Form N-CSR FIDELITY SALEM STREET For: Jun 30

August 21, 2020 12:23 PM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-02105


Fidelity Salem Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

June 30



Date of reporting period:

June 30, 2020




Item 1.

Reports to Stockholders






Fidelity® Defined Maturity Funds

Fidelity® Municipal Income 2021 Fund
Fidelity® Municipal Income 2023 Fund
Fidelity® Municipal Income 2025 Fund



Annual Report

June 30, 2020

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Fidelity® Municipal Income 2021 Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Municipal Income 2023 Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Municipal Income 2025 Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Liquidity Risk Management Program


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

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Municipal Income 2021 Fund

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended June 30, 2020 Past 1 year Past 5 years Life of fundA 
Class A (incl. 2.75% sales charge) (1.51)% 1.19% 2.64% 
Fidelity® Municipal Income 2021 Fund 1.53% 2.01% 3.21% 
Class I 1.53% 2.01% 3.21% 

 A From May 19, 2011

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Municipal Income 2021 Fund, a class of the fund, on May 19, 2011, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays Municipal Bond Index performed over the same period.


Period Ending Values

$13,340Fidelity® Municipal Income 2021 Fund

$14,671Bloomberg Barclays Municipal Bond Index

Fidelity® Municipal Income 2023 Fund

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended June 30, 2020 Past 1 year Past 5 years Life of fundA 
Class A (incl. 2.75% sales charge) (0.44)% 2.17% 2.02% 
Fidelity® Municipal Income 2023 Fund 2.63% 2.99% 2.67% 
Class I 2.63% 2.99% 2.67% 

 A From April 23, 2013

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Municipal Income 2023 Fund, a class of the fund, on April 23, 2013, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays Municipal Bond Index performed over the same period.


Period Ending Values

$12,088Fidelity® Municipal Income 2023 Fund

$12,754Bloomberg Barclays Municipal Bond Index

Fidelity® Municipal Income 2025 Fund

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended June 30, 2020 Past 1 year Life of fundA 
Class A (incl. 2.75% sales charge) (0.60)% 1.86% 
Fidelity® Municipal Income 2025 Fund 2.47% 3.04% 
Class I 2.57% 3.07% 

 A From May 25, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Municipal Income 2025 Fund, a class of the fund, on May 25, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays Municipal Bond Index performed over the same period.


Period Ending Values

$10,973Fidelity® Municipal Income 2025 Fund

$11,325Bloomberg Barclays Municipal Bond Index

Management's Discussion of Fund Performance

Market Recap:  Tax-exempt municipal bonds posted a gain for the 12 months ending June 30, 2020, overcoming market volatility and investor outflows related to economic and credit fears caused by the coronavirus. The Bloomberg Barclays Municipal Bond Index rose 4.45%. Munis advanced 2.32% in the latter half of 2019, driven partly by the U.S. Federal Reserve’s shift to an easing stance, then advanced strongly in January and February due to robust demand and limited new bond supply. By the second week of March, however, the emerging coronavirus pandemic began to raise the prospect of a broad economic slowdown that would later materialize and present financial challenges for muni issuers across sectors. For example, revenue bonds used to finance airport projects were hampered by a sharp reduction in air travel. Also, bonds issued by hospitals received scrutiny in the face of uncertain reimbursement for coronavirus-related treatment and the halt of elective medical procedures. State and local government tax revenue was impacted by the delay in the income-tax filing date to July 15 and the collapse in revenue from sales taxes, activity taxes and fees. Muni yields rose substantially as a result. The Fed responded to the risk of rapid economic contraction and dysfunction in the credit markets with substantial stimulus. This led to increased market liquidity and a return of new issuance in the primary market, which continued through June 30, despite continued economic uncertainty.

Comments from Co-Managers Elizah McLaughlin, Cormac Cullen and Michael Maka:  For the fiscal year, the share classes (excluding sales charges, if applicable) of the 2021, 2023 and 2025 funds posted modest gains that lagged their respective Bloomberg Barclays benchmarks. We focused on longer-term objectives and sought to generate attractive tax-exempt income and competitive risk-adjusted returns over time. Versus their respective indexes, the funds' yield-curve positioning detracted from relative performance. Sector allocation also detracted, with the funds' overweightings in lagging segments such as health care, higher education and airports hurting relative performance to varying degrees. Differences in the way fund holdings and index components were priced hampered the relative result of the 2021 fund but helped the 2023 and 2025 funds. Aiding each of the funds' relative performance was favorable "carry," meaning the funds' holdings cumulatively produced more income than their respective indexes.

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

Note to shareholders:  Municipal Income 2021 Fund closed to new investors effective at the close of business on June 30, 2020, in anticipation of the fund's liquidation shortly after its target end-date of June 30, 2021. Existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until the fund's liquidation.

Fidelity® Municipal Income 2021 Fund

Investment Summary (Unaudited)

Top Five States as of June 30, 2020

 % of fund's net assets 
New Jersey 16.2 
Michigan 9.2 
Texas 8.9 
Illinois 8.4 
Nevada 7.1 

Top Five Sectors as of June 30, 2020

 % of fund's net assets 
Health Care 23.2 
General Obligations 22.4 
Transportation 20.3 
Education 8.2 
Electric Utilities 6.0 

Quality Diversification (% of fund's net assets)

As of June 30, 2020 
   AAA 1.8% 
   AA,A 65.0% 
   BBB 21.7% 
   BB and Below 1.7% 
   Not Rated 5.8% 
   Short-Term Investments and Net Other Assets 4.0% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Fidelity® Municipal Income 2021 Fund

Schedule of Investments June 30, 2020

Showing Percentage of Net Assets

Municipal Bonds - 96.0%   
 Principal Amount Value 
Alabama - 3.0%   
Infirmary Health Systems Spl. Care Facilities Fing. Auth. Rev. Series 2016 A, 5% 2/1/21 1,000,000 1,023,030 
Montgomery Med. Clinic Facilities Series 2015, 5% 3/1/21 500,000 511,137 
TOTAL ALABAMA  1,534,167 
Arizona - 3.1%   
Phoenix Civic Impt. Board Arpt. Rev. Series 2017 A, 5% 7/1/21 (a) 1,000,000 1,039,082 
Tucson Street & Hwy. User Rev. Series 2011, 5% 7/1/21 300,000 313,967 
Univ. Med. Ctr. Corp. Hosp. Rev. Series 2011, 6% 7/1/39 (Pre-Refunded to 7/1/21 @ 100) 240,000 253,289 
TOTAL ARIZONA  1,606,338 
California - 3.2%   
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2017 B, 5% 7/1/21 (a) 465,000 484,597 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2011 C, 5% 5/1/21 (a) 500,000 515,901 
Washington Township Health Care District Rev. Series 2017 B, 5% 7/1/21 600,000 623,694 
TOTAL CALIFORNIA  1,624,192 
Connecticut - 2.4%   
Connecticut Gen. Oblig. Series 2016 B, 5% 5/15/21 500,000 519,537 
Connecticut Health & Edl. Facilities Auth. Rev.:   
Series K1, 5% 7/1/21 $500,000 $511,489 
Series K3, 5% 7/1/21 210,000 214,825 
TOTAL CONNECTICUT  1,245,851 
Florida - 6.1%   
Broward County School Board Ctfs. of Prtn. Series 2012 A, 5% 7/1/21 500,000 523,125 
Duval County School Board Ctfs. of Prtn. Series 2015 B, 5% 7/1/21 425,000 444,219 
Florida Dept. of Envir. Protection Rev. Series 2011 B, 5% 7/1/21 750,000 785,460 
Lake County School Board Ctfs. of Prtn. Series 2015 B, 5% 6/1/21 (FSA Insured) 1,000,000 1,041,070 
Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B, 5% 8/1/21 325,000 341,283 
TOTAL FLORIDA  3,135,157 
Georgia - 1.5%   
Georgia Muni. Elec. Auth. Pwr. Rev.:   
Series 2011 A, 5% 1/1/21 690,000 702,473 
Series 2011 B, 5% 1/1/21 85,000 86,537 
TOTAL GEORGIA  789,010 
Illinois - 8.4%   
Chicago Midway Arpt. Rev. 5% 1/1/21 400,000 408,017 
Chicago O'Hare Int'l. Arpt. Rev. Series 2015 B, 5% 1/1/21 465,000 474,743 
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017, 5% 6/1/21 200,000 206,550 
Cook County Gen. Oblig. Series 2011 A, 5% 11/15/21 525,000 540,036 
Illinois Fin. Auth. Rev.:   
(OSF Healthcare Sys.) Series 2018 A, 5% 5/15/21 300,000 308,925 
Series 2016, 5% 5/15/21 200,000 205,950 
Illinois Gen. Oblig.:   
Series 2012, 5% 3/1/21 500,000 507,797 
Series 2013, 5% 7/1/21 510,000 521,871 
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/21 1,000,000 1,025,991 
Illinois Reg'l. Trans. Auth. Series 2017 A, 5% 7/1/21 50,000 51,990 
Railsplitter Tobacco Settlement Auth. Rev. Series 2010, 5.25% 6/1/21 60,000 62,420 
TOTAL ILLINOIS  4,314,290 
Indiana - 2.7%   
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2011 A, 5% 1/1/21 200,000 204,626 
Indianapolis Local Pub. Impt. (Indianapolis Arpt. Auth. Proj.) Series 2016 A1, 5% 1/1/21 (a) 500,000 509,240 
Lake Central Multi-District School Bldg. Corp. Series 2012 B, 5% 7/15/21 250,000 261,478 
Purdue Univ. Rev. Series A, 5% 7/1/21 300,000 313,967 
Whiting Envir. Facilities Rev. (BP Products North America, Inc. Proj.) Series 2009, 5.25% 1/1/21 100,000 102,002 
TOTAL INDIANA  1,391,313 
Maine - 0.2%   
Maine Health & Higher Edl. Facilities Auth. Rev. Series 2017 B, 4% 7/1/21 100,000 102,215 
Massachusetts - 0.5%   
Massachusetts Dev. Fin. Agcy. Rev. Series 2016, 5% 7/1/21 250,000 259,872 
Michigan - 9.2%   
Detroit School District School Bldg. and Site Impt. Series 2012 A, 5% 5/1/21 500,000 519,007 
Flint Hosp. Bldg. Auth. Rev. Series 2020, 5% 7/1/21 180,000 186,012 
Kent County Bldg. Auth. Series 2005, 5.5% 6/1/21 200,000 209,559 
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A, 5% 11/15/21 500,000 528,825 
Michigan Fin. Auth. Rev.:   
Series 2012 A, 5% 6/1/21 (Escrowed to Maturity) 1,000,000 1,042,859 
Series 2015 D1, 5% 7/1/21 500,000 522,970 
Michigan Hosp. Fin. Auth. Rev. 5% 6/1/21 300,000 311,055 
Milan Area Schools Series 2019, 5% 5/1/21 305,000 316,386 
Mount Clemens Cmnty. School District Series 2017 A, 5% 5/1/21 220,000 228,645 
Roseville Cmnty. Schools Series 2014, 5% 5/1/21 750,000 777,997 
Saginaw Hosp. Fin. Auth. Hosp. Rev. Series 2020 J, 5% 7/1/21 100,000 104,010 
TOTAL MICHIGAN  4,747,325 
Minnesota - 1.4%   
Maple Grove Health Care Sys. Rev. ( North Memorial Med. Ctr., Proj.) Series 2015, 4% 9/1/21 400,000 412,372 
Minnesota Higher Ed. Facilities Auth. Rev. Series 7U, 5% 4/1/21 315,000 322,701 
TOTAL MINNESOTA  735,073 
Missouri - 0.2%   
Saint Louis Arpt. Rev. Series 2017 A, 5% 7/1/21 (FSA Insured) 100,000 104,082 
Nevada - 7.1%   
Clark County Arpt. Rev.:   
Series 2017 C, 5% 7/1/21 (a) 2,725,000 2,832,888 
Series 2018 A, 5% 7/1/21 250,000 260,127 
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Series 2009 A, 5% 6/1/21 250,000 260,856 
Nevada Lease Rev. Ctfs. Prtn. (Bldg. 1 Proj.) Series 2013, 5% 4/1/21 300,000 310,215 
TOTAL NEVADA  3,664,086 
New Jersey - 16.2%   
Bayonne Gen. Oblig. Series 2016, 5% 7/1/21 (Build America Mutual Assurance Insured) 695,000 725,715 
Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A, 5% 2/15/21 650,000 664,331 
Garden State Preservation Trust Open Space & Farmland Preservation Series 2003 B, 0% 11/1/21 (FSA Insured) 1,000,000 978,320 
New Jersey Econ. Dev. Auth. Series NN, 5% 3/1/21 130,000 132,347 
New Jersey Econ. Dev. Auth. Rev.:   
Series 2011 EE, 5.5% 9/1/21 (Pre-Refunded to 9/1/21 @ 100) 325,000 331,910 
Series 2015 XX:   
5% 6/15/21 1,025,000 1,051,510 
5.5% 9/1/21 (Pre-Refunded to 3/1/21 @ 100) 905,000 936,684 
New Jersey Edl. Facilities Auth. Rev.:   
Series 2011 A, 5% 7/1/21 540,000 557,547 
Series 2013 A, 5% 7/1/21 100,000 103,502 
New Jersey Edl. Facility (Stevens Institute of Technolgy Proj.) Series 2017 A, 5% 7/1/21 490,000 504,688 
New Jersey Health Care Facilities Fing. Auth. Rev.:   
Series 2011, 5% 7/1/21 1,000,000 1,045,941 
Series 2017 A, 5% 7/1/21 170,000 176,644 
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A, 5% 6/1/21 250,000 259,420 
New Jersey Trans. Trust Fund Auth.:   
Series 2011 A, 4.25% 6/15/21 100,000 101,883 
Series 2011 B, 5% 6/15/21 750,000 769,397 
TOTAL NEW JERSEY  8,339,839 
New York - 3.3%   
Nassau County Local Econ. Assistance Corp. (Univ. Hosp. Proj.) Series 2012, 5% 7/1/21 500,000 516,735 
New York Dorm. Auth. Rev.:   
Series 2014, 5% 7/1/21 335,000 348,639 
Series 2019 A, 5% 5/1/21 500,000 516,325 
Series 2020 A, 5% 7/1/21 100,000 104,317 
Saratoga County Cap. Resources Rev. Series A, 5% 7/1/21 200,000 208,225 
TOTAL NEW YORK  1,694,241 
Ohio - 2.0%   
Univ. of Toledo Gen. Receipts Series 2017 A, 5% 6/1/21 1,000,000 1,034,984 
Oregon - 2.2%   
Clackamas County Hosp. Facility Auth. (Williamette View, Inc.) Series 2017 A, 4% 5/15/21 230,000 232,507 
Port of Portland Arpt. Rev.:   
Series 22, 5% 7/1/21 (a) 650,000 675,205 
Series 26 C, 5% 7/1/21 (a) 200,000 207,755 
TOTAL OREGON  1,115,467 
Pennsylvania - 5.6%   
Berks County Muni. Auth. Rev. (Tower Health Proj.) Series 2020 A, 5% 2/1/21 400,000 408,175 
Central Bradford Prog. Auth. Rev. Series 2011, 4% 12/1/21 380,000 396,180 
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A, 5% 6/1/21 200,000 207,295 
Indiana County Hosp. Auth. Series 2014 A, 5% 6/1/21 680,000 693,637 
Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012, 5% 3/1/21 500,000 514,415 
Pennsylvania Econ. Dev. Fing. Auth. Series 2020 A, 5% 4/15/21 100,000 103,187 
Philadelphia Arpt. Rev. Series 2011 A, 5% 6/15/21 (a) 45,000 46,554 
Southeastern Pennsylvania Trans. Auth. Rev. Series 2011, 5% 6/1/21 500,000 520,300 
TOTAL PENNSYLVANIA  2,889,743 
Pennsylvania, New Jersey - 0.7%   
Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev. Series 2015, 5% 7/1/21 325,000 340,232 
South Carolina - 1.4%   
Horry County School District Series 2011, 5% 3/1/21 700,000 722,088 
South Dakota - 0.5%   
South Dakota Health & Edl. Facilities Auth. Rev. Series 2017, 5% 7/1/21 255,000 265,486 
Tennessee - 1.0%   
Knox County Health Edl. & Hsg. Facilities Board Rev. Series 2017, 4% 4/1/21 500,000 508,455 
Texas - 8.9%   
Corpus Christi Util. Sys. Rev.:   
Series 2013, 5% 7/15/21 250,000 262,146 
5% 7/15/21 750,000 786,438 
Houston Arpt. Sys. Rev.:   
Series 2011 B, 5% 7/1/21 250,000 259,898 
Series 2018 C, 5% 7/1/21 (a) 1,000,000 1,038,166 
Lower Colorado River Auth. Rev. Series 2015 B, 4% 5/15/21 400,000 412,306 
Lubbock Health Facilities Dev. Corp. Rev. (St. Joseph Health Sys. Proj.) Series 2008 B, 5% 7/1/21 500,000 522,097 
North Texas Tollway Auth. Rev. Series 2014 A, 5% 1/1/21 510,000 521,512 
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Scott & White Healthcare Proj.) Series 2013 A, 5% 8/15/21 70,000 73,390 
Texas Gen. Oblig. Series 2011 C, 5% 8/1/21 (a) 200,000 209,798 
Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.) Series 2011, 5% 7/1/21 (Escrowed to Maturity) 500,000 522,816 
TOTAL TEXAS  4,608,567 
Virginia - 0.7%   
Salem Econ. Dev. Auth. Series 2020, 5% 4/1/21 250,000 255,640 
Stafford County Econ. Dev. Auth. Hosp. Facilities Rev. Series 2016, 5% 6/15/21 110,000 114,119 
TOTAL VIRGINIA  369,759 
Washington - 2.2%   
Clark County Pub. Util. District #1 Wtr. Series 2017, 5% 1/1/21 240,000 245,600 
Clark County Pub. Util. District #1 Elec. Rev. Series 2011, 5% 1/1/21 675,000 690,579 
Washington Gen. Oblig. Series 2003 C, 0% 6/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 200,000 199,289 
TOTAL WASHINGTON  1,135,468 
Wisconsin - 2.3%   
Pub. Fin. Auth. Solid Waste Bonds (Waste Mgmt., Inc. Proj.) Series 2016, 2%, tender 6/1/21 (a)(b) 500,000 502,758 
Wisconsin Health & Edl. Facilities:   
(Agnesian Healthcare Proj.) Series 2017, 5% 7/1/21 100,000 104,010 
Series 2014, 5% 5/1/21 540,000 557,768 
TOTAL WISCONSIN  1,164,536 
TOTAL MUNICIPAL BONDS   
(Cost $48,814,315)  49,441,836 
 Shares Value 
Money Market Funds - 2.3%   
Fidelity Municipal Cash Central Fund .18% (c)(d)   
(Cost $1,190,000) 1,189,881 1,190,000 
TOTAL INVESTMENT IN SECURITIES - 98.3%   
(Cost $50,004,315)  50,631,836 
NET OTHER ASSETS (LIABILITIES) - 1.7%  870,725 
NET ASSETS - 100%  $51,502,561 

Legend

 (a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

 (b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

 (d) Affiliated fund that is 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

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Municipal Cash Central Fund $5,824 
Total $5,824 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $49,441,836 $-- $49,441,836 $-- 
Money Market Funds 1,190,000 1,190,000 -- -- 
Total Investments in Securities: $50,631,836 $1,190,000 $49,441,836 $-- 

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Health Care 23.2% 
General Obligations 22.4% 
Transportation 20.3% 
Education 8.2% 
Electric Utilities 6.0% 
Escrowed/Pre-Refunded 6.0% 
Others* (Individually Less Than 5%) 13.9% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Fidelity® Municipal Income 2021 Fund

Financial Statements

Statement of Assets and Liabilities

  June 30, 2020 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $48,814,315) 
$49,441,836  
Fidelity Central Funds (cost $1,190,000) 1,190,000  
Total Investment in Securities (cost $50,004,315)  $50,631,836 
Cash  107,618 
Receivable for fund shares sold  10,366 
Interest receivable  798,176 
Distributions receivable from Fidelity Central Funds  200 
Other receivables  67 
Total assets  51,548,263 
Liabilities   
Payable for fund shares redeemed $8,681  
Distributions payable 18,543  
Accrued management fee 12,967  
Transfer agent fee payable 4,322  
Distribution and service plan fees payable 1,189  
Total liabilities  45,702 
Net Assets  $51,502,561 
Net Assets consist of:   
Paid in capital  $50,835,460 
Total accumulated earnings (loss)  667,101 
Net Assets  $51,502,561 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($5,619,810 ÷ 522,220 shares)(a)  $10.76 
Maximum offering price per share (100/97.25 of $10.76)  $11.06 
Municipal Income 2021:   
Net Asset Value, offering price and redemption price per share ($33,722,127 ÷ 3,133,716 shares)  $10.76 
Class I:   
Net Asset Value, offering price and redemption price per share ($12,160,624 ÷ 1,130,061 shares)  $10.76 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended June 30, 2020 
Investment Income   
Interest  $1,238,499 
Income from Fidelity Central Funds  5,822 
Total income  1,244,321 
Expenses   
Management fee $151,712  
Transfer agent fees 50,571  
Distribution and service plan fees 13,035  
Independent trustees' fees and expenses 195  
Commitment fees 126  
Total expenses before reductions 215,639  
Expense reductions (135)  
Total expenses after reductions  215,504 
Net investment income (loss)  1,028,817 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 136,472  
Capital gain distributions from Fidelity Central Funds  
Total net realized gain (loss)  136,474 
Change in net unrealized appreciation (depreciation) on investment securities  (381,945) 
Net gain (loss)  (245,471) 
Net increase (decrease) in net assets resulting from operations  $783,346 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended June 30, 2020 Year ended June 30, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,028,817 $1,199,729 
Net realized gain (loss) 136,474 5,600 
Change in net unrealized appreciation (depreciation) (381,945) 369,094 
Net increase (decrease) in net assets resulting from operations 783,346 1,574,423 
Distributions to shareholders (1,083,370) (1,199,701) 
Share transactions - net increase (decrease) (938,474) (11,091,460) 
Total increase (decrease) in net assets (1,238,498) (10,716,738) 
Net Assets   
Beginning of period 52,741,059 63,457,797 
End of period $51,502,561 $52,741,059 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Municipal Income 2021 Fund Class A

Years ended June 30, 2020 2019 2018 2017 2016 
Selected Per–Share Data      
Net asset value, beginning of period $10.83 $10.74 $10.93 $11.19 $10.83 
Income from Investment Operations      
Net investment income (loss)A .195 .196 .186 .188 .204 
Net realized and unrealized gain (loss) (.058) .090 (.191) (.238) .376 
Total from investment operations .137 .286 (.005) (.050) .580 
Distributions from net investment income (.195) (.196) (.185) (.188) (.205) 
Distributions from net realized gain (.012) – – (.022) (.015) 
Total distributions (.207) (.196) (.185) (.210) (.220) 
Redemption fees added to paid in capitalA – – – B B 
Net asset value, end of period $10.76 $10.83 $10.74 $10.93 $11.19 
Total ReturnC,D 1.28% 2.69% (.04)% (.44)% 5.40% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .65% .65% .65% .65% .65% 
Expenses net of fee waivers, if any .65% .65% .65% .65% .65% 
Expenses net of all reductions .65% .65% .65% .65% .65% 
Net investment income (loss) 1.81% 1.82% 1.71% 1.71% 1.85% 
Supplemental Data      
Net assets, end of period (000 omitted) $5,620 $5,435 $7,399 $11,790 $11,915 
Portfolio turnover rateG 6% 3% 8% 14% 4% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

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

 D Total returns do not include the effect of the sales charges.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Municipal Income 2021 Fund

Years ended June 30, 2020 2019 2018 2017 2016 
Selected Per–Share Data      
Net asset value, beginning of period $10.83 $10.74 $10.93 $11.19 $10.83 
Income from Investment Operations      
Net investment income (loss)A .222 .222 .212 .215 .231 
Net realized and unrealized gain (loss) (.058) .091 (.190) (.238) .376 
Total from investment operations .164 .313 .022 (.023) .607 
Distributions from net investment income (.222) (.223) (.212) (.215) (.232) 
Distributions from net realized gain (.012) – – (.022) (.015) 
Total distributions (.234) (.223) (.212) (.237) (.247) 
Redemption fees added to paid in capitalA – – – B B 
Net asset value, end of period $10.76 $10.83 $10.74 $10.93 $11.19 
Total ReturnC 1.53% 2.95% .21% (.19)% 5.67% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .40% .40% .40% .40% .40% 
Expenses net of fee waivers, if any .40% .40% .40% .40% .40% 
Expenses net of all reductions .40% .40% .40% .40% .40% 
Net investment income (loss) 2.06% 2.07% 1.96% 1.96% 2.10% 
Supplemental Data      
Net assets, end of period (000 omitted) $33,722 $34,247 $33,746 $36,809 $35,297 
Portfolio turnover rateF 6% 3% 8% 14% 4% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Municipal Income 2021 Fund Class I

