | 49494172 |
| Mattel Inc (b) | 1144809 | 17263720 |
| YETI Holdings Inc (b)(c) | 287217 | 11333582 |
|  |  | 97365965 |
| Specialty Retail - 2.4% |  |  |
| AutoNation Inc (b) | 98446 | 20907961 |
| Bath & Body Works Inc  | 763341 | 14839349 |
| Best Buy Co Inc  | 715935 | 43306908 |
| Burlington Stores Inc (b) | 232794 | 74496408 |
| CarMax Inc (b) | 524427 | 20615225 |
| Carvana Co Class A (b) | 500746 | 198195267 |
| Chewy Inc Class A (b) | 857421 | 21795642 |
| Dick's Sporting Goods Inc (c) | 234409 | 53192090 |
| Five Below Inc (b) | 199423 | 46996024 |
| Floor & Decor Holdings Inc Class A (b) | 394234 | 19080926 |
| GameStop Corp Class A (b)(c) | 1517805 | 37869235 |
| Gap Inc/The  | 839528 | 20643994 |
| Lithia Motors Inc  | 88279 | 25611503 |
| Murphy USA Inc  | 63043 | 37069284 |
| Penske Automotive Group Inc (c) | 67766 | 11623224 |
| RH (b) | 56546 | 7461810 |
| Ross Stores Inc  | 1180283 | 268856666 |
| Tractor Supply Co  | 1969177 | 69118113 |
| Ulta Beauty Inc (b) | 164339 | 88328926 |
| Valvoline Inc (b)(c) | 470670 | 15640364 |
| Wayfair Inc Class A (b) | 362722 | 23188817 |
| Williams-Sonoma Inc  | 425977 | 77191292 |
|  |  | 1196029028 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Columbia Sportswear Co  | 94151 | 5735679 |
| Crocs Inc (b) | 186454 | 19014579 |
| Deckers Outdoor Corp (b) | 537489 | 54931376 |
| Lululemon Athletica Inc (b) | 380232 | 52357946 |
| PVH Corp  | 168318 | 15390998 |
| Ralph Lauren Corp Class A  | 140583 | 50418687 |
| Tapestry Inc  | 757282 | 109836181 |
| Under Armour Inc Class A (b)(c) | 700147 | 4403925 |
| Under Armour Inc Class C (b)(c) | 674642 | 4095077 |
| VF Corp  | 1300627 | 24620869 |
|  |  | 340805317 |
| TOTAL CONSUMER DISCRETIONARY |  | 4972133992 |
| Consumer Staples - 4.3% |  |  |
| Beverages - 0.4% |  |  |
| Boston Beer Co Inc/The Class A (b) | 28619 | 6783847 |
| Brown-Forman Corp Class A (c) | 161929 | 4255494 |
| Brown-Forman Corp Class B (c) | 530507 | 13671166 |
| Celsius Holdings Inc (b) | 608951 | 20442485 |
| Coca-Cola Consolidated Inc  | 209864 | 43036810 |
| Constellation Brands Inc Class A  | 526304 | 82408680 |
| Molson Coors Beverage Co Class B  | 605267 | 25869112 |
| Primo Brands Corp Class A (c) | 934078 | 19036510 |
|  |  | 215504104 |
| Consumer Staples Distribution & Retail - 1.6% |  |  |
| Albertsons Cos Inc Class A  | 1306894 | 22021163 |
| BJ's Wholesale Club Holdings Inc (b) | 484129 | 45454872 |
| Casey's General Stores Inc  | 137047 | 112673191 |
| Dollar General Corp  | 813660 | 94286921 |
| Dollar Tree Inc (b) | 695662 | 67555737 |
| Kroger Co/The  | 2150996 | 146418298 |
| Maplebear Inc (b) | 638245 | 27029676 |
| Performance Food Group Co (b) | 565245 | 51188587 |
| Sprouts Farmers Market Inc (b) | 362588 | 29677828 |
| Sysco Corp  | 1775421 | 132641703 |
| US Foods Holding Corp (b) | 830842 | 77675419 |
|  |  | 806623395 |
| Food Products - 1.6% |  |  |
| Archer-Daniels-Midland Co  | 1770537 | 131975828 |
| Bunge Global SA  | 482235 | 61277601 |
| Campbell's Company/The (c) | 718175 | 14930858 |
| Conagra Brands Inc  | 1762874 | 25297242 |
| Darling Ingredients Inc (b) | 579274 | 37206769 |
| Flowers Foods Inc  | 691554 | 6265479 |
| Freshpet Inc (b) | 176272 | 11877207 |
| General Mills Inc  | 1975871 | 69768005 |
| Hershey Co/The  | 539628 | 100230505 |
| Hormel Foods Corp  | 1071415 | 23003280 |
| Ingredion Inc  | 233727 | 26116655 |
| JM Smucker Co  | 383872 | 37630972 |
| Kraft Heinz Co/The  | 3162638 | 71665377 |
| Lamb Weston Holdings Inc  | 498145 | 21694215 |
| McCormick & Co Inc/MD  | 937877 | 47681667 |
| Pilgrim's Pride Corp  | 153138 | 5068868 |
| Post Holdings Inc (b)(c) | 170666 | 17877264 |
| Seaboard Corp  | 939 | 5339088 |
| Smithfield Foods Inc  | 167253 | 4395409 |
| Tyson Foods Inc Class A  | 1025006 | 65672134 |
|  |  | 784974423 |
| Household Products - 0.3% |  |  |
| Church & Dwight Co Inc  | 890156 | 86398542 |
| Clorox Co/The  | 451235 | 43517103 |
| Reynolds Consumer Products Inc  | 201826 | 4232291 |
|  |  | 134147936 |
| Personal Care Products - 0.4% |  |  |
| BellRing Brands Inc (b) | 433966 | 7724595 |
| Coty Inc Class A (b) | 1277753 | 3143272 |
| elf Beauty Inc (b)(c) | 214474 | 13719902 |
| Estee Lauder Cos Inc/The Class A  | 907692 | 69629053 |
| Kenvue Inc  | 7039029 | 123394179 |
|  |  | 217611001 |
| TOTAL CONSUMER STAPLES |  | 2158860859 |
| Energy - 6.9% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| Baker Hughes Co Class A  | 3673609 | 255940339 |
| Halliburton Co  | 3108769 | 131500929 |
| NOV Inc  | 1343442 | 27486823 |
| Weatherford International PLC  | 260628 | 28760300 |
|  |  | 443688391 |
| Oil, Gas & Consumable Fuels - 6.0% |  |  |
| Antero Midstream Corp  | 1238796 | 27080080 |
| Antero Resources Corp (b) | 1073151 | 42131908 |
| APA Corp  | 1299506 | 52928879 |
| Cheniere Energy Inc  | 789279 | 217012261 |
| Chord Energy Corp  | 209130 | 30449328 |
| Coterra Energy Inc  | 2794332 | 100344462 |
| Devon Energy Corp  | 2246039 | 115379023 |
| Diamondback Energy Inc  | 728997 | 149903653 |
| DT Midstream Inc  | 375811 | 55616270 |
| EQT Corp  | 2231872 | 134090870 |
| Expand Energy Corp  | 842307 | 86041660 |
| HF Sinclair Corp  | 577667 | 38824999 |
| Kinder Morgan Inc  | 7203419 | 236776383 |
| Marathon Petroleum Corp  | 1113850 | 276557817 |
| Matador Resources Co  | 432565 | 27441924 |
| Occidental Petroleum Corp  | 2612429 | 158260949 |
| ONEOK Inc  | 2314781 | 214024651 |
| Ovintiv Inc  | 1063215 | 65440883 |
| Permian Resources Holdings Inc/DE Class A  | 2538540 | 54883235 |
| Phillips 66  | 1492774 | 267430462 |
| Range Resources Corp  | 874458 | 38038923 |
| Targa Resources Corp  | 786771 | 204623402 |
| Texas Pacific Land Corp  | 213672 | 94799856 |
| Valero Energy Corp  | 1125994 | 284403565 |
| Viper Energy Inc Class A  | 689608 | 34052843 |
|  |  | 3006538286 |
| TOTAL ENERGY |  | 3450226677 |
| Financials - 13.4% |  |  |
| Banks - 2.6% |  |  |
| Bank OZK (c) | 395313 | 19038274 |
| BOK Financial Corp  | 69224 | 9261479 |
| Central BanCo Inc (c) | 72515 | 1959354 |
| Citizens Financial Group Inc  | 1589950 | 103426248 |
| Columbia Banking System Inc  | 1083305 | 32065828 |
| Commerce Bancshares Inc/MO  | 501765 | 26106833 |
| Cullen/Frost Bankers Inc  | 220215 | 31915760 |
| East West Bancorp Inc  | 506284 | 64029737 |
| Fifth Third Bancorp  | 3349080 | 169999301 |
| First Citizens BancShares Inc/NC Class A  | 32459 | 64392813 |
| First Hawaiian Inc  | 456504 | 12453429 |
| First Horizon Corp  | 1781407 | 44463919 |
| FNB Corp/PA  | 1314821 | 23469555 |
| Huntington Bancshares Inc/OH  | 7430102 | 124528510 |
| KeyCorp  | 3420576 | 75628935 |
| M&T Bank Corp  | 562536 | 122987246 |
| Pinnacle Financial Partners Inc  | 551771 | 54592223 |
| Prosperity Bancshares Inc  | 346843 | 24157615 |
| Regions Financial Corp  | 3212989 | 91730836 |
| SOUTHSTATE BANK CORP  | 363330 | 35486441 |
| TFS Financial Corp (c) | 193990 | 2917610 |
| Webster Financial Corp  | 593655 | 42956876 |
| Western Alliance Bancorp  | 395573 | 32255022 |
| Wintrust Financial Corp  | 244470 | 36809848 |
| Zions Bancorp NA  | 537160 | 34066687 |
|  |  | 1280700379 |
| Capital Markets - 5.0% |  |  |
| Affiliated Managers Group Inc  | 101144 | 29804102 |
| Ameriprise Financial Inc  | 338348 | 160644247 |
| Ares Management Corp Class A  | 696989 | 81826509 |
| Bank of New York Mellon Corp/The  | 2550812 | 342752608 |
| Blue Owl Capital Inc Class A (c) | 2401007 | 23409818 |
| Carlyle Group Inc/The  | 968725 | 48504061 |
| Cboe Global Markets Inc  | 388066 | 116454726 |
| Coinbase Global Inc Class A (b) | 825460 | 154996624 |
| Evercore Inc Class A  | 136535 | 43867330 |
| FactSet Research Systems Inc  | 138695 | 31564208 |
| Franklin Resources Inc  | 993871 | 29786314 |
| Hamilton Lane Inc Class A (c) | 149854 | 13785069 |
| Houlihan Lokey Inc Class A  | 200332 | 31001377 |
| Invesco Ltd  | 1348017 | 35331526 |
| Janus Henderson Group PLC  | 454628 | 23463351 |
| Jefferies Financial Group Inc  | 567136 | 27347298 |
| Lazard Inc  | 340743 | 16526036 |
| LPL Financial Holdings Inc  | 295162 | 98622479 |
| MarketAxess Holdings Inc  | 135024 | 21224423 |
| Morningstar Inc  | 79118 | 13347998 |
| MSCI Inc  | 264203 | 156252296 |
| Nasdaq Inc  | 1677293 | 154160000 |
| Northern Trust Corp  | 686057 | 114118721 |
| Raymond James Financial Inc  | 660564 | 104580492 |
| Robinhood Markets Inc Class A (b) | 2810474 | 204855450 |
| SEI Investments Co  | 378950 | 34363186 |
| State Street Corp  | 1032265 | 157771383 |
| Stifel Financial Corp  | 549229 | 43284737 |
| T Rowe Price Group Inc  | 801063 | 82413361 |
| TPG Inc Class A  | 509319 | 22216495 |
| Tradeweb Markets Inc Class A  | 431860 | 48908145 |
| Virtu Financial Inc Class A  | 294166 | 14608284 |
|  |  | 2481792654 |
| Consumer Finance - 0.5% |  |  |
| Ally Financial Inc  | 1022125 | 45372129 |
| Credit Acceptance Corp (b)(c) | 13999 | 7068235 |
| Figure Technology Solutions Inc Class A  | 128546 | 4511965 |
| OneMain Holdings Inc  | 436152 | 25632653 |
| SLM Corp  | 749622 | 17301276 |
| SoFi Technologies Inc Class A (b)(c) | 4491543 | 72313842 |
| Synchrony Financial  | 1286055 | 97997391 |
|  |  | 270197491 |
| Financial Services - 1.5% |  |  |
| Affirm Holdings Inc Class A (b) | 1018110 | 65444111 |
| Block Inc Class A (b) | 1981241 | 139697304 |
| Corebridge Financial Inc (c) | 1022934 | 28171602 |
| Corpay Inc (b) | 251731 | 77148000 |
| Equitable Holdings Inc  | 1057886 | 44642789 |
| Euronet Worldwide Inc (b)(c) | 144506 | 10459344 |
| Fidelity National Information Services Inc  | 1920965 | 89382501 |
| Global Payments Inc  | 869916 | 62599155 |
| Jack Henry & Associates Inc  | 268915 | 41345681 |
| MGIC Investment Corp  | 814269 | 21561843 |
| Rocket Cos Inc Class A (b) | 3487416 | 50986022 |
| Shift4 Payments Inc Class A (b)(c) | 245179 | 10856526 |
| Toast Inc Class A (b) | 1715690 | 48931479 |
| UWM Holdings Corp Class A  | 828222 | 2931906 |
| Voya Financial Inc  | 352266 | 28871721 |
| Western Union Co/The (c) | 1176052 | 10690313 |
| WEX Inc (b) | 125711 | 18898135 |
|  |  | 752618432 |
| Insurance - 3.5% |  |  |
| Allstate Corp/The  | 965906 | 209852738 |
| American Financial Group Inc/OH  | 244914 | 32639689 |
| Arch Capital Group Ltd (b) | 1304435 | 123216930 |
| Assurant Inc  | 184807 | 43664350 |
| Assured Guaranty Ltd  | 159247 | 13042329 |
| Axis Capital Holdings Ltd  | 275183 | 27631125 |
| Brighthouse Financial Inc (b) | 211675 | 13178886 |
| Brown & Brown Inc  | 1052715 | 63320807 |
| Cincinnati Financial Corp  | 570590 | 93348524 |
| CNA Financial Corp (c) | 78382 | 3780363 |
| Everest Group Ltd  | 153646 | 54814747 |
| Fidelity National Financial Inc  | 952702 | 49826315 |
| First American Financial Corp  | 360330 | 25269943 |
| Globe Life Inc  | 294841 | 45493966 |
| Hanover Insurance Group Inc/The  | 130987 | 24584950 |
| Hartford Insurance Group Inc/The  | 1040540 | 142356277 |
| Kemper Corp  | 215291 | 7253153 |
| Kinsale Capital Group Inc (c) | 81913 | 26507866 |
| Lincoln National Corp  | 630763 | 23849149 |
| Loews Corp  | 624133 | 70283617 |
| Markel Group Inc (b)(c) | 46148 | 81795946 |
| Old Republic International Corp  | 846486 | 33817116 |
| Primerica Inc  | 117788 | 33130231 |
| Principal Financial Group Inc  | 806112 | 81344762 |
| Prudential Financial Inc  | 1297232 | 127271432 |
| Reinsurance Group of America Inc  | 244298 | 51659255 |
| RLI Corp  | 303029 | 15687811 |
| Ryan Specialty Holdings Inc Class A (c) | 410906 | 14287202 |
| Unum Group  | 615173 | 49447606 |
| W R Berkley Corp  | 832821 | 55657427 |
| White Mountains Insurance Group Ltd (c) | 9135 | 20389229 |
| Willis Towers Watson PLC  | 354527 | 90829817 |
|  |  | 1749233558 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.3% |  |  |
| AGNC Investment Corp  | 4096131 | 45139364 |
| Annaly Capital Management Inc  | 2620391 | 60006954 |
| Rithm Capital Corp (c) | 2047893 | 20028393 |
| Starwood Property Trust Inc  | 1280626 | 23512293 |
|  |  | 148687004 |
| TOTAL FINANCIALS |  | 6683229518 |
| Health Care - 8.6% |  |  |
| Biotechnology - 2.1% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 469553 | 145321958 |
| Apellis Pharmaceuticals Inc (b) | 399324 | 16352318 |
| Biogen Inc (b) | 541113 | 102421869 |
| BioMarin Pharmaceutical Inc (b) | 704210 | 37963961 |
| Caris Life Sciences Inc (b) | 337481 | 6412138 |
| Exelixis Inc (b) | 976084 | 43396695 |
| Halozyme Therapeutics Inc (b) | 429754 | 27358140 |
| Incyte Corp (b) | 594359 | 56624582 |
| Insmed Inc (b) | 775652 | 105744637 |
| Ionis Pharmaceuticals Inc (b) | 585766 | 43791866 |
| Moderna Inc (b)(c) | 1327324 | 60977265 |
| Natera Inc (b) | 489324 | 100879036 |
| Neurocrine Biosciences Inc (b) | 358706 | 47230819 |
| Revolution Medicines Inc (b) | 664483 | 95765290 |
| Roivant Sciences Ltd (b) | 1572753 | 44870643 |
| Sarepta Therapeutics Inc (b)(c) | 366388 | 7650181 |
| Summit Therapeutics Inc (b)(c) | 432667 | 9285034 |
| Ultragenyx Pharmaceutical Inc (b) | 341505 | 8431758 |
| United Therapeutics Corp (b) | 157079 | 89747087 |
| Viking Therapeutics Inc (b)(c) | 403584 | 12583749 |
|  |  | 1062809026 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Align Technology Inc (b) | 248829 | 43796392 |
| Baxter International Inc  | 1897461 | 33357364 |
| Cooper Cos Inc/The (b) | 723066 | 45480851 |
| DENTSPLY SIRONA Inc  | 737378 | 8664192 |
| Dexcom Inc (b) | 1448337 | 86248468 |
| Envista Holdings Corp (b) | 603391 | 15651963 |
| GE HealthCare Technologies Inc  | 1695468 | 103152273 |
| Globus Medical Inc Class A (b) | 415350 | 37456263 |
| IDEXX Laboratories Inc (b) | 295111 | 165498250 |
| Inspire Medical Systems Inc (b) | 106103 | 5956622 |
| Insulet Corp (b) | 259731 | 44710094 |
| Masimo Corp (b) | 166942 | 29787461 |
| Medline Inc Class A (c) | 1200512 | 53386769 |
| Penumbra Inc (b) | 140336 | 45816897 |
| ResMed Inc  | 540789 | 115626096 |
| Solventum Corp (b) | 546872 | 36837298 |
| STERIS PLC  | 363685 | 78876003 |
| Teleflex Inc  | 163581 | 20269322 |
| Zimmer Biomet Holdings Inc  | 733547 | 60466279 |
|  |  | 1031038857 |
| Health Care Providers & Services - 2.0% |  |  |
| Acadia Healthcare Co Inc (b) | 337051 | 8727935 |
| Cardinal Health Inc  | 883929 | 170492226 |
| Cencora Inc  | 678255 | 208909323 |
| Centene Corp (b) | 1815311 | 97464048 |
| Chemed Corp  | 51489 | 21881795 |
| DaVita Inc (b) | 130106 | 20184644 |
| Encompass Health Corp  | 368958 | 36895800 |
| Henry Schein Inc (b) | 376367 | 28073215 |
| Humana Inc  | 447134 | 105720363 |
| Labcorp Holdings Inc  | 309530 | 79487304 |
| Molina Healthcare Inc (b) | 188372 | 36660959 |
| Quest Diagnostics Inc  | 412912 | 80187510 |
| Tenet Healthcare Corp (b) | 322651 | 57147945 |
| Universal Health Services Inc Class B  | 194378 | 32707986 |
|  |  | 984541053 |
| Health Care Technology - 0.2% |  |  |
| Certara Inc (b)(c) | 442537 | 2712751 |
| Doximity Inc Class A (b) | 494538 | 12086509 |
| Veeva Systems Inc Class A (b) | 552453 | 86166094 |
|  |  | 100965354 |
| Life Sciences Tools & Services - 1.7% |  |  |
| Agilent Technologies Inc  | 1055498 | 121962795 |
| Avantor Inc (b) | 2447056 | 19821154 |
| Bio-Rad Laboratories Inc Class A (b)(c) | 68577 | 19209789 |
| Bio-Techne Corp  | 572094 | 31648240 |
| Bruker Corp (c) | 382618 | 14045907 |
| Charles River Laboratories International Inc (b) | 180689 | 30169642 |
| Illumina Inc (b) | 569071 | 72124059 |
| IQVIA Holdings Inc (b) | 625722 | 99095593 |
| Medpace Holdings Inc (b) | 82686 | 34617321 |
| Mettler-Toledo International Inc (b) | 76161 | 97227894 |
| QIAGEN NV (c) | 749956 | 25933478 |
| Repligen Corp (b)(c) | 195124 | 23085120 |
| Revvity Inc  | 419929 | 36374250 |
| Sotera Health Co (b) | 910804 | 14172110 |
| Tempus AI Inc Class A (b)(c) | 366127 | 20312726 |
| Waters Corp (b) | 364003 | 112560648 |
| West Pharmaceutical Services Inc  | 265153 | 78906881 |
|  |  | 851267607 |
| Pharmaceuticals - 0.5% |  |  |
| Corcept Therapeutics Inc (b) | 348117 | 16194403 |
| Elanco Animal Health Inc (b)(c) | 1822847 | 40777087 |
| Jazz Pharmaceuticals PLC (b) | 215724 | 43796286 |
| Organon & Co  | 961948 | 12745811 |
| Perrigo Co PLC  | 504735 | 5976062 |
| Royalty Pharma PLC Class A  | 1424030 | 71329664 |
| Viatris Inc  | 4276770 | 63894944 |
|  |  | 254714257 |
| TOTAL HEALTH CARE |  | 4285336154 |
| Industrials - 19.2% |  |  |
| Aerospace & Defense - 3.3% |  |  |
| ATI Inc (b) | 498980 | 77571431 |
| Axon Enterprise Inc (b) | 280089 | 112528557 |
| BWX Technologies Inc  | 337925 | 73123591 |
| Carpenter Technology Corp  | 178240 | 76322368 |
| Curtiss-Wright Corp  | 136208 | 98097002 |
| FTAI Aviation Ltd  | 377306 | 94201989 |
| HEICO Corp  | 157229 | 42439252 |
| HEICO Corp Class A  | 277757 | 58056768 |
| Hexcel Corp  | 278886 | 26179029 |
| Howmet Aerospace Inc  | 1485365 | 361003110 |
| Huntington Ingalls Industries Inc  | 144456 | 52623876 |
| Karman Holdings Inc (b)(c) | 188302 | 12800770 |
| L3Harris Technologies Inc  | 691788 | 221752643 |
| Leonardo DRS Inc  | 280108 | 11380787 |
| Loar Holdings Inc (b)(c) | 157961 | 8864770 |
| Rocket Lab Corp  | 1813370 | 149621159 |
| StandardAero Inc (b) | 846669 | 21048191 |
| Textron Inc  | 650634 | 62434839 |
| Woodward Inc  | 221830 | 80522072 |
|  |  | 1640572204 |
| Air Freight & Logistics - 0.4% |  |  |
| CH Robinson Worldwide Inc  | 435109 | 79107167 |
| Expeditors International of Washington Inc  | 494007 | 73058695 |
| GXO Logistics Inc (b) | 415685 | 23748084 |
|  |  | 175913946 |
| Building Products - 0.9% |  |  |
| A O Smith Corp  | 420869 | 26026539 |
| AAON Inc (c) | 248899 | 23224766 |
| Advanced Drainage Systems Inc  | 261687 | 39056785 |
| Allegion plc  | 318748 | 43821475 |
| Armstrong World Industries Inc  | 159256 | 27135630 |
| Builders FirstSource Inc (b) | 401872 | 31784056 |
| Carlisle Cos Inc  | 153431 | 54507897 |
| Fortune Brands Innovations Inc (c) | 448030 | 18163136 |
| Hayward Holdings Inc (b) | 763842 | 11465268 |
| Lennox International Inc  | 117631 | 62919646 |
| Masco Corp  | 769546 | 55268794 |
| Owens Corning  | 302106 | 37261754 |
| Simpson Manufacturing Co Inc  | 153254 | 29230135 |
| Trex Co Inc (b) | 395229 | 15492977 |
|  |  | 475358858 |
| Commercial Services & Supplies - 0.5% |  |  |
| Clean Harbors Inc (b) | 187631 | 58668461 |
| MSA Safety Inc  | 136974 | 22791104 |
| Rollins Inc  | 1110188 | 61870777 |
| Tetra Tech Inc  | 962524 | 31108776 |
| Veralto Corp  | 917760 | 80946432 |
|  |  | 255385550 |
| Construction & Engineering - 2.1% |  |  |
| AECOM  | 477547 | 40161703 |
| API Group Corp (b) | 1323047 | 60489709 |
| Comfort Systems USA Inc  | 128856 | 237127254 |
| EMCOR Group Inc  | 163835 | 146086754 |
| Everus Construction Group Inc (b) | 188402 | 27776107 |
| MasTec Inc (b) | 230375 | 90779269 |
| Quanta Services Inc  | 545517 | 397010907 |
| Valmont Industries Inc  | 72122 | 36640861 |
| WillScot Holdings Corp  | 658985 | 14919420 |
|  |  | 1050991984 |
| Electrical Equipment - 2.4% |  |  |
| Acuity Inc  | 114339 | 33132012 |
| AMETEK Inc  | 853374 | 200969577 |
| Generac Holdings Inc (b) | 214046 | 55487145 |
| Hubbell Inc  | 198164 | 100701000 |
| nVent Electric PLC  | 589820 | 84285278 |
| Regal Rexnord Corp  | 244605 | 52597413 |
| Rockwell Automation Inc  | 419159 | 171398307 |
| Sensata Technologies Holding PLC  | 537267 | 22371798 |
| Vertiv Holdings Co Class A  | 1409252 | 462925189 |
|  |  | 1183867719 |
| Ground Transportation - 1.0% |  |  |
| Avis Budget Group Inc (b)(c) | 62542 | 11299463 |
| JB Hunt Transport Services Inc  | 283773 | 71377423 |
| Knight-Swift Transportation Holdings Inc  | 583106 | 37843579 |
| Landstar System Inc  | 126188 | 23227425 |
| Lyft Inc Class A (b)(c) | 1423465 | 20142030 |
| Old Dominion Freight Line Inc  | 680378 | 144532699 |
| Ryder System Inc  | 145504 | 36924550 |
| Saia Inc (b) | 98698 | 44297636 |
| Schneider National Inc Class B  | 170225 | 5292295 |
| U-Haul Holding Co (b)(c) | 28682 | 1473108 |
| U-Haul Holding Co Class N  | 374386 | 17854468 |
| XPO Inc (b) | 424612 | 93469840 |
|  |  | 507734516 |
| Machinery - 4.0% |  |  |
| AGCO Corp  | 229762 | 27805797 |
| Allison Transmission Holdings Inc  | 307233 | 41276754 |
| CNH Industrial NV Class A  | 3251150 | 34819817 |
| Crane Co  | 182233 | 32388271 |
| Cummins Inc  | 509792 | 342075530 |
| Donaldson Co Inc  | 425709 | 37534763 |
| Dover Corp  | 502268 | 113718498 |
| Esab Corp  | 210834 | 20718656 |
| Flowserve Corp  | 469215 | 34552993 |
| Fortive Corp  | 1175129 | 70260963 |
| Gates Industrial Corp PLC (b) | 939207 | 24053091 |
| Graco Inc  | 614965 | 49363241 |
| IDEX Corp  | 279981 | 60993861 |
| Ingersoll Rand Inc  | 1472734 | 117612537 |
| ITT Inc  | 317265 | 68002580 |
| Lincoln Electric Holdings Inc  | 198543 | 52613895 |
| Middleby Corp/The (b) | 176424 | 24762873 |
| Mueller Industries Inc  | 401660 | 54396814 |
| Nordson Corp  | 197093 | 56851476 |
| Oshkosh Corp  | 232753 | 36379294 |
| Otis Worldwide Corp  | 1445422 | 112569465 |
| Pentair PLC  | 605902 | 48902350 |
| RBC Bearings Inc (b) | 114800 | 68775532 |
| Snap-on Inc  | 189829 | 72780439 |
| Stanley Black & Decker Inc  | 572504 | 44746913 |
| Timken Co/The  | 231662 | 25688999 |
| Toro Co/The  | 365137 | 34750088 |
| Westinghouse Air Brake Technologies Corp  | 628088 | 169514670 |
| Xylem Inc/NY  | 901364 | 106505170 |
|  |  | 1984415330 |
| Marine Transportation - 0.0% |  |  |
| Kirby Corp (b) | 199757 | 30071418 |
| Passenger Airlines - 0.8% |  |  |
| Alaska Air Group Inc (b)(c) | 425453 | 16639467 |
| American Airlines Group Inc (b)(c) | 2415565 | 28286266 |
| Delta Air Lines Inc  | 2415805 | 164250582 |
| Southwest Airlines Co  | 1706700 | 64718064 |
| United Airlines Holdings Inc (b) | 1205628 | 108506520 |
|  |  | 382400899 |
| Professional Services - 1.7% |  |  |
| Amentum Holdings Inc (b) | 589727 | 15468539 |
| Booz Allen Hamilton Holding Corp Class A  | 443130 | 34462220 |
| Broadridge Financial Solutions Inc  | 431652 | 66465775 |
| CACI International Inc (b) | 80425 | 41784005 |
| Clarivate PLC (b)(c) | 1360629 | 3905005 |
| Concentrix Corp (c) | 161957 | 3857816 |
| Equifax Inc  | 451925 | 78607835 |
| ExlService Holdings Inc (b) | 571725 | 18226593 |
| FTI Consulting Inc (b) | 111521 | 19995715 |
| Genpact Ltd  | 587775 | 20425181 |
| Jacobs Solutions Inc  | 433308 | 56074388 |
| KBR Inc  | 465765 | 17461530 |
| Leidos Holdings Inc  | 472340 | 70482575 |
| ManpowerGroup Inc  | 170600 | 5164062 |
| Parsons Corp (b)(c) | 195430 | 9851626 |
| Paychex Inc  | 1195278 | 110718602 |
| Paycom Software Inc  | 184874 | 23434628 |
| Paylocity Holding Corp (b) | 162433 | 17135057 |
| Robert Half Inc (c) | 366271 | 9746471 |
| Science Applications International Corp  | 166552 | 16117237 |
| SS&C Technologies Holdings Inc  | 774992 | 53706946 |
| TransUnion  | 722017 | 51263207 |
| Verisk Analytics Inc  | 518417 | 95642752 |
|  |  | 839997765 |
| Trading Companies & Distributors - 2.1% |  |  |
| Applied Industrial Technologies Inc  | 137178 | 41942174 |
| Core & Main Inc Class A (b) | 703129 | 35416608 |
| Fastenal Co  | 4252225 | 191052469 |
| Ferguson Enterprises Inc  | 707588 | 189428383 |
| MSC Industrial Direct Co Inc Class A  | 162794 | 16648942 |
| QXO Inc (b)(c) | 2383861 | 47844090 |
| SiteOne Landscape Supply Inc (b) | 163686 | 20632620 |
| United Rentals Inc  | 235114 | 225671823 |
| Watsco Inc  | 128907 | 56440641 |
| Wesco International Inc  | 177483 | 61962865 |
| WW Grainger Inc  | 161946 | 188075987 |
|  |  | 1075116602 |
| TOTAL INDUSTRIALS |  | 9601826791 |
| Information Technology - 14.8% |  |  |
| Communications Equipment - 1.2% |  |  |
| Ciena Corp (b) | 522500 | 275660550 |
| F5 Inc (b) | 209229 | 67769273 |
| Lumentum Holdings Inc (b) | 260840 | 235361149 |
| Ubiquiti Inc  | 15597 | 15784319 |
|  |  | 594575291 |
| Electronic Equipment, Instruments & Components - 3.3% |  |  |
| Arrow Electronics Inc (b) | 191201 | 35913284 |
| Avnet Inc  | 299203 | 24687240 |
| CDW Corp/DE  | 481494 | 65921344 |
| Cognex Corp  | 621488 | 34498799 |
| Coherent Corp (b) | 647807 | 207110376 |
| Corning Inc  | 2892093 | 474997354 |
| Crane NXT Co (c) | 181384 | 8104237 |
| Flex Ltd (b) | 1362859 | 124769741 |
| Ingram Micro Holding Corp (c) | 75949 | 2336951 |
| IPG Photonics Corp (b) | 91459 | 10876304 |
| Jabil Inc  | 384366 | 129719681 |
| Keysight Technologies Inc (b) | 637352 | 223015838 |
| Littelfuse Inc  | 90963 | 36764516 |
| Ralliant Corp  | 419118 | 19044722 |
| TD SYNNEX Corp  | 282810 | 64531586 |
| Teledyne Technologies Inc (b) | 172193 | 111210849 |
| Vontier Corp  | 535792 | 19224217 |
| Zebra Technologies Corp Class A (b) | 188280 | 42600233 |
|  |  | 1635327272 |
| IT Services - 1.6% |  |  |
| Akamai Technologies Inc (b) | 521572 | 53711485 |
| Amdocs Ltd  | 393561 | 25451590 |
| Cloudflare Inc Class A (b) | 1161255 | 238022437 |
| Cognizant Technology Solutions Corp Class A  | 1790645 | 94725121 |
| DXC Technology Co (b) | 623136 | 7053900 |
| EPAM Systems Inc (b) | 199507 | 22699906 |
| Gartner Inc (b) | 259578 | 38544737 |
| Globant SA (b)(c) | 159918 | 6593418 |
| GoDaddy Inc Class A (b) | 498145 | 43234005 |
| Kyndryl Holdings Inc (b) | 841519 | 11629793 |
| MongoDB Inc Class A (b) | 292126 | 73273965 |
| Okta Inc Class A (b) | 619917 | 45656887 |
| Twilio Inc Class A (b) | 523751 | 77546573 |
| VeriSign Inc  | 308291 | 82825460 |
|  |  | 820969277 |
| Semiconductors & Semiconductor Equipment - 3.2% |  |  |
| Amkor Technology Inc  | 460158 | 32096021 |
| Astera Labs Inc (b) | 477923 | 93070725 |
| Cirrus Logic Inc (b) | 189294 | 30870066 |
| Enphase Energy Inc (b) | 471451 | 15539025 |
| Entegris Inc  | 555211 | 78495731 |
| First Solar Inc (b) | 375992 | 75909025 |
| GlobalFoundries Inc (b) | 454772 | 29378271 |
| Lattice Semiconductor Corp (b) | 503623 | 61583020 |
| MACOM Technology Solutions Holdings Inc (b) | 245522 | 69141450 |
| Microchip Technology Inc  | 1954949 | 181634312 |
| MKS Inc  | 248814 | 70600973 |
| Monolithic Power Systems Inc  | 171451 | 276792209 |
| ON Semiconductor Corp (b) | 1488815 | 150087440 |
| Onto Innovation Inc (b) | 180140 | 53152108 |
| Qnity Electronics Inc  | 775260 | 109048072 |
| Qorvo Inc (b) | 310852 | 29288475 |
| Skyworks Solutions Inc  | 554248 | 38891582 |
| Teradyne Inc  | 580050 | 199229774 |
| Universal Display Corp  | 162705 | 14169978 |
|  |  | 1608978257 |
| Software - 2.4% |  |  |
| Appfolio Inc Class A (b)(c) | 81432 | 13606473 |
| Aurora Innovation Inc Class A (b)(c) | 4319100 | 25396308 |
| Bentley Systems Inc Class B (c) | 583053 | 19019189 |
| BILL Holdings Inc (b) | 298149 | 11329662 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 2235203 | 11712464 |
| Circle Internet Group Inc Class A (b) | 420673 | 38230762 |
| Datadog Inc Class A (b) | 1156292 | 152850239 |
| Docusign Inc (b) | 735777 | 33838384 |
| Dolby Laboratories Inc Class A  | 223947 | 14363961 |
| Dropbox Inc Class A (b) | 639880 | 15542685 |
| Dynatrace Inc (b) | 1087630 | 39383082 |
| Elastic NV (b) | 341808 | 15870145 |
| Fair Isaac Corp (b) | 85785 | 87929625 |
| Gen Digital Inc  | 2035002 | 39255189 |
| Gitlab Inc Class A (b)(c) | 523940 | 11600032 |
| Guidewire Software Inc (b) | 314377 | 43506633 |
| HubSpot Inc (b) | 188350 | 41768496 |
| Manhattan Associates Inc (b) | 218869 | 30179846 |
| nCino Inc (b) | 411288 | 7189314 |
| Nutanix Inc Class A (b) | 959525 | 39234977 |
| Pegasystems Inc  | 341933 | 12497651 |
| Procore Technologies Inc (b) | 463950 | 26250291 |
| PTC Inc (b) | 436550 | 59501765 |
| RingCentral Inc Class A  | 277874 | 11176092 |
| Rubrik Inc Class A (b) | 529435 | 28155353 |
| SailPoint Inc (b)(c) | 222518 | 2541156 |
| Samsara Inc Class A (b) | 1187539 | 34129871 |
| SentinelOne Inc Class A (b) | 1140342 | 16147243 |
| Teradata Corp (b) | 342197 | 9016891 |
| Trimble Inc (b) | 882478 | 59408419 |
| Tyler Technologies Inc (b) | 159429 | 54387609 |
| UiPath Inc Class A (b)(c) | 1490007 | 15347072 |
| Unity Software Inc (b) | 1208130 | 31918795 |
| Zoom Communications Inc Class A (b) | 986957 | 95882873 |
| Zscaler Inc (b) | 370026 | 48354998 |
|  |  | 1196523545 |
| Technology Hardware, Storage & Peripherals - 3.1% |  |  |
| Everpure Inc Class A (b) | 1165055 | 83243180 |
| Hewlett Packard Enterprise Co  | 4934677 | 141970657 |
| HP Inc  | 3402111 | 70968035 |
| NetApp Inc  | 732554 | 81145007 |
| Sandisk Corp/DE (b) | 529794 | 580924419 |
| Super Micro Computer Inc (b)(c) | 1901922 | 52112663 |
| Western Digital Corp  | 1260287 | 547619907 |
|  |  | 1557983868 |
| TOTAL INFORMATION TECHNOLOGY |  | 7414357510 |
| Materials - 4.9% |  |  |
| Chemicals - 2.2% |  |  |
| Albemarle Corp  | 435260 | 85615642 |
| Ashland Inc (c) | 167865 | 8940490 |
| Axalta Coating Systems Ltd (b) | 788931 | 22437198 |
| Celanese Corp  | 404977 | 27441242 |
| CF Industries Holdings Inc  | 574887 | 71400965 |
| Corteva Inc  | 2507106 | 203100658 |
| Dow Inc  | 2621021 | 106125140 |
| DuPont de Nemours Inc  | 1550520 | 70796743 |
| Eastman Chemical Co  | 419975 | 30695973 |
| Element Solutions Inc (c) | 834074 | 35523212 |
| FMC Corp  | 459648 | 7069386 |
| Huntsman Corp  | 608797 | 8748413 |
| International Flavors & Fragrances Inc  | 948955 | 66616641 |
| LyondellBasell Industries NV Class A1  | 948858 | 70784807 |
| Mosaic Co/The  | 1168738 | 27196533 |
| NewMarket Corp  | 23395 | 15806130 |
| Olin Corp  | 425278 | 12111917 |
| PPG Industries Inc  | 832207 | 90294460 |
| RPM International Inc  | 470852 | 47975110 |
| Scotts Miracle-Gro Co/The  | 161703 | 10138778 |
| Westlake Corp  | 123758 | 14266822 |
|  |  | 1033086260 |
| Construction Materials - 0.6% |  |  |
| Eagle Materials Inc (c) | 115303 | 24226313 |
| James Hardie Industries PLC (b) | 553024 | 11607974 |
| Martin Marietta Materials Inc  | 222134 | 137516495 |
| Vulcan Materials Co  | 489700 | 147762078 |
|  |  | 321112860 |
| Containers & Packaging - 1.0% |  |  |
| Amcor PLC  | 1707456 | 64951626 |
| AptarGroup Inc  | 242285 | 29965809 |
| Avery Dennison Corp  | 284889 | 46701854 |
| Ball Corp  | 992795 | 60639919 |
| Crown Holdings Inc  | 428692 | 42144711 |
| Graphic Packaging Holding CO  | 1082916 | 10320188 |
| International Paper Co  | 1941414 | 59057814 |
| Packaging Corp of America  | 327139 | 69827820 |
| Silgan Holdings Inc (c) | 323194 | 13105517 |
| Smurfit Westrock PLC  | 1929811 | 74085444 |
| Sonoco Products Co  | 364690 | 18219912 |
|  |  | 489020614 |
| Metals & Mining - 1.1% |  |  |
| Alcoa Corp  | 957118 | 61054557 |
| Cleveland-Cliffs Inc (b)(c) | 2075682 | 21171956 |
| MP Materials Corp (b)(c) | 526827 | 34791655 |
| Nucor Corp  | 850804 | 191677634 |
| Reliance Inc  | 193295 | 70069438 |
| Royal Gold Inc  | 311382 | 72670331 |
| Steel Dynamics Inc  | 506915 | 115911184 |
|  |  | 567346755 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 233365 | 16846619 |
| TOTAL MATERIALS |  | 2427413108 |
| Real Estate - 6.8% |  |  |
| Diversified REITs - 0.1% |  |  |
| WP Carey Inc  | 802859 | 58552507 |
| Health Care REITs - 0.6% |  |  |
| Alexandria Real Estate Equities Inc  | 635318 | 25736732 |
| Healthcare Realty Trust Inc  | 1215423 | 22728410 |
| Healthpeak Properties Inc  | 2567555 | 41517364 |
| Medical Properties Trust Inc (c) | 1847866 | 9128458 |
| Omega Healthcare Investors Inc  | 1092779 | 51327830 |
| Ventas Inc  | 1734401 | 152384472 |
|  |  | 302823266 |
| Hotel & Resort REITs - 0.1% |  |  |
| Host Hotels & Resorts Inc  | 2540045 | 53671151 |
| Park Hotels & Resorts Inc  | 685953 | 7867881 |
|  |  | 61539032 |
| Industrial REITs - 0.3% |  |  |
| Americold Realty Trust Inc  | 1055962 | 12914415 |
| EastGroup Properties Inc  | 196102 | 39455722 |
| First Industrial Realty Trust Inc  | 474056 | 29396213 |
| Lineage Inc  | 261665 | 9650205 |
| Rexford Industrial Realty Inc  | 863452 | 30989292 |
| STAG Industrial Inc Class A  | 691425 | 26675177 |
|  |  | 149081024 |
| Office REITs - 0.2% |  |  |
| BXP Inc  | 586670 | 34296728 |
| Cousins Properties Inc  | 618051 | 15828286 |
| Highwoods Properties Inc  | 400272 | 9730612 |
| Kilroy Realty Corp  | 434423 | 14448909 |
| Vornado Realty Trust  | 653250 | 19525643 |
|  |  | 93830178 |
| Real Estate Management & Development - 0.6% |  |  |
| CBRE Group Inc Class A (b) | 1101409 | 157204108 |
| CoStar Group Inc (b) | 1546817 | 53535336 |
| Howard Hughes Holdings Inc (b)(c) | 114616 | 7137138 |
| Jones Lang LaSalle Inc (b) | 174724 | 55584946 |
| Zillow Group Inc Class A (b)(c) | 178652 | 7969665 |
| Zillow Group Inc Class C (b) | 611109 | 27133240 |
|  |  | 308564433 |
| Residential REITs - 1.2% |  |  |
| American Homes 4 Rent Class A  | 1265526 | 40294347 |
| AvalonBay Communities Inc  | 526770 | 96398910 |
| Camden Property Trust  | 390977 | 41060404 |
| Equity LifeStyle Properties Inc  | 711673 | 45041784 |
| Equity Residential  | 1402926 | 91723302 |
| Essex Property Trust Inc  | 236068 | 62135458 |
| Invitation Homes Inc  | 2266380 | 65203753 |
| Mid-America Apartment Communities Inc  | 430987 | 55674901 |
| Sun Communities Inc  | 453621 | 57990909 |
| UDR Inc  | 1223678 | 44468459 |
|  |  | 599992227 |
| Retail REITs - 1.4% |  |  |
| Agree Realty Corp  | 418887 | 32300377 |
| Brixmor Property Group Inc  | 1127678 | 33931831 |
| Federal Realty Investment Trust  | 315079 | 34942261 |
| Kimco Realty Corp  | 2475154 | 58512641 |
| NNN REIT Inc  | 699544 | 30633031 |
| Realty Income Corp  | 3391890 | 217895014 |
| Regency Centers Corp  | 669099 | 52089357 |
| Simon Property Group Inc  | 1200141 | 244480723 |
|  |  | 704785235 |
| Specialized REITs - 2.3% |  |  |
| Crown Castle Inc  | 1607138 | 142681712 |
| CubeSmart  | 838432 | 33939727 |
| Digital Realty Trust Inc  | 1274499 | 256097829 |
| EPR Properties  | 276344 | 15422759 |
| Extra Space Storage Inc  | 780346 | 111846992 |
| Fermi Inc (c) | 136707 | 701306 |
| Gaming and Leisure Properties Inc  | 1005704 | 48736416 |
| Iron Mountain Inc  | 1086745 | 136919003 |
| Lamar Advertising Co Class A  | 319724 | 44070756 |
| Millrose Properties Inc Class A  | 566943 | 17388142 |
| National Storage Affiliates Trust  | 260778 | 11098712 |
| Rayonier Inc  | 1102773 | 23389815 |
| SBA Communications Corp Class A  | 392297 | 86776096 |
| VICI Properties Inc  | 4020718 | 117404966 |
| Weyerhaeuser Co  | 2684644 | 65827471 |
|  |  | 1112301702 |
| TOTAL REAL ESTATE |  | 3391469604 |
| Utilities - 6.1% |  |  |
| Electric Utilities - 2.9% |  |  |
| Alliant Energy Corp  | 951424 | 69863064 |
| Edison International  | 1411805 | 98106329 |
| Entergy Corp  | 1654004 | 195023613 |
| Evergy Inc  | 852597 | 70629135 |
| Eversource Energy  | 1390969 | 98341508 |
| Exelon Corp  | 3744243 | 172197736 |
| FirstEnergy Corp  | 2032600 | 96589152 |
| IDACORP Inc  | 199702 | 29503973 |
| NRG Energy Inc  | 758356 | 117985026 |
| OGE Energy Corp  | 778890 | 38009832 |
| PG&E Corp  | 8121192 | 134974211 |
| Pinnacle West Capital Corp  | 441270 | 45768524 |
| PPL Corp  | 2741537 | 102643145 |
| Xcel Energy Inc  | 2192304 | 181851618 |
|  |  | 1451486866 |
| Gas Utilities - 0.4% |  |  |
| Atmos Energy Corp  | 592823 | 112624514 |
| MDU Resources Group Inc (c) | 751081 | 16921855 |
| National Fuel Gas Co  | 348368 | 29395292 |
| UGI Corp  | 796471 | 28744638 |
|  |  | 187686299 |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| AES Corp/The  | 2629712 | 37999338 |
| Clearway Energy Inc Class A  | 128703 | 5203462 |
| Clearway Energy Inc Class C (c) | 308237 | 12440445 |
| Talen Energy Corp (b) | 168021 | 62574381 |
| Vistra Corp  | 1253184 | 197802563 |
|  |  | 316020189 |
| Multi-Utilities - 1.9% |  |  |
| Ameren Corp  | 999604 | 113604995 |
| CenterPoint Energy Inc  | 2413614 | 105354251 |
| CMS Energy Corp  | 1121041 | 86028686 |
| Consolidated Edison Inc  | 1335194 | 148860779 |
| DTE Energy Co  | 767517 | 116424654 |
| NiSource Inc  | 1767348 | 85327561 |
| Public Service Enterprise Group Inc  | 1849748 | 151050422 |
| WEC Energy Group Inc  | 1206100 | 142247434 |
|  |  | 948898782 |
| Water Utilities - 0.3% |  |  |
| American Water Works Co Inc  | 721437 | 92646940 |
| Essential Utilities Inc  | 1038801 | 39682198 |
|  |  | 132329138 |
| TOTAL UTILITIES |  | 3036421274 |
| TOTAL UNITED STATES |  | 49070562329 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $34,637,514,235) |  | <br> **49897329277** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/14/2026 (e)<br>(Cost $9,431,683)<br>| 3.64 | 9444000 | **9431782** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.69 | 116837428 | 116860795 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.69 | 1047177199 | 1047281917 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,164,138,796) |  |  | **1164142712** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.1%**<br> (Cost $35,811,084,714)<br>| <br>**51070903771** |
| **NET OTHER ASSETS (LIABILITIES) - (2.1)%**  | **(1028209831)** |
| **NET ASSETS - 100.0%** | **50042693940** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 410 | 6/2026 | 149699200 | 10653027 |
| The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures 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 $9,431,782.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 101616714 | 3820286221 | 3805057192 | 4640962 | 15052 | - | 116860795 | 116837428 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 792829330 | 3907000452 | 3652544584 | 6940524 | (3281) | - | 1047281917 | 1047177199 | 3.0% |
| Total | 894446044 | 7727286673 | 7457601776 | 11581486 | 11771 | - | 1164142712 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 1693301137 | 1693301137 | - | - |
| Consumer Discretionary | 5226246625 | 5226246625 | - | - |
| Consumer Staples | 2158860859 | 2158860859 | - | - |
| Energy | 3562417899 | 3562417899 | - | - |
| Financials | 6812937918 | 6812937918 | - | - |
| Health Care | 4285336154 | 4285336154 | - | - |
| Industrials | 9673441779 | 9673441779 | - | - |
| Information Technology | 7436467011 | 7436467011 | - | - |
| Materials | 2602290605 | 2602290605 | - | - |
| Real Estate | 3391469604 | 3391469604 | - | - |
| Utilities | 3054559686 | 3054559686 | - | - |
|  **U.S. Treasury Obligations** | 9431782 | - | 9431782 | - |
|  **Money Market Funds** | 1164142712 | 1164142712 | - | - |
| **Total Investments in Securities:** | 51070903771 | 51061471989 | 9431782 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 10653027 | 10653027 | - | - |
| Total Assets | 10653027 | 10653027 | - | - |
| **Total Derivative Instruments:** | 10653027 | 10653027 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. 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)  | 10653027 | - |
| **Total Equity Risk**  | 10653027 | - |
| **Total Value of Derivatives** | 10653027 | - |

---

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

**Fidelity® Mid Cap Index Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,367,894,707) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $34,646,945,918) | $49906761059 |  |
| Fidelity Central Funds (cost $1,164,138,796) | 1164142712 |  |
| Total Investment in Securities (cost $35,811,084,714) |  | $51070903771 |
| Segregated cash with brokers for derivative instruments |  | 116754 |
| Receivable for fund shares sold |  | 40990240 |
| Dividends receivable |  | 14997151 |
| Distributions receivable from Fidelity Central Funds |  | 637899 |
| Receivable for variation margin on futures contracts |  | 2307919 |
| Other receivables |  | 454880 |
| **Total assets** |  | 51130408614 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $39171657 |  |
| Accrued management fee | 1018400 |  |
| Other payables and accrued expenses | 253346 |  |
| Collateral on securities loaned | 1047271271 |  |
| **Total liabilities** |  | 1087714674 |
| **Net Assets**  |  | $50042693940 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $35398349424 |
| Total accumulated earnings (loss) |  | 14644344516 |
| **Net Assets** |  | $50042693940 |
| **Net Asset Value**, offering price and redemption price per share ($50,042,693,940 ÷ 1,246,135,888 shares) |  | $40.16 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $691169687 |
| Interest  |  | 454435 |
| Income from Fidelity Central Funds (including $6,940,524 from security lending)  |  | 11581486 |
| Security lending |  | 63606 |
| **Total income** |  | 703269214 |
| **Expenses** |  |  |
| Management fee | $11166100 |  |
| Independent trustees' fees and expenses | 101506 |  |
| Total expenses before reductions | 11267606 |  |
| Expense reductions | (54724) |  |
| Total expenses after reductions |  | 11212882 |
| **Net Investment income (loss)** |  | 692056332 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (58024573) |  |
| Redemptions in-kind | 1606067753 |  |
| Fidelity Central Funds | 11771 |  |
| Foreign currency transactions | (866) |  |
| Futures contracts | 45667973 |  |
| Total net realized gain (loss) |  | 1593722058 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 7771428258 |  |
| Futures contracts | 2113700 |  |
| Total change in net unrealized appreciation (depreciation) |  | 7773541958 |
| **Net gain (loss)** |  | 9367264016 |
| **Net increase (decrease) in net assets resulting from operations** |  | $10059320348 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $692056332 | $568598912 |
| &nbsp;&nbsp;Net realized gain (loss) | 1593722058<br>| 852632234<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 7773541958 | 859022580<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 10059320348<br>| 2280253726<br>|
| Distributions to shareholders | (501897494)<br>| (837852622)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 15177318594 | 12084799366 |
| Reinvestment of distributions | 463279402<br>| 787472826<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (12876026285) | (10035197394) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2764571711<br>| 2837074798<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 12321994565<br>| 4279475902<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 37720699375 | 33441223473<br>|
| &nbsp;&nbsp;End of period | $50042693940 | $37720699375 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 413948185 | 361934513 |
| Issued in reinvestment of distributions | 12596200<br>| 23123576<br>|
| &nbsp;&nbsp;Redeemed | (349096383) | (303097949) |
| &nbsp;&nbsp;Net increase (decrease) | 77448002 | 81960140 |

---

**Financial Highlights** 

**Fidelity® Mid Cap Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.28 | $30.77 | $26.83 | $27.85 | $30.70 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .57  | .52  | .48  | .46  | .38  |
| Net realized and unrealized gain (loss)  | 7.72  | 1.77  | 3.88  | (.94)  | (2.16)  |
| Total from investment operations  | 8.29  | 2.29  | 4.36  | (.48)  | (1.78)  |
| Distributions from net investment income  | (.41)  | (.40)  | (.42)  | (.41)  | (.35)  |
| Distributions from net realized gain  | -  | (.39)  | -  | (.12)  | (.72)  |
| Total distributions  | (.41)  | (.78) C | (.42)  | (.54) C | (1.07)  |
| Net asset value, end of period  | $40.16 | $32.28 | $30.77 | $26.83 | $27.85 |
| **Total Return** D | 25.79% <br>| 7.32%  | 16.34%  | (1.65)%  | (6.13)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .03%  | .03%  | .03%  | .03%  | .03%  |
| Expenses net of fee waivers, if any  | .03% <br>| .03%  | .03%  | .03%  | .03%  |
| Expenses net of all reductions, if any  | .02%  | .02%  | .02%  | .02%  | .03%  |
| Net investment income (loss)  | 1.54%  | 1.56%  | 1.66%  | 1.72%  | 1.24%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $50042694 | $37720699 | $33441223 | $26520703 | $24606512 |
| Portfolio turnover rate G,H | 12% <br>| 15%  | 8%  | 9%  | 12%  |

---

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

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

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

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

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

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

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

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

**Fidelity® Small Cap Index Fund**

**Schedule of Investments April 30, 2026**

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>|
| AUSTRALIA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Benitec Biopharma Inc (b)(c) | 192424 | 2318709 |
| AUSTRIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Critical Metals Corp (b)(c) | 576761 | 7342168 |
| BAHAMAS (NASSAU) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| OneSpaWorld Holdings Ltd  | 987887 | 24361293 |
| BAILIWICK OF GUERNSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Super Group SGHC Ltd (c) | 1577605 | 20445761 |
| BELGIUM - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Titan America SA (c) | 238358 | 3930523 |
| BERMUDA - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Corp Ltd  | 524348 | 7005289 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Bank of Nt Butterfield & Son Ltd/The (United States)  | 412874 | 22893863 |
| Insurance - 0.0% |  |  |
| Hamilton Insurance Group Ltd Class B  | 436670 | 14309676 |
| Kestrel Group Ltd  | 26032 | 253031 |
|  |  | 14562707 |
| TOTAL FINANCIALS |  | 37456570 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Himalaya Shipping Ltd (United States)  | 270915 | 3695281 |
| TOTAL BERMUDA |  | 48157140 |
| BRAZIL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Pagseguro Digital Ltd Class A  | 1778291 | 17818476 |
| StoneCo Ltd Class A  | 2487017 | 27307447 |
| TOTAL FINANCIALS |  | 45125923 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| VTEX Class A (b)(c) | 533433 | 2005708 |
| TOTAL BRAZIL |  | 47131631 |
| CAMEROON - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Golar LNG Ltd  | 965642 | 53100654 |
| CANADA - 1.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunopta Inc (United States) (b) | 942463 | 6107160 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Encore Energy Corp (United States) (b)(c) | 1819978 | 3567157 |
| Kolibri Global Energy Inc (United States) (b) | 294257 | 1689035 |
| Teekay Tankers Ltd Class A  | 237660 | 18668193 |
| TOTAL ENERGY |  | 23924385 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Kingsway Financial Services Inc (b)(c) | 206367 | 2220508 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Aurinia Pharmaceuticals Inc (b) | 1178808 | 18135961 |
| Bright Minds Biosciences Inc (United States) (b)(c) | 69072 | 6074882 |
| Fennec Pharmaceuticals Inc (United States) (b)(c) | 287534 | 1866096 |
| TuHURA Biosciences Inc (b)(c) | 428459 | 959748 |
| Xenon Pharmaceuticals Inc (b) | 854538 | 47888310 |
| TOTAL HEALTH CARE |  | 74924997 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Brookfield Business Corp Class A (United States)  | 227106 | 7744315 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| D-Wave Quantum Inc (b)(c) | 3618164 | 73376366 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Novagold Resources Inc (United States) (b) | 2781396 | 22418052 |
| Ssr Mining Inc (United States) (b) | 2014852 | 58047886 |
| US Goldmining Inc (b)(c) | 28492 | 379228 |
| Vox Royalty Corp (United States)  | 586384 | 3014014 |
| TOTAL MATERIALS |  | 83859180 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Real Brokerage Inc/The (b)(c) | 1395827 | 2931237 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| Brookfield Infrastructure Corp (United States)  | 1192651 | 44128087 |
| TOTAL CANADA |  | 319216235 |
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 1977316 | 8917696 |
| Software - 0.0% |  |  |
| Chaince Digital Holdings Inc (b)(c) | 378867 | 2061036 |
| TOTAL CHINA |  | 10978732 |
| COSTA RICA - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Logistic Properties Of The Americas (b)(c) | 32840 | 117238 |
| GERMANY - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Orion SA  | 549996 | 4135970 |
| GHANA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Kosmos Energy Ltd (b)(c) | 4689398 | 14443346 |
| GIBRALTAR - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Forafric Global PLC (b)(c) | 43027 | 430270 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Patria Investments Ltd Class A  | 657732 | 8491320 |
| Webull Corp Class A (b)(c) | 2743495 | 18738071 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 27229391 |
| IRELAND - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Ardmore Shipping Corp  | 340930 | 6041280 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b)(c) | 433679 | 4796489 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Cimpress PLC (b) | 167586 | 14824658 |
| TOTAL IRELAND |  | 25662427 |
| ISLE OF MAN - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Lifezone Metals Ltd (b)(c) | 319629 | 1751567 |
| ISRAEL - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Nexxen International Ltd (b) | 308724 | 2266034 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Nano-X Imaging Ltd (b)(c) | 688441 | 1177234 |
| Pharmaceuticals - 0.0% |  |  |
| MediWound Ltd (b)(c) | 96108 | 1585782 |
| TOTAL HEALTH CARE |  | 2763016 |
| TOTAL ISRAEL |  | 5029050 |
| ITALY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Ermenegildo Zegna Holditalia Spa (c) | 610433 | 7398448 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Webtoon Entertainment Inc (b) | 176844 | 2164571 |
| MALTA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Gambling.com Group Ltd (b)(c) | 179645 | 691633 |
| MEXICO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Borr Drilling Ltd (b)(c) | 2820501 | 17007621 |
| MONACO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc  | 446694 | 36329623 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Costamare Bulkers Holdings Ltd (b) | 85174 | 1471806 |
| Costamare Inc  | 437995 | 7279477 |
| Safe Bulkers Inc  | 505074 | 3404199 |
| TOTAL INDUSTRIALS |  | 12155482 |
| TOTAL MONACO |  | 48485105 |
| NORWAY - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Seadrill Ltd (b) | 621535 | 30884074 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| FLEX LNG Ltd (c) | 308924 | 10018405 |
| SFL Corp Ltd  | 1202048 | 13859614 |
|  |  | 23878019 |
| TOTAL ENERGY |  | 54762093 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| T1 Energy Inc (b)(c) | 2011684 | 9656083 |
| TOTAL NORWAY |  | 64418176 |
| PANAMA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Banco Latinoamericano de Comercio Exterior SA Class E  | 279858 | 14952813 |
| PUERTO RICO - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class A (b) | 266534 | 2164256 |
| Liberty Latin America Ltd Class C (b) | 1384003 | 11501065 |
| TOTAL COMMUNICATION SERVICES |  | 13665321 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| First BanCorp/Puerto Rico  | 1552696 | 37699459 |
| Ofg Bancorp  | 427231 | 19635537 |
|  |  | 57334996 |
| Financial Services - 0.1% |  |  |
| EVERTEC Inc  | 635716 | 18772693 |
| TOTAL FINANCIALS |  | 76107689 |
| TOTAL PUERTO RICO |  | 89773010 |
| SINGAPORE - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Grindr Inc Class A (b)(c) | 308342 | 4122532 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Kulicke & Soffa Industries Inc  | 504059 | 43097045 |
| TOTAL SINGAPORE |  | 47219577 |
| SOUTH AFRICA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Caledonia Mining Corp PLC  | 164591 | 3769134 |
| SWITZERLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Garrett Motion Inc  | 1756743 | 44990188 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| ADC Therapeutics SA (b) | 1004348 | 3796435 |
| CRISPR Therapeutics AG (b)(c) | 903541 | 47291337 |
| TOTAL HEALTH CARE |  | 51087772 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Aebi Schmidt Holding AG  | 369465 | 4293183 |
| TOTAL SWITZERLAND |  | 100371143 |
| THAILAND - 0.8%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| BKV Corp (b) | 249866 | 7878275 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Fabrinet (b) | 357461 | 244313870 |
| TOTAL THAILAND |  | 252192145 |
| UNITED KINGDOM - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Genius Sports Ltd Class A (b) | 2167794 | 9451582 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Marex Group PLC  | 544151 | 29030456 |
| Insurance - 0.0% |  |  |
| Fidelis Insurance Holdings Ltd  | 546032 | 11537656 |
| TOTAL FINANCIALS |  | 40568112 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 271743 | 4089732 |
| TOTAL UNITED KINGDOM |  | 54109426 |
| UNITED STATES - 95.6%  |  |  |
| Communication Services - 2.5% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Anterix Inc (b) | 111942 | 5409037 |
| Atn International Inc  | 99825 | 2788112 |
| Bandwidth Inc Class A (b) | 273338 | 10061572 |
| Cogent Communications Holdings Inc  | 483666 | 10955035 |
| Globalstar Inc (b) | 496325 | 40847548 |
| IDT Corp Class B  | 161108 | 8079566 |
| Lumen Technologies Inc (b) | 9437532 | 83427784 |
| Shenandoah Telecommunications Co (c) | 502499 | 7904309 |
| Uniti Group Inc (b)(c) | 1654745 | 19575633 |
|  |  | 189048596 |
| Entertainment - 0.6% |  |  |
| AMC Entertainment Holdings Inc Class A (b)(c) | 5095240 | 7744765 |
| Atlanta Braves Holdings Inc Class C (b) | 525918 | 25985608 |
| Cinemark Holdings Inc  | 1049791 | 30989830 |
| CuriosityStream Inc Class A (c) | 423307 | 1333417 |
| Gaia Inc Class A (b) | 165586 | 518284 |
| IMAX Corp (b)(c) | 432424 | 16440760 |
| Lionsgate Studios Corp  | 2025073 | 25191908 |
| Madison Square Garden Entertainment Corp Class A (b) | 391130 | 26174420 |
| Marcus Corp/The  | 226311 | 3987600 |
| Meridian Holdings Inc (b) | 19189 | 189778 |
| Playstudios Inc Class A (b) | 884133 | 367004 |
| Playtika Holding Corp  | 586055 | 2142031 |
| Reservoir Media Inc (b) | 194810 | 1959789 |
| Sphere Entertainment Co Class A (b)(c) | 268399 | 38233438 |
| Starz Entertainment Corp  | 113761 | 2086377 |
| Vivid Seats Inc Class A (b)(c) | 58787 | 393873 |
|  |  | 183738882 |
| Interactive Media & Services - 0.3% |  |  |
| Angi Inc Class A (b)(c) | 348509 | 2558056 |
| Arena Group Holdings Inc/The (b)(c) | 125700 | 316764 |
| Bumble Inc Class A (b)(c) | 708899 | 2941931 |
| Cargurus Inc Class A (b) | 780620 | 28461405 |
| Cars.com Inc (b) | 517819 | 5690831 |
| EverQuote Inc Class A (b) | 283715 | 4091170 |
| fuboTV Inc Class A (b)(c) | 285799 | 3521044 |
| Getty Images Holdings Inc Class A (b)(c) | 806262 | 620822 |
| MediaAlpha Inc Class A (b) | 332781 | 2831966 |
| Nextdoor Holdings Inc Class A (b) | 2190614 | 3504982 |
| QuinStreet Inc (b) | 539540 | 6884530 |
| Rumble Inc Class A (b)(c) | 1056275 | 7953751 |
| Shutterstock Inc  | 246186 | 3980828 |
| Teads Holding Co (b)(c) | 368173 | 321489 |
| Travelzoo (b)(c) | 61248 | 599618 |
| TripAdvisor Inc Class A (c) | 1130873 | 12586616 |
| Yelp Inc Class A (b) | 583183 | 16095851 |
| Ziff Davis Inc (b)(c) | 387380 | 17726509 |
| ZipRecruiter Inc Class A (b)(c) | 634132 | 1851665 |
|  |  | 122539828 |
| Media - 0.9% |  |  |
| Advantage Solutions Inc Class A (b)(c) | 37470 | 1284097 |
| AMC Global Media Inc Class A (b)(c) | 308963 | 2623096 |
| Boston Omaha Corp (b)(c) | 214677 | 2580418 |
| Cable One Inc (b)(c) | 51017 | 4667545 |
| EchoStar Corp Class A (b)(c) | 1341522 | 165195019 |
| Emerald Holding Inc  | 134505 | 628138 |
| Entravision Communications Corp Class A  | 619368 | 2335017 |
| EW Scripps Co/The Class A (b)(c) | 649917 | 3113102 |
| Gray Media Inc  | 877127 | 4946996 |
| Ibotta Inc Class A (b)(c) | 110147 | 3877174 |
| iHeartMedia Inc Class A (b) | 1200873 | 7169212 |
| John Wiley & Sons Inc Class A  | 397990 | 16289731 |
| Magnite Inc (b)(c) | 1407194 | 18033191 |
| National CineMedia Inc  | 668391 | 2265845 |
| Newsmax Inc Class B (b)(c) | 469962 | 2960761 |
| Optimum Communications Inc Class A (b) | 2558083 | 4041771 |
| PubMatic Inc Class A (b) | 379853 | 3714962 |
| Scholastic Corp  | 204807 | 8266011 |
| Sinclair Inc Class A  | 383812 | 5968277 |
| Stagwell Inc Class A (b)(c) | 1076095 | 6747116 |
| TechTarget Inc (b)(c) | 285000 | 1635900 |
| Thryv Holdings Inc (b) | 322255 | 1153673 |
| USA TODAY Co Inc (b)(c) | 1388198 | 10036672 |
|  |  | 279533724 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Gogo Inc (b)(c) | 770345 | 3220042 |
| Spok Holdings Inc  | 219876 | 2350474 |
| Telephone and Data Systems Inc  | 983945 | 44336562 |
|  |  | 49907078 |
| TOTAL COMMUNICATION SERVICES |  | 824768108 |
| Consumer Discretionary - 7.7% |  |  |
| Automobile Components - 0.9% |  |  |
| Adient PLC (b) | 776811 | 16351872 |
| Cooper-Standard Holdings Inc (b) | 167299 | 5030681 |
| Dana Inc  | 1119419 | 40802823 |
| Dauch Corporation (b) | 2257916 | 12892700 |
| Dorman Products Inc (b) | 272863 | 30699816 |
| Fox Factory Holding Corp (b) | 414147 | 7351109 |
| Gentherm Inc (b) | 297928 | 8967633 |
| Goodyear Tire & Rubber Co/The (b)(c) | 2727593 | 19311358 |
| Holley Inc Class A (b) | 752174 | 2482174 |
| LCI Industries  | 234658 | 27975927 |
| Motorcar Parts of America Inc (b) | 132809 | 1490117 |
| Patrick Industries Inc (c) | 321484 | 29898012 |
| Phinia Inc  | 376688 | 27178039 |
| Solid Power Inc (b)(c) | 1743927 | 6016548 |
| Standard Motor Products Inc  | 210489 | 7865974 |
| Strattec Security Corp (b)(c) | 40159 | 3022366 |
| Visteon Corp  | 272015 | 30386796 |
| XPEL Inc (b)(c)(e) | 250617 | 11934382 |
|  |  | 289658327 |
| Automobiles - 0.0% |  |  |
| Faraday Future Intelligent Electric Inc Class A (b)(c) | 1867694 | 814688 |
| Livewire Group Inc (b)(c) | 221638 | 403381 |
| Winnebago Industries Inc  | 270236 | 8812396 |
|  |  | 10030465 |
| Broadline Retail - 0.1% |  |  |
| Groupon Inc (b)(c) | 251098 | 3568103 |
| Kohl's Corp  | 1080948 | 15317033 |
| Savers Value Village Inc (b)(c) | 377710 | 3191649 |
|  |  | 22076785 |
| Distributors - 0.1% |  |  |
| GigaCloud Technology Inc Class A (b) | 237313 | 10558056 |
| Gold.com Inc  | 188313 | 8509864 |
| Weyco Group Inc  | 61661 | 2034196 |
|  |  | 21102116 |
| Diversified Consumer Services - 1.0% |  |  |
| American Public Education Inc (b) | 171631 | 9980343 |
| Carriage Services Inc  | 139232 | 6836291 |
| Coursera Inc (b)(c) | 1412566 | 8404768 |
| Covista Inc (b) | 337037 | 38833403 |
| Driven Brands Holdings Inc (b) | 588689 | 7988510 |
| European Wax Center Inc Class A (b) | 284874 | 1652269 |
| Frontdoor Inc (b) | 717921 | 49270918 |
| Graham Holdings Co Class B  | 31739 | 35627345 |
| KinderCare Learning Cos Inc (b)(c) | 314059 | 1234252 |
| Laureate Education Inc (b) | 1257000 | 37829415 |
| Lincoln Educational Services Corp (b) | 292729 | 12042871 |
| Matthews International Corp Class A  | 296356 | 8458000 |
| McGraw Hill Inc (c) | 287559 | 3476588 |
| Mister Car Wash Inc (b) | 973271 | 6890759 |
| Nerdy Inc Class A (b)(c) | 582256 | 520653 |
| Perdoceo Education Corp  | 636466 | 21601656 |
| Phoenix Education Partners Inc  | 49939 | 1399291 |
| Strategic Education Inc  | 227932 | 17869869 |
| Stride Inc (b) | 413821 | 40206848 |
| Udemy Inc (b) | 932869 | 4421799 |
| Universal Technical Institute Inc (b) | 467089 | 17529850 |
|  |  | 332075698 |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| Accel Entertainment Inc Class A (b) | 493074 | 6158494 |
| Bally's Corp (b)(c) | 94484 | 1258527 |
| Biglari Holdings Inc Class B (b) | 6669 | 2062388 |
| BJ's Restaurants Inc (b) | 188573 | 7241203 |
| Black Rock Coffee Bar Inc Class A  | 170121 | 2089086 |
| Bloomin' Brands Inc  | 838350 | 5113935 |
| Brightstar Lottery PLC  | 1046926 | 13746138 |
| Brinker International Inc (b) | 429055 | 65319333 |
| Cheesecake Factory Inc/The (c) | 457473 | 28761328 |
| Cracker Barrel Old Country Store Inc (c) | 221000 | 6921720 |
| Dave & Buster's Entertainment Inc (b)(c) | 269123 | 3033016 |
| Dine Brands Global Inc (c) | 141521 | 3931453 |
| El Pollo Loco Holdings Inc (b) | 274248 | 3707833 |
| First Watch Restaurant Group Inc (b) | 593605 | 7788098 |
| Global Business Travel Group I Class A (b)(c) | 1291116 | 7565940 |
| Hilton Grand Vacations Inc (b) | 600765 | 28217932 |
| Inspired Entertainment Inc (b)(c) | 242013 | 1698931 |
| Jack in the Box Inc (b)(c) | 172876 | 2178238 |
| Krispy Kreme Inc (b) | 763476 | 3008095 |
| Kura Sushi USA Inc Class A (b)(c) | 67166 | 3698832 |
| Life Time Group Holdings Inc (b) | 1494240 | 40060574 |
| Lindblad Expeditions Holdings Inc (b) | 376258 | 6972061 |
| Marriott Vacations Worldwide Corp (c) | 276383 | 19902340 |
| Monarch Casino & Resort Inc  | 125903 | 14943427 |
| Nathan's Famous Inc  | 27759 | 2786448 |
| Navan Inc Class A (b) | 370578 | 6481409 |
| Papa John's International Inc (c) | 324234 | 11734028 |
| Portillo's Inc Class A (b)(c) | 660454 | 4127838 |
| Pursuit Attractions and Hospitality Inc (b) | 209453 | 8813782 |
| Rci Hospitality Holdings Inc (c) | 72518 | 1814400 |
| Red Rock Resorts Inc Class A  | 482009 | 26009206 |
| Rush Street Interactive Inc Class A (b) | 905141 | 25434462 |
| Sabre Corp (b) | 3659917 | 6697648 |
| Serve Robotics Inc (b)(c) | 649735 | 6127001 |
| Shake Shack Inc Class A (b) | 384576 | 39403657 |
| Six Flags Entertainment Corp (b)(c) | 948729 | 17817131 |
| Sweetgreen Inc Class A (b)(c) | 1024812 | 7050707 |
| Target Hospitality Corp (b) | 318044 | 4624360 |
| United Parks & Resorts Inc (b)(c) | 268334 | 9458774 |
| Xponential Fitness Inc Class A (b)(c) | 272650 | 1794037 |
|  |  | 465553810 |
| Household Durables - 1.5% |  |  |
| Bassett Furniture Industries Inc  | 82490 | 1202704 |
| Beazer Homes USA Inc (b) | 272344 | 5879907 |
| Cavco Industries Inc (b) | 76986 | 39031902 |
| Century Communities Inc  | 253309 | 14190370 |
| Champion Homes Inc (b) | 552839 | 42142917 |
| Cricut Inc Class A (c) | 475083 | 2047608 |
| Dream Finders Homes Inc Class A (b)(c) | 295362 | 4312285 |
| Ethan Allen Interiors Inc  | 233660 | 4986304 |
| Flexsteel Industries Inc  | 34967 | 1933675 |
| Green Brick Partners Inc (b) | 308518 | 20806454 |
| Hamilton Beach Brands Holding Co Class A  | 69934 | 1455327 |
| Helen of Troy Ltd (b) | 225830 | 5227965 |
| Hovnanian Enterprises Inc Class A (b) | 47665 | 5359453 |
| Installed Building Products Inc  | 229448 | 66207220 |
| KB Home  | 610998 | 32376784 |
| La-Z-Boy Inc  | 410554 | 14262646 |
| Legacy Housing Corp (b)(c) | 83598 | 1818257 |
| Leggett & Platt Inc  | 1320069 | 14349150 |
| LGI Homes Inc (b) | 203102 | 9945905 |
| Lovesac Co/The (b)(c) | 131303 | 2075900 |
| M/I Homes Inc (b) | 257825 | 33901409 |
| Meritage Homes Corp  | 669365 | 45075039 |
| Sonos Inc (b) | 1178648 | 17479350 |
| Taylor Morrison Home Corp (b) | 948721 | 57625314 |
| Traeger Inc (b)(c) | 6548 | 272920 |
| Tri Pointe Homes Inc (b) | 836131 | 39206183 |
|  |  | 483172948 |
| Leisure Products - 0.4% |  |  |
| Acushnet Holdings Corp  | 271774 | 26313159 |
| American Outdoor Brands Inc (b)(c) | 119433 | 1123865 |
| Callaway Golf Co (b) | 1306090 | 19983177 |
| Clarus Corp  | 287986 | 750203 |
| Escalade Inc (c) | 101920 | 1905904 |
| Funko Inc Class A (b) | 400023 | 1764101 |
| JAKKS Pacific Inc  | 90573 | 1970868 |
| Johnson Outdoors Inc Class A  | 58511 | 3079434 |
| Latham Group Inc (b) | 489924 | 2973839 |
| Malibu Boats Inc Class A (b) | 182849 | 4680934 |
| Marine Products Corp  | 97368 | 771155 |
| MasterCraft Boat Holdings Inc (b) | 155492 | 3630738 |
| Peloton Interactive Inc Class A (b) | 3916843 | 21346794 |
| Polaris Inc  | 528218 | 35005007 |
| Smith & Wesson Brands Inc  | 439920 | 6836357 |
| Sturm Ruger & Co Inc  | 137726 | 5974554 |
|  |  | 138110089 |
| Specialty Retail - 1.8% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 232764 | 823985 |
| Abercrombie & Fitch Co Class A (b) | 448825 | 38307214 |
| Academy Sports & Outdoors Inc  | 656447 | 35999553 |
| Advance Auto Parts Inc (c) | 593866 | 35340966 |
| America's Car-Mart Inc/TX (b)(c) | 70652 | 862661 |
| American Eagle Outfitters Inc  | 1579200 | 27509664 |
| Arhaus Inc Class A  | 505845 | 3743253 |
| Arko Corp  | 699824 | 4618838 |
| Asbury Automotive Group Inc (b) | 191937 | 39095648 |
| BARK Inc (b)(c) | 46372 | 437752 |
| Barnes & Noble Education Inc (b) | 159419 | 1571871 |
| Bed Bath & Beyond Inc (b)(c) | 677399 | 3319255 |
| Boot Barn Holdings Inc (b) | 304280 | 52168806 |
| Buckle Inc/The  | 312005 | 17350598 |
| Build-A-Bear Workshop Inc (c) | 121614 | 4492421 |
| Caleres Inc  | 328717 | 4306193 |
| Camping World Holdings Inc Class A  | 598806 | 4904221 |
| Citi Trends Inc (b) | 46958 | 2287324 |
| Designer Brands Inc Class A (c) | 331602 | 2487015 |
| Envela Corp (b) | 66043 | 1163017 |
| EVgo Inc Class A (b)(c) | 1275855 | 2679296 |
| Genesco Inc (b) | 97991 | 3477701 |
| Group 1 Automotive Inc  | 115953 | 41380147 |
| Haverty Furniture Cos Inc  | 136304 | 3017771 |
| J Jill Inc (c) | 72016 | 917484 |
| Lands' End Inc (b) | 91397 | 1031872 |
| MarineMax Inc (b) | 191948 | 5516586 |
| Monro Inc (c) | 282280 | 4956837 |
| National Vision Holdings Inc (b) | 770114 | 17882047 |
| OneWater Marine Inc Class A (b)(c) | 112111 | 1052722 |
| Outdoor Holding Co (b) | 1035260 | 2101578 |
| Petco Health & Wellness Co Inc Class A (b) | 857345 | 2434860 |
| RealReal Inc/The (b) | 1052437 | 12513476 |
| Revolve Group Inc Class A (b) | 400720 | 10198324 |
| Sally Beauty Holdings Inc (b) | 980636 | 13905418 |
| Shoe Carnival Inc (c) | 182310 | 3376381 |
| Signet Jewelers Ltd  | 392228 | 34920059 |
| Sleep Number Corp (b)(c) | 182532 | 549421 |
| Sonic Automotive Inc Class A (c) | 147816 | 11640510 |
| Stitch Fix Inc Class A (b) | 1103416 | 4016434 |
| ThredUp Inc Class A (b) | 989912 | 4246722 |
| Torrid Holdings Inc (b)(c) | 325969 | 560667 |
| Upbound Group Inc  | 524626 | 10366610 |
| Urban Outfitters Inc (b) | 645860 | 45429792 |
| Victoria's Secret & Co (b) | 685166 | 35512154 |
| Warby Parker Inc Class A (b) | 983191 | 21748185 |
| Winmark Corp  | 29335 | 11161674 |
| Zumiez Inc (b)(c) | 128241 | 3150881 |
|  |  | 590535864 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Capri Holdings Ltd (b) | 1159196 | 22615914 |
| Carter's Inc  | 352659 | 12738043 |
| Figs Inc Class A (b) | 886158 | 13256924 |
| G-III Apparel Group Ltd  | 358796 | 11190847 |
| Kontoor Brands Inc (c) | 545229 | 39998000 |
| Lakeland Industries Inc (c) | 84965 | 864094 |
| Movado Group Inc  | 154031 | 4195804 |
| Oxford Industries Inc (c) | 140858 | 6034357 |
| Rocky Brands Inc (c) | 69159 | 2536061 |
| Steven Madden Ltd  | 710188 | 26674661 |
| Superior Group of Cos Inc  | 111751 | 1260551 |
| Wolverine World Wide Inc  | 806293 | 13723107 |
|  |  | 155088363 |
| TOTAL CONSUMER DISCRETIONARY |  | 2507404465 |
| Consumer Staples - 1.7% |  |  |
| Beverages - 0.1% |  |  |
| MGP Ingredients Inc  | 141115 | 2813833 |
| National Beverage Corp (b) | 236027 | 8076844 |
| Vita Coco Co Inc/The (b) | 471684 | 31126427 |
| Zevia PBC Class A (b) | 535728 | 685732 |
|  |  | 42702836 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Andersons Inc/The  | 320336 | 25159189 |
| Chefs' Warehouse Inc/The (b) | 360117 | 27945079 |
| Grocery Outlet Holding Corp (b) | 936341 | 7406457 |
| HF Foods Group Inc (b) | 391018 | 754665 |
| Ingles Markets Inc Class A  | 144701 | 13235800 |
| Natural Grocers by Vitamin Cottage Inc  | 126675 | 3668508 |
| PriceSmart Inc  | 253804 | 39826925 |
| United Natural Foods Inc (b) | 592591 | 29641402 |
| Village Super Market Inc Class A  | 91377 | 3937435 |
| Weis Markets Inc  | 136169 | 9556340 |
|  |  | 161131800 |
| Food Products - 0.5% |  |  |
| Alico Inc  | 53342 | 2219561 |
| B&G Foods Inc (c) | 793526 | 4396134 |
| Beyond Meat Inc (b)(c) | 4154682 | 4088623 |
| BRC Inc Class A (b) | 918079 | 991525 |
| Cal-Maine Foods Inc  | 432282 | 33398108 |
| Calavo Growers Inc  | 167551 | 4718236 |
| Dole PLC  | 664486 | 10086897 |
| Fresh Del Monte Produce Inc  | 329880 | 13818673 |
| Hain Celestial Group Inc (b) | 889665 | 581129 |
| J & J Snack Foods Corp  | 150635 | 13295045 |
| John B Sanfilippo & Son Inc  | 76529 | 6259307 |
| Lifeway Foods Inc (b) | 50336 | 1351018 |
| Limoneira Co  | 163816 | 2085378 |
| Mama's Creations Inc (b) | 362150 | 5138909 |
| Marzetti Company/The  | 199097 | 25938357 |
| Mission Produce Inc (b)(c) | 420692 | 5830791 |
| Seneca Foods Corp Class A (b) | 46056 | 6441392 |
| Simply Good Foods Co/The (b) | 850629 | 11372910 |
| Tootsie Roll Industries Inc Class A  | 184005 | 7768691 |
| Utz Brands Inc Class A  | 732907 | 5833940 |
| Vital Farms Inc (b)(c) | 343951 | 4694931 |
| Westrock Coffee Co (b) | 360996 | 2126266 |
|  |  | 172435821 |
| Household Products - 0.3% |  |  |
| Central Garden & Pet Co (b) | 182822 | 6768070 |
| Central Garden & Pet Co Class A (b) | 379996 | 12752666 |
| Energizer Holdings Inc  | 623907 | 12216099 |
| Oil-Dri Corp of America  | 98370 | 7176092 |
| Spectrum Brands Holdings Inc  | 224543 | 18547252 |
| WD-40 Co  | 134844 | 28311846 |
|  |  | 85772025 |
| Personal Care Products - 0.2% |  |  |
| Edgewell Personal Care Co  | 445959 | 10056375 |
| FitLife Brands Inc (b)(c) | 37591 | 347716 |
| Herbalife Ltd (b) | 1011640 | 16793224 |
| Honest Co Inc/The (b)(c) | 929314 | 3252599 |
| Interparfums Inc  | 181512 | 16557525 |
| Lifevantage Corp (c) | 110592 | 558490 |
| Medifast Inc (b)(c) | 103400 | 1123958 |
| Nature's Sunshine Products Inc (b) | 163088 | 4429470 |
| Niagen Bioscience Inc (b) | 518349 | 2451791 |
| Nu Skin Enterprises Inc Class A  | 480416 | 3507037 |
| Olaplex Holdings Inc (b)(c) | 1390392 | 2822496 |
| SkinHealth Systems Inc Class A (b)(c) | 1126184 | 959171 |
| USANA Health Sciences Inc (b) | 105975 | 2018824 |
| Waldencast plc Class A (b)(c) | 460357 | 409717 |
|  |  | 65288393 |
| Tobacco - 0.1% |  |  |
| Ispire Technology Inc (b)(c) | 186410 | 257246 |
| Turning Point Brands Inc  | 181453 | 14639628 |
| Universal Corp/VA (c) | 239668 | 12841411 |
|  |  | 27738285 |
| TOTAL CONSUMER STAPLES |  | 555069160 |
| Energy - 5.6% |  |  |
| Energy Equipment & Services - 2.4% |  |  |
| Archrock Inc  | 1708747 | 66213946 |
| Atlas Energy Solutions Inc (c) | 769484 | 13373632 |
| Bristow Group Inc  | 280728 | 13792167 |
| Cactus Inc Class A  | 678417 | 37801395 |
| Core Laboratories Inc  | 464243 | 6801160 |
| DMC Global Inc (b) | 192043 | 1186826 |
| Energy Services of America Corp  | 117422 | 1996174 |
| Expro Group Holdings NV (b) | 810281 | 14755217 |
| Flowco Holdings Inc Class A  | 217719 | 5405963 |
| Forum Energy Technologies Inc (b) | 104944 | 6597829 |
| Helix Energy Solutions Group Inc (b) | 1374802 | 14229201 |
| Helmerich & Payne Inc  | 978825 | 39524954 |
| Innovex International Inc (b) | 383193 | 10641270 |
| Kodiak Gas Services Inc  | 826269 | 56021038 |
| Liberty Energy Inc Class A  | 1562951 | 52812114 |
| Mammoth Energy Services Inc (b) | 238494 | 682092 |
| Nabors Industries Ltd (b) | 139854 | 14350419 |
| National Energy Services Reunited Corp (b) | 665266 | 16591734 |
| Natural Gas Services Group Inc  | 99146 | 4034251 |
| Noble Corp PLC  | 1250766 | 63826589 |
| Oceaneering International Inc (b) | 977774 | 36705636 |
| Oil States International Inc (b) | 556439 | 6387920 |
| Patterson-UTI Energy Inc  | 3435801 | 41985488 |
| ProFrac Holding Corp Class A (b) | 284118 | 2142250 |
| ProPetro Holding Corp (b) | 969895 | 16614301 |
| Ranger Energy Services Inc Class A  | 214682 | 3748348 |
| RPC Inc  | 889023 | 7005501 |
| SEACOR Marine Holdings Inc (b)(c) | 213458 | 1622281 |
| Select Water Solutions Inc Class A  | 935403 | 15649292 |
| Solaris Energy Infrastructure Inc Class A  | 458042 | 33821821 |
| TETRA Technologies Inc (b) | 1255300 | 11950456 |
| Tidewater Inc (b) | 486786 | 43484593 |
| Transocean Ltd (b)(c) | 9186757 | 62653683 |
| Valaris Ltd (b) | 617584 | 62981216 |
|  |  | 787390757 |
| Oil, Gas & Consumable Fuels - 3.2% |  |  |
| California Resources Corp  | 724359 | 49444745 |
| Calumet Inc (b) | 680014 | 22250058 |
| Centrus Energy Corp Class A (b)(c) | 166749 | 35177369 |
| Clean Energy Fuels Corp (b) | 1701665 | 3913830 |
| CNX Resources Corp (b) | 1361773 | 52986587 |
| Comstock Resources Inc (b)(c) | 732872 | 12766630 |
| Core Natural Resources Inc  | 503968 | 45226088 |
| Crescent Energy Co Class A  | 2547545 | 34264480 |
| CVR Energy Inc (b) | 305501 | 10124303 |
| Delek US Holdings Inc  | 583336 | 27177624 |
| DHT Holdings Inc  | 1339838 | 24760206 |
| Diversified Energy Co  | 629423 | 10479893 |
| Dorian LPG Ltd  | 367057 | 14150047 |
| Empire Petroleum Corp (b)(c) | 151611 | 424511 |
| Energy Fuels Inc/Canada (United States) (b)(c) | 2324814 | 50308975 |
| Epsilon Energy Ltd (c) | 214218 | 1362426 |
| Evolution Petroleum Corp (c) | 333603 | 1601294 |
| Excelerate Energy Inc Class A  | 234550 | 8185795 |
| FutureFuel Corp  | 252725 | 1258571 |
| Gevo Inc (b)(c) | 2307058 | 4406481 |
| Granite Ridge Resources Inc  | 548484 | 3307359 |
| Green Plains Inc (b) | 677630 | 11777209 |
| Gulfport Energy Corp (b) | 157327 | 30291741 |
| HighPeak Energy Inc Class A (c) | 221828 | 1503994 |
| Infinity Natural Resources Inc Class A (b)(c) | 158349 | 2579505 |
| International Seaways Inc  | 398354 | 33043464 |
| Kinetik Holdings Inc Class A (c) | 461315 | 23314860 |
| Lightbridge Corp (b)(c) | 290096 | 3785753 |
| Magnolia Oil & Gas Corp Class A  | 1787786 | 54062649 |
| Murphy Oil Corp  | 1338174 | 55882146 |
| NACCO Industries Inc Class A  | 39487 | 1902484 |
| Navigator Holdings Ltd  | 282245 | 6152941 |
| New Fortress Energy Inc Class A (b)(c) | 1728159 | 1195540 |
| NextDecade Corp (b)(c) | 1729491 | 13541915 |
| NextNRG Inc (b)(c) | 409069 | 151478 |
| Nordic American Tankers Ltd (c) | 2035141 | 11356087 |
| Northern Oil & Gas Inc  | 951332 | 25838177 |
| OPAL Fuels Inc Class A (b) | 209396 | 452295 |
| Par Pacific Holdings Inc (b) | 488417 | 32074344 |
| PBF Energy Inc Class A  | 829457 | 35965256 |
| Peabody Energy Corp  | 1210793 | 32279741 |
| Prairie Operating Co (b)(c) | 336877 | 404252 |
| PrimeEnergy Resources Corp (b)(c) | 4923 | 1090888 |
| REX American Resources Corp (b) | 283570 | 13753145 |
| Riley Exploration Permian Inc  | 147437 | 5332796 |
| Sable Offshore Corp (b)(c) | 1231483 | 17671781 |
| SandRidge Energy Inc  | 312595 | 4860852 |
| SM Energy Co  | 2466286 | 76528856 |
| Summit Midstream Corp Class A (b) | 82890 | 2623469 |
| Talos Energy Inc (b) | 1253835 | 19961053 |
| Uranium Energy Corp (b)(c) | 4721861 | 70308511 |
| VAALCO Energy Inc  | 1027531 | 6750879 |
| Verde Clean Fuels Inc Class A (b)(c) | 40096 | 72574 |
| Vitesse Energy Inc (c) | 298848 | 5606388 |
| W&T Offshore Inc (c) | 979915 | 4125442 |
| World Kinect Corp (c) | 534642 | 14419295 |
| XCF Global Inc Class A (c) | 484771 | 193860 |
|  |  | 1034432892 |
| TOTAL ENERGY |  | 1821823649 |
| Financials - 15.8% |  |  |
| Banks - 9.0% |  |  |
| 1st Source Corp  | 181939 | 13377975 |
| ACNB Corp  | 101075 | 5123492 |
| Amalgamated Financial Corp  | 226859 | 9273996 |
| Amerant Bancorp Inc Class A  | 360444 | 8279399 |
| Ameris Bancorp  | 645160 | 54999890 |
| Ames National Corp  | 86005 | 2423621 |
| Arrow Financial Corp  | 162553 | 5990078 |
| Associated Banc-Corp  | 1650964 | 46491146 |
| Atlantic Union Bankshares Corp  | 1413583 | 53221400 |
| Avidbank Holdings Inc (b) | 24942 | 739280 |
| Axos Financial Inc (b) | 537256 | 51812969 |
| Banc of California Inc  | 1342004 | 25135735 |
| BancFirst Corp  | 206344 | 23030054 |
| Bancorp Inc/The (b) | 412483 | 24678858 |
| Bank First Corp  | 101736 | 14783258 |
| Bank of Hawaii Corp  | 390702 | 31064716 |
| Bank of Marin Bancorp  | 145956 | 3742312 |
| Bank7 Corp  | 41283 | 1772692 |
| BankUnited Inc  | 736126 | 34215136 |
| Bankwell Financial Group Inc  | 65739 | 3400021 |
| Banner Corp  | 333888 | 22340446 |
| Bar Harbor Bankshares  | 165034 | 5652415 |
| BayCom Corp  | 103439 | 3101101 |
| BCB Bancorp Inc  | 163789 | 1662458 |
| Beacon Financial Corp  | 825042 | 23538448 |
| Blue Ridge Bankshares Inc  | 643891 | 2208546 |
| Bridgewater Bancshares Inc (b) | 199915 | 3624459 |
| Burke & Herbert Financial Services Corp  | 134585 | 8655161 |
| Business First Bancshares Inc  | 310188 | 8492947 |
| BV Financial Inc (b) | 70435 | 1379117 |
| Byline Bancorp Inc  | 300783 | 9670173 |
| C&F Financial Corp  | 29927 | 2237043 |
| California BanCorp  | 217089 | 4057393 |
| Camden National Corp  | 167263 | 8057059 |
| Capital Bancorp Inc  | 112086 | 3529588 |
| Capital City Bank Group Inc  | 136805 | 6316287 |
| Capitol Federal Financial Inc  | 1229050 | 9439104 |
| Carter Bankshares Inc (b) | 213256 | 5459354 |
| Cathay General Bancorp  | 640816 | 35904920 |
| CB Financial Services Inc  | 45044 | 1584648 |
| Central Pacific Financial Corp  | 257571 | 8571963 |
| CF Bankshares Inc Class A  | 48233 | 1413227 |
| Chain Bridge Bancorp Inc Class A (b) | 20360 | 756577 |
| Chemung Financial Corp  | 40815 | 2710524 |
| ChoiceOne Financial Services Inc  | 143674 | 4314530 |
| Citizens & Northern Corp  | 173390 | 3828451 |
| Citizens Community Bancorp Inc/WI  | 84973 | 1763190 |
| Citizens Financial Services Inc  | 45285 | 2860201 |
| City Holding Co  | 138693 | 17053691 |
| Civista Bancshares Inc  | 202010 | 5023989 |
| CNB Financial Corp/PA  | 288470 | 8763719 |
| Coastal Financial Corp/WA Class A (b) | 127208 | 9619469 |
| CoastalSouth Bancshares Inc  | 87357 | 2231971 |
| Colony Bankcorp Inc  | 200402 | 3975976 |
| Columbia Financial Inc (b)(c) | 262282 | 5043683 |
| Commercial Bancgroup Inc  | 66402 | 1923002 |
| Community Financial System Inc  | 524506 | 33232700 |
| Community Trust Bancorp Inc  | 158723 | 10305884 |
| Community West Bancshares  | 223049 | 5290722 |
| Connectone Bancorp Inc  | 471623 | 13780824 |
| Customers Bancorp Inc (b) | 315994 | 24100862 |
| CVB Financial Corp  | 1664802 | 33912017 |
| Dime Community Bancshares Inc  | 395057 | 14178596 |
| Eagle Bancorp Inc  | 278212 | 7191780 |
| Eagle Bancorp Montana Inc  | 73829 | 1633097 |
| Eagle Financial Services Inc  | 44952 | 1693791 |
| Eastern Bankshares Inc  | 2153129 | 43557800 |
| ECB Bancorp Inc/MD (b) | 69450 | 1247322 |
| Enterprise Financial Services Corp  | 362869 | 20981086 |
| Equity Bancshares Inc Class A  | 167090 | 7575861 |
| Esquire Financial Holdings Inc  | 71439 | 7509668 |
| Farmers & Merchants Bancorp Inc/Archbold OH  | 127870 | 3424359 |
| Farmers National Banc Corp  | 550014 | 7738697 |
| FB Bancorp Inc (b) | 149642 | 2091995 |
| FB Financial Corp  | 436477 | 23600311 |
| Fidelity D&D Bancorp Inc  | 47501 | 2141820 |
| Financial Institutions Inc  | 195165 | 6649272 |
| Finward Bancorp  | 32282 | 1038835 |
| Finwise Bancorp (b)(c) | 86191 | 1340270 |
| First Bancorp Inc/The  | 109402 | 3113581 |
| First Bancorp/Southern Pines NC  | 398633 | 23017069 |
| First Bank/Hamilton NJ  | 209203 | 3104573 |
| First Busey Corp  | 840593 | 22023537 |
| First Business Financial Services Inc  | 77779 | 4371180 |
| First Capital Inc  | 32622 | 1764198 |
| First Commonwealth Financial Corp  | 1021559 | 18806901 |
| First Community Bankshares Inc  | 164053 | 6991939 |
| First Community Corp/SC  | 67221 | 1990414 |
| First Financial Bancorp  | 1030483 | 31203025 |
| First Financial Bankshares Inc  | 1330960 | 42950079 |
| First Financial Corp  | 113942 | 7482571 |
| First Internet Bancorp  | 76644 | 1756680 |
| First Interstate BancSystem Inc Class A  | 861669 | 30580633 |
| First Merchants Corp  | 618438 | 25009633 |
| First Mid Bancshares Inc  | 214905 | 9045351 |
| First National Corp/VA  | 74819 | 1999164 |
| First United Corp  | 58405 | 2170330 |
| First Western Financial Inc (b) | 79314 | 2245379 |
| Firstsun Capital Bancorp (b)(c) | 225324 | 7967457 |
| Five Star Bancorp  | 153417 | 6205718 |
| Flagstar Financial Inc  | 3001344 | 41928776 |
| Flushing Financial Corp  | 328396 | 5293744 |
| Franklin Financial Services Corp  | 41864 | 2359036 |
| FS Bancorp Inc  | 64453 | 2619370 |
| Fulton Financial Corp  | 1904449 | 41117054 |
| FVCBankcorp Inc  | 147849 | 2315315 |
| GBank Financial Holdings Inc (b)(c) | 89096 | 2623877 |
| German American Bancorp Inc  | 358792 | 15453171 |
| Glacier Bancorp Inc  | 1270788 | 62332151 |
| Great Southern Bancorp Inc  | 81036 | 5528276 |
| Greene County Bancorp Inc  | 68534 | 1648243 |
| Hancock Whitney Corp  | 827323 | 55852576 |
| Hanmi Financial Corp  | 296160 | 8858146 |
| Hanover Bancorp Inc  | 40411 | 958549 |
| Hawthorn Bancshares Inc  | 56644 | 1904371 |
| HBT Financial Inc  | 113779 | 3158505 |
| Heritage Financial Corp Wash  | 339786 | 9350911 |
| Hilltop Holdings Inc  | 429350 | 16173615 |
| Hingham Institution For Savings The  | 16547 | 4702657 |
| Home Bancorp Inc  | 66987 | 4165922 |
| Home BancShares Inc/AR  | 1864331 | 50094574 |
| HomeTrust Bancshares Inc  | 153753 | 7021900 |
| Hope Bancorp Inc  | 1235941 | 15387465 |
| Horizon Bancorp Inc/IN  | 496704 | 8990342 |
| Independent Bank Corp  | 493052 | 38453125 |
| Independent Bank Corp/MI  | 198859 | 6604107 |
| International Bancshares Corp  | 539069 | 38672810 |
| Investar Holding Corp  | 122968 | 3407443 |
| John Marshall Bancorp Inc  | 123782 | 2599422 |
| Kearny Financial Corp/MD  | 582026 | 4679489 |
| Lakeland Financial Corp  | 246352 | 14909223 |
| Landmark Bancorp Inc/Manhattan KS (c) | 46756 | 1239969 |
| LCNB Corp  | 138860 | 2250921 |
| LINKBANCORP Inc  | 215690 | 1874346 |
| Live Oak Bancshares Inc  | 349172 | 13128867 |
| MainStreet Bancshares Inc  | 66859 | 1565838 |
| Mechanics Bancorp Class A (c) | 483062 | 7132410 |
| Mercantile Bank Corp  | 166357 | 8535778 |
| Meridian Corp  | 90576 | 1704640 |
| Metrocity Bankshares Inc (c) | 219325 | 7016207 |
| Metropolitan Bank Holding Corp  | 87495 | 7730183 |
| Mid Penn Bancorp Inc  | 193177 | 6369046 |
| Midland States Bancorp Inc  | 203843 | 5301956 |
| MVB Financial Corp  | 110925 | 2898470 |
| National Bank Holdings Corp Class A  | 374608 | 15995762 |
| National Bankshares Inc VA  | 62573 | 2239801 |
| NB Bancorp Inc  | 391919 | 7693370 |
| Nbt Bancorp Inc  | 508352 | 22209899 |
| Nicolet Bankshares Inc  | 182507 | 26733625 |
| Northeast Bank  | 73258 | 9109632 |
| Northeast Community Bancorp Inc  | 124347 | 2983706 |
| Northfield Bancorp Inc  | 367670 | 5128997 |
| Northpointe Bancshares Inc  | 200876 | 3581619 |
| Northrim BanCorp Inc  | 216002 | 5298529 |
| Northwest Bancshares Inc  | 1456097 | 20137822 |
| Norwood Financial Corp  | 99078 | 2900013 |
| Oak Valley Bancorp  | 65874 | 2179112 |
| OceanFirst Financial Corp  | 561099 | 10700158 |
| Ohio Valley Banc Corp (c) | 36883 | 1641662 |
| Old National Bancorp/IN  | 3465155 | 83059765 |
| Old Second Bancorp Inc  | 493661 | 10174353 |
| OP Bancorp  | 117787 | 1689066 |
| Orange County Bancorp Inc  | 115100 | 3924910 |
| Origin Bancorp Inc  | 292453 | 13692649 |
| Orrstown Financial Services Inc  | 185230 | 6805350 |
| Park National Corp  | 146786 | 25275081 |
| Parke Bancorp Inc  | 94443 | 2843679 |
| Pathward Financial Inc  | 218247 | 18952569 |
| Patriot National Bancorp Inc (b) | 767418 | 940087 |
| PCB Bancorp  | 108654 | 2621821 |
| Peapack-Gladstone Financial Corp  | 157343 | 6569070 |
| Peoples Bancorp Inc/OH  | 349609 | 12026550 |
| Peoples Bancorp of North Carolina Inc  | 41018 | 1616930 |
| Peoples Financial Services Corp  | 93975 | 5352816 |
| Pioneer Bancorp Inc/NY (b) | 102374 | 1456782 |
| Plumas Bancorp  | 63951 | 3262141 |
| Ponce Financial Group Inc (b) | 185517 | 3239127 |
| Preferred Bank/Los Angeles CA  | 115846 | 10974092 |
| Primis Financial Corp  | 209501 | 3071285 |
| Princeton Bancorp Inc  | 52303 | 1870878 |
| Provident Financial Services Inc  | 1281040 | 29053987 |
| QCR Holdings Inc  | 159789 | 14448121 |
| RBB Bancorp  | 160945 | 3881993 |
| Red River Bancshares Inc  | 49582 | 4498575 |
| Renasant Corp  | 932428 | 37194553 |
| Republic Bancorp Inc/KY Class A  | 83125 | 6295056 |
| Rhinebeck Bancorp Inc (b)(c) | 42190 | 689384 |
| Richmond Mutual BanCorp Inc (c) | 81595 | 1290833 |
| Riverview Bancorp Inc  | 193693 | 1003330 |
| S&T Bancorp Inc  | 371211 | 16381541 |
| SB Financial Group Inc  | 56842 | 1184587 |
| Seacoast Banking Corp of Florida (c) | 959825 | 30205693 |
| ServisFirst Bancshares Inc  | 510567 | 40651345 |
| Shore Bancshares Inc  | 304328 | 5873530 |
| Sierra Bancorp  | 119329 | 4305390 |
| Simmons First National Corp Class A  | 1431126 | 30425739 |
| SmartFinancial Inc  | 147573 | 6189212 |
| Sound Financial Bancorp Inc  | 19764 | 813289 |
| South Plains Financial Inc  | 120626 | 4955316 |
| Southern First Bancshares Inc (b) | 75686 | 4261122 |
| Southern Missouri Bancorp Inc  | 94710 | 6463010 |
| Southside Bancshares Inc  | 288894 | 9542169 |
| SR Bancorp Inc  | 67125 | 1296184 |
| Stellar Bancorp Inc  | 456252 | 17136825 |
| Stock Yards Bancorp Inc  | 259827 | 18793287 |
| Texas Capital Bancshares Inc (b) | 432571 | 43559900 |
| Third Coast Bancshares Inc (b) | 125653 | 4691883 |
| Timberland Bancorp Inc/WA  | 73549 | 2933134 |
| Tompkins Financial Corp  | 134091 | 11299849 |
| Towne Bank/Portsmouth VA  | 851166 | 30267463 |
| TriCo Bancshares  | 300266 | 15094372 |
| Triumph Financial Inc (b) | 224295 | 15180286 |
| TrustCo Bank Corp NY  | 175486 | 8353134 |
| Trustmark Corp  | 544556 | 24161950 |
| UMB Financial Corp  | 718248 | 90621350 |
| Union Bankshares Inc/Morrisville VT  | 36745 | 907234 |
| United Bankshares Inc/WV  | 1386669 | 60749969 |
| United Community Bank/SC  | 1213516 | 40446488 |
| Unity Bancorp Inc  | 71367 | 3731067 |
| Univest Financial Corp  | 277874 | 10556433 |
| USCB Financial Holdings Inc  | 113941 | 2078284 |
| Valley National Bancorp  | 4805458 | 65210065 |
| Virginia National Bankshares Corp  | 47913 | 2021929 |
| WaFd Inc (c) | 755212 | 26734505 |
| Washington Trust Bancorp Inc  | 194219 | 6104303 |
| WesBanco Inc  | 942125 | 32390258 |
| West BanCorp Inc  | 152120 | 3643274 |
| Westamerica BanCorp  | 235729 | 12922664 |
| Western New England Bancorp Inc  | 174143 | 2429295 |
| WSFS Financial Corp  | 527456 | 37961008 |
|  |  | 2943087511 |
| Capital Markets - 1.6% |  |  |
| Acadian Asset Management Inc  | 263907 | 17774136 |
| AlTi Global Inc Class A (b) | 424807 | 1503817 |
| Artisan Partners Asset Management Inc Class A  | 626272 | 23447624 |
| Bakkt Inc Class A (b)(c) | 160412 | 1382751 |
| BGC Group Inc Class A  | 3578671 | 40188475 |
| Cohen & Steers Inc  | 274744 | 19311756 |
| DigitalBridge Group Inc Class A  | 1750241 | 27233750 |
| Donnelley Financial Solutions Inc (b) | 252317 | 12691545 |
| Fold Holdings Inc Class A (b)(c) | 53189 | 79252 |
| GCM Grosvenor Inc Class A  | 606083 | 6618426 |
| Innventure Inc (b)(c) | 512527 | 3336551 |
| MarketWise Inc Class A  | 19856 | 333978 |
| Miami International Holdings Inc  | 243059 | 11299813 |
| Moelis & Co Class A  | 735750 | 47912040 |
| Open Lending Corp (b)(c) | 991487 | 1745017 |
| Perella Weinberg Partners Class A  | 645130 | 14670256 |
| Piper Sandler Cos  | 691041 | 60258775 |
| PJT Partners Inc Class A  | 226634 | 34616077 |
| Ridgepost Capital Inc Class A (c) | 575966 | 4567410 |
| Siebert Financial Corp (b)(c) | 138905 | 243084 |
| Silvercrest Asset Management Group Inc Class A  | 70287 | 924274 |
| StepStone Group Inc Class A  | 690242 | 36513802 |
| StoneX Group Inc (b) | 726392 | 77019345 |
| Value Line Inc  | 8128 | 286024 |
| Victory Capital Holdings Inc Class A (c) | 445238 | 34955635 |
| Virtus Invt Partners Inc  | 64098 | 9329464 |
| Wealthfront Corp (b)(c) | 345156 | 3634493 |
| Westwood Holdings Group Inc  | 73141 | 1202438 |
| WisdomTree Inc  | 1221928 | 20772776 |
|  |  | 513852784 |
| Consumer Finance - 1.0% |  |  |
| Atlanticus Holdings Corp (b)(c) | 52481 | 4167516 |
| Bread Financial Holdings Inc  | 453225 | 38424416 |
| Consumer Portfolio Services Inc (b) | 89544 | 813060 |
| Dave Inc Class A (b) | 102549 | 27892303 |
| Encore Capital Group Inc (b) | 215092 | 17803165 |
| Enova International Inc (b) | 235448 | 39887246 |
| FirstCash Holdings Inc  | 391832 | 85505579 |
| Green Dot Corp Class A (b) | 534129 | 6703319 |
| Jefferson Capital Inc  | 221242 | 4588559 |
| LendingClub Corp (b) | 1132962 | 19339661 |
| Lendingtree Inc (b) | 110799 | 5494522 |
| Medallion Financial Corp  | 171605 | 1571902 |
| Navient Corp  | 678689 | 6271086 |
| Nelnet Inc Class A  | 127026 | 17999584 |
| NerdWallet Inc Class A (b) | 391877 | 4247947 |
| Oportun Financial Corp (b) | 399125 | 2430671 |
| OppFi Inc Class A (b) | 251605 | 2392764 |
| PRA Group Inc (b) | 383576 | 8358121 |
| PROG Holdings Inc  | 389859 | 13968648 |
| Regional Management Corp  | 90624 | 3384806 |
| Upstart Holdings Inc (b)(c) | 852726 | 26929087 |
| Vroom Inc (b) | 10998 | 164749 |
| World Acceptance Corp (b)(c) | 23380 | 3440601 |
|  |  | 341779312 |
| Financial Services - 1.7% |  |  |
| Acacia Research Corp (b)(c) | 332789 | 1690568 |
| Alerus Financial Corp  | 233714 | 6296255 |
| Better Home & Finance Holding Co Class A (b)(c) | 59004 | 2426835 |
| Burford Capital Ltd (United States) (c) | 1997919 | 9829761 |
| Cannae Holdings Inc (c) | 417956 | 5646586 |
| Cantaloupe Inc (b) | 538974 | 5885596 |
| Cass Information Systems Inc  | 115301 | 5452584 |
| Compass Diversified Holdings (b) | 664732 | 7850485 |
| Enact Holdings Inc  | 273734 | 11696654 |
| Essent Group Ltd  | 920311 | 55697222 |
| Federal Agricultural Mortgage Corp Class C  | 92282 | 16038612 |
| Finance of America Cos Inc Class A (b)(c) | 43227 | 853732 |
| Flywire Corp (b) | 1158341 | 15649187 |
| HA Sustainable Infrastructure Capital Inc  | 1236912 | 51888458 |
| International Money Express Inc (b) | 259378 | 4126704 |
| Jackson Financial Inc  | 669410 | 77497596 |
| loanDepot Inc Class A (b)(c) | 986441 | 1528983 |
| Marqeta Inc Class A (b) | 3536446 | 15348176 |
| Merchants Bancorp/IN (c) | 256583 | 11941373 |
| NCR Atleos Corp (b) | 722871 | 32081015 |
| NewtekOne Inc  | 252081 | 3269491 |
| NMI Holdings Inc (b) | 760067 | 29422194 |
| Onity Group Inc (b) | 69656 | 3204873 |
| Payoneer Global Inc (b) | 2752725 | 13708571 |
| Paysafe Ltd (b)(c) | 308763 | 2791218 |
| Paysign Inc (b) | 346925 | 2275828 |
| PennyMac Financial Services Inc  | 289334 | 26123967 |
| Priority Technology Holdings Inc (b)(c) | 273510 | 1416781 |
| Radian Group Inc  | 1342957 | 48118149 |
| Remitly Global Inc (b) | 1693665 | 37074327 |
| Repay Holdings Corp Class A (b) | 666061 | 2524371 |
| Security National Financial Corp Class A  | 156742 | 1536072 |
| Sezzle Inc (b)(c) | 160999 | 12815520 |
| Velocity Financial Inc (b) | 109636 | 2114878 |
| Walker & Dunlop Inc  | 327772 | 16503320 |
| Waterstone Financial Inc  | 151202 | 2724660 |
|  |  | 545050602 |
| Insurance - 1.7% |  |  |
| Abacus Global Management Inc Class A (c) | 401848 | 3817556 |
| American Coastal Insurance Corp  | 237118 | 2821704 |
| American Integrity Insurance Group Inc  | 119210 | 2336516 |
| Amerisafe Inc  | 190237 | 5764181 |
| Ategrity Specialty Holdings LLC (b) | 90475 | 1719025 |
| Baldwin Insurance Group Inc/The Class A (b)(c) | 946730 | 21509706 |
| Bowhead Specialty Holdings Inc (b) | 175346 | 4169728 |
| Citizens Inc/TX Class A (b)(c) | 447204 | 2414902 |
| CNO Financial Group Inc  | 931052 | 41385261 |
| Crawford & Co Class A  | 158747 | 1704943 |
| Donegal Group Inc Class A  | 171484 | 2884361 |
| eHealth Inc (b) | 292366 | 602274 |
| Employers Holdings Inc  | 222245 | 9360959 |
| Exzeo Group Inc  | 76784 | 1243901 |
| F&G Annuities & Life Inc  | 368997 | 10568074 |
| Genworth Financial Inc Class A (b) | 3903757 | 34314024 |
| GoHealth Inc Class A (b)(c) | 85964 | 97139 |
| Goosehead Insurance Inc Class A (b) | 234081 | 10484488 |
| Greenlight Capital Re Ltd Class A (b) | 256474 | 4698604 |
| HCI Group Inc  | 106805 | 16402044 |
| Heritage Insurance Holdings Inc (b) | 243747 | 7146662 |
| Hippo Holdings Inc (b) | 175905 | 4631579 |
| Horace Mann Educators Corp  | 403478 | 18334040 |
| Investors Title Co  | 14079 | 3333626 |
| James River Group Holdings Inc  | 367139 | 2276262 |
| Kingstone Cos Inc  | 106825 | 1780773 |
| Lemonade Inc (b)(c) | 611061 | 34610495 |
| MBIA Inc (b)(c) | 435132 | 2541171 |
| Mercury General Corp  | 266130 | 25897110 |
| NI Holdings Inc (b) | 59843 | 770778 |
| Octave Specialty Group Inc (b) | 380731 | 1686638 |
| Oscar Health Inc Class A (b)(c) | 2008249 | 37072277 |
| Palomar Hldgs Inc (b) | 260717 | 31385112 |
| ProAssurance Corp (b) | 497309 | 12283532 |
| Root Inc/OH Class A (b) | 121557 | 6622425 |
| Safety Insurance Group Inc  | 147986 | 11122628 |
| Selective Insurance Group Inc  | 595256 | 49971741 |
| Selectquote Inc (b) | 1393086 | 1281361 |
| SiriusPoint Ltd (b) | 1012419 | 23700729 |
| Skyward Specialty Insurance Group Inc (b) | 386784 | 17579333 |
| Slide Insurance Holdings Inc (b)(c) | 699251 | 13041031 |
| Stewart Information Services Corp  | 298077 | 20862409 |
| Tiptree Inc Class A  | 230985 | 3982181 |
| Trupanion Inc (b) | 366754 | 8798428 |
| United Fire Group Inc  | 208154 | 8392769 |
| Universal Insurance Holdings Inc  | 252111 | 9991159 |
|  |  | 537395639 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.8% |  |  |
| ACRES Commercial Realty Corp (b) | 59754 | 1260212 |
| Adamas Trust Inc  | 850916 | 7641226 |
| Angel Oak Mortgage REIT Inc  | 150408 | 1364201 |
| Apollo Commercial Real Estate Finance Inc  | 1380764 | 15105558 |
| Arbor Realty Trust Inc (c) | 1937224 | 15304070 |
| Ares Commercial Real Estate Corp (c) | 537592 | 2811606 |
| ARMOUR Residential REIT Inc  | 1123943 | 19713960 |
| Blackstone Mortgage Trust Inc Class A  | 1576259 | 29933158 |
| Brightspire Capital Inc Class A  | 1294948 | 7510698 |
| Chimera Investment Corp  | 820516 | 11282095 |
| Claros Mortgage Trust Inc (b) | 898907 | 2373114 |
| Dynex Capital Inc  | 1976232 | 26916280 |
| Ellington Financial Inc  | 1202574 | 15934106 |
| Franklin BSP Realty Trust Inc (c) | 828318 | 7537694 |
| Invesco Mortgage Capital Inc  | 775313 | 6303295 |
| Kkr Real Estate Finance Trust Inc  | 560126 | 3433572 |
| Ladder Capital Corp Class A  | 1130388 | 11620389 |
| Lument Finance Trust Inc (c) | 490851 | 584112 |
| MFA Financial Inc  | 1042915 | 10689879 |
| Nexpoint Real Estate Finance Inc  | 74160 | 1069387 |
| Orchid Island Capital Inc (c) | 1845102 | 12971067 |
| Pennymac Mortgage Investment Trust  | 872839 | 10631179 |
| Ready Capital Corp  | 1464808 | 2768487 |
| Redwood Trust Inc  | 1267936 | 7049724 |
| Rithm Property Trust Inc  | 71948 | 1046843 |
| Seven Hills Realty Trust  | 226304 | 1848904 |
| Sunrise Realty Trust Inc  | 116784 | 874712 |
| TPG Mortgage Investment Trust Inc  | 286715 | 2262181 |
| TPG RE Finance Trust Inc  | 727721 | 6156520 |
| Two Harbors Investment Corp  | 1037001 | 11998102 |
|  |  | 255996331 |
| TOTAL FINANCIALS |  | 5137162179 |
| Health Care - 15.8% |  |  |
| Biotechnology - 7.9% |  |  |
| 4D Molecular Therapeutics Inc (b)(c) | 437165 | 3877654 |
| Abeona Therapeutics Inc (b)(c) | 456619 | 2493140 |
| Absci Corp (b)(c) | 1350867 | 6720563 |
| ACADIA Pharmaceuticals Inc (b) | 1243611 | 27919067 |
| Actuate Therapeutics Inc (b)(c) | 92560 | 272126 |
| ADMA Biologics Inc (b) | 2292887 | 23502092 |
| Agios Pharmaceuticals Inc (b) | 558160 | 15628480 |
| Akebia Therapeutics Inc (b) | 2495596 | 3443922 |
| Aktis Oncology Inc (c) | 202787 | 3802256 |
| Aldeyra Therapeutics Inc (b) | 540285 | 821233 |
| Alector Inc (b) | 895883 | 2123243 |
| Alkermes PLC (b) | 1603828 | 54065042 |
| Allogene Therapeutics Inc (b)(c) | 1544912 | 3290663 |
| Altimmune Inc (b)(c) | 1291272 | 3357307 |
| AnaptysBio Inc (b) | 180344 | 11854011 |
| Anavex Life Sciences Corp (b) | 868094 | 2899434 |
| Anika Therapeutics Inc (b) | 121569 | 1513534 |
| Annexon Inc (b) | 1303584 | 7652038 |
| Apogee Therapeutics Inc (b) | 439935 | 36466212 |
| Arbutus Biopharma Corp (b)(c) | 1497115 | 6287883 |
| Arcturus Therapeutics Holdings Inc (b)(c) | 262490 | 2262664 |
| Arcus Biosciences Inc (b) | 829371 | 21148961 |
| Arcutis Biotherapeutics Inc (b) | 1087980 | 25262896 |
| Ardelyx Inc (b) | 2369749 | 15000511 |
| ArriVent Biopharma Inc (b)(c) | 319185 | 9923462 |
| Arrowhead Pharmaceuticals Inc (b)(c) | 1337855 | 98305586 |
| ARS Pharmaceuticals Inc (b)(c) | 583829 | 4822428 |
| Atrium Therapeutics Inc  | 119517 | 1526232 |
| aTyr Pharma Inc (b)(c) | 936184 | 755875 |
| Aura Biosciences Inc (b) | 443605 | 3127415 |
| Avita Medical Inc (b)(c) | 136048 | 587727 |
| Beam Therapeutics Inc (b)(c) | 945820 | 28686721 |
| Bicara Therapeutics Inc (b) | 311681 | 6726076 |
| BioCryst Pharmaceuticals Inc (b)(c) | 2234518 | 20468185 |
| Biohaven Ltd (b) | 1162343 | 11146869 |
| Bridgebio Pharma Inc (b) | 1568559 | 111540231 |
| Candel Therapeutics Inc (b)(c) | 450178 | 2782100 |
| Capricor Therapeutics Inc (b)(c) | 430988 | 14472577 |
| Cardiff Oncology Inc (b)(c) | 615345 | 1064547 |
| CareDx Inc (b) | 497974 | 10362839 |
| Cartesian Therapeutics Inc (b) | 103361 | 642905 |
| Cartesian Therapeutics Inc rights (b)(c)(d) | 1117119 | 323965 |
| Catalyst Pharmaceuticals Inc (b) | 1143620 | 32170031 |
| Celcuity Inc (b)(c) | 346884 | 42094373 |
| Celldex Therapeutics Inc (b) | 748605 | 24614132 |
| CG oncology Inc (b) | 584836 | 39031955 |
| Chinook Therapeutics Inc rights (b)(d) | 86210 | 1 |
| Cogent Biosciences Inc (b) | 1414885 | 50638734 |
| Coherus Oncology Inc (b)(c) | 1019138 | 1808970 |
| Compass Therapeutics Inc (b)(c) | 1273617 | 2254302 |
| Concentra Biosciences LLC rights (b)(d) | 29697 | 0 |
| Corvus Pharmaceuticals Inc (b)(c) | 637084 | 9677306 |
| Cullinan Therapeutics Inc (b) | 534094 | 6969927 |
| Cytokinetics Inc (b) | 1183484 | 75707471 |
| Denali Therapeutics Inc (b) | 1408655 | 26370022 |
| Design Therapeutics Inc (b) | 235792 | 3206771 |
| DiaMedica Therapeutics Inc (b)(c) | 339820 | 2055911 |
| Dianthus Therapeutics Inc (b)(c) | 354580 | 31132124 |
| Disc Medicine Inc (b) | 271626 | 17913735 |
| Dyne Therapeutics Inc (b) | 1317799 | 23127372 |
| Editas Medicine Inc (b)(c) | 970099 | 2910297 |
| Eledon Pharmaceuticals Inc (b)(c) | 740030 | 2693709 |
| Emergent BioSolutions Inc (b)(c) | 515731 | 4244466 |
| Enanta Pharmaceuticals Inc (b) | 268143 | 3724506 |
| Entrada Therapeutics Inc (b)(c) | 279933 | 3779096 |
| Erasca Inc (b) | 1876002 | 19979421 |
| Evommune Inc (c) | 103866 | 2472011 |
| Fate Therapeutics Inc (b) | 1076810 | 1346013 |
| First Tracks Biotherapeutics Inc  | 179625 | 4179874 |
| Foghorn Therapeutics Inc (b) | 340693 | 1618292 |
| Geron Corp (b) | 5395407 | 8308927 |
| Gossamer Bio Inc (b)(c) | 1865316 | 686063 |
| GRAIL Inc (b)(c) | 347797 | 18947981 |
| Greenwich Lifesciences Inc (b)(c) | 63414 | 1497839 |
| Gyre Therapeutics Inc (b)(c) | 115770 | 889114 |
| Heron Therapeutics Inc (b)(c) | 1507070 | 1808484 |
| Humacyte Inc Class A (b)(c) | 1585210 | 1334430 |
| Ideaya Biosciences Inc (b) | 837142 | 24360832 |
| ImmunityBio Inc (b)(c) | 2918078 | 20718354 |
| Immunome Inc (b) | 1010028 | 23170042 |
| Immunovant Inc (b)(c) | 805988 | 21878544 |
| Inhibikase Therapeutics Inc (b)(c) | 1056349 | 1996500 |
| Inhibrx Biosciences Inc (b)(c) | 89615 | 11579154 |
| Inmune Bio Inc (b)(c) | 211391 | 302289 |
| Intellia Therapeutics Inc (b)(c) | 1098502 | 14807807 |
| Iovance Biotherapeutics Inc (b)(c) | 3336576 | 11210895 |
| Ironwood Pharmaceuticals Inc Class A (b) | 1581187 | 6522396 |
| Jade Biosciences Inc (b) | 332934 | 8123590 |
| Janux Therapeutics Inc (b) | 423876 | 6091098 |
| KalVista Pharmaceuticals Inc (b)(c) | 379099 | 10106779 |
| Keros Therapeutics Inc (b)(c) | 290520 | 3230582 |
| Kodiak Sciences Inc (b) | 374223 | 16271216 |
| Korro Bio Inc (b)(c) | 65593 | 884850 |
| Krystal Biotech Inc (b) | 245080 | 64274681 |
| Kura Oncology Inc (b) | 795686 | 7025907 |
| Kymera Therapeutics Inc (b) | 567116 | 45976094 |
| Larimar Therapeutics Inc (b) | 467268 | 1897108 |
| Lexeo Therapeutics Inc (b)(c) | 654147 | 3725367 |
| Madrigal Pharmaceuticals Inc (b) | 169133 | 87507723 |
| MannKind Corp (b) | 3017437 | 8539347 |
| MapLight Therapeutics Inc (c) | 191612 | 6106674 |
| MeiraGTx Holdings plc (b)(c) | 446145 | 4113457 |
| MiMedx Group Inc (b) | 1164089 | 3911339 |
| Mineralys Therapeutics Inc (b) | 472257 | 12585649 |
| Mirum Pharmaceuticals Inc (b) | 416789 | 40557738 |
| Monopar Therapeutics Inc (b)(c) | 43683 | 2278068 |
| Monte Rosa Therapeutics Inc (b)(c) | 598567 | 11462558 |
| Myriad Genetics Inc (b) | 908377 | 4314791 |
| Neurogene Inc (b)(c) | 111880 | 2918949 |
| Nkarta Inc (b) | 460028 | 1274278 |
| Novavax Inc (b)(c) | 1482167 | 11746173 |
| Nurix Therapeutics Inc (b) | 1004939 | 16782481 |
| Nuvalent Inc Class A (b) | 494850 | 49623558 |
| Nuvectis Pharma Inc (b)(c) | 152026 | 1301343 |
| Olema Pharmaceuticals Inc (b) | 691170 | 9959760 |
| OmniAb Operations Inc (b)(c)(d) | 45323 | 21302 |
| OmniAb Operations Inc (b)(c)(d) | 45323 | 16316 |
| Oncternal Therapeutics Inc rights (b)(c)(d) | 4336 | 0 |
| Organogenesis Holdings Inc Class A (b) | 675548 | 1587538 |
| ORIC Pharmaceuticals Inc (b) | 654689 | 6468327 |
| Oruka Therapeutics Inc (b) | 381549 | 26101767 |
| Palvella Therapeutics Inc (b) | 76768 | 9850870 |
| Perspective Therapeutics Inc (b)(c) | 616076 | 2402696 |
| Praxis Precision Medicines Inc (b) | 255383 | 81423762 |
| Precigen Inc (b)(c) | 1781330 | 7410333 |
| Prime Medicine Inc (b)(c) | 1014920 | 3597891 |
| Protagonist Therapeutics Inc (b) | 575313 | 56938728 |
| Protalix BioTherapeutics Inc (b)(c) | 720043 | 1548092 |
| Protara Therapeutics Inc (b) | 507967 | 2707464 |
| PTC Therapeutics Inc (b) | 777790 | 50603017 |
| Puma Biotechnology Inc (b) | 425447 | 3195107 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 4533807 | 15686972 |
| REGENXBIO Inc (b) | 466877 | 4187887 |
| Relay Therapeutics Inc (b) | 1392969 | 18052878 |
| Replimune Group Inc (b) | 706926 | 1816800 |
| Rezolute Inc (b)(c) | 719607 | 2302742 |
| Rhythm Pharmaceuticals Inc (b) | 523363 | 42580814 |
| Rigel Pharmaceuticals Inc (b)(c) | 177697 | 5135443 |
| Rocket Pharmaceuticals Inc (b) | 838032 | 2916351 |
| Sana Biotechnology Inc (b)(c) | 1662266 | 5468855 |
| Savara Inc (b) | 1450070 | 7598367 |
| Scholar Rock Holding Corp (b)(c) | 863278 | 40237388 |
| SELLAS Life Sciences Group Inc (b)(c) | 1702182 | 8425801 |
| Sionna Therapeutics Inc (b)(c) | 160740 | 6220638 |
| Soleno Therapeutics Inc (b) | 498327 | 26321632 |
| Solid Biosciences Inc (b)(c) | 583532 | 4236442 |
| Spyre Therapeutics Inc (b) | 738371 | 54971721 |
| Stoke Therapeutics Inc (b) | 484478 | 15852120 |
| Syndax Pharmaceuticals Inc (b) | 850239 | 18220622 |
| Tango Therapeutics Inc (b) | 1098223 | 23743581 |
| Taysha Gene Therapies Inc (b) | 2184341 | 13957939 |
| Tectonic Therapeutic Inc (b)(c) | 108806 | 3043304 |
| Tevogen Bio Holdings Inc Class A (b)(c) | 5483 | 36407 |
| TG Therapeutics Inc (b)(c) | 1436092 | 48511188 |
| Tonix Pharmaceuticals Holding Corp (b)(c) | 134271 | 1736124 |
| Travere Therapeutics Inc (b) | 815533 | 34350250 |
| TriSalus Life Sciences Inc Class A (b)(c) | 274589 | 1186224 |
| Twist Bioscience Corp (b) | 599533 | 35042704 |
| Tyra Biosciences Inc (b) | 256044 | 8897529 |
| Upstream Bio Inc (b) | 325374 | 2986933 |
| UroGen Pharma Ltd (b) | 397579 | 9474308 |
| Vanda Pharmaceuticals Inc (b) | 551842 | 3918078 |
| Vaxcyte Inc (b) | 1228567 | 70323175 |
| Vera Therapeutics Inc Class A (b) | 611730 | 21783705 |
| Veracyte Inc (b) | 775014 | 25513461 |
| Verastem Inc (b) | 661143 | 3609841 |
| Vericel Corp (b) | 497913 | 17292518 |
| Vir Biotechnology Inc (b) | 923753 | 9436137 |
| Viridian Therapeutics Inc (b) | 803642 | 10833094 |
| Voyager Therapeutics Inc (b) | 457664 | 1707087 |
| Xencor Inc (b) | 696136 | 8304902 |
| XOMA Royalty Corp (b)(c) | 96132 | 3935644 |
| Zenas Biopharma Inc (b) | 232733 | 4496402 |
| Zymeworks Inc (b)(c) | 492553 | 13564910 |
|  |  | 2569054431 |
| Health Care Equipment & Supplies - 2.2% |  |  |
| Accuray Inc Del (b) | 979576 | 457363 |
| Acme United Corp  | 32792 | 1336602 |
| Alphatec Holdings Inc (b) | 1159090 | 11312718 |
| AngioDynamics Inc (b) | 371104 | 4059878 |
| Anteris Technologies Global Corp (b)(c) | 785732 | 4832252 |
| Artivion Inc (b) | 431630 | 15465303 |
| AtriCure Inc (b) | 478665 | 13455273 |
| Avanos Medical Inc (b) | 443058 | 10908088 |
| Axogen Inc (b) | 477584 | 20631629 |
| Beta Bionics Inc (b)(c) | 385124 | 3928265 |
| Bioventus Inc (b)(c) | 459974 | 4539943 |
| Butterfly Network Inc Class A (b)(c) | 1938799 | 9286847 |
| CapsoVision Inc (c) | 276670 | 1958824 |
| Carlsmed Inc  | 81627 | 725664 |
| Ceribell Inc (b) | 266939 | 5381490 |
| Cerus Corp (b) | 1827468 | 3709760 |
| ClearPoint Neuro Inc (b)(c) | 274673 | 3070844 |
| CONMED Corp  | 309183 | 11334649 |
| CVRx Inc (b)(c) | 158284 | 1188713 |
| Delcath Systems Inc (b)(c) | 297852 | 3091704 |
| Electromed Inc (b) | 66630 | 1713057 |
| Embecta Corp  | 594825 | 5442649 |
| Enovis Corp (b) | 565172 | 13247632 |
| Glaukos Corp (b) | 552956 | 79443189 |
| Haemonetics Corp (b) | 464282 | 27898705 |
| ICU Medical Inc (b) | 239099 | 28500601 |
| Inogen Inc (b) | 234303 | 1665894 |
| Integer Holdings Corp (b) | 340784 | 30162792 |
| Integra LifeSciences Holdings Corp (b)(c) | 660843 | 6965285 |
| iRadimed Corp  | 80135 | 6686464 |
| iRhythm Technologies Inc (b) | 315166 | 40706841 |
| Kestra Medical Technologies Ltd (b) | 265780 | 5506962 |
| KORU Medical Systems Inc (b) | 426018 | 1699812 |
| Lantheus Holdings Inc (b) | 646508 | 54707507 |
| LeMaitre Vascular Inc  | 206044 | 22613329 |
| LENSAR Inc (b) | 89805 | 469679 |
| LivaNova PLC (b) | 538741 | 32378334 |
| Lucid Diagnostics Inc (b)(c) | 875252 | 936520 |
| Merit Medical Systems Inc (b) | 577876 | 39399586 |
| Myomo Inc (b)(c) | 355459 | 305552 |
| Neogen Corp (b) | 2161780 | 20320732 |
| Neuronetics Inc (b)(c) | 370648 | 719057 |
| NeuroPace Inc (b) | 250571 | 4224627 |
| Novocure Ltd (b) | 1005801 | 15298233 |
| Omnicell Inc (b) | 441720 | 18296042 |
| OraSure Technologies Inc (b) | 682957 | 2076189 |
| Orthofix Medical Inc (b) | 383760 | 4513018 |
| OrthoPediatrics Corp (b) | 167534 | 2523062 |
| Outset Medical Inc (b) | 165792 | 707932 |
| Picard Medical Inc (b)(c) | 48330 | 21989 |
| Pro-Dex Inc (b)(c) | 20657 | 1035742 |
| Procept Biorobotics Corp (b)(c) | 527746 | 12687014 |
| Pulmonx Corp (b) | 367739 | 470706 |
| Pulse Biosciences Inc (b)(c) | 175704 | 3719654 |
| Pulse Biosciences Inc warrants 6/26/2030 (b)(c) | 17423 | 110255 |
| QuidelOrtho Corp (b) | 670920 | 8252316 |
| RxSight Inc (b)(c) | 386466 | 2732315 |
| Sanara Medtech Inc (b) | 30120 | 571979 |
| SANUWAVE Health Inc (b)(c) | 73013 | 1195223 |
| Shoulder Innovations Inc (c) | 102839 | 1315311 |
| SI-BONE Inc (b) | 380262 | 4711446 |
| Sight Sciences Inc (b) | 414249 | 1694278 |
| STAAR Surgical Co (b)(c) | 339786 | 8956759 |
| Stereotaxis Inc (b) | 605049 | 1131442 |
| Strive Inc Class A (b)(c) | 515858 | 7923579 |
| Tactile Systems Technology Inc (b) | 218391 | 5027361 |
| Tandem Diabetes Care Inc (b) | 670692 | 13095261 |
| TransMedics Group Inc (b)(c) | 332232 | 33485663 |
| Treace Medical Concepts Inc (b)(c) | 477233 | 863792 |
| UFP Technologies Inc (b)(c) | 74458 | 14268387 |
| Utah Medical Products Inc  | 29961 | 1960049 |
| Varex Imaging Corp (b) | 411189 | 4790352 |
|  |  | 729825964 |
| Health Care Providers & Services - 2.8% |  |  |
| Accendra Health Inc (b)(c) | 745661 | 2766402 |
| AdaptHealth Corp (b) | 1006339 | 13193104 |
| Addus HomeCare Corp (b) | 179605 | 17401928 |
| agilon health Inc (b) | 122243 | 3416692 |
| AirSculpt Technologies Inc (b)(c) | 117172 | 314021 |
| Alignment Healthcare Inc (b) | 1932726 | 43563644 |
| AMN Healthcare Services Inc (b) | 379394 | 7766195 |
| Ardent Health Inc (b) | 230350 | 2248216 |
| Astrana Health Inc (b) | 404091 | 13795667 |
| Aveanna Healthcare Holdings Inc (b) | 536291 | 3507343 |
| BrightSpring Health Services Inc (b) | 1276182 | 61218451 |
| Brookdale Senior Living Inc (b) | 2297137 | 32986887 |
| Castle Biosciences Inc (b) | 284415 | 6965323 |
| Clover Health Investments Corp Class A (b)(c) | 4040881 | 11112423 |
| Community Health Systems Inc (b)(c) | 1267680 | 3600211 |
| Concentra Group Holdings Parent Inc  | 1153200 | 25912404 |
| CorVel Corp (b) | 288022 | 16549744 |
| Cross Country Healthcare Inc (b)(c) | 309689 | 3134053 |
| DocGo Inc Class A (b)(c) | 888928 | 627316 |
| Enhabit Inc (b) | 488044 | 6705725 |
| Ensign Group Inc/The  | 555308 | 103670452 |
| Fulgent Genetics Inc (b) | 208413 | 3165793 |
| GeneDx Holdings Corp Class A (b) | 188246 | 11838791 |
| Guardant Health Inc (b) | 1228172 | 106949219 |
| Guardian Pharmacy Services Inc Class A (b)(c) | 223184 | 8280126 |
| HealthEquity Inc (b) | 833566 | 68377420 |
| Hims & Hers Health Inc Class A (b)(c) | 2028407 | 55111818 |
| Innovage Holding Corp (b) | 201102 | 1638981 |
| Joint Corp/The (b)(c) | 111845 | 992065 |
| LifeStance Health Group Inc (b) | 1642834 | 12436253 |
| Lumexa Imaging Holdings Inc (c) | 251227 | 2404242 |
| National HealthCare Corp  | 125757 | 21792431 |
| NeoGenomics Inc (b) | 1276462 | 11820038 |
| NRC Health Class A  | 118222 | 1945934 |
| Nutex Health Inc (b)(c) | 51016 | 6081107 |
| Omada Health Inc  | 329643 | 4806195 |
| Oncology Institute Inc/The (b)(c) | 788816 | 3044830 |
| OPKO Health Inc (b) | 3992085 | 4491096 |
| Option Care Health Inc (b) | 1579722 | 32115748 |
| PACS Group Inc (b) | 435667 | 14616628 |
| Pediatrix Medical Group Inc (b)(c) | 844883 | 19018316 |
| Pennant Group Inc/The (b) | 334625 | 10480455 |
| Privia Health Group Inc (b) | 1150728 | 28595591 |
| Progyny Inc (b) | 743480 | 13813858 |
| RadNet Inc (b)(c) | 675254 | 38185614 |
| SBC Medical Group Holdings Inc (b) | 113037 | 373022 |
| Select Medical Holdings Corp  | 1061393 | 17417459 |
| Sonida Senior Living Inc (b) | 52743 | 2002124 |
| Strata Critical Medical Inc (b)(c) | 686209 | 3444769 |
| Surgery Partners Inc (b)(c) | 765209 | 10735882 |
| Talkspace Inc Class A (b) | 1408015 | 7307598 |
| US Physical Therapy Inc  | 149507 | 10647889 |
| Viemed Healthcare Inc (b) | 329897 | 3285774 |
|  |  | 917673267 |
| Health Care Technology - 0.2% |  |  |
| Claritev Corp Class A (b)(c) | 91088 | 2216171 |
| Definitive Healthcare Corp Class A (b) | 289558 | 275977 |
| Evolent Health Inc Class A (b) | 1102918 | 4135943 |
| Health Catalyst Inc (b)(c) | 626641 | 783300 |
| HealthStream Inc  | 234105 | 4860020 |
| HeartFlow Inc (b) | 196991 | 5862452 |
| LifeMD Inc (b)(c) | 394129 | 1844523 |
| OptimizeRx Corp (b)(c) | 157586 | 981760 |
| Phreesia Inc (b) | 573095 | 5278205 |
| Schrodinger Inc/United States (b)(c) | 556037 | 6650203 |
| Simulations Plus Inc (b)(c) | 164898 | 2336605 |
| Teladoc Health Inc (b)(c) | 1756828 | 10646378 |
| TruBridge Inc (b)(c) | 92768 | 2384138 |
| Waystar Holding Corp (b) | 1088978 | 23276905 |
|  |  | 71532580 |
| Life Sciences Tools & Services - 0.4% |  |  |
| 10X Genomics Inc Class A (b) | 1112819 | 24537660 |
| Adaptive Biotechnologies Corp (b) | 1478435 | 20845934 |
| Alpha Teknova Inc (b) | 106968 | 379736 |
| Atlantic International Corp (b)(c) | 72103 | 107433 |
| Azenta Inc (b) | 404555 | 9939916 |
| BioLife Solutions Inc (b)(c) | 412482 | 8695121 |
| Codexis Inc (b)(c) | 883594 | 2491735 |
| CryoPort Inc (b) | 482907 | 4954626 |
| Cytek Biosciences Inc (b)(c) | 1163010 | 5303326 |
| Fortrea Holdings Inc (b) | 921698 | 10599527 |
| Ginkgo Bioworks Holdings Inc Class A (b)(c) | 422311 | 3572751 |
| Lifecore Biomedical Inc (b)(c) | 272700 | 1382589 |
| Maravai LifeSciences Holdings Inc Class A (b) | 1080805 | 3977362 |
| MaxCyte Inc (b) | 981722 | 863915 |
| Mesa Laboratories Inc  | 52019 | 5201900 |
| OmniAb Inc (b)(c) | 1087177 | 1511176 |
| Pacific Biosciences of California Inc (b)(c) | 2726159 | 4334593 |
| Personalis Inc (b)(c) | 498991 | 2754430 |
| Quanterix Corp (b) | 413142 | 1293134 |
| Quantum-Si Inc Class A (b)(c) | 1665771 | 1633455 |
| Standard BioTools Inc (b) | 2838687 | 2636289 |
|  |  | 117016608 |
| Pharmaceuticals - 2.3% |  |  |
| Aardvark Therapeutics Inc (b)(c) | 126767 | 688345 |
| Aclaris Therapeutics Inc (b) | 907983 | 3940646 |
| Alumis Inc (b)(c) | 678061 | 16741326 |
| Amneal Intermediate Inc Class A (b) | 1481924 | 19072362 |
| Amphastar Pharmaceuticals Inc (b) | 355615 | 7809305 |
| Amylyx Pharmaceuticals Inc (b) | 904346 | 14469536 |
| ANI Pharmaceuticals Inc (b) | 186960 | 14853972 |
| Aquestive Therapeutics Inc (b)(c) | 1006745 | 4127655 |
| Arvinas Inc (b) | 550576 | 5450702 |
| Atea Pharmaceuticals Inc (b) | 690750 | 3806033 |
| Axsome Therapeutics Inc (b) | 409701 | 85115384 |
| BioAge Labs Inc (b) | 298933 | 5037021 |
| Biote Corp Class A (b)(c) | 290231 | 644313 |
| Collegium Pharmaceutical Inc (b) | 310234 | 10464193 |
| CorMedix Inc (b)(c) | 736263 | 5588236 |
| Crinetics Pharmaceuticals Inc (b) | 966716 | 37489246 |
| Definium Therapeutics Inc (b) | 974034 | 21311864 |
| Edgewise Therapeutics Inc (b)(c) | 667777 | 20674376 |
| Enliven Therapeutics Inc (b) | 389406 | 16055209 |
| Esperion Therapeutics Inc (b) | 2376560 | 4753120 |
| Eton Pharmaceuticals Inc (b) | 253352 | 6110850 |
| Evolus Inc (b)(c) | 555170 | 2992366 |
| EyePoint Inc (b) | 767150 | 10126380 |
| Fulcrum Therapeutics Inc (b) | 592869 | 4227156 |
| Harmony Biosciences Holdings Inc (b) | 432608 | 13523326 |
| Harrow Inc (b)(c) | 311950 | 12643334 |
| Indivior Pharmaceuticals Inc  | 1198999 | 44099183 |
| Innoviva Inc (b) | 740669 | 17027980 |
| Journey Medical Corp (b)(c) | 204122 | 1051228 |
| LB Pharmaceuticals Inc (c) | 190851 | 6051885 |
| LENZ Therapeutics Inc (b)(c) | 198240 | 1780195 |
| Ligand Pharmaceuticals Inc (b) | 191669 | 43978452 |
| Liquidia Corp (b) | 647585 | 25391808 |
| Maze Therapeutics Inc (b) | 261630 | 6954125 |
| MBX Biosciences Inc (b) | 281973 | 8521224 |
| Novartis AG rights (b)(d) | 526013 | 7 |
| Nuvation Bio Inc Class A (b)(c) | 2384931 | 10612943 |
| Ocular Therapeutix Inc (b) | 1860077 | 17428921 |
| Omeros Corp (b)(c) | 678685 | 9908801 |
| Pacira BioSciences Inc (b)(c) | 404370 | 10307391 |
| Phathom Pharmaceuticals Inc (b)(c) | 457299 | 5121749 |
| Phibro Animal Health Corp Class A  | 202165 | 10751135 |
| Prestige Consumer Healthcare Inc (b) | 474721 | 26736287 |
| Rapport Therapeutics Inc (b) | 290960 | 9639505 |
| Septerna Inc (b) | 211758 | 5031370 |
| SIGA Technologies Inc  | 408140 | 1877444 |
| Supernus Pharmaceuticals Inc (b) | 545782 | 26197536 |
| Tarsus Pharmaceuticals Inc (b) | 391131 | 24879843 |
| Terns Pharmaceuticals Inc (b) | 947695 | 50161497 |
| Theravance Biopharma Inc (b) | 380142 | 6363577 |
| Third Harmonic Bio Inc (b)(c)(d) | 250248 | 3 |
| Trevi Therapeutics Inc (b) | 945833 | 13014662 |
| Tvardi Therapeutics Inc (b)(c) | 59048 | 186001 |
| WaVe Life Sciences Ltd (b) | 1382798 | 9762554 |
| Xeris Biopharma Holdings Inc (b)(c) | 1571138 | 9623220 |
| Zevra Therapeutics Inc (b) | 550570 | 5599297 |
|  |  | 755776079 |
| TOTAL HEALTH CARE |  | 5160878929 |
| Industrials - 19.1% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| AAR Corp (b) | 386938 | 42706347 |
| AeroVironment Inc (b)(c) | 374263 | 72988770 |
| AerSale Corp (b) | 352505 | 2368834 |
| AIRO Group Holdings Inc (b)(c) | 205134 | 1567223 |
| Archer Aviation Inc Class A (b)(c) | 6021682 | 34564455 |
| Astronics Corp (b) | 308763 | 22045678 |
| Beta Technologies Inc Class A (b)(c) | 330062 | 5257888 |
| Byrna Technologies Inc (b)(c) | 179011 | 1047213 |
| Cadre Holdings Inc  | 281895 | 8358187 |
| Ducommun Inc (b) | 136188 | 19329163 |
| Eve Holding Inc Class A (b)(c) | 944168 | 2719204 |
| Firefly Aerospace Inc (b)(c) | 231411 | 8006821 |
| Intuitive Machines Inc Class A (b)(c) | 1099305 | 27867382 |
| Kratos Defense & Security Solutions Inc (b) | 1789823 | 112848340 |
| Mercury Systems Inc (b) | 538258 | 42473939 |
| Moog Inc Class A  | 278220 | 83830468 |
| National Presto Industries Inc  | 51431 | 7192111 |
| Park Aerospace Corp  | 180774 | 6121008 |
| Red Cat Holdings Inc (b)(c) | 1024996 | 12012953 |
| Redwire Corp Class A (b)(c) | 1050398 | 9653158 |
| Satellogic Inc Class A (b)(c) | 823657 | 5320824 |
| V2X Inc (b) | 261820 | 17754014 |
| Voyager Technologies Inc Class A (c) | 474555 | 12532998 |
| VSE Corp  | 266148 | 45692289 |
| York Space Systems Inc (c) | 176096 | 5839343 |
|  |  | 610098610 |
| Air Freight & Logistics - 0.1% |  |  |
| Arrive AI Inc (c) | 43053 | 30124 |
| Forward Air Corp Class A (b)(c) | 214536 | 4518128 |
| Hub Group Inc Class A  | 592524 | 25970327 |
| Radiant Logistics Inc (b) | 358139 | 3011949 |
|  |  | 33530528 |
| Building Products - 1.6% |  |  |
| American Woodmark Corp (b) | 142347 | 6217717 |
| Apogee Enterprises Inc  | 210985 | 7679854 |
| AZZ Inc  | 293413 | 41969796 |
| CSW Industrials Inc  | 158221 | 46073955 |
| Gibraltar Industries Inc (b) | 295859 | 11547377 |
| Griffon Corp  | 378358 | 34494899 |
| Insteel Industries Inc  | 185426 | 4854453 |
| Janus International Group Inc (b) | 1340906 | 6972711 |
| JELD-WEN Holding Inc (b) | 839001 | 1149430 |
| Masterbrand Inc (b)(c) | 1256998 | 11287842 |
| Modine Manufacturing Co (b) | 518538 | 132035331 |
| Quanex Building Products Corp  | 456321 | 9099041 |
| Resideo Technologies Inc (b) | 1277134 | 52835034 |
| Tecnoglass Inc  | 268767 | 11578482 |
| UFP Industries Inc  | 575731 | 51522167 |
| Zurn Elkay Water Solutions Corp  | 1485357 | 77179150 |
|  |  | 506497239 |
| Commercial Services & Supplies - 1.3% |  |  |
| ABM Industries Inc  | 593298 | 24206558 |
| ACCO Brands Corp  | 920981 | 2956349 |
| ACV Auctions Inc Class A (b) | 1660301 | 8616962 |
| BrightView Holdings Inc (b) | 697829 | 8304165 |
| Brink's Co/The  | 410978 | 43871902 |
| Casella Waste Systems Inc Class A (b) | 621519 | 49255382 |
| CompX International Inc Class A  | 16331 | 380022 |
| CoreCivic Inc (b) | 1019661 | 20862264 |
| Deluxe Corp  | 438316 | 13653543 |
| Ennis Inc  | 241235 | 5036987 |
| Enviri Corp (b) | 747327 | 14714869 |
| GEO Group Inc/The (b) | 1317738 | 24391330 |
| Healthcare Services Group Inc (b) | 696387 | 14909646 |
| HNI Corp  | 696611 | 25454166 |
| Interface Inc  | 571721 | 15939581 |
| Liquidity Services Inc (b) | 229268 | 8173404 |
| MillerKnoll Inc  | 679426 | 10925170 |
| Mobile Infrastructure Corp Class A (b)(c) | 129612 | 238486 |
| Montrose Environmental Group Inc (b) | 326426 | 6871267 |
| NL Industries Inc  | 94831 | 568986 |
| OPENLANE Inc (b) | 1039002 | 32666223 |
| Perma-Fix Environmental Services Inc (b)(c) | 171379 | 2169658 |
| Pitney Bowes Inc (c) | 1595855 | 24671918 |
| Quad/Graphics Inc Class A  | 275236 | 2047756 |
| UniFirst Corp/MA  | 144771 | 36990438 |
| Vestis Corp (b)(c) | 905836 | 8804726 |
| Virco Mfg. Corp  | 110163 | 667588 |
|  |  | 407349346 |
| Construction & Engineering - 3.1% |  |  |
| Ameresco Inc Class A (b) | 317621 | 9398405 |
| Arcosa Inc  | 480052 | 60712176 |
| Argan Inc  | 132843 | 89002153 |
| Bowman Consulting Group Ltd (b) | 138755 | 4379108 |
| Cardinal Infrastructure Group Inc Class A  | 126734 | 6720704 |
| Centuri Holdings Inc (b) | 871024 | 32750502 |
| Concrete Pumping Holdings Inc (b) | 211653 | 1676292 |
| Construction Partners Inc Class A (b) | 471842 | 58347982 |
| Dycom Industries Inc (b) | 288724 | 119560608 |
| Fluor Corp (b) | 1593371 | 85006343 |
| Granite Construction Inc  | 432365 | 59264271 |
| IES Holdings Inc (b) | 89436 | 57603939 |
| Legence Corp Class A  | 505980 | 44000021 |
| Limbach Holdings Inc (b) | 104967 | 10472558 |
| Matrix Service Co (b) | 267285 | 3613693 |
| MYR Group Inc (b) | 152546 | 61752146 |
| NWPX Infrastructure Inc (b) | 93411 | 9186038 |
| Orion Group Holdings Inc (b) | 372802 | 5077563 |
| Primoris Services Corp  | 535390 | 96985899 |
| Southland Holdings Inc (b) | 125940 | 134756 |
| Sterling Infrastructure Inc (b) | 295241 | 152232164 |
| Tutor Perini Corp  | 440341 | 40916486 |
|  |  | 1008793807 |
| Electrical Equipment - 4.0% |  |  |
| Allient Inc  | 142340 | 10843461 |
| American Superconductor Corp (b) | 455973 | 24412794 |
| Amprius Technologies Inc (b) | 1139007 | 23987487 |
| Array Technologies Inc (b)(c) | 1502872 | 11632229 |
| Atkore Inc  | 333414 | 26056304 |
| Bloom Energy Corp Class A (b) | 2163018 | 612912781 |
| EnerSys  | 363721 | 77567140 |
| Enovix Corp Class B (b)(c) | 1907207 | 12721071 |
| Eos Energy Enterprises Inc (b)(c) | 3053577 | 20458966 |
| Fluence Energy Inc Class A (b)(c) | 707033 | 8611662 |
| Hyliion Holdings Corp Class A (b) | 1219352 | 2328962 |
| KULR Technology Group Inc (b)(c) | 422790 | 1090798 |
| LSI Industries Inc  | 272831 | 6632522 |
| NANO Nuclear Energy Inc (b)(c) | 396559 | 9271549 |
| Net Power Inc Class A (b)(c) | 384981 | 735314 |
| Nextpower Inc Class A (b) | 1443675 | 171985004 |
| NuScale Power Corp Class A (b)(c) | 1575498 | 19630705 |
| Plug Power Inc (b)(c) | 13100079 | 41003247 |
| Powell Industries Inc (c) | 283433 | 78587468 |
| Power Solutions International Inc (b)(c) | 84748 | 6209486 |
| Preformed Line Products Co  | 25496 | 8471046 |
| Shoals Technologies Group Inc (b) | 1664175 | 13213550 |
| SKYX Platforms Corp (b) | 880639 | 951090 |
| SunPower Inc Class A (b)(c) | 800378 | 662553 |
| Sunrun Inc (b) | 2247576 | 28611642 |
| Thermon Group Holdings Inc (b) | 320954 | 19414507 |
| Vicor Corp (b) | 227503 | 61259733 |
|  |  | 1299263071 |
| Ground Transportation - 0.4% |  |  |
| ArcBest Corp  | 221761 | 28290051 |
| Covenant Logistics Group Inc Class A  | 149345 | 5206167 |
| Ftai Infrastructure Inc (c) | 1080841 | 6641768 |
| Heartland Express Inc  | 431482 | 5773229 |
| Hertz Global Holdings Inc (b)(c) | 1180403 | 7507363 |
| Marten Transport Ltd  | 577198 | 8704146 |
| PAMT CORP (b)(c) | 51857 | 523756 |
| Proficient Auto Logistics Inc (b) | 238740 | 1754739 |
| RXO Inc (b)(c) | 1608509 | 32121925 |
| Universal Logistics Holdings Inc  | 67606 | 1627952 |
| Werner Enterprises Inc  | 574143 | 21168652 |
|  |  | 119319748 |
| Machinery - 3.7% |  |  |
| 3D Systems Corp (b)(c) | 1408746 | 3465515 |
| AirJoule Technologies Corp Class A (b)(c) | 311833 | 960445 |
| Alamo Group Inc  | 102490 | 17775866 |
| Albany International Corp Class A  | 284690 | 16523408 |
| Alliance Laundry Holdings Inc (c) | 431982 | 10959383 |
| Astec Industries Inc  | 226859 | 14750372 |
| Atmus Filtration Technologies Inc  | 813817 | 51595998 |
| Blue Bird Corp (b) | 313347 | 20088676 |
| CECO Environmental Corp (b) | 291614 | 21620262 |
| Chart Industries Inc (b) | 446568 | 92841487 |
| Columbus McKinnon Corp/NY  | 282952 | 4371608 |
| Douglas Dynamics Inc  | 224830 | 10371408 |
| Eastern Co/The  | 57895 | 1265584 |
| Energy Recovery Inc (b) | 513165 | 5680737 |
| Enerpac Tool Group Corp Class A  | 525006 | 18427711 |
| Enpro Inc  | 209137 | 60973892 |
| ESCO Technologies Inc  | 257187 | 83315729 |
| Federal Signal Corp  | 594104 | 73152026 |
| Franklin Electric Co Inc  | 384097 | 38482678 |
| Gencor Industries Inc (b) | 102848 | 1530377 |
| Gorman-Rupp Co/The  | 207522 | 15717716 |
| Graham Corp (b) | 102991 | 9804743 |
| Greenbrier Cos Inc/The  | 299868 | 14729516 |
| Helios Technologies Inc  | 328046 | 22438346 |
| Hillman Solutions Corp (b) | 1957863 | 15976162 |
| Hyster-Yale Inc Class A  | 122559 | 4837404 |
| JBT Marel Corp  | 516637 | 61014830 |
| Kadant Inc  | 116616 | 34183648 |
| Kennametal Inc  | 754529 | 29207818 |
| L B Foster Co Class A (b) | 96929 | 2966997 |
| Lindsay Corp  | 104040 | 11649359 |
| Manitowoc Co Inc/The (b) | 341591 | 4642222 |
| Mayville Engineering Co Inc (b) | 129655 | 2957431 |
| Microvast Holdings Inc (b) | 1973518 | 3808890 |
| Miller Industries Inc/TN  | 109628 | 5261048 |
| Mueller Water Products Inc Class A1  | 1542043 | 43007579 |
| Omega Flex Inc  | 38377 | 1209642 |
| Palladyne AI Corp Class A (b)(c) | 301445 | 1835800 |
| Park-Ohio Holdings Corp  | 97180 | 2813361 |
| Proto Labs Inc (b) | 235050 | 15233591 |
| Richtech Robotics Inc Class B (b)(c) | 1681367 | 4136163 |
| SPX Technologies Inc (b) | 477078 | 104437145 |
| Standex International Corp  | 118902 | 32460246 |
| Tennant CO  | 179351 | 14893307 |
| Terex Corp  | 1109193 | 68991805 |
| Titan International Inc (b) | 483708 | 3685855 |
| Trinity Industries Inc  | 796547 | 25975398 |
| Wabash National Corp  | 399015 | 3467440 |
| Watts Water Technologies Inc Class A  | 271610 | 81526458 |
| Worthington Enterprises Inc  | 311722 | 16917153 |
|  |  | 1207940235 |
| Marine Transportation - 0.2% |  |  |
| Genco Shipping & Trading Ltd  | 314890 | 7632934 |
| Matson Inc  | 304884 | 53180916 |
| Pangaea Logistics Solutions Ltd  | 296411 | 2270508 |
|  |  | 63084358 |
| Passenger Airlines - 0.4% |  |  |
| Allegiant Travel Co (b)(c) | 143047 | 10820075 |
| flyExclusive Inc Class A (b)(c) | 85785 | 181006 |
| Frontier Group Holdings Inc (b)(c) | 562209 | 2040819 |
| JetBlue Airways Corp (b)(c) | 2934377 | 13659525 |
| Joby Aviation Inc Class A (b)(c) | 5795264 | 53258476 |
| SkyWest Inc (b) | 400340 | 32875921 |
| Sun Country Airlines Holdings Inc (b) | 506442 | 8001784 |
|  |  | 120837606 |
| Professional Services - 1.4% |  |  |
| Alight Inc Class A  | 4642956 | 3841582 |
| Asure Software Inc (b)(c) | 232662 | 2105591 |
| Barrett Business Services Inc  | 246159 | 7761393 |
| BlackSky Technology Inc Class A (b)(c) | 314729 | 11166585 |
| Cbiz Inc (b) | 488900 | 14911450 |
| Conduent Inc (b) | 1381979 | 2363184 |
| CRA International Inc  | 63290 | 9966276 |
| CSG Systems International Inc  | 272321 | 21897332 |
| Exponent Inc  | 494270 | 33061720 |
| Falcon's Beyond Global Inc Class A (b)(c) | 172732 | 2922625 |
| First Advantage Corp (b)(c) | 783154 | 9993045 |
| Forrester Research Inc (b) | 109003 | 685629 |
| Franklin Covey Co (b)(c) | 97369 | 2064223 |
| HireQuest Inc (c) | 55811 | 645733 |
| Huron Consulting Group Inc (b) | 168400 | 22003986 |
| IBEX Holdings Ltd (b) | 97835 | 2714921 |
| ICF International Inc  | 182075 | 13047495 |
| Innodata Inc (b)(c) | 304251 | 12848520 |
| Insperity Inc  | 358641 | 12756860 |
| Kelly Services Inc Class A  | 305409 | 2980792 |
| Kforce Inc  | 175054 | 7914191 |
| Korn Ferry  | 519938 | 34544681 |
| Legalzoom.com Inc (b) | 1232102 | 7947058 |
| Maximus Inc  | 540123 | 35442872 |
| Mistras Group Inc (b) | 107227 | 2024446 |
| Planet Labs PBC Class A (b) | 2680372 | 99093354 |
| Public Policy Holding Co Inc (United States) (c)(e) | 41197 | 577582 |
| Rcm Technologies Inc (b) | 48280 | 1510681 |
| Resolute Holdings Management Inc (b)(c) | 42016 | 5717957 |
| Resources Connection Inc (c) | 315361 | 1337131 |
| Skillsoft Corp Class A (b)(c) | 50345 | 388663 |
| Spire Global Inc Class A (b)(c) | 290604 | 5181469 |
| TIC Solutions Inc (b) | 2000820 | 18287495 |
| TriNet Group Inc  | 296330 | 13565987 |
| TrueBlue Inc (b) | 281455 | 1545188 |
| TTEC Holdings Inc (b)(c) | 198282 | 577001 |
| Upwork Inc (b)(c) | 1218141 | 12607759 |
| Verra Mobility Corp Class A (b) | 1575933 | 23371086 |
| Willdan Group Inc (b) | 139139 | 10574564 |
|  |  | 471948107 |
| Trading Companies & Distributors - 1.0% |  |  |
| Alta Equipment Group Inc Class A  | 190377 | 1475422 |
| BlueLinx Holdings Inc (b) | 75765 | 4012514 |
| Boise Cascade Co  | 367822 | 29157250 |
| Custom Truck One Source Inc Class A (b) | 591887 | 5830087 |
| Distribution Solutions Group Inc (b) | 95617 | 2587396 |
| DNOW Inc (b) | 1837565 | 24788752 |
| DXP Enterprises Inc/TX (b) | 128471 | 21936423 |
| EVI Industries Inc  | 67520 | 1253846 |
| GATX Corp  | 354441 | 69442082 |
| Global Industrial Co  | 142167 | 4707149 |
| Herc Holdings Inc  | 323387 | 41044278 |
| Hudson Technologies Inc (b) | 377982 | 2366167 |
| Karat Packaging Inc  | 87173 | 2500993 |
| McGrath RentCorp  | 242729 | 26833691 |
| NPK International Inc (b) | 809812 | 13240426 |
| Rush Enterprises Inc Class A  | 641157 | 47464853 |
| Rush Enterprises Inc Class B  | 49850 | 3632071 |
| Titan Machinery Inc (b) | 207373 | 4336169 |
| Transcat Inc (b)(c) | 90657 | 6898998 |
| Willis Lease Finance Corp  | 27717 | 5381256 |
| Xometry Inc Class A (b) | 435004 | 22302655 |
|  |  | 341192478 |
| Transportation Infrastructure - 0.0% |  |  |
| Sky Harbour Group Corp Class A (b)(c) | 208309 | 2201826 |
| TOTAL INDUSTRIALS |  | 6192056959 |
| Information Technology - 15.1% |  |  |
| Communications Equipment - 1.5% |  |  |
| ADTRAN Holdings Inc (b) | 734679 | 12996472 |
| Applied Optoelectronics Inc (b)(c) | 653735 | 107447885 |
| Aviat Networks Inc (b) | 115916 | 2657954 |
| BK Technologies Corp (b) | 28214 | 2718701 |
| Calix Inc (b) | 596292 | 25974480 |
| Clearfield Inc (b)(c) | 113858 | 3289358 |
| Digi International Inc (b) | 367053 | 20569650 |
| Extreme Networks Inc (b) | 1317900 | 29112411 |
| Harmonic Inc (b) | 1096778 | 12536173 |
| Inseego Corp (b)(c) | 131320 | 2393963 |
| Netgear Inc (b) | 270236 | 6828864 |
| NetScout Systems Inc (b) | 691013 | 23287138 |
| Ribbon Communications Inc (b) | 927478 | 2448541 |
| Viasat Inc (b) | 1222835 | 80597055 |
| Viavi Solutions Inc (b) | 2281346 | 119542530 |
| Vistance Networks Inc  | 2156305 | 27589922 |
|  |  | 479991097 |
| Electronic Equipment, Instruments & Components - 3.4% |  |  |
| 908 Devices Inc (b)(c) | 274280 | 1873332 |
| Advanced Energy Industries Inc  | 372951 | 143179618 |
| Aeva Technologies Inc (b)(c) | 395309 | 6320991 |
| Arlo Technologies Inc (b) | 1004227 | 14109389 |
| Badger Meter Inc  | 293533 | 35491075 |
| Bel Fuse Inc Class A  | 14130 | 3439949 |
| Bel Fuse Inc Class B  | 104429 | 28805695 |
| Belden Inc  | 387006 | 43530435 |
| Benchmark Electronics Inc  | 349233 | 28654568 |
| Climb Global Solutions Inc  | 153541 | 2561064 |
| CTS Corp  | 284098 | 16221996 |
| Daktronics Inc (b) | 391503 | 7696949 |
| ePlus Inc  | 260831 | 22089777 |
| Evolv Technologies Holdings Inc Class A (b) | 1536472 | 11062598 |
| Frequency Electronics Inc (b)(c) | 65817 | 3301381 |
| Insight Enterprises Inc (b) | 289176 | 21080930 |
| Itron Inc (b) | 449230 | 37645474 |
| Kimball Electronics Inc (b) | 239942 | 6480833 |
| Knowles Corp (b) | 842505 | 26277731 |
| M-Tron Industries Inc (b)(c) | 37574 | 2509192 |
| Methode Electronics Inc  | 333144 | 2671815 |
| MicroVision Inc (b)(c) | 2989828 | 1962523 |
| Mirion Technologies Inc Class A (b) | 2371204 | 46831279 |
| Napco Security Technologies Inc  | 341618 | 15970642 |
| Neonode Inc (b) | 122375 | 203143 |
| nLight Inc (b) | 470944 | 32895438 |
| Novanta Inc (b)(c) | 357045 | 46248039 |
| OSI Systems Inc (b) | 155507 | 44618068 |
| Ouster Inc Class A (b)(c) | 560917 | 15122322 |
| PC Connection Inc  | 109028 | 6949445 |
| Plexus Corp (b) | 263031 | 65910308 |
| Powerfleet Inc NJ (b)(c) | 1224513 | 3942932 |
| Richardson Electronics Ltd/United States  | 120290 | 1732176 |
| Rogers Corp (b) | 178290 | 24202868 |
| Sanmina Corp (b) | 528104 | 115031613 |
| ScanSource Inc (b) | 215742 | 8871311 |
| TTM Technologies Inc (b) | 1012838 | 160251229 |
| Vishay Intertechnology Inc  | 1199413 | 34746995 |
| Vishay Precision Group Inc (b) | 118479 | 7158501 |
| Vuzix Corp (b)(c) | 670939 | 1932304 |
|  |  | 1099585928 |
| IT Services - 0.7% |  |  |
| Applied Digital Corp (b)(c) | 2351944 | 80554082 |
| Backblaze Inc Class A (b)(c) | 555903 | 2379265 |
| BigBear.ai Holdings Inc (b)(c) | 4292752 | 17085153 |
| Commerce.com Inc (b) | 650562 | 1841090 |
| Crexendo Inc (b) | 172159 | 1125920 |
| CSP Inc (c) | 68798 | 639133 |
| DigitalOcean Holdings Inc (b)(c) | 753575 | 72667237 |
| Everforth Inc (b) | 413266 | 8719913 |
| Fastly Inc Class A (b) | 1399631 | 35347681 |
| Grid Dynamics Holdings Inc (b) | 662853 | 3771634 |
| Hackett Group Inc/The (c) | 247860 | 3199873 |
| Information Services Group Inc  | 357615 | 1459069 |
| Rackspace Technology Inc (b)(c) | 843906 | 1232103 |
| TSS Inc/MD (b)(c) | 220115 | 3372162 |
| Tucows Inc Class A (b)(c) | 65352 | 1027987 |
| Unisys Corp (b) | 643730 | 1680135 |
| Whitefiber Inc (c) | 110107 | 1685738 |
|  |  | 237788175 |
| Semiconductors & Semiconductor Equipment - 4.5% |  |  |
| ACM Research Inc Class A (b) | 508398 | 26279093 |
| Aehr Test Systems (b)(c) | 289826 | 26246643 |
| Aeluma Inc (b)(c) | 129196 | 3008975 |
| Alpha & Omega Semiconductor Ltd (b) | 249839 | 10850508 |
| Ambarella Inc (b) | 408848 | 28128742 |
| Ambiq Micro Inc (c) | 179029 | 6710007 |
| Atomera Inc (b)(c) | 299635 | 2451014 |
| Axcelis Technologies Inc (b) | 307186 | 42732644 |
| Blaize Holdings Inc Class A (b)(c) | 868754 | 1702757 |
| CEVA Inc (b) | 261639 | 7990455 |
| Cohu Inc (b)(c) | 451797 | 21392588 |
| Credo Technology Group Holding Ltd (b) | 1597316 | 277948957 |
| Diodes Inc (b) | 453918 | 48637314 |
| FormFactor Inc (b) | 770604 | 104748202 |
| Ichor Holdings Ltd (b) | 336389 | 22191582 |
| Impinj Inc (b) | 277821 | 40261819 |
| Kopin Corp (b)(c) | 1690160 | 7538114 |
| MaxLinear Inc (b) | 807939 | 57161684 |
| Navitas Semiconductor Corp Class A (b)(c) | 2011125 | 33183563 |
| NVE Corp  | 48398 | 4006870 |
| PDF Solutions Inc (b) | 315258 | 13508805 |
| Penguin Solutions Inc (b) | 514846 | 15656467 |
| Photronics Inc (b) | 564785 | 27945562 |
| Power Integrations Inc  | 546222 | 39715802 |
| Rambus Inc (b) | 1067611 | 122892702 |
| Rigetti Computing Inc Class A (b)(c) | 3232559 | 56408155 |
| Semtech Corp (b) | 921345 | 96787292 |
| Silicon Laboratories Inc (b) | 322280 | 70160356 |
| SiTime Corp (b) | 222727 | 125205983 |
| SkyWater Technology Inc (b) | 351050 | 11198495 |
| Synaptics Inc (b)(c) | 384420 | 35977868 |
| Ultra Clean Holdings Inc (b) | 441758 | 34523388 |
| Veeco Instruments Inc (b) | 587369 | 29280345 |
|  |  | 1452432751 |
| Software - 4.3% |  |  |
| 8x8 Inc (b) | 1351451 | 2594786 |
| A10 Networks Inc  | 710420 | 18954006 |
| ACI Worldwide Inc (b) | 1022997 | 44213930 |
| Adeia Inc  | 1075447 | 34252987 |
| Agilysys Inc (b) | 255951 | 16396221 |
| Airship AI Holdings Inc Class A (b)(c) | 234192 | 524589 |
| Alarm.com Holdings Inc (b) | 469573 | 20853737 |
| Alkami Technology Inc (b)(c) | 681386 | 10752271 |
| Amplitude Inc Class A (b) | 971350 | 6906299 |
| Appian Corp Class A (b) | 389717 | 8102216 |
| Arteris Inc (b) | 307546 | 8906532 |
| Asana Inc Class A (b)(c) | 864465 | 5463419 |
| AudioEye Inc (b) | 78442 | 561644 |
| AvePoint Inc Class A (b) | 1476588 | 14396733 |
| Bit Digital Inc (b)(c) | 3186093 | 4811000 |
| Bitdeer Technologies Group Class A (b)(c) | 1212016 | 13683661 |
| Blackbaud Inc (b) | 372231 | 13835826 |
| BlackLine Inc (b)(c) | 490995 | 15343594 |
| Blend Labs Inc Class A (b)(c) | 1947924 | 2843969 |
| Box Inc Class A (b) | 1388422 | 33599812 |
| Braze Inc Class A (b) | 871755 | 19204763 |
| C3.ai Inc Class A (b)(c) | 1271399 | 11226453 |
| Cerence Inc (b)(c) | 437380 | 3980158 |
| Cipher Digital Inc (b)(c) | 3210277 | 56950314 |
| Cleanspark Inc (b)(c) | 2501518 | 31344021 |
| Clear Secure Inc Class A  | 873244 | 46622497 |
| Clearwater Analytics Holdings Inc Class A (b) | 2758509 | 66755918 |
| Commvault Systems Inc (b) | 437370 | 43247146 |
| Consensus Cloud Solutions Inc (b) | 186263 | 4820486 |
| Core Scientific Inc (b)(c) | 2871190 | 57423800 |
| CS Disco Inc (b)(c) | 266108 | 1152248 |
| Daily Journal Corp (b)(c) | 12499 | 6608971 |
| Digimarc Corp (b)(c) | 154989 | 1136069 |
| Digital Turbine Inc (b)(c) | 1075238 | 3795590 |
| Domo Inc Class B (b) | 337263 | 1200656 |
| eGain Corp (b) | 160207 | 1211165 |
| EverCommerce Inc (b)(c) | 142983 | 1651454 |
| Expensify Inc Class A (b) | 589091 | 600872 |
| Five9 Inc (b) | 775725 | 13342470 |
| Freshworks Inc Class A (b) | 2063453 | 16837776 |
| Hut 8 Corp (United States) (b)(c) | 969796 | 73491141 |
| I3 Verticals Inc Class A (b)(c) | 220036 | 4961812 |
| Intapp Inc (b) | 565550 | 12696598 |
| InterDigital Inc  | 256319 | 76013963 |
| Kaltura Inc (b) | 783546 | 1073458 |
| Life360 Inc (b)(c) | 205319 | 8847196 |
| LiveRamp Holdings Inc (b) | 618350 | 18074371 |
| MARA Holdings Inc (b)(c) | 3754839 | 45020520 |
| Mitek Systems Inc (b) | 439933 | 6141465 |
| N-able Inc/US (b) | 700280 | 3627450 |
| NCR Voyix Corp (b)(c) | 1376993 | 9487482 |
| NextNav Inc Class A (b)(c) | 937399 | 17370003 |
| OneSpan Inc  | 383481 | 4440710 |
| Ooma Inc (b) | 249693 | 4074990 |
| Pagaya Technologies Ltd Class A (b)(c) | 597779 | 8303150 |
| PagerDuty Inc (b) | 873295 | 5807412 |
| PAR Technology Corp (b)(c) | 397132 | 5337454 |
| Porch Group Inc (b) | 866743 | 8346735 |
| Progress Software Corp (b) | 415051 | 11559170 |
| Q2 Holdings Inc (b) | 615066 | 31214600 |
| Qualys Inc (b) | 356797 | 31016363 |
| Rapid7 Inc (b) | 641654 | 3785759 |
| Red Violet Inc (b) | 111670 | 4179808 |
| ReposiTrak Inc (c) | 124157 | 1214255 |
| Rezolve AI PLC (b)(c) | 2198391 | 5649865 |
| Rimini Street Inc (b)(c) | 481812 | 1642979 |
| Riot Platforms Inc (b) | 3450391 | 59484741 |
| Silvaco Group Inc (b)(c) | 81349 | 830573 |
| SoundHound AI Inc Class A (b)(c) | 3833252 | 30512686 |
| SoundThinking Inc (b) | 95329 | 650144 |
| Sprinklr Inc Class A (b)(c) | 1128237 | 5550926 |
| Sprout Social Inc Class A (b) | 525949 | 3155694 |
| SPS Commerce Inc (b) | 376919 | 21152694 |
| Telos Corp (b) | 504822 | 2155590 |
| Tenable Holdings Inc (b) | 1173330 | 24510864 |
| Terawulf Inc (b)(c) | 3410026 | 74099865 |
| Varonis Systems Inc (b) | 1150674 | 30262726 |
| Vertex Inc Class A (b) | 693883 | 8583333 |
| Via Transportation Inc Class A (b) | 105231 | 1600564 |
| Viant Technology Inc Class A (b) | 151126 | 1641228 |
| Weave Communications Inc (b)(c) | 649038 | 3186777 |
| Workiva Inc Class A (b) | 501204 | 26804390 |
| Xperi Inc (b) | 445602 | 2981077 |
| Yext Inc (b) | 1001581 | 3866103 |
| Zeta Global Holdings Corp Class A (b)(c) | 2081529 | 38341764 |
|  |  | 1408860507 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| Corsair Gaming Inc (b)(c) | 461596 | 3134237 |
| CPI Card Group Inc (b) | 76329 | 1351786 |
| Diebold Nixdorf Inc (b) | 239279 | 18379020 |
| Eastman Kodak Co (b) | 622417 | 8296819 |
| GPGI Inc Class A  | 1760651 | 27166845 |
| Immersion Corp  | 287617 | 1763092 |
| IonQ Inc (b)(c) | 3414112 | 154044733 |
| Quantum Computing Inc (b)(c) | 1995496 | 17999374 |
| Turtle Beach Corp (b)(c) | 151212 | 1741962 |
| Xerox Holdings Corp (c) | 1187593 | 2672084 |
|  |  | 236549952 |
| TOTAL INFORMATION TECHNOLOGY |  | 4915208410 |
| Materials - 4.4% |  |  |
| Chemicals - 1.6% |  |  |
| AdvanSix Inc  | 261592 | 6450859 |
| American Vanguard Corp (b) | 250900 | 722592 |
| Arq Inc (b) | 311943 | 708111 |
| Ascent Industries Co (b) | 79751 | 1161972 |
| ASP Isotopes Inc (b)(c) | 1125040 | 5917710 |
| Aspen Aerogels Inc (b)(c) | 655432 | 2431653 |
| Avient Corp  | 910750 | 33770610 |
| Balchem Corp  | 324406 | 52430498 |
| Cabot Corp  | 517421 | 39820720 |
| Chemours Co/The  | 1489995 | 40155365 |
| Core Molding Technologies Inc (b) | 80586 | 2171793 |
| Ecovyst Inc (b) | 1126399 | 15972338 |
| Flotek Industries Inc (b)(c) | 140939 | 2381869 |
| Hawkins Inc  | 193142 | 32341628 |
| HB Fuller Co  | 541409 | 32766073 |
| Ingevity Corp (b) | 354833 | 27034726 |
| Innospec Inc  | 246226 | 18777195 |
| Intrepid Potash Inc (b) | 106966 | 4232645 |
| Koppers Holdings Inc  | 186727 | 7624063 |
| Kronos Worldwide Inc (c) | 223154 | 1660266 |
| LSB Industries Inc (b) | 532357 | 7932119 |
| Mativ Holdings Inc  | 535844 | 4972632 |
| Minerals Technologies Inc  | 311535 | 22411828 |
| Perimeter Solutions Inc (b) | 1376164 | 41697769 |
| PureCycle Technologies Inc (b)(c) | 1284767 | 9610057 |
| Quaker Chemical Corp (c) | 136299 | 18521671 |
| Rayonier Advanced Materials Inc (b) | 635010 | 6026245 |
| Sensient Technologies Corp  | 418325 | 47538453 |
| Solesence Inc (b)(c) | 184572 | 247326 |
| Stepan Co  | 214273 | 10720078 |
| Tronox Holdings PLC  | 1183694 | 11825103 |
| Valhi Inc  | 28983 | 436194 |
|  |  | 510472161 |
| Construction Materials - 0.2% |  |  |
| Knife River Corp (b) | 565599 | 52346188 |
| Smith-Midland Corp (b)(c) | 26909 | 908986 |
| United States Lime & Minerals Inc  | 106860 | 11505616 |
|  |  | 64760790 |
| Containers & Packaging - 0.2% |  |  |
| Ardagh Metal Packaging SA  | 1402810 | 5400819 |
| Greif Inc Class A  | 281302 | 18352142 |
| Greif Inc Class B  | 10112 | 811387 |
| Myers Industries Inc  | 366541 | 7554410 |
| O-I Glass Inc (b) | 1519068 | 13838709 |
| Ranpak Holdings Corp Class A (b)(c) | 462993 | 2356634 |
| TriMas Corp  | 315332 | 11673591 |
|  |  | 59987692 |
| Metals & Mining - 2.4% |  |  |
| Alpha Metallurgical Resources Inc (b)(c) | 114035 | 21261826 |
| American Battery Technology Co (b)(c) | 1231467 | 4162358 |
| Century Aluminum Co (b)(c) | 562477 | 33433633 |
| Coeur Mining Inc (b) | 10108272 | 181645649 |
| Commercial Metals Co  | 1101066 | 75929512 |
| Compass Minerals International Inc (b)(c) | 309307 | 8261590 |
| Constellium SE (b) | 1356115 | 42419277 |
| Contango Silver & Gold Inc (b)(c) | 208695 | 4789550 |
| Dakota Gold Corp (b)(c) | 887003 | 4772076 |
| Ferroglobe PLC  | 1180682 | 5478364 |
| Friedman Industries Inc  | 66192 | 1362893 |
| Hecla Mining Co  | 6289920 | 113344359 |
| Idaho Strategic Resources Inc (b)(c) | 147288 | 6208189 |
| Ivanhoe Electric Inc / US (b)(c) | 1054677 | 13531506 |
| Kaiser Aluminum Corp  | 159009 | 27099904 |
| Materion Corp  | 204540 | 37596497 |
| Metallus Inc (b) | 357915 | 6886285 |
| NioCorp Developments Ltd (b)(c) | 1164334 | 6951074 |
| Perpetua Resources Corp (United States) (b)(c) | 858422 | 23701031 |
| Ramaco Resources Inc Class A (b)(c) | 410696 | 6098836 |
| Ryerson Holding Corp  | 435572 | 12069700 |
| SunCoke Energy Inc  | 846438 | 5772707 |
| Tredegar Corp (b) | 261196 | 2507482 |
| United States Antimony Corp (b)(c) | 1177367 | 14140178 |
| US Gold Corp (b)(c) | 134020 | 2200608 |
| USA Rare Earth Inc Class A (b)(c) | 1823224 | 47349127 |
| Warrior Met Coal Inc  | 515497 | 46317405 |
| Worthington Steel Inc  | 325055 | 12491864 |
|  |  | 767783480 |
| Paper & Forest Products - 0.0% |  |  |
| Clearwater Paper Corp (b) | 152001 | 2083933 |
| Magnera Corp (b) | 319021 | 3183830 |
| Sylvamo Corp  | 330524 | 14123291 |
|  |  | 19391054 |
| TOTAL MATERIALS |  | 1422395177 |
| Real Estate - 5.2% |  |  |
| Diversified REITs - 0.5% |  |  |
| AH Realty Trust Inc Class A  | 830411 | 5057203 |
| Alpine Income Property Trust Inc  | 138035 | 2595058 |
| American Assets Trust Inc  | 530252 | 10997426 |
| Broadstone Net Lease Inc Class A  | 1893306 | 37487459 |
| CTO Realty Growth Inc  | 326504 | 6611706 |
| Essential Properties Realty Trust Inc  | 1973845 | 62037948 |
| Gladstone Commercial Corp  | 501575 | 6324861 |
| Global Net Lease Inc  | 1989712 | 19021647 |
| Modiv Industrial Inc Class C  | 107575 | 1717973 |
| NexPoint Diversified Real Estate Trust  | 387185 | 2098543 |
|  |  | 153949824 |
| Health Care REITs - 1.0% |  |  |
| American Healthcare REIT Inc  | 1769978 | 89879483 |
| CareTrust REIT Inc  | 2229366 | 87948489 |
| Chiron Real Estate Inc  | 132278 | 4638989 |
| Community Healthcare Trust Inc  | 291806 | 5024899 |
| Diversified Healthcare Trust  | 2172838 | 16383199 |
| LTC Properties Inc  | 474956 | 18152818 |
| National Health Investors Inc  | 467808 | 35979113 |
| Sabra Health Care REIT Inc  | 2478871 | 51213475 |
| Sila Realty Trust Inc  | 559516 | 17026072 |
| Strawberry Fields REIT Inc  | 76548 | 946899 |
| Universal Health Realty Income Trust  | 134476 | 5473173 |
|  |  | 332666609 |
| Hotel & Resort REITs - 0.6% |  |  |
| Apple Hospitality REIT Inc  | 2254317 | 30365650 |
| Braemar Hotels & Resorts Inc  | 561608 | 1359091 |
| Chatham Lodging Trust  | 480751 | 4172919 |
| DiamondRock Hospitality Co  | 2028867 | 20694443 |
| Pebblebrook Hotel Trust  | 1114694 | 15661451 |
| RLJ Lodging Trust  | 1261630 | 10395831 |
| Ryman Hospitality Properties Inc  | 612802 | 64399363 |
| Service Properties Trust  | 5391023 | 8356086 |
| Summit Hotel Properties Inc  | 1079085 | 5363052 |
| Sunstone Hotel Investors Inc  | 1820780 | 17880060 |
| Xenia Hotels & Resorts Inc  | 948698 | 15435316 |
|  |  | 194083262 |
| Industrial REITs - 0.3% |  |  |
| Industrial Logistics Properties Trust  | 549999 | 4086493 |
| LXP Industrial Trust  | 581971 | 29633963 |
| One Liberty Properties Inc  | 199514 | 4530963 |
| Terreno Realty Corp  | 1015899 | 66236615 |
|  |  | 104488034 |
| Office REITs - 0.4% |  |  |
| Brandywine Realty Trust  | 1757689 | 5325798 |
| COPT Defense Properties  | 1133184 | 35412001 |
| Douglas Emmett Inc  | 1624003 | 17555472 |
| Easterly Government Properties Inc  | 436643 | 10221813 |
| Empire State Realty Trust Inc Class A  | 1397383 | 7783423 |
| Franklin Street Properties Corp  | 934480 | 608907 |
| Hudson Pacific Properties Inc (b) | 528181 | 4864547 |
| JBG SMITH Properties  | 597278 | 8959170 |
| NET Lease Office Properties  | 144107 | 1882037 |
| Peakstone Realty Trust  | 365197 | 7661833 |
| Piedmont Realty Trust Inc Class A1 (b) | 1230631 | 10288075 |
| Postal Realty Trust Inc Class A  | 252341 | 5521221 |
| SL Green Realty Corp  | 714391 | 30297322 |
|  |  | 146381619 |
| Real Estate Management & Development - 0.5% |  |  |
| American Realty Investors Inc (b) | 12326 | 174535 |
| Compass Inc Class A (b) | 6352649 | 48089553 |
| Cushman & Wakefield Ltd  | 2289272 | 32141379 |
| Douglas Elliman Inc (b) | 726901 | 1461071 |
| eXp World Holdings Inc (c) | 893362 | 5556712 |
| Forestar Group Inc (b) | 191251 | 5404753 |
| FRP Holdings Inc (b) | 112465 | 2362890 |
| Kennedy-Wilson Holdings Inc  | 1192073 | 12993596 |
| Marcus & Millichap Inc  | 237528 | 6600903 |
| Maui Land & Pineapple Co Inc (b)(c) | 64227 | 996802 |
| Newmark Group Inc Class A  | 1502366 | 24218140 |
| RE/MAX Holdings Inc Class A (b) | 180344 | 1929681 |
| RMR Group Inc/The Class A  | 163991 | 2920680 |
| Seaport Entertainment Group Inc (b)(c) | 71640 | 1596856 |
| St Joe Co/The  | 376310 | 24298337 |
| Stratus Properties Inc (b)(c) | 65987 | 1996767 |
| Tejon Ranch Co (b)(c) | 205424 | 4020148 |
| Transcontinental Realty Investors Inc (b) | 16888 | 598172 |
|  |  | 177360975 |
| Residential REITs - 0.3% |  |  |
| BRT Apartments Corp  | 120857 | 1736715 |
| Centerspace  | 168948 | 11534080 |
| Clipper Realty Inc  | 158012 | 535660 |
| Independence Realty Trust Inc  | 2395820 | 39075824 |
| NexPoint Residential Trust Inc  | 230870 | 6669834 |
| UMH Properties Inc  | 809510 | 12587881 |
| Veris Residential Inc  | 785974 | 14909927 |
|  |  | 87049921 |
| Retail REITs - 1.3% |  |  |
| Acadia Realty Trust  | 1316019 | 28452331 |
| Alexander's Inc  | 21979 | 5537829 |
| CBL & Associates Properties Inc  | 182443 | 8213584 |
| Curbline Properties Corp  | 966877 | 26685805 |
| FrontView REIT Inc  | 213133 | 3772454 |
| Getty Realty Corp  | 543326 | 17994957 |
| InvenTrust Properties Corp  | 776549 | 24942754 |
| Kite Realty Group Trust  | 2165215 | 56642024 |
| Macerich Co/The  | 2553856 | 55495291 |
| NETSTREIT Corp (c) | 841039 | 17300172 |
| Phillips Edison & Co Inc  | 1254383 | 50382293 |
| Saul Centers Inc  | 126449 | 4353639 |
| SITE Centers Corp  | 510146 | 2800702 |
| Tanger Inc  | 1127299 | 41800247 |
| Urban Edge Properties  | 1267229 | 27777660 |
| Whitestone REIT  | 449999 | 8522981 |
|  |  | 380674723 |
| Specialized REITs - 0.3% |  |  |
| Farmland Partners Inc  | 391511 | 4208743 |
| Four Corners Property Trust Inc  | 1062081 | 27157411 |
| Gladstone Land Corp  | 359705 | 3449571 |
| Outfront Media Inc  | 1464803 | 45189173 |
| Safehold Inc  | 567504 | 9091414 |
| Smartstop Self Storage REIT Inc  | 555618 | 17490855 |
|  |  | 106587167 |
| TOTAL REAL ESTATE |  | 1683242134 |
| Utilities - 2.7% |  |  |
| Electric Utilities - 0.9% |  |  |
| Genie Energy Ltd Class B  | 209404 | 2925374 |
| Hawaiian Electric Industries Inc (b) | 1618990 | 24398179 |
| MGE Energy Inc  | 365284 | 29303082 |
| Oklo Inc Class A (b)(c) | 1207545 | 87547013 |
| Otter Tail Corp  | 381716 | 34064336 |
| Portland General Electric Co  | 1122465 | 58289607 |
| TXNM Energy Inc  | 993914 | 58700561 |
|  |  | 295228152 |
| Gas Utilities - 0.9% |  |  |
| Chesapeake Utilities Corp  | 231355 | 29178493 |
| New Jersey Resources Corp  | 999701 | 56293163 |
| Northwest Natural Holding Co  | 412565 | 21865945 |
| ONE Gas Inc  | 592259 | 52841348 |
| RGC Resources Inc  | 82566 | 1876725 |
| Southwest Gas Holdings Inc  | 679740 | 63929547 |
| Spire Inc  | 577752 | 52679427 |
|  |  | 278664648 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Hallador Energy Co (b) | 335525 | 5210703 |
| Montauk Renewables Inc (b) | 677297 | 988854 |
| Ormat Technologies Inc  | 603871 | 69384778 |
|  |  | 75584335 |
| Multi-Utilities - 0.4% |  |  |
| Avista Corp  | 807629 | 33193552 |
| Black Hills Corp  | 753743 | 56749311 |
| Northwestern Energy Group Inc  | 611235 | 44216740 |
| Unitil Corp  | 175142 | 9187949 |
|  |  | 143347552 |
| Water Utilities - 0.3% |  |  |
| American States Water Co  | 382442 | 28794058 |
| Cadiz Inc (b)(c) | 547384 | 2370173 |
| California Water Service Group  | 593267 | 25059598 |
| Consolidated Water Co Ltd  | 149479 | 4790802 |
| Global Water Resources Inc  | 146789 | 1043670 |
| H2O America  | 330136 | 18550342 |
| Middlesex Water Co  | 182813 | 9301525 |
| Pure Cycle Corp (b) | 202302 | 2334565 |
| York Water Co/The  | 142795 | 4143911 |
|  |  | 96388644 |
| TOTAL UTILITIES |  | 889213331 |
| TOTAL UNITED STATES |  | 31109222501 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $22,113,650,019) |  | <br> **32427557408** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/14/2026 (g)<br>(Cost $9,635,417)<br>| 3.64 | 9648000 | **9635518** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.4%** | &nbsp;&nbsp;**Money Market Funds - 8.4%** | &nbsp;&nbsp;**Money Market Funds - 8.4%** | &nbsp;&nbsp;**Money Market Funds - 8.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 3.69 | 90864541 | 90882714 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 3.69 | 2637419822 | 2637683564 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,728,548,315) |  |  | **2728566278** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 108.0%**<br> (Cost $24,851,833,751)<br>| <br>**35165759204** |
| **NET OTHER ASSETS (LIABILITIES) - (8.0)%**  | **(2603110419)** |
| **NET ASSETS - 100.0%** | **32562648785** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Russell 2000 Index Contracts (United States) | 979 | 6/2026 | 137441810 | 10508526 |
| The notional amount of long futures as a percentage of Net Assets is 0.4%. | The notional amount of long futures as a percentage of Net Assets is 0.4%. | The notional amount of long futures as a percentage of Net Assets is 0.4%. | The notional amount of long futures as a percentage of Net Assets is 0.4%. | The notional amount of long futures as a percentage of Net Assets is 0.4%. |