Years ended June 30, 2020 2019 2018 2017 2016 
Selected Per–Share Data      
Net asset value, beginning of period $10.83 $10.74 $10.93 $11.19 $10.83 
Income from Investment Operations      
Net investment income (loss)A .222 .222 .212 .215 .231 
Net realized and unrealized gain (loss) (.058) .091 (.190) (.238) .376 
Total from investment operations .164 .313 .022 (.023) .607 
Distributions from net investment income (.222) (.223) (.212) (.215) (.232) 
Distributions from net realized gain (.012) – – (.022) (.015) 
Total distributions (.234) (.223) (.212) (.237) (.247) 
Redemption fees added to paid in capitalA – – – B B 
Net asset value, end of period $10.76 $10.83 $10.74 $10.93 $11.19 
Total ReturnC 1.53% 2.95% .21% (.19)% 5.67% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .40% .40% .40% .40% .40% 
Expenses net of fee waivers, if any .40% .40% .40% .40% .40% 
Expenses net of all reductions .40% .40% .40% .40% .40% 
Net investment income (loss) 2.06% 2.07% 1.96% 1.96% 2.10% 
Supplemental Data      
Net assets, end of period (000 omitted) $12,161 $13,060 $22,313 $19,120 $18,771 
Portfolio turnover rateF 6% 3% 8% 14% 4% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Municipal Income 2023 Fund

Investment Summary (Unaudited)

Top Five States as of June 30, 2020

 % of fund's net assets 
Illinois 15.4 
New Jersey 10.1 
Florida 9.4 
Ohio 7.4 
New York 6.0 

Top Five Sectors as of June 30, 2020

 % of fund's net assets 
Health Care 25.6 
General Obligations 24.0 
Transportation 20.5 
Education 7.6 
Special Tax 7.5 

Quality Diversification (% of fund's net assets)

As of June 30, 2020 
   AAA 0.4% 
   AA,A 75.4% 
   BBB 17.0% 
   BB and Below 3.2% 
   Not Rated 1.7% 
   Short-Term Investments and Net Other Assets 2.3% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Fidelity® Municipal Income 2023 Fund

Schedule of Investments June 30, 2020

Showing Percentage of Net Assets

Municipal Bonds - 97.7%   
 Principal Amount Value 
Alabama - 2.8%   
Birmingham Arpt. Auth. Arpt. Series 2020, 5% 7/1/23 (Build America Mutual Assurance Insured) (a) 325,000 363,110 
Mobile County Board of School Commissioners:   
Series 2016 A, 5% 3/1/23 $500,000 $555,935 
Series 2016 B, 5% 3/1/23 100,000 111,187 
TOTAL ALABAMA  1,030,232 
Arizona - 3.3%   
Arizona Indl. Dev. Auth. Rev. (Provident Group-Eastern Michigan Univ. Parking Proj.) Series 2018, 4% 5/1/23 330,000 333,802 
Pima County Swr. Sys. Rev. Series 2020 A, 5% 7/1/23 100,000 113,711 
Tucson Ctfs. of Prtn.:   
Series 2012, 5% 7/1/23 (FSA Insured) 450,000 508,815 
Series 2015, 5% 7/1/23 (FSA Insured) 250,000 282,675 
TOTAL ARIZONA  1,239,003 
California - 1.8%   
California Health Facilities Fing. Auth. Rev. Series 2013 A, 5% 3/1/23 120,000 132,584 
Los Angeles Dept. Arpt. Rev. Series 2018 C, 5% 5/15/23 (b) 120,000 134,020 
Riverside County Trans. Commission Toll Rev. Series 2013 A, 0% 6/1/23 200,000 186,138 
Washington Township Health Care District Rev. Series 2017 B, 5% 7/1/23 200,000 223,288 
TOTAL CALIFORNIA  676,030 
Colorado - 1.4%   
Colorado Health Facilities Auth. Bonds (Valley View Hosp. Assoc. Proj.) Series 2018, 2.8%, tender 5/15/23 (c) 195,000 204,001 
Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2014 A, 5% 6/1/23 200,000 224,822 
Univ. of Colorado Enterprise Sys. Rev. Series 2014 A, 5% 6/1/23 100,000 113,405 
TOTAL COLORADO  542,228 
Connecticut - 3.1%   
Connecticut Gen. Oblig.:   
Series 2018 C, 5% 6/15/23 200,000 225,452 
Series 2019 A, 5% 4/15/23 200,000 224,068 
Connecticut Health & Edl. Facilities Auth. Rev.:   
Series 2011 A, 4% 7/1/23 (Pre-Refunded to 7/1/21 @ 100) 65,000 67,254 
Series K1, 5% 7/1/23 500,000 531,655 
Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Series 2013 A, 5% 1/1/23 100,000 111,224 
TOTAL CONNECTICUT  1,159,653 
Florida - 9.4%   
Broward County School Board Ctfs. of Prtn.:   
Series 2015 A, 5% 7/1/23 250,000 280,135 
Series 2015 B, 5% 7/1/23 45,000 50,424 
Duval County School Board Ctfs. of Prtn. Series 2015 B, 5% 7/1/23 500,000 565,670 
Escambia County Poll. Cont. Rev. (Gulf Pwr. Co. Proj.) Series 2003, 2.6% 6/1/23 300,000 317,391 
Hillsborough County Aviation Auth. Rev. Series 2018 E, 5% 10/1/23 (b) 450,000 507,294 
Lake County School Board Ctfs. of Prtn. Series 2015 B, 5% 6/1/23 (FSA Insured) 500,000 562,675 
Miami-Dade County Expressway Auth.:   
Series 2014 A, 4% 7/1/23 200,000 216,168 
Series 2014 B, 5% 7/1/23 90,000 99,915 
Miami-Dade County School Board Ctfs. of Prtn.:   
Series 2015 A, 5% 5/1/23 30,000 33,792 
Series 2015 D, 5% 2/1/23 650,000 725,140 
Seminole County School Board Ctfs. of Prtn. Series 2012 A, 5% 7/1/23 145,000 164,416 
TOTAL FLORIDA  3,523,020 
Georgia - 1.4%   
Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.) Series 2009 1st, 2.75%, tender 3/15/23 (c) 300,000 309,798 
Georgia Muni. Elec. Auth. Pwr. Rev. Series GG, 5% 1/1/23 210,000 229,719 
TOTAL GEORGIA  539,517 
Illinois - 15.4%   
Chicago Midway Arpt. Rev. Series 2013 B, 5% 1/1/23 400,000 437,044 
Chicago O'Hare Int'l. Arpt. Rev. Series 2013 C, 5% 1/1/23 (b) 200,000 218,728 
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017, 5% 6/1/23 500,000 550,755 
Illinois Fin. Auth. Rev.:   
Series 2016 C, 5% 2/15/23 500,000 553,245 
Series 2019, 5% 4/1/23 500,000 554,295 
Illinois Gen. Oblig.:   
Series 2013, 5% 7/1/23 295,000 311,411 
Series 2014, 5% 2/1/23 250,000 262,150 
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/23 510,000 568,395 
Illinois Reg'l. Trans. Auth. Series 2003 A, 5.5% 7/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 80,000 90,063 
Illinois Sales Tax Rev. Series 2013, 5% 6/15/23 815,000 870,306 
Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2016, 5% 2/1/23 500,000 552,215 
Metropolitan Pier & Exposition:   
(McCormick Place Expansion Proj.) Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 140,000 129,144 
Series 2002:   
5.7% 6/15/23 45,000 49,085 
5.7% 6/15/23 (Escrowed to Maturity) 45,000 51,822 
Railsplitter Tobacco Settlement Auth. Rev. Series 2017, 5% 6/1/23 500,000 552,115 
TOTAL ILLINOIS  5,750,773 
Indiana - 2.2%   
Indiana Fin. Auth. Hosp. Rev. Series 2013, 5% 8/15/23 250,000 283,078 
Indianapolis Local Pub. Impt. (Indianapolis Arpt. Auth. Proj.) Series 2016 A1, 5% 1/1/23 (b) 500,000 546,690 
TOTAL INDIANA  829,768 
Kentucky - 0.8%   
Kentucky Tpk. Auth. Econ. Dev. Road Rev. (Revitalization Projs.) Series B, 4% 7/1/23 275,000 297,149 
Louisiana - 1.7%   
St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 2%, tender 4/1/23 (c) 45,000 44,595 
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23 540,000 583,373 
TOTAL LOUISIANA  627,968 
Maine - 0.6%   
Maine Health & Higher Edl. Facilities Auth. Rev. Series 2013, 3% 7/1/23 200,000 208,798 
Massachusetts - 3.4%   
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2005 B, 5.5% 7/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 50,000 57,633 
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Bonds Series 2019 A, 5%, tender 1/1/23 (c) 150,000 166,164 
Massachusetts Dev. Fin. Agcy. Rev.:   
Series 2016, 5% 7/1/23 230,000 256,781 
Series 2019 A, 5% 7/1/23 200,000 221,536 
Massachusetts Port Auth. Rev. Series 2017 A, 5% 7/1/23 (b) 500,000 557,435 
TOTAL MASSACHUSETTS  1,259,549 
Michigan - 2.2%   
Detroit Swr. Disp. Rev. Series 2004 A, 5.25% 7/1/23 (FSA Insured) 50,000 57,067 
Flint Hosp. Bldg. Auth. Rev. Series 2020, 5% 7/1/23 195,000 214,063 
Grand Traverse County Hosp. Fin. Auth. Series 2014 C, 5% 7/1/23 390,000 436,028 
Saginaw Hosp. Fin. Auth. Hosp. Rev. Series 2020 J, 5% 7/1/23 100,000 111,739 
TOTAL MICHIGAN  818,897 
Minnesota - 0.7%   
Anoka-Hennepin Independent School District 11 Series 2014 A, 5% 2/1/23 250,000 278,420 
Nevada - 4.1%   
Clark County McCarran Int'l. Arpt. Passenger Facility Charge Rev. (Clark County Arpt. Rev. Proj.) Series 2017 B, 5% 7/1/23 (b) 1,000,000 1,107,673 
Nevada Lease Rev. Ctfs. Prtn. (Bldg. 1 Proj.) Series 2013, 5% 4/1/23 380,000 427,337 
TOTAL NEVADA  1,535,010 
New Jersey - 10.1%   
Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A, 5% 2/15/23 250,000 272,873 
Carteret School District Series 2020, 2% 2/1/23 300,000 305,874 
New Jersey Econ. Dev. Auth. Motor Vehicle Rev. Series A, 5% 7/1/23 (Build America Mutual Assurance Insured) 400,000 435,124 
New Jersey Econ. Dev. Auth. Rev.:   
Series 2013, 5% 3/1/23 550,000 588,236 
Series 2015 XX, 5% 6/15/23 250,000 269,085 
New Jersey Edl. Facilities Auth. Rev. Series 2013 A, 5% 7/1/23 100,000 110,116 
New Jersey Health Care Facilities Fing. Auth. Rev.:   
Series 2013 A, 5% 7/1/23 200,000 223,604 
Series 2013, 5% 7/1/23 200,000 227,422 
Series 2016 A, 5% 7/1/23 250,000 281,085 
Series 2016, 5% 7/1/23 325,000 363,662 
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A, 5% 6/1/23 240,000 267,866 
New Jersey Trans. Trust Fund Auth. 5.75% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 250,000 274,405 
Rutgers State Univ. Rev. Series Q, 5% 5/1/23 150,000 168,149 
TOTAL NEW JERSEY  3,787,501 
New York - 6.0%   
Monroe County Indl. Dev. Corp. Univ. of Rochester, Proj.) Series 2017 A, 5% 7/1/23 100,000 112,086 
Nassau County Local Econ. Assistance Corp.:   
(Catholic Health Svcs. of Long Island Obligated Group Proj.) Series 2014, 5% 7/1/23 350,000 385,189 
Series 2014 B, 5% 7/1/23 285,000 313,654 
New York Dorm. Auth. Rev. Series 2015 A, 5% 5/1/23 530,000 587,023 
New York Dorm. Auth. Sales Tax Rev. Series 2018 F, 5% 3/15/23 (b) 175,000 194,952 
New York Metropolitan Trans. Auth. Rev. Series 2020 A, 5% 2/1/23 300,000 317,853 
Saratoga County Cap. Resources Rev. Series A, 5% 7/1/23 300,000 335,973 
TOTAL NEW YORK  2,246,730 
Ohio - 7.4%   
Cleveland Arpt. Sys. Rev. 5% 1/1/23 (FSA Insured) 500,000 547,990 
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5% 6/15/23 400,000 440,996 
Franklin County Hosp. Facilities Rev. Bonds (U.S. Health Corp. of Columbus Proj.) Series 2011 B, 5%, tender 5/15/23 (c) 500,000 560,535 
Hamilton County Hosp. Facilities Rev. Series 2014, 5% 2/1/23 100,000 110,065 
Lancaster Port Auth. Gas Rev. Series 2019, 5% 2/1/23 200,000 220,508 
Univ. of Akron Gen. Receipts Series 2019 A, 5% 1/1/23 300,000 329,262 
Univ. of Toledo Gen. Receipts Series 2018 A, 5% 6/1/23 500,000 554,240 
TOTAL OHIO  2,763,596 
Oregon - 1.4%   
Clackamas County Hosp. Facility Auth. (Williamette View, Inc.) Series 2017 A, 4% 5/15/23 250,000 257,025 
Port of Portland Arpt. Rev. Series 22, 5% 7/1/23 (b) 250,000 279,583 
TOTAL OREGON  536,608 
Pennsylvania - 5.5%   
Berks County Muni. Auth. Rev. (Tower Health Proj.) Series 2020 A, 5% 2/1/23 300,000 325,548 
Commonwealth Fing. Auth. Rev. Series 2020 A, 5% 6/1/23 200,000 224,822 
Indiana County Hosp. Auth. Series 2014 A, 5% 6/1/23 325,000 344,958 
Lehigh County Gen. Purp. Hosp. Rev. Series 2019 A, 5% 7/1/23 100,000 111,487 
Pennsylvania Ctfs. Prtn. Series 2018 A, 5% 7/1/23 250,000 282,038 
Pennsylvania Gen. Oblig. Series 2013, 5% 4/1/23 250,000 280,775 
Philadelphia Wtr. & Wastewtr. Rev. Series 2014 A, 5% 7/1/23 100,000 112,434 
State Pub. School Bldg. Auth. Lease Rev. (Philadelphia School District Proj.) Series 2015 A, 5% 6/1/23 340,000 379,059 
TOTAL PENNSYLVANIA  2,061,121 
Rhode Island - 0.8%   
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2013 A, 5% 5/15/23 250,000 280,420 
South Carolina - 0.3%   
South Carolina Ports Auth. Ports Rev. Series 2019 B, 5% 7/1/23 (b) 100,000 110,861 
South Dakota - 0.4%   
South Dakota Health & Edl. Facilities Auth. Rev. (Avera Health Proj.) Series 2017, 5% 7/1/23 150,000 167,703 
Tennessee - 1.4%   
Tennessee Energy Acquisition Corp. Bonds (Gas Rev. Proj.) Series A, 4%, tender 5/1/23 (c) 500,000 538,170 
Texas - 2.4%   
Lower Colorado River Auth. Rev. Series 2015 B, 5% 5/15/23 250,000 281,563 
North Texas Tollway Auth. Rev.:   
Series 2014 A, 5% 1/1/23 300,000 331,854 
Series 2015 B, 5% 1/1/23 250,000 276,545 
TOTAL TEXAS  889,962 
Virginia - 2.1%   
King George County Indl. Dev. Auth. Solid Waste Disp. Fac. Rev. (King George Landfill, Inc. Proj.) Series 2003 A, 2.5% 6/1/23 (b)(c) 200,000 206,374 
Salem Econ. Dev. Auth. Series 2020, 5% 4/1/23 250,000 269,990 
Stafford County Econ. Dev. Auth. Hosp. Facilities Rev. Series 2016, 5% 6/15/23 200,000 222,464 
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.9%, tender 6/1/23 (c) 100,000 103,182 
TOTAL VIRGINIA  802,010 
Washington - 4.1%   
Port of Seattle Rev. Series 2013, 5% 7/1/23 (b) 250,000 277,543 
Port of Seattle Spl. Facility Rev. Series 2013, 5% 6/1/23 (b) 300,000 332,178 
Washington Ctfs. of Prtn. Series 2013 B, 4% 7/1/23 300,000 331,731 
Washington Gen. Oblig. Series 2003 C, 0% 6/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 160,000 157,459 
Washington Health Care Facilities Auth. Rev. (Overlake Hosp. Med. Ctr., WA. Proj.) Series 2017 B, 5% 7/1/23 380,000 423,651 
TOTAL WASHINGTON  1,522,562 
Wisconsin - 1.5%   
Wisconsin Health & Edl. Facilities (Agnesian Healthcare Proj.) Series 2017, 5% 7/1/23 500,000 559,010 
TOTAL MUNICIPAL BONDS   
(Cost $35,449,066)  36,582,269 
 Shares Value 
Money Market Funds - 1.6%   
Fidelity Municipal Cash Central Fund .18% (d)(e)   
(Cost $600,000) 599,940 600,000 
TOTAL INVESTMENT IN SECURITIES - 99.3%   
(Cost $36,049,066)  37,182,269 
NET OTHER ASSETS (LIABILITIES) - 0.7%  267,245 
NET ASSETS - 100%  $37,449,514 

Legend

 (a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

 (c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

 (e) Affiliated fund that is 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

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Municipal Cash Central Fund $3,593 
Total $3,593 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $36,582,269 $-- $36,582,269 $-- 
Money Market Funds 600,000 600,000 -- -- 
Total Investments in Securities: $37,182,269 $600,000 $36,582,269 $-- 

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Health Care 25.6% 
General Obligations 24.0% 
Transportation 20.5% 
Education 7.6% 
Special Tax 7.5% 
Electric Utilities 5.1% 
Others* (Individually Less Than 5%) 9.7% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Fidelity® Municipal Income 2023 Fund

Financial Statements

Statement of Assets and Liabilities

  June 30, 2020 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $35,449,066) 
$36,582,269  
Fidelity Central Funds (cost $600,000) 600,000  
Total Investment in Securities (cost $36,049,066)  $37,182,269 
Cash  141,677 
Receivable for fund shares sold  10,300 
Interest receivable  522,391 
Distributions receivable from Fidelity Central Funds  52 
Other receivables  35 
Total assets  37,856,724 
Liabilities   
Payable for investments purchased on a delayed delivery basis $362,840  
Payable for fund shares redeemed 15,117  
Distributions payable 16,347  
Accrued management fee 9,263  
Distribution and service plan fees payable 555  
Other affiliated payables 3,088  
Total liabilities  407,210 
Net Assets  $37,449,514 
Net Assets consist of:   
Paid in capital  $36,412,422 
Total accumulated earnings (loss)  1,037,092 
Net Assets  $37,449,514 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($2,675,078 ÷ 257,172 shares)(a)  $10.40 
Maximum offering price per share (100/97.25 of $10.40)  $10.69 
Municipal Income 2023:   
Net Asset Value, offering price and redemption price per share ($25,058,255 ÷ 2,409,104 shares)  $10.40 
Class I:   
Net Asset Value, offering price and redemption price per share ($9,716,181 ÷ 934,090 shares)  $10.40 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended June 30, 2020 
Investment Income   
Interest  $884,599 
Income from Fidelity Central Funds  3,588 
Total income  888,187 
Expenses   
Management fee $110,016  
Transfer agent fees 36,673  
Distribution and service plan fees 6,516  
Independent trustees' fees and expenses 139  
Commitment fees 88  
Total expenses before reductions 153,432  
Expense reductions (106)  
Total expenses after reductions  153,326 
Net investment income (loss)  734,861 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 61,895  
Capital gain distributions from Fidelity Central Funds  
Total net realized gain (loss)  61,900 
Change in net unrealized appreciation (depreciation) on investment securities  42,967 
Net gain (loss)  104,867 
Net increase (decrease) in net assets resulting from operations  $839,728 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended June 30, 2020 Year ended June 30, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $734,861 $708,689 
Net realized gain (loss) 61,900 (99,128) 
Change in net unrealized appreciation (depreciation) 42,967 903,086 
Net increase (decrease) in net assets resulting from operations 839,728 1,512,647 
Distributions to shareholders (733,954) (707,889) 
Share transactions - net increase (decrease) 2,250,190 (928,306) 
Total increase (decrease) in net assets 2,355,964 (123,548) 
Net Assets   
Beginning of period 35,093,550 35,217,098 
End of period $37,449,514 $35,093,550 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Municipal Income 2023 Fund Class A

Years ended June 30, 2020 2019 2018 2017 2016 
Selected Per–Share Data      
Net asset value, beginning of period $10.34 $10.08 $10.25 $10.54 $9.95 
Income from Investment Operations      
Net investment income (loss)A .183 .189 .175 .183 .177 
Net realized and unrealized gain (loss) .060 .259 (.171) (.272) .596 
Total from investment operations .243 .448 .004 (.089) .773 
Distributions from net investment income (.183) (.188) (.174) (.184) (.183) 
Distributions from net realized gain – – – (.017) – 
Total distributions (.183) (.188) (.174) (.201) (.183) 
Redemption fees added to paid in capitalA – – – B B 
Net asset value, end of period $10.40 $10.34 $10.08 $10.25 $10.54 
Total ReturnC,D,E 2.37% 4.50% .04% (.83)% 7.84% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .65% .65% .65% .65% .65% 
Expenses net of fee waivers, if any .65% .65% .65% .65% .65% 
Expenses net of all reductions .65% .65% .65% .65% .65% 
Net investment income (loss) 1.77% 1.86% 1.71% 1.78% 1.74% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,675 $2,487 $2,390 $3,352 $5,000 
Portfolio turnover rateH 10% 18% 12% 8% 19% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Municipal Income 2023 Fund

Years ended June 30, 2020 2019 2018 2017 2016 
Selected Per–Share Data      
Net asset value, beginning of period $10.34 $10.08 $10.24 $10.54 $9.95 
Income from Investment Operations      
Net investment income (loss)A .209 .214 .199 .209 .204 
Net realized and unrealized gain (loss) .060 .260 (.159) (.283) .594 
Total from investment operations .269 .474 .040 (.074) .798 
Distributions from net investment income (.209) (.214) (.200) (.209) (.208) 
Distributions from net realized gain – – – (.017) – 
Total distributions (.209) (.214) (.200) (.226) (.208) 
Redemption fees added to paid in capitalA – – – B B 
Net asset value, end of period $10.40 $10.34 $10.08 $10.24 $10.54 
Total ReturnC,D 2.63% 4.76% .39% (.68)% 8.11% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .40% .40% .40% .40% .40% 
Expenses net of fee waivers, if any .40% .40% .40% .40% .40% 
Expenses net of all reductions .40% .40% .40% .40% .40% 
Net investment income (loss) 2.02% 2.11% 1.96% 2.03% 1.99% 
Supplemental Data      
Net assets, end of period (000 omitted) $25,058 $23,223 $18,883 $14,238 $18,465 
Portfolio turnover rateG 10% 18% 12% 8% 19% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Municipal Income 2023 Fund Class I

Years ended June 30, 2020 2019 2018 2017 2016 
Selected Per–Share Data      
Net asset value, beginning of period $10.34 $10.08 $10.24 $10.54 $9.95 
Income from Investment Operations      
Net investment income (loss)A .209 .213 .199 .209 .204 
Net realized and unrealized gain (loss) .060 .261 (.159) (.283) .594 
Total from investment operations .269 .474 .040 (.074) .798 
Distributions from net investment income (.209) (.214) (.200) (.209) (.208) 
Distributions from net realized gain – – – (.017) – 
Total distributions (.209) (.214) (.200) (.226) (.208) 
Redemption fees added to paid in capitalA – – – B B 
Net asset value, end of period $10.40 $10.34 $10.08 $10.24 $10.54 
Total ReturnC,D 2.63% 4.76% .39% (.68)% 8.11% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .40% .40% .40% .40% .40% 
Expenses net of fee waivers, if any .40% .40% .40% .40% .40% 
Expenses net of all reductions .40% .40% .40% .40% .40% 
Net investment income (loss) 2.02% 2.11% 1.96% 2.03% 1.99% 
Supplemental Data      
Net assets, end of period (000 omitted) $9,716 $9,384 $13,944 $11,649 $15,112 
Portfolio turnover rateG 10% 18% 12% 8% 19% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Municipal Income 2025 Fund

Investment Summary (Unaudited)

Top Five States as of June 30, 2020

 % of fund's net assets 
Illinois 10.6 
Pennsylvania 9.6 
Massachusetts 9.2 
Florida 8.1 
Connecticut 7.2 

Top Five Sectors as of June 30, 2020

 % of fund's net assets 
Health Care 31.0 
Transportation 25.7 
Education 23.9 
General Obligations 12.2 
Special Tax 3.2 

Quality Diversification (% of fund's net assets)