---

**Legend**

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

(b) Non-income producing.

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

(d) Level 3 security.

(e) 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 $12,511,964 or 0.0% of net assets.

(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 $9,635,518.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 51848609 | 2553011231 | 2513988314 | 3854232 | 11188 | - | 90882714 | 90864541 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 2048610113 | 8848048472 | 8258965921 | 23668924 | (9101) | 1 | 2637683564 | 2637419822 | 7.6% |
| Total | 2100458722 | 11401059703 | 10772954235 | 27523156 | 2087 | 1 | 2728566278 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 847678199 | 847678199 | - | - |
| Consumer Discretionary | 2614051737 | 2614051737 | - | - |
| Consumer Staples | 561606590 | 561606590 | - | - |
| Energy | 2042316215 | 2042316215 | - | - |
| Financials | 5380823185 | 5380823185 | - | - |
| Health Care | 5296769912 | 5296298063 | 110255 | 361594 |
| Industrials | 6248515693 | 6248515693 | - | - |
| Information Technology | 5288980131 | 5288980131 | - | - |
| Materials | 1527183719 | 1527183719 | - | - |
| Real Estate | 1686290609 | 1686290609 | - | - |
| Utilities | 933341418 | 933341418 | - | - |
|  **U.S. Treasury Obligations** | 9635518 | - | 9635518 | - |
|  **Money Market Funds** | 2728566278 | 2728566278 | - | - |
| **Total Investments in Securities:** | 35165759204 | 35155651837 | 9745773 | 361594 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 10508526 | 10508526 | - | - |
| Total Assets | 10508526 | 10508526 | - | - |
| **Total Derivative Instruments:** | 10508526 | 10508526 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. 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)  | 10508526 | - |
| **Total Equity Risk**  | 10508526 | - |
| **Total Value of Derivatives** | 10508526 | - |

---

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

**Fidelity® Small Cap Index Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,465,847,013) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $22,123,285,436) | $32437192926 |  |
| Fidelity Central Funds (cost $2,728,548,315) | 2728566278 |  |
| Total Investment in Securities (cost $24,851,833,751) |  | $35165759204 |
| Segregated cash with brokers for derivative instruments |  | 551534 |
| Cash |  | 213470 |
| Receivable for investments sold |  | 13631538 |
| Receivable for fund shares sold |  | 27804251 |
| Dividends receivable |  | 12853917 |
| Distributions receivable from Fidelity Central Funds |  | 1766584 |
| Receivable for variation margin on futures contracts |  | 2797746 |
| Other receivables |  | 352799 |
| **Total assets** |  | 35225731043 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $24591786 |  |
| Accrued management fee | 650928 |  |
| Other payables and accrued expenses | 190808 |  |
| Collateral on securities loaned | 2637648736 |  |
| **Total liabilities** |  | 2663082258 |
| **Net Assets**  |  | $32562648785 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $22998298471 |
| Total accumulated earnings (loss) |  | 9564350314 |
| **Net Assets** |  | $32562648785 |
| **Net Asset Value**, offering price and redemption price per share ($32,562,648,785 ÷ 929,668,692 shares) |  | $35.03 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $357344983 |
| Interest  |  | 486877 |
| Income from Fidelity Central Funds (including $23,668,924 from security lending)  |  | 27523156 |
| Security lending |  | 313484 |
| **Total income** |  | 385668500 |
| **Expenses** |  |  |
| Management fee | $6979883 |  |
| Independent trustees' fees and expenses | 63573 |  |
| Total expenses before reductions | 7043456 |  |
| Expense reductions | (113917) |  |
| Total expenses after reductions |  | 6929539 |
| **Net Investment income (loss)** |  | 378738961 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 77141680 |  |
| Redemptions in-kind | 347259026 |  |
| Fidelity Central Funds | 2087 |  |
| Futures contracts | 31635444 |  |
| Total net realized gain (loss) |  | 456038237 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 9346438420 |  |
| Fidelity Central Funds  | 1 |  |
| Futures contracts | 2723480 |  |
| Total change in net unrealized appreciation (depreciation) |  | 9349161901 |
| **Net gain (loss)** |  | 9805200138 |
| **Net increase (decrease) in net assets resulting from operations** |  | $10183939099 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $378738961 | $352057029 |
| &nbsp;&nbsp;Net realized gain (loss) | 456038237<br>| 738813882<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 9349161901 | (675311094)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 10183939099<br>| 415559817<br>|
| Distributions to shareholders | (311360411)<br>| (278049075)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 8029177361 | 8750894161 |
| Reinvestment of distributions | 288928005<br>| 259756111<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (9337066184) | (10132967902) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1018960818)<br>| (1122317630)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 8853617870<br>| (984806888)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 23709030915 | 24693837803<br>|
| &nbsp;&nbsp;End of period | $32562648785 | $23709030915 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 263243467 | 329894759 |
| Issued in reinvestment of distributions | 9172318<br>| 9448104<br>|
| &nbsp;&nbsp;Redeemed | (310994970) | (379336707) |
| &nbsp;&nbsp;Net increase (decrease) | (38579185) | (39993844) |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.49 | $24.49 | $21.91 | $22.98 | $28.75 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .36  | .37  | .38  | .30  |
| Net realized and unrealized gain (loss)  | 10.47  | (.08)  | 2.57  | (1.18)  | (4.99)  |
| Total from investment operations  | 10.88  | .28  | 2.94  | (.80)  | (4.69)  |
| Distributions from net investment income  | (.34)  | (.28)  | (.36)  | (.27)  | (.35)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.73)  |
| Total distributions  | (.34)  | (.28)  | (.36)  | (.27)  | (1.08)  |
| Net asset value, end of period  | $35.03 | $24.49 | $24.49 | $21.91 | $22.98 |
| **Total Return** C | 44.56% <br>| 1.03%  | 13.45%  | (3.46)%  | (16.89)%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .03%  | .02% F | .03%  | .03%  | .02% F |
| Expenses net of fee waivers, if any  | .03% <br>| .02% F | .03%  | .03%  | .02% F |
| Expenses net of all reductions, if any  | .02%  | .02% F | .02%  | .02%  | .02% F |
| Net investment income (loss)  | 1.34%  | 1.33%  | 1.56%  | 1.69%  | 1.10%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $32562649 | $23709031 | $24693838 | $19732038 | $18704544 |
| Portfolio turnover rate G,H | 20% <br>| 14%  | 9%  | 9%  | 24%  |

---

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

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

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026 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, 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.

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to short-term capital gain dividends, 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 for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Mid Cap Index Fund** | 36256774806 | 18035085642 | (3220956677) | 14814128965 |
| **Fidelity Small Cap Index Fund**  | 25194651776 | 13343095937 | (3371988509) | 9971107428 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Mid Cap Index Fund** | - | (169784448) | 14814128965 |
| **Fidelity Small Cap Index Fund**  | 47987737 | (454744853) | 9971107428 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Mid Cap Index Fund** | - | (169784448) | (169784448) |
| **Fidelity Small Cap Index Fund**  | (12724292) | (442020561) | (454744853) |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **April 30, 2026** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Mid Cap Index Fund** | 501897494 | - | 501897494 |
| **Fidelity Small Cap Index Fund**  | 311360411 | - | 311360411 |

---

---

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

---

**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. Subsequent payments from or to a fund are made or as needed depending on the fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, 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, in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Mid Cap Index Fund** | 11140576487 | 5227051117 |
| **Fidelity Small Cap Index Fund** | 6090566554 | 5611658439 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that 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** | 73708223 | - | 1606067753 | 1606067753 | 2655802889 |
| **Fidelity Small Cap Index Fund** | 20920169 | - | 347259026 | 347259026 | 649414246 |

---

**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 that 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, 2027.

**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.

**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** | $253346 |
| **Fidelity Small Cap Index Fund** | 190808 |

---

**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 | 66953444 | 4.56% |

---

**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, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

**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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Mid Cap Index Fund** | 697131 | 66612 | 8167439 |
| **Fidelity Small Cap Index Fund** | 2530310 | 169208 | 4291056 |

---

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** | 316760219 |
| **Fidelity Small Cap Index Fund** | 773040132 |

---

**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**  | 54724 |
| **Fidelity Small Cap Index Fund**  | 113917 |

---

**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.

**Report of Independent Registered Public Accounting Firm**

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

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

We have audited the accompanying statements of assets and liabilities of Fidelity Mid Cap Index Fund and Fidelity Small Cap Index Fund (the "Funds"), each a fund of Fidelity Salem Street Trust, including the schedules of investments, as of April 30, 2026, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2026, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2026

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

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

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

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

---

| | |
|:---|:---|
| **Fidelity Mid Cap Index Fund** |  |
| June, 2025 | 100% |
| December, 2025 | 92% |
| **Fidelity Small Cap Index Fund** |  |
| December, 2025 | 54% |

---

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

---

| | |
|:---|:---|
| **Fidelity Mid Cap Index Fund** |  |
| June, 2025 | 99.99% |
| December, 2025 | 99.05% |
| **Fidelity Small Cap Index Fund** |  |
| December, 2025 | 61.45% |

---

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

---

| | |
|:---|:---|
| **Fidelity Mid Cap Index Fund** |  |
| June, 2025 | 0.02% |
| December, 2025 | 0.96% |
| **Fidelity Small Cap Index Fund** |  |
| December, 2025 | 21.06% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Mid Cap Index Fund** | $5141205 |
| **Fidelity Small Cap Index Fund** | $2816691 |

---

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130794_4.jpg)<br>

1.929320.114 MCX-I-SCX-I-ANN-0626

**Fidelity® Large Cap Value Index Fund**

**Annual Report**

**April 30, 2026**

![](img130795_1.jpg)

![](img130795_2.jpg)

**Contents**

---

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

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Large Cap Value Index Fund**

**Schedule of Investments April 30, 2026**

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>|
| AUSTRALIA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglogold Ashanti Plc  | 180023 | 16873556 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 68286 | 790752 |
| Liberty Global Ltd Class C (b) | 53037 | 601439 |
| TOTAL BELGIUM |  | 1392191 |
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| RenaissanceRe Holdings Ltd  | 18415 | 5652853 |
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 146605 | 2808952 |
| CANADA - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Restaurant Brands International Inc (United States)  | 50303 | 4058446 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Brookfield Asset Management Ltd Class A (United States) (c) | 101913 | 4892843 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| RB Global Inc (United States)  | 70808 | 7385275 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A (United States)  | 54905 | 1990855 |
| TOTAL CANADA |  | 18327419 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (b) | 60652 | 2127066 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b)(c) | 12179 | 471814 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish (c) | 10968 | 413823 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA (c) | 40566 | 3443242 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b)(c) | 50037 | 2426795 |
| KAZAKHSTAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b)(c) | 1068 | 160018 |
| MEXICO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Southern Copper Corp  | 34147 | 5862698 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 23857 | 3586423 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TechnipFMC PLC  | 163013 | 12318892 |
| UNITED STATES - 99.3%  |  |  |
| Communication Services - 8.4% |  |  |
| Diversified Telecommunication Services - 1.5% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 6702 | 495278 |
| AT&T Inc  | 2811108 | 73454252 |
| Comcast Corp Class A  | 1470128 | 39752261 |
| GCI Liberty Inc Class A  | 841 | 29317 |
| GCI Liberty Inc Class C  | 10487 | 359180 |
| Iridium Communications Inc  | 34398 | 1343930 |
| Verizon Communications Inc  | 1717859 | 82508768 |
|  |  | 197942986 |
| Entertainment - 1.1% |  |  |
| Electronic Arts Inc  | 102277 | 20697796 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 6373 | 504742 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 58842 | 5057470 |
| Madison Square Garden Sports Corp Class A (b) | 6547 | 2242086 |
| Roku Inc Class A (b) | 45618 | 5317234 |
| Take-Two Interactive Software Inc (b) | 48975 | 10468896 |
| TKO Group Holdings Inc Class A  | 15487 | 2881976 |
| Walt Disney Co/The  | 722579 | 74967571 |
| Warner Bros Discovery Inc (b) | 947318 | 25624952 |
|  |  | 147762723 |
| Interactive Media & Services - 5.2% |  |  |
| Alphabet Inc Class A  | 839214 | 322929547 |
| Alphabet Inc Class C  | 683312 | 260984185 |
| IAC Inc Class A (b) | 26310 | 1172374 |
| Match Group Inc  | 95731 | 3582254 |
| Meta Platforms Inc Class A  | 158388 | 96919201 |
| Pinterest Inc Class A (b) | 120885 | 2376599 |
| Trump Media & Technology Group Corp (b)(c) | 29625 | 271069 |
| ZoomInfo Technologies Inc (b)(c) | 105697 | 660606 |
|  |  | 688895835 |
| Media - 0.3% |  |  |
| Charter Communications Inc Class A (b)(c) | 33278 | 5496527 |
| DoubleVerify Holdings Inc (b) | 29894 | 329432 |
| Fox Corp Class A  | 83685 | 5313161 |
| Fox Corp Class B  | 60966 | 3476281 |
| Liberty Broadband Corp Class A (b) | 5312 | 204140 |
| Liberty Broadband Corp Class C (b) | 36410 | 1401421 |
| New York Times Co/The Class A  | 65271 | 5158367 |
| News Corp Class A  | 153993 | 4053096 |
| News Corp Class B  | 50736 | 1546433 |
| Nexstar Media Group Inc  | 10774 | 2242500 |
| NIQ Global Intelligence Plc  | 14097 | 154080 |
| Omnicom Group Inc  | 127122 | 9752800 |
| Sirius XM Holdings Inc  | 77171 | 2078987 |
| Versant Media Group Inc Class A  | 58782 | 2362449 |
|  |  | 43569674 |
| Wireless Telecommunication Services - 0.3% |  |  |
| T-Mobile US Inc  | 195998 | 38317609 |
| TOTAL COMMUNICATION SERVICES |  | 1116488827 |
| Consumer Discretionary - 7.0% |  |  |
| Automobile Components - 0.1% |  |  |
| Aptiv PLC (b) | 88425 | 5328491 |
| BorgWarner Inc  | 86377 | 4920898 |
| Gentex Corp  | 89154 | 2060349 |
| Lear Corp  | 21020 | 2672273 |
| QuantumScape Corp Class A (b)(c) | 182736 | 1332145 |
| Versigent PLC  | 29327 | 1025564 |
|  |  | 17339720 |
| Automobiles - 0.4% |  |  |
| Ford Motor Co  | 1587913 | 19181989 |
| General Motors Co  | 367692 | 28271838 |
| Harley-Davidson Inc (c) | 45310 | 1082456 |
| Lucid Group Inc (b)(c) | 53408 | 340209 |
| Rivian Automotive Inc Class A (b)(c) | 323153 | 5299709 |
| Thor Industries Inc  | 20475 | 1618344 |
|  |  | 55794545 |
| Broadline Retail - 2.3% |  |  |
| Amazon.com Inc (b) | 1072687 | 284326416 |
| Dillard's Inc Class A (c) | 1201 | 683633 |
| eBay Inc  | 183747 | 19014140 |
| Etsy Inc (b) | 16138 | 1038319 |
| Macy's Inc (c) | 108560 | 2122348 |
| Ollie's Bargain Outlet Holdings Inc (b) | 24885 | 2152801 |
|  |  | 309337657 |
| Distributors - 0.1% |  |  |
| Genuine Parts Co  | 56418 | 6049702 |
| LKQ Corp  | 104486 | 3299668 |
| Pool Corp  | 10909 | 2327108 |
|  |  | 11676478 |
| Diversified Consumer Services - 0.1% |  |  |
| ADT Inc  | 207555 | 1562889 |
| Bright Horizons Family Solutions Inc (b) | 19841 | 1609304 |
| Grand Canyon Education Inc (b) | 8034 | 1358308 |
| H&R Block Inc  | 42319 | 1342782 |
| Liberty Live Holdings Inc Class A  | 7844 | 715451 |
| Liberty Live Holdings Inc Class C  | 19738 | 1847477 |
| Service Corp International/US  | 55493 | 4496598 |
|  |  | 12932809 |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| Aramark  | 106171 | 4850953 |
| Booking Holdings Inc  | 20104 | 3384709 |
| Boyd Gaming Corp  | 22355 | 1943767 |
| Caesars Entertainment Inc (b) | 82348 | 2289274 |
| Carnival Corp  | 322288 | 8543855 |
| Choice Hotels International Inc (c) | 7671 | 760043 |
| Churchill Downs Inc  | 4227 | 426885 |
| Darden Restaurants Inc  | 2333 | 467906 |
| Domino's Pizza Inc  | 8880 | 3014050 |
| Flutter Entertainment PLC (b) | 11086 | 1196512 |
| Hyatt Hotels Corp Class A (c) | 16313 | 2733569 |
| Marriott International Inc/MD Class A1  | 20993 | 7592958 |
| McDonald's Corp  | 274319 | 80537315 |
| MGM Resorts International (b) | 83335 | 3245065 |
| Norwegian Cruise Line Holdings Ltd (b) | 18026 | 327713 |
| Penn Entertainment Inc (b) | 53325 | 931055 |
| Starbucks Corp  | 401435 | 42283149 |
| Travel + Leisure Co  | 16767 | 1084154 |
| Vail Resorts Inc (c) | 2594 | 329905 |
| Wendy's Co/The (c) | 36325 | 252822 |
| Wyndham Hotels & Resorts Inc  | 3171 | 258056 |
| Wynn Resorts Ltd  | 31027 | 3323302 |
| Yum! Brands Inc  | 75276 | 12017813 |
|  |  | 181794830 |
| Household Durables - 0.6% |  |  |
| DR Horton Inc  | 105248 | 16193458 |
| Garmin Ltd  | 66288 | 16647569 |
| Lennar Corp Class A  | 83435 | 7534181 |
| Lennar Corp Class B (c) | 3842 | 339555 |
| Mohawk Industries Inc (b) | 20620 | 2176647 |
| Newell Brands Inc  | 169686 | 692319 |
| NVR Inc (b) | 1099 | 6941141 |
| PulteGroup Inc  | 79004 | 9666929 |
| SharkNinja Inc (b) | 28087 | 3244891 |
| Toll Brothers Inc  | 38336 | 5449079 |
| TopBuild Corp (b) | 10613 | 4698375 |
| Whirlpool Corp (c) | 24506 | 1373806 |
|  |  | 74957950 |
| Leisure Products - 0.0% |  |  |
| Brunswick Corp/DE  | 26626 | 2115436 |
| Hasbro Inc  | 56708 | 5434895 |
| Mattel Inc (b) | 125648 | 1894772 |
| YETI Holdings Inc (b) | 31521 | 1243818 |
|  |  | 10688921 |
| Specialty Retail - 1.7% |  |  |
| AutoNation Inc (b) | 10805 | 2294766 |
| AutoZone Inc (b) | 5730 | 21224092 |
| Bath & Body Works Inc  | 83780 | 1628683 |
| Best Buy Co Inc  | 78648 | 4757418 |
| CarMax Inc (b) | 57560 | 2262684 |
| Dick's Sporting Goods Inc  | 25740 | 5840921 |
| Five Below Inc (b) | 21897 | 5160247 |
| Floor & Decor Holdings Inc Class A (b) | 29504 | 1427994 |
| GameStop Corp Class A (b)(c) | 166729 | 4159889 |
| Gap Inc/The  | 92146 | 2265870 |
| Home Depot Inc/The  | 96346 | 31678565 |
| Lithia Motors Inc  | 8601 | 2495322 |
| Lowe's Cos Inc  | 227968 | 54436479 |
| O'Reilly Automotive Inc (b) | 27725 | 2755865 |
| Penske Automotive Group Inc  | 7437 | 1275594 |
| RH (b) | 5165 | 681573 |
| Ross Stores Inc  | 103699 | 23621595 |
| TJX Cos Inc/The  | 227475 | 35656706 |
| Ulta Beauty Inc (b) | 13535 | 7274792 |
| Valvoline Inc (b)(c) | 5885 | 195558 |
| Wayfair Inc Class A (b) | 32670 | 2088593 |
| Williams-Sonoma Inc  | 39791 | 7210527 |
|  |  | 220393733 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Columbia Sportswear Co  | 10351 | 630582 |
| Crocs Inc (b) | 20465 | 2087021 |
| Lululemon Athletica Inc (b) | 17681 | 2434674 |
| NIKE Inc Class B  | 475978 | 21114384 |
| PVH Corp  | 18474 | 1689263 |
| Ralph Lauren Corp Class A  | 14314 | 5133573 |
| Tapestry Inc  | 6889 | 999181 |
| Under Armour Inc Class A (b)(c) | 78443 | 493406 |
| Under Armour Inc Class C (b)(c) | 72352 | 439177 |
| VF Corp  | 142757 | 2702390 |
|  |  | 37723651 |
| TOTAL CONSUMER DISCRETIONARY |  | 932640294 |
| Consumer Staples - 7.2% |  |  |
| Beverages - 1.3% |  |  |
| Boston Beer Co Inc/The Class A (b) | 3143 | 745016 |
| Brown-Forman Corp Class A  | 17256 | 453487 |
| Brown-Forman Corp Class B (c) | 58763 | 1514323 |
| Coca-Cola Co/The  | 808864 | 63706129 |
| Coca-Cola Consolidated Inc  | 19890 | 4078842 |
| Constellation Brands Inc Class A  | 57794 | 9049385 |
| Keurig Dr Pepper Inc  | 526769 | 15487009 |
| Molson Coors Beverage Co Class B  | 66434 | 2839389 |
| PepsiCo Inc  | 481036 | 76239396 |
| Primo Brands Corp Class A  | 102518 | 2089317 |
|  |  | 176202293 |
| Consumer Staples Distribution & Retail - 2.3% |  |  |
| Albertsons Cos Inc Class A  | 143438 | 2416929 |
| BJ's Wholesale Club Holdings Inc (b) | 45321 | 4255189 |
| Casey's General Stores Inc  | 12796 | 10520231 |
| Dollar General Corp  | 89345 | 10353299 |
| Dollar Tree Inc (b) | 76389 | 7418136 |
| Kroger Co/The  | 236191 | 16077521 |
| Maplebear Inc (b) | 70054 | 2966787 |
| Performance Food Group Co (b) | 54392 | 4925740 |
| Sysco Corp  | 90549 | 6764916 |
| Target Corp  | 184874 | 23987402 |
| US Foods Holding Corp (b) | 91227 | 8528812 |
| Walmart Inc  | 1592800 | 210138104 |
|  |  | 308353066 |
| Food Products - 0.9% |  |  |
| Archer-Daniels-Midland Co  | 194409 | 14491247 |
| Bunge Global SA  | 52950 | 6728357 |
| Campbell's Company/The (c) | 78819 | 1638647 |
| Conagra Brands Inc  | 193475 | 2776366 |
| Darling Ingredients Inc (b) | 56479 | 3627646 |
| Flowers Foods Inc  | 75986 | 688433 |
| Freshpet Inc (b) | 14000 | 943320 |
| General Mills Inc  | 216963 | 7660964 |
| Hershey Co/The  | 52095 | 9676125 |
| Hormel Foods Corp  | 117589 | 2524636 |
| Ingredion Inc  | 25651 | 2866243 |
| JM Smucker Co  | 42176 | 4134513 |
| Kraft Heinz Co/The  | 347309 | 7870022 |
| Lamb Weston Holdings Inc  | 54674 | 2381053 |
| McCormick & Co Inc/MD  | 102984 | 5235707 |
| Mondelez International Inc  | 526973 | 32377221 |
| Pilgrim's Pride Corp  | 16871 | 558430 |
| Post Holdings Inc (b) | 18729 | 1961863 |
| Seaboard Corp  | 103 | 585651 |
| Smithfield Foods Inc  | 18423 | 484155 |
| Tyson Foods Inc Class A  | 112547 | 7210886 |
|  |  | 116421485 |
| Household Products - 1.3% |  |  |
| Church & Dwight Co Inc  | 97742 | 9486839 |
| Clorox Co/The  | 49578 | 4781302 |
| Colgate-Palmolive Co  | 172011 | 14682859 |
| Kimberly-Clark Corp  | 86480 | 8512226 |
| Procter & Gamble Co/The  | 955369 | 140525226 |
| Reynolds Consumer Products Inc  | 22337 | 468407 |
|  |  | 178456859 |
| Personal Care Products - 0.2% |  |  |
| BellRing Brands Inc (b) | 47695 | 848971 |
| Coty Inc Class A (b) | 139331 | 342754 |
| elf Beauty Inc (b)(c) | 23542 | 1505982 |
| Estee Lauder Cos Inc/The Class A  | 99674 | 7645993 |
| Kenvue Inc  | 772927 | 13549410 |
|  |  | 23893110 |
| Tobacco - 1.2% |  |  |
| Altria Group Inc  | 686127 | 49847126 |
| Philip Morris International Inc  | 633710 | 104606510 |
|  |  | 154453636 |
| TOTAL CONSUMER STAPLES |  | 957780449 |
| Energy - 6.8% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| Baker Hughes Co Class A  | 403380 | 28103485 |
| Halliburton Co  | 341369 | 14439909 |
| NOV Inc  | 147453 | 3016888 |
| SLB Ltd  | 561864 | 31958824 |
| Weatherford International PLC  | 28607 | 3156782 |
|  |  | 80675888 |
| Oil, Gas & Consumable Fuels - 6.2% |  |  |
| Antero Midstream Corp  | 135974 | 2972392 |
| Antero Resources Corp (b) | 117897 | 4628636 |
| APA Corp  | 142688 | 5811682 |
| Cheniere Energy Inc  | 47658 | 13103567 |
| Chevron Corp  | 762023 | 147306666 |
| Chord Energy Corp  | 22953 | 3341957 |
| ConocoPhillips  | 503301 | 63305200 |
| Coterra Energy Inc  | 306837 | 11018517 |
| Devon Energy Corp  | 246627 | 12669229 |
| Diamondback Energy Inc  | 80047 | 16460065 |
| DT Midstream Inc  | 41264 | 6106659 |
| EOG Resources Inc  | 222284 | 31246462 |
| EQT Corp  | 245071 | 14723866 |
| Expand Energy Corp  | 92492 | 9448058 |
| Exxon Mobil Corp  | 1718402 | 265200981 |
| HF Sinclair Corp  | 57128 | 3839573 |
| Kinder Morgan Inc  | 790952 | 25998592 |
| Marathon Petroleum Corp  | 122304 | 30366860 |
| Matador Resources Co  | 47476 | 3011877 |
| Occidental Petroleum Corp  | 286857 | 17377797 |
| ONEOK Inc  | 254173 | 23500836 |
| Ovintiv Inc  | 116746 | 7185716 |
| Permian Resources Holdings Inc/DE Class A  | 278730 | 6026143 |
| Phillips 66  | 152192 | 27265197 |
| Range Resources Corp  | 96027 | 4177175 |
| Valero Energy Corp  | 123637 | 31228233 |
| Viper Energy Inc Class A  | 75724 | 3739251 |
| Williams Cos Inc/The  | 469098 | 35796868 |
|  |  | 826858055 |
| TOTAL ENERGY |  | 907533943 |
| Financials - 19.4% |  |  |
| Banks - 6.8% |  |  |
| Bank of America Corp  | 2459040 | 131460279 |
| Bank OZK  | 43386 | 2089470 |
| BOK Financial Corp  | 7599 | 1016670 |
| Central BanCo Inc  | 7979 | 215593 |
| Citigroup Inc  | 579132 | 74117313 |
| Citizens Financial Group Inc  | 174581 | 11356494 |
| Columbia Banking System Inc  | 118953 | 3521009 |
| Commerce Bancshares Inc/MO  | 55077 | 2865656 |
| Cullen/Frost Bankers Inc  | 24178 | 3504118 |
| East West Bancorp Inc  | 55590 | 7030467 |
| Fifth Third Bancorp  | 367741 | 18666533 |
| First Citizens BancShares Inc/NC Class A  | 3564 | 7070334 |
| First Hawaiian Inc  | 50087 | 1366373 |
| First Horizon Corp  | 195756 | 4886070 |
| FNB Corp/PA  | 144305 | 2575844 |
| Huntington Bancshares Inc/OH  | 815878 | 13674115 |
| JPMorgan Chase & Co  | 1104954 | 346104742 |
| KeyCorp  | 375592 | 8304339 |
| M&T Bank Corp  | 61769 | 13504556 |
| Pinnacle Financial Partners Inc  | 60591 | 5994874 |
| PNC Financial Services Group Inc/The  | 158371 | 35316733 |
| Prosperity Bancshares Inc (c) | 38069 | 2651506 |
| Regions Financial Corp  | 352805 | 10072583 |
| SOUTHSTATE BANK CORP  | 39950 | 3901917 |
| TFS Financial Corp (c) | 21228 | 319269 |
| Truist Financial Corp  | 513720 | 26456580 |
| US Bancorp  | 635251 | 35993322 |
| Webster Financial Corp  | 65219 | 4719247 |
| Wells Fargo & Co  | 1259670 | 103582665 |
| Western Alliance Bancorp  | 34332 | 2799431 |
| Wintrust Financial Corp  | 26846 | 4042202 |
| Zions Bancorp NA  | 58982 | 3740638 |
|  |  | 892920942 |
| Capital Markets - 5.2% |  |  |
| Affiliated Managers Group Inc  | 11102 | 3271426 |
| Ameriprise Financial Inc  | 3421 | 1624257 |
| Bank of New York Mellon Corp/The  | 259744 | 34901801 |
| Blackrock Inc  | 62054 | 66124742 |
| Carlyle Group Inc/The  | 106433 | 5329100 |
| Cboe Global Markets Inc  | 42612 | 12787435 |
| Charles Schwab Corp/The  | 619910 | 56808552 |
| CME Group Inc Class A  | 146277 | 42101446 |
| Coinbase Global Inc Class A (b) | 81791 | 15357896 |
| Evercore Inc Class A  | 14992 | 4816780 |
| FactSet Research Systems Inc  | 14232 | 3238919 |
| Franklin Resources Inc  | 109094 | 3269547 |
| Goldman Sachs Group Inc/The  | 113088 | 104467302 |
| Hamilton Lane Inc Class A  | 5709 | 525171 |
| Houlihan Lokey Inc Class A  | 13608 | 2105838 |
| Interactive Brokers Group Inc Class A  | 165106 | 13125927 |
| Intercontinental Exchange Inc  | 232043 | 36683678 |
| Invesco Ltd  | 148027 | 3879788 |
| Janus Henderson Group PLC  | 49903 | 2575494 |
| Jefferies Financial Group Inc  | 47044 | 2268462 |
| KKR & Co Inc Class A  | 207081 | 21606832 |
| Lazard Inc  | 30113 | 1460481 |
| MarketAxess Holdings Inc  | 14821 | 2329713 |
| Morgan Stanley  | 461449 | 87947565 |
| Morningstar Inc  | 2785 | 469856 |
| MSCI Inc  | 14738 | 8716201 |
| Nasdaq Inc  | 184177 | 16927708 |
| Northern Trust Corp  | 75333 | 12530891 |
| Raymond James Financial Inc  | 72537 | 11484058 |
| Robinhood Markets Inc Class A (b) | 267291 | 19482841 |
| S&P Global Inc  | 123306 | 53173246 |
| SEI Investments Co  | 41614 | 3773558 |
| State Street Corp  | 113348 | 17324108 |
| Stifel Financial Corp  | 60344 | 4755711 |
| T Rowe Price Group Inc  | 87959 | 9049222 |
| TPG Inc Class A  | 3438 | 149965 |
| Tradeweb Markets Inc Class A  | 43444 | 4920033 |
| Virtu Financial Inc Class A  | 32289 | 1603472 |
|  |  | 692969022 |
| Consumer Finance - 0.9% |  |  |
| Ally Financial Inc  | 99093 | 4398738 |
| American Express Co  | 147634 | 47693164 |
| Capital One Financial Corp  | 249935 | 47812566 |
| Credit Acceptance Corp (b)(c) | 1375 | 694251 |
| Figure Technology Solutions Inc Class A (c) | 11552 | 405475 |
| OneMain Holdings Inc  | 47872 | 2813437 |
| SLM Corp  | 70938 | 1637249 |
| SoFi Technologies Inc Class A (b)(c) | 425604 | 6852224 |
| Synchrony Financial  | 141223 | 10761193 |
|  |  | 123068297 |
| Financial Services - 3.3% |  |  |
| Affirm Holdings Inc Class A (b) | 45291 | 2911305 |
| Apollo Global Management Inc  | 51702 | 6655081 |
| Berkshire Hathaway Inc Class B (b) | 750200 | 355294720 |
| Block Inc Class A (b) | 137041 | 9662761 |
| Corebridge Financial Inc  | 112276 | 3092081 |
| Euronet Worldwide Inc (b)(c) | 15902 | 1150987 |
| Fidelity National Information Services Inc  | 210946 | 9815317 |
| Fiserv Inc (b) | 157575 | 9872074 |
| Global Payments Inc  | 95527 | 6874123 |
| Jack Henry & Associates Inc  | 29548 | 4543005 |
| MGIC Investment Corp  | 89370 | 2366518 |
| PayPal Holdings Inc  | 381065 | 19106599 |
| Rocket Cos Inc Class A (b) | 382949 | 5598714 |
| UWM Holdings Corp Class A  | 80301 | 284266 |
| Voya Financial Inc  | 38664 | 3168901 |
| Western Union Co/The (c) | 129030 | 1172883 |
| WEX Inc (b) | 12675 | 1905433 |
|  |  | 443474768 |
| Insurance - 3.1% |  |  |
| AFLAC Inc  | 191416 | 21758257 |
| Allstate Corp/The  | 106059 | 23042378 |
| American Financial Group Inc/OH  | 26891 | 3583764 |
| American International Group Inc  | 219411 | 16411943 |
| Aon PLC  | 6512 | 2029465 |
| Arch Capital Group Ltd (b) | 143232 | 13529695 |
| Arthur J Gallagher & Co  | 96870 | 19993968 |
| Assurant Inc  | 20302 | 4796754 |
| Assured Guaranty Ltd  | 17473 | 1431038 |
| Axis Capital Holdings Ltd  | 30203 | 3032683 |
| Brighthouse Financial Inc (b) | 23231 | 1446362 |
| Brown & Brown Inc  | 103372 | 6217826 |
| Chubb Ltd  | 148659 | 48611493 |
| Cincinnati Financial Corp  | 62653 | 10250031 |
| CNA Financial Corp (c) | 8563 | 412992 |
| Everest Group Ltd  | 14507 | 5175517 |
| Fidelity National Financial Inc  | 104615 | 5471365 |
| First American Financial Corp  | 39550 | 2773642 |
| Globe Life Inc  | 32372 | 4995000 |
| Hanover Insurance Group Inc/The  | 14377 | 2698419 |
| Hartford Insurance Group Inc/The  | 114254 | 15631090 |
| Kemper Corp  | 23692 | 798182 |
| Lincoln National Corp  | 69229 | 2617548 |
| Loews Corp  | 68526 | 7716713 |
| Markel Group Inc (b) | 4034 | 7150144 |
| Marsh & McLennan Cos Inc  | 174168 | 29209715 |
| MetLife Inc  | 226325 | 18128633 |
| Old Republic International Corp  | 92953 | 3713472 |
| Primerica Inc  | 12933 | 3637665 |
| Principal Financial Group Inc  | 88511 | 8931645 |
| Progressive Corp/The  | 226394 | 45568584 |
| Prudential Financial Inc  | 142441 | 13974887 |
| Reinsurance Group of America Inc  | 26824 | 5672203 |
| RLI Corp  | 31489 | 1630186 |
| Travelers Companies Inc/The  | 88270 | 26934708 |
| Unum Group  | 67549 | 5429589 |
| W R Berkley Corp  | 91456 | 6112004 |
| White Mountains Insurance Group Ltd  | 1003 | 2238686 |
| Willis Towers Watson PLC  | 38929 | 9973610 |
|  |  | 412731856 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.1% |  |  |
| AGNC Investment Corp  | 449745 | 4956190 |
| Annaly Capital Management Inc  | 287704 | 6588422 |
| Rithm Capital Corp (c) | 224775 | 2198299 |
| Starwood Property Trust Inc  | 140579 | 2581030 |
|  |  | 16323941 |
| TOTAL FINANCIALS |  | 2581488826 |
| Health Care - 10.8% |  |  |
| Biotechnology - 1.2% |  |  |
| Amgen Inc  | 57397 | 19873711 |
| Biogen Inc (b) | 59418 | 11246639 |
| BioMarin Pharmaceutical Inc (b) | 77362 | 4170585 |
| Caris Life Sciences Inc (b) | 18556 | 352564 |
| Exelixis Inc (b) | 20473 | 910230 |
| Gilead Sciences Inc  | 370184 | 48434875 |
| Incyte Corp (b) | 48384 | 4609544 |
| Insmed Inc (b) | 5344 | 728548 |
| Ionis Pharmaceuticals Inc (b) | 4528 | 338512 |
| Moderna Inc (b) | 145750 | 6695755 |
| Neurocrine Biosciences Inc (b) | 5690 | 749202 |
| Regeneron Pharmaceuticals Inc  | 41276 | 29184609 |
| Revolution Medicines Inc (b) | 72963 | 10515428 |
| Roivant Sciences Ltd (b) | 172695 | 4926988 |
| Sarepta Therapeutics Inc (b)(c) | 6717 | 140250 |
| United Therapeutics Corp (b) | 17248 | 9854645 |
| Viking Therapeutics Inc (b) | 40803 | 1272238 |
|  |  | 154004323 |
| Health Care Equipment & Supplies - 2.0% |  |  |
| Abbott Laboratories  | 704303 | 63943670 |
| Align Technology Inc (b) | 27322 | 4808945 |
| Baxter International Inc  | 208368 | 3663109 |
| Becton Dickinson & Co  | 116342 | 17339612 |
| Boston Scientific Corp (b) | 496890 | 28625833 |
| Cooper Cos Inc/The (b) | 79393 | 4993820 |
| DENTSPLY SIRONA Inc  | 80999 | 951738 |
| Edwards Lifesciences Corp (b) | 234094 | 19546849 |
| Envista Holdings Corp (b) | 66224 | 1717851 |
| GE HealthCare Technologies Inc  | 186170 | 11326583 |
| Globus Medical Inc Class A (b) | 45622 | 4114192 |
| Medline Inc Class A  | 131821 | 5862080 |
| Medtronic PLC  | 521598 | 42233790 |
| ResMed Inc  | 45340 | 9694145 |
| Solventum Corp (b) | 60075 | 4046652 |
| STERIS PLC  | 39933 | 8660669 |
| Stryker Corp  | 103995 | 32771944 |
| Teleflex Inc  | 17954 | 2224680 |
| Zimmer Biomet Holdings Inc  | 80543 | 6639159 |
|  |  | 273165321 |
| Health Care Providers & Services - 2.5% |  |  |
| Acadia Healthcare Co Inc (b) | 36992 | 957908 |
| Cardinal Health Inc  | 48276 | 9311475 |
| Centene Corp (b) | 199332 | 10702135 |
| Chemed Corp  | 5147 | 2187372 |
| Cigna Group/The  | 98641 | 28663102 |
| CVS Health Corp  | 509429 | 42430341 |
| Elevance Health Inc  | 90476 | 34056976 |
| Encompass Health Corp  | 40531 | 4053100 |
| HCA Healthcare Inc  | 51977 | 22581408 |
| Henry Schein Inc (b) | 41311 | 3081387 |
| Humana Inc  | 49097 | 11608495 |
| Labcorp Holdings Inc  | 33988 | 8728118 |
| McKesson Corp  | 3869 | 3154009 |
| Molina Healthcare Inc (b) | 9333 | 1816388 |
| Quest Diagnostics Inc  | 45340 | 8805028 |
| Tenet Healthcare Corp (b) | 35429 | 6275184 |
| UnitedHealth Group Inc  | 370129 | 137125393 |
| Universal Health Services Inc Class B  | 21344 | 3591555 |
|  |  | 339129374 |
| Health Care Technology - 0.0% |  |  |
| Certara Inc (b)(c) | 48905 | 299788 |
| Veeva Systems Inc Class A (b) | 12355 | 1927009 |
|  |  | 2226797 |
| Life Sciences Tools & Services - 1.5% |  |  |
| Agilent Technologies Inc  | 115898 | 13392014 |
| Avantor Inc (b) | 268582 | 2175514 |
| Bio-Rad Laboratories Inc Class A (b)(c) | 7526 | 2108183 |
| Bio-Techne Corp  | 62823 | 3475368 |
| Bruker Corp  | 41995 | 1541636 |
| Charles River Laboratories International Inc (b) | 19841 | 3312852 |
| Danaher Corp  | 256116 | 45831958 |
| Illumina Inc (b) | 62485 | 7919349 |
| IQVIA Holdings Inc (b) | 68707 | 10881128 |
| Mettler-Toledo International Inc (b) | 8363 | 10676289 |
| QIAGEN NV (c) | 82315 | 2846453 |
| Repligen Corp (b) | 18755 | 2218904 |
| Revvity Inc  | 46155 | 3997946 |
| Sotera Health Co (b) | 90392 | 1406500 |
| Thermo Fisher Scientific Inc  | 153601 | 73568735 |
| Waters Corp (b) | 27303 | 8442907 |
| West Pharmaceutical Services Inc  | 29114 | 8664035 |
|  |  | 202459771 |
| Pharmaceuticals - 3.6% |  |  |
| Bristol-Myers Squibb Co  | 669437 | 40561188 |
| Elanco Animal Health Inc (b) | 200214 | 4478787 |
| Jazz Pharmaceuticals PLC (b) | 23686 | 4808732 |
| Johnson & Johnson  | 978806 | 224978559 |
| Merck & Co Inc  | 1010838 | 110363293 |
| Organon & Co  | 105772 | 1401479 |
| Perrigo Co PLC  | 55569 | 657937 |
| Pfizer Inc  | 2310696 | 61695583 |
| Royalty Pharma PLC Class A  | 156352 | 7831672 |
| Viatris Inc  | 469608 | 7015944 |
| Zoetis Inc Class A  | 36288 | 4172031 |
|  |  | 467965205 |
| TOTAL HEALTH CARE |  | 1438950791 |
| Industrials - 13.3% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| ATI Inc (b) | 54788 | 8517342 |
| Boeing Co (b) | 264153 | 60498962 |
| BWX Technologies Inc  | 30577 | 6616557 |
| Carpenter Technology Corp  | 16112 | 6899158 |
| Curtiss-Wright Corp  | 14956 | 10771311 |
| General Dynamics Corp  | 102782 | 35387843 |
| Hexcel Corp  | 30609 | 2873267 |
| Huntington Ingalls Industries Inc  | 15862 | 5778368 |
| L3Harris Technologies Inc  | 75960 | 24348978 |
| Leonardo DRS Inc  | 18701 | 759822 |
| Loar Holdings Inc (b)(c) | 1711 | 96021 |
| Lockheed Martin Corp  | 60542 | 31358940 |
| Northrop Grumman Corp  | 54387 | 31516179 |
| RTX Corp  | 544175 | 95812893 |
| StandardAero Inc (b)(c) | 84705 | 2105766 |
| Textron Inc  | 71439 | 6855286 |
| TransDigm Group Inc  | 18554 | 21522269 |
| Woodward Inc  | 24357 | 8841347 |
|  |  | 360560309 |
| Air Freight & Logistics - 0.7% |  |  |
| CH Robinson Worldwide Inc  | 47775 | 8685973 |
| Expeditors International of Washington Inc  | 54243 | 8021997 |
| FedEx Corp  | 87173 | 35157743 |
| GXO Logistics Inc (b) | 45625 | 2606556 |
| United Parcel Service Inc Class B  | 298541 | 32481261 |
|  |  | 86953530 |
| Building Products - 0.7% |  |  |
| A O Smith Corp  | 46194 | 2856637 |
| Advanced Drainage Systems Inc  | 28745 | 4290191 |
| Allegion plc  | 34995 | 4811113 |
| Armstrong World Industries Inc  | 12348 | 2103976 |
| Builders FirstSource Inc (b) | 44151 | 3491903 |
| Carlisle Cos Inc  | 14868 | 5282006 |
| Carrier Global Corp  | 319342 | 21450202 |
| Fortune Brands Innovations Inc  | 49173 | 1993473 |
| Hayward Holdings Inc (b) | 83825 | 1258213 |
| Johnson Controls International plc  | 248964 | 36356213 |
| Masco Corp  | 84493 | 6068287 |
| Owens Corning  | 33190 | 4093655 |
| Simpson Manufacturing Co Inc  | 15438 | 2944490 |
| Trex Co Inc (b) | 43407 | 1701554 |
|  |  | 98701913 |
| Commercial Services & Supplies - 0.3% |  |  |
| Clean Harbors Inc (b) | 20602 | 6441833 |
| Copart Inc (b) | 24615 | 815002 |
| MSA Safety Inc  | 15035 | 2501674 |
| Republic Services Inc  | 82396 | 17238891 |
| Tetra Tech Inc  | 86024 | 2780296 |
| Veralto Corp  | 60787 | 5361413 |
|  |  | 35139109 |
| Construction & Engineering - 0.4% |  |  |
| AECOM  | 52455 | 4411466 |
| API Group Corp (b) | 145271 | 6641790 |
| EMCOR Group Inc  | 11775 | 10499414 |
| Everus Construction Group Inc (b) | 20678 | 3048558 |
| MasTec Inc (b) | 19971 | 7869573 |
| Quanta Services Inc  | 13494 | 9820528 |
| Valmont Industries Inc  | 7919 | 4023169 |
| WillScot Holdings Corp  | 53912 | 1220567 |
|  |  | 47535065 |
| Electrical Equipment - 1.3% |  |  |
| Acuity Inc  | 12555 | 3638062 |
| AMETEK Inc  | 93702 | 22066821 |
| Eaton Corp PLC  | 159400 | 69021794 |
| Emerson Electric Co  | 229246 | 32195308 |
| Generac Holdings Inc (b) | 23504 | 6092942 |
| Hubbell Inc  | 21759 | 11057271 |
| nVent Electric PLC  | 64763 | 9254633 |
| Regal Rexnord Corp  | 26859 | 5775491 |
| Rockwell Automation Inc  | 42325 | 17307116 |
| Sensata Technologies Holding PLC  | 58969 | 2455469 |
|  |  | 178864907 |
| Ground Transportation - 1.3% |  |  |
| Avis Budget Group Inc (b)(c) | 4507 | 814280 |
| CSX Corp  | 763500 | 34685805 |
| JB Hunt Transport Services Inc  | 31157 | 7836920 |
| Knight-Swift Transportation Holdings Inc  | 64067 | 4157948 |
| Landstar System Inc  | 13849 | 2549185 |
| Lyft Inc Class A (b) | 131191 | 1856353 |
| Norfolk Southern Corp  | 91853 | 29009933 |
| Old Dominion Freight Line Inc  | 70505 | 14977377 |
| Ryder System Inc  | 15976 | 4054230 |
| Saia Inc (b) | 10842 | 4866106 |
| Schneider National Inc Class B  | 18760 | 583248 |
| U-Haul Holding Co (b)(c) | 2061 | 105853 |
| U-Haul Holding Co Class N  | 25323 | 1207654 |
| Union Pacific Corp  | 224048 | 60376456 |
| XPO Inc (b) | 37024 | 8150093 |
|  |  | 175231441 |
| Industrial Conglomerates - 0.6% |  |  |
| 3M Co  | 182006 | 26667519 |
| Honeywell International Inc  | 258664 | 55439455 |
|  |  | 82106974 |
| Machinery - 3.9% |  |  |
| AGCO Corp  | 25218 | 3051882 |
| Allison Transmission Holdings Inc  | 28067 | 3770801 |
| Caterpillar Inc  | 165152 | 147003448 |
| CNH Industrial NV Class A  | 357040 | 3823898 |
| Crane Co  | 20012 | 3556733 |
| Cummins Inc  | 55976 | 37560456 |
| Deere & Co  | 99378 | 58620102 |
| Donaldson Co Inc  | 46777 | 4124328 |
| Dover Corp  | 55151 | 12486738 |
| Esab Corp  | 23141 | 2274066 |
| Flowserve Corp  | 51544 | 3795700 |
| Fortive Corp  | 129033 | 7714883 |
| Gates Industrial Corp PLC (b) | 103086 | 2640032 |
| Graco Inc  | 67520 | 5419830 |
| IDEX Corp  | 30742 | 6697145 |
| Illinois Tool Works Inc  | 79270 | 20452453 |
| Ingersoll Rand Inc  | 161717 | 12914720 |
| ITT Inc  | 34836 | 7466748 |
| Lincoln Electric Holdings Inc  | 21800 | 5777000 |
| Middleby Corp/The (b) | 19365 | 2718071 |
| Mueller Industries Inc  | 44102 | 5972734 |
| Nordson Corp  | 21639 | 6241770 |
| Oshkosh Corp  | 25558 | 3994715 |
| Otis Worldwide Corp  | 158714 | 12360646 |
| PACCAR Inc  | 209620 | 24902856 |
| Parker-Hannifin Corp  | 51447 | 46786931 |
| Pentair PLC  | 66530 | 5369636 |
| RBC Bearings Inc (b) | 10048 | 6019656 |
| Snap-on Inc  | 20842 | 7990823 |
| Stanley Black & Decker Inc  | 62902 | 4916420 |
| Timken Co/The  | 25427 | 2819600 |
| Toro Co/The  | 40091 | 3815460 |
| Westinghouse Air Brake Technologies Corp  | 68966 | 18613234 |
| Xylem Inc/NY  | 98974 | 11694768 |
|  |  | 513368283 |
| Marine Transportation - 0.0% |  |  |
| Kirby Corp (b) | 21934 | 3301943 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (b)(c) | 38624 | 1510585 |
| American Airlines Group Inc (b)(c) | 248431 | 2909127 |
| Delta Air Lines Inc  | 265267 | 18035503 |
| Southwest Airlines Co  | 167691 | 6358843 |
| United Airlines Holdings Inc (b) | 132388 | 11914920 |
|  |  | 40728978 |
| Professional Services - 0.5% |  |  |
| Amentum Holdings Inc (b) | 64726 | 1697763 |
| Automatic Data Processing Inc  | 11945 | 2531623 |
| Broadridge Financial Solutions Inc  | 4358 | 671045 |
| CACI International Inc (b) | 8834 | 4589616 |
| Clarivate PLC (b)(c) | 149391 | 428752 |
| Concentrix Corp (c) | 17829 | 424687 |
| Equifax Inc  | 41013 | 7133801 |
| FTI Consulting Inc (b) | 12240 | 2194632 |
| Genpact Ltd  | 64509 | 2241688 |
| Jacobs Solutions Inc  | 47580 | 6157328 |
| KBR Inc  | 47266 | 1772002 |
| Leidos Holdings Inc  | 51866 | 7739445 |
| ManpowerGroup Inc  | 18785 | 568622 |
| Parsons Corp (b) | 21415 | 1079530 |
| Paychex Inc  | 90182 | 8353559 |
| Paycom Software Inc  | 9201 | 1166319 |
| Paylocity Holding Corp (b) | 1460 | 154015 |
| Robert Half Inc (c) | 40192 | 1069509 |
| Science Applications International Corp  | 18278 | 1768762 |
| SS&C Technologies Holdings Inc  | 85099 | 5897361 |
| TransUnion  | 79285 | 5629235 |
| Verisk Analytics Inc  | 22768 | 4200468 |
|  |  | 67469762 |
| Trading Companies & Distributors - 0.6% |  |  |
| Applied Industrial Technologies Inc  | 15070 | 4607653 |
| Core & Main Inc Class A (b) | 32378 | 1630880 |
| Fastenal Co  | 83436 | 3748779 |
| Ferguson Enterprises Inc  | 73124 | 19576026 |
| MSC Industrial Direct Co Inc Class A  | 17867 | 1827258 |
| QXO Inc (b)(c) | 261764 | 5253603 |
| SiteOne Landscape Supply Inc (b) | 12187 | 1536171 |
| United Rentals Inc  | 25816 | 24779230 |
| Watsco Inc  | 14155 | 6197625 |
| Wesco International Inc  | 19488 | 6803651 |
| WW Grainger Inc  | 2596 | 3014865 |
|  |  | 78975741 |
| TOTAL INDUSTRIALS |  | 1768937955 |
| Information Technology - 14.2% |  |  |
| Communications Equipment - 1.7% |  |  |
| Ciena Corp (b) | 57372 | 30268320 |
| Cisco Systems Inc  | 1618922 | 148131363 |
| F5 Inc (b) | 22974 | 7441278 |
| Lumentum Holdings Inc (b) | 26483 | 23896141 |
| Motorola Solutions Inc  | 39225 | 17220952 |
|  |  | 226958054 |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| Arrow Electronics Inc (b) | 20996 | 3943679 |
| Avnet Inc  | 32840 | 2709628 |
| CDW Corp/DE  | 49052 | 6715709 |
| Cognex Corp  | 68243 | 3788169 |
| Coherent Corp (b) | 71131 | 22741292 |
| Corning Inc  | 317558 | 52155726 |
| Crane NXT Co  | 19903 | 889265 |
| Flex Ltd (b) | 149650 | 13700458 |
| Ingram Micro Holding Corp  | 8323 | 256098 |
| IPG Photonics Corp (b) | 10039 | 1193838 |
| Jabil Inc  | 14672 | 4951653 |
| Keysight Technologies Inc (b) | 69983 | 24487752 |
| Littelfuse Inc  | 9988 | 4036850 |
| Ralliant Corp  | 46006 | 2090513 |
| TD SYNNEX Corp  | 31053 | 7085674 |
| Teledyne Technologies Inc (b) | 18908 | 12211732 |
| Vontier Corp  | 58809 | 2110067 |
| Zebra Technologies Corp Class A (b) | 20685 | 4680188 |
|  |  | 169748291 |
| IT Services - 1.4% |  |  |
| Accenture PLC Class A  | 250262 | 44724322 |
| Akamai Technologies Inc (b) | 57274 | 5898077 |
| Amdocs Ltd  | 43196 | 2793485 |
| Cognizant Technology Solutions Corp Class A  | 196632 | 10401833 |
| DXC Technology Co (b) | 68253 | 772624 |
| EPAM Systems Inc (b) | 21898 | 2491554 |
| Globant SA (b) | 15884 | 654897 |
| IBM Corporation  | 378440 | 87412072 |
| Kyndryl Holdings Inc (b) | 86364 | 1193550 |
| MongoDB Inc Class A (b) | 29020 | 7279087 |
| Okta Inc Class A (b) | 41240 | 3037326 |
| Twilio Inc Class A (b) | 47691 | 7061129 |
| VeriSign Inc  | 33852 | 9094678 |
|  |  | 182814634 |
| Semiconductors & Semiconductor Equipment - 7.3% |  |  |
| Advanced Micro Devices Inc (b) | 271873 | 96376260 |
| Amkor Technology Inc  | 50528 | 3524328 |
| Analog Devices Inc  | 198808 | 79972506 |
| Applied Materials Inc  | 231149 | 91185969 |
| Cirrus Logic Inc (b) | 20786 | 3389781 |
| Entegris Inc  | 51034 | 7215187 |
| First Solar Inc (b) | 41286 | 8335231 |
| GlobalFoundries Inc (b) | 49916 | 3224574 |
| Intel Corp (b) | 1794772 | 169570059 |
| Lattice Semiconductor Corp (b) | 8251 | 1008932 |
| MACOM Technology Solutions Holdings Inc (b) | 20270 | 5708235 |
| Marvell Technology Inc  | 320285 | 52895068 |
| Microchip Technology Inc  | 214663 | 19944339 |
| Micron Technology Inc  | 454465 | 235031119 |
| MKS Inc  | 27320 | 7752050 |
| ON Semiconductor Corp (b) | 163479 | 16480318 |
| Onto Innovation Inc (b) | 15385 | 4539498 |
| Qnity Electronics Inc  | 85128 | 11974104 |
| Qorvo Inc (b) | 34120 | 3214786 |
| QUALCOMM Inc  | 335519 | 60252502 |
| Skyworks Solutions Inc  | 60864 | 4270827 |
| Teradyne Inc  | 63691 | 21875948 |
| Texas Instruments Inc  | 218424 | 61394618 |
| Universal Display Corp  | 17858 | 1555253 |
|  |  | 970691492 |
| Software - 1.2% |  |  |
| Aurora Innovation Inc Class A (b)(c) | 474077 | 2787573 |
| BILL Holdings Inc (b) | 32764 | 1245032 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 245291 | 1285325 |
| Circle Internet Group Inc Class A (b) | 39032 | 3547228 |
| Docusign Inc (b) | 19743 | 907981 |
| Dolby Laboratories Inc Class A  | 24578 | 1576433 |
| Dropbox Inc Class A (b) | 51622 | 1253898 |
| Fair Isaac Corp (b) | 1654 | 1695350 |
| Gen Digital Inc  | 199206 | 3842684 |
| nCino Inc (b) | 38900 | 679972 |
| Nutanix Inc Class A (b) | 79444 | 3248465 |
| Pegasystems Inc  | 25126 | 918355 |
| PTC Inc (b) | 42399 | 5778984 |
| Roper Technologies Inc  | 43670 | 15494553 |
| Rubrik Inc Class A (b) | 23417 | 1245316 |
| SailPoint Inc (b) | 24530 | 280133 |
| Salesforce Inc  | 329326 | 58135919 |
| SentinelOne Inc Class A (b) | 34677 | 491026 |
| Strategy Inc Class A (b)(c) | 119856 | 19830175 |
| Synopsys Inc (b) | 20657 | 9969068 |
| Teradata Corp (b)(c) | 29027 | 764861 |
| Trimble Inc (b) | 96907 | 6523779 |
| Tyler Technologies Inc (b) | 2986 | 1018644 |
| UiPath Inc Class A (b)(c) | 163534 | 1684400 |
| Unity Software Inc (b) | 124930 | 3300651 |
| Zoom Communications Inc Class A (b) | 108374 | 10528534 |
|  |  | 158034339 |
| Technology Hardware, Storage & Peripherals - 1.3% |  |  |
| Dell Technologies Inc Class C  | 109613 | 22903636 |
| Everpure Inc Class A (b) | 18250 | 1303963 |
| Hewlett Packard Enterprise Co  | 541853 | 15589111 |
| HP Inc  | 373577 | 7792816 |
| NetApp Inc  | 48681 | 5392394 |
| Sandisk Corp/DE (b) | 58173 | 63787277 |
| Super Micro Computer Inc (b)(c) | 113061 | 3097871 |
| Western Digital Corp  | 138383 | 60130181 |
|  |  | 179997249 |
| TOTAL INFORMATION TECHNOLOGY |  | 1888244059 |
| Materials - 3.9% |  |  |
| Chemicals - 2.0% |  |  |
| Air Products and Chemicals Inc  | 90359 | 27112218 |
| Albemarle Corp  | 47793 | 9400883 |
| Ashland Inc  | 18422 | 981155 |
| Axalta Coating Systems Ltd (b) | 86592 | 2462676 |
| Celanese Corp  | 44451 | 3012000 |
| CF Industries Holdings Inc  | 63125 | 7840125 |
| Corteva Inc  | 275292 | 22301405 |
| Dow Inc  | 287807 | 11653305 |
| DuPont de Nemours Inc  | 170256 | 7773889 |
| Eastman Chemical Co  | 46128 | 3371496 |
| Ecolab Inc  | 76621 | 19967433 |
| Element Solutions Inc  | 91592 | 3900903 |
| FMC Corp  | 50489 | 776520 |
| Huntsman Corp  | 66869 | 960907 |
| International Flavors & Fragrances Inc  | 104206 | 7315261 |
| Linde PLC  | 191006 | 95720747 |
| LyondellBasell Industries NV Class A1  | 104191 | 7772649 |
| Mosaic Co/The  | 128279 | 2985052 |
| NewMarket Corp  | 2568 | 1734992 |
| Olin Corp  | 46674 | 1329276 |
| PPG Industries Inc  | 91386 | 9915381 |
| RPM International Inc  | 51704 | 5268121 |
| Scotts Miracle-Gro Co/The  | 17746 | 1112674 |
| Sherwin-Williams Co/The  | 8778 | 2823093 |
| Solstice Advanced Materials Inc  | 64668 | 5299543 |
| Westlake Corp (c) | 13584 | 1565964 |
|  |  | 264357668 |
| Construction Materials - 0.5% |  |  |
| CRH PLC  | 272793 | 32304148 |
| Eagle Materials Inc  | 11886 | 2497367 |
| James Hardie Industries PLC (b) | 21905 | 459786 |
| Martin Marietta Materials Inc  | 24392 | 15100355 |
| Vulcan Materials Co  | 53773 | 16225465 |
|  |  | 66587121 |
| Containers & Packaging - 0.3% |  |  |
| Amcor PLC  | 187487 | 7132005 |
| AptarGroup Inc  | 26606 | 3290630 |
| Avery Dennison Corp  | 31281 | 5127894 |
| Ball Corp  | 109012 | 6658453 |
| Crown Holdings Inc  | 47091 | 4629516 |
| Graphic Packaging Holding CO  | 118834 | 1132488 |
| International Paper Co  | 213188 | 6485179 |
| Packaging Corp of America  | 35920 | 7667124 |
| Silgan Holdings Inc  | 35467 | 1438187 |
| Smurfit Westrock PLC  | 211905 | 8135034 |
| Sonoco Products Co  | 40025 | 1999649 |
|  |  | 53696159 |
| Metals & Mining - 1.1% |  |  |
| Alcoa Corp  | 105094 | 6703946 |
| Cleveland-Cliffs Inc (b) | 227833 | 2323897 |
| Freeport-McMoRan Inc  | 581757 | 33613919 |
| MP Materials Corp (b)(c) | 57850 | 3820414 |
| Newmont Corp  | 446865 | 49642233 |
| Nucor Corp  | 93421 | 21046817 |
| Reliance Inc  | 21224 | 7693700 |
| Royal Gold Inc  | 34193 | 7979962 |
| Steel Dynamics Inc  | 50322 | 11506629 |
|  |  | 144331517 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 25615 | 1849147 |
| TOTAL MATERIALS |  | 530821612 |
| Real Estate - 3.9% |  |  |
| Diversified REITs - 0.0% |  |  |
| WP Carey Inc  | 88145 | 6428414 |
| Health Care REITs - 0.7% |  |  |
| Alexandria Real Estate Equities Inc  | 69733 | 2824884 |
| Healthcare Realty Trust Inc  | 133411 | 2494786 |
| Healthpeak Properties Inc  | 282078 | 4561201 |
| Medical Properties Trust Inc (c) | 202849 | 1002073 |
| Omega Healthcare Investors Inc  | 119983 | 5635602 |
| Ventas Inc  | 190436 | 16731707 |
| Welltower Inc  | 279681 | 60785869 |
|  |  | 94036122 |
| Hotel & Resort REITs - 0.1% |  |  |
| Host Hotels & Resorts Inc  | 278896 | 5893073 |
| Park Hotels & Resorts Inc  | 75288 | 863553 |
|  |  | 6756626 |
| Industrial REITs - 0.5% |  |  |
| Americold Realty Trust Inc  | 116084 | 1419707 |
| EastGroup Properties Inc  | 21543 | 4334452 |
| First Industrial Realty Trust Inc  | 52034 | 3226628 |
| Lineage Inc  | 28688 | 1058013 |
| Prologis Inc  | 377284 | 53581875 |
| Rexford Industrial Realty Inc  | 94819 | 3403054 |
| STAG Industrial Inc Class A  | 75892 | 2927913 |
|  |  | 69951642 |
| Office REITs - 0.1% |  |  |
| BXP Inc  | 64421 | 3766052 |
| Cousins Properties Inc  | 67824 | 1736973 |
| Highwoods Properties Inc  | 43914 | 1067549 |
| Kilroy Realty Corp  | 47704 | 1586635 |
| Vornado Realty Trust  | 71696 | 2142993 |
|  |  | 10300202 |
| Real Estate Management & Development - 0.2% |  |  |
| CBRE Group Inc Class A (b) | 107649 | 15364742 |
| CoStar Group Inc (b) | 148803 | 5150072 |
| Howard Hughes Holdings Inc (b)(c) | 12583 | 783543 |
| Jones Lang LaSalle Inc (b) | 14028 | 4462728 |
| Zillow Group Inc Class A (b) | 19419 | 866281 |
| Zillow Group Inc Class C (b) | 67264 | 2986522 |
|  |  | 29613888 |
| Residential REITs - 0.5% |  |  |
| American Homes 4 Rent Class A  | 139068 | 4427925 |
| AvalonBay Communities Inc  | 57843 | 10585270 |
| Camden Property Trust  | 42961 | 4511764 |
| Equity LifeStyle Properties Inc  | 78135 | 4945164 |
| Equity Residential  | 154053 | 10071985 |
| Essex Property Trust Inc  | 25920 | 6822403 |
| Invitation Homes Inc  | 248866 | 7159875 |
| Mid-America Apartment Communities Inc  | 47323 | 6113185 |
| Sun Communities Inc  | 40267 | 5147733 |
| UDR Inc  | 127098 | 4618741 |
|  |  | 64404045 |
| Retail REITs - 0.5% |  |  |
| Agree Realty Corp  | 45990 | 3546289 |
| Brixmor Property Group Inc  | 123802 | 3725202 |
| Federal Realty Investment Trust  | 34618 | 3839136 |
| Kimco Realty Corp  | 271750 | 6424170 |
| NNN REIT Inc  | 76806 | 3363335 |
| Realty Income Corp  | 372427 | 23924710 |
| Regency Centers Corp  | 73454 | 5718394 |
| Simon Property Group Inc  | 102528 | 20885979 |
|  |  | 71427215 |
| Specialized REITs - 1.3% |  |  |
| Crown Castle Inc  | 176475 | 15667451 |
| CubeSmart  | 92069 | 3726953 |
| Digital Realty Trust Inc  | 139943 | 28120146 |
| EPR Properties  | 30326 | 1692494 |
| Equinix Inc  | 39749 | 43041410 |
| Extra Space Storage Inc  | 85688 | 12281661 |
| Fermi Inc  | 15219 | 78073 |
| Gaming and Leisure Properties Inc  | 110419 | 5350905 |
| Iron Mountain Inc  | 119329 | 15034261 |
| Millrose Properties Inc Class A  | 62215 | 1908134 |
| National Storage Affiliates Trust  | 28618 | 1217982 |
| Public Storage  | 55786 | 16872476 |
| Rayonier Inc  | 121041 | 2567280 |
| SBA Communications Corp Class A  | 43076 | 9528411 |
| VICI Properties Inc  | 441485 | 12891362 |
| Weyerhaeuser Co  | 294791 | 7228275 |
|  |  | 177207274 |
| TOTAL REAL ESTATE |  | 530125428 |
| Utilities - 4.4% |  |  |
| Electric Utilities - 2.9% |  |  |
| Alliant Energy Corp  | 104446 | 7669470 |
| American Electric Power Co Inc  | 217598 | 29834862 |
| Constellation Energy Corp  | 126894 | 39717822 |
| Duke Energy Corp  | 316417 | 40991822 |
| Edison International  | 155022 | 10772479 |
| Entergy Corp  | 181610 | 21413635 |
| Evergy Inc  | 93604 | 7754155 |
| Eversource Energy  | 152738 | 10798577 |
| Exelon Corp  | 411134 | 18908053 |
| FirstEnergy Corp  | 223178 | 10605419 |
| IDACORP Inc  | 21920 | 3238460 |
| NextEra Energy Inc  | 848546 | 83055682 |
| OGE Energy Corp  | 85595 | 4177036 |
| PG&E Corp  | 891743 | 14820769 |
| Pinnacle West Capital Corp  | 48482 | 5028553 |
| PPL Corp  | 301032 | 11270638 |
| Southern Co/The  | 448178 | 43338813 |
| Xcel Energy Inc  | 240719 | 19967641 |
|  |  | 383363886 |
| Gas Utilities - 0.2% |  |  |
| Atmos Energy Corp  | 65096 | 12366938 |
| MDU Resources Group Inc  | 82431 | 1857170 |
| National Fuel Gas Co  | 38254 | 3227873 |
| UGI Corp  | 87463 | 3156540 |
|  |  | 20608521 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 288810 | 4173305 |
| Clearway Energy Inc Class A  | 14016 | 566666 |
| Clearway Energy Inc Class C  | 33982 | 1371513 |
| Talen Energy Corp (b) | 18449 | 6870777 |
|  |  | 12982261 |
| Multi-Utilities - 1.1% |  |  |
| Ameren Corp  | 109758 | 12473997 |
| CenterPoint Energy Inc  | 265023 | 11568254 |
| CMS Energy Corp  | 123083 | 9445389 |
| Consolidated Edison Inc  | 146614 | 16345995 |
| Dominion Energy Inc  | 347128 | 22389756 |
| DTE Energy Co  | 84274 | 12783523 |
| NiSource Inc  | 194049 | 9368686 |
| Public Service Enterprise Group Inc  | 203110 | 16585963 |
| Sempra  | 265504 | 25254740 |
| WEC Energy Group Inc  | 132427 | 15618440 |
|  |  | 151834743 |
| Water Utilities - 0.1% |  |  |
| American Water Works Co Inc  | 79212 | 10172405 |
| Essential Utilities Inc  | 114129 | 4359728 |
|  |  | 14532133 |
| TOTAL UTILITIES |  | 583321544 |
| TOTAL UNITED STATES |  | 13236333728 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,398,429,076) |  | <br> **13312199470** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/14/2026 (e)<br>(Cost $2,093,266)<br>| 3.64 | 2096000 | **2093288** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.69 | 20502019 | 20506119 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.69 | 82376777 | 82385015 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $102,891,134) |  |  | **102891134** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $9,503,413,476)<br>| <br>**13417183892** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(77597646)** |
| **NET ASSETS - 100.0%** | **13339586246** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 17 | 6/2026 | 6157188 | 588551 |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 20 | 6/2026 | 7302400 | 591472 |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **1180023** |
| The notional amount of long futures as a percentage of Net Assets is 0.1%. | The notional amount of long futures as a percentage of Net Assets is 0.1%. | The notional amount of long futures as a percentage of Net Assets is 0.1%. | The notional amount of long futures as a percentage of Net Assets is 0.1%. | The notional amount of long futures 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 $1,961,459.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 24418322 | 1119866292 | 1123782392 | 1021572 | 3897 | - | 20506119 | 20502019 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 80412913 | 559320405 | 557348849 | 713258 | 546 | - | 82385015 | 82376777 | 0.2% |
| Total | 104831235 | 1679186697 | 1681131241 | 1734830 | 4443 | - | 102891134 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 1121324260 | 1121324260 | - | - |
| Consumer Discretionary | 939297620 | 939297620 | - | - |
| Consumer Staples | 957780449 | 957780449 | - | - |
| Energy | 919852835 | 919852835 | - | - |
| Financials | 2599003738 | 2599003738 | - | - |
| Health Care | 1438950791 | 1438950791 | - | - |
| Industrials | 1776323230 | 1776323230 | - | - |
| Information Technology | 1890670854 | 1890670854 | - | - |
| Materials | 553557866 | 553557866 | - | - |
| Real Estate | 530125428 | 530125428 | - | - |
| Utilities | 585312399 | 585312399 | - | - |
|  **U.S. Treasury Obligations** | 2093288 | - | 2093288 | - |
|  **Money Market Funds** | 102891134 | 102891134 | - | - |
| **Total Investments in Securities:** | 13417183892 | 13415090604 | 2093288 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1180023 | 1180023 | - | - |
| Total Assets | 1180023 | 1180023 | - | - |
| **Total Derivative Instruments:** | 1180023 | 1180023 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. 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)  | 1180023 | - |
| **Total Equity Risk**  | 1180023 | - |
| **Total Value of Derivatives** | 1180023 | - |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $110,822,951) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $9,400,522,342) | $13314292758 |  |
| Fidelity Central Funds (cost $102,891,134) | 102891134 |  |
| Total Investment in Securities (cost $9,503,413,476) |  | $13417183892 |
| Receivable for fund shares sold |  | 26353196 |
| Dividends receivable |  | 8275037 |
| Distributions receivable from Fidelity Central Funds |  | 86558 |
| Receivable for variation margin on futures contracts |  | 403937 |
| Other receivables |  | 17801 |
| **Total assets** |  | 13452320421 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $29975754 |  |
| Accrued management fee | 375135 |  |
| Collateral on securities loaned | 82383286 |  |
| **Total liabilities** |  | 112734175 |
| **Net Assets**  |  | $13339586246 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $9617215400 |
| Total accumulated earnings (loss) |  | 3722370846 |
| **Net Assets** |  | $13339586246 |
| **Net Asset Value**, offering price and redemption price per share ($13,339,586,246 ÷ 583,755,855 shares) |  | $22.85 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $230277171 |
| Interest  |  | 113273 |
| Income from Fidelity Central Funds (including $713,258 from security lending)  |  | 1734830 |
| Security lending |  | 9245 |
| **Total income** |  | 232134519 |
| **Expenses** |  |  |
| Management fee | $4199216 |  |
| Independent trustees' fees and expenses | 27464 |  |
| Total expenses before reductions | 4226680 |  |
| Expense reductions | (11712) |  |
| Total expenses after reductions |  | 4214968 |
| **Net Investment income (loss)** |  | 227919551 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (51572938) |  |
| Redemptions in-kind | 548916325 |  |
| Fidelity Central Funds | 4443 |  |
| Foreign currency transactions | (110) |  |
| Futures contracts | 8601689 |  |
| Total net realized gain (loss) |  | 505949409 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2324976464 |  |
| Futures contracts | (903022) |  |
| Total change in net unrealized appreciation (depreciation) |  | 2324073442 |
| **Net gain (loss)** |  | 2830022851 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3057942402 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $227919551 | $193591651 |
| &nbsp;&nbsp;Net realized gain (loss) | 505949409<br>| 41994660<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2324073442 | 342865654<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3057942402<br>| 578451965<br>|
| Distributions to shareholders | (184842270)<br>| (177473617)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 4761836361 | 4873183747 |
| Reinvestment of distributions | 150780625<br>| 148213723<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (5015884581) | (2532965586) |
| **Net increase (decrease) in net assets resulting from share transactions** | (103267595)<br>| 2488431884<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2769832537<br>| 2889410232<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 10569753709 | 7680343477<br>|
| &nbsp;&nbsp;End of period | $13339586246 | $10569753709 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 233953588 | 264190256 |
| Issued in reinvestment of distributions | 7485836<br>| 8213833<br>|
| &nbsp;&nbsp;Redeemed | (246256356) | (139188163) |
| &nbsp;&nbsp;Net increase (decrease) | (4816932) | 133215926 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.96 | $16.87 | $15.17 | $15.30 | $15.35 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .38  | .36  | .34  | .30  |
| Net realized and unrealized gain (loss)  | 4.82  | 1.06  | 1.66  | (.17)  | (.10)  |
| Total from investment operations  | 5.20  | 1.44  | 2.02  | .17  | .20  |
| Distributions from net investment income  | (.31)  | (.29)  | (.32)  | (.30)  | (.25)  |
| Distributions from net realized gain  | -  | (.05)  | -  | -  | -  |
| Total distributions  | (.31)  | (.35) C | (.32)  | (.30)  | (.25)  |
| Net asset value, end of period  | $22.85 | $17.96 | $16.87 | $15.17 | $15.30 |
| **Total Return** D | 29.21% <br>| 8.52%  | 13.49%  | 1.18%  | 1.27%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .04%  | .04%  | .04%  | .04%  | .04%  |
| Expenses net of fee waivers, if any  | .04% <br>| .04%  | .04%  | .04%  | .04%  |
| Expenses net of all reductions, if any  | .03%  | .04%  | .03%  | .03%  | .04%  |
| Net investment income (loss)  | 1.89%  | 2.08%  | 2.30%  | 2.28%  | 1.90%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13339586 | $10569754 | $7680343 | $5986235 | $5307593 |
| Portfolio turnover rate G | 21% H<br>| 14% H | 27% H | 16%  | 16%  |

---

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

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

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026 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, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to 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:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $4424752320 |
| **Gross unrealized depreciation**  | <u>(607547842)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$3817204478</u> |
| **Tax Cost**  | <u>$9599979414</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$-</u> |
| **Capital loss carryforward**  | <u>$(94833631)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$3817204478</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(3913633) |
| Long-term | <u>(90919998)</u> |
| **Total capital loss carryforward** | <u>$(94833631)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income**  | $184842270 | $149491534 |
| **Long-term Capital Gains**  | <u>-</u> | <u>27982083</u> |
| **Total**  | <u>$184842270</u> | <u>$177473617</u> |

---

**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. Subsequent payments from or to a fund are made or as needed depending on the fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Large Cap Value Index Fund** | 3398622722 | 2486337971 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that 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** | 47750359 | - | 548916325 | 548916325 | 942258869 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that 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 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, 2027.

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** |
| **Fidelity Large Cap Value Index Fund**  | Borrower | 8374857 | 3.90% |

---

**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, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

**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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Large Cap Value Index Fund** | 69527 | 810 | 18067 |

---

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** | 27565844 |

---

**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 $11,712.

**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.

**Report of Independent Registered Public Accounting Firm**

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

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

We have audited the accompanying statement of assets and liabilities of Fidelity Large Cap Value Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as April 30, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2026

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

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

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

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

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

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130795_4.jpg)<br>

1.9879609.109 LC2-I-ANN-0626

**Fidelity® Large Cap Growth Index Fund**

**Annual Report**

**April 30, 2026**

![](img130798_1.jpg)

![](img130798_2.jpg)

**Contents**

---

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

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Large Cap Growth Index Fund**

**Schedule of Investments April 30, 2026**

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%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Anglogold Ashanti Plc  | 86831 | 8138670 |
| BRAZIL - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (c) | 4756982 | 68881099 |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 49781 | 953804 |
| TOTAL BRAZIL |  | 69834903 |
| CANADA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc (United States)  | 309224 | 24948193 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Brookfield Asset Management Ltd Class A (United States) (b) | 187630 | 9008116 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| RB Global Inc (United States)  | 16048 | 1673806 |
| TOTAL CANADA |  | 35630115 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b)(c) | 18314 | 709484 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish (b) | 7097 | 267770 |
| KAZAKHSTAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b)(c) | 21366 | 3201268 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Coupang Inc Class A (c) | 1860540 | 37173589 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 8229 | 1237066 |
| SWITZERLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| On Holding AG Class A (c) | 321245 | 11439534 |
| UNITED STATES - 99.1%  |  |  |
| Communication Services - 12.9% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 283790 | 20972081 |
| GCI Liberty Inc Class A  | 950 | 33116 |
| GCI Liberty Inc Class C  | 9654 | 330650 |
| Iridium Communications Inc  | 10411 | 406758 |
|  |  | 21742605 |
| Entertainment - 1.8% |  |  |
| Liberty Media Corp-Liberty Formula One Class A (c) | 10060 | 796752 |
| Liberty Media Corp-Liberty Formula One Class C (c) | 92430 | 7944359 |
| Live Nation Entertainment Inc (c) | 225058 | 35545661 |
| Netflix Inc (c) | 6027152 | 564201699 |
| ROBLOX Corp Class A (c) | 882043 | 48741696 |
| Roku Inc Class A (c) | 23759 | 2769348 |
| Spotify Technology SA (c) | 218754 | 97684599 |
| Take-Two Interactive Software Inc (c) | 87841 | 18776892 |
| TKO Group Holdings Inc Class A  | 40217 | 7483981 |
|  |  | 783944987 |
| Interactive Media & Services - 11.1% |  |  |
| Alphabet Inc Class A  | 4846395 | 1864892797 |
| Alphabet Inc Class C  | 3946310 | 1507253641 |
| Meta Platforms Inc Class A  | 2381831 | 1457466207 |
| Pinterest Inc Class A (c) | 417147 | 8201110 |
| Reddit Inc Class A (c) | 184184 | 27117410 |
| Trump Media & Technology Group Corp (b)(c) | 123900 | 1133685 |
|  |  | 4866064850 |
| Media - 0.0% |  |  |
| DoubleVerify Holdings Inc (c) | 98442 | 1084831 |
| Liberty Broadband Corp Class A (c) | 5004 | 192303 |
| Liberty Broadband Corp Class C (c) | 34134 | 1313818 |
| Nexstar Media Group Inc  | 2417 | 503074 |
| NIQ Global Intelligence Plc  | 49356 | 539461 |
| Trade Desk Inc (The) Class A (c) | 623344 | 14704686 |
|  |  | 18338173 |
| TOTAL COMMUNICATION SERVICES |  | 5690090615 |
| Consumer Discretionary - 12.5% |  |  |
| Automobiles - 3.3% |  |  |
| Tesla Inc (c) | 3763424 | 1436235501 |
| Broadline Retail - 4.9% |  |  |
| Amazon.com Inc (c) | 8121637 | 2152721103 |
| Etsy Inc (c) | 75773 | 4875235 |
|  |  | 2157596338 |
| Distributors - 0.0% |  |  |
| Pool Corp  | 8750 | 1866550 |
| Diversified Consumer Services - 0.0% |  |  |
| Bright Horizons Family Solutions Inc (c) | 10338 | 838515 |
| Duolingo Inc Class A (c) | 54063 | 5952337 |
| Grand Canyon Education Inc (c) | 11000 | 1859770 |
| H&R Block Inc  | 30125 | 955866 |
|  |  | 9606488 |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Airbnb Inc Class A (c) | 593964 | 83368787 |
| Booking Holdings Inc  | 1086290 | 182887784 |
| Carnival Corp  | 502609 | 13324165 |
| Cava Group Inc (b)(c) | 141898 | 13254692 |
| Chipotle Mexican Grill Inc (c) | 1872078 | 63631931 |
| Choice Hotels International Inc (b) | 11734 | 1162605 |
| Churchill Downs Inc  | 79237 | 8002145 |
| Darden Restaurants Inc  | 155264 | 31139748 |
| Domino's Pizza Inc  | 13541 | 4596086 |
| DoorDash Inc Class A (c) | 520043 | 87705252 |
| DraftKings Inc Class A (c) | 683432 | 15937634 |
| Dutch Bros Inc Class A (c) | 176558 | 10153851 |
| Expedia Group Inc Class A  | 164983 | 40976828 |
| Flutter Entertainment PLC (c) | 185767 | 20049832 |
| Hilton Worldwide Holdings Inc  | 324350 | 105112105 |
| Las Vegas Sands Corp  | 435830 | 23800676 |
| Marriott International Inc/MD Class A1  | 242058 | 87549958 |
| McDonald's Corp  | 57482 | 16876140 |
| Norwegian Cruise Line Holdings Ltd (c) | 582883 | 10596813 |
| Planet Fitness Inc Class A (c) | 117818 | 7854926 |
| Royal Caribbean Cruises Ltd  | 360308 | 95034838 |
| Starbucks Corp  | 213950 | 22535354 |
| Texas Roadhouse Inc  | 94127 | 15153506 |
| Travel + Leisure Co  | 28649 | 1852444 |
| Vail Resorts Inc (b) | 40065 | 5095467 |
| Viking Holdings Ltd (c) | 247851 | 20301475 |
| Wendy's Co/The (b) | 99532 | 692742 |
| Wingstop Inc  | 39496 | 6479714 |
| Wyndham Hotels & Resorts Inc  | 94289 | 7673239 |
| Yum! Brands Inc  | 133197 | 21264901 |
|  |  | 1024065638 |
| Household Durables - 0.0% |  |  |
| SharkNinja Inc (c) | 20203 | 2334053 |
| Somnigroup International Inc  | 287471 | 21807550 |
| TopBuild Corp (c) | 2804 | 1241330 |
|  |  | 25382933 |
| Specialty Retail - 1.8% |  |  |
| AutoZone Inc (c) | 3721 | 13782696 |
| Burlington Stores Inc (c) | 89371 | 28599614 |
| Carvana Co Class A (c) | 192244 | 76090175 |
| Chewy Inc Class A (c) | 329165 | 8367374 |
| Floor & Decor Holdings Inc Class A (c) | 48084 | 2327266 |
| Home Depot Inc/The  | 1079103 | 354809066 |
| Lithia Motors Inc  | 3811 | 1105647 |
| Murphy USA Inc  | 24203 | 14231364 |
| O'Reilly Automotive Inc (c) | 1101044 | 109443774 |
| RH (c) | 3679 | 485481 |
| Ross Stores Inc  | 90552 | 20626840 |
| TJX Cos Inc/The  | 795349 | 124670956 |
| Tractor Supply Co  | 755990 | 26535249 |
| Ulta Beauty Inc (c) | 15770 | 8476060 |
| Valvoline Inc (b)(c) | 160089 | 5319757 |
| Wayfair Inc Class A (c) | 24986 | 1597355 |
| Williams-Sonoma Inc  | 24449 | 4430403 |
|  |  | 800899077 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Deckers Outdoor Corp (c) | 206347 | 21088663 |
| Lululemon Athletica Inc (c) | 84130 | 11584701 |
| Ralph Lauren Corp Class A  | 3971 | 1424159 |
| Tapestry Inc  | 266657 | 38675932 |
|  |  | 72773455 |
| TOTAL CONSUMER DISCRETIONARY |  | 5528425980 |
| Consumer Staples - 2.7% |  |  |
| Beverages - 0.8% |  |  |
| Celsius Holdings Inc (c) | 233783 | 7848095 |
| Coca-Cola Co/The  | 2702394 | 212840552 |
| Coca-Cola Consolidated Inc  | 11017 | 2259256 |
| Monster Beverage Corp (c) | 992049 | 76457216 |
| PepsiCo Inc  | 266881 | 42297970 |
|  |  | 341703089 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| BJ's Wholesale Club Holdings Inc (c) | 27459 | 2578126 |
| Casey's General Stores Inc  | 7872 | 6471965 |
| Costco Wholesale Corp  | 631232 | 640403801 |
| Performance Food Group Co (c) | 26814 | 2428276 |
| Sprouts Farmers Market Inc (c) | 139239 | 11396712 |
| Sysco Corp  | 365019 | 27270569 |
| Walmart Inc  | 618228 | 81562820 |
|  |  | 772112269 |
| Food Products - 0.0% |  |  |
| Darling Ingredients Inc (c) | 24945 | 1602217 |
| Freshpet Inc (c) | 18758 | 1263914 |
| Hershey Co/The  | 25030 | 4649072 |
|  |  | 7515203 |
| Household Products - 0.1% |  |  |
| Colgate-Palmolive Co  | 541854 | 46252658 |
| Kimberly-Clark Corp  | 170194 | 16752195 |
|  |  | 63004853 |
| TOTAL CONSUMER STAPLES |  | 1184335414 |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| SLB Ltd  | 168431 | 9580355 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Cheniere Energy Inc  | 136388 | 37499881 |
| HF Sinclair Corp  | 22086 | 1484400 |
| Phillips 66  | 40989 | 7343179 |
| Targa Resources Corp  | 302053 | 78557945 |
| Texas Pacific Land Corp  | 82031 | 36394694 |
| Williams Cos Inc/The  | 91808 | 7005868 |
|  |  | 168285967 |
| TOTAL ENERGY |  | 177866322 |
| Financials - 5.4% |  |  |
| Banks - 0.2% |  |  |
| Bank of America Corp  | 742226 | 39679402 |
| Citigroup Inc  | 440033 | 56315423 |
| Western Alliance Bancorp  | 31746 | 2588569 |
|  |  | 98583394 |
| Capital Markets - 1.2% |  |  |
| Ameriprise Financial Inc  | 117931 | 55992459 |
| Ares Management Corp Class A  | 267585 | 31414479 |
| Bank of New York Mellon Corp/The  | 71158 | 9561500 |
| Blackstone Inc  | 1054838 | 132466556 |
| Blue Owl Capital Inc Class A  | 921383 | 8983484 |
| Charles Schwab Corp/The  | 207524 | 19017499 |
| Coinbase Global Inc Class A (c) | 30923 | 5806412 |
| FactSet Research Systems Inc  | 3476 | 791067 |
| Goldman Sachs Group Inc/The  | 22479 | 20765426 |
| Hamilton Lane Inc Class A  | 37532 | 3452569 |
| Houlihan Lokey Inc Class A  | 29289 | 4532473 |
| Interactive Brokers Group Inc Class A  | 32545 | 2587328 |
| Jefferies Financial Group Inc  | 53118 | 2561350 |
| KKR & Co Inc Class A  | 240414 | 25084797 |
| Lazard Inc  | 25367 | 1230300 |
| LPL Financial Holdings Inc  | 113317 | 37862609 |
| Moody's Corp  | 221068 | 102100256 |
| Morningstar Inc  | 20637 | 3481668 |
| MSCI Inc  | 49904 | 29513725 |
| Robinhood Markets Inc Class A (c) | 144435 | 10527867 |
| TPG Inc Class A  | 183573 | 8007454 |
| Tradeweb Markets Inc Class A  | 13927 | 1577233 |
|  |  | 517318511 |
| Consumer Finance - 0.2% |  |  |
| Ally Financial Inc  | 46233 | 2052283 |
| American Express Co  | 251828 | 81353035 |
| Credit Acceptance Corp (b)(c) | 563 | 284264 |
| Figure Technology Solutions Inc Class A (b) | 8752 | 307195 |
| SLM Corp  | 39764 | 917753 |
| SoFi Technologies Inc Class A (b)(c) | 236367 | 3805509 |
|  |  | 88720039 |
| Financial Services - 3.5% |  |  |
| Affirm Holdings Inc Class A (c) | 232447 | 14941693 |
| Apollo Global Management Inc  | 414675 | 53376966 |
| Block Inc Class A (c) | 281499 | 19848494 |
| Corpay Inc (c) | 96642 | 29617874 |
| Equitable Holdings Inc  | 406140 | 17139108 |
| Fiserv Inc (c) | 210262 | 13172914 |
| Mastercard Inc Class A  | 1144057 | 575369147 |
| Shift4 Payments Inc Class A (b)(c) | 94032 | 4163737 |
| Toast Inc Class A (c) | 658674 | 18785382 |
| UWM Holdings Corp Class A  | 35471 | 125567 |
| Visa Inc Class A  | 2393955 | 789622118 |
| WEX Inc (c) | 3932 | 591098 |
|  |  | 1536754098 |
| Insurance - 0.3% |  |  |
| Aon PLC  | 275831 | 85962731 |
| Arthur J Gallagher & Co  | 21965 | 4533576 |
| Brown & Brown Inc  | 42711 | 2569067 |
| Everest Group Ltd  | 8287 | 2956470 |
| Kinsale Capital Group Inc  | 31452 | 10178182 |
| Markel Group Inc (c) | 3615 | 6407479 |
| Marsh & McLennan Cos Inc  | 81918 | 13738468 |
| Progressive Corp/The  | 41790 | 8411491 |
| RLI Corp  | 6218 | 321906 |
| Ryan Specialty Holdings Inc Class A  | 157761 | 5485350 |
|  |  | 140564720 |
| TOTAL FINANCIALS |  | 2381940762 |
| Health Care - 7.1% |  |  |
| Biotechnology - 2.6% |  |  |
| AbbVie Inc  | 2519427 | 532405314 |
| Alnylam Pharmaceuticals Inc (c) | 180268 | 55791143 |
| Amgen Inc  | 564238 | 195367408 |
| Apellis Pharmaceuticals Inc (c) | 153209 | 6273909 |
| Caris Life Sciences Inc (c) | 64492 | 1225347 |
| Exelixis Inc (c) | 303118 | 13476626 |
| Gilead Sciences Inc  | 476809 | 62385690 |
| Halozyme Therapeutics Inc (c) | 165007 | 10504346 |
| Incyte Corp (c) | 59062 | 5626837 |
| Insmed Inc (c) | 279103 | 38050112 |
| Ionis Pharmaceuticals Inc (c) | 208977 | 15623121 |
| Natera Inc (c) | 187858 | 38728805 |
| Neurocrine Biosciences Inc (c) | 117823 | 15513754 |
| Sarepta Therapeutics Inc (b)(c) | 116915 | 2441185 |
| Summit Therapeutics Inc (c) | 166159 | 3565772 |
| Ultragenyx Pharmaceutical Inc (c) | 131220 | 3239822 |
| Vertex Pharmaceuticals Inc (c) | 360949 | 154262384 |
| Viking Therapeutics Inc (b)(c) | 12227 | 381237 |
|  |  | 1154862812 |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Boston Scientific Corp (c) | 361854 | 20846409 |
| Dexcom Inc (c) | 556035 | 33111884 |
| IDEXX Laboratories Inc (c) | 113297 | 63536958 |
| Inspire Medical Systems Inc (c) | 40699 | 2284842 |
| Insulet Corp (c) | 99710 | 17164079 |
| Intuitive Surgical Inc (c) | 501984 | 229712899 |
| Masimo Corp (b)(c) | 64094 | 11436292 |
| Penumbra Inc (c) | 53875 | 17589110 |
| ResMed Inc  | 49096 | 10497216 |
| Stryker Corp  | 125879 | 39668249 |
|  |  | 445847938 |
| Health Care Providers & Services - 0.7% |  |  |
| Cardinal Health Inc  | 170550 | 32895684 |
| Cencora Inc  | 260389 | 80202416 |
| Chemed Corp  | 1767 | 750939 |
| Cigna Group/The  | 29774 | 8651729 |
| DaVita Inc (c) | 49971 | 7752501 |
| HCA Healthcare Inc  | 48757 | 21182479 |
| McKesson Corp  | 162243 | 132260494 |
| Molina Healthcare Inc (c) | 39702 | 7726803 |
|  |  | 291423045 |
| Health Care Technology - 0.1% |  |  |
| Doximity Inc Class A (c) | 189984 | 4643208 |
| Veeva Systems Inc Class A (c) | 168838 | 26333663 |
|  |  | 30976871 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Medpace Holdings Inc (c) | 31742 | 13289106 |
| Repligen Corp (c) | 9318 | 1102413 |
| Sotera Health Co (c) | 33963 | 528464 |
| Tempus AI Inc Class A (b)(c) | 140567 | 7798657 |
| Waters Corp (c) | 44282 | 13693323 |
|  |  | 36411963 |
| Pharmaceuticals - 2.6% |  |  |
| Bristol-Myers Squibb Co  | 557600 | 33784984 |
| Corcept Therapeutics Inc (c) | 133578 | 6214049 |
| Eli Lilly & Co  | 1139325 | 1064813145 |
| Zoetis Inc Class A  | 500160 | 57503395 |
|  |  | 1162315573 |
| TOTAL HEALTH CARE |  | 3121838202 |
| Industrials - 6.6% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| Axon Enterprise Inc (c) | 107530 | 43201253 |
| Boeing Co (c) | 150962 | 34574827 |
| BWX Technologies Inc  | 22823 | 4938669 |
| Carpenter Technology Corp  | 12096 | 5179507 |
| FTAI Aviation Ltd  | 144852 | 36165199 |
| GE Aerospace  | 1479249 | 428878663 |
| HEICO Corp  | 60534 | 16339337 |
| HEICO Corp Class A  | 106403 | 22240355 |
| Howmet Aerospace Inc  | 570250 | 138593560 |
| Karman Holdings Inc (c) | 72359 | 4918965 |
| Leonardo DRS Inc  | 42266 | 1717268 |
| Loar Holdings Inc (b)(c) | 54865 | 3079024 |
| Lockheed Martin Corp  | 81644 | 42289143 |
| Rocket Lab Corp  | 696178 | 57441647 |
| StandardAero Inc (b)(c) | 28792 | 715768 |
| TransDigm Group Inc  | 13738 | 15935805 |
|  |  | 856208990 |
| Building Products - 0.4% |  |  |
| AAON Inc  | 95601 | 8920529 |
| Armstrong World Industries Inc  | 17979 | 3063442 |
| Carlisle Cos Inc  | 6909 | 2454491 |
| Lennox International Inc  | 45157 | 24154028 |
| Simpson Manufacturing Co Inc  | 4851 | 925231 |
| Trane Technologies PLC  | 317030 | 156149957 |
|  |  | 195667678 |
| Commercial Services & Supplies - 0.6% |  |  |
| Cintas Corp  | 488940 | 85422707 |
| Copart Inc (c) | 1171337 | 38782968 |
| Rollins Inc  | 426213 | 23752850 |
| Tetra Tech Inc  | 68603 | 2217249 |
| Veralto Corp  | 139817 | 12331859 |
| Waste Management Inc  | 526116 | 122348277 |
|  |  | 284855910 |
| Construction & Engineering - 0.5% |  |  |
| Comfort Systems USA Inc  | 49469 | 91035327 |
| EMCOR Group Inc  | 21729 | 19375097 |
| MasTec Inc (c) | 18616 | 7335635 |
| Quanta Services Inc  | 162246 | 118077772 |
| WillScot Holdings Corp  | 64475 | 1459714 |
|  |  | 237283545 |
| Electrical Equipment - 1.4% |  |  |
| GE Vernova Inc  | 383951 | 415995550 |
| Rockwell Automation Inc  | 12935 | 5289251 |
| Vertiv Holdings Co Class A  | 541032 | 177723602 |
|  |  | 599008403 |
| Ground Transportation - 0.6% |  |  |
| Avis Budget Group Inc (b)(c) | 8270 | 1494141 |
| Lyft Inc Class A (c) | 87706 | 1241039 |
| Old Dominion Freight Line Inc  | 14682 | 3118897 |
| U-Haul Holding Co (b)(c) | 4162 | 213760 |
| U-Haul Holding Co Class N  | 54654 | 2606450 |
| Uber Technologies Inc (c) | 2863196 | 213623054 |
| Union Pacific Corp  | 67138 | 18092348 |
| XPO Inc (c) | 33583 | 7392626 |
|  |  | 247782315 |
| Industrial Conglomerates - 0.0% |  |  |
| 3M Co  | 122024 | 17878956 |
| Machinery - 0.3% |  |  |
| Allison Transmission Holdings Inc  | 19804 | 2660667 |
| Caterpillar Inc  | 81054 | 72146976 |
| Illinois Tool Works Inc  | 134905 | 34806839 |
| RBC Bearings Inc (c) | 8939 | 5355266 |
|  |  | 114969748 |
| Passenger Airlines - 0.0% |  |  |
| Alaska Air Group Inc (b)(c) | 28286 | 1106265 |
| American Airlines Group Inc (b)(c) | 58544 | 685550 |
| Southwest Airlines Co  | 68832 | 2610110 |
|  |  | 4401925 |
| Professional Services - 0.5% |  |  |
| Automatic Data Processing Inc  | 531687 | 112685743 |
| Booz Allen Hamilton Holding Corp Class A  | 170118 | 13230077 |
| Broadridge Financial Solutions Inc  | 150552 | 23181997 |
| Equifax Inc  | 30101 | 5235768 |
| ExlService Holdings Inc (c) | 219567 | 6999796 |
| KBR Inc  | 13439 | 503828 |
| Paychex Inc  | 143605 | 13302131 |
| Paycom Software Inc  | 38811 | 4919682 |
| Paylocity Holding Corp (c) | 57179 | 6031813 |
| Verisk Analytics Inc  | 119451 | 22037515 |
|  |  | 208128350 |
| Trading Companies & Distributors - 0.3% |  |  |
| Core & Main Inc Class A (c) | 156733 | 7894641 |
| Fastenal Co  | 1340765 | 60240571 |
| Ferguson Enterprises Inc  | 15974 | 4276400 |
| SiteOne Landscape Supply Inc (c) | 20180 | 2543689 |
| WW Grainger Inc  | 53093 | 61659556 |
|  |  | 136614857 |
| TOTAL INDUSTRIALS |  | 2902800677 |
| Information Technology - 50.5% |  |  |
| Communications Equipment - 0.7% |  |  |
| Arista Networks Inc (c) | 1467086 | 253380423 |
| Lumentum Holdings Inc (c) | 7545 | 6808004 |
| Motorola Solutions Inc  | 99805 | 43817389 |
| Ubiquiti Inc  | 5986 | 6057892 |
|  |  | 310063708 |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Amphenol Corp Class A  | 1735265 | 255552477 |
| CDW Corp/DE  | 13355 | 1828433 |
| Jabil Inc  | 96288 | 32496237 |
|  |  | 289877147 |
| IT Services - 0.4% |  |  |
| Cloudflare Inc Class A (c) | 445824 | 91380545 |
| Gartner Inc (c) | 99656 | 14797919 |
| Globant SA (c) | 5913 | 243793 |
| GoDaddy Inc Class A (c) | 191247 | 16598327 |
| Kyndryl Holdings Inc (c) | 21013 | 290400 |
| MongoDB Inc Class A (c) | 10678 | 2678363 |
| Okta Inc Class A (c) | 93713 | 6901962 |
| Snowflake Inc (c) | 471619 | 64361845 |
| Twilio Inc Class A (c) | 34364 | 5087934 |
|  |  | 202341088 |
| Semiconductors & Semiconductor Equipment - 23.1% |  |  |
| Advanced Micro Devices Inc (c) | 1339685 | 474904936 |
| Applied Materials Inc  | 319996 | 126235222 |
| Astera Labs Inc (c) | 183481 | 35731090 |
| Broadcom Inc  | 6100000 | 2546323001 |
| Enphase Energy Inc (c) | 180963 | 5964540 |
| Entegris Inc  | 34746 | 4912389 |
| KLA Corp  | 187127 | 327537744 |
| Lam Research Corp  | 1785599 | 460434558 |
| Lattice Semiconductor Corp (c) | 164487 | 20113470 |
| MACOM Technology Solutions Holdings Inc (c) | 23402 | 6590237 |
| Marvell Technology Inc  | 84011 | 13874417 |
| Monolithic Power Systems Inc  | 65822 | 106263695 |
| NVIDIA Corp  | 29214063 | 5830250554 |
| Onto Innovation Inc (c) | 15380 | 4538023 |
| QUALCOMM Inc  | 347652 | 62431346 |
| Texas Instruments Inc  | 528804 | 148636228 |
|  |  | 10174741450 |
| Software - 14.3% |  |  |
| Adobe Inc (c) | 582957 | 143465718 |
| Appfolio Inc Class A (c) | 31272 | 5225238 |
| AppLovin Corp Class A (c) | 339059 | 151338985 |
| Atlassian Corp Class A (c) | 235844 | 16176540 |
| Autodesk Inc (c) | 302981 | 71806497 |
| Bentley Systems Inc Class B (b) | 223853 | 7302085 |
| Cadence Design Systems Inc (c) | 388034 | 127892126 |
| Circle Internet Group Inc Class A (c) | 25044 | 2275999 |
| Crowdstrike Holdings Inc Class A (c) | 351648 | 156747096 |
| Datadog Inc Class A (c) | 443917 | 58681388 |
| Docusign Inc (c) | 213534 | 9820429 |
| Dropbox Inc Class A (c) | 65127 | 1581935 |
| Dynatrace Inc (c) | 417547 | 15119377 |
| Elastic NV (c) | 131299 | 6096213 |
| Fair Isaac Corp (c) | 27148 | 27826700 |
| Fortinet Inc (c) | 879952 | 74188753 |
| Gen Digital Inc  | 84951 | 1638705 |
| Gitlab Inc Class A (c) | 201336 | 4457579 |
| Guidewire Software Inc (c) | 120692 | 16702566 |
| HubSpot Inc (c) | 72309 | 16035244 |
| Intuit Inc  | 388300 | 150854550 |
| Manhattan Associates Inc (c) | 84028 | 11586621 |
| Microsoft Corp  | 9395142 | 3831151005 |
| nCino Inc (c) | 21976 | 384140 |
| Nutanix Inc Class A (c) | 90718 | 3709459 |
| Oracle Corp  | 2393940 | 386357977 |
| Palantir Technologies Inc Class A (c) | 3106432 | 432135756 |
| Palo Alto Networks Inc (c) | 1137607 | 203995687 |
| Pegasystems Inc  | 43538 | 1591314 |
| Procore Technologies Inc (c) | 178037 | 10073333 |
| PTC Inc (c) | 19338 | 2635769 |
| RingCentral Inc Class A  | 106597 | 4287331 |
| Rubrik Inc Class A (c) | 121249 | 6448022 |
| Salesforce Inc  | 145236 | 25638511 |
| Samsara Inc Class A (c) | 455910 | 13102853 |
| SentinelOne Inc Class A (c) | 316299 | 4478794 |
| ServiceNow Inc (c) | 1485243 | 131161809 |
| Strategy Inc Class A (b)(c) | 24572 | 4065437 |
| Synopsys Inc (c) | 199300 | 96182180 |
| Teradata Corp (b)(c) | 29972 | 789762 |
| Tyler Technologies Inc (c) | 50762 | 17316949 |
| Unity Software Inc (c) | 26841 | 709139 |
| Workday Inc Class A (c) | 300854 | 36824530 |
| Zscaler Inc (c) | 142058 | 18564139 |
|  |  | 6308424240 |
| Technology Hardware, Storage & Peripherals - 11.3% |  |  |
| Apple Inc  | 18077099 | 4905220815 |
| Dell Technologies Inc Class C  | 60777 | 12699354 |
| Everpure Inc Class A (c) | 383454 | 27397788 |
| NetApp Inc  | 111043 | 12300233 |
| Super Micro Computer Inc (b)(c) | 334566 | 9167108 |
|  |  | 4966785298 |
| TOTAL INFORMATION TECHNOLOGY |  | 22252232931 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Ecolab Inc  | 86960 | 22661776 |
| Sherwin-Williams Co/The  | 297431 | 95656784 |
|  |  | 118318560 |
| Construction Materials - 0.0% |  |  |
| Eagle Materials Inc  | 2708 | 568978 |
| James Hardie Industries PLC (c) | 135557 | 2845341 |
|  |  | 3414319 |
| Metals & Mining - 0.0% |  |  |
| Steel Dynamics Inc  | 18667 | 4268396 |
| TOTAL MATERIALS |  | 126001275 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| CBRE Group Inc Class A (c) | 46462 | 6631521 |
| CoStar Group Inc (c) | 73466 | 2542658 |
| Jones Lang LaSalle Inc (c) | 18066 | 5747337 |
|  |  | 14921516 |
| Residential REITs - 0.0% |  |  |
| Sun Communities Inc  | 33324 | 4260140 |
| UDR Inc  | 25735 | 935210 |
|  |  | 5195350 |
| Retail REITs - 0.0% |  |  |
| Simon Property Group Inc  | 102256 | 20830570 |
| Specialized REITs - 0.4% |  |  |
| American Tower Corp  | 665216 | 121541615 |
| Lamar Advertising Co Class A  | 122748 | 16919584 |
| Public Storage  | 29546 | 8936188 |
|  |  | 147397387 |
| TOTAL REAL ESTATE |  | 188344823 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.1% |  |  |
| NRG Energy Inc  | 291143 | 45296028 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 481115 | 75939192 |
| TOTAL UTILITIES |  | 121235220 |
| TOTAL UNITED STATES |  | 43675112221 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $25,519,540,719) |  | <br> **43842744620** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/14/2026 (e)<br>(Cost $4,330,345)<br>| 3.64 | 4336000 | **4330391** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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) | 3.69 | 73006705 | 73021306 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.69 | 79456838 | 79464784 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $152,486,090) |  |  | **152486090** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $25,676,357,154)<br>| <br>**43999561101** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **87111049** |
| **NET ASSETS - 100.0%** | **44086672150** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Nasdaq 100 Index Contracts (United States) | 391 | 6/2026 | 215800720 | 2976101 |
| CME E-Mini S&P 500 Index Contracts (United States) | 57 | 6/2026 | 20644688 | 595228 |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **3571329** |
| The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. |