As of June 30, 2020 
   AAA 3.4% 
   AA,A 67.3% 
   BBB 24.0% 
   BB and Below 3.3% 
   Not Rated 0.9% 
   Short-Term Investments and Net Other Assets 1.1% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Fidelity® Municipal Income 2025 Fund

Schedule of Investments June 30, 2020

Showing Percentage of Net Assets

Municipal Bonds - 98.9%   
 Principal Amount Value 
Alabama - 0.5%   
Montgomery Med. Clinic Facilities Series 2015, 5% 3/1/25 100,000 114,294 
Arizona - 2.9%   
Glendale Trans. Excise Tax Rev. 5% 7/1/25 (FSA Insured) 75,000 91,334 
Phoenix Civic Impt. Board Arpt. Rev.:   
Series 2017 A, 5% 7/1/25 (a) $250,000 $296,170 
Series 2017 B, 5% 7/1/25 250,000 299,260 
TOTAL ARIZONA  686,764 
California - 2.5%   
Poway Unified School District Series 2009, 0% 8/1/25 90,000 85,797 
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. (Sub Lien Proj.) Series 2017 B, 5% 7/1/25 (a) 150,000 177,542 
Washington Township Health Care District Rev. Series 2017 B, 5% 7/1/25 270,000 317,855 
TOTAL CALIFORNIA  581,194 
Colorado - 0.8%   
E-470 Pub. Hwy. Auth. Rev. Series 1997 B, 0% 9/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 200,000 189,140 
Connecticut - 7.2%   
Connecticut Gen. Oblig.:   
Series 2015 B, 5% 6/15/25 175,000 209,970 
Series 2016 D, 5% 8/15/25 330,000 397,752 
Connecticut Health & Edl. Facilities Auth. Rev.:   
(Quinnipiac Univ., Ct. Proj.) Series M, 5% 7/1/25 40,000 47,281 
(Sacred Heart Univ., CT. Proj.) Series 2017 I-1, 5% 7/1/25 400,000 472,808 
Series K1, 5% 7/1/25 280,000 304,682 
Series K3, 5% 7/1/25 200,000 217,630 
Series N, 5% 7/1/25 50,000 54,601 
TOTAL CONNECTICUT  1,704,724 
District Of Columbia - 3.2%   
District of Columbia Rev. Series 2018, 5% 10/1/25 75,000 87,190 
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2020 A, 5% 10/1/25 (a)(b) 300,000 359,400 
Washington D.C. Metropolitan Transit Auth. Rev. Series 2017 B, 5% 7/1/25 250,000 299,530 
TOTAL DISTRICT OF COLUMBIA  746,120 
Florida - 8.1%   
Broward County Arpt. Sys. Rev. Series 2017, 5% 10/1/25 (a) 500,000 593,125 
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2017 A, 5% 10/1/25 (a) 300,000 357,555 
Lakeland Hosp. Sys. Rev. Series 2016, 5% 11/15/25 430,000 509,301 
Palm Beach County School Board Ctfs. of Prtn. Series 2018 A, 5% 8/1/25 50,000 60,982 
Seminole County School Board Ctfs. of Prtn. Series 2016 C, 5% 7/1/25 40,000 48,469 
South Miami Health Facilities Auth. Hosp. Rev. (Baptist Med. Ctr., FL. Proj.) Series 2017, 5% 8/15/25 200,000 236,112 
Tampa Hosp. Rev. (H. Lee Moffitt Cancer Ctr. Proj.) Series 2016 B, 5% 7/1/25 100,000 117,724 
TOTAL FLORIDA  1,923,268 
Georgia - 0.9%   
Atlanta Arpt. Rev. Series 2019 B:   
5% 7/1/25 (a) 50,000 59,181 
5% 7/1/25 125,000 149,293 
TOTAL GEORGIA  208,474 
Illinois - 10.6%   
Chicago O'Hare Int'l. Arpt. Rev. Series 2017 D, 5% 1/1/25 (a) 100,000 115,850 
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017, 5% 6/1/25 250,000 289,948 
Illinois Fin. Auth. Rev.:   
(Edward-Elmhurst Healthcare) Series 2017 A, 5% 1/1/25 145,000 168,534 
(Northwestern Memorial Hosp.,IL. Proj.) Series 2017 A, 5% 7/15/25 200,000 240,524 
Series 2016, 5% 5/15/25 250,000 288,635 
Series 2019, 5% 9/1/25 200,000 223,274 
Illinois Gen. Oblig.:   
Series 2013, 5.5% 7/1/25 200,000 212,676 
Series 2017 D, 5% 11/1/25 25,000 27,054 
Illinois Sales Tax Rev. Series 2016 D, 5% 6/15/25 100,000 110,386 
Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2008, 0% 2/1/25 (FSA Insured) 185,000 176,311 
Metropolitan Pier & Exposition Series 1994 A, 0% 6/15/25 270,000 233,558 
Railsplitter Tobacco Settlement Auth. Rev. Series 2017, 5% 6/1/25 365,000 424,637 
TOTAL ILLINOIS  2,511,387 
Indiana - 0.4%   
Indiana Fin. Auth. Health Sys. Rev. Bonds Series 2019 B, 2.25%, tender 7/1/25 (c) 55,000 57,738 
Indiana Fin. Auth. Rev. (Cmnty. Foundation of Northwest Indiana Obligated Group) Series 2016, 5% 9/1/25 25,000 29,903 
TOTAL INDIANA  87,641 
Kentucky - 2.0%   
Kentucky State Property & Buildings Commission Rev.:   
(Kentucky St) Series 2016, 5% 10/1/25 100,000 121,054 
(Proj. No. 118) Series 2018, 5% 4/1/25 300,000 348,396 
TOTAL KENTUCKY  469,450 
Louisiana - 0.5%   
New Orleans Aviation Board Rev. (North Term. Proj.) Series 2017 B, 5% 1/1/25 (a) 100,000 116,040 
Maine - 3.9%   
Maine Health & Higher Edl. Facilities Auth. Rev.:   
Series 2013, 5% 7/1/25 265,000 289,854 
Series 2017 A, 4% 7/1/25 465,000 513,374 
Series 2017 B, 4% 7/1/25 100,000 110,403 
TOTAL MAINE  913,631 
Maryland - 0.7%   
Maryland Health & Higher Edl. Facilities Auth. Rev. (Lifebridge Health Proj.) Series 2017, 5% 7/1/25 150,000 177,623 
Massachusetts - 9.2%   
Massachusetts Dev. Fin. Agcy. Rev.:   
(Fisher College) Series 2017, 5% 4/1/25 250,000 280,075 
Bonds Series 2017 A2, 5%, tender 1/30/25 (c) 10,000 11,932 
Caregroup, Inc. Series 2015 H-1, 5% 7/1/25 150,000 176,586 
Series 2019 K, 5% 7/1/25 50,000 58,862 
Series 2019, 5% 7/1/25 170,000 194,200 
Series 2020 A, 5% 10/15/25 650,000 805,861 
Massachusetts Edl. Fing. Auth. Rev. Series 2017 A, 5% 7/1/25 (a) 250,000 285,333 
Massachusetts Port Auth. Rev. Series 2019 C, 5% 7/1/25 (a) 300,000 351,585 
TOTAL MASSACHUSETTS  2,164,434 
Michigan - 3.9%   
Flint Hosp. Bldg. Auth. Rev. Series 2020, 5% 7/1/25 300,000 345,324 
Grand Traverse County Hosp. Fin. Auth. Series 2019 A, 5% 7/1/25 150,000 177,623 
Saginaw Hosp. Fin. Auth. Hosp. Rev. Series 2020 J, 5% 7/1/25 100,000 118,415 
Warren Consolidated School District Series 2017, 4% 5/1/25 (FSA Insured) 250,000 285,825 
TOTAL MICHIGAN  927,187 
Missouri - 4.5%   
Saint Louis Arpt. Rev.:   
Series 2017 A, 5% 7/1/25 (FSA Insured) 370,000 433,818 
Series 2017 B, 5% 7/1/25 (FSA Insured) (a) 250,000 291,673 
Series 2019 C, 5% 7/1/25 290,000 338,494 
TOTAL MISSOURI  1,063,985 
Nevada - 0.3%   
Clark County School District Series 2017 A, 5% 6/15/25 60,000 71,188 
New Hampshire - 1.6%   
New Hampshire Health & Ed. Facilities Auth.:   
(Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A, 5% 8/1/25 50,000 58,976 
(Partners Healthcare Sys., Inc. Proj.) Series 2017, 5% 7/1/25 200,000 239,192 
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2016, 5% 10/1/25 70,000 82,571 
TOTAL NEW HAMPSHIRE  380,739 
New Jersey - 5.9%   
New Jersey Econ. Dev. Auth. Lease Rev. (Libersty State Park Proj.) Series 2015 A, 5% 6/15/25 200,000 222,986 
New Jersey Econ. Dev. Auth. Rev. (New Jersey Gen. Oblig. Proj.) Series 2015 XX, 5% 6/15/25 250,000 278,733 
New Jersey Edl. Facility:   
(Stevens Institute of Techonolgy Proj.) Series 2017 A, 5% 7/1/25 105,000 118,454 
(Stockton Univ. Proj.) Series A, 5% 7/1/25 15,000 17,367 
Series 2016 E, 5% 7/1/25 50,000 58,650 
New Jersey Health Care Facilities Fing. Auth. Rev. (St Joseph Hosp. & Med. Ctr., Proj.) Series 2016, 5% 7/1/25 400,000 460,432 
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A, 5% 6/1/25 20,000 23,681 
New Jersey Trans. Trust Fund Auth.:   
Series 2006 C, 0% 12/15/25 140,000 118,059 
Series 2016 A, 5% 6/15/25 40,000 45,190 
Series AA, 5% 6/15/25 50,000 55,747 
TOTAL NEW JERSEY  1,399,299 
New York - 2.0%   
Dutchess County Local Dev. Corp. Rev. (Health Quest Systems, Inc. Proj.) Series 2016 A, 5% 7/1/25 30,000 35,032 
Niagara Frontier Trans. Auth. Arpt. Rev. Series 2019 A, 5% 4/1/25 (a) 255,000 298,819 
Onondaga Civic Dev. Corp. (Le Moyne College Proj.):   
Series 2015, 5% 7/1/25 100,000 114,337 
Series 2018, 5% 1/1/25 15,000 16,971 
TOTAL NEW YORK  465,159 
Ohio - 4.8%   
Akron Bath Copley Hosp. District Rev. (Summa Health Sys.) Series 2016, 5% 11/15/25 150,000 177,407 
Hamilton County Hosp. Facilities Rev. (Trihealth, Inc. Obligated Group Proj.) Series 2017 A, 5% 8/15/25 140,000 165,278 
Lancaster Port Auth. Gas Rev. Series 2019, 5% 2/1/25 200,000 233,794 
Ohio Higher Edl. Facility Commission Rev.:   
(Kenyon College, Oh. Proj.) Series 2017 5% 7/1/25 200,000 231,356 
(Xavier Univ. 2015 Proj.) Series 2015 C, 5% 5/1/25 190,000 216,803 
(Xavier Univ. 2016 Proj.) Series 2016, 5% 5/1/25 100,000 114,107 
TOTAL OHIO  1,138,745 
Oklahoma - 0.1%   
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (OU Medicine Proj.) Series 2018 B, 5% 8/15/25 25,000 28,503 
Oregon - 3.0%   
Clackamas County Hosp. Facility Auth. (Williamette View, Inc.) Series 2017 A, 4% 5/15/25 200,000 207,156 
Port of Portland Arpt. Rev. Series 24B, 5% 7/1/25 (a) 420,000 497,116 
TOTAL OREGON  704,272 
Pennsylvania - 9.6%   
Berks County Muni. Auth. Rev. (Tower Health Proj.) Series 2020 A, 5% 2/1/25 600,000 680,850 
Butler County Hosp. Auth. Hosp. Rev. Series 2015 A, 5% 7/1/25 30,000 34,378 
Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2018 A, 5% 11/15/25 100,000 119,470 
Delaware County Auth. Rev. Series 2017, 5% 7/1/25 125,000 134,391 
Doylestown Hosp. Auth. Hosp. Rev. Series 2016 A, 5% 7/1/25 125,000 143,885 
Dubois Hosp. Auth. Hosp. Rev. (Penn Highlands Healthcare Proj.) Series 2018, 5% 7/15/25 110,000 129,143 
Monroe County Hosp. Auth. Rev. Series 2016, 5% 7/1/25 50,000 59,208 
Pennsylvania Higher Edl. Facilities Auth. Rev.:   
(Drexel Univ.) Series 2016, 5% 5/1/25 200,000 228,910 
Series 2015 AQ, 5% 6/15/25 200,000 236,870 
Philadelphia Arpt. Rev. Series 2017 A, 5% 7/1/25 50,000 58,995 
Philadelphia School District:   
Series 2015 A, 5% 9/1/25 20,000 23,867 
Series 2018 A, 5% 9/1/25 50,000 59,668 
Southcentral Pennsylvania Gen. Auth. Rev. Series 2019 A, 5% 6/1/25 300,000 358,275 
TOTAL PENNSYLVANIA  2,267,910 
Tennessee - 2.6%   
Chattanooga Health Ed. & Hsg. Facility Board Rev. Series 2019 A1, 5% 8/1/25 250,000 290,870 
Knox County Health Edl. & Hsg. Facilities Board Rev.:   
Series 2016, 5% 9/1/25 15,000 17,241 
Series 2017, 5% 4/1/25 265,000 302,127 
TOTAL TENNESSEE  610,238 
Texas - 1.0%   
Houston Arpt. Sys. Rev. Series 2018 C, 5% 7/1/25 (a) 200,000 235,766 
Utah - 0.1%   
Salt Lake City Arpt. Rev. Series 2017 A, 5% 7/1/25 (a) 30,000 35,557 
Vermont - 1.7%   
Vermont Student Assistant Corp. Ed. Ln. Rev.:   
Series 2019 A, 5% 6/15/25 (a) 105,000 118,886 
Series 2020 A, 5% 6/15/25 (a) 250,000 283,063 
TOTAL VERMONT  401,949 
Virginia - 0.6%   
Salem Econ. Dev. Auth. Series 2020, 5% 4/1/25 125,000 140,158 
Washington - 2.3%   
Port of Seattle Rev. Series 2017 C, 5% 5/1/25 (a) 465,000 541,567 
Wisconsin - 1.5%   
Wisconsin Health & Edl. Facilities:   
Bonds Series 2018 B, 5%, tender 1/29/25 (c) 40,000 47,349 
Series 2016, 5% 2/15/27 (Pre-Refunded to 8/15/25 @ 100) 10,000 12,238 
Series 2017 A:   
5% 4/1/25 155,000 184,394 
5% 9/1/25 100,000 115,475 
TOTAL WISCONSIN  359,456 
TOTAL MUNICIPAL BONDS   
(Cost $22,635,120)  23,365,862 
TOTAL INVESTMENT IN SECURITIES - 98.9%   
(Cost $22,635,120)  23,365,862 
NET OTHER ASSETS (LIABILITIES) - 1.1%  251,694 
NET ASSETS - 100%  $23,617,556 

Legend

 (a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

 (b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Municipal Cash Central Fund $2,129 
Total $2,129 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $23,365,862 $-- $23,365,862 $-- 
Total Investments in Securities: $23,365,862 $-- $23,365,862 $-- 

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Health Care 31.0% 
Transportation 25.7% 
Education 23.9% 
General Obligations 12.2% 
Others* (Individually Less Than 5%) 7.2% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Fidelity® Municipal Income 2025 Fund

Financial Statements

Statement of Assets and Liabilities

  June 30, 2020 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $22,635,120) 
 $23,365,862 
Cash  289,993 
Receivable for fund shares sold  6,580 
Interest receivable  319,010 
Other receivables  92 
Total assets  23,981,537 
Liabilities   
Payable for investments purchased on a delayed delivery basis $349,500  
Payable for fund shares redeemed 1,870  
Distributions payable 4,152  
Accrued management fee 5,797  
Distribution and service plan fees payable 728  
Other affiliated payables 1,934  
Total liabilities  363,981 
Net Assets  $23,617,556 
Net Assets consist of:   
Paid in capital  $22,967,031 
Total accumulated earnings (loss)  650,525 
Net Assets  $23,617,556 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($3,509,700 ÷ 338,965 shares)(a)  $10.35 
Maximum offering price per share (100/97.25 of $10.35)  $10.64 
Municipal Income 2025:   
Net Asset Value, offering price and redemption price per share ($14,595,843 ÷ 1,409,609 shares)  $10.35 
Class I:   
Net Asset Value, offering price and redemption price per share ($5,512,013 ÷ 532,275 shares)  $10.36 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended June 30, 2020 
Investment Income   
Interest  $572,833 
Income from Fidelity Central Funds  2,129 
Total income  574,962 
Expenses   
Management fee $76,393  
Transfer agent fees 25,464  
Distribution and service plan fees 8,626  
Independent trustees' fees and expenses 96  
Commitment fees 62  
Total expenses before reductions 110,641  
Expense reductions (207)  
Total expenses after reductions  110,434 
Net investment income (loss)  464,528 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  (24,113) 
Total net realized gain (loss)  (24,113) 
Change in net unrealized appreciation (depreciation) on investment securities  19,986 
Net gain (loss)  (4,127) 
Net increase (decrease) in net assets resulting from operations  $460,401 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended June 30, 2020 Year ended June 30, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $464,528 $358,973 
Net realized gain (loss) (24,113) 12,134 
Change in net unrealized appreciation (depreciation) 19,986 976,046 
Net increase (decrease) in net assets resulting from operations 460,401 1,347,153 
Distributions to shareholders (464,528) (358,966) 
Share transactions - net increase (decrease) (214,877) 7,625,604 
Total increase (decrease) in net assets (219,004) 8,613,791 
Net Assets   
Beginning of period 23,836,560 15,222,769 
End of period $23,617,556 $23,836,560 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Municipal Income 2025 Fund Class A

Years ended June 30, 2020 2019 2018 2017 A 
Selected Per–Share Data     
Net asset value, beginning of period $10.29 $9.77 $9.96 $10.00 
Income from Investment Operations     
Net investment income (loss)B .166 .180 .163 .002 
Net realized and unrealized gain (loss) .060C .521 (.192) (.040) 
Total from investment operations .226 .701 (.029) (.038) 
Distributions from net investment income (.166) (.181) (.161) (.002) 
Total distributions (.166) (.181) (.161) (.002) 
Net asset value, end of period $10.35 $10.29 $9.77 $9.96 
Total ReturnD,E,F 2.21% 7.25% (.29)% (.38)% 
Ratios to Average Net AssetsG,H     
Expenses before reductions .65% .65% .65% .65%I 
Expenses net of fee waivers, if any .65% .65% .65% .65%I 
Expenses net of all reductions .65% .65% .65% .62%I 
Net investment income (loss) 1.61% 1.81% 1.65% .20%I 
Supplemental Data     
Net assets, end of period (000 omitted) $3,510 $3,329 $2,482 $2,489 
Portfolio turnover rateJ 23% 17% 44% - %K 

 A For the period May 25, 2017 (commencement of operations) to June 30, 2017.

 B Calculated based on average shares outstanding during the period.

 C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

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

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Fidelity Municipal Income 2025 Fund

Years ended June 30, 2020 2019 2018 2017 A 
Selected Per–Share Data     
Net asset value, beginning of period $10.29 $9.77 $9.96 $10.00 
Income from Investment Operations     
Net investment income (loss)B .193 .205 .187 .004 
Net realized and unrealized gain (loss) .059C .521 (.191) (.040) 
Total from investment operations .252 .726 (.004) (.036) 
Distributions from net investment income (.192) (.206) (.186) (.004) 
Total distributions (.192) (.206) (.186) (.004) 
Net asset value, end of period $10.35 $10.29 $9.77 $9.96 
Total ReturnD,E 2.47% 7.52% (.04)% (.36)% 
Ratios to Average Net AssetsF,G     
Expenses before reductions .40% .40% .40% .40%H 
Expenses net of fee waivers, if any .40% .40% .40% .40%H 
Expenses net of all reductions .40% .40% .40% .37%H 
Net investment income (loss) 1.86% 2.06% 1.90% .45%H 
Supplemental Data     
Net assets, end of period (000 omitted) $14,596 $15,780 $8,947 $5,273 
Portfolio turnover rateI 23% 17% 44% - %J 

 A For the period May 25, 2017 (commencement of operations) to June 30, 2017.

 B Calculated based on average shares outstanding during the period.

 C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Fidelity Municipal Income 2025 Fund Class I

Years ended June 30, 2020 2019 2018 2017 A 
Selected Per–Share Data     
Net asset value, beginning of period $10.29 $9.77 $9.96 $10.00 
Income from Investment Operations     
Net investment income (loss)B .192 .205 .187 .004 
Net realized and unrealized gain (loss) .070C .521 (.191) (.040) 
Total from investment operations .262 .726 (.004) (.036) 
Distributions from net investment income (.192) (.206) (.186) (.004) 
Total distributions (.192) (.206) (.186) (.004) 
Net asset value, end of period $10.36 $10.29 $9.77 $9.96 
Total ReturnD,E 2.57% 7.52% (.04)% (.36)% 
Ratios to Average Net AssetsF,G     
Expenses before reductions .40% .40% .40% .40%H 
Expenses net of fee waivers, if any .40% .40% .40% .40%H 
Expenses net of all reductions .40% .40% .40% .37%H 
Net investment income (loss) 1.86% 2.06% 1.90% .45%H 
Supplemental Data     
Net assets, end of period (000 omitted) $5,512 $4,727 $3,794 $2,490 
Portfolio turnover rateI 23% 17% 44% - %J 

 A For the period May 25, 2017 (commencement of operations) to June 30, 2017.

 B Calculated based on average shares outstanding during the period.

 C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended June 30, 2020

1. Organization.

Fidelity Municipal Income 2021 Fund, Fidelity Municipal Income 2023 Fund and Fidelity Municipal Income 2025 Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust) and are 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. Fidelity Municipal Income 2025 Fund is a non-diversified fund. The Funds offer Class A, Class I, and Retail Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective after the close of business on June 30, 2020, the Fidelity Municipal Income 2021 Fund was closed to new accounts with certain exceptions.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

2. Investments in Fidelity Central Funds.

The Funds 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 Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

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 delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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 June 30, 2020 is included at the end of each Fund's Schedule of Investments.

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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. 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 June 30, 2020, 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.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. 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 market discount and capital loss carryforwards.

The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

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 Municipal Income 2021 Fund $50,004,315 $635,257 $(7,736) $627,521 
Fidelity Municipal Income 2023 Fund 36,043,533 1,183,190 (44,454) 1,138,736 
Fidelity Municipal Income 2025 Fund 22,635,120 785,837 (55,095) 730,742 

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

 Undistributed tax-exempt income Undistributed long-term capital gain Capital loss carryforward Net unrealized appreciation (depreciation) on securities and other investments 
Fidelity Municipal Income 2021 Fund $47 $39,531 $– $627,521 
Fidelity Municipal Income 2023 Fund – – (88,193) 1,138,736 
Fidelity Municipal Income 2025 Fund – (80,227) 730,742 

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.

 No expiration   
 Short-term Long-term Total capital loss carryfoward 
Fidelity Municipal Income 2023 Fund $(77,199) $(10,994) $(88,193) 
Fidelity Municipal Income 2025 Fund (80,227) (–) (80,227) 

The tax character of distributions paid was as follows:

June 30, 2020    
 Tax-Exempt Income Long-term Capital Gains Total 
Fidelity Municipal Income 2021 Fund $1,028,801 $54,569 $1,083,370 
Fidelity Municipal Income 2023 Fund 733,954 – 733,954 
Fidelity Municipal Income 2025 Fund 464,528 – 464,528 

June 30, 2019  
 Tax-Exempt Income 
Fidelity Municipal Income 2021 Fund $1,199,701 
Fidelity Municipal Income 2023 Fund 707,889 
Fidelity Municipal Income 2025 Fund 358,966 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. Certain Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Municipal Income 2021 Fund 2,784,830 5,559,622 
Fidelity Municipal Income 2023 Fund 5,614,161 3,462,283 
Fidelity Municipal Income 2025 Fund 5,955,733 5,961,256 

5. Fees and Other Transactions with Affiliates.

Management Fee. 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 that is based on an annual rate of .30% of average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares. Each Fund's Class A pays Fidelity Distributors Company (FDC), an affiliate of the investment adviser, a Service Fee based on an annual percentage of Class A's average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Funds and providing shareholder support services. For the period, the Service Fee rate, total service fees and amounts retained by FDC were as follows:

 Service Fee Total Fees Retained by FDC 
Fidelity Municipal Income 2021 Fund    
Class A .25% $13,035 $ 95 
Fidelity Municipal Income 2023 Fund    
Class A .25% $6,516 $109 
Fidelity Municipal Income 2025 Fund    
Class A .25% $8,626 $7,562 

Sales Load. FDC may receive a front-end sales charge of up to 2.75% for selling each Fund's Class A shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A redemptions. The deferred sales charge is .75% or .50% for certain purchases of each Fund's Class A shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Fidelity Municipal Income 2021 Fund  
Class A $34 
Fidelity Municipal Income 2023 Fund  
Class A $160 
Fidelity Municipal Income 2025 Fund  
Class A $26 

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. FIIOC receives asset-based fees of .10% of class-level average net assets for each class of each Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class of each fund were as follows:

 Amount 
Fidelity Municipal Income 2021 Fund  
Class A $5,214 
Municipal Income 2021 34,131 
Class I 11,226 
 $50,571 
Fidelity Municipal Income 2023 Fund  
Class A $2,607 
Municipal Income 2023 24,137 
Class I 9,929 
 $36,673 
Fidelity Municipal Income 2025 Fund  
Class A $3,450 
Municipal Income 2025 16,634 
Class I 5,380 
 $25,464 

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

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Commitment fees on the Statement of Operations, and are as follows:

 Amount 
Fidelity Municipal Income 2021 Fund $126 
Fidelity Municipal Income 2023 Fund 88 
Fidelity Municipal Income 2025 Fund 62 

During the period, there were no borrowings on this line of credit.