---

**Legend**

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

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

(c) Non-income producing.

(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 $4,330,391.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 80293003 | 2468876661 | 2476141336 | 2815172 | (7022) | - | 73021306 | 73006705 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 54630981 | 777335095 | 752500024 | 289710 | (1268) | - | 79464784 | 79456838 | 0.2% |
| Total | 134923984 | 3246211756 | 3228641360 | 3104882 | (8290) | - | 152486090 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 5690090615 | 5690090615 | - | - |
| Consumer Discretionary | 5602696780 | 5602696780 | - | - |
| Consumer Staples | 1184335414 | 1184335414 | - | - |
| Energy | 177866322 | 177866322 | - | - |
| Financials | 2465489885 | 2465489885 | - | - |
| Health Care | 3121838202 | 3121838202 | - | - |
| Industrials | 2904474483 | 2904474483 | - | - |
| Information Technology | 22252232931 | 22252232931 | - | - |
| Materials | 134139945 | 134139945 | - | - |
| Real Estate | 188344823 | 188344823 | - | - |
| Utilities | 121235220 | 121235220 | - | - |
|  **U.S. Treasury Obligations** | 4330391 | - | 4330391 | - |
|  **Money Market Funds** | 152486090 | 152486090 | - | - |
| **Total Investments in Securities:** | 43999561101 | 43995230710 | 4330391 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 3571329 | 3571329 | - | - |
| Total Assets | 3571329 | 3571329 | - | - |
| **Total Derivative Instruments:** | 3571329 | 3571329 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. 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)  | 3571329 | - |
| **Total Equity Risk**  | 3571329 | - |
| **Total Value of Derivatives** | 3571329 | - |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $109,549,901) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $25,523,871,064) | $43847075011 |  |
| Fidelity Central Funds (cost $152,486,090) | 152486090 |  |
| Total Investment in Securities (cost $25,676,357,154) |  | $43999561101 |
| Segregated cash with brokers for derivative instruments |  | 1694000 |
| Receivable for investments sold |  | 184398460 |
| Receivable for fund shares sold |  | 43796225 |
| Dividends receivable |  | 7733931 |
| Distributions receivable from Fidelity Central Funds |  | 193465 |
| Receivable for variation margin on futures contracts |  | 919720 |
| Other receivables |  | 107875 |
| **Total assets** |  | 44238404777 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $70920672 |  |
| Accrued management fee | 1235866 |  |
| Other payables and accrued expenses | 104414 |  |
| Collateral on securities loaned | 79471675 |  |
| **Total liabilities** |  | 151732627 |
| **Net Assets**  |  | $44086672150 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $26342847978 |
| Total accumulated earnings (loss) |  | 17743824172 |
| **Net Assets** |  | $44086672150 |
| **Net Asset Value**, offering price and redemption price per share ($44,086,672,150 ÷ 943,779,028 shares) |  | $46.71 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $220217800 |
| Interest  |  | 234256 |
| Income from Fidelity Central Funds (including $289,710 from security lending)  |  | 3104882 |
| Security lending |  | 14074 |
| **Total income** |  | 223571012 |
| **Expenses** |  |  |
| Management fee | $14067279 |  |
| Independent trustees' fees and expenses | 90729 |  |
| Total expenses before reductions | 14158008 |  |
| Expense reductions | (2326) |  |
| Total expenses after reductions |  | 14155682 |
| **Net Investment income (loss)** |  | 209415330 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 58461320 |  |
| Redemptions in-kind | 447572934 |  |
| Fidelity Central Funds | (8290) |  |
| Futures contracts | 25833554 |  |
| Total net realized gain (loss) |  | 531859518 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 9089492030 |  |
| Futures contracts | (3663564) |  |
| Total change in net unrealized appreciation (depreciation) |  | 9085828466 |
| **Net gain (loss)** |  | 9617687984 |
| **Net increase (decrease) in net assets resulting from operations** |  | $9827103314 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $209415330 | $175744183 |
| &nbsp;&nbsp;Net realized gain (loss) | 531859518<br>| 453611022<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 9085828466 | 2360580000<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 9827103314<br>| 2989935205<br>|
| Distributions to shareholders | (147773580)<br>| (116186775)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 13354080853 | 14179230808 |
| Reinvestment of distributions | 134031597<br>| 104573920<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (10306437764) | (8050329082) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3181674686<br>| 6233475646<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 12861004420<br>| 9107224076<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 31225667730 | 22118443654<br>|
| &nbsp;&nbsp;End of period | $44086672150 | $31225667730 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 305675460 | 385332800 |
| Issued in reinvestment of distributions | 2894851<br>| 2632117<br>|
| &nbsp;&nbsp;Redeemed | (234758045) | (220915188) |
| &nbsp;&nbsp;Net increase (decrease) | 73812266 | 167049729 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.89 | $31.47 | $24.05 | $23.70 | $25.63 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .23  | .22  | .23  | .23  | .19  |
| Net realized and unrealized gain (loss)  | 10.75  | 4.35  | 7.41  | .30  | (1.46)  |
| Total from investment operations  | 10.98  | 4.57  | 7.64  | .53  | (1.27)  |
| Distributions from net investment income  | (.16)  | (.15)  | (.22)  | (.18)  | (.16)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.50)  |
| Total distributions  | (.16)  | (.15)  | (.22)  | (.18)  | (.66)  |
| Net asset value, end of period  | $46.71 | $35.89 | $31.47 | $24.05 | $23.70 |
| **Total Return** C | 30.59% <br>| 14.46%  | 31.85%  | 2.33%  | (5.39)%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .04%  | .04%  | .04%  | .04%  | .04%  |
| Expenses net of fee waivers, if any  | .04% <br>| .04%  | .04%  | .04%  | .04%  |
| Expenses net of all reductions, if any  | .03%  | .04%  | .03%  | .03%  | .04%  |
| Net investment income (loss)  | .52%  | .61%  | .80%  | 1.01%  | .70%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $44086672 | $31225668 | $22118444 | $12953183 | $8720854 |
| Portfolio turnover rate F | 16% G<br>| 9% G | 15% G | 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 returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

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

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

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026 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, 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.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $19470151366 |
| **Gross unrealized depreciation**  | <u>(1353240194)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$18116911172</u> |
| **Tax Cost**  | <u>$25882649929</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$18533934</u> |
| **Capital loss carryforward**  | <u>$(391620934)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$18116911172</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(330773935) |
| Long-term | <u>(60846999)</u> |
| **Total capital loss carryforward** | <u>$(391620934)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income**  | $147773580 | $116186775 |

---

**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. Subsequent payments from or to a fund are made or as needed depending on the fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Large Cap Growth Index Fund** | 10239814637 | 6547330956 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that 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 Growth Index Fund** | 13529078 | - | 447572934 | 447572934 | 576960112 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that 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 Large Cap Growth Index Fund** | 42105784 | 609364323 | 1497517837 |

---

**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, 2027.

**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.

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

---

| | |
|:---|:---|
| **Fidelity Large Cap Growth Index Fund** | $107875 |

---

**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.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** |
| **Fidelity Large Cap Growth Index Fund**  | Borrower | 8010000 | 3.89% |

---

**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:

---

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

---

**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, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

**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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Large Cap Growth Index Fund** | 31949 | 4611 | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Large Cap Growth Index Fund** | 28917706 |

---

**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 $2,326.

**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.

**Report of Independent Registered Public Accounting Firm**

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

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

We have audited the accompanying statement of assets and liabilities of Fidelity Large Cap Growth Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as April 30, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2026

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

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

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

The fund designates $2,090,300 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 97% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130798_4.jpg)<br>

1.9879605.109 LC1-I-ANN-0626

**Fidelity Flex® Funds**

**Fidelity Flex® Small Cap Index Fund**

**Annual Report**

**April 30, 2026**

![](img130803_1.jpg)

![](img130803_2.jpg)

**Contents**

---

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

---

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

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

The 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.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity Flex® Small Cap Index Fund**

**Schedule of Investments April 30, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Benitec Biopharma Inc (b) | 3781 | 45561 |
| BAHAMAS (NASSAU) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| OneSpaWorld Holdings Ltd  | 15349 | 378506 |
| BERMUDA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Corp Ltd  | 8151 | 108897 |
| CANADA - 0.5%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunopta Inc (United States) (b) | 14200 | 92015 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Teekay Tankers Ltd Class A  | 3635 | 285529 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| D-Wave Quantum Inc (b) | 55970 | 1135072 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| McEwen Inc (b) | 7520 | 163034 |
| TOTAL CANADA |  | 1675650 |
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 30603 | 138020 |
| GERMANY - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| AtaiBeckley Inc (b) | 28979 | 120553 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Orion SA  | 8660 | 65123 |
| TOTAL GERMANY |  | 185676 |
| GHANA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Kosmos Energy Ltd (b) | 87535 | 269608 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BridgeBio Oncology Therapeutics Inc (b) | 7244 | 60922 |
| IRELAND - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Ardmore Shipping Corp  | 5613 | 99462 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b) | 6452 | 71359 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Cimpress PLC (b) | 2189 | 193639 |
| TOTAL IRELAND |  | 364460 |
| ISRAEL - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Mobileye Global Inc Class A (b) | 25163 | 218666 |
| JAPAN - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Allegro MicroSystems Inc (b) | 18721 | 907969 |
| MONACO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc  | 5708 | 464232 |
| NETHERLANDS - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| uniQure NV (b) | 9441 | 188348 |
| NORWAY - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Seadrill Ltd (b) | 9403 | 467235 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| T1 Energy Inc (b) | 30698 | 147350 |
| TOTAL NORWAY |  | 614585 |
| PHILIPPINES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| TaskUS Inc Class A  | 2531 | 16401 |
| PUERTO RICO - 0.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Liberty Latin America Ltd Class A (b) | 5631 | 45724 |
| Liberty Latin America Ltd Class C (b) | 18233 | 151516 |
| TOTAL COMMUNICATION SERVICES |  | 197240 |
| Financials - 0.4% |  |  |
| Banks - 0.3% |  |  |
| First BanCorp/Puerto Rico  | 23521 | 571090 |
| Ofg Bancorp  | 6525 | 299889 |
|  |  | 870979 |
| Financial Services - 0.1% |  |  |
| EVERTEC Inc  | 10021 | 295920 |
| TOTAL FINANCIALS |  | 1166899 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Unusual Machines Inc /US (b) | 5127 | 74803 |
| TOTAL PUERTO RICO |  | 1438942 |
| SINGAPORE - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Grindr Inc Class A (b) | 6643 | 88816 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Kulicke & Soffa Industries Inc  | 7885 | 674168 |
| TOTAL SINGAPORE |  | 762984 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Garrett Motion Inc  | 19928 | 510356 |
| THAILAND - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| BKV Corp (b) | 5647 | 178050 |
| UNITED KINGDOM - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 4240 | 63812 |
| UNITED STATES - 97.2%  |  |  |
| Communication Services - 2.9% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Anterix Inc (b) | 2845 | 137470 |
| Atn International Inc  | 1539 | 42984 |
| Bandwidth Inc Class A (b) | 4332 | 159461 |
| Cogent Communications Holdings Inc  | 7312 | 165617 |
| GCI Liberty Inc Class C  | 5374 | 184060 |
| Globalstar Inc (b) | 7650 | 629595 |
| IDT Corp Class B  | 3115 | 156217 |
| Lumen Technologies Inc (b) | 142568 | 1260301 |
| Shenandoah Telecommunications Co  | 6922 | 108883 |
| Uniti Group Inc (b) | 27095 | 320534 |
|  |  | 3165122 |
| Entertainment - 0.8% |  |  |
| AMC Entertainment Holdings Inc Class A (b)(c) | 14304 | 21742 |
| Angel Studios Inc Class A (b)(c) | 12675 | 32575 |
| Atlanta Braves Holdings Inc Class A (b) | 1848 | 97796 |
| Atlanta Braves Holdings Inc Class C (b) | 6607 | 326452 |
| Cinemark Holdings Inc  | 15763 | 465324 |
| CuriosityStream Inc Class A  | 6125 | 19293 |
| Lionsgate Studios Corp  | 34751 | 432302 |
| Madison Square Garden Entertainment Corp Class A (b) | 6113 | 409082 |
| Madison Square Garden Sports Corp Class A (b) | 2719 | 931149 |
| Marcus Corp/The  | 3434 | 60507 |
| Playtika Holding Corp  | 9528 | 34825 |
| Sphere Entertainment Co Class A (b) | 4014 | 571794 |
| Starz Entertainment Corp  | 1961 | 35965 |
|  |  | 3438806 |
| Interactive Media & Services - 0.6% |  |  |
| Angi Inc Class A (b) | 5093 | 37383 |
| Bumble Inc Class A (b) | 12154 | 50439 |
| Cargurus Inc Class A (b) | 12238 | 446198 |
| Cars.com Inc (b) | 8362 | 91898 |
| EverQuote Inc Class A (b) | 4215 | 60780 |
| fuboTV Inc Class A (b)(c) | 4546 | 56007 |
| MediaAlpha Inc Class A (b) | 5013 | 42661 |
| Nextdoor Holdings Inc Class A (b) | 34094 | 54550 |
| QuinStreet Inc (b) | 8578 | 109455 |
| Rumble Inc Class A (b)(c) | 17089 | 128680 |
| Shutterstock Inc  | 3745 | 60557 |
| TripAdvisor Inc Class A  | 17417 | 193851 |
| Trump Media & Technology Group Corp (b) | 24468 | 223882 |
| Yelp Inc Class A (b) | 8790 | 242604 |
| Ziff Davis Inc (b) | 5944 | 271997 |
| ZipRecruiter Inc Class A (b) | 9497 | 27731 |
| ZoomInfo Technologies Inc (b) | 40926 | 255788 |
|  |  | 2354461 |
| Media - 0.5% |  |  |
| AMC Global Media Inc Class A (b) | 4751 | 40336 |
| Boston Omaha Corp (b) | 3335 | 40087 |
| Cable One Inc (b) | 722 | 66056 |
| Clear Channel Outdoor Holdings Inc (b) | 48459 | 116302 |
| DoubleVerify Holdings Inc (b) | 20725 | 228390 |
| EW Scripps Co/The Class A (b) | 10349 | 49572 |
| Gray Media Inc  | 12957 | 73077 |
| Ibotta Inc Class A (b) | 2071 | 72899 |
| iHeartMedia Inc Class A (b) | 18299 | 109245 |
| John Wiley & Sons Inc Class A  | 6193 | 253479 |
| Magnite Inc (b) | 22003 | 281968 |
| MNTN Inc Class A (b) | 1954 | 18426 |
| National CineMedia Inc  | 14824 | 50253 |
| NIQ Global Intelligence Plc  | 7790 | 85145 |
| Optimum Communications Inc Class A (b) | 42104 | 66524 |
| PubMatic Inc Class A (b) | 5664 | 55394 |
| Scholastic Corp  | 3447 | 139121 |
| Sinclair Inc Class A  | 6182 | 96130 |
| Stagwell Inc Class A (b) | 16639 | 104327 |
| TechTarget Inc (b) | 4730 | 27150 |
| Thryv Holdings Inc (b) | 6822 | 24423 |
| USA TODAY Co Inc (b) | 18885 | 136539 |
|  |  | 2134843 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Array Digital Infrastructure Inc  | 2165 | 107579 |
| Gogo Inc (b) | 12419 | 51911 |
| Spok Holdings Inc  | 3603 | 38516 |
| Telephone and Data Systems Inc  | 14826 | 668060 |
|  |  | 866066 |
| TOTAL COMMUNICATION SERVICES |  | 11959298 |
| Consumer Discretionary - 10.6% |  |  |
| Automobile Components - 1.2% |  |  |
| Adient PLC (b) | 11787 | 248116 |
| Cooper-Standard Holdings Inc (b) | 2658 | 79926 |
| Dana Inc  | 16906 | 616224 |
| Dauch Corporation (b) | 35891 | 204938 |
| Dorman Products Inc (b) | 4186 | 470967 |
| Fox Factory Holding Corp (b) | 6381 | 113263 |
| Gentherm Inc (b) | 4596 | 138340 |
| Goodyear Tire & Rubber Co/The (b) | 43471 | 307775 |
| Holley Inc Class A (b) | 8408 | 27745 |
| Kodiak AI Inc (b)(c) | 15874 | 134612 |
| LCI Industries  | 3650 | 435153 |
| Motorcar Parts of America Inc (b) | 2903 | 32572 |
| Patrick Industries Inc  | 5011 | 466023 |
| Phinia Inc  | 5710 | 411977 |
| Solid Power Inc (b) | 28267 | 97521 |
| Standard Motor Products Inc  | 3178 | 118762 |
| Stoneridge Inc (b) | 4220 | 29539 |
| Strattec Security Corp (b) | 635 | 47790 |
| Versigent PLC  | 10696 | 374039 |
| Visteon Corp  | 4115 | 459687 |
| XPEL Inc (b)(e) | 3794 | 180670 |
|  |  | 4995639 |
| Automobiles - 0.1% |  |  |
| Lucid Group Inc (b)(c) | 21017 | 133878 |
| Winnebago Industries Inc  | 4292 | 139962 |
|  |  | 273840 |
| Broadline Retail - 0.1% |  |  |
| Dillard's Inc Class A  | 455 | 258995 |
| Groupon Inc (b)(c) | 4479 | 63647 |
| Kohl's Corp  | 16939 | 240026 |
| Savers Value Village Inc (b) | 5647 | 47716 |
|  |  | 610384 |
| Distributors - 0.1% |  |  |
| GigaCloud Technology Inc Class A (b) | 3886 | 172888 |
| Gold.com Inc  | 3072 | 138824 |
|  |  | 311712 |
| Diversified Consumer Services - 1.6% |  |  |
| ADT Inc  | 76898 | 579042 |
| American Public Education Inc (b) | 2714 | 157819 |
| Carriage Services Inc  | 2352 | 115483 |
| Chegg Inc (b) | 17070 | 18606 |
| Coursera Inc (b) | 22329 | 132858 |
| Covista Inc (b) | 5200 | 599144 |
| Driven Brands Holdings Inc (b) | 8962 | 121614 |
| European Wax Center Inc Class A (b) | 4587 | 26605 |
| Frontdoor Inc (b) | 10869 | 745940 |
| Graham Holdings Co Class B  | 511 | 573603 |
| Grand Canyon Education Inc (b) | 4163 | 703838 |
| KinderCare Learning Cos Inc (b) | 4973 | 19544 |
| Laureate Education Inc (b) | 20175 | 607167 |
| Lincoln Educational Services Corp (b) | 4424 | 182003 |
| Matthews International Corp Class A  | 4717 | 134623 |
| Mister Car Wash Inc (b) | 14665 | 103828 |
| Perdoceo Education Corp  | 9120 | 309533 |
| Strategic Education Inc  | 3513 | 275419 |
| Stride Inc (b) | 6358 | 617743 |
| Udemy Inc (b) | 13895 | 65862 |
| Universal Technical Institute Inc (b) | 7643 | 286842 |
| WW International Inc  | 1594 | 16785 |
|  |  | 6393901 |
| Hotels, Restaurants & Leisure - 1.7% |  |  |
| Accel Entertainment Inc Class A (b) | 8800 | 109912 |
| Biglari Holdings Inc Class B (b) | 103 | 31853 |
| BJ's Restaurants Inc (b) | 3176 | 121958 |
| Black Rock Coffee Bar Inc Class A  | 2641 | 32431 |
| Bloomin' Brands Inc  | 11954 | 72919 |
| Brinker International Inc (b) | 6595 | 1004024 |
| Cheesecake Factory Inc/The  | 6958 | 437449 |
| Cracker Barrel Old Country Store Inc (c) | 3470 | 108680 |
| Dave & Buster's Entertainment Inc (b) | 4214 | 47492 |
| Dine Brands Global Inc  | 2222 | 61727 |
| El Pollo Loco Holdings Inc (b) | 3877 | 52417 |
| First Watch Restaurant Group Inc (b) | 7012 | 91997 |
| Global Business Travel Group I Class A (b) | 18183 | 106552 |
| Golden Entertainment Inc  | 2977 | 86596 |
| Jack in the Box Inc (b)(c) | 3028 | 38153 |
| Krispy Kreme Inc (b) | 14199 | 55944 |
| Kura Sushi USA Inc Class A (b)(c) | 968 | 53308 |
| Life Time Group Holdings Inc (b) | 22894 | 613788 |
| Lindblad Expeditions Holdings Inc (b) | 6664 | 123484 |
| Lucky Strike Entertainment Corp Class A (c) | 2322 | 18460 |
| Marriott Vacations Worldwide Corp  | 4204 | 302730 |
| Monarch Casino & Resort Inc  | 1828 | 216965 |
| Nathan's Famous Inc  | 397 | 39851 |
| Navan Inc Class A (b) | 5678 | 99308 |
| Papa John's International Inc (c) | 4987 | 180480 |
| Penn Entertainment Inc (b) | 19335 | 337589 |
| Portillo's Inc Class A (b) | 10822 | 67638 |
| Pursuit Attractions and Hospitality Inc (b) | 3229 | 135876 |
| Rci Hospitality Holdings Inc  | 1107 | 27697 |
| Red Rock Resorts Inc Class A  | 7291 | 393422 |
| Rush Street Interactive Inc Class A (b) | 14768 | 414981 |
| Sabre Corp (b) | 60319 | 110384 |
| Serve Robotics Inc (b)(c) | 9268 | 87397 |
| Shake Shack Inc Class A (b) | 6109 | 625929 |
| Six Flags Entertainment Corp (b) | 15423 | 289644 |
| Sweetgreen Inc Class A (b) | 16432 | 113052 |
| Target Hospitality Corp (b) | 4824 | 70141 |
| United Parks & Resorts Inc (b) | 4170 | 146993 |
| Wendy's Co/The (c) | 24849 | 172949 |
| Xponential Fitness Inc Class A (b)(c) | 4200 | 27636 |
|  |  | 7129806 |
| Household Durables - 2.2% |  |  |
| Beazer Homes USA Inc (b) | 4004 | 86446 |
| Cavco Industries Inc (b) | 1173 | 594711 |
| Century Communities Inc  | 3827 | 214389 |
| Champion Homes Inc (b) | 8337 | 635530 |
| Cricut Inc Class A  | 7419 | 31976 |
| Dream Finders Homes Inc Class A (b) | 4328 | 63189 |
| Ethan Allen Interiors Inc  | 3575 | 76291 |
| Flexsteel Industries Inc  | 578 | 31963 |
| Gopro Inc Class A (b) | 20403 | 33665 |
| Green Brick Partners Inc (b) | 4614 | 311168 |
| Helen of Troy Ltd (b) | 3515 | 81372 |
| Hovnanian Enterprises Inc Class A (b) | 702 | 78933 |
| Installed Building Products Inc  | 3414 | 985110 |
| KB Home  | 9528 | 504889 |
| La-Z-Boy Inc  | 6215 | 215909 |
| Legacy Housing Corp (b) | 1398 | 30406 |
| Leggett & Platt Inc  | 20423 | 221998 |
| LGI Homes Inc (b) | 3058 | 149750 |
| Lovesac Co/The (b) | 2111 | 33375 |
| M/I Homes Inc (b) | 3938 | 517808 |
| Meritage Homes Corp  | 10097 | 679932 |
| Newell Brands Inc  | 63661 | 259737 |
| SharkNinja Inc (b)(c) | 10668 | 1232474 |
| Smith Douglas Homes Corp Class A (b) | 1419 | 20120 |
| Sonos Inc (b) | 18185 | 269684 |
| Taylor Morrison Home Corp (b) | 14680 | 891663 |
| Tri Pointe Homes Inc (b) | 12659 | 593581 |
|  |  | 8846069 |
| Leisure Products - 0.4% |  |  |
| Acushnet Holdings Corp  | 4140 | 400835 |
| Callaway Golf Co (b) | 21039 | 321897 |
| Funko Inc Class A (b) | 6221 | 27434 |
| JAKKS Pacific Inc  | 1395 | 30355 |
| Johnson Outdoors Inc Class A  | 893 | 46999 |
| Latham Group Inc (b) | 7146 | 43376 |
| Malibu Boats Inc Class A (b) | 2824 | 72294 |
| MasterCraft Boat Holdings Inc (b) | 1882 | 43945 |
| Peloton Interactive Inc Class A (b) | 62320 | 339644 |
| Smith & Wesson Brands Inc  | 6709 | 104258 |
| Sturm Ruger & Co Inc  | 2412 | 104633 |
|  |  | 1535670 |
| Specialty Retail - 2.5% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 3917 | 13865 |
| Abercrombie & Fitch Co Class A (b) | 6933 | 591732 |
| America's Car-Mart Inc/TX (b) | 1230 | 15018 |
| American Eagle Outfitters Inc  | 23806 | 414701 |
| Arhaus Inc Class A  | 8144 | 60266 |
| Arko Corp  | 11726 | 77392 |
| Asbury Automotive Group Inc (b) | 2921 | 594978 |
| Barnes & Noble Education Inc (b) | 3384 | 33366 |
| Bed Bath & Beyond Inc (b) | 10983 | 53817 |
| Boot Barn Holdings Inc (b) | 4601 | 788841 |
| Buckle Inc/The  | 4532 | 252025 |
| Build-A-Bear Workshop Inc  | 1829 | 67563 |
| Caleres Inc  | 5137 | 67295 |
| Camping World Holdings Inc Class A  | 9933 | 81351 |
| Chewy Inc Class A (b) | 36111 | 917942 |
| Citi Trends Inc (b) | 1034 | 50366 |
| Designer Brands Inc Class A  | 5473 | 41048 |
| EVgo Inc Class A (b) | 20852 | 43789 |
| Gap Inc/The  | 34318 | 843880 |
| Genesco Inc (b) | 1481 | 52561 |
| Group 1 Automotive Inc  | 1774 | 633087 |
| Haverty Furniture Cos Inc  | 2094 | 46361 |
| Lands' End Inc (b) | 1769 | 19972 |
| MarineMax Inc (b) | 2912 | 83691 |
| Monro Inc  | 4579 | 80407 |
| National Vision Holdings Inc (b) | 11940 | 277247 |
| OneWater Marine Inc Class A (b) | 2034 | 19099 |
| Penske Automotive Group Inc  | 2785 | 477683 |
| Petco Health & Wellness Co Inc Class A (b) | 13563 | 38519 |
| RealReal Inc/The (b) | 14875 | 176864 |
| Revolve Group Inc Class A (b) | 6084 | 154838 |
| RH (b) | 2358 | 311162 |
| Sally Beauty Holdings Inc (b) | 14590 | 206886 |
| Shoe Carnival Inc  | 2716 | 50300 |
| Signet Jewelers Ltd  | 6137 | 546377 |
| Sonic Automotive Inc Class A  | 2235 | 176006 |
| Stitch Fix Inc Class A (b) | 17995 | 65502 |
| ThredUp Inc Class A (b) | 14971 | 64226 |
| Upbound Group Inc  | 7974 | 157566 |
| Urban Outfitters Inc (b) | 8122 | 571301 |
| Victoria's Secret & Co (b) | 12112 | 627765 |
| Warby Parker Inc Class A (b) | 15073 | 333415 |
| Winmark Corp  | 444 | 168938 |
| Zumiez Inc (b) | 2001 | 49165 |
|  |  | 10398173 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Carter's Inc  | 5538 | 200033 |
| Columbia Sportswear Co  | 3830 | 233324 |
| Figs Inc Class A (b) | 23531 | 352024 |
| G-III Apparel Group Ltd  | 5556 | 173292 |
| Kontoor Brands Inc  | 7734 | 567366 |
| Lakeland Industries Inc  | 1487 | 15122 |
| Levi Strauss & Co Class A  | 14725 | 328073 |
| Movado Group Inc  | 2420 | 65920 |
| Oxford Industries Inc (c) | 2164 | 92706 |
| Rocky Brands Inc  | 1118 | 40996 |
| Steven Madden Ltd  | 10957 | 411545 |
| Under Armour Inc Class A (b) | 39475 | 248298 |
| Under Armour Inc Class C (b) | 6913 | 41962 |
| Wolverine World Wide Inc  | 12434 | 211627 |
|  |  | 2982288 |
| TOTAL CONSUMER DISCRETIONARY |  | 43477482 |
| Consumer Staples - 2.4% |  |  |
| Beverages - 0.2% |  |  |
| Boston Beer Co Inc/The Class A (b) | 1158 | 274492 |
| MGP Ingredients Inc  | 2118 | 42233 |
| National Beverage Corp (b) | 3538 | 121070 |
| Vita Coco Co Inc/The (b) | 6622 | 436986 |
|  |  | 874781 |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Andersons Inc/The  | 5058 | 397255 |
| Chefs' Warehouse Inc/The (b) | 5438 | 421989 |
| Grocery Outlet Holding Corp (b) | 14823 | 117250 |
| Ingles Markets Inc Class A  | 2039 | 186507 |
| Natural Grocers by Vitamin Cottage Inc  | 1599 | 46307 |
| PriceSmart Inc  | 3803 | 596767 |
| United Natural Foods Inc (b) | 9169 | 458633 |
| Village Super Market Inc Class A  | 1431 | 61662 |
| Weis Markets Inc  | 1437 | 100849 |
|  |  | 2387219 |
| Food Products - 0.8% |  |  |
| B&G Foods Inc  | 12376 | 68563 |
| Beyond Meat Inc (b)(c) | 69291 | 68189 |
| Cal-Maine Foods Inc  | 6820 | 526914 |
| Calavo Growers Inc  | 2552 | 71864 |
| Flowers Foods Inc  | 32754 | 296751 |
| Fresh Del Monte Produce Inc  | 4987 | 208905 |
| J & J Snack Foods Corp  | 2307 | 203616 |
| John B Sanfilippo & Son Inc  | 1377 | 112625 |
| Lifeway Foods Inc (b) | 933 | 25042 |
| Mama's Creations Inc (b) | 5748 | 81564 |
| Marzetti Company/The  | 3064 | 399178 |
| Mission Produce Inc (b) | 6358 | 88122 |
| Pilgrim's Pride Corp  | 6436 | 213032 |
| Seaboard Corp  | 39 | 221751 |
| Seneca Foods Corp Class A (b) | 726 | 101538 |
| Simply Good Foods Co/The (b) | 12789 | 170989 |
| Tootsie Roll Industries Inc Class A  | 3058 | 129109 |
| Utz Brands Inc Class A  | 11937 | 95019 |
| Vital Farms Inc (b) | 5743 | 78392 |
| Westrock Coffee Co (b) | 5572 | 32819 |
|  |  | 3193982 |
| Household Products - 0.4% |  |  |
| Central Garden & Pet Co (b) | 1423 | 52679 |
| Central Garden & Pet Co Class A (b) | 7454 | 250157 |
| Energizer Holdings Inc  | 9358 | 183230 |
| Oil-Dri Corp of America  | 1567 | 114312 |
| Reynolds Consumer Products Inc  | 8323 | 174533 |
| Spectrum Brands Holdings Inc  | 3494 | 288604 |
| WD-40 Co  | 2035 | 427269 |
|  |  | 1490784 |
| Personal Care Products - 0.3% |  |  |
| BellRing Brands Inc (b) | 17932 | 319190 |
| Coty Inc Class A (b) | 55967 | 137679 |
| Edgewell Personal Care Co  | 7053 | 159045 |
| Herbalife Ltd (b) | 15544 | 258030 |
| Honest Co Inc/The (b) | 15711 | 54989 |
| Interparfums Inc  | 2755 | 251311 |
| Medifast Inc (b) | 1494 | 16239 |
| Nature's Sunshine Products Inc (b) | 2118 | 57525 |
| Niagen Bioscience Inc (b) | 8671 | 41014 |
| Nu Skin Enterprises Inc Class A  | 7319 | 53429 |
| Olaplex Holdings Inc (b) | 19337 | 39254 |
| USANA Health Sciences Inc (b) | 1631 | 31070 |
|  |  | 1418775 |
| Tobacco - 0.1% |  |  |
| Turning Point Brands Inc  | 2879 | 232278 |
| Universal Corp/VA  | 3736 | 200175 |
|  |  | 432453 |
| TOTAL CONSUMER STAPLES |  | 9797994 |
| Energy - 5.8% |  |  |
| Energy Equipment & Services - 2.8% |  |  |
| Archrock Inc  | 26443 | 1024667 |
| Atlas Energy Solutions Inc (c) | 11771 | 204580 |
| Bristow Group Inc  | 3794 | 186399 |
| Cactus Inc Class A  | 10424 | 580825 |
| Core Laboratories Inc  | 7059 | 103414 |
| DMC Global Inc (b) | 2630 | 16253 |
| Energy Services of America Corp  | 1894 | 32198 |
| Expro Group Holdings NV (b) | 15239 | 277502 |
| Flowco Holdings Inc Class A  | 4630 | 114963 |
| Forum Energy Technologies Inc (b) | 1713 | 107696 |
| Geospace Technologies Corp (b) | 1970 | 18026 |
| Helix Energy Solutions Group Inc (b) | 20592 | 213127 |
| Innovex International Inc (b) | 5837 | 162093 |
| Kodiak Gas Services Inc  | 12553 | 851093 |
| Liberty Energy Inc Class A  | 24465 | 826672 |
| Nabors Industries Ltd (b) | 2207 | 226460 |
| National Energy Services Reunited Corp (b) | 8963 | 223537 |
| Natural Gas Services Group Inc  | 1635 | 66528 |
| Noble Corp PLC  | 18985 | 968805 |
| Oceaneering International Inc (b) | 15047 | 564864 |
| Oil States International Inc (b) | 8344 | 95789 |
| Patterson-UTI Energy Inc  | 52390 | 640206 |
| ProPetro Holding Corp (b) | 14334 | 245541 |
| Ranger Energy Services Inc Class A  | 2412 | 42114 |
| RPC Inc  | 13675 | 107759 |
| Select Water Solutions Inc Class A  | 17016 | 284678 |
| Solaris Energy Infrastructure Inc Class A  | 6940 | 512450 |
| TETRA Technologies Inc (b) | 20127 | 191609 |
| Tidewater Inc (b) | 6949 | 620754 |
| Transocean Ltd (b)(c) | 149587 | 1020184 |
| Valaris Ltd (b) | 9703 | 989513 |
|  |  | 11520299 |
| Oil, Gas & Consumable Fuels - 3.0% |  |  |
| Aemetis Inc (b) | 9532 | 30025 |
| Amplify Energy Corp (b) | 5293 | 33874 |
| California Resources Corp  | 11931 | 814410 |
| Calumet Inc (b) | 9688 | 316991 |
| Centrus Energy Corp Class A (b)(c) | 2870 | 605455 |
| Clean Energy Fuels Corp (b) | 26524 | 61005 |
| CNX Resources Corp (b) | 21603 | 840573 |
| Comstock Inc (b) | 11169 | 36634 |
| Comstock Resources Inc (b) | 12085 | 210521 |
| Core Natural Resources Inc  | 7772 | 697459 |
| Crescent Energy Co Class A  | 37255 | 501080 |
| CVR Energy Inc (b) | 4604 | 152577 |
| Delek US Holdings Inc  | 9086 | 423317 |
| Diversified Energy Co  | 9747 | 162288 |
| Dorian LPG Ltd  | 5592 | 215572 |
| Evolution Petroleum Corp  | 6165 | 29591 |
| Excelerate Energy Inc Class A  | 3705 | 129305 |
| Gevo Inc (b) | 36062 | 68878 |
| Granite Ridge Resources Inc  | 11164 | 67319 |
| Green Plains Inc (b) | 10574 | 183776 |
| Gulfport Energy Corp (b) | 2383 | 458823 |
| HighPeak Energy Inc Class A (c) | 3938 | 26699 |
| Infinity Natural Resources Inc Class A (b) | 2537 | 41328 |
| International Seaways Inc  | 6149 | 510060 |
| Kinetik Holdings Inc Class A (c) | 7079 | 357773 |
| Lightbridge Corp (b) | 5061 | 66046 |
| Magnolia Oil & Gas Corp Class A  | 27684 | 837164 |
| NextDecade Corp (b) | 21514 | 168455 |
| Northern Oil & Gas Inc  | 16230 | 440807 |
| Par Pacific Holdings Inc (b) | 7592 | 498567 |
| Peabody Energy Corp  | 18403 | 490624 |
| PrimeEnergy Resources Corp (b) | 109 | 24152 |
| REX American Resources Corp (b) | 4357 | 211315 |
| Riley Exploration Permian Inc  | 1636 | 59174 |
| Ring Energy Inc (b) | 25392 | 47737 |
| Sable Offshore Corp (b) | 18696 | 268288 |
| SandRidge Energy Inc  | 5093 | 79196 |
| Summit Midstream Corp Class A (b) | 1675 | 53014 |
| Talos Energy Inc (b) | 19075 | 303674 |
| Ur-Energy Inc (United States) (b) | 52350 | 93707 |
| Uranium Energy Corp (b) | 73082 | 1088191 |
| VAALCO Energy Inc  | 16519 | 108530 |
| Vitesse Energy Inc  | 4681 | 87816 |
| W&T Offshore Inc  | 15157 | 63811 |
| World Kinect Corp  | 8538 | 230270 |
|  |  | 12195871 |
| TOTAL ENERGY |  | 23716170 |
| Financials - 18.2% |  |  |
| Banks - 8.9% |  |  |
| 1st Source Corp  | 2741 | 201546 |
| ACNB Corp  | 1597 | 80952 |
| Amalgamated Financial Corp  | 3197 | 130693 |
| Amerant Bancorp Inc Class A  | 5776 | 132675 |
| Ameris Bancorp  | 9614 | 819594 |
| Arrow Financial Corp  | 2199 | 81033 |
| Associated Banc-Corp  | 24971 | 703183 |
| Atlantic Union Bankshares Corp  | 21410 | 806087 |
| Avidbank Holdings Inc (b) | 1083 | 32100 |
| Axos Financial Inc (b) | 8513 | 820994 |
| Banc of California Inc  | 20455 | 383122 |
| BancFirst Corp  | 3137 | 350121 |
| Bancorp Inc/The (b) | 6441 | 385365 |
| Bank First Corp  | 1534 | 222906 |
| Bank of Hawaii Corp  | 6005 | 477458 |
| Bank of Marin Bancorp  | 2422 | 62100 |
| BankUnited Inc  | 11149 | 518206 |
| Bankwell Financial Group Inc  | 1039 | 53737 |
| Banner Corp  | 5133 | 343449 |
| Bar Harbor Bankshares  | 2579 | 88331 |
| Beacon Financial Corp  | 12592 | 359250 |
| BOK Financial Corp  | 3180 | 425452 |
| Bridgewater Bancshares Inc (b) | 3251 | 58941 |
| Burke & Herbert Financial Services Corp  | 2005 | 128942 |
| Business First Bancshares Inc  | 4923 | 134792 |
| Byline Bancorp Inc  | 4889 | 157181 |
| California BanCorp  | 3279 | 61285 |
| Camden National Corp  | 2578 | 124182 |
| Capital Bancorp Inc  | 1724 | 54289 |
| Capital City Bank Group Inc  | 2088 | 96403 |
| Capitol Federal Financial Inc  | 18149 | 139384 |
| Carter Bankshares Inc (b) | 3261 | 83482 |
| Cathay General Bancorp  | 10119 | 566968 |
| Central Pacific Financial Corp  | 4048 | 134717 |
| ChoiceOne Financial Services Inc  | 2128 | 63904 |
| City Holding Co  | 2165 | 266208 |
| Civista Bancshares Inc  | 3140 | 78092 |
| CNB Financial Corp/PA  | 4398 | 133611 |
| Coastal Financial Corp/WA Class A (b) | 1994 | 150786 |
| CoastalSouth Bancshares Inc  | 1098 | 28053 |
| Colony Bankcorp Inc  | 3119 | 61881 |
| Columbia Financial Inc (b) | 4029 | 77478 |
| Commercial Bancgroup Inc  | 1052 | 30465 |
| Community Financial System Inc  | 7966 | 504726 |
| Community Trust Bancorp Inc  | 2311 | 150053 |
| Community West Bancshares  | 3455 | 81953 |
| Connectone Bancorp Inc  | 7538 | 220260 |
| Customers Bancorp Inc (b) | 4770 | 363808 |
| CVB Financial Corp  | 19359 | 394343 |
| Dime Community Bancshares Inc  | 6152 | 220795 |
| Eagle Bancorp Inc  | 4144 | 107122 |
| Eastern Bankshares Inc  | 32621 | 659923 |
| Enterprise Financial Services Corp  | 5558 | 321364 |
| Equity Bancshares Inc Class A  | 2259 | 102423 |
| Esquire Financial Holdings Inc  | 1009 | 106066 |
| Farmers National Banc Corp  | 8531 | 120031 |
| FB Bancorp Inc (b) | 2569 | 35915 |
| FB Financial Corp  | 6054 | 327340 |
| Financial Institutions Inc  | 3020 | 102891 |
| First Bancorp/Southern Pines NC  | 6241 | 360355 |
| First Busey Corp  | 13239 | 346862 |
| First Business Financial Services Inc  | 1257 | 70643 |
| First Commonwealth Financial Corp  | 15414 | 283772 |
| First Community Bankshares Inc  | 2806 | 119592 |
| First Community Corp/SC  | 1370 | 40566 |
| First Financial Bancorp  | 15587 | 471974 |
| First Financial Corp  | 1812 | 118994 |
| First Hawaiian Inc  | 18655 | 508908 |
| First Internet Bancorp  | 1204 | 27595 |
| First Interstate BancSystem Inc Class A  | 13447 | 477234 |
| First Merchants Corp  | 9322 | 376982 |
| First Mid Bancshares Inc  | 3304 | 139065 |
| Firstsun Capital Bancorp (b) | 3654 | 129205 |
| Five Star Bancorp  | 2572 | 104037 |
| Flushing Financial Corp  | 5213 | 84034 |
| FNB Corp/PA  | 54764 | 977537 |
| Franklin Financial Services Corp  | 632 | 35613 |
| Fulton Financial Corp  | 28937 | 624750 |
| GBank Financial Holdings Inc (b) | 1377 | 40553 |
| German American Bancorp Inc  | 5679 | 244595 |
| Great Southern Bancorp Inc  | 1234 | 84183 |
| Hanmi Financial Corp  | 4488 | 134236 |
| Heritage Financial Corp Wash  | 6241 | 171752 |
| Hilltop Holdings Inc  | 6271 | 236229 |
| Hingham Institution For Savings The (c) | 296 | 84123 |
| Home Bancorp Inc  | 1022 | 63558 |
| Home BancShares Inc/AR  | 27522 | 739516 |
| HomeTrust Bancshares Inc  | 1994 | 91066 |
| Hope Bancorp Inc  | 19480 | 242526 |
| Horizon Bancorp Inc/IN  | 7660 | 138646 |
| Independent Bank Corp  | 7463 | 582039 |
| Independent Bank Corp/MI  | 3120 | 103615 |
| International Bancshares Corp  | 8124 | 582816 |
| Investar Holding Corp  | 1743 | 48299 |
| Kearny Financial Corp/MD  | 8922 | 71733 |
| Lakeland Financial Corp  | 3817 | 231005 |
| Live Oak Bancshares Inc  | 5335 | 200596 |
| Mechanics Bancorp Class A  | 7382 | 108995 |
| Mercantile Bank Corp  | 2587 | 132739 |
| Meridian Corp  | 1429 | 26893 |
| Metrocity Bankshares Inc  | 3241 | 103680 |
| Metropolitan Bank Holding Corp  | 1638 | 144717 |
| Mid Penn Bancorp Inc  | 3114 | 102669 |
| Midland States Bancorp Inc  | 3271 | 85079 |
| MVB Financial Corp  | 1794 | 46877 |
| National Bank Holdings Corp Class A  | 6758 | 288567 |
| NB Bancorp Inc  | 5804 | 113933 |
| Nbt Bancorp Inc  | 7927 | 346331 |
| Nicolet Bankshares Inc  | 2937 | 430212 |
| Northeast Bank  | 1110 | 138029 |
| Northfield Bancorp Inc  | 5509 | 76851 |
| Northpointe Bancshares Inc  | 1489 | 26548 |
| Northrim BanCorp Inc  | 3341 | 81955 |
| Northwest Bancshares Inc  | 22348 | 309073 |
| OceanFirst Financial Corp  | 8674 | 165413 |
| Old Second Bancorp Inc  | 7810 | 160964 |
| Origin Bancorp Inc  | 4354 | 203854 |
| Orrstown Financial Services Inc  | 2922 | 107354 |
| Park National Corp  | 2432 | 418766 |
| Parke Bancorp Inc  | 1421 | 42786 |
| Pathward Financial Inc  | 3271 | 284054 |
| Peapack-Gladstone Financial Corp  | 2362 | 98614 |
| Peoples Bancorp Inc/OH  | 5316 | 182870 |
| Peoples Financial Services Corp  | 1434 | 81681 |
| Preferred Bank/Los Angeles CA  | 1707 | 161704 |
| Provident Financial Services Inc  | 19771 | 448406 |
| QCR Holdings Inc  | 2494 | 225507 |
| Red River Bancshares Inc  | 705 | 63965 |
| Renasant Corp  | 14212 | 566917 |
| Republic Bancorp Inc/KY Class A  | 1464 | 110869 |
| S&T Bancorp Inc  | 5679 | 250614 |
| Seacoast Banking Corp of Florida  | 14530 | 457259 |
| Shore Bancshares Inc  | 4584 | 88471 |
| Sierra Bancorp  | 1786 | 64439 |
| Simmons First National Corp Class A  | 21799 | 463447 |
| SmartFinancial Inc  | 2179 | 91387 |
| South Plains Financial Inc  | 1829 | 75135 |
| Southern First Bancshares Inc (b) | 1134 | 63844 |
| Southern Missouri Bancorp Inc  | 1396 | 95263 |
| Southside Bancshares Inc  | 4308 | 142293 |
| Stellar Bancorp Inc  | 6815 | 255971 |
| Stock Yards Bancorp Inc  | 4139 | 299374 |
| Texas Capital Bancshares Inc (b) | 6616 | 666231 |
| TFS Financial Corp  | 7895 | 118741 |
| Third Coast Bancshares Inc (b) | 1876 | 70050 |
| Tompkins Financial Corp  | 1915 | 161377 |
| Towne Bank/Portsmouth VA  | 12946 | 460360 |
| TriCo Bancshares  | 4926 | 247630 |
| Triumph Financial Inc (b) | 3428 | 232007 |
| TrustCo Bank Corp NY  | 2734 | 130138 |
| Trustmark Corp  | 8867 | 393429 |
| United Community Bank/SC  | 18151 | 604973 |
| Unity Bancorp Inc  | 980 | 51234 |
| Univest Financial Corp  | 4292 | 163053 |
| WaFd Inc  | 11429 | 404587 |
| Washington Trust Bancorp Inc  | 2992 | 94039 |
| WesBanco Inc  | 14548 | 500160 |
| Westamerica BanCorp  | 3730 | 204479 |
| WSFS Financial Corp  | 8014 | 576768 |
|  |  | 36630840 |
| Capital Markets - 3.0% |  |  |
| Acadian Asset Management Inc  | 3963 | 266908 |
| AI Financial Corp (b) | 20466 | 15354 |
| Artisan Partners Asset Management Inc Class A  | 10819 | 405063 |
| Bakkt Inc Class A (b) | 2090 | 18016 |
| BGC Group Inc Class A  | 54570 | 612821 |
| BRC Group Holdings Inc (b)(c) | 2685 | 23064 |
| Cohen & Steers Inc  | 4165 | 292758 |
| DigitalBridge Group Inc Class A  | 25018 | 389280 |
| Donnelley Financial Solutions Inc (b) | 4008 | 201602 |
| Federated Hermes Inc Class B  | 11119 | 645903 |
| Galaxy Digital Inc Class A (c) | 29201 | 801275 |
| GCM Grosvenor Inc Class A  | 9540 | 104177 |
| Hamilton Lane Inc Class A  | 6231 | 573190 |
| Innventure Inc (b) | 7197 | 46852 |
| Lazard Inc  | 17138 | 831193 |
| Miami International Holdings Inc  | 4582 | 213017 |
| Moelis & Co Class A  | 11288 | 735075 |
| Oppenheimer Holdings Inc Class A  | 906 | 103719 |
| Perella Weinberg Partners Class A  | 10153 | 230879 |
| Piper Sandler Cos  | 10229 | 891969 |
| PJT Partners Inc Class A  | 3680 | 562083 |
| Ridgepost Capital Inc Class A  | 9761 | 77405 |
| StepStone Group Inc Class A  | 11258 | 595548 |
| StoneX Group Inc (b) | 10566 | 1120313 |
| TPG Inc Class A  | 19726 | 860448 |
| Victory Capital Holdings Inc Class A  | 7182 | 563859 |
| Virtu Financial Inc Class A  | 12035 | 597658 |
| Virtus Invt Partners Inc  | 989 | 143949 |
| WisdomTree Inc  | 17414 | 296038 |
|  |  | 12219416 |
| Consumer Finance - 1.4% |  |  |
| Atlanticus Holdings Corp (b) | 848 | 67340 |
| Bread Financial Holdings Inc  | 6682 | 566500 |
| Dave Inc Class A (b) | 1687 | 458847 |
| DeFi Development Corp (b)(c) | 3902 | 17129 |
| Encore Capital Group Inc (b) | 3347 | 277031 |
| Enova International Inc (b) | 3738 | 633255 |
| EZCORP Inc Class A (b) | 8823 | 289218 |
| Figure Technology Solutions Inc Class A  | 4845 | 170060 |
| FirstCash Holdings Inc  | 5829 | 1272004 |
| Green Dot Corp Class A (b) | 7675 | 96321 |
| Jefferson Capital Inc  | 2610 | 54131 |
| LendingClub Corp (b) | 17605 | 300517 |
| Lendingtree Inc (b) | 1735 | 86039 |
| Navient Corp  | 10449 | 96549 |
| Nelnet Inc Class A  | 2088 | 295870 |
| NerdWallet Inc Class A (b) | 5415 | 58699 |
| Oportun Financial Corp (b) | 6386 | 38890 |
| OppFi Inc Class A (b) | 4321 | 41093 |
| PRA Group Inc (b) | 5934 | 129302 |
| PROG Holdings Inc  | 6013 | 215446 |
| Regional Management Corp  | 1336 | 49900 |
| Upstart Holdings Inc (b)(c) | 13269 | 419035 |
| World Acceptance Corp (b) | 444 | 65339 |
|  |  | 5698515 |
| Financial Services - 1.9% |  |  |
| Alerus Financial Corp  | 4081 | 109942 |
| Better Home & Finance Holding Co Class A (b) | 1124 | 46230 |
| Cannae Holdings Inc  | 7701 | 104041 |
| Cantaloupe Inc (b) | 9182 | 100267 |
| Cass Information Systems Inc  | 1851 | 87534 |
| Enact Holdings Inc  | 4408 | 188354 |
| Federal Agricultural Mortgage Corp Class C  | 1499 | 260526 |
| Finance of America Cos Inc Class A (b) | 1003 | 19808 |
| Flywire Corp (b) | 17120 | 231291 |
| HA Sustainable Infrastructure Capital Inc  | 19433 | 815214 |
| International Money Express Inc (b) | 4336 | 68986 |
| Jackson Financial Inc  | 10832 | 1254021 |
| loanDepot Inc Class A (b) | 31164 | 48304 |
| Marqeta Inc Class A (b) | 60034 | 260548 |
| Merchants Bancorp/IN  | 4530 | 210826 |
| NCR Atleos Corp (b) | 11309 | 501893 |
| NewtekOne Inc  | 4840 | 62775 |
| NMI Holdings Inc (b) | 11621 | 449849 |
| Onity Group Inc (b) | 1069 | 49185 |
| Paymentus Holdings Inc Class A (b) | 7930 | 222437 |
| Payoneer Global Inc (b) | 45490 | 226540 |
| Paysign Inc (b) | 5504 | 36106 |
| PennyMac Financial Services Inc  | 4517 | 407840 |
| Priority Technology Holdings Inc (b) | 5273 | 27314 |
| Radian Group Inc  | 20748 | 743401 |
| Remitly Global Inc (b) | 26245 | 574503 |
| Repay Holdings Corp Class A (b) | 11165 | 42315 |
| Sezzle Inc (b) | 2638 | 209985 |
| Shift4 Payments Inc Class A (b)(c) | 2217 | 98169 |
| UWM Holdings Corp Class A  | 40328 | 142761 |
| Velocity Financial Inc (b) | 1419 | 27373 |
| Walker & Dunlop Inc  | 5360 | 269876 |
|  |  | 7898214 |
| Insurance - 2.2% |  |  |
| Abacus Global Management Inc Class A (c) | 5231 | 49695 |
| American Coastal Insurance Corp  | 3744 | 44554 |
| American Integrity Insurance Group Inc  | 1119 | 21932 |
| Amerisafe Inc  | 3253 | 98566 |
| Baldwin Insurance Group Inc/The Class A (b) | 12037 | 273481 |
| Bowhead Specialty Holdings Inc (b) | 2869 | 68225 |
| Brighthouse Financial Inc (b) | 8673 | 539981 |
| CNO Financial Group Inc  | 14666 | 651904 |
| Donegal Group Inc Class A (c) | 2803 | 47146 |
| Employers Holdings Inc  | 3709 | 156223 |
| F&G Annuities & Life Inc  | 5896 | 168861 |
| Genworth Financial Inc Class A (b) | 60829 | 534687 |
| Goosehead Insurance Inc Class A (b) | 3880 | 173785 |
| Greenlight Capital Re Ltd Class A (b) | 3876 | 71008 |
| Hagerty Inc Class A (b) | 5700 | 57912 |
| HCI Group Inc  | 1671 | 256615 |
| Heritage Insurance Holdings Inc (b) | 3416 | 100157 |
| Hippo Holdings Inc (b) | 3294 | 86731 |
| Horace Mann Educators Corp  | 6382 | 289998 |
| Investors Title Co  | 253 | 59905 |
| James River Group Holdings Inc  | 6935 | 42997 |
| Kemper Corp  | 661 | 22269 |
| Kingstone Cos Inc  | 1971 | 32857 |
| Lemonade Inc (b) | 9645 | 546293 |
| MBIA Inc (b) | 7504 | 43823 |
| Mercury General Corp  | 4044 | 393522 |
| Neptune Insurance Holdings Inc Class A  | 2792 | 70163 |
| Octave Specialty Group Inc (b) | 7317 | 32414 |
| Oscar Health Inc Class A (b) | 33049 | 610085 |
| Palomar Hldgs Inc (b) | 4073 | 490308 |
| ProAssurance Corp (b) | 7758 | 191623 |
| Root Inc/OH Class A (b) | 2180 | 118766 |
| Safety Insurance Group Inc  | 2402 | 180534 |
| Selectquote Inc (b) | 25055 | 23046 |
| SiriusPoint Ltd (b) | 15907 | 372383 |
| Skyward Specialty Insurance Group Inc (b) | 6436 | 292516 |
| Slide Insurance Holdings Inc (b) | 3828 | 71392 |
| Stewart Information Services Corp  | 4669 | 326783 |
| Tiptree Inc Class A  | 3719 | 64116 |
| Trupanion Inc (b) | 5363 | 128658 |
| TWFG Inc Class A (b) | 2435 | 45242 |
| United Fire Group Inc  | 3313 | 133580 |
| Universal Insurance Holdings Inc  | 3875 | 153566 |
| White Mountains Insurance Group Ltd  | 372 | 830301 |
|  |  | 8968603 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.8% |  |  |
| Adamas Trust Inc  | 12805 | 114989 |
| Apollo Commercial Real Estate Finance Inc  | 20187 | 220846 |
| Arbor Realty Trust Inc (c) | 29997 | 236976 |
| Ares Commercial Real Estate Corp  | 8718 | 45595 |
| ARMOUR Residential REIT Inc  | 17320 | 303793 |
| Brightspire Capital Inc Class A  | 20155 | 116899 |
| Chimera Investment Corp  | 12705 | 174694 |
| Claros Mortgage Trust Inc (b) | 19594 | 51728 |
| Dynex Capital Inc (c) | 30565 | 416295 |
| Ellington Financial Inc  | 18544 | 245708 |
| Franklin BSP Realty Trust Inc  | 12640 | 115024 |
| Invesco Mortgage Capital Inc  | 11078 | 90064 |
| Kkr Real Estate Finance Trust Inc  | 8340 | 51124 |
| Ladder Capital Corp Class A  | 16858 | 173300 |
| MFA Financial Inc  | 15830 | 162258 |
| Orchid Island Capital Inc (c) | 29051 | 204229 |
| Pennymac Mortgage Investment Trust  | 12979 | 158084 |
| Ready Capital Corp  | 24673 | 46632 |
| Redwood Trust Inc  | 18934 | 105273 |
| TPG Mortgage Investment Trust Inc  | 4967 | 39190 |
| TPG RE Finance Trust Inc  | 12321 | 104236 |
| Two Harbors Investment Corp  | 16178 | 187179 |
|  |  | 3364116 |
| TOTAL FINANCIALS |  | 74779704 |
| Health Care - 16.5% |  |  |
| Biotechnology - 8.1% |  |  |
| 4D Molecular Therapeutics Inc (b) | 5824 | 51659 |
| Abeona Therapeutics Inc (b)(c) | 7781 | 42484 |
| Absci Corp (b)(c) | 20092 | 99958 |
| ACADIA Pharmaceuticals Inc (b) | 18879 | 423834 |
| Achieve Life Sciences Inc (b) | 8127 | 35678 |
| ADMA Biologics Inc (b) | 36097 | 369994 |
| Agenus Inc (b) | 5237 | 20477 |
| Agios Pharmaceuticals Inc (b) | 8859 | 248052 |
| Akebia Therapeutics Inc (b) | 40367 | 55706 |
| Aldeyra Therapeutics Inc (b) | 7694 | 11695 |
| Alector Inc (b) | 14016 | 33218 |
| Allogene Therapeutics Inc (b) | 24824 | 52875 |
| Altimmune Inc (b) | 19350 | 50310 |
| AnaptysBio Inc (b) | 2957 | 194364 |
| Anavex Life Sciences Corp (b)(c) | 14255 | 47612 |
| Anika Therapeutics Inc (b) | 2166 | 26967 |
| Annexon Inc (b) | 20213 | 118650 |
| Apogee Therapeutics Inc (b) | 8088 | 670414 |
| Arbutus Biopharma Corp (b) | 23141 | 97192 |
| Arcturus Therapeutics Holdings Inc (b) | 3983 | 34333 |
| Arcus Biosciences Inc (b) | 12757 | 325304 |
| Arcutis Biotherapeutics Inc (b) | 16800 | 390096 |
| Ardelyx Inc (b) | 36624 | 231830 |
| ArriVent Biopharma Inc (b)(c) | 4600 | 143014 |
| ARS Pharmaceuticals Inc (b)(c) | 9973 | 82377 |
| Assembly Biosciences Inc (b) | 1693 | 45626 |
| Atrium Therapeutics Inc  | 2110 | 26945 |
| aTyr Pharma Inc (b) | 15765 | 12729 |
| Aura Biosciences Inc (b) | 8616 | 60743 |
| Beam Therapeutics Inc (b) | 14917 | 452433 |
| Bicara Therapeutics Inc (b) | 4802 | 103627 |
| BioCryst Pharmaceuticals Inc (b) | 36425 | 333653 |
| Biohaven Ltd (b) | 17376 | 166636 |
| Biomea Fusion Inc (b) | 8461 | 11507 |
| Black Diamond Therapeutics Inc (b) | 6914 | 18322 |
| C4 Therapeutics Inc (b) | 12033 | 34053 |
| Cabaletta Bio Inc (b) | 14545 | 43490 |
| Candel Therapeutics Inc (b) | 5910 | 36524 |
| Capricor Therapeutics Inc (b) | 6936 | 232911 |
| Cardiff Oncology Inc (b)(c) | 10608 | 18352 |
| CareDx Inc (b) | 7773 | 161756 |
| Caribou Biosciences Inc (b) | 12700 | 23876 |
| Cartesian Therapeutics Inc rights (b)(d) | 15874 | 4603 |
| Catalyst Pharmaceuticals Inc (b) | 17419 | 489996 |
| Celcuity Inc (b) | 5432 | 659173 |
| Celldex Therapeutics Inc (b) | 10000 | 328800 |
| CG oncology Inc (b) | 10323 | 688957 |
| Chinook Therapeutics Inc rights (b)(d) | 702 | 0 |
| Cogent Biosciences Inc (b) | 23102 | 826821 |
| Coherus Oncology Inc (b) | 22462 | 39870 |
| Compass Therapeutics Inc (b) | 23030 | 40763 |
| Corbus Pharmaceuticals Holdings Inc (b) | 2373 | 23445 |
| Corvus Pharmaceuticals Inc (b) | 11105 | 168685 |
| Cullinan Therapeutics Inc (b) | 7750 | 101138 |
| CytomX Therapeutics Inc (b) | 26923 | 113615 |
| Denali Therapeutics Inc (b) | 22378 | 418916 |
| Design Therapeutics Inc (b) | 4471 | 60806 |
| DiaMedica Therapeutics Inc (b) | 4643 | 28090 |
| Dianthus Therapeutics Inc (b) | 5555 | 487729 |
| Disc Medicine Inc (b) | 4777 | 315043 |
| Dyne Therapeutics Inc (b) | 21733 | 381414 |
| Editas Medicine Inc (b) | 14689 | 44067 |
| Eledon Pharmaceuticals Inc (b) | 11355 | 41332 |
| Emergent BioSolutions Inc (b) | 7912 | 65116 |
| Enanta Pharmaceuticals Inc (b) | 4054 | 56310 |
| Entrada Therapeutics Inc (b) | 3583 | 48371 |
| Erasca Inc (b) | 35946 | 382825 |
| Evommune Inc  | 1693 | 40293 |
| Fate Therapeutics Inc (b) | 15245 | 19056 |
| First Tracks Biotherapeutics Inc  | 2957 | 68809 |
| Galectin Therapeutics Inc (b) | 7750 | 17593 |
| Geron Corp (b) | 81820 | 126003 |
| Gossamer Bio Inc (b) | 35839 | 13182 |
| GRAIL Inc (b) | 4491 | 244670 |
| Heron Therapeutics Inc (b) | 28072 | 33686 |
| Humacyte Inc Class A (b)(c) | 25765 | 21689 |
| Ideaya Biosciences Inc (b) | 13203 | 384207 |
| Immunic Inc (b) | 1878 | 18066 |
| ImmunityBio Inc (b)(c) | 46134 | 327551 |
| Immunome Inc (b) | 15624 | 358415 |
| Immunovant Inc (b) | 11636 | 315859 |
| Inhibrx Biosciences Inc (b) | 1442 | 186321 |
| Intellia Therapeutics Inc (b) | 17531 | 236318 |
| Iovance Biotherapeutics Inc (b) | 50530 | 169781 |
| Ironwood Pharmaceuticals Inc Class A (b) | 21574 | 88993 |
| Jade Biosciences Inc (b) | 4906 | 119706 |
| Janux Therapeutics Inc (b) | 7309 | 105030 |
| KalVista Pharmaceuticals Inc (b)(c) | 5930 | 158094 |
| Keros Therapeutics Inc (b)(c) | 2981 | 33149 |
| Kodiak Sciences Inc (b) | 6060 | 263489 |
| Korro Bio Inc (b) | 1027 | 13854 |
| Krystal Biotech Inc (b) | 3889 | 1019929 |
| Kura Oncology Inc (b) | 13124 | 115885 |
| Kymera Therapeutics Inc (b) | 9253 | 750141 |
| Kyverna Therapeutics Inc (b) | 5350 | 47080 |
| Larimar Therapeutics Inc (b) | 6325 | 25680 |
| Lexeo Therapeutics Inc (b) | 8889 | 50623 |
| Lineage Cell Therapeutics Inc (b) | 34673 | 52356 |
| Lyell Immunopharma Inc (b) | 2161 | 42637 |
| MacroGenics Inc (b) | 8747 | 26941 |
| MannKind Corp (b) | 46762 | 132336 |
| MapLight Therapeutics Inc (c) | 3013 | 96024 |
| MiMedx Group Inc (b) | 17704 | 59485 |
| Mineralys Therapeutics Inc (b) | 8348 | 222474 |
| Mirum Pharmaceuticals Inc (b) | 7121 | 692945 |
| Monopar Therapeutics Inc (b) | 593 | 30925 |
| Monte Rosa Therapeutics Inc (b) | 9308 | 178248 |
| Myriad Genetics Inc (b) | 14144 | 67184 |
| Neurogene Inc (b) | 1625 | 42396 |
| Nkarta Inc (b) | 7959 | 22046 |
| Novavax Inc (b)(c) | 24594 | 194907 |
| Nurix Therapeutics Inc (b) | 14555 | 243069 |
| Nuvalent Inc Class A (b) | 7912 | 793415 |
| Ocugen Inc (b) | 49386 | 85438 |
| Olema Pharmaceuticals Inc (b) | 7856 | 113205 |
| OmniAb Operations Inc (b)(d) | 613 | 288 |
| OmniAb Operations Inc (b)(d) | 613 | 219 |
| Oncternal Therapeutics Inc rights (b)(d) | 19 | 0 |
| Organogenesis Holdings Inc Class A (b) | 11386 | 26757 |
| ORIC Pharmaceuticals Inc (b) | 11593 | 114539 |
| Oruka Therapeutics Inc (b) | 5906 | 404029 |
| Palvella Therapeutics Inc (b) | 1396 | 179135 |
| Perspective Therapeutics Inc (b) | 12892 | 50279 |
| Precigen Inc (b) | 26569 | 110527 |
| Prime Medicine Inc (b) | 16532 | 58606 |
| ProKidney Corp Class A (b)(c) | 15781 | 29984 |
| Protagonist Therapeutics Inc (b) | 8840 | 874895 |
| Protara Therapeutics Inc (b) | 6925 | 36910 |
| PTC Therapeutics Inc (b) | 12098 | 787096 |
| Puma Biotechnology Inc (b) | 5902 | 44324 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 78612 | 271998 |
| REGENXBIO Inc (b) | 7233 | 64880 |
| Relay Therapeutics Inc (b) | 19842 | 257152 |
| Replimune Group Inc (b) | 11546 | 29673 |
| Rezolute Inc (b) | 13214 | 42285 |
| Rhythm Pharmaceuticals Inc (b) | 9170 | 746071 |
| Rigel Pharmaceuticals Inc (b) | 2758 | 79706 |
| Rocket Pharmaceuticals Inc (b) | 13701 | 47679 |
| Sagimet Biosciences Inc Class A (b) | 4124 | 33116 |
| Sana Biotechnology Inc (b) | 24542 | 80743 |
| Sangamo Therapeutics Inc (b) | 58830 | 7013 |
| Savara Inc (b) | 20554 | 107703 |
| Scholar Rock Holding Corp (b) | 12772 | 595303 |
| SELLAS Life Sciences Group Inc (b)(c) | 25690 | 127166 |
| Sionna Therapeutics Inc (b) | 2157 | 83476 |
| Soleno Therapeutics Inc (b) | 7420 | 391924 |
| Solid Biosciences Inc (b) | 6931 | 50319 |
| Spyre Therapeutics Inc (b) | 10286 | 765793 |
| Stoke Therapeutics Inc (b) | 7749 | 253547 |
| Summit Therapeutics Inc (b) | 23269 | 499353 |
| Syndax Pharmaceuticals Inc (b) | 13058 | 279833 |
| Tango Therapeutics Inc (b) | 14812 | 320235 |
| Taysha Gene Therapies Inc (b) | 33426 | 213592 |
| Tectonic Therapeutic Inc (b)(c) | 1472 | 41172 |
| TG Therapeutics Inc (b) | 20518 | 693098 |
| Tonix Pharmaceuticals Holding Corp (b) | 2015 | 26054 |
| Travere Therapeutics Inc (b) | 13523 | 569589 |
| Twist Bioscience Corp (b) | 9275 | 542124 |
| Tyra Biosciences Inc (b) | 3526 | 122529 |
| Ultragenyx Pharmaceutical Inc (b) | 14685 | 362573 |
| Upstream Bio Inc (b) | 5173 | 47488 |
| Vanda Pharmaceuticals Inc (b) | 8982 | 63772 |
| Vaxcyte Inc (b) | 19333 | 1106621 |
| Vera Therapeutics Inc Class A (b) | 9708 | 345702 |
| Veracyte Inc (b) | 11929 | 392703 |
| Verastem Inc (b) | 11171 | 60994 |
| Vericel Corp (b) | 7658 | 265962 |
| Vir Biotechnology Inc (b) | 17004 | 173696 |
| Viridian Therapeutics Inc (b) | 12854 | 173272 |
| Voyager Therapeutics Inc (b) | 6874 | 25640 |
| Xencor Inc (b) | 10754 | 128295 |
| XOMA Royalty Corp (b) | 1437 | 58831 |
| Zenas Biopharma Inc (b) | 4287 | 82825 |
|  |  | 33275432 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Alphatec Holdings Inc (b) | 17455 | 170361 |
| AngioDynamics Inc (b) | 6233 | 68189 |
| Anteris Technologies Global Corp (b) | 11530 | 70910 |
| Artivion Inc (b) | 6325 | 226625 |
| AtriCure Inc (b) | 7499 | 210797 |
| Avanos Medical Inc (b) | 6977 | 171774 |
| Axogen Inc (b) | 7543 | 325858 |
| Beta Bionics Inc (b) | 6132 | 62546 |
| Bioventus Inc (b) | 6971 | 68804 |
| Butterfly Network Inc Class A (b) | 31206 | 149477 |
| Ceribell Inc (b) | 3189 | 64290 |
| Cerus Corp (b) | 28902 | 58671 |
| ClearPoint Neuro Inc (b) | 4588 | 51294 |
| CONMED Corp  | 4686 | 171789 |
| CVRx Inc (b) | 2762 | 20742 |
| Delcath Systems Inc (b) | 4065 | 42195 |
| Electromed Inc (b) | 1056 | 27150 |
| Embecta Corp  | 9042 | 82734 |
| Enovis Corp (b) | 8700 | 203928 |
| Glaukos Corp (b) | 8669 | 1245475 |
| Haemonetics Corp (b) | 6994 | 420269 |
| Inogen Inc (b) | 3655 | 25987 |
| Inspire Medical Systems Inc (b) | 3968 | 222764 |
| Integer Holdings Corp (b) | 5275 | 466890 |
| Integra LifeSciences Holdings Corp (b) | 10081 | 106254 |
| iRadimed Corp  | 1207 | 100712 |
| Kestra Medical Technologies Ltd (b) | 2903 | 60150 |
| LeMaitre Vascular Inc  | 3138 | 344396 |
| Merit Medical Systems Inc (b) | 8916 | 607893 |
| Microbot Medical Inc (b)(c) | 10254 | 21430 |
| Neogen Corp (b) | 32728 | 307643 |
| NeuroPace Inc (b) | 3638 | 61337 |
| Novocure Ltd (b) | 15474 | 235360 |
| Omnicell Inc (b) | 6777 | 280703 |
| OraSure Technologies Inc (b) | 10831 | 32926 |
| Orthofix Medical Inc (b) | 5959 | 70078 |
| OrthoPediatrics Corp (b) | 2540 | 38252 |
| Procept Biorobotics Corp (b) | 8540 | 205302 |
| Pulse Biosciences Inc (b)(c) | 2754 | 58302 |
| Pulse Biosciences Inc warrants 6/26/2030 (b)(c) | 258 | 1633 |
| QuidelOrtho Corp (b) | 10385 | 127736 |
| RxSight Inc (b) | 5554 | 39267 |
| SANUWAVE Health Inc (b) | 1034 | 16926 |
| Senseonics Holdings Inc (b)(c) | 5769 | 38133 |
| SI-BONE Inc (b) | 5816 | 72060 |
| Sight Sciences Inc (b) | 5140 | 21022 |
| STAAR Surgical Co (b) | 7507 | 197885 |
| Stereotaxis Inc (b) | 12327 | 23051 |
| Streamex Corp (b) | 13290 | 10169 |
| Tactile Systems Technology Inc (b) | 3368 | 77531 |
| Tandem Diabetes Care Inc (b) | 10289 | 200893 |
| TransMedics Group Inc (b) | 5178 | 521891 |
| UFP Technologies Inc (b) | 1168 | 223824 |
| Varex Imaging Corp (b) | 6292 | 73302 |
|  |  | 8805580 |
| Health Care Providers & Services - 2.3% |  |  |
| Accendra Health Inc (b) | 11327 | 42023 |
| AdaptHealth Corp (b) | 16157 | 211818 |
| Addus HomeCare Corp (b) | 2745 | 265963 |
| agilon health Inc (b) | 1905 | 53245 |
| Alignment Healthcare Inc (b) | 24180 | 545017 |
| AMN Healthcare Services Inc (b) | 5832 | 119381 |
| Ardent Health Inc (b) | 3698 | 36092 |
| Astrana Health Inc (b) | 6514 | 222388 |
| Aveanna Healthcare Holdings Inc (b) | 10641 | 69592 |
| BrightSpring Health Services Inc (b) | 19959 | 957434 |
| Brookdale Senior Living Inc (b) | 35681 | 512379 |
| Castle Biosciences Inc (b) | 4402 | 107805 |
| Clover Health Investments Corp Class A (b) | 60639 | 166757 |
| Community Health Systems Inc (b) | 17163 | 48743 |
| Concentra Group Holdings Parent Inc  | 17905 | 402325 |
| CorVel Corp (b) | 4714 | 270866 |
| Cross Country Healthcare Inc (b) | 4641 | 46967 |
| Enhabit Inc (b) | 7554 | 103792 |
| Fulgent Genetics Inc (b) | 3088 | 46907 |
| GeneDx Holdings Corp Class A (b) | 3255 | 204707 |
| Guardian Pharmacy Services Inc Class A (b) | 3740 | 138754 |
| Hims & Hers Health Inc Class A (b)(c) | 31545 | 857079 |
| Hinge Health Inc Class A (b) | 2261 | 100841 |
| Infusystem Holdings Inc (b) | 3039 | 30785 |
| LifeStance Health Group Inc (b) | 29364 | 222285 |
| National HealthCare Corp  | 1873 | 324572 |
| NeoGenomics Inc (b) | 19515 | 180709 |
| NRC Health Class A  | 2040 | 33578 |
| Nutex Health Inc (b) | 788 | 93930 |
| Oncology Institute Inc/The (b) | 10372 | 40036 |
| OPKO Health Inc (b) | 63583 | 71531 |
| PACS Group Inc (b) | 6603 | 221531 |
| Pediatrix Medical Group Inc (b) | 12697 | 285809 |
| Pennant Group Inc/The (b) | 5204 | 162989 |
| Privia Health Group Inc (b) | 17472 | 434179 |
| Progyny Inc (b) | 12169 | 226100 |
| RadNet Inc (b) | 10541 | 596094 |
| Select Medical Holdings Corp  | 16551 | 271602 |
| Sonida Senior Living Inc (b) | 1119 | 42477 |
| Strata Critical Medical Inc (b) | 3263 | 16380 |
| Surgery Partners Inc (b) | 11459 | 160770 |
| Talkspace Inc Class A (b) | 21158 | 109810 |
| US Physical Therapy Inc  | 2297 | 163592 |
| Viemed Healthcare Inc (b) | 4996 | 49760 |
|  |  | 9269394 |
| Health Care Technology - 0.3% |  |  |
| Certara Inc (b) | 18068 | 110757 |
| Claritev Corp Class A (b)(c) | 1169 | 28442 |
| Evolent Health Inc Class A (b) | 17121 | 64204 |
| GoodRx Holdings Inc Class A (b) | 14325 | 33807 |
| Health Catalyst Inc (b) | 11043 | 13803 |
| HealthStream Inc  | 3580 | 74321 |
| HeartFlow Inc (b) | 2737 | 81453 |
| LifeMD Inc (b) | 6544 | 30626 |
| OptimizeRx Corp (b) | 2609 | 16253 |
| Phreesia Inc (b) | 8898 | 81951 |
| Schrodinger Inc/United States (b) | 8588 | 102712 |
| Simulations Plus Inc (b) | 2523 | 35751 |
| Teladoc Health Inc (b) | 27060 | 163984 |
| TruBridge Inc (b) | 1497 | 38473 |
| Waystar Holding Corp (b) | 17400 | 371925 |
|  |  | 1248462 |
| Life Sciences Tools & Services - 0.6% |  |  |
| 10X Genomics Inc Class A (b) | 17744 | 391255 |
| Adaptive Biotechnologies Corp (b) | 17850 | 251685 |
| Azenta Inc (b) | 6237 | 153243 |
| BioLife Solutions Inc (b) | 5899 | 124351 |
| Codexis Inc (b) | 12289 | 34655 |
| CryoPort Inc (b) | 7553 | 77494 |
| Cytek Biosciences Inc (b) | 16648 | 75915 |
| Fortrea Holdings Inc (b) | 13939 | 160299 |
| Ginkgo Bioworks Holdings Inc Class A (b) | 6604 | 55870 |
| Lifecore Biomedical Inc (b) | 5668 | 28737 |
| Maravai LifeSciences Holdings Inc Class A (b) | 18610 | 68485 |
| MaxCyte Inc (b) | 15927 | 14015 |
| Mesa Laboratories Inc  | 836 | 83600 |
| Pacific Biosciences of California Inc (b) | 46074 | 73258 |
| Personalis Inc (b) | 8080 | 44602 |
| Quanterix Corp (b) | 6622 | 20726 |
| Quantum-Si Inc Class A (b)(c) | 28349 | 27798 |
| Sotera Health Co (b) | 35052 | 545409 |
| Standard BioTools Inc (b) | 46105 | 42818 |
|  |  | 2274215 |
| Pharmaceuticals - 3.1% |  |  |
| Aclaris Therapeutics Inc (b) | 14660 | 63624 |
| Alumis Inc (b) | 12205 | 301341 |
| Amneal Intermediate Inc Class A (b) | 25525 | 328507 |
| Amphastar Pharmaceuticals Inc (b) | 5353 | 117552 |
| Amylyx Pharmaceuticals Inc (b) | 12577 | 201232 |
| ANI Pharmaceuticals Inc (b) | 2709 | 215230 |
| Aquestive Therapeutics Inc (b) | 13673 | 56059 |
| Arvinas Inc (b) | 9695 | 95981 |
| Atea Pharmaceuticals Inc (b) | 10672 | 58803 |
| Axsome Therapeutics Inc (b) | 6381 | 1325654 |
| BioAge Labs Inc (b) | 4527 | 76280 |
| Collegium Pharmaceutical Inc (b) | 4762 | 160622 |
| Contineum Therapeutics Inc Class A (b) | 3666 | 46998 |
| CorMedix Inc (b)(c) | 11114 | 84355 |
| Crinetics Pharmaceuticals Inc (b) | 15498 | 601012 |
| Definium Therapeutics Inc (b) | 14828 | 324437 |
| Edgewise Therapeutics Inc (b) | 11168 | 345761 |
| Enliven Therapeutics Inc (b) | 6714 | 276818 |
| Esperion Therapeutics Inc (b) | 36014 | 72028 |
| Eton Pharmaceuticals Inc (b) | 3474 | 83793 |
| Evolus Inc (b) | 9979 | 53787 |
| EyePoint Inc (b) | 11728 | 154810 |
| Filana Therapeutics Inc (b) | 7456 | 10811 |
| Fulcrum Therapeutics Inc (b) | 7296 | 52020 |
| Harmony Biosciences Holdings Inc (b) | 6007 | 187779 |
| Harrow Inc (b) | 5003 | 202772 |
| Indivior Pharmaceuticals Inc  | 18794 | 691244 |
| Innoviva Inc (b) | 10709 | 246200 |
| LB Pharmaceuticals Inc  | 3673 | 116471 |
| LENZ Therapeutics Inc (b)(c) | 3485 | 31295 |
| Lexicon Pharmaceuticals Inc (b) | 32783 | 52781 |
| Ligand Pharmaceuticals Inc (b) | 2964 | 680090 |
| Liquidia Corp (b) | 10370 | 406608 |
| Maze Therapeutics Inc (b) | 3181 | 84551 |
| MBX Biosciences Inc (b) | 3794 | 114655 |
| Nektar Therapeutics (b) | 4219 | 358784 |
| Neumora Therapeutics Inc (b) | 13496 | 33335 |
| Novartis AG rights (b)(d) | 7778 | 0 |
| Nuvation Bio Inc Class A (b) | 36091 | 160605 |
| Ocular Therapeutix Inc (b) | 26387 | 247246 |
| Omeros Corp (b)(c) | 10679 | 155913 |
| Organon & Co  | 39325 | 521056 |
| Pacira BioSciences Inc (b) | 6200 | 158038 |
| Perrigo Co PLC  | 21240 | 251482 |
| Phathom Pharmaceuticals Inc (b) | 7481 | 83787 |
| Phibro Animal Health Corp Class A  | 3115 | 165656 |
| Prestige Consumer Healthcare Inc (b) | 7126 | 401336 |
| Rapport Therapeutics Inc (b) | 4311 | 142823 |
| Septerna Inc (b) | 3444 | 81829 |
| SIGA Technologies Inc  | 6444 | 29642 |
| Supernus Pharmaceuticals Inc (b) | 8642 | 414816 |
| Tarsus Pharmaceuticals Inc (b) | 5882 | 374154 |
| Terns Pharmaceuticals Inc (b) | 12968 | 686396 |
| Theravance Biopharma Inc (b) | 5620 | 94079 |
| Third Harmonic Bio Inc (b)(d) | 4575 | 0 |
| Trevi Therapeutics Inc (b) | 15643 | 215248 |
| WaVe Life Sciences Ltd (b) | 22040 | 155602 |
| Xeris Biopharma Holdings Inc (b) | 25001 | 153131 |
| Zevra Therapeutics Inc (b) | 8492 | 86364 |
|  |  | 12893283 |
| TOTAL HEALTH CARE |  | 67766366 |
| Industrials - 15.9% |  |  |
| Aerospace & Defense - 1.7% |  |  |
| AAR Corp (b) | 5875 | 648424 |
| AeroVironment Inc (b) | 4817 | 939412 |
| AerSale Corp (b) | 4792 | 32202 |
| AIRO Group Holdings Inc (b) | 1706 | 13034 |
| Archer Aviation Inc Class A (b)(c) | 93748 | 538114 |
| Astronics Corp (b) | 4766 | 340292 |
| Byrna Technologies Inc (b) | 3064 | 17924 |
| Cadre Holdings Inc  | 4364 | 129393 |
| Ducommun Inc (b) | 2064 | 292944 |
| Eve Holding Inc Class A (b) | 15235 | 43877 |
| Innovative Solutions And Support Inc (b) | 1876 | 41272 |
| Intuitive Machines Inc Class A (b) | 17049 | 432192 |
| Leonardo DRS Inc  | 11637 | 472811 |
| Loar Holdings Inc (b) | 5393 | 302655 |
| Mercury Systems Inc (b) | 7962 | 628281 |
| National Presto Industries Inc  | 796 | 111313 |
| Park Aerospace Corp  | 2736 | 92641 |
| Red Cat Holdings Inc (b)(c) | 16008 | 187614 |
| Redwire Corp Class A (b) | 11992 | 110206 |
| StandardAero Inc (b) | 28705 | 713606 |
| V2X Inc (b) | 3088 | 209397 |
| Virgin Galactic Holdings Inc Class A (b)(c) | 11845 | 28191 |
| Voyager Technologies Inc Class A  | 2054 | 54246 |
| VSE Corp  | 4356 | 747838 |
|  |  | 7127879 |
| Air Freight & Logistics - 0.1% |  |  |
| Forward Air Corp Class A (b) | 3411 | 71836 |
| Hub Group Inc Class A  | 9141 | 400650 |
|  |  | 472486 |
| Building Products - 1.3% |  |  |
| AAON Inc  | 10238 | 955308 |
| American Woodmark Corp (b) | 2208 | 96445 |
| Apogee Enterprises Inc  | 3269 | 118992 |
| AZZ Inc  | 4489 | 642107 |
| CSW Industrials Inc  | 2490 | 725088 |
| Gibraltar Industries Inc (b) | 4481 | 174893 |
| Griffon Corp  | 5893 | 537265 |
| Hayward Holdings Inc (b) | 29961 | 449715 |
| Insteel Industries Inc  | 2943 | 77048 |
| Janus International Group Inc (b) | 20987 | 109132 |
| JELD-WEN Holding Inc (b) | 13798 | 18902 |
| Masterbrand Inc (b) | 19303 | 173341 |
| Quanex Building Products Corp  | 6929 | 138164 |
| Resideo Technologies Inc (b) | 20751 | 858469 |
| Tecnoglass Inc  | 3972 | 171114 |
|  |  | 5245983 |
| Commercial Services & Supplies - 1.5% |  |  |
| ABM Industries Inc  | 8854 | 361243 |
| ACCO Brands Corp  | 14374 | 46141 |
| ACV Auctions Inc Class A (b) | 26496 | 137514 |
| Brady Corp Class A  | 6575 | 537967 |
| BrightView Holdings Inc (b) | 10461 | 124486 |
| Brink's Co/The  | 6265 | 668789 |
| CoreCivic Inc (b) | 15082 | 308578 |
| Deluxe Corp  | 6791 | 211540 |
| Ennis Inc  | 3916 | 81766 |
| Enviri Corp (b) | 12045 | 237166 |
| GEO Group Inc/The (b) | 20798 | 384971 |
| Healthcare Services Group Inc (b) | 10631 | 227610 |
| HNI Corp  | 10516 | 384255 |
| Interface Inc  | 8776 | 244675 |
| Liquidity Services Inc (b) | 3559 | 126878 |
| MillerKnoll Inc  | 10395 | 167152 |
| Montrose Environmental Group Inc (b) | 4948 | 104155 |
| OPENLANE Inc (b) | 15959 | 501751 |
| Perma-Fix Environmental Services Inc (b) | 2606 | 32991 |
| Pitney Bowes Inc  | 22378 | 345964 |
| Quad/Graphics Inc Class A  | 4657 | 34648 |
| UniFirst Corp/MA  | 2187 | 558800 |
| Vestis Corp (b) | 16959 | 164841 |
|  |  | 5993881 |
| Construction & Engineering - 1.6% |  |  |
| Ameresco Inc Class A (b) | 4599 | 136084 |
| Arcosa Inc  | 7381 | 933475 |
| Bowman Consulting Group Ltd (b) | 2173 | 68580 |
| Centuri Holdings Inc (b) | 12606 | 473986 |
| Construction Partners Inc Class A (b) | 7250 | 896535 |
| Granite Construction Inc  | 6536 | 895890 |
| IES Holdings Inc (b) | 1323 | 852118 |
| Legence Corp Class A  | 5170 | 449583 |
| Limbach Holdings Inc (b) | 1686 | 168212 |
| Matrix Service Co (b) | 4265 | 57662 |
| MYR Group Inc (b) | 2338 | 946446 |
| NWPX Infrastructure Inc (b) | 1446 | 142200 |
| Orion Group Holdings Inc (b) | 5754 | 78369 |
| Terrestrial Energy Inc Class A (b)(c) | 8187 | 59438 |
| Tutor Perini Corp  | 6666 | 619405 |
|  |  | 6777983 |
| Electrical Equipment - 2.0% |  |  |
| Allient Inc  | 2244 | 170948 |
| American Superconductor Corp (b) | 7200 | 385488 |
| Amprius Technologies Inc (b) | 19712 | 415135 |
| Array Technologies Inc (b)(c) | 23178 | 179398 |
| Atkore Inc  | 5106 | 399034 |
| Babcock & Wilcox Enterprises Inc (b) | 13073 | 204723 |
| Blink Charging Co (b) | 22117 | 16032 |
| ChargePoint Holdings Inc Class A (b)(c) | 3437 | 22031 |
| Energy Vault Holdings Inc Class A (b) | 17200 | 79292 |
| EnerSys  | 5549 | 1183380 |
| Enovix Corp Class B (b)(c) | 29758 | 198486 |
| Eos Energy Enterprises Inc (b)(c) | 49189 | 329566 |
| Fluence Energy Inc Class A (b) | 9790 | 119242 |
| FuelCell Energy Inc (b) | 7220 | 93860 |
| GrafTech International Ltd (b) | 2521 | 21429 |
| Hyliion Holdings Corp Class A (b) | 19172 | 36619 |
| KULR Technology Group Inc (b)(c) | 7101 | 18321 |
| LSI Industries Inc  | 4712 | 114549 |
| NANO Nuclear Energy Inc (b)(c) | 5716 | 133640 |
| NeoVolta Inc (b) | 5125 | 13170 |
| NuScale Power Corp Class A (b) | 23312 | 290468 |
| Plug Power Inc (b)(c) | 210034 | 657406 |
| Powell Industries Inc  | 4281 | 1186993 |
| Power Solutions International Inc (b) | 1012 | 74149 |
| Preformed Line Products Co  | 392 | 130242 |
| SES AI Corp Class A (b) | 40537 | 42564 |
| Shoals Technologies Group Inc (b) | 25301 | 200890 |
| Thermon Group Holdings Inc (b) | 4942 | 298942 |
| Vicor Corp (b) | 3423 | 921711 |
|  |  | 7937708 |
| Ground Transportation - 0.5% |  |  |
| ArcBest Corp  | 3368 | 429656 |
| Avis Budget Group Inc (b)(c) | 2554 | 461431 |
| Covenant Logistics Group Inc Class A  | 2266 | 78993 |
| Ftai Infrastructure Inc  | 17838 | 109615 |
| Heartland Express Inc  | 6824 | 91305 |
| Hertz Global Holdings Inc (b)(c) | 19131 | 121673 |
| Marten Transport Ltd  | 8792 | 132583 |
| Proficient Auto Logistics Inc (b) | 3626 | 26651 |
| Schneider National Inc Class B  | 7529 | 234077 |
| Werner Enterprises Inc  | 9061 | 334079 |
|  |  | 2020063 |
| Machinery - 4.1% |  |  |
| 3D Systems Corp (b) | 22366 | 55020 |
| AirJoule Technologies Corp Class A (b) | 4908 | 15116 |
| Alamo Group Inc  | 1628 | 282360 |
| Albany International Corp Class A  | 4352 | 252590 |
| Alliance Laundry Holdings Inc  | 5640 | 143087 |
| Astec Industries Inc  | 3461 | 225034 |
| Atmus Filtration Technologies Inc  | 12262 | 777411 |
| Blue Bird Corp (b) | 4765 | 305484 |
| CECO Environmental Corp (b)(c) | 4556 | 337782 |
| Columbus McKinnon Corp/NY  | 4394 | 67887 |
| Douglas Dynamics Inc  | 3496 | 161270 |
| Energy Recovery Inc (b) | 8037 | 88970 |
| Enerpac Tool Group Corp Class A  | 7952 | 279115 |
| Enpro Inc  | 3172 | 924797 |
| Esab Corp  | 8625 | 847579 |
| ESCO Technologies Inc  | 3899 | 1263081 |
| Federal Signal Corp  | 9159 | 1127748 |
| Franklin Electric Co Inc  | 5778 | 578898 |
| FreightCar America Inc (b) | 2172 | 17897 |
| Gates Industrial Corp PLC (b) | 38275 | 980223 |
| Gorman-Rupp Co/The  | 3140 | 237824 |
| Graham Corp (b) | 1570 | 149464 |
| Greenbrier Cos Inc/The  | 4639 | 227868 |
| Helios Technologies Inc  | 4987 | 341111 |
| Hillman Solutions Corp (b) | 29686 | 242238 |
| Hyster-Yale Inc Class A  | 1754 | 69230 |
| JBT Marel Corp  | 7842 | 926140 |
| Kadant Inc  | 1780 | 521771 |
| Kennametal Inc  | 11486 | 444623 |
| Lindsay Corp  | 1581 | 177025 |
| Manitowoc Co Inc/The (b) | 5321 | 72312 |
| Mayville Engineering Co Inc (b) | 2192 | 50000 |
| Microvast Holdings Inc (b) | 30550 | 58962 |
| Miller Industries Inc/TN  | 1731 | 83071 |
| Mueller Water Products Inc Class A1  | 23542 | 656586 |
| Palladyne AI Corp Class A (b) | 5279 | 32149 |
| Perma-Pipe International Holdings Inc (b) | 1222 | 39996 |
| Proto Labs Inc (b) | 3573 | 231566 |
| Richtech Robotics Inc Class B (b)(c) | 24477 | 60213 |
| Standex International Corp  | 1823 | 497679 |
| Symbotic Inc Class A (b) | 8918 | 527054 |
| Taylor Devices Inc (b) | 477 | 26474 |
| Tennant CO  | 2730 | 226699 |
| Terex Corp  | 17182 | 1068720 |
| Titan International Inc (b) | 7283 | 55496 |
| Trinity Industries Inc  | 12076 | 393798 |
| Velo3D Inc Class A (b)(c) | 1907 | 26708 |
| Wabash National Corp  | 6223 | 54078 |
| Worthington Enterprises Inc  | 4748 | 257674 |
|  |  | 16487878 |
| Marine Transportation - 0.0% |  |  |
| Genco Shipping & Trading Ltd  | 5790 | 140350 |
| Pangaea Logistics Solutions Ltd  | 5160 | 39525 |
|  |  | 179875 |
| Passenger Airlines - 0.3% |  |  |
| Allegiant Travel Co (b) | 2024 | 153095 |
| Frontier Group Holdings Inc (b) | 8954 | 32503 |
| JetBlue Airways Corp (b) | 45352 | 211114 |
| Joby Aviation Inc Class A (b)(c) | 36507 | 335499 |
| SkyWest Inc (b) | 6044 | 496334 |
| Sun Country Airlines Holdings Inc (b) | 8073 | 127553 |
|  |  | 1356098 |
| Professional Services - 1.7% |  |  |
| Alight Inc Class A  | 70220 | 58100 |
| Amentum Holdings Inc (b) | 23161 | 607513 |
| Barrett Business Services Inc  | 3870 | 122021 |
| BlackSky Technology Inc Class A (b) | 4642 | 164698 |
| Cbiz Inc (b) | 7532 | 229726 |
| Clarivate PLC (b) | 67088 | 192543 |
| Concentrix Corp  | 6748 | 160737 |
| Conduent Inc (b) | 23556 | 40281 |
| CRA International Inc  | 1005 | 158257 |
| CSG Systems International Inc  | 4028 | 323891 |
| First Advantage Corp (b) | 12116 | 154600 |
| Franklin Covey Co (b) | 1462 | 30994 |
| Huron Consulting Group Inc (b) | 2419 | 316079 |
| ICF International Inc  | 2785 | 199573 |
| Innodata Inc (b) | 4872 | 205745 |
| Insperity Inc  | 5447 | 193750 |
| Kelly Services Inc Class A  | 4740 | 46262 |
| Kforce Inc  | 2529 | 114336 |
| Korn Ferry  | 7882 | 523680 |
| Legalzoom.com Inc (b) | 17853 | 115152 |
| ManpowerGroup Inc  | 7090 | 214614 |
| Mistras Group Inc (b) | 2719 | 51335 |
| Parsons Corp (b) | 8008 | 403683 |
| Resolute Holdings Management Inc (b) | 550 | 74850 |
| Resources Connection Inc  | 5048 | 21404 |
| Spire Global Inc Class A (b)(c) | 4656 | 83016 |
| TIC Solutions Inc (b) | 27581 | 252090 |
| TriNet Group Inc  | 4499 | 205964 |
| TrueBlue Inc (b) | 4480 | 24595 |
| UL Solutions Inc Class A  | 11640 | 1053305 |
| Upwork Inc (b) | 20018 | 207186 |
| Verra Mobility Corp Class A (b) | 24026 | 356306 |
| Willdan Group Inc (b) | 2115 | 160740 |
|  |  | 7067026 |
| Trading Companies & Distributors - 1.1% |  |  |
| Alta Equipment Group Inc Class A  | 2965 | 22978 |
| BlueLinx Holdings Inc (b) | 1181 | 62546 |
| Boise Cascade Co  | 5586 | 442802 |
| Custom Truck One Source Inc Class A (b) | 9091 | 89546 |
| DNOW Inc (b) | 28011 | 377868 |
| DXP Enterprises Inc/TX (b) | 1908 | 325791 |
| Global Industrial Co  | 2159 | 71484 |
| Herc Holdings Inc  | 4643 | 589290 |
| Hudson Technologies Inc (b) | 5641 | 35313 |
| Karat Packaging Inc  | 1363 | 39104 |
| McGrath RentCorp  | 3703 | 409367 |
| MSC Industrial Direct Co Inc Class A  | 6910 | 706686 |
| NPK International Inc (b) | 12682 | 207351 |
| Rush Enterprises Inc Class A  | 9130 | 675894 |
| Titan Machinery Inc (b) | 3028 | 63315 |
| Transcat Inc (b) | 1402 | 106692 |
| Willis Lease Finance Corp  | 457 | 88727 |
| Xometry Inc Class A (b) | 6639 | 340382 |
|  |  | 4655136 |
| TOTAL INDUSTRIALS |  | 65321996 |
| Information Technology - 14.1% |  |  |
| Communications Equipment - 1.5% |  |  |
| ADTRAN Holdings Inc (b) | 11121 | 196730 |
| Applied Optoelectronics Inc (b) | 9696 | 1593636 |
| Aviat Networks Inc (b) | 1781 | 40838 |
| BK Technologies Corp (b) | 564 | 54347 |
| Calix Inc (b) | 9132 | 397790 |
| Clearfield Inc (b) | 1715 | 49546 |
| Digi International Inc (b) | 5656 | 316962 |
| Extreme Networks Inc (b) | 20214 | 446527 |
| Harmonic Inc (b) | 16910 | 193281 |
| Lantronix Inc (b) | 5098 | 34208 |
| Netgear Inc (b) | 4320 | 109166 |
| NetScout Systems Inc (b) | 10317 | 347683 |
| Ondas Inc (b)(c) | 67966 | 682379 |
| Ribbon Communications Inc (b) | 13772 | 36358 |
| Viasat Inc (b) | 20471 | 1349244 |
| Vistance Networks Inc  | 33336 | 426534 |
|  |  | 6275229 |
| Electronic Equipment, Instruments & Components - 3.3% |  |  |
| 908 Devices Inc (b) | 4147 | 28324 |
| Aeva Technologies Inc (b) | 4253 | 68005 |
| Arlo Technologies Inc (b) | 15980 | 224519 |
| Avnet Inc  | 12342 | 1018338 |
| Badger Meter Inc  | 4458 | 539017 |
| Bel Fuse Inc Class A  | 132 | 32135 |
| Bel Fuse Inc Class B  | 1682 | 463963 |
| Belden Inc  | 5916 | 665432 |
| Benchmark Electronics Inc  | 5379 | 441347 |
| Climb Global Solutions Inc  | 2465 | 41116 |
| Crane NXT Co  | 7446 | 332687 |
| CTS Corp  | 4379 | 250041 |
| Daktronics Inc (b) | 6256 | 122993 |
| ePlus Inc  | 3946 | 334187 |
| Evolv Technologies Holdings Inc Class A (b) | 21066 | 151675 |
| Frequency Electronics Inc (b) | 1033 | 51815 |
| IPG Photonics Corp (b) | 3810 | 453085 |
| Itron Inc (b) | 6927 | 580483 |
| Kimball Electronics Inc (b) | 3662 | 98911 |
| Knowles Corp (b) | 12777 | 398515 |
| LightPath Technologies Inc Class A (b) | 7831 | 100315 |
| Lightwave Logic Inc (b) | 21953 | 301195 |
| M-Tron Industries Inc (b)(c) | 474 | 31654 |
| Methode Electronics Inc  | 5424 | 43500 |
| MicroVision Inc (b)(c) | 47722 | 31325 |
| Mirion Technologies Inc Class A (b) | 36978 | 730316 |
| Napco Security Technologies Inc  | 5378 | 251422 |
| nLight Inc (b) | 8340 | 582549 |
| OSI Systems Inc (b) | 2335 | 669958 |
| Ouster Inc Class A (b) | 9092 | 245120 |
| PC Connection Inc  | 1726 | 110015 |
| Plexus Corp (b) | 4034 | 1010840 |
| Powerfleet Inc NJ (b) | 18138 | 58404 |
| Rogers Corp (b) | 2513 | 341140 |
| Sanmina Corp (b) | 8240 | 1794837 |
| ScanSource Inc (b) | 2972 | 122209 |
| SmartRent Inc Class A (b) | 26862 | 36532 |
| Vishay Intertechnology Inc  | 18630 | 539711 |
| Vishay Precision Group Inc (b) | 1847 | 111596 |
| Vuzix Corp (b) | 10349 | 29805 |
|  |  | 13439031 |
| IT Services - 0.9% |  |  |
| Applied Digital Corp (b)(c) | 37587 | 1287355 |
| Backblaze Inc Class A (b) | 8761 | 37497 |
| BigBear.ai Holdings Inc (b)(c) | 66698 | 265458 |
| Commerce.com Inc (b) | 10619 | 30052 |
| DigitalOcean Holdings Inc (b) | 12001 | 1157256 |
| Everforth Inc (b) | 6461 | 136327 |
| Fastly Inc Class A (b) | 21197 | 535330 |
| Grid Dynamics Holdings Inc (b) | 10291 | 58556 |
| Hackett Group Inc/The  | 3552 | 45856 |
| Information Services Group Inc  | 5638 | 23003 |
| Rackspace Technology Inc (b)(c) | 16489 | 24074 |
| TSS Inc/MD (b)(c) | 3665 | 56148 |
| Unisys Corp (b) | 10702 | 27932 |
| Whitefiber Inc (c) | 1561 | 23899 |
|  |  | 3708743 |
| Semiconductors & Semiconductor Equipment - 3.1% |  |  |
| ACM Research Inc Class A (b) | 8042 | 415691 |
| Aehr Test Systems (b) | 4345 | 393483 |
| Aeluma Inc (b) | 1753 | 40827 |
| Alpha & Omega Semiconductor Ltd (b) | 3714 | 161299 |
| Ambarella Inc (b) | 6182 | 425322 |
| Ambiq Micro Inc  | 1058 | 39654 |
| Amkor Technology Inc  | 17149 | 1196143 |
| Atomera Inc (b)(c) | 4975 | 40696 |
| Axcelis Technologies Inc (b) | 4628 | 643801 |
| AXT Inc (b) | 7502 | 594308 |
| Blaize Holdings Inc Class A (b)(c) | 9081 | 17799 |
| CEVA Inc (b) | 4081 | 124634 |
| Cohu Inc (b) | 7019 | 332350 |
| Diodes Inc (b) | 6915 | 740942 |
| Everspin Technologies Inc (b) | 2868 | 52427 |
| GSI Technology Inc (b) | 4504 | 33555 |
| Ichor Holdings Ltd (b) | 5189 | 342318 |
| Impinj Inc (b) | 4071 | 589969 |
| Kopin Corp (b) | 27566 | 122944 |
| MaxLinear Inc (b) | 12269 | 868032 |
| Navitas Semiconductor Corp Class A (b) | 29924 | 493746 |
| NVE Corp  | 749 | 62010 |
| PDF Solutions Inc (b) | 4828 | 206880 |
| Penguin Solutions Inc (b) | 7212 | 219317 |
| Photronics Inc (b) | 8907 | 440718 |
| QuickLogic Corp (b) | 2328 | 37178 |
| Rigetti Computing Inc Class A (b) | 49931 | 871296 |
| Semtech Corp (b) | 13966 | 1467128 |
| SkyWater Technology Inc (b) | 4244 | 135384 |
| SolarEdge Technologies Inc (b) | 9020 | 386597 |
| Ultra Clean Holdings Inc (b) | 6837 | 534312 |
| Veeco Instruments Inc (b) | 9079 | 452588 |
| Wolfspeed Inc (c) | 4319 | 127540 |
|  |  | 12610888 |
| Software - 5.0% |  |  |
| 8x8 Inc (b) | 21439 | 41163 |
| A10 Networks Inc  | 10772 | 287397 |
| ACI Worldwide Inc (b) | 15567 | 672806 |
| Adeia Inc  | 16507 | 525748 |
| Agilysys Inc (b) | 3887 | 249001 |
| Alarm.com Holdings Inc (b) | 7502 | 333164 |
| Alkami Technology Inc (b) | 12144 | 191632 |
| Amplitude Inc Class A (b) | 14794 | 105185 |
| Appfolio Inc Class A (b) | 3697 | 617732 |
| Appian Corp Class A (b) | 6216 | 129231 |
| Arteris Inc (b) | 4940 | 143062 |
| Asana Inc Class A (b) | 14968 | 94598 |
| AvePoint Inc Class A (b) | 21625 | 210844 |
| Bit Digital Inc (b) | 50802 | 76711 |
| Blackbaud Inc (b) | 5496 | 204286 |
| BlackLine Inc (b) | 7740 | 241875 |
| Blend Labs Inc Class A (b) | 35127 | 51285 |
| Braze Inc Class A (b) | 14954 | 329437 |
| C3.ai Inc Class A (b) | 1182 | 10436 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 89115 | 466963 |
| Cerence Inc (b) | 6920 | 62972 |
| Cipher Digital Inc (b) | 44186 | 783860 |
| Cleanspark Inc (b)(c) | 38898 | 487392 |
| Clear Secure Inc Class A  | 13377 | 714198 |
| Clearwater Analytics Holdings Inc Class A (b) | 43654 | 1056427 |
| Consensus Cloud Solutions Inc (b) | 2852 | 73810 |
| Core Scientific Inc (b) | 46932 | 938640 |
| CS Disco Inc (b) | 3905 | 16908 |
| Daily Journal Corp (b) | 141 | 74555 |
| Digimarc Corp (b) | 2724 | 19967 |
| Digital Turbine Inc (b) | 16609 | 58630 |
| Domo Inc Class B (b) | 5963 | 21228 |
| eGain Corp (b) | 2687 | 20314 |
| Five9 Inc (b) | 12222 | 210218 |
| Freshworks Inc Class A (b) | 32194 | 262703 |
| Gitlab Inc Class A (b) | 21772 | 482032 |
| Hut 8 Corp (United States) (b) | 14528 | 1100932 |
| I3 Verticals Inc Class A (b) | 2943 | 66365 |
| Intapp Inc (b) | 8557 | 192105 |
| Klaviyo Inc Class A (b) | 22189 | 445777 |
| Life360 Inc (b)(c) | 11894 | 512512 |
| LiveRamp Holdings Inc (b) | 9567 | 279643 |
| MARA Holdings Inc (b)(c) | 57533 | 689821 |
| Mitek Systems Inc (b) | 6832 | 95375 |
| N-able Inc/US (b) | 11592 | 60047 |
| nCino Inc (b) | 15994 | 279575 |
| NCR Voyix Corp (b) | 21237 | 146323 |
| Netskope Inc Class A (b) | 13189 | 131362 |
| NextNav Inc Class A (b) | 13493 | 250025 |
| OneSpan Inc  | 5982 | 69272 |
| Ooma Inc (b) | 3827 | 62457 |
| PagerDuty Inc (b) | 13832 | 91983 |
| PAR Technology Corp (b) | 89 | 1195 |
| Pegasystems Inc  | 13881 | 507351 |
| Porch Group Inc (b) | 15106 | 145471 |
| Progress Software Corp (b) | 6463 | 179995 |
| Q2 Holdings Inc (b) | 9537 | 484003 |
| Rapid7 Inc (b) | 9438 | 55684 |
| Red Violet Inc (b) | 2012 | 75309 |
| Rekor Systems Inc (b) | 22254 | 18244 |
| Riot Platforms Inc (b) | 48915 | 843295 |
| ServiceTitan Inc Class A (b) | 8744 | 519918 |
| SoundHound AI Inc Class A (b)(c) | 59055 | 470078 |
| Sprinklr Inc Class A (b) | 19097 | 93957 |
| Sprout Social Inc Class A (b) | 9030 | 54180 |
| Telos Corp (b) | 8199 | 35010 |
| Tenable Holdings Inc (b) | 18229 | 380804 |
| Terawulf Inc (b) | 49986 | 1086196 |
| Veritone Inc (b) | 12741 | 26119 |
| Vertex Inc Class A (b) | 11085 | 137121 |
| Viant Technology Inc Class A (b) | 2611 | 28355 |
| Weave Communications Inc (b) | 11084 | 54422 |
| Xperi Inc (b) | 6992 | 46776 |
| Yext Inc (b) | 13481 | 52037 |
| Zeta Global Holdings Corp Class A (b) | 30781 | 566986 |
|  |  | 20602490 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Corsair Gaming Inc (b) | 7436 | 50490 |
| Diebold Nixdorf Inc (b) | 5305 | 407477 |
| Eastman Kodak Co (b) | 10632 | 141725 |
| GPGI Inc Class A (c) | 27164 | 419141 |
| Immersion Corp  | 4310 | 26420 |
| One Stop Systems Inc (b) | 3304 | 31355 |
| Quantum Computing Inc (b)(c) | 29124 | 262698 |
| Turtle Beach Corp (b) | 2086 | 24031 |
| Xerox Holdings Corp (c) | 19885 | 44741 |
| Xerox Holdings Corp warrants 2/14/2028 (b) | 156 | 28 |
|  |  | 1408106 |
| TOTAL INFORMATION TECHNOLOGY |  | 58044487 |
| Materials - 3.3% |  |  |
| Chemicals - 1.8% |  |  |
| AdvanSix Inc  | 4074 | 100465 |
| Alto Ingredients Inc (b) | 11653 | 64325 |
| Arq Inc (b) | 5215 | 11838 |
| ASP Isotopes Inc (b)(c) | 17008 | 89462 |
| Aspen Aerogels Inc (b) | 10874 | 40343 |
| Cabot Corp  | 7894 | 607522 |
| Ecovyst Inc (b) | 17098 | 242450 |
| Flotek Industries Inc (b) | 2084 | 35220 |
| Hawkins Inc  | 3154 | 528137 |
| HB Fuller Co  | 8195 | 495961 |
| Ingevity Corp (b) | 5393 | 410893 |
| Innospec Inc  | 3759 | 286661 |
| Intrepid Potash Inc (b) | 1582 | 62600 |
| Koppers Holdings Inc  | 2953 | 120571 |
| Kronos Worldwide Inc  | 3515 | 26152 |
| LSB Industries Inc (b) | 8130 | 121137 |
| Mativ Holdings Inc  | 8294 | 76968 |
| Minerals Technologies Inc  | 4686 | 337111 |
| NewMarket Corp  | 1179 | 796557 |
| Perimeter Solutions Inc (b) | 21156 | 641027 |
| PureCycle Technologies Inc (b)(c) | 21862 | 163528 |
| Quaker Chemical Corp  | 2070 | 281292 |
| Rayonier Advanced Materials Inc (b) | 10064 | 95507 |
| Sensient Technologies Corp  | 6410 | 728432 |
| Stepan Co  | 3269 | 163548 |
| Tronox Holdings PLC  | 18080 | 180619 |
| Westlake Corp  | 5041 | 581126 |
|  |  | 7289452 |
| Construction Materials - 0.0% |  |  |
| United States Lime & Minerals Inc  | 1589 | 171088 |
| Containers & Packaging - 0.2% |  |  |
| Ardagh Metal Packaging SA  | 22297 | 85843 |
| Greif Inc Class A  | 3854 | 251436 |
| Greif Inc Class B  | 576 | 46218 |
| Myers Industries Inc  | 5648 | 116405 |
| O-I Glass Inc (b) | 23127 | 210687 |
| Ranpak Holdings Corp Class A (b) | 6456 | 32861 |
| TriMas Corp  | 4821 | 178473 |
|  |  | 921923 |
| Metals & Mining - 1.2% |  |  |
| Alpha Metallurgical Resources Inc (b) | 1629 | 303727 |
| American Battery Technology Co (b) | 20015 | 67651 |
| Century Aluminum Co (b) | 8009 | 476055 |
| Compass Minerals International Inc (b) | 5215 | 139293 |
| Contango Silver & Gold Inc (b) | 4072 | 93452 |
| Dakota Gold Corp (b) | 15274 | 82174 |
| Idaho Strategic Resources Inc (b) | 2165 | 91255 |
| Ivanhoe Electric Inc / US (b) | 16143 | 207115 |
| Kaiser Aluminum Corp  | 2416 | 411759 |
| Materion Corp  | 3120 | 573487 |
| Mesabi Trust (c) | 2021 | 56164 |
| Metallus Inc (b) | 5417 | 104223 |
| Ramaco Resources Inc Class A (b) | 6038 | 89664 |
| Ryerson Holding Corp  | 6661 | 184576 |
| SunCoke Energy Inc  | 13010 | 88728 |
| Tredegar Corp (b) | 4629 | 44438 |
| United States Antimony Corp (b)(c) | 18017 | 216384 |
| US Gold Corp (b) | 2176 | 35730 |
| USA Rare Earth Inc Class A (b)(c) | 26041 | 676285 |
| Warrior Met Coal Inc  | 7914 | 711073 |
| Worthington Steel Inc  | 4910 | 188691 |
|  |  | 4841924 |
| Paper & Forest Products - 0.1% |  |  |
| Clearwater Paper Corp (b) | 2350 | 32218 |
| Magnera Corp (b) | 5093 | 50828 |
| Sylvamo Corp  | 5008 | 213992 |
|  |  | 297038 |
| TOTAL MATERIALS |  | 13521425 |
| Real Estate - 5.3% |  |  |
| Diversified REITs - 0.6% |  |  |
| AH Realty Trust Inc Class A  | 13256 | 80729 |
| Alpine Income Property Trust Inc  | 2012 | 37825 |
| American Assets Trust Inc  | 7417 | 153829 |
| Broadstone Net Lease Inc Class A  | 28711 | 568478 |
| CTO Realty Growth Inc  | 4827 | 97747 |
| Essential Properties Realty Trust Inc  | 31703 | 996425 |
| Gladstone Commercial Corp  | 7685 | 96908 |
| Global Net Lease Inc  | 30121 | 287957 |
|  |  | 2319898 |
| Health Care REITs - 0.6% |  |  |
| Chiron Real Estate Inc  | 2027 | 71087 |
| Community Healthcare Trust Inc  | 4313 | 74270 |
| Diversified Healthcare Trust  | 32782 | 247176 |
| LTC Properties Inc  | 7301 | 279044 |
| National Health Investors Inc  | 7234 | 556367 |
| Sabra Health Care REIT Inc  | 38168 | 788551 |
| Sila Realty Trust Inc  | 8532 | 259629 |
| Universal Health Realty Income Trust  | 2076 | 84493 |
|  |  | 2360617 |
| Hotel & Resort REITs - 0.6% |  |  |
| Apple Hospitality REIT Inc  | 33965 | 457509 |
| Chatham Lodging Trust  | 7694 | 66784 |
| DiamondRock Hospitality Co  | 30882 | 314996 |
| Park Hotels & Resorts Inc  | 31140 | 357176 |
| Pebblebrook Hotel Trust  | 17211 | 241815 |
| RLJ Lodging Trust  | 23131 | 190599 |
| Service Properties Trust  | 25392 | 39357 |
| Summit Hotel Properties Inc  | 16411 | 81563 |
| Sunstone Hotel Investors Inc  | 28983 | 284613 |
| Xenia Hotels & Resorts Inc  | 14408 | 234418 |
|  |  | 2268830 |
| Industrial REITs - 0.0% |  |  |
| Industrial Logistics Properties Trust  | 8970 | 66647 |
| Lineage Inc  | 8745 | 322516 |
| One Liberty Properties Inc  | 2794 | 63451 |
|  |  | 452614 |
| Office REITs - 0.5% |  |  |
| Brandywine Realty Trust  | 29048 | 88015 |
| COPT Defense Properties  | 17074 | 533563 |
| Douglas Emmett Inc  | 26190 | 283114 |
| Easterly Government Properties Inc  | 6927 | 162161 |
| Empire State Realty Trust Inc Class A  | 21341 | 118869 |
| Hudson Pacific Properties Inc (b) | 8390 | 77272 |
| JBG SMITH Properties  | 8967 | 134505 |
| NET Lease Office Properties  | 2068 | 27008 |
| Peakstone Realty Trust  | 5057 | 106096 |
| Piedmont Realty Trust Inc Class A1 (b) | 18652 | 155931 |
| Postal Realty Trust Inc Class A  | 3814 | 83450 |
| SL Green Realty Corp (c) | 10947 | 464262 |
|  |  | 2234246 |
| Real Estate Management & Development - 0.9% |  |  |
| Compass Inc Class A (b) | 94203 | 713117 |
| Cushman & Wakefield Ltd  | 34904 | 490052 |
| Douglas Elliman Inc (b) | 11594 | 23303 |
| eXp World Holdings Inc  | 14116 | 87802 |
| Forestar Group Inc (b) | 2914 | 82350 |
| FRP Holdings Inc (b) | 1842 | 38700 |
| Howard Hughes Holdings Inc (b) | 4603 | 286629 |
| Kennedy-Wilson Holdings Inc  | 17976 | 195938 |
| Marcus & Millichap Inc  | 3643 | 101239 |
| Newmark Group Inc Class A  | 24021 | 387219 |
| Opendoor Technologies Inc Class A (b)(c) | 120968 | 650809 |
| Opendoor Technologies Inc warrants 11/20/2026 (b) | 2840 | 2160 |
| Opendoor Technologies Inc warrants 11/20/2026 (b) | 2840 | 1150 |
| Opendoor Technologies Inc warrants 11/20/2026 (b) | 2840 | 1096 |
| RE/MAX Holdings Inc Class A (b) | 2962 | 31693 |
| RMR Group Inc/The Class A  | 2638 | 46983 |
| Seaport Entertainment Group Inc (b) | 1093 | 24363 |
| St Joe Co/The  | 6002 | 387549 |
| Tejon Ranch Co (b) | 3780 | 73975 |
|  |  | 3626127 |
| Residential REITs - 0.2% |  |  |
| Centerspace  | 2576 | 175864 |
| NexPoint Residential Trust Inc  | 3530 | 101981 |
| UMH Properties Inc  | 12469 | 193893 |
| Veris Residential Inc  | 12162 | 230713 |
|  |  | 702451 |
| Retail REITs - 1.2% |  |  |
| Acadia Realty Trust  | 19926 | 430800 |
| Alexander's Inc  | 334 | 84155 |
| CBL & Associates Properties Inc  | 2349 | 105752 |
| Curbline Properties Corp  | 14682 | 405223 |
| FrontView REIT Inc  | 3408 | 60322 |
| Getty Realty Corp  | 8415 | 278705 |
| InvenTrust Properties Corp  | 11769 | 378020 |
| Macerich Co/The  | 38701 | 840973 |
| NETSTREIT Corp (c) | 14692 | 302214 |
| Phillips Edison & Co Inc  | 19024 | 764099 |
| Saul Centers Inc  | 1978 | 68103 |
| SITE Centers Corp  | 7775 | 42684 |
| Tanger Inc  | 17382 | 644525 |
| Urban Edge Properties  | 19106 | 418804 |
| Whitestone REIT  | 6813 | 129038 |
|  |  | 4953417 |
| Specialized REITs - 0.7% |  |  |
| EPR Properties  | 11584 | 646503 |
| Farmland Partners Inc  | 6032 | 64844 |
| Four Corners Property Trust Inc  | 16770 | 428809 |
| Gladstone Land Corp  | 5362 | 51421 |
| Millrose Properties Inc Class A  | 23510 | 721052 |
| Outfront Media Inc  | 21927 | 676448 |
| Safehold Inc  | 7073 | 113309 |
| Smartstop Self Storage REIT Inc  | 8510 | 267895 |
|  |  | 2970281 |
| TOTAL REAL ESTATE |  | 21888481 |
| Utilities - 2.2% |  |  |
| Electric Utilities - 0.9% |  |  |
| Genie Energy Ltd Class B  | 3317 | 46338 |
| Hawaiian Electric Industries Inc (b) | 26028 | 392242 |
| MGE Energy Inc  | 5520 | 442814 |
| Oklo Inc Class A (b)(c) | 18676 | 1354011 |
| Otter Tail Corp  | 6326 | 564532 |
| TXNM Energy Inc  | 14703 | 868359 |
|  |  | 3668296 |
| Gas Utilities - 0.4% |  |  |
| Chesapeake Utilities Corp  | 3567 | 449870 |
| Northwest Natural Holding Co  | 6265 | 332045 |
| Spire Inc  | 8914 | 812779 |
|  |  | 1594694 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Clearway Energy Inc Class A  | 7337 | 296635 |
| Clearway Energy Inc Class C  | 10698 | 431771 |
| Hallador Energy Co (b) | 5839 | 90680 |
|  |  | 819086 |
| Multi-Utilities - 0.3% |  |  |
| Avista Corp  | 12302 | 505612 |
| Northwestern Energy Group Inc  | 9262 | 670013 |
| Unitil Corp  | 2711 | 142219 |
|  |  | 1317844 |
| Water Utilities - 0.4% |  |  |
| American States Water Co  | 5836 | 439393 |
| Artesian Resources Corp Class A  | 1481 | 46370 |
| Cadiz Inc (b) | 8272 | 35818 |
| California Water Service Group  | 9010 | 380582 |
| Consolidated Water Co Ltd  | 2279 | 73042 |
| H2O America (c) | 5617 | 315619 |
| Middlesex Water Co  | 2828 | 143889 |
| York Water Co/The  | 2213 | 64221 |
|  |  | 1498934 |
| TOTAL UTILITIES |  | 8898854 |
| TOTAL UNITED STATES |  | 399172257 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $311,841,716) |  | <br> **407763902** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/14/2026 (g)<br>(Cost $99,869)<br>| 3.64 | 100000 | **99870** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 3.69 | 1663222 | 1663554 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 3.69 | 19087472 | 19089381 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $20,752,935) |  |  | **20752935** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.3%**<br> (Cost $332,694,520)<br>| <br>**428616707** |
| **NET OTHER ASSETS (LIABILITIES) - (4.3)%**  | **(17562930)** |
| **NET ASSETS - 100.0%** | **411053777** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Russell 2000 Index Contracts (United States) | 23 | 6/2026 | 3228970 | 158843 |
| The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. |

---

**Legend**

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

(b) Non-income producing.

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

(d) Level 3 security.

(e) 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 $180,670 or 0.0% of net assets.

(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 $99,870.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 317847 | 61606156 | 60260481 | 66108 | 32 | - | 1663554 | 1663222 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 15452859 | 175568773 | 171931863 | 286071 | (388) | - | 19089381 | 19087472 | 0.1% |
| Total | 15770706 | 237174929 | 232192344 | 352179 | (356) | - | 20752935 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 12245354 | 12245354 | - | - |
| Consumer Discretionary | 44585010 | 44585010 | - | - |
| Consumer Staples | 9890009 | 9890009 | - | - |
| Energy | 25589183 | 25589183 | - | - |
| Financials | 75946603 | 75946603 | - | - |
| Health Care | 68253109 | 68246366 | 1633 | 5110 |
| Industrials | 65743198 | 65743198 | - | - |
| Information Technology | 60974519 | 60974519 | - | - |
| Materials | 13749582 | 13749582 | - | - |
| Real Estate | 21888481 | 21888481 | - | - |
| Utilities | 8898854 | 8898854 | - | - |
|  **U.S. Treasury Obligations** | 99870 | - | 99870 | - |
|  **Money Market Funds** | 20752935 | 20752935 | - | - |
| **Total Investments in Securities:** | 428616707 | 428510094 | 101503 | 5110 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 158843 | 158843 | - | - |
| Total Assets | 158843 | 158843 | - | - |
| **Total Derivative Instruments:** | 158843 | 158843 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. 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)  | 158843 | - |
| **Total Equity Risk**  | 158843 | - |
| **Total Value of Derivatives** | 158843 | - |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $19,346,549) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $311,941,585) | $407863772 |  |
| Fidelity Central Funds (cost $20,752,935) | 20752935 |  |
| Total Investment in Securities (cost $332,694,520) |  | $428616707 |
| Segregated cash with brokers for derivative instruments |  | 168042 |
| Cash |  | 1084726 |
| Receivable for investments sold |  | 36811 |
| Receivable for fund shares sold |  | 383197 |
| Dividends receivable |  | 95365 |
| Distributions receivable from Fidelity Central Funds |  | 19286 |
| Receivable for variation margin on futures contracts |  | 66041 |
| Other receivables |  | 137 |
| **Total assets** |  | 430470312 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $326785 |  |
| Collateral on securities loaned | 19089750 |  |
| **Total liabilities** |  | 19416535 |
| **Net Assets**  |  | $411053777 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $319632825 |
| Total accumulated earnings (loss) |  | 91420952 |
| **Net Assets** |  | $411053777 |
| **Net Asset Value**, offering price and redemption price per share ($411,053,777 ÷ 20,317,284 shares) |  | $20.23 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $5127100 |
| Interest  |  | 8319 |
| Income from Fidelity Central Funds (including $286,071 from security lending)  |  | 352179 |
| **Total income** |  | 5487598 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $970 |  |
| Proxy fee | 83 |  |
| **Total expenses** |  | 1053 |
| **Net Investment income (loss)** |  | 5486545 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 12291969 |  |
| Redemptions in-kind | 62475552 |  |
| Fidelity Central Funds | (356) |  |
| Futures contracts | 749239 |  |
| Total net realized gain (loss) |  | 75516404 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 77018240 |  |
| Futures contracts | 2971 |  |
| Total change in net unrealized appreciation (depreciation) |  | 77021211 |
| **Net gain (loss)** |  | 152537615 |
| **Net increase (decrease) in net assets resulting from operations** |  | $158024160 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5486545 | $5615459 |
| &nbsp;&nbsp;Net realized gain (loss) | 75516404<br>| 9101712<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 77021211 | (14887602)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 158024160<br>| (170431)<br>|
| Distributions to shareholders | -<br>| (5782451)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 249119208 | 242338200 |
| Reinvestment of distributions | -<br>| 4313319<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (447085656) | (136244709) |
| **Net increase (decrease) in net assets resulting from share transactions** | (197966448)<br>| 110406810<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (39942288)<br>| 104453928<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 450996065 | 346542137<br>|
| &nbsp;&nbsp;End of period | $411053777 | $450996065 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 14507980 | 15976325 |
| Issued in reinvestment of distributions | -<br>| 273207<br>|
| &nbsp;&nbsp;Redeemed | (26101243) | (8768587) |
| &nbsp;&nbsp;Net increase (decrease) | (11593263) | 7480945 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.13 | $14.19 | $12.70 | $13.32 | $16.47 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .23  | .21  | .21  | .22  | .18  |
| Net realized and unrealized gain (loss)  | 5.87  | (.05)  | 1.50  | (.68)  | (2.89)  |
| Total from investment operations  | 6.10  | .16  | 1.71  | (.46)  | (2.71)  |
| Distributions from net investment income  | -  | (.22)  | (.22)  | (.16)  | (.18)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.26)  |
| Total distributions  | -  | (.22)  | (.22)  | (.16)  | (.44)  |
| Net asset value, end of period  | $20.23 | $14.13 | $14.19 | $12.70 | $13.32 |
| **Total Return** C | 43.17% <br>| .96%  | 13.47%  | (3.46)%  | (16.88)%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | -% F | -% F | .04%  | -% F | -% F |
| Expenses net of fee waivers, if any F | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any F | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.33%  | 1.34%  | 1.55%  | 1.66%  | 1.14%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $411054 | $450996 | $346542 | $282765 | $242826 |
| Portfolio turnover rate G | 80% H<br>| 10% H | 21%  | 16%  | 18%  |

---

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

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

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

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

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

F*Amount represents less than .005%.*

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

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

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026 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, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), 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**  | $120706814 |
| **Gross unrealized depreciation**  | <u>(28600064)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$92106750</u> |
| **Tax Cost**  | <u>$336509957</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$-</u> |
| **Capital loss carryforward**  | <u>$(685796)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$92106750</u> |

---

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

Long-term (685,796)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income**  | $- | $5782451 |

---

**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. Subsequent payments from or to a fund are made or as needed depending on the fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, 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** | 325927319 | 391507228 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that 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** | 6795849 | - | 62475552 | 62475552 | 119012628 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that 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, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

**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 National Financial Services (NFS), an affiliate of the investment adviser. 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.