7. 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 or class' expenses. All of the applicable expense reductions are noted in the table below.

 Custodian credits 
Fidelity Municipal Income 2021 Fund $135 
Fidelity Municipal Income 2023 Fund 106 
Fidelity Municipal Income 2025 Fund 207 

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
June 30, 2020 
Year ended
June 30, 2019 
Fidelity Municipal Income 2021 Fund   
Distributions to shareholders   
Class A $99,603 $117,146 
Municipal Income 2021 741,454 708,884 
Class I 242,313 373,671 
Total $1,083,370 $1,199,701 
Fidelity Municipal Income 2023 Fund   
Distributions to shareholders   
Class A $46,118 $44,681 
Municipal Income 2023 487,403 441,054 
Class I 200,433 222,154 
Total $733,954 $707,889 
Fidelity Municipal Income 2025 Fund   
Distributions to shareholders   
Class A $55,485 $49,668 
Municipal Income 2025 309,143 223,806 
Class I 99,900 85,492 
Total $464,528 $358,966 

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Year ended June 30, 2020 Year ended June 30, 2019 Year ended June 30, 2020 Year ended June 30, 2019 
Fidelity Municipal Income 2021 Fund     
Class A     
Shares sold 137,989 26,971 $1,483,649 $289,031 
Reinvestment of distributions 9,226 10,885 99,597 116,936 
Shares redeemed (127,010) (224,540) (1,369,919) (2,414,719) 
Net increase (decrease) 20,205 (186,684) $213,327 $(2,008,752) 
Municipal Income 2021     
Shares sold 583,479 756,961 $6,277,448 $8,102,271 
Reinvestment of distributions 45,769 45,356 494,025 487,379 
Shares redeemed (659,076) (780,085) (7,079,113) (8,371,803) 
Net increase (decrease) (29,828) 22,232 $(307,640) $217,847 
Class I     
Shares sold 463,796 457,424 $4,993,336 $4,911,161 
Reinvestment of distributions 20,740 29,592 223,870 317,748 
Shares redeemed (560,895) (1,357,731) (6,061,367) (14,529,464) 
Net increase (decrease) (76,359) (870,715) $(844,161) $(9,300,555) 
Fidelity Municipal Income 2023 Fund     
Class A     
Shares sold 24,506 46,368 $254,201 $470,164 
Reinvestment of distributions 4,027 3,954 41,741 40,126 
Shares redeemed (11,814) (46,890) (121,288) (473,664) 
Net increase (decrease) 16,719 3,432 $174,654 $36,626 
Municipal Income 2023     
Shares sold 660,760 731,797 $6,846,921 $7,360,601 
Reinvestment of distributions 29,988 29,168 310,748 295,905 
Shares redeemed (527,338) (388,160) (5,367,375) (3,919,495) 
Net increase (decrease) 163,410 372,805 $1,790,294 $3,737,011 
Class I     
Shares sold 229,379 323,696 $2,374,468 $3,278,516 
Reinvestment of distributions 15,116 16,966 156,653 171,828 
Shares redeemed (217,845) (816,137) (2,245,879) (8,152,287) 
Net increase (decrease) 26,650 (475,475) $285,242 $(4,701,943) 
Fidelity Municipal Income 2025 Fund     
Class A     
Shares sold 19,592 66,981 $205,501 $674,010 
Reinvestment of distributions 5,363 4,985 55,479 49,668 
Shares redeemed (9,577) (2,541) (99,204) (25,535) 
Net increase (decrease) 15,378 69,425 $161,776 $698,143 
Municipal Income 2025     
Shares sold 511,270 666,016 $5,302,835 $6,696,191 
Reinvestment of distributions 25,082 19,392 259,745 193,626 
Shares redeemed (660,509) (67,588) (6,695,455) (669,904) 
Net increase (decrease) (124,157) 617,820 $(1,132,875) $6,219,913 
Class I     
Shares sold 109,185 150,280 $1,126,360 $1,472,253 
Reinvestment of distributions 8,762 7,823 90,639 77,828 
Shares redeemed (45,102) (87,028) (460,777) (842,533) 
Net increase (decrease) 72,845 71,075 $756,222 $707,548 

10. Other.

The Funds' 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 Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. 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 of the following funds:

Fund Affiliated % 
Fidelity Municipal Income 2025 Fund 46% 

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Municipal Income 2021 Fund, Fidelity Municipal Income 2023 Fund and Fidelity Municipal Income 2025 Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Fidelity Municipal Income 2021 Fund, Fidelity Municipal Income 2023 Fund and Fidelity Municipal Income 2025 Fund (the "Funds"), each a fund of Fidelity Salem Street Trust, including the schedules of investments, as of June 30, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended for the Funds, except Fidelity Municipal Income 2025 Fund; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and for the period from May 25, 2017 (commencement of operations) to June 30, 2017, for Fidelity Municipal Income 2025 Fund; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, 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 (or for the period mentioned above), 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 June 30, 2020, 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

August 11, 2020


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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 282 funds. Mr. Chiel oversees 174 funds. 

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

Each fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.

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

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

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

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

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

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

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

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

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

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

Independent Trustees:

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

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

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

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

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

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

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

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

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

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

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

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management and Executive Vice President and Chief Investment Officer of Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager for various institutional equity accounts and mutual funds and Portfolio Manager for a number of institutional fixed-income clients. Mr. Kenneally began his career as a Research Analyst in 1983 and was awarded the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

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

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

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of certain funds (2017-2019), as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

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

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2020 to June 30, 2020).

Actual Expenses

The first line of the accompanying table for each Class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a Class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each Class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
January 1, 2020 
Ending
Account Value
June 30, 2020 
Expenses Paid
During Period-B
January 1, 2020
to June 30, 2020 
Fidelity Municipal Income 2021 Fund     
Class A .65%    
Actual  $1,000.00 $1,006.10 $3.24 
Hypothetical-C  $1,000.00 $1,021.63 $3.27 
Municipal Income 2021 .40%    
Actual  $1,000.00 $1,007.40 $2.00 
Hypothetical-C  $1,000.00 $1,022.87 $2.01 
Class I .40%    
Actual  $1,000.00 $1,007.40 $2.00 
Hypothetical-C  $1,000.00 $1,022.87 $2.01 
Fidelity Municipal Income 2023 Fund     
Class A .65%    
Actual  $1,000.00 $1,010.60 $3.25 
Hypothetical-C  $1,000.00 $1,021.63 $3.27 
Municipal Income 2023 .40%    
Actual  $1,000.00 $1,011.90 $2.00 
Hypothetical-C  $1,000.00 $1,022.87 $2.01 
Class I .40%    
Actual  $1,000.00 $1,011.90 $2.00 
Hypothetical-C  $1,000.00 $1,022.87 $2.01 
Fidelity Municipal Income 2025 Fund     
Class A .65%    
Actual  $1,000.00 $1,003.10 $3.24 
Hypothetical-C  $1,000.00 $1,021.63 $3.27 
Municipal Income 2025 .40%    
Actual  $1,000.00 $1,004.30 $1.99 
Hypothetical-C  $1,000.00 $1,022.87 $2.01 
Class I .40%    
Actual  $1,000.00 $1,005.30 $1.99 
Hypothetical-C  $1,000.00 $1,022.87 $2.01 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period).

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

 Pay Date Record Date Capital Gains 
Fidelity Municipal Income 2021 Fund    
Class A 08/10/20 08/07/20 $0.009 
Municipal Income 2021 08/10/20 08/07/20 $0.009 
Class I 08/10/20 08/07/20 $0.009 
Fidelity Municipal Income 2023 Fund    
Class A 08/10/20 08/07/20 $0.000 
Municipal Income 2023 08/10/20 08/07/20 $0.000 
Class I 08/10/20 08/07/20 $0.000 
Fidelity Municipal Income 2025 Fund    
Class A 08/10/20 08/07/20 $0.000 
Municipal Income 2025 08/10/20 08/07/20 $0.000 
Class I 08/10/20 08/07/20 $0.000 

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended June 30, 2020, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Municipal Income 2021 Fund $103,338 

During fiscal year ended 2020, 100% of each fund's income dividends were free from federal income tax, and 11.45%, 10.80% and 18.21% of Fidelity Municipal Income 2021 Fund, Fidelity Municipal Income 2023 Fund, and Fidelity Municipal Income 2025 Fund income dividends, respectively, were subject to the federal alternative minimum tax.

The funds will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Liquidity Risk Management Program

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

The Funds have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage each Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund’s Board of Trustees (the Board) has designated each Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

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

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

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

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

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2018 through November 30, 2019. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

DMI-ANN-0820
1.926259.109


Fidelity® Mid Cap Growth Index Fund

Fidelity® Mid Cap Value Index Fund

Fidelity® Small Cap Growth Index Fund

Fidelity® Small Cap Value Index Fund



Annual Report

June 30, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Note to Shareholders

Fidelity® Mid Cap Growth Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Mid Cap Value Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Small Cap Growth Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Small Cap Value Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Liquidity Risk Management Program


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Mid Cap Growth Index Fund

Performance: The Bottom Line

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

Average annual total returns for Fidelity® Mid Cap Growth Index Fund will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Mid Cap Growth Index Fund on July 11, 2019, when the fund started.

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


Period Ending Values

$10,886Fidelity® Mid Cap Growth Index Fund

$10,946Russell Midcap® Growth Index



Fidelity® Mid Cap Growth Index Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 7.51% for the 12 months ending June 30, 2020, in what was a bumpy ride for U.S. equity investors, marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. By mid-March, U.S. stocks entered bear-market territory less than a month after hitting an all-time high and extending the longest-running bull market in American history. Stocks slid in late February, after a surge in COVID-19 cases outside China. The sudden downtrend continued in March (-12%), capping the index’s worst quarter since 2008. A historically rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend. Aggressive support for financial markets by the U.S. Federal Reserve, plans for reopening the economy and improving infection data boosted stocks in April (+13%) and May (+5%). In June, the index gained 2% amid progress on potential treatments and signs of an early recovery in economic activity. Info tech (+36%) led by a wide margin, riding secular-growth trends. Consumer discretionary (+13%) also stood out, driven by retailing (+28%). In contrast, energy (-36%) fell hard along with the price of crude oil, while financials (-14%) struggled due to sharply lower interest rates.

Comments from the Geode Capital Management, LLC, passive equity index team:  From the fund's July 11, 2019 inception date to June 30, 2020, the fund gained 8.86%, compared with an increase of 9.46% for the benchmark Russell Midcap® Growth Index. Looking at individual stocks, many companies experienced a substantial drawdown in their share price in February and March 2020 as the coronavirus's spread led to a global economic shutdown, only to experience a strong bounce back in the year's second quarter. Dexcom (+157%) was a top contributor; this company, which makes continuous glucose monitoring systems for diabetics, gained on strong financial performance amid robust demand for its product. Shares of chipmaker Advanced Micro Devices (+51%) rose sharply, as the company produced favorable financial results and gains in market share. DocuSign (+223%), whose software enables electronic signatures on documents, gained on better-than-expected financial performance and investors' optimism about the company's business opportunity, given more people working from home. An investment in Lam Research (+61%) also contributed, as better-than-expected financial results and promising business signs from the company's customers helped lift the stock of this chip-equipment maker. In contrast, media company ViacomCBS (-57%) was a significant detractor, hurt by weak financial results and, in the wake of the coronavirus, an increasingly unfavorable business environment. In fact, the pandemic's effects were far-reaching, with companies such as beauty-products retailer Ulta Beauty (-43%), whose stores temporarily shut down in March, and such businesses tied to the travel industry as hospitality company Hilton Worldwide Holdings (-29%) and online travel agency Expedia (-42%) experiencing significantly reduced demand as customers remained closer to home.

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

Fidelity® Mid Cap Growth Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2020

 % of fund's net assets 
lululemon athletica, Inc. 1.4 
Spotify Technology SA 1.3 
Splunk, Inc. 1.2 
Veeva Systems, Inc. Class A 1.2 
O'Reilly Automotive, Inc. 1.2 
DocuSign, Inc. 1.2 
KLA-Tencor Corp. 1.2 
Chipotle Mexican Grill, Inc. 1.1 
IDEXX Laboratories, Inc. 1.1 
MSCI, Inc. 1.1 
 12.0 

Top Five Market Sectors as of June 30, 2020

 % of fund's net assets 
Information Technology 36.7 
Health Care 22.7 
Industrials 11.8 
Consumer Discretionary 10.7 
Communication Services 5.4 

Asset Allocation (% of fund's net assets)

As of June 30, 2020 * 
   Stocks and Equity Futures 100.0% 


 * Foreign investments - 3.6%

Fidelity® Mid Cap Growth Index Fund

Schedule of Investments June 30, 2020

Showing Percentage of Net Assets

Common Stocks - 99.4%   
 Shares Value 
COMMUNICATION SERVICES - 5.4%   
Entertainment - 2.9%   
Live Nation Entertainment, Inc. (a) 11,500 $509,795 
Roku, Inc. Class A (a) 8,248 961,139 
Spotify Technology SA (a) 10,619 2,741,720 
Take-Two Interactive Software, Inc. (a) 8,433 1,176,994 
World Wrestling Entertainment, Inc. Class A 3,721 161,677 
Zynga, Inc. (a) 59,194 564,711 
  6,116,036 
Interactive Media & Services - 1.5%   
IAC/InterActiveCorp (a) 6,082 1,966,919 
Match Group, Inc. (a)(b) 4,481 479,691 
Pinterest, Inc. Class A (a) 27,042 599,521 
Zillow Group, Inc.:   
Class A (a) 513 29,487 
Class C (a) 1,208 69,593 
  3,145,211 
Media - 1.0%   
Altice U.S.A., Inc. Class A (a) 26,235 591,337 
Cable One, Inc. 412 731,238 
Liberty Media Corp.:   
Liberty SiriusXM Series A (a) 780 26,926 
Liberty SiriusXM Series C (a) 1,631 56,188 
Nexstar Broadcasting Group, Inc. Class A 2,369 198,262 
Sirius XM Holdings, Inc. 57,550 337,819 
  1,941,770 
TOTAL COMMUNICATION SERVICES  11,203,017 
CONSUMER DISCRETIONARY - 10.7%   
Distributors - 0.4%   
Pool Corp. 3,143 854,487 
Diversified Consumer Services - 0.6%   
Bright Horizons Family Solutions, Inc. (a) 3,245 380,314 
Chegg, Inc. (a) 9,816 660,224 
Frontdoor, Inc. (a) 1,166 51,689 
H&R Block, Inc. 10,996 157,023 
  1,249,250 
Hotels, Restaurants & Leisure - 2.3%   
Chipotle Mexican Grill, Inc. (a) 2,259 2,377,281 
Domino's Pizza, Inc. 3,159 1,167,061 
Dunkin' Brands Group, Inc. 5,663 369,397 
Planet Fitness, Inc. (a) 3,691 223,564 
Vail Resorts, Inc. 259 47,177 
Wendy's Co. 14,536 316,594 
Wynn Resorts Ltd. 1,960 146,000 
Yum China Holdings, Inc. 2,017 96,957 
  4,744,031 
Household Durables - 0.1%   
NVR, Inc. (a) 28 91,245 
Tempur Sealy International, Inc. (a) 2,839 204,266 
  295,511 
Internet & Direct Marketing Retail - 1.0%   
Etsy, Inc. (a) 9,570 1,016,621 
Expedia, Inc. 1,228 100,942 
GrubHub, Inc. (a) 716 50,335 
Wayfair LLC Class A (a)(b) 4,867 961,768 
  2,129,666 
Leisure Products - 0.2%   
Mattel, Inc. (a)(b) 16,552 160,058 
Peloton Interactive, Inc. Class A (a) 1,926 111,265 
Polaris, Inc. 485 44,887 
  316,210 
Multiline Retail - 0.6%   
Dollar Tree, Inc. (a) 9,099 843,295 
Ollie's Bargain Outlet Holdings, Inc. (a)(b) 3,811 372,144 
  1,215,439 
Specialty Retail - 4.1%   
AutoZone, Inc. (a) 1,119 1,262,366 
Best Buy Co., Inc. 3,351 292,442 
Burlington Stores, Inc. (a) 4,711 927,737 
CarMax, Inc. (a)(b) 989 88,565 
Carvana Co. Class A (a)(b) 4,432 532,726 
Five Below, Inc. (a) 4,426 473,184 
Floor & Decor Holdings, Inc. Class A (a) 6,584 379,568 
O'Reilly Automotive, Inc. (a) 5,938 2,503,876 
Tractor Supply Co. 9,372 1,235,136 
Ulta Beauty, Inc. (a) 4,061 826,089 
Williams-Sonoma, Inc. (b) 1,015 83,240 
  8,604,929 
Textiles, Apparel & Luxury Goods - 1.4%   
lululemon athletica, Inc. (a) 9,216 2,875,479 
VF Corp. 1,536 93,604 
  2,969,083 
TOTAL CONSUMER DISCRETIONARY  22,378,606 
CONSUMER STAPLES - 4.2%   
Beverages - 0.6%   
Boston Beer Co., Inc. Class A (a) 703 377,265 
Brown-Forman Corp.:   
Class A 3,117 179,446 
Class B (non-vtg.) 12,479 794,413 
  1,351,124 
Food & Staples Retailing - 0.2%   
Grocery Outlet Holding Corp. (b) 3,011 122,849 
Sprouts Farmers Market LLC (a) 8,055 206,127 
  328,976 
Food Products - 1.8%   
Beyond Meat, Inc. (a) 3,334 446,689 
Campbell Soup Co. 7,088 351,777 
Kellogg Co. 6,901 455,880 
Lamb Weston Holdings, Inc. 2,709 173,186 
McCormick & Co., Inc. (non-vtg.) 5,622 1,008,643 
Pilgrim's Pride Corp. (a) 1,339 22,616 
The Hershey Co. 9,237 1,197,300 
  3,656,091 
Household Products - 1.6%   
Church & Dwight Co., Inc. 19,939 1,541,285 
Clorox Co. 7,255 1,591,529 
Energizer Holdings, Inc. 3,991 189,533 
Reynolds Consumer Products, Inc. 1,080 37,519 
  3,359,866 
Personal Products - 0.0%   
Herbalife Nutrition Ltd. (a) 1,102 49,568 
TOTAL CONSUMER STAPLES  8,745,625 
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
Cheniere Energy, Inc. (a) 18,762 906,580 
Equitrans Midstream Corp. (b) 3,043 25,287 
  931,867 
FINANCIALS - 3.8%   
Capital Markets - 3.3%   
Apollo Global Management LLC Class A 6,860 342,451 
Ares Management Corp. 7,951 315,655 
Carlyle Group LP 887 24,747 
Cboe Global Markets, Inc. 1,935 180,497 
FactSet Research Systems, Inc. 3,011 989,023 
LPL Financial 503 39,435 
MarketAxess Holdings, Inc. 2,990 1,497,751 
Morningstar, Inc. 1,471 207,367 
MSCI, Inc. 6,714 2,241,267 
T. Rowe Price Group, Inc. 4,662 575,757 
Tradeweb Markets, Inc. Class A 5,657 328,898 
Virtu Financial, Inc. Class A 4,525 106,790 
  6,849,638 
Consumer Finance - 0.1%   
Credit Acceptance Corp. (a) 54 22,627 
LendingTree, Inc. (a)(b) 607 175,745 
SLM Corp. 7,008 49,266 
  247,638 
Insurance - 0.4%   
Alleghany Corp. 105 51,360 
Axis Capital Holdings Ltd. 598 24,255 
Brown & Brown, Inc. 1,013 41,290 
Erie Indemnity Co. Class A 1,165 223,564 
Lincoln National Corp. 1,936 71,225 
Primerica, Inc. 2,012 234,599 
RenaissanceRe Holdings Ltd. 1,341 229,351 
  875,644 
TOTAL FINANCIALS  7,972,920 
HEALTH CARE - 22.7%   
Biotechnology - 6.6%   
ACADIA Pharmaceuticals, Inc. (a) 8,867 429,783 
Acceleron Pharma, Inc. (a) 3,500 333,445 
Agios Pharmaceuticals, Inc. (a) 478 25,563 
Alexion Pharmaceuticals, Inc. (a) 2,657 298,222 
Alnylam Pharmaceuticals, Inc. (a) 9,267 1,372,535 
BioMarin Pharmaceutical, Inc. (a) 13,284 1,638,449 
bluebird bio, Inc. (a) 2,347 143,261 
Exact Sciences Corp. (a) 10,474 910,610 
Exelixis, Inc. (a) 8,941 212,259 
Global Blood Therapeutics, Inc. (a) 4,745 299,552 
Immunomedics, Inc. (a) 16,698 591,777 
Incyte Corp. (a) 14,768 1,535,429 
Ionis Pharmaceuticals, Inc. (a) 5,211 307,241 
Iovance Biotherapeutics, Inc. (a) 10,966 301,017 
Moderna, Inc. (a)(b) 21,786 1,398,879 
Neurocrine Biosciences, Inc. (a) 7,458 909,876 
Repligen Corp. (a) 4,234 523,365 
Sage Therapeutics, Inc. (a) 307 12,765 
Sarepta Therapeutics, Inc. (a) 6,034 967,492 
Seattle Genetics, Inc. (a) 9,868 1,676,771 
  13,888,291 
Health Care Equipment & Supplies - 7.1%   
Abiomed, Inc. (a) 3,590 867,200 
Align Technology, Inc. (a) 6,332 1,737,754 
Haemonetics Corp. (a) 3,767 337,373 
Hill-Rom Holdings, Inc. 632 69,381 
Hologic, Inc. (a) 14,514 827,298 
ICU Medical, Inc. (a) 424 78,147 
IDEXX Laboratories, Inc. (a) 6,824 2,253,012 
Insulet Corp. (a) 5,111 992,863 
Masimo Corp. (a) 3,902 889,617 
Novocure Ltd. (a) 8,059 477,899 
Penumbra, Inc. (a)(b) 2,595 464,038 
Quidel Corp. (a) 3,013 674,129 
ResMed, Inc. 11,626 2,232,192 
STERIS PLC 361 55,392 
Tandem Diabetes Care, Inc. (a) 4,224 417,838 
Teleflex, Inc. 2,369 862,269 
The Cooper Companies, Inc. 478 135,580 
Varian Medical Systems, Inc. (a) 927 113,576 
West Pharmaceutical Services, Inc. 5,952 1,352,116 
  14,837,674 
Health Care Providers & Services - 2.8%   
Amedisys, Inc. (a) 2,562 508,659 
AmerisourceBergen Corp. 5,672 571,567 
Cardinal Health, Inc. 23,722 1,238,051 
Chemed Corp. 1,256 566,544 
DaVita HealthCare Partners, Inc. (a) 1,123 88,874 
Encompass Health Corp. 3,570 221,090 
Guardant Health, Inc. (a) 6,022 488,565 
Laboratory Corp. of America Holdings (a) 432 71,760 
McKesson Corp. 9,765 1,498,146 
Molina Healthcare, Inc. (a) 3,202 569,892 
  5,823,148 
Health Care Technology - 2.8%   
Cerner Corp. 24,680 1,691,814 
Change Healthcare, Inc. 14,441 161,739 
Livongo Health, Inc. 4,368 328,430 
Teladoc Health, Inc. (a) 5,414 1,033,208 
Veeva Systems, Inc. Class A (a) 10,835 2,539,941 
  5,755,132 
Life Sciences Tools & Services - 2.9%   
10X Genomics, Inc. (a) 4,411 393,946 
Adaptive Biotechnologies Corp. 5,766 278,959 
Agilent Technologies, Inc. 2,158 190,702 
Avantor, Inc. (a) 33,394 567,698 
Bio-Techne Corp. 2,895 764,483 
Bruker Corp. 3,557 144,699 
Charles River Laboratories International, Inc. (a) 3,509 611,794 
IQVIA Holdings, Inc. (a) 5,845 829,289 
Mettler-Toledo International, Inc. (a) 1,798 1,448,379 
PerkinElmer, Inc. 1,751 171,756 
PPD, Inc. 4,241 113,659 
PRA Health Sciences, Inc. (a) 4,356 423,795 
Syneos Health, Inc. (a) 543 31,630 
Waters Corp. (a) 367 66,207 
  6,036,996 
Pharmaceuticals - 0.5%   
Horizon Therapeutics PLC (a) 13,790 766,448 
Reata Pharmaceuticals, Inc. (a) 1,720 268,354 
  1,034,802 
TOTAL HEALTH CARE  47,376,043 
INDUSTRIALS - 11.8%   
Aerospace & Defense - 1.1%   
Axon Enterprise, Inc. (a) 5,020 492,613 
BWX Technologies, Inc. 4,943 279,972 
HEICO Corp. 2,912 290,181 
HEICO Corp. Class A 5,069 411,806 
Huntington Ingalls Industries, Inc. 305 53,219 
Mercury Systems, Inc. (a) 3,603 283,412 
TransDigm Group, Inc. 940 415,527 
Virgin Galactic Holdings, Inc. (a) 4,197 68,579 
  2,295,309 
Air Freight & Logistics - 0.4%   
C.H. Robinson Worldwide, Inc. 1,687 133,374 
Expeditors International of Washington, Inc. 8,251 627,406 
XPO Logistics, Inc. (a) 368 28,428 
  789,208 
Building Products - 0.8%   
Allegion PLC 4,856 496,380 
Armstrong World Industries, Inc. 1,429 111,405 
Carrier Global Corp. 25,288 561,899 
Trex Co., Inc. (a) 4,688 609,768 
  1,779,452 
Commercial Services & Supplies - 1.8%   
Cintas Corp. 6,343 1,689,521 
Copart, Inc. (a) 16,475 1,371,873 
IAA Spinco, Inc. (a) 2,591 99,935 
MSA Safety, Inc. 655 74,958 
Rollins, Inc. 10,517 445,816 
  3,682,103 
Construction & Engineering - 0.0%   
Quanta Services, Inc. 2,239 87,836 
Electrical Equipment - 0.8%   
Generac Holdings, Inc. (a) 4,518 550,880 
Rockwell Automation, Inc. 4,570 973,410 
Vertiv Holdings Co. (a) 16,156 219,075 
  1,743,365 
Machinery - 1.0%   
Allison Transmission Holdings, Inc. 5,918 217,664 
Donaldson Co., Inc. 1,060 49,311 
Graco, Inc. 6,694 321,245 
Lincoln Electric Holdings, Inc. (b) 1,970 165,953 
Nordson Corp. 3,805 721,847 
Toro Co. 7,808 517,983 
  1,994,003 
Professional Services - 3.9%   
CoreLogic, Inc. 327 21,981 
CoStar Group, Inc. (a) 3,119 2,216,580 
Equifax, Inc. 7,280 1,251,286 
IHS Markit Ltd. 17,549 1,324,950 
TransUnion Holding Co., Inc. 14,035 1,221,606 
Verisk Analytics, Inc. 12,863 2,189,283 
  8,225,686 
Road & Rail - 0.8%   
J.B. Hunt Transport Services, Inc. 1,836 220,944 
Landstar System, Inc. 2,511 282,010 
Old Dominion Freight Lines, Inc. 6,819 1,156,434 
  1,659,388 
Trading Companies & Distributors - 1.2%   
Fastenal Co. 37,665 1,613,569 
W.W. Grainger, Inc. 2,650 832,524 
  2,446,093 
TOTAL INDUSTRIALS  24,702,443 
INFORMATION TECHNOLOGY - 36.7%   
Communications Equipment - 0.6%   
Arista Networks, Inc. (a) 3,912 821,637 
CommScope Holding Co., Inc. (a) 971 8,088 
Lumentum Holdings, Inc. (a) 649 52,848 
Motorola Solutions, Inc. 1,407 197,163 
Ubiquiti, Inc. (b) 563 98,277 
  1,178,013 
Electronic Equipment & Components - 2.5%   
Amphenol Corp. Class A 13,888 1,330,609 
CDW Corp. 11,505 1,336,651 
Cognex Corp. 13,356 797,620 
Coherent, Inc. (a) 1,616 211,664 
Dolby Laboratories, Inc. Class A 603 39,720 
IPG Photonics Corp. (a) 184 29,512 
Jabil, Inc. 2,264 72,629 
Keysight Technologies, Inc. (a) 5,098 513,776 
Zebra Technologies Corp. Class A (a) 3,890 995,646 
  5,327,827 
IT Services - 8.8%   
Akamai Technologies, Inc. (a) 10,684 1,144,150 
Black Knight, Inc. (a) 11,711 849,750 
Booz Allen Hamilton Holding Corp. Class A 11,158 867,981 
Broadridge Financial Solutions, Inc. 9,280 1,171,043 
CACI International, Inc. Class A (a) 324 70,269 
EPAM Systems, Inc. (a) 4,310 1,086,163 
Fastly, Inc. Class A (a) 5,906 502,778 
FleetCor Technologies, Inc. (a) 6,688 1,682,233 
Gartner, Inc. (a) 7,017 851,373 
Genpact Ltd. 5,916 216,052 
GoDaddy, Inc. (a) 13,424 984,382 
Jack Henry & Associates, Inc. 4,840 890,705 
Leidos Holdings, Inc. 1,058 99,103 
MongoDB, Inc. Class A (a) 3,389 767,066 
Okta, Inc. (a) 9,327 1,867,545 
Paychex, Inc. 20,564 1,557,723 
Science Applications International Corp. 607 47,152 
StoneCo Ltd. Class A (a) 12,583 487,717 
Switch, Inc. Class A 7,157 127,538 
The Western Union Co. 6,450 139,449 
Twilio, Inc. Class A (a)(b) 8,669 1,902,152 
VeriSign, Inc. (a) 4,917 1,016,983 
WEX, Inc. (a) 302 49,833 
  18,379,140 
Semiconductors & Semiconductor Equipment - 5.4%   
Enphase Energy, Inc. (a) 8,566 407,485 
Entegris, Inc. 10,167 600,361 
Inphi Corp. (a) 3,876 455,430 
KLA-Tencor Corp. 12,593 2,449,087 
Maxim Integrated Products, Inc. 7,149 433,301 
Microchip Technology, Inc. 14,283 1,504,143 
MKS Instruments, Inc. 3,332 377,316 
Monolithic Power Systems, Inc. 3,529 836,373 
SolarEdge Technologies, Inc. (a) 3,961 549,708 
Teradyne, Inc. 13,414 1,133,617 
Universal Display Corp. 3,480 520,678 
Xilinx, Inc. 19,814 1,949,499 
  11,216,998 
Software - 19.1%   
2U, Inc. (a)(b) 1,620 61,495 
Alteryx, Inc. Class A (a)(b) 4,270 701,476 
Anaplan, Inc. (a) 10,566 478,745 
ANSYS, Inc. (a) 6,949 2,027,232 
Aspen Technology, Inc. (a) 5,108 529,240 
Avalara, Inc. (a) 6,237 830,082 
Bill.Com Holdings, Inc. (a)(b) 1,303 117,544 
Cadence Design Systems, Inc. (a) 22,363 2,145,953 
CDK Global, Inc. 1,254 51,941 
Ceridian HCM Holding, Inc. (a) 6,049 479,504 
Citrix Systems, Inc. 2,719 402,167 
Cloudflare, Inc. (a) 8,840 317,798 
Coupa Software, Inc. (a) 5,386 1,492,137 
Crowdstrike Holdings, Inc. 6,789 680,869 
Datadog, Inc. Class A (a) 12,362 1,074,876 
DocuSign, Inc. (a) 14,300 2,462,603 
Dropbox, Inc. Class A (a) 19,898 433,179 
Dynatrace, Inc. 12,312 499,867 
Elastic NV (a) 4,431 408,583 
Everbridge, Inc. (a) 2,780 384,641 
Fair Isaac Corp. (a) 2,269 948,533 
FireEye, Inc. (a) 4,016 48,895 
Five9, Inc. (a) 5,004 553,793 
Fortinet, Inc. (a) 10,783 1,480,182 
Globant SA (a) 2,932 439,360 
Guidewire Software, Inc. (a) 1,279 141,777 
HubSpot, Inc. (a) 3,356 752,919 
LogMeIn, Inc. 326 27,635 
Manhattan Associates, Inc. (a) 4,574 430,871 
Medallia, Inc. (b) 6,639 167,568 
New Relic, Inc. (a) 4,082 281,250 
Nortonlifelock, Inc. 45,230 896,911 
Nutanix, Inc. Class A (a) 14,448 342,490 
Pagerduty, Inc. (a)(b) 5,553 158,927 
Palo Alto Networks, Inc. (a) 7,929 1,821,053 
Parametric Technology Corp. (a) 8,459 658,026 
Paycom Software, Inc. (a) 3,995 1,237,371 
Paylocity Holding Corp. (a) 2,805 409,221 
Pegasystems, Inc. 2,873 290,661 
Pluralsight, Inc. (a)(b) 7,612 137,397 
Proofpoint, Inc. (a) 4,591 510,152 
RealPage, Inc. (a) 6,224 404,622 
RingCentral, Inc. (a) 6,197 1,766,207 
Slack Technologies, Inc. Class A (a) 30,406 945,323 
Smartsheet, Inc. (a) 8,955 455,989 
Splunk, Inc. (a) 12,896 2,562,435 
SS&C Technologies Holdings, Inc. 3,808 215,076 
Synopsys, Inc. (a) 11,269 2,197,455 
Teradata Corp. (a) 6,823 141,918 
The Trade Desk, Inc. (a)(b) 3,284 1,334,946 
Tyler Technologies, Inc. (a) 3,177 1,102,038 
Zendesk, Inc. (a) 9,164 811,289 
Zscaler, Inc. (a)(b) 5,701 624,260 
  39,876,482 
Technology Hardware, Storage & Peripherals - 0.3%   
NetApp, Inc. 9,730 431,720 
Pure Storage, Inc. Class A (a) 11,219 194,425 
  626,145 
TOTAL INFORMATION TECHNOLOGY  76,604,605 
MATERIALS - 2.1%   
Chemicals - 0.7%   
FMC Corp. 2,068 206,014 
NewMarket Corp. 462 185,022 
RPM International, Inc. 8,665 650,395 
The Scotts Miracle-Gro Co. Class A 3,078 413,899 
W.R. Grace & Co. 1,631 82,871 
  1,538,201 
Containers & Packaging - 1.2%   
Amcor PLC 19,518 199,279 
Avery Dennison Corp. 2,780 317,170 
Ball Corp. 24,222 1,683,187 
Berry Global Group, Inc. (a) 3,660 162,211 
Crown Holdings, Inc. (a) 1,083 70,536 
Graphic Packaging Holding Co. 4,912 68,719 
  2,501,102 
Metals & Mining - 0.2%   
Royal Gold, Inc. 3,805 473,038 
TOTAL MATERIALS  4,512,341 
REAL ESTATE - 1.5%   
Equity Real Estate Investment Trusts (REITs) - 1.5%   
Americold Realty Trust 1,607 58,334 
Brookfield Property REIT, Inc. Class A (b) 4,166 41,493 
CoreSite Realty Corp. 2,196 265,848 
Equity Lifestyle Properties, Inc. 5,780 361,134 
Extra Space Storage, Inc. 7,198 664,879 
Iron Mountain, Inc. 13,587 354,621 
Simon Property Group, Inc. 19,423 1,328,145 
  3,074,454 
UTILITIES - 0.1%   
Electric Utilities - 0.1%   
NRG Energy, Inc. 6,842 222,776 
TOTAL COMMON STOCKS   
(Cost $177,649,336)  207,724,697 
Money Market Funds - 3.4%   
Fidelity Cash Central Fund 0.12% (c) 464,819 464,912 
Fidelity Securities Lending Cash Central Fund 0.12% (c)(d) 6,599,424 6,600,084 
TOTAL MONEY MARKET FUNDS   
(Cost $7,064,996)  7,064,996 
TOTAL INVESTMENT IN SECURITIES - 102.8%   
(Cost $184,714,332)  214,789,693 
NET OTHER ASSETS (LIABILITIES) - (2.8)%  (5,834,364) 
NET ASSETS - 100%  $208,955,329 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini S&P MidCap 400 Index Contracts (United States) Sept. 2020 $1,245,370 $13,389 $13,389 

The notional amount of futures purchased as a percentage of Net Assets is 0.6%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $310,799.

Legend

 (a) Non-income producing

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

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

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $10,856 
Fidelity Securities Lending Cash Central Fund 12,622 
Total $23,478 

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

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $11,203,017 $11,203,017 $-- $-- 
Consumer Discretionary 22,378,606 22,378,606 -- -- 
Consumer Staples 8,745,625 8,745,625 -- -- 
Energy 931,867 931,867 -- -- 
Financials 7,972,920 7,972,920 -- -- 
Health Care 47,376,043 47,376,043 -- -- 
Industrials 24,702,443 24,702,443 -- -- 
Information Technology 76,604,605 76,604,605 -- -- 
Materials 4,512,341 4,512,341 -- -- 
Real Estate 3,074,454 3,074,454 -- -- 
Utilities 222,776 222,776 -- -- 
Money Market Funds 7,064,996 7,064,996 -- -- 
Total Investments in Securities: $214,789,693 $214,789,693 $-- $-- 
Derivative Instruments:     
Assets     
Futures Contracts $13,389 $13,389 $-- $-- 
Total Assets $13,389 $13,389 $-- $-- 
Total Derivative Instruments: $13,389 $13,389 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $13,389 $0 
Total Equity Risk 13,389 
Total Value of Derivatives $13,389 $0 

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

See accompanying notes which are an integral part of the financial statements.


Fidelity® Mid Cap Growth Index Fund

Financial Statements

Statement of Assets and Liabilities

  June 30, 2020 
Assets   
Investment in securities, at value (including securities loaned of $6,572,066) — See accompanying schedule:
Unaffiliated issuers (cost $177,649,336) 
$207,724,697  
Fidelity Central Funds (cost $7,064,996) 7,064,996  
Total Investment in Securities (cost $184,714,332)  $214,789,693 
Segregated cash with brokers for derivative instruments  60,000 
Cash  1,571,904 
Receivable for investments sold  60,631 
Receivable for fund shares sold  844,152 
Dividends receivable  68,477 
Distributions receivable from Fidelity Central Funds  8,167 
Receivable for daily variation margin on futures contracts  9,367 
Other receivables  85 
Total assets  217,412,476 
Liabilities   
Payable for investments purchased $1,632,535  
Payable for fund shares redeemed 216,145  
Accrued management fee 8,383  
Collateral on securities loaned 6,600,084  
Total liabilities  8,457,147 
Net Assets  $208,955,329 
Net Assets consist of:   
Paid in capital  $182,421,644 
Total accumulated earnings (loss)  26,533,685 
Net Assets  $208,955,329 
Net Asset Value, offering price and redemption price per share ($208,955,329 ÷ 9,624,826 shares)  $21.71 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  For the period
July 11, 2019 (commencement of operations) to
June 30, 2020 
Investment Income   
Dividends  $469,874 
Income from Fidelity Central Funds (including $12,622 from security lending)  23,478 
Total income  493,352 
Expenses   
Management fee $30,308  
Independent trustees' fees and expenses 131  
Commitment fees  
Total expenses before reductions 30,443  
Expense reductions (30)  
Total expenses after reductions  30,413 
Net investment income (loss)  462,939 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 376,511  
Fidelity Central Funds (375)  
Futures contracts (4,346,313)  
Total net realized gain (loss)  (3,970,177) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 30,075,361  
Futures contracts 13,389  
Total change in net unrealized appreciation (depreciation)  30,088,750 
Net gain (loss)  26,118,573 
Net increase (decrease) in net assets resulting from operations  $26,581,512 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 For the period
July 11, 2019 (commencement of operations) to
June 30, 2020 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $462,939 
Net realized gain (loss) (3,970,177) 
Change in net unrealized appreciation (depreciation) 30,088,750 
Net increase (decrease) in net assets resulting from operations 26,581,512 
Distributions to shareholders (47,827) 
Share transactions  
Proceeds from sales of shares 208,176,361 
Reinvestment of distributions 37,879 
Cost of shares redeemed (25,792,596) 
Net increase (decrease) in net assets resulting from share transactions 182,421,644 
Total increase (decrease) in net assets 208,955,329 
Net Assets  
Beginning of period – 
End of period $208,955,329 
Other Information  
Shares  
Sold 10,991,083 
Issued in reinvestment of distributions 1,805 
Redeemed (1,368,062) 
Net increase (decrease) 9,624,826 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Mid Cap Growth Index Fund

  
Years ended June 30, 2020 A 
Selected Per–Share Data  
Net asset value, beginning of period $20.00 
Income from Investment Operations  
Net investment income (loss)B .15 
Net realized and unrealized gain (loss) 1.62 
Total from investment operations 1.77 
Distributions from net investment income (.06) 
Distributions from net realized gain C 
Total distributions (.06) 
Net asset value, end of period $21.71 
Total ReturnD,E 8.86% 
Ratios to Average Net AssetsF,G  
Expenses before reductions .05%H 
Expenses net of fee waivers, if any .05%H 
Expenses net of all reductions .05%H 
Net investment income (loss) .76%H 
Supplemental Data  
Net assets, end of period (000 omitted) $208,955 
Portfolio turnover rateI 109%H 

 A For the period July 11, 2019 (commencement of operations) to June 30, 2020.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Mid Cap Value Index Fund

Performance: The Bottom Line

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

Average annual total returns for Fidelity® Mid Cap Value Index Fund will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Mid Cap Value Index Fund on July 11, 2019, when the fund started.

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


Period Ending Values

$8,735Fidelity® Mid Cap Value Index Fund

$8,756Russell Midcap® Value Index

Fidelity® Mid Cap Value Index Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 7.51% for the 12 months ending June 30, 2020, in what was a bumpy ride for U.S. equity investors, marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. By mid-March, U.S. stocks entered bear-market territory less than a month after hitting an all-time high and extending the longest-running bull market in American history. Stocks slid in late February, after a surge in COVID-19 cases outside China. The sudden downtrend continued in March (-12%), capping the index’s worst quarter since 2008. A historically rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend. Aggressive support for financial markets by the U.S. Federal Reserve, plans for reopening the economy and improving infection data boosted stocks in April (+13%) and May (+5%). In June, the index gained 2% amid progress on potential treatments and signs of an early recovery in economic activity. Info tech (+36%) led by a wide margin, riding secular-growth trends. Consumer discretionary (+13%) also stood out, driven by retailing (+28%). In contrast, energy (-36%) fell hard along with the price of crude oil, while financials (-14%) struggled due to sharply lower interest rates.

Comments from the Geode Capital Management, LLC, passive equity index team:  From the fund's July 11, 2019 inception date to its fiscal year end of June 30, 2020, the fund returned -12.65%, compared with -12.44% for the benchmark Russell Midcap® Value Index. Many companies experienced a substantial drawdown in their share price in February and March 2020 as the coronavirus's spread led to a global economic shutdown, only to experience a strong bounce back in the year's second quarter. Real estate securities disproportionately struggled during the market's downturn, as investors were concerned about commercial real estate cash flows amid the pandemic. The biggest individual detractors were health care REITs Welltower (-37%) and Ventas (-44%), both of which were hampered by worries about a potential oversupply of senior housing properties. Concern about the impact of COVID-19 on demand for senior-housing facilities also appeared to weigh on both stocks. Travel-related businesses, including Royal Caribbean Cruises (-55%) and United Airlines Holdings (-62%), saw big stock-price declines as business and leisure travel dried up. Various energy stocks also experienced weakness, as the price of oil sharply fell; notable detractors in this sector included energy transportation companies Williams Companies (-28%) and ONEOK (-50%), oil and natural gas exploration firm Concho Resources (-49%); and energy services business Halliburton (-44%). In contrast, shares of gold mining company Newmont (+51%) rose sharply as uncertainty about the global economic environment boosted the price of gold. Grocery store chain Kroger (+56%) was well positioned to take advantage of increased demand fueled by the pandemic-related economic shutdown. Increased demand from more people working from home boosted shares of data-center REIT Digital Realty Trust (+21%). Other notable contributors included semiconductor companies Skyworks Solutions (+60%) and Marvell Technology Group (+39%).

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

Fidelity® Mid Cap Value Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2020

 % of fund's net assets 
Xcel Energy, Inc. 0.7 
Eversource Energy 0.6 
WEC Energy Group, Inc. 0.6 
Kroger Co. 0.6 
Cummins, Inc. 0.5 
Johnson Controls International PLC 0.5 
PACCAR, Inc. 0.5 
Willis Towers Watson PLC 0.5 
PPG Industries, Inc. 0.5 
Agilent Technologies, Inc. 0.5 
 5.5 

Top Five Market Sectors as of June 30, 2020

 % of fund's net assets 
Industrials 16.3 
Financials 15.3 
Consumer Discretionary 11.1 
Real Estate 10.9 
Information Technology 9.6 

Asset Allocation (% of fund's net assets)

As of June 30, 2020 * 
   Stocks and Equity Futures 99.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.1% 