**Report of Independent Registered Public Accounting Firm**

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

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

We have audited the accompanying statement of assets and liabilities of Fidelity Flex Small Cap Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of April 30, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2026

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

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

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

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130803_4.jpg)<br>

1.9881631.109 ZAP-ANN-0626

**Fidelity Flex® Funds**

**Fidelity Flex® Mid Cap Index Fund**

**Annual Report**

**April 30, 2026**

![](img130804_1.jpg)

![](img130804_2.jpg)

**Contents**

---

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

---

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

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

The 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.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity Flex® Mid Cap Index Fund**

**Schedule of Investments April 30, 2026**

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>|
| BELGIUM - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Liberty Global Ltd Class A (b) | 25324 | 293252 |
| Liberty Global Ltd Class C (b) | 18022 | 204369 |
| TOTAL BELGIUM |  | 497621 |
| BERMUDA - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| RenaissanceRe Holdings Ltd  | 6311 | 1937288 |
| PUERTO RICO - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Popular Inc  | 9537 | 1433697 |
| SWEDEN - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Autoliv Inc  | 9974 | 1156286 |
| SWITZERLAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| CRISPR Therapeutics AG (b)(c) | 13929 | 729044 |
| THAILAND - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Fabrinet (b) | 5199 | 3553361 |
| UNITED STATES - 98.1%  |  |  |
| Communication Services - 3.5% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Iridium Communications Inc  | 15230 | 595036 |
| Entertainment - 0.8% |  |  |
| Roku Inc Class A (b) | 18981 | 2212425 |
| TKO Group Holdings Inc Class A  | 9620 | 1790186 |
| Warner Music Group Corp Class A  | 21327 | 602914 |
|  |  | 4605525 |
| Interactive Media & Services - 1.2% |  |  |
| IAC Inc Class A (b) | 9459 | 421493 |
| Match Group Inc  | 34257 | 1281897 |
| Pinterest Inc Class A (b) | 84959 | 1670294 |
| Reddit Inc Class A (b) | 18644 | 2744956 |
| Snap Inc Class A (b) | 160323 | 973161 |
|  |  | 7091801 |
| Media - 1.5% |  |  |
| Liberty Broadband Corp Class A (b) | 2452 | 94230 |
| Liberty Broadband Corp Class C (b) | 17043 | 655985 |
| New York Times Co/The Class A  | 23446 | 1852937 |
| News Corp Class A  | 53735 | 1414306 |
| News Corp Class B  | 17724 | 540228 |
| Nexstar Media Group Inc  | 4137 | 861075 |
| Paramount Skydance Corp Class B (c) | 45099 | 461814 |
| Sirius XM Holdings Inc  | 27205 | 732903 |
| Trade Desk Inc (The) Class A (b) | 63897 | 1507330 |
| Versant Media Group Inc Class A  | 21096 | 847848 |
|  |  | 8968656 |
| TOTAL COMMUNICATION SERVICES |  | 21261018 |
| Consumer Discretionary - 11.3% |  |  |
| Automobile Components - 0.6% |  |  |
| BorgWarner Inc  | 30046 | 1711721 |
| Gentex Corp  | 31772 | 734251 |
| Lear Corp  | 7361 | 935804 |
| QuantumScape Corp Class A (b)(c) | 67739 | 493817 |
|  |  | 3875593 |
| Automobiles - 0.5% |  |  |
| Harley-Davidson Inc  | 17144 | 409570 |
| Rivian Automotive Inc Class A (b) | 118483 | 1943121 |
| Thor Industries Inc  | 7668 | 606079 |
|  |  | 2958770 |
| Broadline Retail - 0.4% |  |  |
| Etsy Inc (b) | 14324 | 921606 |
| Macy's Inc  | 38584 | 754317 |
| Ollie's Bargain Outlet Holdings Inc (b) | 8900 | 769939 |
|  |  | 2445862 |
| Distributors - 0.4% |  |  |
| LKQ Corp  | 37144 | 1173008 |
| Pool Corp  | 4757 | 1014762 |
|  |  | 2187770 |
| Diversified Consumer Services - 0.7% |  |  |
| Bright Horizons Family Solutions Inc (b) | 8207 | 665670 |
| Duolingo Inc Class A (b) | 5807 | 639351 |
| H&R Block Inc  | 18395 | 583673 |
| Liberty Live Holdings Inc Class A  | 2917 | 266060 |
| Liberty Live Holdings Inc Class C  | 7327 | 685807 |
| Service Corp International/US  | 20203 | 1637049 |
|  |  | 4477610 |
| Hotels, Restaurants & Leisure - 3.8% |  |  |
| Aramark  | 38142 | 1742708 |
| Boyd Gaming Corp  | 8389 | 729424 |
| Caesars Entertainment Inc (b) | 29619 | 823408 |
| Cava Group Inc (b) | 14475 | 1352110 |
| Choice Hotels International Inc (c) | 2999 | 297140 |
| Churchill Downs Inc  | 9613 | 970817 |
| Domino's Pizza Inc  | 4511 | 1531124 |
| DraftKings Inc Class A (b) | 71840 | 1675309 |
| Dutch Bros Inc Class A (b) | 18434 | 1060139 |
| Hilton Grand Vacations Inc (b) | 8689 | 408122 |
| Hyatt Hotels Corp Class A (c) | 5998 | 1005085 |
| MGM Resorts International (b) | 27843 | 1084206 |
| Norwegian Cruise Line Holdings Ltd (b) | 66065 | 1201062 |
| Planet Fitness Inc Class A (b) | 12042 | 802840 |
| Texas Roadhouse Inc  | 9599 | 1545343 |
| Travel + Leisure Co  | 9335 | 603601 |
| Vail Resorts Inc (c) | 5192 | 660319 |
| Viking Holdings Ltd (b) | 26583 | 2177414 |
| Wingstop Inc  | 4032 | 661490 |
| Wyndham Hotels & Resorts Inc  | 10964 | 892250 |
| Wynn Resorts Ltd  | 12251 | 1312205 |
|  |  | 22536116 |
| Household Durables - 1.2% |  |  |
| Mohawk Industries Inc (b) | 7536 | 795500 |
| Somnigroup International Inc  | 30461 | 2310772 |
| Toll Brothers Inc  | 13750 | 1954425 |
| TopBuild Corp (b) | 4050 | 1792935 |
| Whirlpool Corp (c) | 9201 | 515808 |
|  |  | 7369440 |
| Leisure Products - 0.7% |  |  |
| Brunswick Corp/DE  | 9438 | 749849 |
| Hasbro Inc  | 19347 | 1854216 |
| Mattel Inc (b) | 45101 | 680123 |
| Polaris Inc  | 7754 | 513858 |
| YETI Holdings Inc (b) | 11291 | 445543 |
|  |  | 4243589 |
| Specialty Retail - 2.2% |  |  |
| Academy Sports & Outdoors Inc  | 9676 | 530632 |
| Advance Auto Parts Inc (c) | 8710 | 518332 |
| AutoNation Inc (b) | 3778 | 802372 |
| Bath & Body Works Inc  | 29708 | 577524 |
| CarMax Inc (b) | 20577 | 808882 |
| Dick's Sporting Goods Inc  | 9635 | 2186374 |
| Five Below Inc (b) | 8004 | 1886223 |
| Floor & Decor Holdings Inc Class A (b) | 15637 | 756831 |
| GameStop Corp Class A (b) | 59812 | 1492309 |
| Lithia Motors Inc  | 3519 | 1020932 |
| Murphy USA Inc  | 2452 | 1441776 |
| Valvoline Inc (b) | 18476 | 613957 |
| Wayfair Inc Class A (b) | 15510 | 991554 |
|  |  | 13627698 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Capri Holdings Ltd (b) | 17292 | 337367 |
| Crocs Inc (b) | 7290 | 743434 |
| PVH Corp  | 6647 | 607802 |
| Ralph Lauren Corp Class A  | 5609 | 2011612 |
| VF Corp  | 47694 | 902847 |
|  |  | 4603062 |
| TOTAL CONSUMER DISCRETIONARY |  | 68325510 |
| Consumer Staples - 3.5% |  |  |
| Beverages - 0.8% |  |  |
| Brown-Forman Corp Class A (c) | 8090 | 212605 |
| Brown-Forman Corp Class B  | 24780 | 638581 |
| Celsius Holdings Inc (b) | 23193 | 778589 |
| Coca-Cola Consolidated Inc  | 8209 | 1683420 |
| Molson Coors Beverage Co Class B  | 24568 | 1050036 |
| Primo Brands Corp Class A  | 36080 | 735310 |
|  |  | 5098541 |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| Albertsons Cos Inc Class A  | 53695 | 904760 |
| BJ's Wholesale Club Holdings Inc (b) | 18988 | 1782783 |
| Maplebear Inc (b) | 26668 | 1129390 |
| Performance Food Group Co (b) | 22798 | 2064587 |
| Sprouts Farmers Market Inc (b) | 14130 | 1156541 |
|  |  | 7038061 |
| Food Products - 1.4% |  |  |
| Campbell's Company/The (c) | 28554 | 593638 |
| Conagra Brands Inc (c) | 69418 | 996148 |
| Darling Ingredients Inc (b) | 22955 | 1474400 |
| Freshpet Inc (b) | 7083 | 477253 |
| Hormel Foods Corp  | 42309 | 908374 |
| Ingredion Inc  | 9142 | 1021527 |
| JM Smucker Co  | 15483 | 1517798 |
| Lamb Weston Holdings Inc  | 20154 | 877707 |
| Post Holdings Inc (b) | 6124 | 641489 |
|  |  | 8508334 |
| Personal Care Products - 0.1% |  |  |
| elf Beauty Inc (b) | 8569 | 548159 |
| TOTAL CONSUMER STAPLES |  | 21193095 |
| Energy - 3.6% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Helmerich & Payne Inc  | 14490 | 585106 |
| NOV Inc  | 52301 | 1070078 |
| Weatherford International PLC  | 10408 | 1148523 |
|  |  | 2803707 |
| Oil, Gas & Consumable Fuels - 3.2% |  |  |
| Antero Midstream Corp  | 48056 | 1050504 |
| Antero Resources Corp (b) | 42533 | 1669846 |
| APA Corp  | 51468 | 2096292 |
| Chord Energy Corp  | 8252 | 1201491 |
| DT Midstream Inc  | 14754 | 2183444 |
| HF Sinclair Corp  | 22690 | 1524995 |
| Matador Resources Co  | 16952 | 1075435 |
| Murphy Oil Corp  | 19471 | 813109 |
| PBF Energy Inc Class A  | 12047 | 522358 |
| Permian Resources Holdings Inc/DE Class A  | 107437 | 2322788 |
| Range Resources Corp  | 34383 | 1495661 |
| SM Energy Co  | 32847 | 1019242 |
| Venture Global Inc Class A  | 69584 | 923380 |
| Viper Energy Inc Class A  | 26966 | 1331581 |
|  |  | 19230126 |
| TOTAL ENERGY |  | 22033833 |
| Financials - 15.7% |  |  |
| Banks - 4.5% |  |  |
| Bank OZK  | 15057 | 725145 |
| Columbia Banking System Inc  | 42870 | 1268952 |
| Commerce Bancshares Inc/MO  | 19887 | 1034721 |
| Cullen/Frost Bankers Inc  | 9172 | 1329298 |
| East West Bancorp Inc  | 19966 | 2525100 |
| First Financial Bankshares Inc  | 18912 | 610290 |
| First Horizon Corp  | 70381 | 1756710 |
| Flagstar Financial Inc  | 43462 | 607164 |
| Glacier Bancorp Inc  | 18672 | 915862 |
| Hancock Whitney Corp  | 11937 | 805867 |
| Old National Bancorp/IN  | 50326 | 1206314 |
| Pinnacle Financial Partners Inc  | 21846 | 2161443 |
| Prosperity Bancshares Inc  | 14663 | 1021278 |
| ServisFirst Bancshares Inc  | 7293 | 580668 |
| SOUTHSTATE BANK CORP  | 14386 | 1405081 |
| UMB Financial Corp  | 10362 | 1307374 |
| United Bankshares Inc/WV  | 20251 | 887196 |
| Valley National Bancorp  | 69465 | 942640 |
| Webster Financial Corp  | 23398 | 1693079 |
| Western Alliance Bancorp  | 14903 | 1215191 |
| Wintrust Financial Corp  | 9719 | 1463390 |
| Zions Bancorp NA  | 21427 | 1358900 |
|  |  | 26821663 |
| Capital Markets - 2.9% |  |  |
| Affiliated Managers Group Inc  | 4082 | 1202843 |
| Blue Owl Capital Inc Class A (c) | 91649 | 893578 |
| Carlyle Group Inc/The  | 37657 | 1885486 |
| Evercore Inc Class A  | 5613 | 1803401 |
| FactSet Research Systems Inc  | 5384 | 1225291 |
| Franklin Resources Inc  | 44586 | 1336242 |
| Houlihan Lokey Inc Class A  | 7888 | 1220668 |
| Invesco Ltd  | 64431 | 1688737 |
| Janus Henderson Group PLC  | 17887 | 923148 |
| Jefferies Financial Group Inc  | 23995 | 1157039 |
| MarketAxess Holdings Inc  | 5394 | 847883 |
| Morningstar Inc  | 3332 | 562141 |
| SEI Investments Co  | 13481 | 1222457 |
| Stifel Financial Corp  | 22130 | 1744065 |
|  |  | 17712979 |
| Consumer Finance - 0.6% |  |  |
| Ally Financial Inc  | 40738 | 1808360 |
| Credit Acceptance Corp (b) | 868 | 438261 |
| OneMain Holdings Inc  | 17001 | 999149 |
| SLM Corp  | 28907 | 667174 |
|  |  | 3912944 |
| Financial Services - 2.6% |  |  |
| Affirm Holdings Inc Class A (b) | 42433 | 2727594 |
| Corebridge Financial Inc  | 37047 | 1020274 |
| Equitable Holdings Inc  | 41111 | 1734884 |
| Essent Group Ltd  | 13852 | 838323 |
| Euronet Worldwide Inc (b) | 5674 | 410684 |
| Jack Henry & Associates Inc  | 10473 | 1610224 |
| MGIC Investment Corp  | 31834 | 842964 |
| Rocket Cos Inc Class A (b) | 140328 | 2051596 |
| Toast Inc Class A (b) | 69065 | 1969734 |
| Voya Financial Inc  | 13641 | 1118016 |
| Western Union Co/The (c) | 46124 | 419267 |
| WEX Inc (b) | 4976 | 748042 |
|  |  | 15491602 |
| Insurance - 4.1% |  |  |
| American Financial Group Inc/OH  | 10046 | 1338830 |
| Assurant Inc  | 7268 | 1717210 |
| Assured Guaranty Ltd  | 6286 | 514823 |
| Axis Capital Holdings Ltd  | 11179 | 1122483 |
| Erie Indemnity Co Class A  | 3687 | 807195 |
| Fidelity National Financial Inc  | 37013 | 1935780 |
| First American Financial Corp  | 14787 | 1037012 |
| Globe Life Inc  | 11552 | 1782474 |
| Hanover Insurance Group Inc/The  | 5137 | 964164 |
| Kinsale Capital Group Inc  | 3207 | 1037817 |
| Lincoln National Corp  | 24531 | 927517 |
| Loews Corp  | 24519 | 2761086 |
| Old Republic International Corp  | 33036 | 1319788 |
| Primerica Inc  | 4632 | 1302843 |
| Reinsurance Group of America Inc  | 9536 | 2016483 |
| RLI Corp  | 13327 | 689939 |
| Ryan Specialty Holdings Inc Class A  | 16551 | 575478 |
| Selective Insurance Group Inc  | 8719 | 731960 |
| Unum Group  | 22122 | 1778166 |
|  |  | 24361048 |
| Mortgage Real Estate Investment Trusts (REITs) - 1.0% |  |  |
| AGNC Investment Corp (c) | 160732 | 1771267 |
| Annaly Capital Management Inc  | 104250 | 2387325 |
| Blackstone Mortgage Trust Inc Class A  | 23017 | 437092 |
| Rithm Capital Corp  | 80667 | 788923 |
| Starwood Property Trust Inc  | 50516 | 927474 |
|  |  | 6312081 |
| TOTAL FINANCIALS |  | 94612317 |
| Health Care - 11.0% |  |  |
| Biotechnology - 3.9% |  |  |
| Alkermes PLC (b) | 23961 | 807725 |
| Apellis Pharmaceuticals Inc (b) | 14872 | 609008 |
| Arrowhead Pharmaceuticals Inc (b) | 20321 | 1493187 |
| BioMarin Pharmaceutical Inc (b) | 27879 | 1502957 |
| Bridgebio Pharma Inc (b) | 24609 | 1749946 |
| Cytokinetics Inc (b) | 17742 | 1134956 |
| Exelixis Inc (b) | 37688 | 1675608 |
| Halozyme Therapeutics Inc (b) | 17065 | 1086358 |
| Incyte Corp (b) | 24259 | 2311156 |
| Ionis Pharmaceuticals Inc (b) | 23505 | 1757234 |
| Madrigal Pharmaceuticals Inc (b) | 2702 | 1397988 |
| Moderna Inc (b) | 50464 | 2318317 |
| Neurocrine Biosciences Inc (b) | 14564 | 1917643 |
| Praxis Precision Medicines Inc (b) | 3739 | 1192105 |
| Roivant Sciences Ltd (b) | 65431 | 1866746 |
| Sarepta Therapeutics Inc (b) | 15206 | 317501 |
| Viking Therapeutics Inc (b) | 16768 | 522826 |
|  |  | 23661261 |
| Health Care Equipment & Supplies - 2.5% |  |  |
| Align Technology Inc (b) | 9683 | 1704305 |
| Baxter International Inc  | 74660 | 1312523 |
| DENTSPLY SIRONA Inc  | 28957 | 340245 |
| Envista Holdings Corp (b) | 23781 | 616879 |
| Globus Medical Inc Class A (b) | 16167 | 1457940 |
| ICU Medical Inc (b) | 3582 | 426974 |
| iRhythm Technologies Inc (b) | 4675 | 603823 |
| Lantheus Holdings Inc (b) | 9623 | 814298 |
| LivaNova PLC (b) | 7924 | 476232 |
| Masimo Corp (b) | 6626 | 1182277 |
| Medline Inc Class A  | 47523 | 2113348 |
| Penumbra Inc (b) | 5693 | 1858651 |
| Solventum Corp (b) | 21395 | 1441167 |
| Teleflex Inc  | 6413 | 794635 |
|  |  | 15143297 |
| Health Care Providers & Services - 2.4% |  |  |
| Acadia Healthcare Co Inc (b) | 13388 | 346682 |
| Chemed Corp  | 2055 | 873334 |
| DaVita Inc (b) | 4847 | 751964 |
| Encompass Health Corp  | 14601 | 1460100 |
| Ensign Group Inc/The  | 8370 | 1562595 |
| Guardant Health Inc (b) | 18697 | 1628135 |
| HealthEquity Inc (b) | 12398 | 1017008 |
| Henry Schein Inc (b) | 14521 | 1083121 |
| Molina Healthcare Inc (b) | 7473 | 1454395 |
| Option Care Health Inc (b) | 23035 | 468302 |
| Tenet Healthcare Corp (b) | 12753 | 2258811 |
| Universal Health Services Inc Class B  | 8015 | 1348684 |
|  |  | 14253131 |
| Health Care Technology - 0.0% |  |  |
| Doximity Inc Class A (b) | 19418 | 474576 |
| Life Sciences Tools & Services - 1.5% |  |  |
| Avantor Inc (b) | 98976 | 801706 |
| Bio-Rad Laboratories Inc Class A (b) | 2638 | 738957 |
| Bio-Techne Corp  | 22704 | 1255985 |
| Bruker Corp  | 16096 | 590883 |
| Charles River Laboratories International Inc (b) | 7142 | 1192500 |
| Medpace Holdings Inc (b) | 3254 | 1362320 |
| Repligen Corp (b) | 7679 | 908502 |
| Revvity Inc  | 16453 | 1425159 |
| Tempus AI Inc Class A (b) | 14800 | 821104 |
|  |  | 9097116 |
| Pharmaceuticals - 0.7% |  |  |
| Corcept Therapeutics Inc (b) | 13585 | 631974 |
| Elanco Animal Health Inc (b) | 72102 | 1612922 |
| Jazz Pharmaceuticals PLC (b) | 8818 | 1790230 |
|  |  | 4035126 |
| TOTAL HEALTH CARE |  | 66664507 |
| Industrials - 21.0% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| BWX Technologies Inc  | 13267 | 2870846 |
| Hexcel Corp  | 11010 | 1033509 |
| Huntington Ingalls Industries Inc  | 5695 | 2074632 |
| Karman Holdings Inc (b) | 11137 | 757092 |
| Kratos Defense & Security Solutions Inc (b) | 26791 | 1689173 |
| Moog Inc Class A  | 4125 | 1242904 |
|  |  | 9668156 |
| Air Freight & Logistics - 0.2% |  |  |
| GXO Logistics Inc (b) | 16617 | 949329 |
| Building Products - 2.4% |  |  |
| A O Smith Corp  | 16315 | 1008920 |
| Advanced Drainage Systems Inc  | 10400 | 1552200 |
| Allegion plc  | 12485 | 1716438 |
| Armstrong World Industries Inc  | 6259 | 1066471 |
| Builders FirstSource Inc (b) | 16047 | 1269157 |
| Fortune Brands Innovations Inc  | 17434 | 706774 |
| Modine Manufacturing Co (b) | 7652 | 1948429 |
| Owens Corning  | 11927 | 1471076 |
| Simpson Manufacturing Co Inc  | 6016 | 1147432 |
| Trex Co Inc (b) | 15564 | 610109 |
| UFP Industries Inc  | 8454 | 756548 |
| Zurn Elkay Water Solutions Corp  | 21543 | 1119374 |
|  |  | 14372928 |
| Commercial Services & Supplies - 1.2% |  |  |
| Casella Waste Systems Inc Class A (b) | 9070 | 718797 |
| Clean Harbors Inc (b) | 7289 | 2279125 |
| MSA Safety Inc  | 5289 | 880036 |
| Rollins Inc  | 42587 | 2373374 |
| Tetra Tech Inc  | 37847 | 1223215 |
|  |  | 7474547 |
| Construction & Engineering - 2.5% |  |  |
| AECOM  | 18762 | 1577884 |
| API Group Corp (b) | 55681 | 2545735 |
| Argan Inc  | 2013 | 1348670 |
| Dycom Industries Inc (b) | 4349 | 1800921 |
| Everus Construction Group Inc (b) | 7402 | 1091277 |
| Fluor Corp (b) | 23390 | 1247857 |
| Primoris Services Corp  | 7841 | 1420397 |
| Sterling Infrastructure Inc (b) | 4458 | 2298634 |
| Valmont Industries Inc  | 2859 | 1452486 |
| WillScot Holdings Corp  | 26403 | 597764 |
|  |  | 15381625 |
| Electrical Equipment - 2.1% |  |  |
| Acuity Inc  | 4421 | 1281073 |
| Generac Holdings Inc (b) | 8515 | 2207343 |
| Nextpower Inc Class A (b) | 21546 | 2566775 |
| nVent Electric PLC  | 23416 | 3346147 |
| Regal Rexnord Corp  | 9636 | 2072029 |
| Sensata Technologies Holding PLC  | 21140 | 880270 |
| Sunrun Inc (b) | 33673 | 428657 |
|  |  | 12782294 |
| Ground Transportation - 1.3% |  |  |
| Knight-Swift Transportation Holdings Inc  | 23558 | 1528914 |
| Landstar System Inc  | 4942 | 909674 |
| Lyft Inc Class A (b) | 57772 | 817474 |
| RXO Inc (b) | 23827 | 475825 |
| Ryder System Inc  | 5721 | 1451818 |
| Saia Inc (b) | 3866 | 1735138 |
| U-Haul Holding Co (b) | 1218 | 62556 |
| U-Haul Holding Co Class N  | 14602 | 696370 |
|  |  | 7677769 |
| Machinery - 5.8% |  |  |
| AGCO Corp  | 8720 | 1055294 |
| Allison Transmission Holdings Inc  | 12078 | 1622679 |
| Chart Industries Inc (b) | 6523 | 1356132 |
| CNH Industrial NV Class A  | 128419 | 1375367 |
| Crane Co  | 7105 | 1262772 |
| Donaldson Co Inc  | 16737 | 1475701 |
| Flowserve Corp  | 18434 | 1357480 |
| Graco Inc  | 24059 | 1931216 |
| ITT Inc  | 12480 | 2674964 |
| Lincoln Electric Holdings Inc  | 7985 | 2116025 |
| Middleby Corp/The (b) | 6725 | 943921 |
| Mueller Industries Inc  | 16110 | 2181777 |
| Nordson Corp  | 7679 | 2215008 |
| Oshkosh Corp  | 9179 | 1434678 |
| Pentair PLC  | 23747 | 1916620 |
| RBC Bearings Inc (b) | 4588 | 2748626 |
| SPX Technologies Inc (b) | 7232 | 1583157 |
| Stanley Black & Decker Inc  | 22476 | 1756724 |
| Timken Co/The  | 9198 | 1019966 |
| Toro Co/The  | 14146 | 1346275 |
| Watts Water Technologies Inc Class A  | 3980 | 1194637 |
|  |  | 34569019 |
| Marine Transportation - 0.3% |  |  |
| Kirby Corp (b) | 7865 | 1183997 |
| Matson Inc  | 4525 | 789296 |
|  |  | 1973293 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (b) | 16636 | 650634 |
| American Airlines Group Inc (b) | 95820 | 1122052 |
|  |  | 1772686 |
| Professional Services - 1.8% |  |  |
| Booz Allen Hamilton Holding Corp Class A  | 17500 | 1360975 |
| CACI International Inc (b) | 3205 | 1665126 |
| ExlService Holdings Inc (b) | 22805 | 727023 |
| Exponent Inc  | 7239 | 484217 |
| FTI Consulting Inc (b) | 4392 | 787486 |
| Genpact Ltd  | 22989 | 798868 |
| KBR Inc  | 18428 | 690866 |
| Maximus Inc  | 7916 | 519448 |
| Paycom Software Inc  | 7091 | 898855 |
| Paylocity Holding Corp (b) | 6333 | 668068 |
| Planet Labs PBC Class A (b) | 40558 | 1499429 |
| Robert Half Inc  | 14423 | 383795 |
| Science Applications International Corp  | 6549 | 633747 |
|  |  | 11117903 |
| Trading Companies & Distributors - 1.5% |  |  |
| Applied Industrial Technologies Inc  | 5413 | 1655025 |
| Core & Main Inc Class A (b) | 27399 | 1380088 |
| GATX Corp  | 5181 | 1015062 |
| QXO Inc (b)(c) | 73786 | 1480885 |
| Rush Enterprises Inc Class B  | 1187 | 86484 |
| SiteOne Landscape Supply Inc (b) | 6442 | 812014 |
| Wesco International Inc  | 7059 | 2464438 |
|  |  | 8893996 |
| TOTAL INDUSTRIALS |  | 126633545 |
| Information Technology - 13.6% |  |  |
| Communications Equipment - 0.3% |  |  |
| Viavi Solutions Inc (b) | 33578 | 1759487 |
| Electronic Equipment, Instruments & Components - 2.5% |  |  |
| Advanced Energy Industries Inc  | 5477 | 2102675 |
| Arrow Electronics Inc (b) | 7413 | 1392384 |
| Cognex Corp  | 24047 | 1334849 |
| Insight Enterprises Inc (b) | 4498 | 327904 |
| Littelfuse Inc  | 3614 | 1460670 |
| Novanta Inc (b) | 5191 | 672390 |
| Ralliant Corp  | 16370 | 743853 |
| TD SYNNEX Corp  | 10881 | 2482827 |
| TTM Technologies Inc (b) | 14995 | 2372509 |
| Vontier Corp  | 20548 | 737262 |
| Zebra Technologies Corp Class A (b) | 7139 | 1615270 |
|  |  | 15242593 |
| IT Services - 1.0% |  |  |
| Amdocs Ltd  | 15665 | 1013056 |
| DXC Technology Co (b) | 24637 | 278890 |
| EPAM Systems Inc (b) | 8017 | 912174 |
| Gartner Inc (b) | 10223 | 1518013 |
| GoDaddy Inc Class A (b) | 19611 | 1702039 |
| Kyndryl Holdings Inc (b) | 33168 | 458382 |
|  |  | 5882554 |
| Semiconductors & Semiconductor Equipment - 4.0% |  |  |
| Astera Labs Inc (b) | 19267 | 3752057 |
| Cirrus Logic Inc (b) | 7402 | 1207118 |
| Enphase Energy Inc (b) | 18990 | 625910 |
| FormFactor Inc (b) | 11249 | 1529077 |
| GlobalFoundries Inc (b) | 15321 | 989737 |
| Lattice Semiconductor Corp (b) | 19850 | 2427258 |
| MKS Inc  | 9747 | 2765711 |
| Onto Innovation Inc (b) | 7205 | 2125907 |
| Power Integrations Inc  | 8054 | 585606 |
| Qorvo Inc (b) | 12242 | 1153441 |
| Rambus Inc (b) | 15622 | 1798248 |
| Silicon Laboratories Inc (b) | 4782 | 1041041 |
| SiTime Corp (b) | 3206 | 1802253 |
| Skyworks Solutions Inc  | 21822 | 1531250 |
| Synaptics Inc (b) | 5620 | 525976 |
| Universal Display Corp  | 6416 | 558769 |
|  |  | 24419359 |
| Software - 4.6% |  |  |
| Atlassian Corp Class A (b) | 24613 | 1688206 |
| Aurora Innovation Inc Class A (b)(c) | 180978 | 1064151 |
| Bentley Systems Inc Class B  | 21612 | 704983 |
| BILL Holdings Inc (b) | 12781 | 485678 |
| BitMine Immersion Technologies Inc  | 66008 | 1412571 |
| Box Inc Class A (b) | 20785 | 502997 |
| Circle Internet Group Inc Class A (b) | 7854 | 713772 |
| Commvault Systems Inc (b) | 6381 | 630953 |
| Docusign Inc (b) | 29063 | 1336607 |
| Dolby Laboratories Inc Class A  | 8835 | 566677 |
| Dropbox Inc Class A (b) | 25312 | 614828 |
| Dynatrace Inc (b) | 43281 | 1567205 |
| Elastic NV (b) | 13456 | 624762 |
| Gen Digital Inc  | 79981 | 1542833 |
| Guidewire Software Inc (b) | 12338 | 1707456 |
| InterDigital Inc  | 3728 | 1105576 |
| Manhattan Associates Inc (b) | 8685 | 1197575 |
| Nutanix Inc Class A (b) | 39239 | 1604483 |
| Procore Technologies Inc (b) | 17372 | 982908 |
| Qualys Inc (b) | 5204 | 452384 |
| RingCentral Inc Class A  | 11003 | 442541 |
| Rubrik Inc Class A (b) | 22042 | 1172194 |
| Samsara Inc Class A (b) | 51979 | 1493876 |
| SentinelOne Inc Class A (b) | 48367 | 684877 |
| SPS Commerce Inc (b) | 5473 | 307145 |
| Teradata Corp (b) | 13525 | 356384 |
| UiPath Inc Class A (b)(c) | 62140 | 640042 |
| Unity Software Inc (b) | 50267 | 1328054 |
| Varonis Systems Inc (b) | 17043 | 448231 |
| Workiva Inc Class A (b) | 7609 | 406929 |
|  |  | 27786878 |
| Technology Hardware, Storage & Peripherals - 1.2% |  |  |
| Everpure Inc Class A (b) | 45517 | 3252190 |
| IonQ Inc (b)(c) | 51412 | 2319709 |
| Super Micro Computer Inc (b) | 73015 | 2000611 |
|  |  | 7572510 |
| TOTAL INFORMATION TECHNOLOGY |  | 82663381 |
| Materials - 4.2% |  |  |
| Chemicals - 1.9% |  |  |
| Ashland Inc  | 6640 | 353646 |
| Avient Corp  | 13287 | 492682 |
| Axalta Coating Systems Ltd (b) | 30968 | 880730 |
| Balchem Corp  | 4700 | 759614 |
| Celanese Corp  | 15891 | 1076774 |
| Chemours Co/The  | 21751 | 586189 |
| Eastman Chemical Co  | 16557 | 1210151 |
| Element Solutions Inc  | 33011 | 1405939 |
| FMC Corp  | 18131 | 278855 |
| Huntsman Corp  | 23704 | 340626 |
| Mosaic Co/The  | 46061 | 1071839 |
| Olin Corp  | 16485 | 469493 |
| RPM International Inc  | 18586 | 1893729 |
| Scotts Miracle-Gro Co/The  | 6485 | 406610 |
|  |  | 11226877 |
| Construction Materials - 0.3% |  |  |
| Eagle Materials Inc  | 4561 | 958312 |
| Knife River Corp (b) | 8223 | 761038 |
|  |  | 1719350 |
| Containers & Packaging - 0.7% |  |  |
| AptarGroup Inc  | 9343 | 1155542 |
| Crown Holdings Inc  | 16266 | 1599111 |
| Graphic Packaging Holding CO  | 42827 | 408141 |
| Silgan Holdings Inc  | 12727 | 516080 |
| Sonoco Products Co  | 14313 | 715077 |
|  |  | 4393951 |
| Metals & Mining - 1.2% |  |  |
| Alcoa Corp  | 37580 | 2397229 |
| Cleveland-Cliffs Inc (b) | 82772 | 844274 |
| Commercial Metals Co  | 16094 | 1109842 |
| Hecla Mining Co  | 97242 | 1752301 |
| MP Materials Corp (b)(c) | 19546 | 1290818 |
|  |  | 7394464 |
| Paper & Forest Products - 0.1% |  |  |
| Louisiana-Pacific Corp  | 9197 | 663931 |
| TOTAL MATERIALS |  | 25398573 |
| Real Estate - 7.7% |  |  |
| Health Care REITs - 1.4% |  |  |
| Alexandria Real Estate Equities Inc  | 22633 | 916863 |
| American Healthcare REIT Inc  | 25745 | 1307331 |
| CareTrust REIT Inc  | 32420 | 1278969 |
| Healthcare Realty Trust Inc  | 50623 | 946650 |
| Healthpeak Properties Inc  | 100861 | 1630922 |
| Medical Properties Trust Inc (c) | 71573 | 353571 |
| Omega Healthcare Investors Inc  | 42892 | 2014637 |
|  |  | 8448943 |
| Hotel & Resort REITs - 0.4% |  |  |
| Host Hotels & Resorts Inc  | 92809 | 1961054 |
| Ryman Hospitality Properties Inc  | 9143 | 960837 |
|  |  | 2921891 |
| Industrial REITs - 1.1% |  |  |
| Americold Realty Trust Inc  | 41336 | 505539 |
| EastGroup Properties Inc  | 7727 | 1554673 |
| First Industrial Realty Trust Inc  | 19231 | 1192514 |
| LXP Industrial Trust  | 8573 | 436537 |
| Rexford Industrial Realty Inc  | 33408 | 1199013 |
| STAG Industrial Inc Class A  | 27722 | 1069515 |
| Terreno Realty Corp  | 15118 | 985694 |
|  |  | 6943485 |
| Office REITs - 0.6% |  |  |
| BXP Inc  | 21397 | 1250870 |
| Cousins Properties Inc  | 24376 | 624269 |
| Highwoods Properties Inc  | 15952 | 387793 |
| Kilroy Realty Corp  | 15820 | 526173 |
| Vornado Realty Trust  | 23242 | 694703 |
|  |  | 3483808 |
| Real Estate Management & Development - 0.6% |  |  |
| Jones Lang LaSalle Inc (b) | 6849 | 2178873 |
| Zillow Group Inc Class A (b) | 6687 | 298307 |
| Zillow Group Inc Class C (b) | 25593 | 1136329 |
|  |  | 3613509 |
| Residential REITs - 1.2% |  |  |
| American Homes 4 Rent Class A  | 47310 | 1506350 |
| Camden Property Trust  | 15006 | 1575930 |
| Equity LifeStyle Properties Inc  | 28129 | 1780285 |
| Independence Realty Trust Inc  | 34370 | 560575 |
| UDR Inc  | 43642 | 1585950 |
|  |  | 7009090 |
| Retail REITs - 1.7% |  |  |
| Agree Realty Corp (c) | 17390 | 1340943 |
| Brixmor Property Group Inc  | 44491 | 1338734 |
| Federal Realty Investment Trust  | 11393 | 1263484 |
| Kimco Realty Corp  | 97821 | 2312488 |
| Kite Realty Group Trust  | 31418 | 821895 |
| NNN REIT Inc  | 27563 | 1206984 |
| Regency Centers Corp  | 23888 | 1859681 |
|  |  | 10144209 |
| Specialized REITs - 0.7% |  |  |
| CubeSmart  | 33092 | 1339564 |
| Lamar Advertising Co Class A  | 12605 | 1737473 |
| National Storage Affiliates Trust  | 10271 | 437134 |
| Rayonier Inc  | 40362 | 856078 |
|  |  | 4370249 |
| TOTAL REAL ESTATE |  | 46935184 |
| Utilities - 3.0% |  |  |
| Electric Utilities - 0.9% |  |  |
| IDACORP Inc  | 7843 | 1158725 |
| OGE Energy Corp  | 29817 | 1455070 |
| Pinnacle West Capital Corp  | 17369 | 1801513 |
| Portland General Electric Co  | 16324 | 847704 |
|  |  | 5263012 |
| Gas Utilities - 0.9% |  |  |
| MDU Resources Group Inc  | 29659 | 668217 |
| National Fuel Gas Co  | 13789 | 1163516 |
| New Jersey Resources Corp  | 14634 | 824041 |
| ONE Gas Inc  | 8707 | 776839 |
| Southwest Gas Holdings Inc  | 9323 | 876828 |
| UGI Corp  | 31147 | 1124095 |
|  |  | 5433536 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| AES Corp/The  | 103340 | 1493263 |
| Ormat Technologies Inc  | 8820 | 1013418 |
| Talen Energy Corp (b) | 6630 | 2469145 |
|  |  | 4975826 |
| Multi-Utilities - 0.1% |  |  |
| Black Hills Corp  | 10952 | 824575 |
| Water Utilities - 0.3% |  |  |
| Essential Utilities Inc  | 41064 | 1568644 |
| TOTAL UTILITIES |  | 18065593 |
| TOTAL UNITED STATES |  | 593786556 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $557,346,169) |  | <br> **603093853** |

---

---

| | | |
|:---|:---|:---|
| &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 | **50** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/14/2026 (e)<br>(Cost $128,832)<br>| 3.64 | 129000 | **128833** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.69 | 2119701 | 2120125 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.69 | 14460770 | 14462216 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $16,582,341) |  |  | **16582341** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.3%**<br> (Cost $574,057,416)<br>| <br>**619805077** |
| **NET OTHER ASSETS (LIABILITIES) - (2.3)%**  | **(13973694)** |
| **NET ASSETS - 100.0%** | **605831383** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 8 | 6/2026 | 2920960 | 126814 |
| The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures 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) 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 $128,833.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 914223 | 69719261 | 68513336 | 65003 | (23) | - | 2120125 | 2119701 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3871356 | 90058515 | 79467799 | 111619 | 144 | - | 14462216 | 14460770 | 0.0% |
| Total | 4785579 | 159777776 | 147981135 | 176622 | 121 | - | 16582341 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 21758639 | 21758639 | - | - |
| Consumer Discretionary | 69481796 | 69481796 | - | - |
| Consumer Staples | 21193095 | 21193095 | - | - |
| Energy | 22033833 | 22033833 | - | - |
| Financials | 97983302 | 97983302 | - | - |
| Health Care | 67393551 | 67393551 | - | - |
| Industrials | 126633545 | 126633545 | - | - |
| Information Technology | 86216742 | 86216742 | - | - |
| Materials | 25398573 | 25398573 | - | - |
| Real Estate | 46935184 | 46935184 | - | - |
| Utilities | 18065593 | 18065593 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Real Estate | 50 | 50 | - | - |
|  **U.S. Treasury Obligations** | 128833 | - | 128833 | - |
|  **Money Market Funds** | 16582341 | 16582341 | - | - |
| **Total Investments in Securities:** | 619805077 | 619676244 | 128833 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 126814 | 126814 | - | - |
| Total Assets | 126814 | 126814 | - | - |
| **Total Derivative Instruments:** | 126814 | 126814 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. 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)  | 126814 | - |
| **Total Equity Risk**  | 126814 | - |
| **Total Value of Derivatives** | 126814 | - |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $14,616,958) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $557,475,075) | $603222736 |  |
| Fidelity Central Funds (cost $16,582,341) | 16582341 |  |
| Total Investment in Securities (cost $574,057,416) |  | $619805077 |
| Segregated cash with brokers for derivative instruments |  | 42579 |
| Receivable for fund shares sold |  | 708563 |
| Dividends receivable |  | 172167 |
| Distributions receivable from Fidelity Central Funds |  | 11552 |
| Receivable for variation margin on futures contracts |  | 42485 |
| Other receivables |  | 2259 |
| **Total assets** |  | 620784682 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $491249 |  |
| Other payables and accrued expenses | 7 |  |
| Collateral on securities loaned | 14462043 |  |
| **Total liabilities** |  | 14953299 |
| **Net Assets**  |  | $605831383 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $568257854 |
| Total accumulated earnings (loss) |  | 37573529 |
| **Net Assets** |  | $605831383 |
| **Net Asset Value**, offering price and redemption price per share ($605,831,383 ÷ 25,285,910 shares) |  | $23.96 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $7745861 |
| Interest  |  | 6369 |
| Income from Fidelity Central Funds (including $111,619 from security lending)  |  | 176622 |
| **Total income** |  | 7928852 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $1234 |  |
| Proxy fee | 83 |  |
| Total expenses before reductions | 1317 |  |
| Expense reductions | (2481) |  |
| Total expenses after reductions |  | (1164) |
| **Net Investment income (loss)** |  | 7930016 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 20018656 |  |
| Redemptions in-kind | 169442046 |  |
| Fidelity Central Funds | 121 |  |
| Foreign currency transactions | (11) |  |
| Futures contracts | 423574 |  |
| Total net realized gain (loss) |  | 189884386 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (37417812) |  |
| Futures contracts | 120392 |  |
| Total change in net unrealized appreciation (depreciation) |  | (37297420) |
| **Net gain (loss)** |  | 152586966 |
| **Net increase (decrease) in net assets resulting from operations** |  | $160516982 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7930016 | $7298831 |
| &nbsp;&nbsp;Net realized gain (loss) | 189884386<br>| 11479573<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (37297420) | 11484959<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 160516982<br>| 30263363<br>|
| Distributions to shareholders | -<br>| (5037711)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 561033504 | 235522054 |
| Reinvestment of distributions | -<br>| 3720271<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (610891552) | (173412358) |
| **Net increase (decrease) in net assets resulting from share transactions** | (49858048)<br>| 65829967<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 110658934<br>| 91055619<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 495172449 | 404116830<br>|
| &nbsp;&nbsp;End of period | $605831383 | $495172449 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 27152491 | 12959637 |
| Issued in reinvestment of distributions | -<br>| 201454<br>|
| &nbsp;&nbsp;Redeemed | (29457187) | (9466012) |
| &nbsp;&nbsp;Net increase (decrease) | (2304696) | 3695079 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.95 | $16.91 | $14.83 | $15.35 | $16.82 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .31  | .29  | .26  | .26  | .21  |
| Net realized and unrealized gain (loss)  | 5.70  | .95  | 2.15  | (.52)  | (1.18)  |
| Total from investment operations  | 6.01  | 1.24  | 2.41  | (.26)  | (.97)  |
| Distributions from net investment income  | -  | (.20)  | (.24)  | (.23)  | (.19)  |
| Distributions from net realized gain  | -  | -  | (.08)  | (.03)  | (.31)  |
| Total distributions  | -  | (.20)  | (.33) C | (.26)  | (.50)  |
| Net asset value, end of period  | $23.96 | $17.95 | $16.91 | $14.83 | $15.35 |
| **Total Return** D | 33.48% <br>| 7.31%  | 16.36%  | (1.62)%  | (6.09)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | -% G | -% G | .04%  | -% G | -% G |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.45%  | 1.58%  | 1.67%  | 1.75%  | 1.27%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $605831 | $495172 | $404117 | $293963 | $251337 |
| Portfolio turnover rate H | 89% I<br>| 17% I | 10% I | 13%  | 13%  |

---

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

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

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

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

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

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

G*Amount represents less than .005%.*

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

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

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026 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, 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. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to short-term gain distributions from the underlying funds, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, 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**  | $86766608 |
| **Gross unrealized depreciation**  | <u>(49193078)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$37573530</u> |
| **Tax Cost**  | <u>$582231547</u> |

---

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

---

| | |
|:---|:---|
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$37573530</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income**  | $- | $5037711 |

---

**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. Subsequent payments from or to a fund are made or as needed depending on the fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Flex Mid Cap Index Fund** | 809323336 | 479624612 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that 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 Index Fund** | 18566418 | - | 169442046 | 169442046 | 382677338 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that 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 Mid Cap Index Fund** | 1377002 | 13522015 | 24025897 |

---

**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.

---

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

---

**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, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

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

---

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

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,481.

**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.

**Report of Independent Registered Public Accounting Firm**

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

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

We have audited the accompanying statement of assets and liabilities of Fidelity Flex Mid Cap Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of April 30, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 12, 2026

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

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

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

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130804_4.jpg)<br>

1.9881627.109 ZMP-ANN-0626

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

**Annual Report**

**April 30, 2026**

![](img130812_1.jpg)

![](img130812_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_FXM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® Mid Cap Focused Index Fund](#Sub_Sec_Fund_8967_FXM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements8967_FXM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_FXM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_FXM-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FXM-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FXM-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FXM-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FXM-ANN)** |

---

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

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

The 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.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

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

**Schedule of Investments April 30, 2026**

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>|
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (a) | 135 | 1563 |
| BERMUDA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| RenaissanceRe Holdings Ltd  | 201 | 61701 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 100 | 15033 |
| SWEDEN - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Autoliv Inc  | 78 | 9043 |
| SWITZERLAND - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| CRISPR Therapeutics AG (a) | 965 | 50508 |
| THAILAND - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Fabrinet (a) | 90 | 61512 |
| UNITED STATES - 98.3%  |  |  |
| Communication Services - 3.7% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Iridium Communications Inc  | 926 | 36179 |
| Entertainment - 0.9% |  |  |
| Roku Inc Class A (a) | 611 | 71218 |
| TKO Group Holdings Inc Class A  | 141 | 26238 |
| Warner Music Group Corp Class A  | 1128 | 31889 |
|  |  | 129345 |
| Interactive Media & Services - 1.3% |  |  |
| IAC Inc Class A (a) | 628 | 27984 |
| Match Group Inc  | 1317 | 49282 |
| Pinterest Inc Class A (a) | 1067 | 20977 |
| Reddit Inc Class A (a) | 310 | 45641 |
| Snap Inc Class A (a) | 7044 | 42757 |
|  |  | 186641 |
| Media - 1.2% |  |  |
| Liberty Broadband Corp Class C (a) | 68 | 2617 |
| New York Times Co/The Class A  | 733 | 57930 |
| News Corp Class A  | 578 | 15213 |
| Nexstar Media Group Inc  | 187 | 38922 |
| Trade Desk Inc (The) Class A (a) | 2221 | 52393 |
| Versant Media Group Inc Class A  | 47 | 1889 |
|  |  | 168964 |
| TOTAL COMMUNICATION SERVICES |  | 521129 |
| Consumer Discretionary - 11.4% |  |  |
| Automobile Components - 0.7% |  |  |
| BorgWarner Inc  | 994 | 56628 |
| Lear Corp  | 36 | 4577 |
| QuantumScape Corp Class A (a) | 4694 | 34219 |
|  |  | 95424 |
| Automobiles - 0.4% |  |  |
| Rivian Automotive Inc Class A (a) | 1641 | 26912 |
| Thor Industries Inc  | 387 | 30589 |
|  |  | 57501 |
| Broadline Retail - 0.8% |  |  |
| Etsy Inc (a) | 658 | 42336 |
| Macy's Inc  | 1795 | 35092 |
| Ollie's Bargain Outlet Holdings Inc (a) | 385 | 33306 |
|  |  | 110734 |
| Distributors - 0.3% |  |  |
| LKQ Corp  | 1416 | 44717 |
| Pool Corp  | 28 | 5973 |
|  |  | 50690 |
| Diversified Consumer Services - 0.4% |  |  |
| Duolingo Inc Class A (a) | 304 | 33470 |
| Service Corp International/US  | 269 | 21797 |
|  |  | 55267 |
| Hotels, Restaurants & Leisure - 4.4% |  |  |
| Aramark  | 1272 | 58118 |
| Caesars Entertainment Inc (a) | 1301 | 36168 |
| Cava Group Inc (a) | 130 | 12143 |
| Choice Hotels International Inc  | 208 | 20609 |
| Churchill Downs Inc  | 406 | 41002 |
| Domino's Pizza Inc  | 59 | 20026 |
| DraftKings Inc Class A (a) | 921 | 21478 |
| Dutch Bros Inc Class A (a) | 750 | 43133 |
| Hyatt Hotels Corp Class A  | 25 | 4188 |
| MGM Resorts International (a) | 1088 | 42367 |
| Norwegian Cruise Line Holdings Ltd (a) | 681 | 12381 |
| Planet Fitness Inc Class A (a) | 505 | 33668 |
| Texas Roadhouse Inc  | 323 | 52000 |
| Vail Resorts Inc  | 248 | 31541 |
| Viking Holdings Ltd (a) | 829 | 67903 |
| Wingstop Inc  | 206 | 33796 |
| Wyndham Hotels & Resorts Inc  | 454 | 36947 |
| Wynn Resorts Ltd  | 443 | 47450 |
|  |  | 614918 |
| Household Durables - 1.1% |  |  |
| Mohawk Industries Inc (a) | 339 | 35785 |
| Somnigroup International Inc  | 481 | 36489 |
| Toll Brothers Inc  | 437 | 62115 |
| TopBuild Corp (a) | 49 | 21692 |
|  |  | 156081 |
| Leisure Products - 0.7% |  |  |
| Brunswick Corp/DE  | 442 | 35117 |
| Hasbro Inc  | 630 | 60379 |
|  |  | 95496 |
| Specialty Retail - 2.0% |  |  |
| Advance Auto Parts Inc  | 604 | 35944 |
| AutoNation Inc (a) | 5 | 1062 |
| CarMax Inc (a) | 69 | 2712 |
| Dick's Sporting Goods Inc  | 308 | 69891 |
| Five Below Inc (a) | 115 | 27101 |
| Floor & Decor Holdings Inc Class A (a) | 29 | 1404 |
| GameStop Corp Class A (a) | 2101 | 52420 |
| Lithia Motors Inc  | 16 | 4642 |
| Murphy USA Inc  | 24 | 14112 |
| Valvoline Inc (a) | 906 | 30106 |
| Wayfair Inc Class A (a) | 576 | 36824 |
|  |  | 276218 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Capri Holdings Ltd (a) | 1198 | 23373 |
| PVH Corp  | 374 | 34199 |
| Ralph Lauren Corp Class A  | 83 | 29767 |
| VF Corp  | 134 | 2536 |
|  |  | 89875 |
| TOTAL CONSUMER DISCRETIONARY |  | 1602204 |
| Consumer Staples - 3.5% |  |  |
| Beverages - 0.8% |  |  |
| Brown-Forman Corp Class B  | 1718 | 44273 |
| Celsius Holdings Inc (a) | 59 | 1980 |
| Coca-Cola Consolidated Inc  | 108 | 22148 |
| Molson Coors Beverage Co Class B  | 949 | 40560 |
|  |  | 108961 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Albertsons Cos Inc Class A  | 2202 | 37104 |
| BJ's Wholesale Club Holdings Inc (a) | 611 | 57367 |
| Maplebear Inc (a) | 192 | 8131 |
| Performance Food Group Co (a) | 332 | 30066 |
| Sprouts Farmers Market Inc (a) | 111 | 9085 |
|  |  | 141753 |
| Food Products - 1.7% |  |  |
| Conagra Brands Inc  | 2658 | 38142 |
| Darling Ingredients Inc (a) | 267 | 17149 |
| Freshpet Inc (a) | 491 | 33084 |
| Hormel Foods Corp  | 234 | 5024 |
| Ingredion Inc  | 358 | 40003 |
| JM Smucker Co  | 529 | 51858 |
| Lamb Weston Holdings Inc  | 1191 | 51868 |
|  |  | 237128 |
| TOTAL CONSUMER STAPLES |  | 487842 |
| Energy - 3.6% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| NOV Inc  | 332 | 6793 |
| Weatherford International PLC  | 414 | 45685 |
|  |  | 52478 |
| Oil, Gas & Consumable Fuels - 3.2% |  |  |
| Antero Midstream Corp  | 384 | 8394 |
| Antero Resources Corp (a) | 1383 | 54297 |
| APA Corp  | 1585 | 64557 |
| Chord Energy Corp  | 310 | 45136 |
| DT Midstream Inc  | 219 | 32410 |
| HF Sinclair Corp  | 793 | 53298 |
| Matador Resources Co  | 661 | 41934 |
| Murphy Oil Corp  | 93 | 3883 |
| PBF Energy Inc Class A  | 835 | 36206 |
| Permian Resources Holdings Inc/DE Class A  | 1687 | 36473 |
| Range Resources Corp  | 418 | 18183 |
| SM Energy Co  | 1314 | 40773 |
| Venture Global Inc Class A  | 492 | 6528 |
| Viper Energy Inc Class A  | 262 | 12938 |
|  |  | 455010 |
| TOTAL ENERGY |  | 507488 |
| Financials - 15.7% |  |  |
| Banks - 3.7% |  |  |
| Bank OZK  | 1044 | 50280 |
| Columbia Banking System Inc  | 1577 | 46679 |
| Commerce Bancshares Inc/MO  | 127 | 6608 |
| Cullen/Frost Bankers Inc  | 94 | 13623 |
| East West Bancorp Inc  | 311 | 39332 |
| First Horizon Corp  | 913 | 22788 |
| Hancock Whitney Corp  | 531 | 35848 |
| Old National Bancorp/IN  | 430 | 10307 |
| Pinnacle Financial Partners Inc  | 318 | 31463 |
| Prosperity Bancshares Inc  | 582 | 40536 |
| SOUTHSTATE BANK CORP  | 157 | 15334 |
| UMB Financial Corp  | 97 | 12238 |
| United Bankshares Inc/WV  | 75 | 3286 |
| Valley National Bancorp  | 289 | 3922 |
| Webster Financial Corp  | 307 | 22215 |
| Western Alliance Bancorp  | 571 | 46559 |
| Wintrust Financial Corp  | 341 | 51345 |
| Zions Bancorp NA  | 776 | 49214 |
|  |  | 501577 |
| Capital Markets - 3.2% |  |  |
| Affiliated Managers Group Inc  | 34 | 10019 |
| Blue Owl Capital Inc Class A  | 237 | 2310 |
| Carlyle Group Inc/The  | 1215 | 60835 |
| Evercore Inc Class A  | 184 | 59117 |
| FactSet Research Systems Inc  | 52 | 11834 |
| Franklin Resources Inc  | 1724 | 51668 |
| Houlihan Lokey Inc Class A  | 298 | 46116 |
| Invesco Ltd  | 2161 | 56640 |
| Janus Henderson Group PLC  | 731 | 37727 |
| Jefferies Financial Group Inc  | 159 | 7667 |
| MarketAxess Holdings Inc  | 26 | 4087 |
| Morningstar Inc  | 231 | 38972 |
| SEI Investments Co  | 101 | 9159 |
| Stifel Financial Corp  | 732 | 57689 |
|  |  | 453840 |
| Consumer Finance - 1.0% |  |  |
| Ally Financial Inc  | 1353 | 60060 |
| Credit Acceptance Corp (a) | 60 | 30295 |
| OneMain Holdings Inc  | 90 | 5288 |
| SLM Corp  | 2003 | 46229 |
|  |  | 141872 |
| Financial Services - 3.1% |  |  |
| Affirm Holdings Inc Class A (a) | 1340 | 86135 |
| Corebridge Financial Inc  | 1535 | 42274 |
| Equitable Holdings Inc  | 515 | 21733 |
| Essent Group Ltd  | 601 | 36373 |
| Jack Henry & Associates Inc  | 347 | 53351 |
| MGIC Investment Corp  | 112 | 2965 |
| Rocket Cos Inc Class A (a) | 4376 | 63977 |
| Toast Inc Class A (a) | 967 | 27579 |
| Voya Financial Inc  | 560 | 45898 |
| Western Union Co/The  | 3197 | 29061 |
| WEX Inc (a) | 160 | 24053 |
|  |  | 433399 |
| Insurance - 3.5% |  |  |
| American Financial Group Inc/OH  | 360 | 47977 |
| Assurant Inc  | 92 | 21737 |
| Axis Capital Holdings Ltd  | 422 | 42373 |
| Erie Indemnity Co Class A  | 19 | 4160 |
| Fidelity National Financial Inc  | 501 | 26202 |
| First American Financial Corp  | 66 | 4629 |
| Globe Life Inc  | 150 | 23145 |
| Hanover Insurance Group Inc/The  | 214 | 40166 |
| Kinsale Capital Group Inc  | 27 | 8737 |
| Lincoln National Corp  | 1031 | 38982 |
| Loews Corp  | 413 | 46508 |
| Old Republic International Corp  | 1176 | 46981 |
| Primerica Inc  | 171 | 48098 |
| Reinsurance Group of America Inc  | 140 | 29604 |
| Ryan Specialty Holdings Inc Class A  | 1147 | 39881 |
| Unum Group  | 289 | 23230 |
|  |  | 492410 |
| Mortgage Real Estate Investment Trusts (REITs) - 1.2% |  |  |
| AGNC Investment Corp  | 5346 | 58913 |
| Annaly Capital Management Inc  | 3183 | 72891 |
| Rithm Capital Corp  | 134 | 1310 |
| Starwood Property Trust Inc  | 2125 | 39015 |
|  |  | 172129 |
| TOTAL FINANCIALS |  | 2195227 |
| Health Care - 10.9% |  |  |
| Biotechnology - 3.4% |  |  |
| Alkermes PLC (a) | 1020 | 34384 |
| Arrowhead Pharmaceuticals Inc (a) | 730 | 53640 |
| BioMarin Pharmaceutical Inc (a) | 930 | 50136 |
| Bridgebio Pharma Inc (a) | 348 | 24746 |
| Cytokinetics Inc (a) | 164 | 10491 |
| Exelixis Inc (a) | 499 | 22186 |
| Halozyme Therapeutics Inc (a) | 144 | 9167 |
| Incyte Corp (a) | 387 | 36869 |
| Ionis Pharmaceuticals Inc (a) | 325 | 24297 |
| Madrigal Pharmaceuticals Inc (a) | 32 | 16556 |
| Moderna Inc (a) | 838 | 38498 |
| Neurocrine Biosciences Inc (a) | 213 | 28046 |
| Praxis Precision Medicines Inc (a) | 138 | 43999 |
| Roivant Sciences Ltd (a) | 2099 | 59885 |
| Sarepta Therapeutics Inc (a) | 1054 | 22008 |
|  |  | 474908 |
| Health Care Equipment & Supplies - 2.8% |  |  |
| Align Technology Inc (a) | 318 | 55971 |
| Baxter International Inc  | 749 | 13167 |
| Globus Medical Inc Class A (a) | 560 | 50501 |
| iRhythm Technologies Inc (a) | 324 | 41848 |
| Lantheus Holdings Inc (a) | 578 | 48910 |
| Masimo Corp (a) | 245 | 43715 |
| Medline Inc Class A  | 1470 | 65372 |
| Penumbra Inc (a) | 181 | 59093 |
| Solventum Corp (a) | 240 | 16166 |
| Teleflex Inc  | 10 | 1239 |
|  |  | 395982 |
| Health Care Providers & Services - 2.4% |  |  |
| Acadia Healthcare Co Inc (a) | 928 | 24031 |
| Chemed Corp  | 4 | 1700 |
| DaVita Inc (a) | 3 | 464 |
| Encompass Health Corp  | 169 | 16900 |
| Ensign Group Inc/The  | 111 | 20723 |
| Guardant Health Inc (a) | 612 | 53293 |
| HealthEquity Inc (a) | 90 | 7383 |
| Henry Schein Inc (a) | 560 | 41770 |
| Molina Healthcare Inc (a) | 293 | 57024 |
| Tenet Healthcare Corp (a) | 381 | 67483 |
| Universal Health Services Inc Class B  | 277 | 46611 |
|  |  | 337382 |
| Life Sciences Tools & Services - 1.7% |  |  |
| Avantor Inc (a) | 4391 | 35567 |
| Bio-Rad Laboratories Inc Class A (a) | 120 | 33614 |
| Bio-Techne Corp  | 218 | 12060 |
| Bruker Corp  | 1115 | 40932 |
| Charles River Laboratories International Inc (a) | 258 | 43078 |
| Medpace Holdings Inc (a) | 42 | 17584 |
| Repligen Corp (a) | 39 | 4614 |
| Revvity Inc  | 566 | 49027 |
|  |  | 236476 |
| Pharmaceuticals - 0.6% |  |  |
| Elanco Animal Health Inc (a) | 957 | 21408 |
| Jazz Pharmaceuticals PLC (a) | 291 | 59079 |
|  |  | 80487 |
| TOTAL HEALTH CARE |  | 1525235 |
| Industrials - 20.8% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| BWX Technologies Inc  | 383 | 82877 |
| Hexcel Corp  | 56 | 5257 |
| Huntington Ingalls Industries Inc  | 173 | 63022 |
| Karman Holdings Inc (a) | 455 | 30931 |
| Kratos Defense & Security Solutions Inc (a) | 377 | 23770 |
| Moog Inc Class A  | 41 | 12354 |
|  |  | 218211 |
| Air Freight & Logistics - 0.3% |  |  |
| GXO Logistics Inc (a) | 690 | 39420 |
| Building Products - 2.0% |  |  |
| A O Smith Corp  | 125 | 7730 |
| Advanced Drainage Systems Inc  | 360 | 53730 |
| Allegion plc  | 175 | 24059 |
| Armstrong World Industries Inc  | 46 | 7838 |
| Builders FirstSource Inc (a) | 169 | 13366 |
| Fortune Brands Innovations Inc  | 1208 | 48972 |
| Modine Manufacturing Co (a) | 103 | 26227 |
| Owens Corning  | 428 | 52790 |
| Simpson Manufacturing Co Inc  | 235 | 44822 |
| Zurn Elkay Water Solutions Corp  | 134 | 6962 |
|  |  | 286496 |
| Commercial Services & Supplies - 0.9% |  |  |
| Casella Waste Systems Inc Class A (a) | 167 | 13235 |
| Clean Harbors Inc (a) | 112 | 35020 |
| Rollins Inc  | 677 | 37729 |
| Tetra Tech Inc  | 1407 | 45474 |
|  |  | 131458 |
| Construction & Engineering - 2.0% |  |  |
| AECOM  | 242 | 20352 |
| API Group Corp (a) | 1680 | 76810 |
| Argan Inc  | 75 | 50249 |
| Dycom Industries Inc (a) | 53 | 21947 |
| Everus Construction Group Inc (a) | 40 | 5896 |
| Fluor Corp (a) | 196 | 10457 |
| Primoris Services Corp  | 290 | 52534 |
| Sterling Infrastructure Inc (a) | 64 | 33000 |
| Valmont Industries Inc  | 26 | 13209 |
|  |  | 284454 |
| Electrical Equipment - 2.1% |  |  |
| Acuity Inc  | 45 | 13040 |
| Generac Holdings Inc (a) | 279 | 72325 |
| Nextpower Inc Class A (a) | 362 | 43125 |
| nVent Electric PLC  | 406 | 58017 |
| Regal Rexnord Corp  | 308 | 66229 |
| Sensata Technologies Holding PLC  | 953 | 39683 |
|  |  | 292419 |
| Ground Transportation - 1.2% |  |  |
| Knight-Swift Transportation Holdings Inc  | 828 | 53737 |
| Landstar System Inc  | 13 | 2393 |
| Lyft Inc Class A (a) | 2566 | 36309 |
| Ryder System Inc  | 53 | 13450 |
| Saia Inc (a) | 135 | 60591 |
|  |  | 166480 |
| Machinery - 6.2% |  |  |
| AGCO Corp  | 62 | 7503 |
| Allison Transmission Holdings Inc  | 141 | 18943 |
| Chart Industries Inc (a) | 72 | 14969 |
| CNH Industrial NV Class A  | 4452 | 47681 |
| Crane Co  | 259 | 46032 |
| Donaldson Co Inc  | 577 | 50874 |
| Flowserve Corp  | 209 | 15391 |
| Graco Inc  | 747 | 59962 |
| ITT Inc  | 203 | 43511 |
| Lincoln Electric Holdings Inc  | 119 | 31535 |
| Middleby Corp/The (a) | 279 | 39160 |
| Mueller Industries Inc  | 518 | 70153 |
| Nordson Corp  | 239 | 68940 |
| Oshkosh Corp  | 102 | 15943 |
| Pentair PLC  | 360 | 29056 |
| RBC Bearings Inc (a) | 136 | 81476 |
| SPX Technologies Inc (a) | 248 | 54290 |
| Stanley Black & Decker Inc  | 749 | 58542 |
| Timken Co/The  | 373 | 41362 |
| Toro Co/The  | 502 | 47775 |
| Watts Water Technologies Inc Class A  | 36 | 10806 |
|  |  | 853904 |
| Marine Transportation - 0.3% |  |  |
| Kirby Corp (a) | 303 | 45614 |
| Matson Inc  | 5 | 872 |
|  |  | 46486 |
| Passenger Airlines - 0.6% |  |  |
| Alaska Air Group Inc (a) | 1153 | 45094 |
| American Airlines Group Inc (a) | 3684 | 43139 |
|  |  | 88233 |
| Professional Services - 2.2% |  |  |
| Booz Allen Hamilton Holding Corp Class A  | 201 | 15632 |
| CACI International Inc (a) | 103 | 53513 |
| ExlService Holdings Inc (a) | 1580 | 50370 |
| FTI Consulting Inc (a) | 193 | 34605 |
| Genpact Ltd  | 91 | 3162 |
| Maximus Inc  | 549 | 36025 |
| Paycom Software Inc  | 299 | 37901 |
| Planet Labs PBC Class A (a) | 1470 | 54346 |
| Robert Half Inc  | 1000 | 26610 |
|  |  | 312164 |
| Trading Companies & Distributors - 1.4% |  |  |
| Applied Industrial Technologies Inc  | 64 | 19568 |
| Core & Main Inc Class A (a) | 954 | 48053 |
| QXO Inc (a) | 856 | 17179 |
| SiteOne Landscape Supply Inc (a) | 276 | 34790 |
| Wesco International Inc  | 221 | 77156 |
|  |  | 196746 |
| TOTAL INDUSTRIALS |  | 2916471 |
| Information Technology - 14.0% |  |  |
| Communications Equipment - 0.5% |  |  |
| Viavi Solutions Inc (a) | 1239 | 64924 |
| Electronic Equipment, Instruments & Components - 2.4% |  |  |
| Advanced Energy Industries Inc  | 176 | 67569 |
| Arrow Electronics Inc (a) | 283 | 53156 |
| Cognex Corp  | 223 | 12379 |
| Littelfuse Inc  | 131 | 52946 |
| Ralliant Corp  | 762 | 34625 |
| TD SYNNEX Corp  | 163 | 37193 |
| TTM Technologies Inc (a) | 178 | 28163 |
| Zebra Technologies Corp Class A (a) | 244 | 55207 |
|  |  | 341238 |
| IT Services - 0.8% |  |  |
| Amdocs Ltd  | 110 | 7113 |
| EPAM Systems Inc (a) | 64 | 7282 |
| Gartner Inc (a) | 342 | 50784 |
| GoDaddy Inc Class A (a) | 250 | 21698 |
| Kyndryl Holdings Inc (a) | 2298 | 31758 |
|  |  | 118635 |
| Semiconductors & Semiconductor Equipment - 4.0% |  |  |
| Astera Labs Inc (a) | 599 | 116650 |
| Cirrus Logic Inc (a) | 60 | 9785 |
| Enphase Energy Inc (a) | 866 | 28543 |
| FormFactor Inc (a) | 98 | 13321 |
| GlobalFoundries Inc (a) | 724 | 46770 |
| Lattice Semiconductor Corp (a) | 630 | 77037 |
| MKS Inc  | 156 | 44265 |
| Onto Innovation Inc (a) | 89 | 26260 |
| Qorvo Inc (a) | 495 | 46639 |
| Rambus Inc (a) | 179 | 20605 |
| Silicon Laboratories Inc (a) | 32 | 6966 |
| SiTime Corp (a) | 120 | 67458 |
| Skyworks Solutions Inc  | 811 | 56908 |
|  |  | 561207 |
| Software - 4.9% |  |  |
| Atlassian Corp Class A (a) | 333 | 22840 |
| Aurora Innovation Inc Class A (a) | 263 | 1546 |
| Bentley Systems Inc Class B  | 978 | 31902 |
| BitMine Immersion Technologies Inc  | 693 | 14830 |
| Box Inc Class A (a) | 1440 | 34848 |
| Circle Internet Group Inc Class A (a) | 1 | 91 |
| Docusign Inc (a) | 1011 | 46496 |
| Dropbox Inc Class A (a) | 1754 | 42605 |
| Dynatrace Inc (a) | 1445 | 52324 |
| Gen Digital Inc  | 2722 | 52508 |
| Guidewire Software Inc (a) | 175 | 24218 |
| InterDigital Inc  | 33 | 9786 |
| Manhattan Associates Inc (a) | 79 | 10893 |
| Nutanix Inc Class A (a) | 476 | 19464 |
| Procore Technologies Inc (a) | 687 | 38870 |
| RingCentral Inc Class A  | 762 | 30648 |
| Rubrik Inc Class A (a) | 846 | 44990 |
| Samsara Inc Class A (a) | 1715 | 49289 |
| SentinelOne Inc Class A (a) | 2471 | 34989 |
| Teradata Corp (a) | 937 | 24690 |
| Unity Software Inc (a) | 1907 | 50384 |
| Varonis Systems Inc (a) | 1181 | 31060 |
|  |  | 669271 |
| Technology Hardware, Storage & Peripherals - 1.4% |  |  |
| Everpure Inc Class A (a) | 1319 | 94243 |
| IonQ Inc (a) | 1777 | 80178 |
| Super Micro Computer Inc (a) | 959 | 26276 |
|  |  | 200697 |
| TOTAL INFORMATION TECHNOLOGY |  | 1955972 |
| Materials - 4.0% |  |  |
| Chemicals - 2.1% |  |  |
| Ashland Inc  | 397 | 21144 |
| Axalta Coating Systems Ltd (a) | 1307 | 37171 |
| Celanese Corp  | 625 | 42350 |
| Eastman Chemical Co  | 167 | 12206 |
| Element Solutions Inc  | 1235 | 52599 |
| Mosaic Co/The  | 1681 | 39117 |
| Olin Corp  | 941 | 26800 |
| RPM International Inc  | 592 | 60319 |
|  |  | 291706 |
| Construction Materials - 0.2% |  |  |
| Eagle Materials Inc  | 20 | 4202 |
| Knife River Corp (a) | 389 | 36002 |
|  |  | 40204 |
| Containers & Packaging - 1.1% |  |  |
| AptarGroup Inc  | 87 | 10760 |
| Crown Holdings Inc  | 533 | 52399 |
| Graphic Packaging Holding CO  | 2697 | 25702 |
| Silgan Holdings Inc  | 705 | 28588 |
| Sonoco Products Co  | 627 | 31325 |
|  |  | 148774 |
| Metals & Mining - 0.6% |  |  |
| Alcoa Corp  | 641 | 40889 |
| Commercial Metals Co  | 111 | 7655 |
| Hecla Mining Co  | 1392 | 25084 |
| MP Materials Corp (a) | 113 | 7462 |
|  |  | 81090 |
| TOTAL MATERIALS |  | 561774 |
| Real Estate - 7.8% |  |  |
| Health Care REITs - 0.9% |  |  |
| Alexandria Real Estate Equities Inc  | 145 | 5874 |
| American Healthcare REIT Inc  | 250 | 12695 |
| CareTrust REIT Inc  | 1190 | 46946 |
| Healthcare Realty Trust Inc  | 215 | 4021 |
| Healthpeak Properties Inc  | 1331 | 21522 |
| Omega Healthcare Investors Inc  | 621 | 29168 |
|  |  | 120226 |
| Hotel & Resort REITs - 0.7% |  |  |
| Host Hotels & Resorts Inc  | 3001 | 63411 |
| Ryman Hospitality Properties Inc  | 388 | 40775 |
|  |  | 104186 |
| Industrial REITs - 1.1% |  |  |
| Americold Realty Trust Inc  | 2865 | 35039 |
| EastGroup Properties Inc  | 91 | 18309 |
| First Industrial Realty Trust Inc  | 723 | 44833 |
| Rexford Industrial Realty Inc  | 274 | 9834 |
| STAG Industrial Inc Class A  | 1093 | 42168 |
|  |  | 150183 |
| Office REITs - 0.6% |  |  |
| BXP Inc  | 815 | 47645 |
| Cousins Properties Inc  | 1690 | 43280 |
|  |  | 90925 |
| Real Estate Management & Development - 0.7% |  |  |
| Jones Lang LaSalle Inc (a) | 212 | 67444 |
| Zillow Group Inc Class A (a) | 461 | 20565 |
| Zillow Group Inc Class C (a) | 189 | 8391 |
|  |  | 96400 |
| Residential REITs - 1.1% |  |  |
| American Homes 4 Rent Class A  | 1674 | 53300 |
| Camden Property Trust  | 513 | 53876 |
| Equity LifeStyle Properties Inc  | 391 | 24746 |
| UDR Inc  | 530 | 19260 |
|  |  | 151182 |
| Retail REITs - 1.7% |  |  |
| Agree Realty Corp  | 186 | 14342 |
| Brixmor Property Group Inc  | 1595 | 47994 |
| Federal Realty Investment Trust  | 109 | 12088 |
| Kimco Realty Corp  | 1531 | 36193 |
| Kite Realty Group Trust  | 2177 | 56950 |
| NNN REIT Inc  | 251 | 10991 |
| Regency Centers Corp  | 767 | 59712 |
|  |  | 238270 |
| Specialized REITs - 1.0% |  |  |
| CubeSmart  | 1213 | 49102 |
| Lamar Advertising Co Class A  | 421 | 58031 |
| National Storage Affiliates Trust  | 712 | 30303 |
| Rayonier Inc  | 248 | 5260 |
|  |  | 142696 |
| TOTAL REAL ESTATE |  | 1094068 |
| Utilities - 2.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| IDACORP Inc  | 67 | 9898 |
| OGE Energy Corp  | 350 | 17080 |
| Pinnacle West Capital Corp  | 562 | 58291 |
| Portland General Electric Co  | 685 | 35572 |
|  |  | 120841 |
| Gas Utilities - 1.2% |  |  |
| MDU Resources Group Inc  | 2056 | 46322 |
| National Fuel Gas Co  | 495 | 41768 |
| ONE Gas Inc  | 461 | 41130 |
| Southwest Gas Holdings Inc  | 28 | 2633 |
| UGI Corp  | 1173 | 42334 |
|  |  | 174187 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| AES Corp/The  | 3540 | 51153 |
| Ormat Technologies Inc  | 60 | 6894 |
| Talen Energy Corp (a) | 103 | 38359 |
|  |  | 96406 |
| Multi-Utilities - 0.0% |  |  |
| Black Hills Corp  | 19 | 1431 |
| Water Utilities - 0.1% |  |  |
| Essential Utilities Inc  | 545 | 20819 |
| TOTAL UTILITIES |  | 413684 |
| TOTAL UNITED STATES |  | 13781094 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $13,606,474) |  | <br> **13980454** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $22,595)<br>| 3.69 | 22590 | **22595** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $13,629,069)<br>| <br>**14003049** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **14779** |
| **NET ASSETS - 100.0%** | **14017828** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P Midcap 400 Index Contracts (United States) | 1 | 6/2026 | 36512 | 2621 |
| The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 | - | 3176829 | 3154234 | 1158 | - | - | 22595 | 22590 | 0.0% |
| Total | - | 3176829 | 3154234 | 1158 | - | - | 22595 |  |  |

---

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 April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 522692 | 522692 | - | - |
| Consumer Discretionary | 1611247 | 1611247 | - | - |
| Consumer Staples | 487842 | 487842 | - | - |
| Energy | 507488 | 507488 | - | - |
| Financials | 2271961 | 2271961 | - | - |
| Health Care | 1575743 | 1575743 | - | - |
| Industrials | 2916471 | 2916471 | - | - |
| Information Technology | 2017484 | 2017484 | - | - |
| Materials | 561774 | 561774 | - | - |
| Real Estate | 1094068 | 1094068 | - | - |
| Utilities | 413684 | 413684 | - | - |
|  **Money Market Funds** | 22595 | 22595 | - | - |
| **Total Investments in Securities:** | 14003049 | 14003049 | - | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 2621 | 2621 | - | - |
| Total Assets | 2621 | 2621 | - | - |
| **Total Derivative Instruments:** | 2621 | 2621 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. 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)  | 2621 | - |
| **Total Equity Risk**  | 2621 | - |
| **Total Value of Derivatives** | 2621 | - |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $13,606,474) | $13980454 |  |
| Fidelity Central Funds (cost $22,595) | 22595 |  |
| Total Investment in Securities (cost $13,629,069) |  | $14003049 |
| Segregated cash with brokers for derivative instruments |  | 9714 |
| Cash |  | 3819 |
| Receivable for fund shares sold |  | 26098 |
| Dividends receivable |  | 4222 |
| Distributions receivable from Fidelity Central Funds |  | 103 |
| Receivable for variation margin on futures contracts |  | 606 |
| **Total assets** |  | 14047611 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $18678 |  |
| Payable for fund shares redeemed | 11105 |  |
| **Total liabilities** |  | 29783 |
| **Net Assets**  |  | $14017828 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $13683984 |
| Total accumulated earnings (loss) |  | 333844 |
| **Net Assets** |  | $14017828 |
| **Net Asset Value**, offering price and redemption price per share ($14,017,828 ÷ 1,254,071 shares) |  | $11.18 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **For the period July 24, 2025 (commencement of operations) through April 30, 2026**  | <br> **For the period July 24, 2025 (commencement of operations) through April 30, 2026**  | <br> **For the period July 24, 2025 (commencement of operations) through April 30, 2026**  |
| **Investment Income** |  |  |
| Dividends  |  | $76638 |
| Income from Fidelity Central Funds  |  | 1158 |
| **Total income** |  | 77796 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $9 |  |
| **Total expenses** |  | 9 |
| **Net Investment income (loss)** |  | 77787 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (94038) |  |
| Redemptions in-kind | 491181 |  |
| Futures contracts | 4051 |  |
| Total net realized gain (loss) |  | 401194 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 373980 |  |
| Futures contracts | 2621 |  |
| Total change in net unrealized appreciation (depreciation) |  | 376601 |
| **Net gain (loss)** |  | 777795 |
| **Net increase (decrease) in net assets resulting from operations** |  | $855582 |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **For the period July 24, 2025 (commencement of operations) through April 30, 2026**  |
| **Increase (Decrease) in Net Assets** |  |
| Operations |  |
| &nbsp;&nbsp;Net investment income (loss) | $77787 |
| &nbsp;&nbsp;Net realized gain (loss) | 401194<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 376601 |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 855582<br>|
| Distributions to shareholders | (31206)<br>|
| Share transactions |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 19792864 |
| Reinvestment of distributions | 15002<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (6614414) |
| **Net increase (decrease) in net assets resulting from share transactions** | 13193452<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 14017828<br>|
| **Net Assets** |  |
| &nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;End of period | $14017828 |
| **Other Information** |  |
| Shares |  |
| &nbsp;&nbsp;Sold | 1880658 |
| Issued in reinvestment of distributions | 1429<br>|
| &nbsp;&nbsp;Redeemed | (628016) |
| &nbsp;&nbsp;Net increase (decrease) | 1254071 |

---

**Financial Highlights** 

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

---

| | |
|:---|:---|
| **Years ended April 30,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .11  |
| Net realized and unrealized gain (loss)  | 1.12  |
| Total from investment operations  | 1.23  |
| Distributions from net investment income  | (.05)  |
| Distributions from net realized gain  | - D |
| Total distributions  | (.05)  |
| Net asset value, end of period  | $11.18 |
| **Total Return** E | 12.33% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | -% H,I |
| Expenses net of fee waivers, if any  | -% H,I<br>|
| Expenses net of all reductions, if any  | -% H,I |
| Net investment income (loss)  | 1.40% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $14018 |
| Portfolio turnover rate J | 135% I,K<br>|

---

A*For the period July 24, 2025 (commencement of operations) through April 30, 2026.*

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*Amount represents less than $.005 per share.*

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

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**

For the period ended April 30, 2026

**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 April 30, 2026 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, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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), redemptions in-kind 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**  | $832731 |
| **Gross unrealized depreciation**  | <u>(714136)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$118595</u> |
| **Tax Cost**  | <u>$13884454</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$215248</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$118595</u> |

---

The tax character of distributions paid was as follows:

---

| | |
|:---|:---|
|  | **April 30, 2026A** |
| **Ordinary Income**  | $30582 |
| **Long-term Capital Gains**  | <u>624</u> |
| **Total**  | <u>$31206</u> |

---

*A For the period July 24, 2025 (commencement of operations) through April 30, 2026.*

**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. Subsequent payments from or to a fund are made or as needed depending on the fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, 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** | 22276391 | 7773853 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that 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** | 107103 | - | 491181 | 491181 | 1193180 |

---

**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, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

**8. 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 Mid Cap Focused Index Fund  | 24% |

---

**9. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

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

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

We have audited the accompanying statement of assets and liabilities of Fidelity Flex Mid Cap Focused Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of April 30, 2026, and the related statement of operations, statement of changes in net assets, and financial highlights for the period from July 24, 2025 (commencement of operations) through April 30, 2026, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, and the results of its operations, the changes in its net assets and the financial highlights for the period from July 24, 2025 (commencement of operations) through April 30, 2026, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2026

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

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

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

The fund designates 100% of the short-term capital gain dividends distributed in December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $912 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 58% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 64.86% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 27.44% of the dividends distributed during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130812_4.jpg)<br>

1.9918054.100 FXM-ANN-0626

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

**Annual Report**

**April 30, 2026**

![](img130813_1.jpg)

![](img130813_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_FXS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® Small Cap Focused Index Fund](#Sub_Sec_Fund_8968_FXS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements8968_FXS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_FXS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_FXS-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FXS-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FXS-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FXS-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FXS-ANN)** |

---

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

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

The 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.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

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

**Schedule of Investments April 30, 2026**

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) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd  | 262 | 6460 |
| BERMUDA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Teekay Corp Ltd  | 919 | 12278 |
| CANADA - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Tankers Ltd Class A  | 33 | 2592 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| D-Wave Quantum Inc (a) | 1574 | 31921 |
| TOTAL CANADA |  | 34513 |
| CHINA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| indie Semiconductor Inc Class A (a) | 3516 | 15857 |
| GHANA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Kosmos Energy Ltd (a) | 6183 | 19044 |
| IRELAND - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Ardmore Shipping Corp  | 627 | 11110 |
| ISRAEL - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Mobileye Global Inc Class A (a) | 1998 | 17363 |
| JAPAN - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Allegro MicroSystems Inc (a) | 486 | 23571 |
| MONACO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Scorpio Tankers Inc  | 114 | 9272 |
| NORWAY - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Seadrill Ltd (a) | 532 | 26435 |
| PUERTO RICO - 0.2%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| First BanCorp/Puerto Rico  | 543 | 13185 |
| Ofg Bancorp  | 63 | 2895 |
|  |  | 16080 |
| Financial Services - 0.0% |  |  |
| EVERTEC Inc  | 93 | 2746 |
| TOTAL FINANCIALS |  | 18826 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Unusual Machines Inc /US (a) | 578 | 8433 |
| TOTAL PUERTO RICO |  | 27259 |
| SINGAPORE - 0.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Grindr Inc Class A (a) | 769 | 10282 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Kulicke & Soffa Industries Inc  | 186 | 15903 |
| TOTAL SINGAPORE |  | 26185 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Garrett Motion Inc  | 1177 | 30143 |
| UNITED STATES - 98.1%  |  |  |
| Communication Services - 2.9% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| GCI Liberty Inc Class C  | 399 | 13666 |
| Globalstar Inc (a) | 405 | 33332 |
| IDT Corp Class B  | 273 | 13691 |
| Lumen Technologies Inc (a) | 4359 | 38534 |
| Shenandoah Telecommunications Co  | 770 | 12111 |
| Uniti Group Inc (a) | 267 | 3158 |
|  |  | 114492 |
| Entertainment - 1.1% |  |  |
| Atlanta Braves Holdings Inc Class A (a) | 172 | 9102 |
| Atlanta Braves Holdings Inc Class C (a) | 448 | 22136 |
| Cinemark Holdings Inc  | 864 | 25505 |
| Lionsgate Studios Corp  | 518 | 6443 |
| Madison Square Garden Entertainment Corp Class A (a) | 366 | 24493 |
| Madison Square Garden Sports Corp Class A (a) | 128 | 43835 |
| Marcus Corp/The  | 385 | 6784 |
| Sphere Entertainment Co Class A (a) | 90 | 12821 |
|  |  | 151119 |
| Interactive Media & Services - 0.4% |  |  |
| Cargurus Inc Class A (a) | 239 | 8714 |
| EverQuote Inc Class A (a) | 475 | 6850 |
| QuinStreet Inc (a) | 966 | 12326 |
| Trump Media & Technology Group Corp (a) | 75 | 686 |
| Yelp Inc Class A (a) | 643 | 17747 |
| Ziff Davis Inc (a) | 45 | 2059 |
| ZoomInfo Technologies Inc (a) | 2868 | 17925 |
|  |  | 66307 |
| Media - 0.6% |  |  |
| Cable One Inc (a) | 80 | 7319 |
| Clear Channel Outdoor Holdings Inc (a) | 5102 | 12245 |
| DoubleVerify Holdings Inc (a) | 1559 | 17180 |
| iHeartMedia Inc Class A (a) | 1141 | 6812 |
| John Wiley & Sons Inc Class A  | 33 | 1350 |
| Magnite Inc (a) | 1482 | 18992 |
| NIQ Global Intelligence Plc  | 864 | 9444 |
| Sinclair Inc Class A  | 683 | 10621 |
| USA TODAY Co Inc (a) | 1805 | 13050 |
|  |  | 97013 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Telephone and Data Systems Inc  | 393 | 17709 |
| TOTAL COMMUNICATION SERVICES |  | 446640 |
| Consumer Discretionary - 10.5% |  |  |
| Automobile Components - 1.3% |  |  |
| Adient PLC (a) | 81 | 1705 |
| Cooper-Standard Holdings Inc (a) | 305 | 9171 |
| Dana Inc  | 872 | 31785 |
| Dauch Corporation (a) | 2656 | 15166 |
| Dorman Products Inc (a) | 87 | 9788 |
| Gentherm Inc (a) | 449 | 13515 |
| Goodyear Tire & Rubber Co/The (a) | 2797 | 19803 |
| LCI Industries  | 202 | 24082 |
| Patrick Industries Inc  | 260 | 24180 |
| Phinia Inc  | 108 | 7792 |
| Standard Motor Products Inc  | 336 | 12556 |
| Versigent PLC  | 132 | 4616 |
| Visteon Corp  | 240 | 26811 |
|  |  | 200970 |
| Automobiles - 0.1% |  |  |
| Lucid Group Inc (a) | 1591 | 10135 |
| Winnebago Industries Inc  | 418 | 13631 |
|  |  | 23766 |
| Broadline Retail - 0.0% |  |  |
| Dillard's Inc Class A  | 31 | 17645 |
| Kohl's Corp  | 50 | 708 |
|  |  | 18353 |
| Diversified Consumer Services - 1.5% |  |  |
| ADT Inc  | 1752 | 13193 |
| Carriage Services Inc  | 260 | 12766 |
| Covista Inc (a) | 133 | 15324 |
| Frontdoor Inc (a) | 557 | 38227 |
| Graham Holdings Co Class B  | 27 | 30308 |
| Grand Canyon Education Inc (a) | 115 | 19443 |
| Laureate Education Inc (a) | 992 | 29854 |
| Mister Car Wash Inc (a) | 1663 | 11774 |
| Perdoceo Education Corp  | 144 | 4886 |
| Strategic Education Inc  | 227 | 17797 |
| Stride Inc (a) | 156 | 15157 |
| Universal Technical Institute Inc (a) | 501 | 18803 |
|  |  | 227532 |
| Hotels, Restaurants & Leisure - 2.2% |  |  |
| Bloomin' Brands Inc  | 1333 | 8131 |
| Brinker International Inc (a) | 198 | 30144 |
| Cheesecake Factory Inc/The  | 126 | 7922 |
| Cracker Barrel Old Country Store Inc  | 385 | 12058 |
| First Watch Restaurant Group Inc (a) | 793 | 10404 |
| Global Business Travel Group I Class A (a) | 2072 | 12142 |
| Kura Sushi USA Inc Class A (a) | 110 | 6058 |
| Life Time Group Holdings Inc (a) | 1172 | 31421 |
| Lindblad Expeditions Holdings Inc (a) | 688 | 12749 |
| Marriott Vacations Worldwide Corp  | 46 | 3311 |
| Monarch Casino & Resort Inc  | 150 | 17804 |
| Navan Inc Class A (a) | 649 | 11351 |
| Papa John's International Inc  | 422 | 15272 |
| Penn Entertainment Inc (a) | 222 | 3876 |
| Portillo's Inc Class A (a) | 829 | 5181 |
| Pursuit Attractions and Hospitality Inc (a) | 329 | 13844 |
| Red Rock Resorts Inc Class A  | 420 | 22663 |
| Rush Street Interactive Inc Class A (a) | 915 | 25712 |
| Sabre Corp (a) | 6861 | 12556 |
| Shake Shack Inc Class A (a) | 317 | 32480 |
| Six Flags Entertainment Corp (a) | 1024 | 19231 |
| Target Hospitality Corp (a) | 552 | 8026 |
| Wendy's Co/The  | 2031 | 14136 |
|  |  | 336472 |
| Household Durables - 2.0% |  |  |
| Cavco Industries Inc (a) | 29 | 14703 |
| Century Communities Inc  | 279 | 15630 |
| Champion Homes Inc (a) | 423 | 32245 |
| Green Brick Partners Inc (a) | 293 | 19760 |
| Hovnanian Enterprises Inc Class A (a) | 81 | 9108 |
| Installed Building Products Inc  | 159 | 45879 |
| KB Home  | 514 | 27237 |
| Leggett & Platt Inc  | 1564 | 17001 |
| M/I Homes Inc (a) | 89 | 11703 |
| Meritage Homes Corp  | 262 | 17643 |
| Newell Brands Inc  | 236 | 962 |
| SharkNinja Inc (a) | 335 | 38703 |
| Sonos Inc (a) | 1259 | 18671 |
| Taylor Morrison Home Corp (a) | 432 | 26240 |
| Tri Pointe Homes Inc (a) | 323 | 15145 |
|  |  | 310630 |
| Leisure Products - 0.3% |  |  |
| Acushnet Holdings Corp  | 241 | 23334 |
| Callaway Golf Co (a) | 250 | 3825 |
| Peloton Interactive Inc Class A (a) | 579 | 3155 |
| Sturm Ruger & Co Inc  | 275 | 11930 |
|  |  | 42244 |
| Specialty Retail - 2.6% |  |  |
| Abercrombie & Fitch Co Class A (a) | 346 | 29531 |
| American Eagle Outfitters Inc  | 465 | 8100 |
| Arko Corp  | 1344 | 8870 |
| Asbury Automotive Group Inc (a) | 152 | 30961 |
| Boot Barn Holdings Inc (a) | 122 | 20917 |
| Buckle Inc/The  | 325 | 18073 |
| Chewy Inc Class A (a) | 1665 | 42325 |
| Gap Inc/The  | 1620 | 39837 |
| Group 1 Automotive Inc  | 45 | 16059 |
| MarineMax Inc (a) | 334 | 9599 |
| National Vision Holdings Inc (a) | 779 | 18088 |
| Penske Automotive Group Inc  | 158 | 27100 |
| Revolve Group Inc Class A (a) | 581 | 14786 |
| RH (a) | 21 | 2771 |
| Sally Beauty Holdings Inc (a) | 1104 | 15655 |
| Signet Jewelers Ltd  | 147 | 13087 |
| Stitch Fix Inc Class A (a) | 2048 | 7455 |
| Upbound Group Inc  | 728 | 14385 |
| Urban Outfitters Inc (a) | 431 | 30317 |
| Victoria's Secret & Co (a) | 301 | 15601 |
| Warby Parker Inc Class A (a) | 213 | 4712 |
| Winmark Corp  | 35 | 13317 |
|  |  | 401546 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Columbia Sportswear Co  | 5 | 305 |
| Figs Inc Class A (a) | 1427 | 21348 |
| G-III Apparel Group Ltd  | 493 | 15377 |
| Kontoor Brands Inc  | 187 | 13718 |
| Levi Strauss & Co Class A  | 158 | 3520 |
| Oxford Industries Inc  | 241 | 10324 |
| Steven Madden Ltd  | 194 | 7287 |
| Wolverine World Wide Inc  | 4 | 68 |
|  |  | 71947 |
| TOTAL CONSUMER DISCRETIONARY |  | 1633460 |
| Consumer Staples - 2.4% |  |  |
| Beverages - 0.2% |  |  |
| Boston Beer Co Inc/The Class A (a) | 77 | 18252 |
| National Beverage Corp (a) | 360 | 12319 |
| Vita Coco Co Inc/The (a) | 95 | 6269 |
|  |  | 36840 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Andersons Inc/The  | 299 | 23483 |
| Chefs' Warehouse Inc/The (a) | 340 | 26385 |
| PriceSmart Inc  | 95 | 14907 |
| United Natural Foods Inc (a) | 181 | 9054 |
| Weis Markets Inc  | 162 | 11369 |
|  |  | 85198 |
| Food Products - 0.8% |  |  |
| Cal-Maine Foods Inc  | 350 | 27041 |
| Calavo Growers Inc  | 210 | 5914 |
| Flowers Foods Inc  | 2158 | 19551 |
| Mama's Creations Inc (a) | 656 | 9309 |
| Marzetti Company/The  | 61 | 7947 |
| Pilgrim's Pride Corp  | 43 | 1423 |
| Seaboard Corp  | 3 | 17058 |
| Simply Good Foods Co/The (a) | 1033 | 13811 |
| Utz Brands Inc Class A  | 1366 | 10873 |
|  |  | 112927 |
| Household Products - 0.5% |  |  |
| Central Garden & Pet Co Class A (a) | 534 | 17921 |
| Oil-Dri Corp of America  | 176 | 12839 |
| Reynolds Consumer Products Inc  | 678 | 14218 |
| Spectrum Brands Holdings Inc  | 30 | 2478 |
| WD-40 Co  | 115 | 24145 |
|  |  | 71601 |
| Personal Care Products - 0.2% |  |  |
| BellRing Brands Inc (a) | 186 | 3311 |
| Coty Inc Class A (a) | 5914 | 14548 |
| Edgewell Personal Care Co  | 632 | 14252 |
| Herbalife Ltd (a) | 60 | 996 |
| Interparfums Inc  | 22 | 2007 |
|  |  | 35114 |
| Tobacco - 0.2% |  |  |
| Turning Point Brands Inc  | 213 | 17185 |
| Universal Corp/VA  | 290 | 15538 |
|  |  | 32723 |
| TOTAL CONSUMER STAPLES |  | 374403 |
| Energy - 5.7% |  |  |
| Energy Equipment & Services - 3.0% |  |  |
| Archrock Inc  | 787 | 30496 |
| Bristow Group Inc  | 310 | 15230 |
| Cactus Inc Class A  | 561 | 31259 |
| Core Laboratories Inc  | 748 | 10958 |
| Expro Group Holdings NV (a) | 113 | 2058 |
| Helix Energy Solutions Group Inc (a) | 1611 | 16674 |
| Innovex International Inc (a) | 539 | 14968 |
| Kodiak Gas Services Inc  | 612 | 41494 |
| Liberty Energy Inc Class A  | 660 | 22301 |
| National Energy Services Reunited Corp (a) | 692 | 17258 |
| Noble Corp PLC  | 884 | 45111 |
| Oceaneering International Inc (a) | 799 | 29994 |
| Oil States International Inc (a) | 961 | 11032 |
| Patterson-UTI Energy Inc  | 2735 | 33422 |
| RPC Inc  | 1539 | 12127 |
| Select Water Solutions Inc Class A  | 1161 | 19424 |
| Solaris Energy Infrastructure Inc Class A  | 403 | 29758 |
| Tidewater Inc (a) | 174 | 15543 |
| Transocean Ltd (a) | 6902 | 47072 |
| Valaris Ltd (a) | 292 | 29778 |
|  |  | 475957 |
| Oil, Gas & Consumable Fuels - 2.7% |  |  |
| California Resources Corp  | 337 | 23004 |
| Calumet Inc (a) | 147 | 4810 |
| Centrus Energy Corp Class A (a) | 68 | 14345 |
| Clean Energy Fuels Corp (a) | 2999 | 6898 |
| CNX Resources Corp (a) | 1022 | 39766 |
| Comstock Resources Inc (a) | 55 | 957 |
| Core Natural Resources Inc  | 371 | 33294 |
| Crescent Energy Co Class A  | 2006 | 26981 |
| CVR Energy Inc (a) | 418 | 13853 |
| Delek US Holdings Inc  | 173 | 8060 |
| Granite Ridge Resources Inc  | 1116 | 6729 |
| Green Plains Inc (a) | 878 | 15260 |
| Gulfport Energy Corp (a) | 54 | 10397 |
| International Seaways Inc  | 127 | 10535 |
| Kinetik Holdings Inc Class A  | 430 | 21732 |
| Lightbridge Corp (a) | 117 | 1527 |
| Magnolia Oil & Gas Corp Class A  | 789 | 23859 |
| NextDecade Corp (a) | 1851 | 14493 |
| Northern Oil & Gas Inc  | 881 | 23928 |
| Par Pacific Holdings Inc (a) | 165 | 10836 |
| Peabody Energy Corp  | 935 | 24927 |
| REX American Resources Corp (a) | 337 | 16345 |
| Sable Offshore Corp (a) | 1235 | 17722 |
| Talos Energy Inc (a) | 211 | 3359 |
| Ur-Energy Inc (United States) (a) | 5932 | 10618 |
| Uranium Energy Corp (a) | 2218 | 33026 |
|  |  | 417261 |
| TOTAL ENERGY |  | 893218 |
| Financials - 18.6% |  |  |
| Banks - 8.9% |  |  |
| 1st Source Corp  | 214 | 15735 |
| Ameris Bancorp  | 469 | 39982 |
| Associated Banc-Corp  | 652 | 18360 |
| Atlantic Union Bankshares Corp  | 605 | 22778 |
| Axos Financial Inc (a) | 238 | 22953 |
| Banc of California Inc  | 1209 | 22645 |
| BancFirst Corp  | 190 | 21206 |
| Bancorp Inc/The (a) | 385 | 23035 |
| Bank First Corp  | 3 | 435 |
| Bank of Hawaii Corp  | 127 | 10098 |
| BankUnited Inc  | 597 | 27749 |
| Banner Corp  | 71 | 4751 |
| Bar Harbor Bankshares  | 290 | 9933 |
| Beacon Financial Corp  | 229 | 6533 |
| BOK Financial Corp  | 62 | 8295 |
| Carter Bankshares Inc (a) | 380 | 9728 |
| Cathay General Bancorp  | 540 | 30256 |
| City Holding Co  | 19 | 2336 |
| CNB Financial Corp/PA  | 429 | 13033 |
| Community Financial System Inc  | 174 | 11025 |
| Community Trust Bancorp Inc  | 213 | 13830 |
| Community West Bancshares  | 404 | 9583 |
| Connectone Bancorp Inc  | 575 | 16802 |
| Customers Bancorp Inc (a) | 75 | 5720 |
| CVB Financial Corp  | 342 | 6967 |
| Dime Community Bancshares Inc  | 461 | 16545 |
| Eastern Bankshares Inc  | 1639 | 33157 |
| Enterprise Financial Services Corp  | 354 | 20468 |
| Equity Bancshares Inc Class A  | 260 | 11788 |
| FB Financial Corp  | 379 | 20493 |
| First Bancorp/Southern Pines NC  | 104 | 6005 |
| First Busey Corp  | 808 | 21170 |
| First Commonwealth Financial Corp  | 159 | 2927 |
| First Community Bankshares Inc  | 290 | 12360 |
| First Financial Bancorp  | 871 | 26374 |
| First Financial Corp  | 190 | 12477 |
| First Hawaiian Inc  | 1016 | 27716 |
| First Interstate BancSystem Inc Class A  | 278 | 9866 |
| First Merchants Corp  | 553 | 22363 |
| First Mid Bancshares Inc  | 310 | 13048 |
| Firstsun Capital Bancorp (a) | 348 | 12305 |
| Five Star Bancorp  | 293 | 11852 |
| Flushing Financial Corp  | 586 | 9446 |
| FNB Corp/PA  | 1608 | 28703 |
| Fulton Financial Corp  | 733 | 15825 |
| German American Bancorp Inc  | 398 | 17142 |
| Hanmi Financial Corp  | 461 | 13789 |
| Hilltop Holdings Inc  | 26 | 979 |
| Hingham Institution For Savings The  | 33 | 9379 |
| Home BancShares Inc/AR  | 1339 | 35979 |
| Hope Bancorp Inc  | 1398 | 17405 |
| Horizon Bancorp Inc/IN  | 756 | 13684 |
| Independent Bank Corp  | 185 | 14428 |
| International Bancshares Corp  | 425 | 30490 |
| Lakeland Financial Corp  | 279 | 16885 |
| Mechanics Bancorp Class A  | 805 | 11886 |
| Mercantile Bank Corp  | 250 | 12828 |
| Metrocity Bankshares Inc  | 368 | 11772 |
| National Bank Holdings Corp Class A  | 455 | 19429 |
| NB Bancorp Inc  | 583 | 11444 |
| Nbt Bancorp Inc  | 481 | 21015 |
| Nicolet Bankshares Inc  | 164 | 24023 |
| Northrim BanCorp Inc  | 381 | 9346 |
| Northwest Bancshares Inc  | 1441 | 19929 |
| Old Second Bancorp Inc  | 681 | 14035 |
| Park National Corp  | 46 | 7921 |
| Pathward Financial Inc  | 40 | 3474 |
| Peapack-Gladstone Financial Corp  | 275 | 11481 |
| Peoples Financial Services Corp  | 159 | 9057 |
| Preferred Bank/Los Angeles CA  | 149 | 14115 |
| Provident Financial Services Inc  | 1115 | 25288 |
| QCR Holdings Inc  | 7 | 633 |
| Renasant Corp  | 755 | 30117 |
| S&T Bancorp Inc  | 33 | 1456 |
| Seacoast Banking Corp of Florida  | 811 | 25522 |
| Simmons First National Corp Class A  | 439 | 9333 |
| SmartFinancial Inc  | 254 | 10653 |
| Stellar Bancorp Inc  | 473 | 17766 |
| Stock Yards Bancorp Inc  | 274 | 19818 |
| Texas Capital Bancshares Inc (a) | 335 | 33735 |
| Third Coast Bancshares Inc (a) | 94 | 3510 |
| Tompkins Financial Corp  | 170 | 14326 |
| Towne Bank/Portsmouth VA  | 270 | 9601 |
| TriCo Bancshares  | 28 | 1408 |
| Triumph Financial Inc (a) | 3 | 202 |
| Trustmark Corp  | 522 | 23161 |
| United Community Bank/SC  | 937 | 31230 |
| WaFd Inc  | 195 | 6903 |
| Washington Trust Bancorp Inc  | 329 | 10340 |
| WesBanco Inc  | 331 | 11380 |
| WSFS Financial Corp  | 191 | 13746 |
|  |  | 1380699 |
| Capital Markets - 2.9% |  |  |
| Acadian Asset Management Inc  | 15 | 1010 |
| Artisan Partners Asset Management Inc Class A  | 618 | 23138 |
| BGC Group Inc Class A  | 1317 | 14790 |
| Cohen & Steers Inc  | 283 | 19892 |
| DigitalBridge Group Inc Class A  | 460 | 7158 |
| Donnelley Financial Solutions Inc (a) | 320 | 16096 |
| Federated Hermes Inc Class B  | 294 | 17078 |
| Galaxy Digital Inc Class A  | 1555 | 42669 |
| Hamilton Lane Inc Class A  | 315 | 28977 |
| Lazard Inc  | 468 | 22698 |
| Moelis & Co Class A  | 292 | 19015 |
| Perella Weinberg Partners Class A  | 813 | 18488 |
| Piper Sandler Cos  | 490 | 42728 |
| PJT Partners Inc Class A  | 195 | 29784 |
| StepStone Group Inc Class A  | 263 | 13913 |
| StoneX Group Inc (a) | 499 | 52909 |
| TPG Inc Class A  | 547 | 23860 |
| Victory Capital Holdings Inc Class A  | 155 | 12169 |
| Virtu Financial Inc Class A  | 633 | 31435 |
| Virtus Invt Partners Inc  | 95 | 13827 |
| WisdomTree Inc  | 134 | 2278 |
|  |  | 453912 |
| Consumer Finance - 1.5% |  |  |
| Bread Financial Holdings Inc  | 150 | 12717 |
| Dave Inc Class A (a) | 108 | 29375 |
| Encore Capital Group Inc (a) | 237 | 19616 |
| Enova International Inc (a) | 87 | 14739 |
| EZCORP Inc Class A (a) | 634 | 20783 |
| Figure Technology Solutions Inc Class A  | 415 | 14567 |
| FirstCash Holdings Inc  | 264 | 57610 |
| LendingClub Corp (a) | 130 | 2218 |
| Nelnet Inc Class A  | 140 | 19838 |
| PRA Group Inc (a) | 659 | 14360 |
| PROG Holdings Inc  | 500 | 17915 |
| Upstart Holdings Inc (a) | 195 | 6158 |
|  |  | 229896 |
| Financial Services - 2.2% |  |  |
| Alerus Financial Corp  | 439 | 11827 |
| Cannae Holdings Inc  | 771 | 10416 |
| Enact Holdings Inc  | 356 | 15212 |
| Federal Agricultural Mortgage Corp Class C  | 106 | 18423 |
| Flywire Corp (a) | 1296 | 17509 |
| HA Sustainable Infrastructure Capital Inc  | 941 | 39475 |
| Jackson Financial Inc  | 335 | 38783 |
| Marqeta Inc Class A (a) | 4168 | 18089 |
| NCR Atleos Corp (a) | 602 | 26717 |
| NMI Holdings Inc (a) | 644 | 24929 |
| Payoneer Global Inc (a) | 73 | 363 |
| PennyMac Financial Services Inc  | 256 | 23114 |
| Radian Group Inc  | 1014 | 36332 |
| Remitly Global Inc (a) | 1477 | 32332 |
| Shift4 Payments Inc Class A (a) | 209 | 9255 |
| UWM Holdings Corp Class A  | 3580 | 12673 |
| Walker & Dunlop Inc  | 24 | 1208 |
|  |  | 336657 |
| Insurance - 1.9% |  |  |
| Amerisafe Inc  | 327 | 9908 |
| Baldwin Insurance Group Inc/The Class A (a) | 97 | 2204 |
| Brighthouse Financial Inc (a) | 201 | 12514 |
| CNO Financial Group Inc  | 732 | 32537 |
| Genworth Financial Inc Class A (a) | 3239 | 28471 |
| HCI Group Inc  | 112 | 17200 |
| Horace Mann Educators Corp  | 414 | 18812 |
| Kemper Corp  | 84 | 2830 |
| Lemonade Inc (a) | 240 | 13594 |
| Mercury General Corp  | 65 | 6325 |
| Oscar Health Inc Class A (a) | 601 | 11094 |
| Palomar Hldgs Inc (a) | 219 | 26363 |
| Root Inc/OH Class A (a) | 238 | 12966 |
| Safety Insurance Group Inc  | 193 | 14506 |
| SiriusPoint Ltd (a) | 245 | 5735 |
| Skyward Specialty Insurance Group Inc (a) | 415 | 18862 |
| Stewart Information Services Corp  | 48 | 3360 |
| Trupanion Inc (a) | 499 | 11971 |
| United Fire Group Inc  | 336 | 13548 |
| Universal Insurance Holdings Inc  | 384 | 15218 |
| White Mountains Insurance Group Ltd  | 11 | 24552 |
|  |  | 302570 |
| Mortgage Real Estate Investment Trusts (REITs) - 1.2% |  |  |
| Apollo Commercial Real Estate Finance Inc  | 1488 | 16279 |
| Arbor Realty Trust Inc  | 104 | 821 |
| ARMOUR Residential REIT Inc  | 191 | 3349 |
| Brightspire Capital Inc Class A  | 2129 | 12348 |
| Chimera Investment Corp  | 1094 | 15043 |
| Dynex Capital Inc  | 1754 | 23889 |
| Ellington Financial Inc  | 1366 | 18100 |
| Franklin BSP Realty Trust Inc  | 1391 | 12658 |
| Invesco Mortgage Capital Inc  | 1243 | 10105 |
| MFA Financial Inc  | 1395 | 14299 |
| Orchid Island Capital Inc  | 2164 | 15213 |
| Pennymac Mortgage Investment Trust  | 1156 | 14080 |
| Redwood Trust Inc  | 2071 | 11515 |
| TPG RE Finance Trust Inc  | 1349 | 11413 |
| Two Harbors Investment Corp  | 1287 | 14891 |
|  |  | 194003 |
| TOTAL FINANCIALS |  | 2897737 |
| Health Care - 16.7% |  |  |
| Biotechnology - 7.6% |  |  |
| Absci Corp (a) | 2281 | 11348 |
| ACADIA Pharmaceuticals Inc (a) | 1067 | 23954 |
| ADMA Biologics Inc (a) | 533 | 5463 |
| Agios Pharmaceuticals Inc (a) | 114 | 3192 |
| Allogene Therapeutics Inc (a) | 2848 | 6066 |
| AnaptysBio Inc (a) | 250 | 16433 |
| Annexon Inc (a) | 2216 | 13008 |
| Apogee Therapeutics Inc (a) | 401 | 33239 |
| Arbutus Biopharma Corp (a) | 2580 | 10836 |
| Arcus Biosciences Inc (a) | 137 | 3494 |
| Arcutis Biotherapeutics Inc (a) | 962 | 22338 |
| Ardelyx Inc (a) | 141 | 892 |
| ARS Pharmaceuticals Inc (a) | 1125 | 9293 |
| Beam Therapeutics Inc (a) | 887 | 26903 |
| BioCryst Pharmaceuticals Inc (a) | 575 | 5267 |
| Biohaven Ltd (a) | 1461 | 14011 |
| Capricor Therapeutics Inc (a) | 10 | 335 |
| Catalyst Pharmaceuticals Inc (a) | 976 | 27455 |
| Celcuity Inc (a) | 140 | 16989 |
| Celldex Therapeutics Inc (a) | 137 | 4505 |
| CG oncology Inc (a) | 281 | 18754 |
| Cogent Biosciences Inc (a) | 668 | 23908 |
| Compass Therapeutics Inc (a) | 2268 | 4014 |
| Corvus Pharmaceuticals Inc (a) | 960 | 14582 |
| Cullinan Therapeutics Inc (a) | 846 | 11040 |
| Denali Therapeutics Inc (a) | 1246 | 23325 |
| Dianthus Therapeutics Inc (a) | 304 | 26691 |
| Disc Medicine Inc (a) | 302 | 19917 |
| Dyne Therapeutics Inc (a) | 404 | 7090 |
| Emergent BioSolutions Inc (a) | 906 | 7456 |
| Erasca Inc (a) | 912 | 9713 |
| First Tracks Biotherapeutics Inc  | 248 | 5771 |
| GRAIL Inc (a) | 27 | 1470 |
| Ideaya Biosciences Inc (a) | 743 | 21621 |
| ImmunityBio Inc (a) | 2839 | 20157 |
| Immunome Inc (a) | 257 | 5896 |
| Immunovant Inc (a) | 753 | 20440 |
| Intellia Therapeutics Inc (a) | 1250 | 16850 |
| Kodiak Sciences Inc (a) | 412 | 17914 |
| Krystal Biotech Inc (a) | 119 | 31209 |
| Kymera Therapeutics Inc (a) | 264 | 21402 |
| MannKind Corp (a) | 4811 | 13615 |
| MiMedx Group Inc (a) | 2023 | 6797 |
| Mineralys Therapeutics Inc (a) | 612 | 16310 |
| Mirum Pharmaceuticals Inc (a) | 192 | 18684 |
| Myriad Genetics Inc (a) | 1610 | 7648 |
| Nurix Therapeutics Inc (a) | 60 | 1001 |
| Nuvalent Inc Class A (a) | 230 | 23064 |
| ORIC Pharmaceuticals Inc (a) | 1337 | 13210 |
| Oruka Therapeutics Inc (a) | 378 | 25859 |
| Protagonist Therapeutics Inc (a) | 265 | 26227 |
| PTC Therapeutics Inc (a) | 575 | 37410 |
| Recursion Pharmaceuticals Inc Class A (a) | 5486 | 18982 |
| REGENXBIO Inc (a) | 813 | 7293 |
| Relay Therapeutics Inc (a) | 45 | 582 |
| Rhythm Pharmaceuticals Inc (a) | 438 | 35636 |
| Rigel Pharmaceuticals Inc (a) | 314 | 9075 |
| Scholar Rock Holding Corp (a) | 333 | 15521 |
| Sionna Therapeutics Inc (a) | 248 | 9598 |
| Soleno Therapeutics Inc (a) | 74 | 3909 |
| Spyre Therapeutics Inc (a) | 551 | 41022 |
| Stoke Therapeutics Inc (a) | 537 | 17571 |
| Summit Therapeutics Inc (a) | 484 | 10387 |
| Syndax Pharmaceuticals Inc (a) | 824 | 17658 |
| Tango Therapeutics Inc (a) | 930 | 20107 |
| Taysha Gene Therapies Inc (a) | 3065 | 19585 |
| TG Therapeutics Inc (a) | 1013 | 34219 |
| Travere Therapeutics Inc (a) | 271 | 11415 |
| Twist Bioscience Corp (a) | 199 | 11632 |
| Ultragenyx Pharmaceutical Inc (a) | 200 | 4938 |
| Vaxcyte Inc (a) | 609 | 34859 |
| Vera Therapeutics Inc Class A (a) | 562 | 20013 |
| Veracyte Inc (a) | 693 | 22814 |
| Verastem Inc (a) | 1253 | 6841 |
| Vericel Corp (a) | 57 | 1980 |
| Vir Biotechnology Inc (a) | 1506 | 15384 |
| Viridian Therapeutics Inc (a) | 86 | 1158 |
| Xencor Inc (a) | 1030 | 12288 |
|  |  | 1178533 |
| Health Care Equipment & Supplies - 2.2% |  |  |
| Alphatec Holdings Inc (a) | 1347 | 13147 |
| Artivion Inc (a) | 469 | 16804 |
| AtriCure Inc (a) | 15 | 422 |
| Avanos Medical Inc (a) | 804 | 19794 |
| Axogen Inc (a) | 61 | 2635 |
| Beta Bionics Inc (a) | 604 | 6161 |
| Bioventus Inc (a) | 797 | 7866 |
| Embecta Corp  | 1027 | 9397 |
| Enovis Corp (a) | 660 | 15470 |
| Glaukos Corp (a) | 400 | 57469 |
| Haemonetics Corp (a) | 132 | 7932 |
| Inspire Medical Systems Inc (a) | 7 | 393 |
| Integer Holdings Corp (a) | 291 | 25756 |
| Integra LifeSciences Holdings Corp (a) | 1155 | 12174 |
| iRadimed Corp  | 126 | 10513 |
| LeMaitre Vascular Inc  | 191 | 20962 |
| Merit Medical Systems Inc (a) | 455 | 31022 |
| Neogen Corp (a) | 435 | 4089 |
| Novocure Ltd (a) | 1299 | 19758 |
| Omnicell Inc (a) | 32 | 1325 |
| Procept Biorobotics Corp (a) | 623 | 14977 |
| QuidelOrtho Corp (a) | 857 | 10541 |
| Tactile Systems Technology Inc (a) | 387 | 8909 |
| TransMedics Group Inc (a) | 121 | 12196 |
| UFP Technologies Inc (a) | 84 | 16097 |
|  |  | 345809 |
| Health Care Providers & Services - 2.4% |  |  |
| AdaptHealth Corp (a) | 1269 | 16637 |
| Addus HomeCare Corp (a) | 23 | 2227 |
| Alignment Healthcare Inc (a) | 496 | 11180 |
| AMN Healthcare Services Inc (a) | 638 | 13060 |
| Astrana Health Inc (a) | 563 | 19221 |
| Aveanna Healthcare Holdings Inc (a) | 1224 | 8005 |
| BrightSpring Health Services Inc (a) | 947 | 45428 |
| Brookdale Senior Living Inc (a) | 814 | 11689 |
| Castle Biosciences Inc (a) | 477 | 11682 |
| Clover Health Investments Corp Class A (a) | 6831 | 18785 |
| Concentra Group Holdings Parent Inc  | 325 | 7303 |
| CorVel Corp (a) | 36 | 2068 |
| Enhabit Inc (a) | 839 | 11528 |
| GeneDx Holdings Corp Class A (a) | 240 | 15094 |
| Guardian Pharmacy Services Inc Class A (a) | 348 | 12911 |
| Hims & Hers Health Inc Class A (a) | 1590 | 43200 |
| Hinge Health Inc Class A (a) | 255 | 11373 |
| National HealthCare Corp  | 23 | 3986 |
| NeoGenomics Inc (a) | 1741 | 16122 |
| Nutex Health Inc (a) | 89 | 10609 |
| PACS Group Inc (a) | 496 | 16641 |
| Pediatrix Medical Group Inc (a) | 115 | 2588 |
| Privia Health Group Inc (a) | 301 | 7480 |
| Progyny Inc (a) | 7 | 129 |
| RadNet Inc (a) | 264 | 14929 |
| Select Medical Holdings Corp  | 1109 | 18199 |
| Talkspace Inc Class A (a) | 2293 | 11901 |
| US Physical Therapy Inc  | 191 | 13603 |
|  |  | 377578 |
| Health Care Technology - 0.1% |  |  |
| HealthStream Inc  | 409 | 8491 |
| Schrodinger Inc/United States (a) | 968 | 11577 |
| Waystar Holding Corp (a) | 341 | 7289 |
|  |  | 27357 |
| Life Sciences Tools & Services - 0.8% |  |  |
| 10X Genomics Inc Class A (a) | 1028 | 22667 |
| Adaptive Biotechnologies Corp (a) | 1217 | 17160 |
| BioLife Solutions Inc (a) | 621 | 13091 |
| Cytek Biosciences Inc (a) | 1895 | 8641 |
| Fortrea Holdings Inc (a) | 1344 | 15456 |
| Mesa Laboratories Inc  | 96 | 9600 |
| Pacific Biosciences of California Inc (a) | 5204 | 8274 |
| Sotera Health Co (a) | 1862 | 28973 |
|  |  | 123862 |
| Pharmaceuticals - 3.6% |  |  |
| Alumis Inc (a) | 806 | 19900 |
| Amneal Intermediate Inc Class A (a) | 1586 | 20412 |
| ANI Pharmaceuticals Inc (a) | 205 | 16287 |
| Axsome Therapeutics Inc (a) | 289 | 60040 |
| BioAge Labs Inc (a) | 522 | 8796 |
| Collegium Pharmaceutical Inc (a) | 412 | 13897 |
| Crinetics Pharmaceuticals Inc (a) | 383 | 14853 |
| Definium Therapeutics Inc (a) | 942 | 20611 |
| Edgewise Therapeutics Inc (a) | 659 | 20403 |
| Enliven Therapeutics Inc (a) | 460 | 18966 |
| Harrow Inc (a) | 407 | 16496 |
| Indivior Pharmaceuticals Inc  | 970 | 35677 |
| Innoviva Inc (a) | 739 | 16990 |
| Ligand Pharmaceuticals Inc (a) | 152 | 34876 |
| Liquidia Corp (a) | 192 | 7528 |
| Maze Therapeutics Inc (a) | 365 | 9702 |
| MBX Biosciences Inc (a) | 384 | 11604 |
| Nektar Therapeutics (a) | 60 | 5102 |
| Ocular Therapeutix Inc (a) | 80 | 750 |
| Omeros Corp (a) | 1047 | 15286 |
| Organon & Co  | 2752 | 36464 |
| Pacira BioSciences Inc (a) | 576 | 14682 |
| Perrigo Co PLC  | 1496 | 17713 |
| Prestige Consumer Healthcare Inc (a) | 407 | 22922 |
| Rapport Therapeutics Inc (a) | 409 | 13550 |
| Roche Holding AG rights (a)(b) | 6 | 0 |
| Septerna Inc (a) | 396 | 9409 |
| Supernus Pharmaceuticals Inc (a) | 182 | 8736 |
| Tarsus Pharmaceuticals Inc (a) | 117 | 7442 |
| Terns Pharmaceuticals Inc (a) | 351 | 18578 |
| Theravance Biopharma Inc (a) | 641 | 10730 |
| Trevi Therapeutics Inc (a) | 1264 | 17393 |
| WaVe Life Sciences Ltd (a) | 1964 | 13866 |
|  |  | 559661 |
| TOTAL HEALTH CARE |  | 2612800 |
| Industrials - 16.2% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| AAR Corp (a) | 294 | 32449 |
| AeroVironment Inc (a) | 225 | 43880 |
| Archer Aviation Inc Class A (a) | 2070 | 11882 |
| Astronics Corp (a) | 73 | 5212 |
| Ducommun Inc (a) | 140 | 19870 |
| Intuitive Machines Inc Class A (a) | 1028 | 26060 |
| Leonardo DRS Inc  | 613 | 24906 |
| Loar Holdings Inc (a) | 337 | 18912 |
| Mercury Systems Inc (a) | 202 | 15940 |
| National Presto Industries Inc  | 85 | 11886 |
| Park Aerospace Corp  | 314 | 10632 |
| Red Cat Holdings Inc (a) | 1242 | 14556 |
| Redwire Corp Class A (a) | 1300 | 11947 |
| StandardAero Inc (a) | 803 | 19963 |
| V2X Inc (a) | 7 | 474 |
| VSE Corp  | 126 | 21632 |
|  |  | 290201 |
| Air Freight & Logistics - 0.0% |  |  |
| Hub Group Inc Class A  | 140 | 6136 |
| Building Products - 1.6% |  |  |
| AAON Inc  | 482 | 44975 |
| AZZ Inc  | 233 | 33328 |
| CSW Industrials Inc  | 125 | 36400 |
| Gibraltar Industries Inc (a) | 366 | 14285 |
| Griffon Corp  | 331 | 30177 |
| Hayward Holdings Inc (a) | 1721 | 25832 |
| Masterbrand Inc (a) | 1667 | 14970 |
| Quanex Building Products Corp  | 686 | 13679 |
| Resideo Technologies Inc (a) | 1018 | 42115 |
|  |  | 255761 |
| Commercial Services & Supplies - 1.4% |  |  |
| ABM Industries Inc  | 139 | 5671 |
| Brady Corp Class A  | 159 | 13009 |
| Brink's Co/The  | 165 | 17614 |
| CoreCivic Inc (a) | 176 | 3601 |
| Ennis Inc  | 436 | 9104 |
| Enviri Corp (a) | 74 | 1457 |
| GEO Group Inc/The (a) | 346 | 6404 |
| Healthcare Services Group Inc (a) | 838 | 17942 |
| HNI Corp  | 631 | 23057 |
| Interface Inc  | 36 | 1003 |
| Liquidity Services Inc (a) | 386 | 13761 |
| Montrose Environmental Group Inc (a) | 531 | 11178 |
| OPENLANE Inc (a) | 875 | 27510 |
| Pitney Bowes Inc  | 1546 | 23901 |
| UniFirst Corp/MA  | 114 | 29128 |
| Vestis Corp (a) | 1632 | 15863 |
|  |  | 220203 |
| Construction & Engineering - 1.9% |  |  |
| Arcosa Inc  | 212 | 26812 |
| Centuri Holdings Inc (a) | 735 | 27636 |
| Construction Partners Inc Class A (a) | 345 | 42663 |
| Granite Construction Inc  | 314 | 43040 |
| IES Holdings Inc (a) | 35 | 22543 |
| Legence Corp Class A  | 327 | 28436 |
| Limbach Holdings Inc (a) | 159 | 15863 |
| MYR Group Inc (a) | 116 | 46959 |
| NWPX Infrastructure Inc (a) | 151 | 14849 |
| Orion Group Holdings Inc (a) | 420 | 5720 |
| Tutor Perini Corp  | 158 | 14681 |
|  |  | 289202 |
| Electrical Equipment - 2.0% |  |  |
| Allient Inc  | 210 | 15998 |
| American Superconductor Corp (a) | 40 | 2141 |
| Amprius Technologies Inc (a) | 1248 | 26283 |
| Atkore Inc  | 67 | 5236 |
| Babcock & Wilcox Enterprises Inc (a) | 1016 | 15911 |
| EnerSys  | 169 | 36041 |
| Enovix Corp Class B (a) | 2671 | 17816 |
| Eos Energy Enterprises Inc (a) | 3411 | 22854 |
| NuScale Power Corp Class A (a) | 1632 | 20335 |
| Plug Power Inc (a) | 4623 | 14470 |
| Powell Industries Inc  | 205 | 56840 |
| Preformed Line Products Co  | 41 | 13622 |
| Shoals Technologies Group Inc (a) | 2084 | 16547 |
| Thermon Group Holdings Inc (a) | 42 | 2540 |
| Vicor Corp (a) | 180 | 48469 |
|  |  | 315103 |
| Ground Transportation - 0.4% |  |  |
| ArcBest Corp  | 206 | 26279 |
| Avis Budget Group Inc (a) | 53 | 9576 |
| Ftai Infrastructure Inc  | 2008 | 12339 |
| Schneider National Inc Class B  | 578 | 17970 |
| Werner Enterprises Inc  | 87 | 3208 |
|  |  | 69372 |
| Machinery - 4.0% |  |  |
| Alamo Group Inc  | 108 | 18732 |
| Albany International Corp Class A  | 309 | 17934 |
| Alliance Laundry Holdings Inc  | 576 | 14613 |
| Atmus Filtration Technologies Inc  | 339 | 21493 |
| Blue Bird Corp (a) | 52 | 3333 |
| CECO Environmental Corp (a) | 300 | 22242 |
| Douglas Dynamics Inc  | 313 | 14439 |
| Enerpac Tool Group Corp Class A  | 517 | 18147 |
| Enpro Inc  | 91 | 26531 |
| Esab Corp  | 253 | 24862 |
| ESCO Technologies Inc  | 123 | 39846 |
| Federal Signal Corp  | 421 | 51838 |
| Franklin Electric Co Inc  | 139 | 13926 |
| Gates Industrial Corp PLC (a) | 1132 | 28991 |
| Gorman-Rupp Co/The  | 240 | 18178 |
| Greenbrier Cos Inc/The  | 31 | 1522 |
| Helios Technologies Inc  | 303 | 20725 |
| Hillman Solutions Corp (a) | 2072 | 16908 |
| JBT Marel Corp  | 240 | 28344 |
| Kadant Inc  | 94 | 27554 |
| Kennametal Inc  | 229 | 8865 |
| Lindsay Corp  | 126 | 14108 |
| Mueller Water Products Inc Class A1  | 630 | 17571 |
| Proto Labs Inc (a) | 270 | 17499 |
| Standex International Corp  | 99 | 27027 |
| Symbotic Inc Class A (a) | 481 | 28427 |
| Tennant CO  | 216 | 17937 |
| Terex Corp  | 784 | 48765 |
| Trinity Industries Inc  | 229 | 7468 |
| Worthington Enterprises Inc  | 35 | 1898 |
|  |  | 619723 |
| Passenger Airlines - 0.3% |  |  |
| Allegiant Travel Co (a) | 170 | 12859 |
| JetBlue Airways Corp (a) | 20 | 92 |
| Joby Aviation Inc Class A (a) | 458 | 4209 |
| SkyWest Inc (a) | 149 | 12236 |
| Sun Country Airlines Holdings Inc (a) | 767 | 12119 |
|  |  | 41515 |
| Professional Services - 1.3% |  |  |
| Amentum Holdings Inc (a) | 596 | 15633 |
| BlackSky Technology Inc Class A (a) | 456 | 16179 |
| Clarivate PLC (a) | 5650 | 16216 |
| CRA International Inc  | 85 | 13385 |
| CSG Systems International Inc  | 60 | 4825 |
| Huron Consulting Group Inc (a) | 32 | 4181 |
| ICF International Inc  | 223 | 15980 |
| Kforce Inc  | 281 | 12704 |
| Korn Ferry  | 178 | 11826 |
| Legalzoom.com Inc (a) | 2001 | 12906 |
| Parsons Corp (a) | 165 | 8318 |
| Resolute Holdings Management Inc (a) | 63 | 8574 |
| UL Solutions Inc Class A  | 537 | 48593 |
| Upwork Inc (a) | 1445 | 14956 |
| Verra Mobility Corp Class A (a) | 386 | 5724 |
|  |  | 210000 |
| Trading Companies & Distributors - 1.4% |  |  |
| Boise Cascade Co  | 316 | 25049 |
| DNOW Inc (a) | 1720 | 23203 |
| DXP Enterprises Inc/TX (a) | 127 | 21685 |
| Global Industrial Co  | 239 | 7913 |
| Herc Holdings Inc  | 258 | 32745 |
| McGrath RentCorp  | 73 | 8070 |
| MSC Industrial Direct Co Inc Class A  | 348 | 35590 |
| Rush Enterprises Inc Class A  | 466 | 34498 |
| Transcat Inc (a) | 157 | 11948 |
| Willis Lease Finance Corp  | 53 | 10290 |
| Xometry Inc Class A (a) | 69 | 3538 |
|  |  | 214529 |
| TOTAL INDUSTRIALS |  | 2531745 |
| Information Technology - 14.1% |  |  |
| Communications Equipment - 1.4% |  |  |
| Applied Optoelectronics Inc (a) | 459 | 75441 |
| Calix Inc (a) | 183 | 7971 |
| Digi International Inc (a) | 61 | 3418 |
| Extreme Networks Inc (a) | 1281 | 28297 |
| Harmonic Inc (a) | 1497 | 17111 |
| Netgear Inc (a) | 493 | 12458 |
| NetScout Systems Inc (a) | 157 | 5291 |
| Ondas Inc (a) | 1725 | 17319 |
| Viasat Inc (a) | 614 | 40469 |
| Vistance Networks Inc  | 856 | 10953 |
|  |  | 218728 |
| Electronic Equipment, Instruments & Components - 3.5% |  |  |
| Aeva Technologies Inc (a) | 478 | 7643 |
| Arlo Technologies Inc (a) | 1158 | 16270 |
| Avnet Inc  | 595 | 49093 |
| Badger Meter Inc  | 120 | 14509 |
| Bel Fuse Inc Class B  | 23 | 6344 |
| Belden Inc  | 293 | 32957 |
| Benchmark Electronics Inc  | 72 | 5907 |
| Crane NXT Co  | 469 | 20955 |
| CTS Corp  | 9 | 513 |
| Daktronics Inc (a) | 625 | 12288 |
| ePlus Inc  | 252 | 21342 |
| IPG Photonics Corp (a) | 212 | 25211 |
| Itron Inc (a) | 349 | 29246 |
| Knowles Corp (a) | 783 | 24422 |
| Mirion Technologies Inc Class A (a) | 1001 | 19770 |
| Napco Security Technologies Inc  | 401 | 18747 |
| nLight Inc (a) | 187 | 13062 |
| OSI Systems Inc (a) | 119 | 34143 |
| Ouster Inc Class A (a) | 760 | 20490 |
| PC Connection Inc  | 194 | 12366 |
| Plexus Corp (a) | 117 | 29318 |
| Rogers Corp (a) | 169 | 22942 |
| Sanmina Corp (a) | 374 | 81465 |
| ScanSource Inc (a) | 323 | 13282 |
| Vishay Intertechnology Inc  | 295 | 8546 |
| Vishay Precision Group Inc (a) | 212 | 12809 |
|  |  | 553640 |
| IT Services - 0.8% |  |  |
| Applied Digital Corp (a) | 1750 | 59938 |
| BigBear.ai Holdings Inc (a) | 265 | 1054 |
| DigitalOcean Holdings Inc (a) | 371 | 35776 |
| Everforth Inc (a) | 45 | 949 |
| Fastly Inc Class A (a) | 1048 | 26467 |
|  |  | 124184 |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| ACM Research Inc Class A (a) | 498 | 25742 |
| Alpha & Omega Semiconductor Ltd (a) | 428 | 18588 |
| Ambarella Inc (a) | 85 | 5848 |
| Amkor Technology Inc  | 491 | 34247 |
| Axcelis Technologies Inc (a) | 97 | 13494 |
| AXT Inc (a) | 123 | 9744 |
| CEVA Inc (a) | 466 | 14232 |
| Cohu Inc (a) | 511 | 24196 |
| Diodes Inc (a) | 153 | 16394 |
| Ichor Holdings Ltd (a) | 360 | 23749 |
| Impinj Inc (a) | 80 | 11594 |
| MaxLinear Inc (a) | 34 | 2405 |
| Navitas Semiconductor Corp Class A (a) | 242 | 3992 |
| Photronics Inc (a) | 529 | 26175 |
| Rigetti Computing Inc Class A (a) | 1336 | 23313 |
| Semtech Corp (a) | 438 | 46012 |
| SolarEdge Technologies Inc (a) | 197 | 8443 |
| Ultra Clean Holdings Inc (a) | 141 | 11019 |
| Veeco Instruments Inc (a) | 570 | 28415 |
|  |  | 347602 |
| Software - 5.8% |  |  |
| A10 Networks Inc  | 732 | 19530 |
| ACI Worldwide Inc (a) | 406 | 17547 |
| Adeia Inc  | 938 | 29875 |
| Agilysys Inc (a) | 36 | 2306 |
| Alarm.com Holdings Inc (a) | 111 | 4930 |
| Appfolio Inc Class A (a) | 91 | 15205 |
| Appian Corp Class A (a) | 550 | 11435 |
| Arteris Inc (a) | 568 | 16449 |
| AvePoint Inc Class A (a) | 1604 | 15639 |
| Bit Digital Inc (a) | 5581 | 8427 |
| Blackbaud Inc (a) | 2 | 73 |
| BlackLine Inc (a) | 500 | 15625 |
| Braze Inc Class A (a) | 892 | 19651 |
| C3.ai Inc Class A (a) | 1632 | 14411 |
| Ccc Intelligent Solutions Holdings Inc Class A (a) | 4653 | 24382 |
| Cipher Digital Inc (a) | 2295 | 40713 |
| Cleanspark Inc (a) | 2368 | 29671 |
| Clear Secure Inc Class A  | 668 | 35665 |
| Clearwater Analytics Holdings Inc Class A (a) | 1989 | 48134 |
| Core Scientific Inc (a) | 1287 | 25740 |
| Daily Journal Corp (a) | 16 | 8460 |
| Five9 Inc (a) | 963 | 16564 |
| Freshworks Inc Class A (a) | 238 | 1942 |
| Gitlab Inc Class A (a) | 1171 | 25926 |
| Hut 8 Corp (United States) (a) | 717 | 54334 |
| I3 Verticals Inc Class A (a) | 337 | 7599 |
| Intapp Inc (a) | 13 | 292 |
| Klaviyo Inc Class A (a) | 1235 | 24811 |
| Life360 Inc (a) | 639 | 27535 |
| LiveRamp Holdings Inc (a) | 654 | 19116 |
| MARA Holdings Inc (a) | 1222 | 14652 |
| N-able Inc/US (a) | 563 | 2916 |
| nCino Inc (a) | 141 | 2465 |
| NCR Voyix Corp (a) | 2039 | 14049 |
| NextNav Inc Class A (a) | 998 | 18493 |
| Ooma Inc (a) | 439 | 7164 |
| PagerDuty Inc (a) | 1590 | 10574 |
| Pegasystems Inc  | 709 | 25914 |
| Q2 Holdings Inc (a) | 522 | 26492 |
| Red Violet Inc (a) | 230 | 8609 |
| Riot Platforms Inc (a) | 2477 | 42703 |
| ServiceTitan Inc Class A (a) | 208 | 12368 |
| SoundHound AI Inc Class A (a) | 1082 | 8613 |
| Sprinklr Inc Class A (a) | 1998 | 9830 |
| Tenable Holdings Inc (a) | 231 | 4826 |
| Terawulf Inc (a) | 2440 | 53021 |
| Vertex Inc Class A (a) | 1064 | 13162 |
| Zeta Global Holdings Corp Class A (a) | 1656 | 30504 |
|  |  | 888342 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Diebold Nixdorf Inc (a) | 302 | 23197 |
| GPGI Inc Class A  | 1486 | 22929 |
| Quantum Computing Inc (a) | 2258 | 20367 |
| Xerox Holdings Corp warrants 2/14/2028 (a) | 11 | 1 |
|  |  | 66494 |
| TOTAL INFORMATION TECHNOLOGY |  | 2198990 |
| Materials - 3.5% |  |  |
| Chemicals - 1.7% |  |  |
| ASP Isotopes Inc (a) | 835 | 4392 |
| Cabot Corp  | 199 | 15315 |
| Ecovyst Inc (a) | 1244 | 17640 |
| Hawkins Inc  | 72 | 12056 |
| HB Fuller Co  | 191 | 11559 |
| Ingevity Corp (a) | 101 | 7695 |
| Innospec Inc  | 248 | 18912 |
| LSB Industries Inc (a) | 823 | 12263 |
| Minerals Technologies Inc  | 72 | 5180 |
| NewMarket Corp  | 33 | 22295 |
| Perimeter Solutions Inc (a) | 1108 | 33572 |
| PureCycle Technologies Inc (a) | 2328 | 17413 |
| Quaker Chemical Corp  | 17 | 2310 |
| Rayonier Advanced Materials Inc (a) | 1075 | 10202 |
| Sensient Technologies Corp  | 329 | 37389 |
| Stepan Co  | 277 | 13858 |
| Westlake Corp  | 127 | 14641 |
|  |  | 256692 |
| Construction Materials - 0.0% |  |  |
| United States Lime & Minerals Inc  | 4 | 431 |
| Containers & Packaging - 0.3% |  |  |
| Ardagh Metal Packaging SA  | 2488 | 9579 |
| Greif Inc Class A  | 258 | 16832 |
| O-I Glass Inc (a) | 151 | 1375 |
| TriMas Corp  | 395 | 14623 |
|  |  | 42409 |
| Metals & Mining - 1.4% |  |  |
| Alpha Metallurgical Resources Inc (a) | 101 | 18831 |
| Century Aluminum Co (a) | 428 | 25440 |
| Dakota Gold Corp (a) | 1759 | 9463 |
| Idaho Strategic Resources Inc (a) | 247 | 10411 |
| Kaiser Aluminum Corp  | 34 | 5795 |
| Materion Corp  | 172 | 31615 |
| Metallus Inc (a) | 622 | 11967 |
| United States Antimony Corp (a) | 1615 | 19396 |
| USA Rare Earth Inc Class A (a) | 1513 | 39294 |
| Warrior Met Coal Inc  | 387 | 34773 |
| Worthington Steel Inc  | 436 | 16755 |
|  |  | 223740 |
| Paper & Forest Products - 0.1% |  |  |
| Sylvamo Corp  | 371 | 15853 |
| TOTAL MATERIALS |  | 539125 |
| Real Estate - 5.4% |  |  |
| Diversified REITs - 0.7% |  |  |
| American Assets Trust Inc  | 695 | 14414 |
| Broadstone Net Lease Inc Class A  | 1507 | 29839 |
| CTO Realty Growth Inc  | 511 | 10347 |
| Essential Properties Realty Trust Inc  | 960 | 30173 |
| Global Net Lease Inc  | 1950 | 18642 |
|  |  | 103415 |
| Health Care REITs - 0.7% |  |  |
| Diversified Healthcare Trust  | 2391 | 18027 |
| LTC Properties Inc  | 480 | 18346 |
| National Health Investors Inc  | 369 | 28380 |
| Sabra Health Care REIT Inc  | 1061 | 21920 |
| Sila Realty Trust Inc  | 641 | 19506 |
|  |  | 106179 |
| Hotel & Resort REITs - 0.7% |  |  |
| Apple Hospitality REIT Inc  | 1937 | 26091 |
| DiamondRock Hospitality Co  | 1997 | 20369 |
| Park Hotels & Resorts Inc  | 1895 | 21736 |
| Pebblebrook Hotel Trust  | 47 | 660 |
| Sunstone Hotel Investors Inc  | 1952 | 19169 |
| Xenia Hotels & Resorts Inc  | 1073 | 17458 |
|  |  | 105483 |
| Industrial REITs - 0.0% |  |  |
| Lineage Inc  | 95 | 3504 |
| Office REITs - 0.5% |  |  |
| COPT Defense Properties  | 402 | 12563 |
| Douglas Emmett Inc  | 1801 | 19469 |
| Peakstone Realty Trust  | 560 | 11749 |
| Piedmont Realty Trust Inc Class A1 (a) | 1912 | 15984 |
| Postal Realty Trust Inc Class A  | 422 | 9233 |
| SL Green Realty Corp  | 201 | 8524 |
|  |  | 77522 |
| Real Estate Management & Development - 0.8% |  |  |
| Compass Inc Class A (a) | 2516 | 19046 |
| Cushman & Wakefield Ltd  | 1951 | 27392 |
| eXp World Holdings Inc  | 1567 | 9747 |
| Howard Hughes Holdings Inc (a) | 56 | 3487 |
| Marcus & Millichap Inc  | 411 | 11422 |
| Newmark Group Inc Class A  | 1436 | 23148 |
| Opendoor Technologies Inc Class A (a) | 2947 | 15855 |
| St Joe Co/The  | 110 | 7103 |
| Tejon Ranch Co (a) | 435 | 8513 |
|  |  | 125713 |
| Residential REITs - 0.1% |  |  |
| Centerspace  | 229 | 15634 |
| UMH Properties Inc  | 995 | 15472 |
| Veris Residential Inc  | 60 | 1138 |
|  |  | 32244 |
| Retail REITs - 1.1% |  |  |
| Acadia Realty Trust  | 356 | 7697 |
| Alexander's Inc  | 37 | 9323 |
| CBL & Associates Properties Inc  | 268 | 12065 |
| Curbline Properties Corp  | 856 | 23626 |
| Getty Realty Corp  | 79 | 2616 |
| InvenTrust Properties Corp  | 196 | 6296 |
| Macerich Co/The  | 1875 | 40744 |
| NETSTREIT Corp  | 155 | 3188 |
| Phillips Edison & Co Inc  | 932 | 37434 |
| Tanger Inc  | 440 | 16315 |
| Urban Edge Properties  | 340 | 7453 |
|  |  | 166757 |
| Specialized REITs - 0.8% |  |  |
| EPR Properties  | 592 | 33040 |
| Farmland Partners Inc  | 546 | 5870 |
| Four Corners Property Trust Inc  | 961 | 24573 |
| Millrose Properties Inc Class A  | 1160 | 35577 |
| Outfront Media Inc  | 552 | 17029 |
| Smartstop Self Storage REIT Inc  | 68 | 2140 |
|  |  | 118229 |
| TOTAL REAL ESTATE |  | 839046 |
| Utilities - 2.1% |  |  |
| Electric Utilities - 0.9% |  |  |
| Hawaiian Electric Industries Inc (a) | 1500 | 22605 |
| MGE Energy Inc  | 310 | 24868 |
| Oklo Inc Class A (a) | 553 | 40093 |
| Otter Tail Corp  | 155 | 13832 |
| TXNM Energy Inc  | 697 | 41165 |
|  |  | 142563 |
| Gas Utilities - 0.3% |  |  |
| Chesapeake Utilities Corp  | 197 | 24846 |
| Northwest Natural Holding Co  | 96 | 5088 |
| Spire Inc  | 256 | 23342 |
|  |  | 53276 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Clearway Energy Inc Class A  | 9 | 364 |
| Clearway Energy Inc Class C  | 679 | 27404 |
| Hallador Energy Co (a) | 657 | 10203 |
|  |  | 37971 |
| Multi-Utilities - 0.3% |  |  |
| Avista Corp  | 281 | 11549 |
| Northwestern Energy Group Inc  | 470 | 34000 |
|  |  | 45549 |
| Water Utilities - 0.4% |  |  |
| American States Water Co  | 122 | 9185 |
| Artesian Resources Corp Class A  | 42 | 1315 |
| California Water Service Group  | 174 | 7350 |
| H2O America  | 347 | 19498 |
| Middlesex Water Co  | 251 | 12771 |
| York Water Co/The  | 252 | 7313 |
|  |  | 57432 |
| TOTAL UTILITIES |  | 336791 |
| TOTAL UNITED STATES |  | 15303955 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $14,674,397) |  | <br> **15563445** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c)<br>(Cost $15,420)<br>| 3.69 | 15417 | **15420** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $14,689,817)<br>| <br>**15578865** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **28645** |
| **NET ASSETS - 100.0%** | **15607510** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Russell 2000 Index Contracts (United States) | 3 | 6/2026 | 42117 | 1241 |
| The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. |

---

**Legend**

(a) Non-income producing.

(b) Level 3 security.

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

**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 | - | 5099483 | 5084063 | 701 | - | - | 15420 | 15417 | 0.0% |
| Total | - | 5099483 | 5084063 | 701 | - | - | 15420 |  |  |

---

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 April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 456922 | 456922 | - | - |
| Consumer Discretionary | 1687426 | 1687426 | - | - |
| Consumer Staples | 374403 | 374403 | - | - |
| Energy | 973949 | 973949 | - | - |
| Financials | 2916563 | 2916563 | - | - |
| Health Care | 2612800 | 2612800 | - | - |
| Industrials | 2531745 | 2531745 | - | - |
| Information Technology | 2294675 | 2294675 | - | - |
| Materials | 539125 | 539125 | - | - |
| Real Estate | 839046 | 839046 | - | - |
| Utilities | 336791 | 336791 | - | - |
|  **Money Market Funds** | 15420 | 15420 | - | - |
| **Total Investments in Securities:** | 15578865 | 15578865 | - | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1241 | 1241 | - | - |
| Total Assets | 1241 | 1241 | - | - |
| **Total Derivative Instruments:** | 1241 | 1241 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. 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)  | 1241 | - |
| **Total Equity Risk**  | 1241 | - |
| **Total Value of Derivatives** | 1241 | - |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $14,674,397) | $15563445 |  |
| Fidelity Central Funds (cost $15,420) | 15420 |  |
| Total Investment in Securities (cost $14,689,817) |  | $15578865 |
| Segregated cash with brokers for derivative instruments |  | 9605 |
| Cash |  | 18447 |
| Receivable for fund shares sold |  | 85569 |
| Dividends receivable |  | 3863 |
| Distributions receivable from Fidelity Central Funds |  | 60 |
| Receivable for variation margin on futures contracts |  | 900 |
| **Total assets** |  | 15697309 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $74525 |  |
| Payable for fund shares redeemed | 15274 |  |
| **Total liabilities** |  | 89799 |
| **Net Assets**  |  | $15607510 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $14100408 |
| Total accumulated earnings (loss) |  | 1507102 |
| **Net Assets** |  | $15607510 |
| **Net Asset Value**, offering price and redemption price per share ($15,607,510 ÷ 1,237,926 shares) |  | $12.61 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **For the period July 24, 2025 (commencement of operations) through April 30, 2026**  | <br> **For the period July 24, 2025 (commencement of operations) through April 30, 2026**  | <br> **For the period July 24, 2025 (commencement of operations) through April 30, 2026**  |
| **Investment Income** |  |  |
| Dividends  |  | $83676 |
| Non-Cash dividends |  | 4963 |
| Interest  |  | 197 |
| Income from Fidelity Central Funds  |  | 701 |
| **Total income** |  | 89537 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $12 |  |
| **Total expenses** |  | 12 |
| **Net Investment income (loss)** |  | 89525 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 561884 |  |
| Redemptions in-kind | 624715 |  |
| Futures contracts | 4750 |  |
| Total net realized gain (loss) |  | 1191349 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 889048 |  |
| Futures contracts | 1241 |  |
| Total change in net unrealized appreciation (depreciation) |  | 890289 |
| **Net gain (loss)** |  | 2081638 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2171163 |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **For the period July 24, 2025 (commencement of operations) through April 30, 2026**  |
| **Increase (Decrease) in Net Assets** |  |
| Operations |  |
| &nbsp;&nbsp;Net investment income (loss) | $89525 |
| &nbsp;&nbsp;Net realized gain (loss) | 1191349<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 890289 |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2171163<br>|
| Distributions to shareholders | (40062)<br>|
| Share transactions |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 18445323 |
| Reinvestment of distributions | 28501<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (4997415) |
| **Net increase (decrease) in net assets resulting from share transactions** | 13476409<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 15607510<br>|
| **Net Assets** |  |
| &nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;End of period | $15607510 |
| **Other Information** |  |
| Shares |  |
| &nbsp;&nbsp;Sold | 1668049 |
| Issued in reinvestment of distributions | 2524<br>|
| &nbsp;&nbsp;Redeemed | (432647) |
| &nbsp;&nbsp;Net increase (decrease) | 1237926 |

---

**Financial Highlights** 

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

---

| | |
|:---|:---|
| **Years ended April 30,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .12  |
| Net realized and unrealized gain (loss)  | 2.55  |
| Total from investment operations  | 2.67  |
| Distributions from net investment income  | (.06)  |
| Total distributions  | (.06)  |
| Net asset value, end of period  | $12.61 |
| **Total Return** D | 26.74% <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)  | 1.35% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $15608 |
| Portfolio turnover rate I | 115% H,J<br>|

---

A*For the period July 24, 2025 (commencement of operations) through April 30, 2026.*

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*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**

For the period ended April 30, 2026

**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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 April 30, 2026 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, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 in-kind transactions, futures contracts, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $1484964 |
| **Gross unrealized depreciation**  | <u>(772325)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$712639</u> |
| **Tax Cost**  | <u>$14866226</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$791188</u> |
| **Undistributed long-term capital gain**  | <u>$3275</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$712639</u> |

---

The tax character of distributions paid was as follows:

---

| | |
|:---|:---|
|  | **April 30, 2026 A** |
| **Ordinary Income**  | $40062 |

---

*A For the period July 24, 2025 (commencement of operations) through April 30, 2026.*

**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. Subsequent payments from or to a fund are made or as needed depending on the fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, 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 Focused Index Fund** | 22810702 | 7832402 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that 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** | 103903 | - | 624715 | 624715 | 1285964 |

---

**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, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

**8. 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  | 41 |

---

**9. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

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

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

We have audited the accompanying statement of assets and liabilities of Fidelity Flex Small Cap Focused Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of April 30, 2026, and the related statement of operations, statement of changes in net assets, and financial highlights for the period from July 24, 2025 (commencement of operations) through April 30, 2026, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, and the results of its operations, the changes in its net assets and the financial highlights for the period from July 24, 2025 (commencement of operations) through April 30, 2026, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 12, 2026

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2026, $3,276, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $755 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 66% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 69.07% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 25.06% of the dividend distributed during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130813_4.jpg)<br>

1.9918046.100 FXS-ANN-0626

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

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

Not applicable.

Item 15.

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

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

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT](ex99cert.htm) .

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT](ex99906cert.htm) .

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Salem Street Trust

---

| | |
|:---|:---|
| &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; June 22, 2026 |

---

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; June 22, 2026 |

---

---

| | |
|:---|:---|
| &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; June 22, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Salem Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 22, 2026

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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) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Salem Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 22, 2026

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| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

---

## 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: June 22, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp; Laura M. Del Prato |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

---

Dated: June 22, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>