 * Foreign investments - 6.8%

Fidelity® Mid Cap Value Index Fund

Schedule of Investments June 30, 2020

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value 
COMMUNICATION SERVICES - 3.7%   
Diversified Telecommunication Services - 0.4%   
CenturyLink, Inc. 57,248 $574,197 
GCI Liberty, Inc. (a) 5,159 366,908 
  941,105 
Entertainment - 0.2%   
Lions Gate Entertainment Corp.:   
Class A (a)(b) 2,205 16,339 
Class B (a) 6,981 47,680 
Madison Square Garden Entertainment Corp. (a) 974 73,050 
Take-Two Interactive Software, Inc. (a) 441 61,550 
The Madison Square Garden Co. (a) 981 144,099 
Zynga, Inc. (a) 8,221 78,428 
  421,146 
Interactive Media & Services - 0.8%   
Pinterest, Inc. Class A (a) 3,576 79,280 
TripAdvisor, Inc. 5,258 99,955 
Twitter, Inc. (a) 40,255 1,199,196 
Zillow Group, Inc.:   
Class A (a) 2,658 152,782 
Class C (a)(b) 6,331 364,729 
  1,895,942 
Media - 2.3%   
Discovery Communications, Inc.:   
Class A (a)(b) 7,967 168,104 
Class C (non-vtg.) (a) 17,250 332,235 
DISH Network Corp. Class A (a) 12,855 443,626 
Fox Corp.:   
Class A 17,684 474,285 
Class B 8,429 226,234 
Interpublic Group of Companies, Inc. 20,329 348,846 
John Wiley & Sons, Inc. Class A 2,257 88,023 
Liberty Broadband Corp.:   
Class A (a) 1,290 157,625 
Class C (a) 5,495 681,160 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a) 10,177 322,713 
Liberty Media Class A (a) 1,515 44,208 
Liberty SiriusXM Series A (a) 3,803 131,280 
Liberty SiriusXM Series C (a) 8,054 277,460 
News Corp.:   
Class A 20,027 237,520 
Class B 6,616 79,061 
Nexstar Broadcasting Group, Inc. Class A 761 63,688 
Omnicom Group, Inc. 11,125 607,425 
Sirius XM Holdings, Inc. 24,527 143,973 
The New York Times Co. Class A (b) 8,516 357,927 
ViacomCBS, Inc.:   
Class A 1,295 33,152 
Class B 27,572 642,979 
  5,861,524 
Wireless Telecommunication Services - 0.0%   
Telephone & Data Systems, Inc. 5,260 104,569 
U.S. Cellular Corp. (a) 749 23,122 
  127,691 
TOTAL COMMUNICATION SERVICES  9,247,408 
CONSUMER DISCRETIONARY - 11.1%   
Auto Components - 0.9%   
Aptiv PLC 14,017 1,092,205 
BorgWarner, Inc. 10,824 382,087 
Gentex Corp. 12,824 330,474 
Lear Corp. 3,133 341,560 
  2,146,326 
Automobiles - 0.7%   
Ford Motor Co. 204,085 1,240,837 
Harley-Davidson, Inc. 8,001 190,184 
Thor Industries, Inc. (b) 2,885 307,339 
  1,738,360 
Distributors - 0.4%   
Genuine Parts Co. 7,350 639,156 
LKQ Corp. (a) 15,842 415,060 
  1,054,216 
Diversified Consumer Services - 0.5%   
Bright Horizons Family Solutions, Inc. (a) 923 108,176 
Frontdoor, Inc. (a) 3,724 165,085 
Graham Holdings Co. 216 74,017 
Grand Canyon Education, Inc. (a) 2,439 220,803 
H&R Block, Inc. 3,000 42,840 
Service Corp. International 9,096 353,743 
ServiceMaster Global Holdings, Inc. (a) 6,918 246,903 
  1,211,567 
Hotels, Restaurants & Leisure - 2.4%   
ARAMARK Holdings Corp. 11,940 269,486 
Caesars Entertainment Corp. (a) 29,791 361,365 
Carnival Corp. 24,624 404,326 
Choice Hotels International, Inc. 1,819 143,519 
Darden Restaurants, Inc. 6,804 515,539 
Dunkin' Brands Group, Inc. 634 41,356 
Extended Stay America, Inc. unit 9,259 103,608 
Hilton Worldwide Holdings, Inc. 14,285 1,049,233 
Hyatt Hotels Corp. Class A 1,831 92,081 
MGM Mirage, Inc. 24,631 413,801 
Norwegian Cruise Line Holdings Ltd. (a)(b) 13,390 219,998 
Planet Fitness, Inc. (a) 1,812 109,753 
Royal Caribbean Cruises Ltd. (b) 8,951 450,235 
Six Flags Entertainment Corp. 3,995 76,744 
Vail Resorts, Inc. 1,923 350,274 
Wyndham Destinations, Inc. 4,395 123,851 
Wyndham Hotels & Resorts, Inc. 4,797 204,448 
Wynn Resorts Ltd. 3,857 287,308 
Yum China Holdings, Inc. 17,560 844,109 
  6,061,034 
Household Durables - 2.1%   
D.R. Horton, Inc. 17,299 959,230 
Garmin Ltd. 7,825 762,938 
Leggett & Platt, Inc. 6,906 242,746 
Lennar Corp.:   
Class A 13,896 856,272 
Class B 1,186 54,663 
Mohawk Industries, Inc. (a) 3,038 309,147 
Newell Brands, Inc. 20,092 319,061 
NVR, Inc. (a) 157 511,624 
PulteGroup, Inc. 13,993 476,182 
Tempur Sealy International, Inc. (a) 640 46,048 
Toll Brothers, Inc. 6,057 197,398 
Whirlpool Corp. (b) 3,191 413,330 
  5,148,639 
Internet & Direct Marketing Retail - 0.4%   
Expedia, Inc. 6,281 516,298 
GrubHub, Inc. (a) 4,348 305,664 
Qurate Retail, Inc. Series A (a) 19,913 189,174 
Wayfair LLC Class A (a) 303 59,876 
  1,071,012 
Leisure Products - 0.5%   
Brunswick Corp. 4,127 264,169 
Hasbro, Inc. 6,654 498,717 
Mattel, Inc. (a) 7,302 70,610 
Peloton Interactive, Inc. Class A (a) 3,873 223,743 
Polaris, Inc. 2,726 252,291 
  1,309,530 
Multiline Retail - 0.4%   
Dollar Tree, Inc. (a) 6,411 594,171 
Kohl's Corp. 8,104 168,320 
Nordstrom, Inc. 5,711 88,463 
Ollie's Bargain Outlet Holdings, Inc. (a) 320 31,248 
  882,202 
Specialty Retail - 1.8%   
Advance Auto Parts, Inc. 3,484 496,296 
AutoNation, Inc. (a) 3,077 115,634 
AutoZone, Inc. (a) 500 564,060 
Best Buy Co., Inc. 9,781 853,588 
Burlington Stores, Inc. (a) 361 71,092 
CarMax, Inc. (a) 7,873 705,027 
Dick's Sporting Goods, Inc. 3,227 133,146 
Foot Locker, Inc. 5,414 157,872 
Gap, Inc. (b) 9,553 120,559 
L Brands, Inc. 11,997 179,595 
Penske Automotive Group, Inc. 1,664 64,413 
Tiffany & Co., Inc. 6,336 772,612 
Ulta Beauty, Inc. (a) 197 40,074 
Williams-Sonoma, Inc. (b) 3,364 275,882 
  4,549,850 
Textiles, Apparel & Luxury Goods - 1.0%   
Capri Holdings Ltd. (a) 7,425 116,053 
Carter's, Inc. 2,241 180,849 
Columbia Sportswear Co. (b) 1,506 121,353 
Hanesbrands, Inc. 18,146 204,868 
PVH Corp. 3,674 176,536 
Ralph Lauren Corp. 2,499 181,227 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 6,999 219,629 
Tapestry, Inc. 14,471 192,175 
Under Armour, Inc.:   
Class A (sub. vtg.) (a) 11,365 110,695 
Class C (non-vtg.) (a) 8,203 72,515 
VF Corp. 16,101 981,195 
  2,557,095 
TOTAL CONSUMER DISCRETIONARY  27,729,831 
CONSUMER STAPLES - 4.4%   
Beverages - 0.2%   
Brown-Forman Corp.:   
Class A 415 23,892 
Class B (non-vtg.) 1,341 85,368 
Molson Coors Beverage Co. Class B 9,130 313,707 
  422,967 
Food & Staples Retailing - 0.8%   
Casey's General Stores, Inc. 1,926 287,976 
Grocery Outlet Holding Corp. (b) 1,696 69,197 
Kroger Co. 40,522 1,371,670 
Sprouts Farmers Market LLC (a) 972 24,873 
U.S. Foods Holding Corp. (a) 11,492 226,622 
  1,980,338 
Food Products - 3.1%   
Archer Daniels Midland Co. 28,998 1,157,020 
Beyond Meat, Inc. (a)(b) 545 73,019 
Bunge Ltd. 7,220 296,959 
Campbell Soup Co. 4,609 228,745 
Conagra Brands, Inc. 25,510 897,187 
Flowers Foods, Inc. 10,189 227,826 
Hormel Foods Corp. 14,599 704,694 
Ingredion, Inc. 3,511 291,413 
Kellogg Co. 8,681 573,467 
Lamb Weston Holdings, Inc. 5,884 376,164 
McCormick & Co., Inc. (non-vtg.) 2,862 513,471 
Pilgrim's Pride Corp. (a) 1,894 31,990 
Post Holdings, Inc. (a) 3,332 291,950 
Seaboard Corp. 13 38,140 
The Hain Celestial Group, Inc. (a) 4,258 134,170 
The Hershey Co. 1,758 227,872 
The J.M. Smucker Co. 5,778 611,370 
TreeHouse Foods, Inc. (a) 2,940 128,772 
Tyson Foods, Inc. Class A 15,045 898,337 
  7,702,566 
Household Products - 0.2%   
Clorox Co. 1,921 421,410 
Energizer Holdings, Inc. (b) 670 31,818 
Reynolds Consumer Products, Inc. 1,864 64,755 
Spectrum Brands Holdings, Inc. 2,217 101,760 
  619,743 
Personal Products - 0.1%   
Coty, Inc. Class A 15,076 67,390 
Herbalife Nutrition Ltd. (a) 4,593 206,593 
Nu Skin Enterprises, Inc. Class A 2,684 102,609 
  376,592 
TOTAL CONSUMER STAPLES  11,102,206 
ENERGY - 4.3%   
Energy Equipment & Services - 0.6%   
Baker Hughes Co. Class A 34,339 528,477 
Halliburton Co. 45,828 594,847 
Helmerich & Payne, Inc. 5,467 106,661 
National Oilwell Varco, Inc. 20,306 248,749 
  1,478,734 
Oil, Gas & Consumable Fuels - 3.7%   
Antero Midstream GP LP (b) 15,004 76,520 
Apache Corp. 19,753 266,666 
Cabot Oil & Gas Corp. 20,506 352,293 
Cimarex Energy Co. 5,253 144,405 
Concho Resources, Inc. 10,209 525,764 
Continental Resources, Inc. 3,911 68,560 
Devon Energy Corp. 19,970 226,460 
Diamondback Energy, Inc. 8,240 344,597 
EQT Corp. 13,335 158,687 
Equitrans Midstream Corp. (b) 19,382 161,064 
Hess Corp. 14,368 744,406 
HollyFrontier Corp. 7,809 228,023 
Marathon Oil Corp. 41,216 252,242 
Marathon Petroleum Corp. 33,872 1,266,135 
Murphy Oil Corp. (b) 7,605 104,949 
Noble Energy, Inc. 24,906 223,158 
Occidental Petroleum Corp. 42,503 777,805 
ONEOK, Inc. 22,953 762,499 
Parsley Energy, Inc. Class A 15,744 168,146 
Pioneer Natural Resources Co. 8,590 839,243 
Targa Resources Corp. 12,050 241,844 
The Williams Companies, Inc. 63,634 1,210,319 
WPX Energy, Inc. (a) 21,034 134,197 
  9,277,982 
TOTAL ENERGY  10,756,716 
FINANCIALS - 15.3%   
Banks - 4.0%   
Associated Banc-Corp. 7,928 108,455 
Bank of Hawaii Corp. (b) 2,061 126,566 
Bank OZK 6,388 149,926 
BOK Financial Corp. (b) 1,640 92,562 
Citizens Financial Group, Inc. 22,299 562,827 
Comerica, Inc. 7,279 277,330 
Commerce Bancshares, Inc. (b) 5,259 312,753 
Cullen/Frost Bankers, Inc. (b) 2,928 218,751 
East West Bancorp, Inc. 7,375 267,270 
Fifth Third Bancorp 37,213 717,467 
First Citizens Bancshares, Inc. 342 138,517 
First Hawaiian, Inc. 6,777 116,835 
First Horizon National Corp. 16,129 160,645 
First Republic Bank 8,910 944,371 
FNB Corp., Pennsylvania 16,873 126,548 
Huntington Bancshares, Inc. 52,839 477,400 
KeyCorp 50,830 619,109 
M&T Bank Corp. 6,698 696,391 
PacWest Bancorp 6,100 120,231 
Peoples United Financial, Inc. 22,124 255,975 
Pinnacle Financial Partners, Inc. 3,863 162,207 
Popular, Inc. 4,538 168,677 
Prosperity Bancshares, Inc. 4,669 277,245 
Regions Financial Corp. 50,270 559,002 
Signature Bank 2,721 290,929 
Sterling Bancorp 10,112 118,513 
SVB Financial Group (a) 2,690 579,776 
Synovus Financial Corp. 7,650 157,055 
TCF Financial Corp. 7,892 232,183 
Umpqua Holdings Corp. 11,502 122,381 
Webster Financial Corp. 4,683 133,981 
Western Alliance Bancorp. 5,111 193,554 
Wintrust Financial Corp. 2,986 130,249 
Zions Bancorp NA 8,445 287,130 
  9,902,811 
Capital Markets - 4.1%   
Affiliated Managers Group, Inc. 2,452 182,821 
Ameriprise Financial, Inc. 6,436 965,657 
Apollo Global Management LLC Class A 4,499 224,590 
Carlyle Group LP 5,523 154,092 
Cboe Global Markets, Inc. 4,477 417,615 
E*TRADE Financial Corp. 11,576 575,674 
Eaton Vance Corp. (non-vtg.) 5,794 223,648 
Evercore, Inc. Class A 2,065 121,670 
Franklin Resources, Inc. (b) 14,171 297,166 
Interactive Brokers Group, Inc. 3,769 157,431 
Invesco Ltd. 19,732 212,316 
KKR & Co. LP 27,884 861,058 
Lazard Ltd. Class A 5,275 151,023 
Legg Mason, Inc. 4,347 216,263 
LPL Financial 3,782 296,509 
Morningstar, Inc. 181 25,516 
Northern Trust Corp. 10,051 797,446 
Raymond James Financial, Inc. 6,423 442,095 
SEI Investments Co. 6,028 331,419 
State Street Corp. 18,424 1,170,845 
T. Rowe Price Group, Inc. 8,833 1,090,876 
TD Ameritrade Holding Corp. 13,583 494,150 
The NASDAQ OMX Group, Inc. 5,987 715,267 
Tradeweb Markets, Inc. Class A 644 37,442 
Virtu Financial, Inc. Class A 350 8,260 
  10,170,849 
Consumer Finance - 0.9%   
Ally Financial, Inc. 19,547 387,617 
Credit Acceptance Corp. (a) 494 206,991 
Discover Financial Services 16,036 803,243 
LendingTree, Inc. (a) 21 6,080 
OneMain Holdings, Inc. 3,403 83,510 
Santander Consumer U.S.A. Holdings, Inc. 3,945 72,627 
SLM Corp. 15,062 105,886 
Synchrony Financial 30,503 675,946 
  2,341,900 
Diversified Financial Services - 0.3%   
Equitable Holdings, Inc. 21,280 410,491 
Jefferies Financial Group, Inc. 11,864 184,485 
Voya Financial, Inc. 6,572 306,584 
  901,560 
Insurance - 5.3%   
Alleghany Corp. 659 322,343 
American Financial Group, Inc. 3,857 244,765 
American National Insurance Co. 385 27,747 
Arch Capital Group Ltd. (a) 20,573 589,416 
Arthur J. Gallagher & Co. 9,850 960,277 
Assurant, Inc. 3,119 322,162 
Assured Guaranty Ltd. 4,391 107,184 
Athene Holding Ltd. (a) 6,043 188,481 
Axis Capital Holdings Ltd. 3,954 160,374 
Brighthouse Financial, Inc. (a) 5,143 143,078 
Brown & Brown, Inc. 11,676 475,914 
Cincinnati Financial Corp. 7,834 501,611 
CNA Financial Corp. 1,464 47,068 
Erie Indemnity Co. Class A 562 107,848 
Everest Re Group Ltd. 2,092 431,370 
First American Financial Corp. 5,674 272,465 
FNF Group 14,377 440,799 
Globe Life, Inc. 5,487 407,300 
Hanover Insurance Group, Inc. 1,980 200,633 
Hartford Financial Services Group, Inc. 18,707 721,155 
Kemper Corp. 3,229 234,167 
Lincoln National Corp. 8,829 324,819 
Loews Corp. 12,530 429,654 
Markel Corp. (a) 707 652,681 
Mercury General Corp. 1,428 58,191 
Old Republic International Corp. 14,809 241,535 
Primerica, Inc. 789 91,997 
Principal Financial Group, Inc. 14,211 590,325 
Prudential Financial, Inc. 20,713 1,261,422 
Reinsurance Group of America, Inc. 3,544 277,991 
RenaissanceRe Holdings Ltd. 1,695 289,896 
Unum Group 10,639 176,501 
W.R. Berkley Corp. 7,284 417,300 
White Mountains Insurance Group Ltd. 158 140,299 
Willis Towers Watson PLC 6,733 1,326,064 
  13,184,832 
Mortgage Real Estate Investment Trusts - 0.5%   
AGNC Investment Corp. 29,707 383,220 
Annaly Capital Management, Inc. 74,897 491,324 
New Residential Investment Corp. 21,700 161,231 
Starwood Property Trust, Inc. 14,300 213,928 
  1,249,703 
Thrifts & Mortgage Finance - 0.2%   
MGIC Investment Corp. 17,666 144,685 
New York Community Bancorp, Inc. 23,531 240,016 
TFS Financial Corp. 2,546 36,433 
  421,134 
TOTAL FINANCIALS  38,172,789 
HEALTH CARE - 7.6%   
Biotechnology - 1.0%   
Acceleron Pharma, Inc. (a) 146 13,909 
Agios Pharmaceuticals, Inc. (a) 2,907 155,466 
Alexion Pharmaceuticals, Inc. (a) 9,418 1,057,076 
Alkermes PLC (a) 8,254 160,169 
BioMarin Pharmaceutical, Inc. (a) 879 108,416 
bluebird bio, Inc. (a) 1,868 114,023 
Exact Sciences Corp. (a) 1,019 88,592 
Exelixis, Inc. (a) 10,123 240,320 
Ionis Pharmaceuticals, Inc. (a) 3,470 204,591 
Sage Therapeutics, Inc. (a) 2,480 103,118 
United Therapeutics Corp. (a) 2,270 274,670 
  2,520,350 
Health Care Equipment & Supplies - 2.1%   
Dentsply Sirona, Inc. 11,436 503,870 
Envista Holdings Corp. (a) 8,346 176,017 
Globus Medical, Inc. (a) 3,878 185,019 
Haemonetics Corp. (a) 175 15,673 
Hill-Rom Holdings, Inc. 3,079 338,013 
Hologic, Inc. (a) 4,052 230,964 
ICU Medical, Inc. (a) 744 137,127 
Integra LifeSciences Holdings Corp. (a) 3,731 175,320 
STERIS PLC 4,165 639,078 
Tandem Diabetes Care, Inc. (a) 334 33,039 
Teleflex, Inc. 901 327,946 
The Cooper Companies, Inc. 2,239 635,070 
Varian Medical Systems, Inc. (a) 4,148 508,213 
Zimmer Biomet Holdings, Inc. 10,842 1,294,101 
  5,199,450 
Health Care Providers & Services - 1.6%   
Acadia Healthcare Co., Inc. (a) 4,597 115,477 
AmerisourceBergen Corp. 3,963 399,352 
DaVita HealthCare Partners, Inc. (a) 3,613 285,933 
Encompass Health Corp. 2,793 172,970 
Henry Schein, Inc. (a) 7,457 435,414 
Laboratory Corp. of America Holdings (a) 4,795 796,497 
McKesson Corp. 2,155 330,620 
Molina Healthcare, Inc. (a) 1,009 179,582 
Premier, Inc. (a) 3,217 110,279 
Quest Diagnostics, Inc. 6,994 797,036 
Universal Health Services, Inc. Class B 3,852 357,812 
  3,980,972 
Health Care Technology - 0.0%   
Change Healthcare, Inc. 3,362 37,654 
Teladoc Health, Inc. (a) 372 70,992 
  108,646 
Life Sciences Tools & Services - 1.9%   
Agilent Technologies, Inc. 14,799 1,307,788 
Bio-Rad Laboratories, Inc. Class A (a) 1,105 498,896 
Bio-Techne Corp. 119 31,424 
Bruker Corp. 3,105 126,311 
Charles River Laboratories International, Inc. (a) 292 50,910 
IQVIA Holdings, Inc. (a) 6,179 876,677 
Mettler-Toledo International, Inc. (a) 74 59,611 
PerkinElmer, Inc. 4,693 460,336 
PPD, Inc. 498 13,346 
PRA Health Sciences, Inc. (a) 492 47,867 
QIAGEN NV (a) 11,762 503,531 
Syneos Health, Inc. (a) 2,922 170,207 
Waters Corp. (a) 2,963 534,525 
  4,681,429 
Pharmaceuticals - 1.0%   
Catalent, Inc. (a) 8,032 588,746 
Elanco Animal Health, Inc. (a) 20,910 448,520 
Horizon Therapeutics PLC (a) 713 39,629 
Jazz Pharmaceuticals PLC (a) 2,828 312,042 
Mylan NV (a) 26,972 433,710 
Nektar Therapeutics (a)(b) 9,066 209,969 
Perrigo Co. PLC 7,145 394,904 
Reata Pharmaceuticals, Inc. (a) 131 20,439 
  2,447,959 
TOTAL HEALTH CARE  18,938,806 
INDUSTRIALS - 16.3%   
Aerospace & Defense - 1.4%   
BWX Technologies, Inc. 1,793 101,556 
Curtiss-Wright Corp. 2,179 194,541 
HEICO Corp. 622 61,982 
HEICO Corp. Class A 601 48,825 
Hexcel Corp. 4,365 197,385 
Howmet Aerospace, Inc. 20,668 327,588 
Huntington Ingalls Industries, Inc. 1,876 327,343 
Mercury Systems, Inc. (a) 536 42,162 
Spirit AeroSystems Holdings, Inc. Class A 5,487 131,359 
Teledyne Technologies, Inc. (a) 1,899 590,494 
Textron, Inc. 11,922 392,353 
TransDigm Group, Inc. 2,127 940,240 
  3,355,828 
Air Freight & Logistics - 0.4%   
C.H. Robinson Worldwide, Inc. 5,843 461,948 
Expeditors International of Washington, Inc. 3,357 255,266 
XPO Logistics, Inc. (a) 4,514 348,707 
  1,065,921 
Airlines - 1.3%   
Alaska Air Group, Inc. 6,276 227,568 
American Airlines Group, Inc. (b) 25,846 337,807 
Copa Holdings SA Class A 1,640 82,918 
Delta Air Lines, Inc. 33,366 935,916 
JetBlue Airways Corp. (a) 14,099 153,679 
Southwest Airlines Co. 30,845 1,054,282 
United Airlines Holdings, Inc. (a) 15,182 525,449 
  3,317,619 
Building Products - 2.3%   
A.O. Smith Corp. 6,942 327,107 
Allegion PLC 1,687 172,445 
Armstrong World Industries, Inc. 1,570 122,397 
Carrier Global Corp. 29,133 647,335 
Fortune Brands Home & Security, Inc. 7,205 460,616 
Johnson Controls International PLC 38,984 1,330,914 
Lennox International, Inc. 1,808 421,246 
Masco Corp. 13,750 690,388 
Owens Corning 5,594 311,921 
Trane Technologies PLC 12,502 1,112,428 
  5,596,797 
Commercial Services & Supplies - 0.8%   
ADT, Inc. (b) 5,861 46,771 
Cintas Corp. 526 140,105 
Clean Harbors, Inc. (a) 2,692 161,466 
IAA Spinco, Inc. (a) 5,353 206,465 
MSA Safety, Inc. 1,481 169,486 
Republic Services, Inc. 10,979 900,827 
Rollins, Inc. 967 40,991 
Stericycle, Inc. (a) 4,780 267,584 
  1,933,695 
Construction & Engineering - 0.5%   
AECOM (a) 7,995 300,452 
Jacobs Engineering Group, Inc. 6,551 555,525 
Quanta Services, Inc. 5,707 223,886 
Valmont Industries, Inc. 1,096 124,528 
  1,204,391 
Electrical Equipment - 1.2%   
Acuity Brands, Inc. 2,057 196,937 
AMETEK, Inc. 11,994 1,071,904 
Generac Holdings, Inc. (a) 282 34,384 
GrafTech International Ltd. (b) 3,541 28,257 
Hubbell, Inc. Class B 2,825 354,142 
nVent Electric PLC 8,129 152,256 
Regal Beloit Corp. 2,119 185,031 
Rockwell Automation, Inc. 3,118 664,134 
Sensata Technologies, Inc. PLC (a) 8,071 300,483 
  2,987,528 
Industrial Conglomerates - 0.1%   
Carlisle Companies, Inc. 2,827 338,307 
Machinery - 5.5%   
AGCO Corp. 3,230 179,136 
Allison Transmission Holdings, Inc. 2,072 76,208 
Colfax Corp. (a)(b) 5,186 144,689 
Crane Co. 2,546 151,385 
Cummins, Inc. 7,715 1,336,701 
Donaldson Co., Inc. 5,955 277,027 
Dover Corp. 7,518 725,938 
Flowserve Corp. 6,806 194,107 
Fortive Corp. 15,566 1,053,196 
Gates Industrial Corp. PLC (a) 2,335 24,004 
Graco, Inc. 4,315 207,077 
IDEX Corp. 3,940 622,678 
Ingersoll Rand, Inc. (a) 18,131 509,844 
ITT, Inc. 4,522 265,622 
Lincoln Electric Holdings, Inc. (b) 1,713 144,303 
Middleby Corp. (a) 2,881 227,426 
Nordson Corp. 550 104,341 
Oshkosh Corp. 3,542 253,678 
Otis Worldwide Corp. 21,358 1,214,416 
PACCAR, Inc. 17,752 1,328,737 
Parker Hannifin Corp. 6,701 1,228,092 
Pentair PLC 8,634 328,006 
Snap-On, Inc. 2,814 389,767 
Stanley Black & Decker, Inc. 8,070 1,124,797 
Timken Co. 3,315 150,799 
Toro Co. 552 36,620 
Trinity Industries, Inc. (b) 4,751 101,149 
Westinghouse Air Brake Co. 9,469 545,130 
Woodward, Inc. 2,910 225,671 
Xylem, Inc. 9,358 607,896 
  13,778,440 
Marine - 0.1%   
Kirby Corp. (a) 3,116 166,893 
Professional Services - 0.9%   
CoreLogic, Inc. 3,930 264,175 
Equifax, Inc. 1,633 280,680 
FTI Consulting, Inc. (a) 1,911 218,905 
IHS Markit Ltd. 9,451 713,551 
Manpower, Inc. 3,028 208,175 
Nielsen Holdings PLC 18,642 277,020 
Robert Half International, Inc. 5,835 308,263 
TransUnion Holding Co., Inc. 884 76,943 
  2,347,712 
Road & Rail - 0.9%   
AMERCO 466 140,821 
J.B. Hunt Transport Services, Inc. 3,202 385,329 
Kansas City Southern 4,962 740,777 
Knight-Swift Transportation Holdings, Inc. Class A (b) 6,539 272,742 
Landstar System, Inc. 373 41,892 
Lyft, Inc. (a) 12,472 411,701 
Old Dominion Freight Lines, Inc. 705 119,561 
Ryder System, Inc. 2,740 102,777 
Schneider National, Inc. Class B 3,086 76,132 
  2,291,732 
Trading Companies & Distributors - 0.8%   
Air Lease Corp. Class A 5,572 163,204 
Fastenal Co. 5,664 242,646 
HD Supply Holdings, Inc. (a) 8,417 291,649 
MSC Industrial Direct Co., Inc. Class A 2,337 170,157 
United Rentals, Inc. (a) 3,768 561,583 
Univar, Inc. (a) 8,723 147,070 
W.W. Grainger, Inc. 619 194,465 
Watsco, Inc. 1,704 302,801 
  2,073,575 
Transportation Infrastructure - 0.1%   
Macquarie Infrastructure Co. LLC 3,842 117,911 
TOTAL INDUSTRIALS  40,576,349 
INFORMATION TECHNOLOGY - 9.6%   
Communications Equipment - 1.2%   
Arista Networks, Inc. (a) 546 114,676 
Ciena Corp. (a) 7,996 433,063 
CommScope Holding Co., Inc. (a) 9,488 79,035 
EchoStar Holding Corp. Class A (a) 2,514 70,291 
F5 Networks, Inc. (a) 3,188 444,662 
Juniper Networks, Inc. 17,197 393,123 
Lumentum Holdings, Inc. (a) 3,495 284,598 
Motorola Solutions, Inc. 7,992 1,119,919 
Ubiquiti, Inc. 83 14,488 
ViaSat, Inc. (a) 3,013 115,609 
  3,069,464 
Electronic Equipment & Components - 2.0%   
Amphenol Corp. Class A 6,148 589,040 
Arrow Electronics, Inc. (a) 4,078 280,118 
Avnet, Inc. 5,120 142,771 
Coherent, Inc. (a) 220 28,816 
Corning, Inc. 39,239 1,016,290 
Dolby Laboratories, Inc. Class A 2,905 191,352 
FLIR Systems, Inc. 6,823 276,809 
IPG Photonics Corp. (a) 1,735 278,277 
Jabil, Inc. 6,225 199,698 
Keysight Technologies, Inc. (a) 6,500 655,070 
Littelfuse, Inc. 1,231 210,046 
National Instruments Corp. 6,738 260,828 
SYNNEX Corp. 2,173 260,260 
Trimble, Inc. (a) 13,046 563,457 
Zebra Technologies Corp. Class A (a) 236 60,404 
  5,013,236 
IT Services - 1.7%   
Akamai Technologies, Inc. (a) 1,472 157,636 
Alliance Data Systems Corp. 2,448 110,454 
Amdocs Ltd. 6,935 422,203 
CACI International, Inc. Class A (a) 1,090 236,399 
DXC Technology Co. 13,265 218,873 
Euronet Worldwide, Inc. (a) 2,629 251,911 
Genpact Ltd. 5,994 218,901 
Jack Henry & Associates, Inc. 865 159,186 
Leidos Holdings, Inc. 6,356 595,367 
Paychex, Inc. 3,524 266,943 
Sabre Corp. 14,427 116,282 
Science Applications International Corp. 2,643 205,308 
The Western Union Co. 17,292 373,853 
Twilio, Inc. Class A (a) 1,130 247,945 
VeriSign, Inc. (a) 2,176 450,062 
WEX, Inc. (a) 2,070 341,571 
  4,372,894 
Semiconductors & Semiconductor Equipment - 2.1%   
Cirrus Logic, Inc. (a) 3,056 188,800 
Cree, Inc. (a) 5,662 335,134 
Entegris, Inc. 450 26,573 
First Solar, Inc. (a)(b) 4,349 215,276 
Marvell Technology Group Ltd. 34,501 1,209,605 
Maxim Integrated Products, Inc. 9,277 562,279 
Microchip Technology, Inc. 3,072 323,512 
MKS Instruments, Inc. 706 79,947 
ON Semiconductor Corp. (a) 21,227 420,719 
Qorvo, Inc. (a) 6,045 668,154 
Skyworks Solutions, Inc. 8,728 1,115,962 
  5,145,961 
Software - 1.3%   
2U, Inc. (a)(b) 2,162 82,070 
Aspen Technology, Inc. (a) 240 24,866 
CDK Global, Inc. 5,561 230,337 
Ceridian HCM Holding, Inc. (a) 1,650 130,796 
Citrix Systems, Inc. 4,695 694,437 
Crowdstrike Holdings, Inc. 1,654 165,880 
FireEye, Inc. (a) 8,879 108,102 
Guidewire Software, Inc. (a) 3,520 390,192 
LogMeIn, Inc. 2,323 196,921 
Manhattan Associates, Inc. (a) 357 33,629 
Nuance Communications, Inc. (a) 14,712 372,287 
Pegasystems, Inc. 210 21,246 
RealPage, Inc. (a) 577 37,511 
SolarWinds, Inc. (a)(b) 2,434 43,009 
SS&C Technologies Holdings, Inc. 9,298 525,151 
Synopsys, Inc. (a) 565 110,175 
Teradata Corp. (a) 1,339 27,851 
  3,194,460 
Technology Hardware, Storage & Peripherals - 1.3%   
Hewlett Packard Enterprise Co. 67,500 656,775 
HP, Inc. 74,907 1,305,629 
NCR Corp. (a) 6,651 115,195 
NetApp, Inc. 5,304 235,338 
Pure Storage, Inc. Class A (a) 5,398 93,547 
Western Digital Corp. 15,698 693,067 
Xerox Holdings Corp. 9,464 144,705 
  3,244,256 
TOTAL INFORMATION TECHNOLOGY  24,040,271 
MATERIALS - 6.6%   
Chemicals - 3.2%   
Albemarle Corp. U.S. 5,522 426,354 
Ashland Global Holdings, Inc. 2,892 199,837 
Axalta Coating Systems Ltd. (a) 11,014 248,366 
Cabot Corp. 2,910 107,816 
Celanese Corp. Class A 6,163 532,113 
CF Industries Holdings, Inc. 11,168 314,268 
Corteva, Inc. 39,261 1,051,802 
Eastman Chemical Co. 7,095 494,096 
Element Solutions, Inc. (a) 11,354 123,191 
FMC Corp. 5,440 541,933 
Huntsman Corp. 10,477 188,272 
International Flavors & Fragrances, Inc. (b) 5,597 685,409 
LyondellBasell Industries NV Class A 13,420 881,962 
NewMarket Corp. 61 24,429 
Olin Corp. 7,462 85,738 
PPG Industries, Inc. 12,346 1,309,417 
RPM International, Inc. 1,096 82,266 
The Chemours Co. LLC 8,546 131,181 
The Mosaic Co. 18,069 226,043 
The Scotts Miracle-Gro Co. Class A 134 18,019 
Valvoline, Inc. 9,690 187,308 
W.R. Grace & Co. 1,886 95,828 
Westlake Chemical Corp. (b) 1,773 95,121 
  8,050,769 
Construction Materials - 0.7%   
Eagle Materials, Inc. 2,158 151,535 
Martin Marietta Materials, Inc. 3,252 671,766 
Vulcan Materials Co. 6,915 801,103 
  1,624,404 
Containers & Packaging - 1.8%   
Amcor PLC 71,361 728,596 
Aptargroup, Inc. 3,358 376,029 
Ardagh Group SA 963 12,432 
Avery Dennison Corp. 2,560 292,070 
Ball Corp. 1,067 74,146 
Berry Global Group, Inc. (a) 4,586 203,252 
Crown Holdings, Inc. (a) 6,084 396,251 
Graphic Packaging Holding Co. 11,377 159,164 
International Paper Co. 20,579 724,587 
Packaging Corp. of America 4,901 489,120 
Sealed Air Corp. 8,129 267,038 
Silgan Holdings, Inc. 4,111 133,155 
Sonoco Products Co. 5,238 273,895 
WestRock Co. 13,428 379,475 
  4,509,210 
Metals & Mining - 0.9%   
Freeport-McMoRan, Inc. 75,891 878,059 
Nucor Corp. 15,766 652,870 
Reliance Steel & Aluminum Co. 3,317 314,883 
Royal Gold, Inc. 974 121,088 
Steel Dynamics, Inc. 10,602 276,606 
  2,243,506 
TOTAL MATERIALS  16,427,889 
REAL ESTATE - 10.9%   
Equity Real Estate Investment Trusts (REITs) - 10.4%   
Alexandria Real Estate Equities, Inc. 6,553 1,063,224 
American Campus Communities, Inc. 7,160 250,314 
American Homes 4 Rent Class A 13,577 365,221 
Americold Realty Trust 9,439 342,636 
Apartment Investment & Management Co. Class A 7,745 291,522 
Apple Hospitality (REIT), Inc. 10,967 105,941 
AvalonBay Communities, Inc. 7,364 1,138,769 
Boston Properties, Inc. 8,139 735,603 
Brandywine Realty Trust (SBI) 8,822 96,072 
Brixmor Property Group, Inc. 15,503 198,748 
Camden Property Trust (SBI) 4,933 449,988 
CoreSite Realty Corp. 686 83,047 
Corporate Office Properties Trust (SBI) 5,872 148,796 
Cousins Properties, Inc. 7,743 230,974 
CubeSmart 10,103 272,680 
CyrusOne, Inc. 6,014 437,519 
Douglas Emmett, Inc. 8,704 266,865 
Duke Realty Corp. 19,278 682,248 
Empire State Realty Trust, Inc. 7,663 53,641 
EPR Properties 4,078 135,104 
Equity Commonwealth 6,102 196,484 
Equity Lifestyle Properties, Inc. 5,366 335,268 
Equity Residential (SBI) 19,235 1,131,403 
Essex Property Trust, Inc. 3,412 781,928 
Extra Space Storage, Inc. 1,953 180,399 
Federal Realty Investment Trust (SBI) 3,936 335,387 
First Industrial Realty Trust, Inc. 6,605 253,896 
Gaming & Leisure Properties 10,737 371,500 
Healthcare Trust of America, Inc. 11,372 301,585 
Healthpeak Properties, Inc. 28,219 777,716 
Highwoods Properties, Inc. (SBI) 5,382 200,910 
Host Hotels & Resorts, Inc. 36,577 394,666 
Hudson Pacific Properties, Inc. 7,857 197,682 
Invitation Homes, Inc. 28,474 783,889 
Iron Mountain, Inc. 6,197 161,742 
JBG SMITH Properties 6,368 188,302 
Kilroy Realty Corp. 6,010 352,787 
Kimco Realty Corp. 21,614 277,524 
Lamar Advertising Co. Class A 4,496 300,153 
Life Storage, Inc. 2,439 231,583 
Medical Properties Trust, Inc. 27,208 511,510 
Mid-America Apartment Communities, Inc. 5,959 683,319 
National Retail Properties, Inc. 8,958 317,830 
Omega Healthcare Investors, Inc. 11,770 349,922 
Outfront Media, Inc. 7,520 106,558 
Paramount Group, Inc. 9,906 76,375 
Park Hotels & Resorts, Inc. 12,528 123,902 
Rayonier, Inc. 7,137 176,926 
Realty Income Corp. 17,999 1,070,941 
Regency Centers Corp. 8,814 404,474 
Rexford Industrial Realty, Inc. 6,072 251,563 
Simon Property Group, Inc. 3,392 231,945 
SL Green Realty Corp. 4,046 199,427 
Spirit Realty Capital, Inc. 5,383 187,651 
Store Capital Corp. 11,759 279,982 
Sun Communities, Inc. 5,057 686,134 
Taubman Centers, Inc. 3,141 118,604 
UDR, Inc. 15,322 572,736 
Ventas, Inc. 19,531 715,225 
VEREIT, Inc. 56,501 363,301 
VICI Properties, Inc. 24,562 495,907 
Vornado Realty Trust 9,180 350,768 
Weingarten Realty Investors (SBI) 6,349 120,187 
Welltower, Inc. 21,884 1,132,497 
Weyerhaeuser Co. 39,094 878,051 
WP Carey, Inc. 8,951 605,535 
  26,114,986 
Real Estate Management & Development - 0.5%   
CBRE Group, Inc. (a) 17,455 789,315 
Howard Hughes Corp. (a) 2,039 105,926 
Jones Lang LaSalle, Inc. 2,694 278,721 
  1,173,962 
TOTAL REAL ESTATE  27,288,948 
UTILITIES - 9.0%   
Electric Utilities - 4.2%   
Alliant Energy Corp. 13,069 625,221 
Avangrid, Inc. (b) 2,963 124,387 
Edison International 18,718 1,016,575 
Entergy Corp. 10,513 986,225 
Evergy, Inc. 11,845 702,290 
Eversource Energy 17,644 1,469,216 
FirstEnergy Corp. 28,368 1,100,111 
Hawaiian Electric Industries, Inc. 5,596 201,792 
IDACORP, Inc. 2,634 230,133 
NRG Energy, Inc. 8,310 270,574 
OGE Energy Corp. 10,452 317,323 
PG&E Corp. (a) 27,733 245,992 
Pinnacle West Capital Corp. 5,887 431,458 
PPL Corp. 40,329 1,042,101 
Xcel Energy, Inc. 27,509 1,719,300 
  10,482,698 
Gas Utilities - 0.5%   
Atmos Energy Corp. 6,338 631,138 
National Fuel Gas Co. 4,326 181,389 
UGI Corp. 10,877 345,889 
  1,158,416 
Independent Power and Renewable Electricity Producers - 0.4%   
The AES Corp. 34,590 501,209 
Vistra Energy Corp. 25,520 475,182 
  976,391 
Multi-Utilities - 3.2%   
Ameren Corp. 12,884 906,518 
CenterPoint Energy, Inc. 26,353 492,011 
CMS Energy Corp. 14,947 873,204 
Consolidated Edison, Inc. 17,534 1,261,221 
DTE Energy Co. 10,053 1,080,698 
MDU Resources Group, Inc. 10,429 231,315 
NiSource, Inc. 20,017 455,187 
Public Service Enterprise Group, Inc. 26,442 1,299,889 
WEC Energy Group, Inc. 16,531 1,448,942 
  8,048,985 
Water Utilities - 0.7%   
American Water Works Co., Inc. 9,482 1,219,954 
Essential Utilities, Inc. 11,699 494,166 
  1,714,120 
TOTAL UTILITIES  22,380,610 
TOTAL COMMON STOCKS   
(Cost $240,313,366)  246,661,823 
Money Market Funds - 2.9%   
Fidelity Cash Central Fund 0.12% (c) 1,725,239 1,725,584 
Fidelity Securities Lending Cash Central Fund 0.12% (c)(d) 5,487,401 5,487,950 
TOTAL MONEY MARKET FUNDS   
(Cost $7,213,534)  7,213,534 
TOTAL INVESTMENT IN SECURITIES - 101.7%   
(Cost $247,526,900)  253,875,357 
NET OTHER ASSETS (LIABILITIES) - (1.7)%  (4,131,806) 
NET ASSETS - 100%  $249,743,551 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini S&P MidCap 400 Index Contracts (United States) 16 Sept. 2020 $2,846,560 $49,052 $49,052 

The notional amount of futures purchased as a percentage of Net Assets is 1.1%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $472,739.

Legend

 (a) Non-income producing

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

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

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $8,228 
Fidelity Securities Lending Cash Central Fund 10,227 
Total $18,455 

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

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $9,247,408 $9,247,408 $-- $-- 
Consumer Discretionary 27,729,831 27,729,831 -- -- 
Consumer Staples 11,102,206 11,102,206 -- -- 
Energy 10,756,716 10,756,716 -- -- 
Financials 38,172,789 38,172,789 -- -- 
Health Care 18,938,806 18,938,806 -- -- 
Industrials 40,576,349 40,576,349 -- -- 
Information Technology 24,040,271 24,040,271 -- -- 
Materials 16,427,889 16,427,889 -- -- 
Real Estate 27,288,948 27,288,948 -- -- 
Utilities 22,380,610 22,380,610 -- -- 
Money Market Funds 7,213,534 7,213,534 -- -- 
Total Investments in Securities: $253,875,357 $253,875,357 $-- $-- 
Derivative Instruments:     
Assets     
Futures Contracts $49,052 $49,052 $-- $-- 
Total Assets $49,052 $49,052 $-- $-- 
Total Derivative Instruments: $49,052 $49,052 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $49,052 $0 
Total Equity Risk 49,052 
Total Value of Derivatives $49,052 $0 

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

See accompanying notes which are an integral part of the financial statements.


Fidelity® Mid Cap Value Index Fund

Financial Statements

Statement of Assets and Liabilities

  June 30, 2020 
Assets   
Investment in securities, at value (including securities loaned of $5,394,413) — See accompanying schedule:
Unaffiliated issuers (cost $240,313,366) 
$246,661,823  
Fidelity Central Funds (cost $7,213,534) 7,213,534  
Total Investment in Securities (cost $247,526,900)  $253,875,357 
Segregated cash with brokers for derivative instruments  180,000 
Receivable for investments sold  896,324 
Receivable for fund shares sold  764,126 
Dividends receivable  438,304 
Distributions receivable from Fidelity Central Funds  7,552 
Receivable for daily variation margin on futures contracts  30,613 
Other receivables  75 
Total assets  256,192,351 
Liabilities   
Payable to custodian bank $781,967  
Payable for investments purchased 109,011  
Payable for fund shares redeemed 60,079  
Accrued management fee 9,793  
Collateral on securities loaned 5,487,950  
Total liabilities  6,448,800 
Net Assets  $249,743,551 
Net Assets consist of:   
Paid in capital  $253,046,731 
Total accumulated earnings (loss)  (3,303,180) 
Net Assets  $249,743,551 
Net Asset Value, offering price and redemption price per share ($249,743,551 ÷ 14,383,368 shares)  $17.36 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  For the period
July 11, 2019 (commencement of operations) to
June 30, 2020 
Investment Income   
Dividends  $1,684,702 
Income from Fidelity Central Funds (including $10,227 from security lending)  18,455 
Total income  1,703,157 
Expenses   
Management fee $29,605  
Independent trustees' fees and expenses 118  
Commitment fees  
Total expenses before reductions 29,726  
Expense reductions (20)  
Total expenses after reductions  29,706 
Net investment income (loss)  1,673,451 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (10,253,391)  
Fidelity Central Funds (1,148)  
Futures contracts (996,773)  
Total net realized gain (loss)  (11,251,312) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 6,348,457  
Futures contracts 49,052  
Total change in net unrealized appreciation (depreciation)  6,397,509 
Net gain (loss)  (4,853,803) 
Net increase (decrease) in net assets resulting from operations  $(3,180,352) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 For the period
July 11, 2019 (commencement of operations) to
June 30, 2020 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $1,673,451 
Net realized gain (loss) (11,251,312) 
Change in net unrealized appreciation (depreciation) 6,397,509 
Net increase (decrease) in net assets resulting from operations (3,180,352) 
Distributions to shareholders (122,834) 
Share transactions  
Proceeds from sales of shares 271,721,201 
Reinvestment of distributions 69,623 
Cost of shares redeemed (18,744,087) 
Net increase (decrease) in net assets resulting from share transactions 253,046,737 
Total increase (decrease) in net assets 249,743,551 
Net Assets  
Beginning of period – 
End of period $249,743,551 
Other Information  
Shares  
Sold 15,531,979 
Issued in reinvestment of distributions 3,291 
Redeemed (1,151,902) 
Net increase (decrease) 14,383,368 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Mid Cap Value Index Fund

  
Years ended June 30, 2020 A 
Selected Per–Share Data  
Net asset value, beginning of period $20.00 
Income from Investment Operations  
Net investment income (loss)B .46 
Net realized and unrealized gain (loss) (2.97) 
Total from investment operations (2.51) 
Distributions from net investment income (.13) 
Total distributions (.13) 
Net asset value, end of period $17.36 
Total ReturnC,D (12.65)% 
Ratios to Average Net AssetsE,F  
Expenses before reductions .05%G 
Expenses net of fee waivers, if any .05%G 
Expenses net of all reductions .05%G 
Net investment income (loss) 2.82%G 
Supplemental Data  
Net assets, end of period (000 omitted) $249,744 
Portfolio turnover rateH 89%G 

 A For the period July 11, 2019 (commencement of operations) to June 30, 2020.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Small Cap Growth Index Fund

Performance: The Bottom Line

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

Average annual total returns for Fidelity® Small Cap Growth Index Fund will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Growth Index Fund on July 11, 2019, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Growth Index performed over the same period.


Period Ending Values

$10,359Fidelity® Small Cap Growth Index Fund

$10,369Russell 2000® Growth Index

Fidelity® Small Cap Growth Index Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 7.51% for the 12 months ending June 30, 2020, in what was a bumpy ride for U.S. equity investors, marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. By mid-March, U.S. stocks entered bear-market territory less than a month after hitting an all-time high and extending the longest-running bull market in American history. Stocks slid in late February, after a surge in COVID-19 cases outside China. The sudden downtrend continued in March (-12%), capping the index’s worst quarter since 2008. A historically rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend. Aggressive support for financial markets by the U.S. Federal Reserve, plans for reopening the economy and improving infection data boosted stocks in April (+13%) and May (+5%). In June, the index gained 2% amid progress on potential treatments and signs of an early recovery in economic activity. Info tech (+36%) led by a wide margin, riding secular-growth trends. Consumer discretionary (+13%) also stood out, driven by retailing (+28%). In contrast, energy (-36%) fell hard along with the price of crude oil, while financials (-14%) struggled due to sharply lower interest rates.

Comments from the Geode Capital Management, LLC, passive equity index team:  From the fund's inception date of July 11, 2019, to June 30, 2020, the fund gained 3.59%, compared with an increase of 3.69% for the benchmark Russell 2000® Growth Index. Many companies experienced a substantial drawdown in their share price in February and March 2020 as the coronavirus's spread led to a global economic shutdown, only to experience a strong bounce back in the year's second quarter. Teladoc Health (+171%), a provider of virtual health care services, gained as investors anticipated increased demand for remote doctor visits amid the COVID-19 crisis. Quidel (+281%), a provider of rapid testing for various diseases, gained sharply after the U.S. Food and Drug Administration granted the company emergency-use authorization for its rapid point-of-care COVID-19 tests. Another contributor was Immunomedics (+150%), whose promising breast cancer drug received early regulatory approval. Trex Company (+83%), a maker of wood-alternative decking materials, saw its shares gain after the company reported better-than-anticipated financial results. Other notable contributors included Five9 (+108%), an operator of cloud-based contact-centers, and Generac Holdings (+71%), a maker of power-generation equipment. In contrast, the biggest individual detractor was Insperity (-50%), a provider of human resources services. Among its challenges during the 12 months, Insperity repeatedly reported disappointing quarterly financial results. Several companies with exposure to the travel industry significantly detracted, as stocks such as Spirit Airlines (-68%) and Ryman Hospitality Properties (-53%), an owner of lodging and entertainment properties, saw big declines as travel dried up with the spread of the coronavirus. Also detracting was private security company Brinks (-47%) and specialty chemicals manufacturer Ingevity (-48%).

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

Fidelity® Small Cap Growth Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2020

 % of fund's net assets 
Deckers Outdoor Corp. 0.6 
LHC Group, Inc. 0.6 
BJ's Wholesale Club Holdings, Inc. 0.6 
Churchill Downs, Inc. 0.6 
Helen of Troy Ltd. 0.5 
SiteOne Landscape Supply, Inc. 0.5 
Ultragenyx Pharmaceutical, Inc. 0.5 
EastGroup Properties, Inc. 0.5 
Silicon Laboratories, Inc. 0.5 
Arrowhead Pharmaceuticals, Inc. 0.5 
 5.4 

Top Five Market Sectors as of June 30, 2020

 % of fund's net assets 
Health Care 34.2 
Information Technology 21.1 
Industrials 13.0 
Consumer Discretionary 12.6 
Financials 4.3 

Asset Allocation (% of fund's net assets)

As of June 30, 2020 * 
   Stocks and Equity Futures 100.0% 


 * Foreign investments - 3.9%

Fidelity® Small Cap Growth Index Fund

Schedule of Investments June 30, 2020

Showing Percentage of Net Assets

Common Stocks - 99.5%   
 Shares Value 
COMMUNICATION SERVICES - 2.6%   
Diversified Telecommunication Services - 1.1%   
ATN International, Inc. 34 $2,059 
Bandwidth, Inc. (a)(b) 1,143 145,161 
Cincinnati Bell, Inc. (a) 946 14,048 
Cogent Communications Group, Inc. 2,531 195,798 
Consolidated Communications Holdings, Inc. (a) 414 2,803 
IDT Corp. Class B (a) 689 4,499 
Iridium Communications, Inc. (a) 4,507 114,658 
Ooma, Inc. (a)(b) 1,236 20,369 
ORBCOMM, Inc. (a) 610 2,349 
PDVWireless, Inc. (a) 786 35,637 
Vonage Holdings Corp. (a) 7,764 78,106 
  615,487 
Entertainment - 0.1%   
Glu Mobile, Inc. (a) 7,744 71,787 
LiveXLive Media, Inc. (a) 239 865 
Rosetta Stone, Inc. (a) 192 3,237 
  75,889 
Interactive Media & Services - 0.5%   
CarGurus, Inc. Class A (a) 5,166 130,958 
Eventbrite, Inc. (a) 3,744 32,086 
EverQuote, Inc. Class A (a) 843 49,029 
MeetMe, Inc. (a) 4,062 25,347 
QuinStreet, Inc. (a) 927 9,696 
Yelp, Inc. (a) 778 17,995 
  265,111 
Media - 0.5%   
AMC Networks, Inc. Class A (a) 920 21,519 
Cardlytics, Inc. (a) 1,542 107,909 
Central European Media Enterprises Ltd. Class A (a) 2,537 8,981 
Daily Journal Corp. (a) 52 14,040 
Gray Television, Inc. (a) 1,605 22,390 
Liberty Media Corp.:   
Liberty Braves Class A (a) 438 8,795 
Liberty Braves Class C (a) 1,206 23,806 
Loral Space & Communications Ltd. 164 3,201 
Meredith Corp. (b) 1,186 17,256 
TechTarget, Inc. (a) 1,373 41,231 
WideOpenWest, Inc. (a) 1,527 8,047 
  277,175 
Wireless Telecommunication Services - 0.4%   
Boingo Wireless, Inc. (a) 2,588 34,472 
Gogo, Inc. (a)(b) 3,251 10,273 
Shenandoah Telecommunications Co. 2,870 141,462 
  186,207 
TOTAL COMMUNICATION SERVICES  1,419,869 
CONSUMER DISCRETIONARY - 12.6%   
Auto Components - 1.3%   
Dorman Products, Inc. (a) 1,584 106,239 
Fox Factory Holding Corp. (a) 2,297 189,755 
Gentherm, Inc. (a) 1,935 75,272 
LCI Industries 1,467 168,676 
Motorcar Parts of America, Inc. (a) 138 2,438 
Standard Motor Products, Inc. 216 8,899 
Visteon Corp. (a) 1,651 113,094 
XPEL, Inc. (a) 979 15,312 
  679,685 
Automobiles - 0.2%   
Winnebago Industries, Inc. 1,860 123,913 
Distributors - 0.1%   
Core-Mark Holding Co., Inc. 2,486 62,038 
Diversified Consumer Services - 0.6%   
Aspen Group, Inc. (a) 1,094 9,901 
Career Education Corp. (a) 4,128 65,759 
Collectors Universe, Inc. 488 16,729 
Franchise Group, Inc. 126 2,757 
Strategic Education, Inc. 1,311 201,435 
Universal Technical Institute, Inc. (a) 1,601 11,127 
Vivint Smart Home, Inc. Class A (a) 869 15,060 
Weight Watchers International, Inc. (a) 667 16,928 
  339,696 
Hotels, Restaurants & Leisure - 3.4%   
Accel Entertainment, Inc. (a) 2,503 24,104 
Bloomin' Brands, Inc. (b) 5,235 55,805 
Brinker International, Inc. 1,750 42,000 
Churchill Downs, Inc. 2,265 301,585 
Cracker Barrel Old Country Store, Inc. 610 67,655 
Dave & Buster's Entertainment, Inc. (b) 1,002 13,357 
Denny's Corp. (a) 2,098 21,190 
Dine Brands Global, Inc. 63 2,652 
El Pollo Loco Holdings, Inc. (a) 75 1,107 
Eldorado Resorts, Inc. (a)(b) 4,763 190,806 
Everi Holdings, Inc. (a) 1,714 8,844 
GAN Ltd. 350 8,908 
Golden Entertainment, Inc. (a) 444 3,960 
Hilton Grand Vacations, Inc. (a) 5,081 99,334 
Jack in the Box, Inc. 148 10,965 
Lindblad Expeditions Holdings (a) 1,524 11,765 
Marriott Vacations Worldwide Corp. 311 25,567 
Monarch Casino & Resort, Inc. (a) 534 18,199 
Noodles & Co. (a)(b) 909 5,499 
Papa John's International, Inc. 1,641 130,312 
Penn National Gaming, Inc. (a)(b) 4,008 122,404 
PlayAGS, Inc. (a) 417 1,409 
Red Rock Resorts, Inc. 2,908 31,726 
Ruth's Hospitality Group, Inc. (b) 1,597 13,032 
Scientific Games Corp. Class A (a)(b) 2,486 38,434 
SeaWorld Entertainment, Inc. (a)(b) 1,309 19,386 
Shake Shack, Inc. Class A (a)(b) 2,095 110,993 
Texas Roadhouse, Inc. Class A 3,917 205,917 
Twin River Worldwide Holdings, Inc. 1,069 23,828 
Wingstop, Inc. 1,766 245,421 
  1,856,164 
Household Durables - 2.3%   
Casper Sleep, Inc. (b) 200 1,794 
Cavco Industries, Inc. (a) 518 99,896 
GoPro, Inc. Class A (a) 6,788 32,311 
Hamilton Beach Brands Holding Co. Class A 134 1,595 
Helen of Troy Ltd. (a) 1,508 284,348 
Hooker Furniture Corp. 20 389 
Installed Building Products, Inc. (a) 1,368 94,091 
iRobot Corp. (a)(b) 1,647 138,183 
KB Home 759 23,286 
Legacy Housing Corp. (a) 127 1,806 
LGI Homes, Inc. (a) 1,333 117,344 
Lovesac (a)(b) 527 13,823 
Meritage Homes Corp. (a) 116 8,830 
Purple Innovation, Inc. (a) 845 15,210 
Skyline Champion Corp. (a) 3,262 79,397 
Sonos, Inc. (a) 4,744 69,405 
Taylor Morrison Home Corp. (a) 766 14,776 
TopBuild Corp. (a) 1,975 224,696 
Universal Electronics, Inc. (a) 690 32,306 
  1,253,486 
Internet & Direct Marketing Retail - 1.0%   
1-800-FLOWERS.com, Inc. Class A (a) 1,466 29,349 
Overstock.com, Inc. (a)(b) 1,973 56,092 
PetMed Express, Inc. (b) 1,181 42,091 
Quotient Technology, Inc. (a) 2,841 20,796 
Shutterstock, Inc. 1,145 40,041 
Stamps.com, Inc. (a) 986 181,118 
Stitch Fix, Inc. (a)(b) 2,836 70,730 
The RealReal, Inc. (b) 3,750 47,963 
The Rubicon Project, Inc. (a) 3,397 22,658 
U.S. Auto Parts Network, Inc. (a) 1,144 9,907 
Waitr Holdings, Inc. (a) 4,489 11,806 
  532,551 
Leisure Products - 0.7%   
Acushnet Holdings Corp. 462 16,073 
Clarus Corp. 128 1,482 
Johnson Outdoors, Inc. Class A (b) 166 15,109 
Malibu Boats, Inc. Class A (a) 1,228 63,795 
Marine Products Corp. 388 5,374 
MCBC Holdings, Inc. (a) 1,093 20,822 
Sturm, Ruger & Co., Inc. 884 67,184 
YETI Holdings, Inc. (a)(b) 4,423 188,995 
  378,834 
Multiline Retail - 0.0%   
Big Lots, Inc. 181 7,602 
Specialty Retail - 2.0%   
Aaron's, Inc. Class A 509 23,109 
America's Car Mart, Inc. (a) 274 24,076 
Asbury Automotive Group, Inc. (a) 442 34,180 
Boot Barn Holdings, Inc. (a)(b) 1,545 33,310 
Camping World Holdings, Inc. (b) 1,963 53,315 
DGSE Companies, Inc. (a) 398 2,428 
GrowGeneration Corp. (a) 1,715 11,731 
Lithia Motors, Inc. Class A (sub. vtg.) 643 97,305 
Lumber Liquidators Holdings, Inc. (a) 263 3,645 
Monro, Inc. (b) 970 53,292 
Murphy U.S.A., Inc. (a) 1,643 184,985 
National Vision Holdings, Inc. (a)(b) 3,971 121,195 
OneWater Marine, Inc. Class A 274 6,653 
Rent-A-Center, Inc. 2,562 71,275 
RH (a)(b) 997 248,153 
Sleep Number Corp. (a) 612 25,484 
Sportsman's Warehouse Holdings, Inc. (a) 2,584 36,822 
The Children's Place Retail Stores, Inc. 586 21,928 
Winmark Corp. 45 7,706 
  1,060,592 
Textiles, Apparel & Luxury Goods - 1.0%   
Crocs, Inc. (a) 3,979 146,507 
Deckers Outdoor Corp. (a) 1,667 327,362 
Steven Madden Ltd. 2,164 53,429 
Superior Group of Companies, Inc. 189 2,533 
  529,831 
TOTAL CONSUMER DISCRETIONARY  6,824,392 
CONSUMER STAPLES - 3.2%   
Beverages - 0.3%   
Celsius Holdings, Inc. (a)(b) 2,040 24,011 
Coca-Cola Bottling Co. Consolidated 280 64,173 
Craft Brew Alliance, Inc. (a) 103 1,585 
MGP Ingredients, Inc. 573 21,032 
National Beverage Corp. (a)(b) 711 43,385 
New Age Beverages Corp. (a)(b) 2,496 3,819 
  158,005 
Food & Staples Retailing - 0.6%   
BJ's Wholesale Club Holdings, Inc. (a) 8,161 304,160 
Natural Grocers by Vitamin Cottage, Inc. 329 4,896 
PriceSmart, Inc. 90 5,430 
  314,486 
Food Products - 1.5%   
B&G Foods, Inc. Class A (b) 3,342 81,478 
Bridgford Foods Corp. (a) 79 1,308 
Cal-Maine Foods, Inc. (a) 623 27,711 
Calavo Growers, Inc. (b) 985 61,966 
Freshpet, Inc. (a) 2,312 193,422 
Hostess Brands, Inc. Class A (a) 3,261 39,849 
J&J Snack Foods Corp. 235 29,876 
John B. Sanfilippo & Son, Inc. 518 44,201 
Lancaster Colony Corp. 1,128 174,829 
Limoneira Co. 252 3,651 
Sanderson Farms, Inc. 932 108,009 
Tootsie Roll Industries, Inc. (b) 792 27,142 
  793,442 
Household Products - 0.3%   
Central Garden & Pet Co. (a) 200 7,198 
Central Garden & Pet Co. Class A (non-vtg.) (a) 669 22,606 
WD-40 Co. (b) 763 151,303 
  181,107 
Personal Products - 0.5%   
elf Beauty, Inc. (a) 1,551 29,578 
Inter Parfums, Inc. 1,067 51,376 
LifeVantage Corp. (a) 815 11,019 
MediFast, Inc. (b) 673 93,392 
Revlon, Inc. (a) 27 267 
USANA Health Sciences, Inc. (a) 694 50,960 
Veru, Inc. (a) 2,925 9,770 
  246,362 
Tobacco - 0.0%   
Turning Point Brands, Inc. 514 12,804 
Vector Group Ltd. 909 9,145 
  21,949 
TOTAL CONSUMER STAPLES  1,715,351 
ENERGY - 0.2%   
Energy Equipment & Services - 0.1%   
Aspen Aerogels, Inc. (a) 153 1,007 
Cactus, Inc. 1,318 27,190 
DMC Global, Inc. 404 11,150 
  39,347 
Oil, Gas & Consumable Fuels - 0.1%   
Ardmore Shipping Corp. 287 1,246 
Contango Oil & Gas Co. (a) 915 2,095 
Dorian LPG Ltd. (a) 235 1,819 
Goodrich Petroleum Corp. (a) 387 2,786 
Magnolia Oil & Gas Corp. Class A (a) 6,768 41,014 
Nextdecade Corp. (a)(b) 148 320 
Uranium Energy Corp. (a)(b) 3,944 3,462 
  52,742 
TOTAL ENERGY  92,089 
FINANCIALS - 4.3%   
Banks - 0.8%   
Bank First National Corp. (b) 343 21,986 
Bank7 Corp. 97 1,053 
BayCom Corp. (a) 227 2,931 
Cambridge Bancorp 79 4,680 
Century Bancorp, Inc. Class A (non-vtg.) 21 1,632 
Coastal Financial Corp. of Washington (a) 56 813 
Customers Bancorp, Inc. (a) 125 1,503 
Esquire Financial Holdings, Inc. (a) 130 2,197 
First Financial Bankshares, Inc. 7,647 220,922 
First Foundation, Inc. 606 9,902 
Franklin Financial Network, Inc. 40 1,030 
Glacier Bancorp, Inc. 584 20,609 
Hanmi Financial Corp. 126 1,223 
Independent Bank Corp., Massachusetts 129 8,655 
Investors Bancorp, Inc. 3,765 32,003 
Lakeland Financial Corp. 82 3,820 
Meridian Bank/Malvern, PA (a) 60 951 
National Bank Holdings Corp. 413 11,151 
Northeast Bank 52 913 
People's Utah Bancorp 48 1,079 
Reliant Bancorp, Inc. 70 1,140 
ServisFirst Bancshares, Inc. (b) 2,123 75,918 
Stock Yards Bancorp, Inc. 201 8,080 
Unity Bancorp, Inc. 100 
West Bancorp., Inc. 166 2,903 
Westamerica Bancorp. 196 11,254 
  448,448 
Capital Markets - 1.4%   
Artisan Partners Asset Management, Inc. 1,353 43,973 
Assetmark Financial Holdings, Inc. (a) 400 10,916 
BrightSphere Investment Group, Inc. 3,719 46,339 
Cohen & Steers, Inc. 1,455 99,013 
Cowen Group, Inc. Class A 556 9,013 
Federated Hermes, Inc. Class B (non-vtg.) 1,703 40,361 
Focus Financial Partners, Inc. Class A (a) 1,888 62,398 
GAMCO Investors, Inc. Class A 249 3,314 
Greenhill & Co., Inc. 880 8,791 
Hamilton Lane, Inc. Class A 1,313 88,457 
Houlihan Lokey 2,631 146,389 
INTL FCStone, Inc. (a) 70 3,850 
Moelis & Co. Class A 3,147 98,061 
PJT Partners, Inc. 1,404 72,081 
Pzena Investment Management, Inc. 924 5,027 
Siebert Financial Corp. (a) 693 3,507 
Silvercrest Asset Management Group Class A 300 3,813 
Value Line, Inc. 44 1,188 
Virtus Investment Partners, Inc. 43 5,000 
  751,491 
Consumer Finance - 0.4%   
Atlanticus Holdings Corp. (a) 299 3,092 
CURO Group Holdings Corp. 1,074 8,775 
First Cash Financial Services, Inc. 2,426 163,706 
Green Dot Corp. Class A (a) 260 12,761 
  188,334 
Diversified Financial Services - 0.0%   
GWG Holdings, Inc. (a) 187 1,434 
Insurance - 1.6%   
Benefytt Technologies, Inc. (a)(b) 620 12,685 
BRP Group, Inc. (a)(b) 1,180 20,379 
Crawford & Co. Class A 110 868 
eHealth, Inc. (a) 1,521 149,423 
Fednat Holding Co. 26 288 
Global Indemnity Ltd. 70 1,676 
Goosehead Insurance (a) 98 7,366 
HCI Group, Inc. 68 3,140 
Heritage Insurance Holdings, Inc. 118 1,545 
Investors Title Co. 11 1,335 
James River Group Holdings Ltd. 1,557 70,065 
Kinsale Capital Group, Inc. 1,242 192,771 
National General Holdings Corp. 1,941 41,945 
Palomar Holdings, Inc. (a) 1,155 99,053 
RLI Corp. 2,056 168,798 
Trupanion, Inc. (a)(b) 1,776 75,817 
Universal Insurance Holdings, Inc. 500 8,875 
  856,029 
Mortgage Real Estate Investment Trusts - 0.0%   
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 224 6,375 
Thrifts & Mortgage Finance - 0.1%   
Axos Financial, Inc. (a) 285 6,293 
Columbia Financial, Inc. (a) 764 10,662 
Farmer Mac Class C (non-vtg.) 138 8,833 
FS Bancorp, Inc. 25 964 
Greene County Bancorp, Inc. 20 446 
Hingham Institution for Savings 671 
Kearny Financial Corp. 1,214 9,931 
NMI Holdings, Inc. (a) 232 3,731 
Pennymac Financial Services, Inc. 331 13,832 
Walker & Dunlop, Inc. 163 8,282 
Waterstone Financial, Inc. 93 1,379 
  65,024 
TOTAL FINANCIALS  2,317,135 
HEALTH CARE - 34.2%   
Biotechnology - 18.4%   
89Bio, Inc. (a)(b) 182 3,627 
Abeona Therapeutics, Inc. (a) 1,159 3,378 
ADMA Biologics, Inc. (a) 3,334 9,769 
Aduro Biotech, Inc. (a) 3,425 7,912 
Adverum Biotechnologies, Inc. (a) 3,746 78,216 
Aeglea BioTherapeutics, Inc. (a) 2,094 19,370 
Affimed NV (a) 4,346 20,057 
Agenus, Inc. (a)(b) 8,157 32,057 
Aimmune Therapeutics, Inc. (a)(b) 2,796 46,721 
Akebia Therapeutics, Inc. (a) 7,768 105,489 
Akero Therapeutics, Inc. (a) 661 16,472 
Albireo Pharma, Inc. (a) 548 14,517 
Alector, Inc. (a)(b) 2,768 67,650 
Allakos, Inc. (a)(b) 1,451 104,269 
Allogene Therapeutics, Inc. (a) 2,893 123,878 
Amicus Therapeutics, Inc. (a) 15,165 228,688 
Anavex Life Sciences Corp. (a)(b) 3,013 14,824 
Apellis Pharmaceuticals, Inc. (a) 3,578 116,857 
Applied Therapeutics, Inc. (a) 783 28,305 
Aprea Therapeutics, Inc. 424 16,443 
Aravive, Inc. (a) 716 8,334 
Arcturus Therapeutics Holdings, Inc. (a) 788 36,831 
Arcus Biosciences, Inc. (a) 1,980 48,985 
Arcutis Biotherapeutics, Inc. (a)(b) 554 16,753 
Ardelyx, Inc. (a) 4,283 29,638 
Arena Pharmaceuticals, Inc. (a) 272 17,122 
Arrowhead Pharmaceuticals, Inc. (a) 5,983 258,406 
Assembly Biosciences, Inc. (a) 947 22,084 
Atara Biotherapeutics, Inc. (a)(b) 2,507 36,527 
Athenex, Inc. (a)(b) 4,418 60,792 
Athersys, Inc. (a)(b) 10,193 28,133 
Atreca, Inc. 1,165 24,791 
AVEO Pharmaceuticals, Inc. (a) 489 2,518 
Avid Bioservices, Inc. (a) 3,008 19,748 
AVROBIO, Inc. (a) 1,818 31,724 
Axcella Health, Inc. (a) 621 3,434 
Beam Therapeutics, Inc. (b) 721 20,188 
BeyondSpring, Inc. (a) 747 11,265 
BioCryst Pharmaceuticals, Inc. (a) 7,372 35,128 
Biohaven Pharmaceutical Holding Co. Ltd. (a)(b) 2,812 205,585 
Biospecifics Technologies Corp. (a) 369 22,612 
BioXcel Therapeutics, Inc. (a) 622 32,972 
Black Diamond Therapeutics, Inc. (a)(b) 718 30,271 
Blueprint Medicines Corp. (a) 3,233 252,174 
BrainStorm Cell Therpeutic, Inc. (a) 1,575 17,656 
Bridgebio Pharma, Inc. (b) 4,337 141,430 
Calithera Biosciences, Inc. (a) 3,877 20,471 
Calyxt, Inc. (a)(b) 656 3,234 
CareDx, Inc. (a) 2,557 90,595 
CASI Pharmaceuticals, Inc. (a)(b) 2,836 7,090 
Castle Biosciences, Inc. 606 22,840 
Catabasis Pharmaceuticals, Inc. (a) 782 5,028 
Catalyst Pharmaceutical Partners, Inc. (a) 5,775 26,681 
Cel-Sci Corp. (a)(b) 1,655 24,693 
Cellular Biomedicine Group, Inc. (a) 473 7,081 
Centogene NV (a) 241 5,514 
Checkpoint Therapeutics, Inc. (a)(b) 2,469 4,889 
ChemoCentryx, Inc. (a) 2,653 152,654 
Cidara Therapeutics, Inc.(a) 1,563 5,767 
Clovis Oncology, Inc. (a)(b) 4,261 28,762 
CohBar, Inc. (a) 1,444 2,238 
Coherus BioSciences, Inc. (a)(b) 3,479 62,135 
Constellation Pharmaceuticals, Inc. (a) 1,623 48,771 
ContraFect Corp. (a) 802 5,125 
Corbus Pharmaceuticals Holdings, Inc. (a)(b) 3,926 32,939 
Cortexyme, Inc. (a)(b) 884 40,929 
Crinetics Pharmaceuticals, Inc. (a) 1,593 27,909 
Cue Biopharma, Inc. (a) 1,678 41,128 
Cytokinetics, Inc. (a) 2,925 68,942 
CytomX Therapeutics, Inc. (a) 2,677 22,299 
Deciphera Pharmaceuticals, Inc. (a) 2,229 133,116 
Denali Therapeutics, Inc. (a)(b) 3,751 90,699 
DermTech, Inc. (a) 477 6,311 
Dicerna Pharmaceuticals, Inc. (a) 3,889 98,781 
Dyadic International, Inc. (a) 954 8,262 
Dynavax Technologies Corp. (a)(b) 4,574 40,571 
Eagle Pharmaceuticals, Inc. (a) 640 30,707 
Editas Medicine, Inc. (a)(b) 3,315 98,058 
Eidos Therapeutics, Inc. (a)(b) 640 30,509 
Eiger Biopharmaceuticals, Inc. (a) 1,390 13,344 
Emergent BioSolutions, Inc. (a) 2,662 210,511 
Enanta Pharmaceuticals, Inc. (a) 99 4,971 
Epizyme, Inc. (a)(b) 3,375 54,203 
Esperion Therapeutics, Inc. (a)(b) 1,548 79,428 
Evelo Biosciences, Inc. (a)(b) 839 4,111 
Exicure, Inc. (a) 3,000 7,320 
Fate Therapeutics, Inc. (a) 3,735 128,148 
Fennec Pharmaceuticals, Inc. (a) 1,267 10,579 
FibroGen, Inc. (a) 4,249 172,212 
Flexion Therapeutics, Inc. (a)(b) 2,026 26,642 
Fortress Biotech, Inc. (a) 3,411 9,141 
Frequency Therapeutics, Inc. (b) 1,662 38,642 
G1 Therapeutics, Inc. (a)(b) 942 22,853 
Galectin Therapeutics, Inc. (a)(b) 2,299 7,035 
Galera Therapeutics, Inc. (a) 518 3,699 
Genprex, Inc. (a) 1,684 5,288 
Gossamer Bio, Inc. (a) 1,228 15,964 
Gritstone Oncology, Inc. (a)(b) 253 1,680 
Halozyme Therapeutics, Inc. (a) 8,094 217,000 
Harpoon Therapeutics, Inc. (a) 631 10,475 
Heron Therapeutics, Inc. (a) 5,236 77,022 
Homology Medicines, Inc. (a) 2,010 30,532 
Hookipa Pharma, Inc. (a)(b) 690 8,018 
iBio, Inc. (a) 2,482 5,510 
Ideaya Biosciences, Inc. (a) 136 1,933 
IGM Biosciences, Inc. (a) 417 30,441 
Immunic, Inc. (a) 126 1,527 
ImmunoGen, Inc. (a) 4,354 20,028 
Immunovant, Inc. (a) 1,124 27,369 
Inovio Pharmaceuticals, Inc. (a)(b) 8,575 231,096 
Insmed, Inc. (a) 6,041 166,369 
Intellia Therapeutics, Inc. (a)(b) 2,633 55,346 
Intercept Pharmaceuticals, Inc. (a)(b) 1,551 74,308 
Invitae Corp. (a) 6,883 208,486 
Ironwood Pharmaceuticals, Inc. Class A (a) 9,514 98,184 
Kadmon Holdings, Inc. (a) 9,683 49,577 
Kalvista Pharmaceuticals, Inc. (a) 173 2,093 
Karuna Therapeutics, Inc. (a)(b) 924 102,989 
Karyopharm Therapeutics, Inc. (a) 4,198 79,510 
Keros Therapeutics, Inc. 382 14,329 
Kindred Biosciences, Inc. (a) 1,928 8,657 
Kiniksa Pharmaceuticals Ltd. (a)(b) 1,028 26,193 
Kodiak Sciences, Inc. (a)(b) 1,720 93,086 
Krystal Biotech, Inc. (a) 702 29,077 
Kura Oncology, Inc. (a) 3,182 51,867 
La Jolla Pharmaceutical Co. (a)(b) 1,043 4,443 
Lexicon Pharmaceuticals, Inc. (a)(b) 2,606 5,199 
Ligand Pharmaceuticals, Inc. Class B (a) 861 96,303 
LogicBio Therapeutics, Inc. (a) 710 6,007 
Macrogenics, Inc. (a) 1,007 28,115 
Madrigal Pharmaceuticals, Inc. (a)(b) 523 59,230 
Magenta Therapeutics, Inc. (a) 826 6,203 
MannKind Corp. (a)(b) 12,519 21,908 
Marker Therapeutics, Inc. (a)(b) 1,472 3,047 
MediciNova, Inc. (a)(b) 2,487 13,480 
MEI Pharma, Inc. (a) 5,351 22,100 
MeiraGTx Holdings PLC (a) 1,099 13,759 
Mersana Therapeutics, Inc. (a) 2,742 64,163 
Minerva Neurosciences, Inc. (a)(b) 1,957 7,065 
Mirati Therapeutics, Inc. (a) 2,192 250,261 
Mirum Pharmaceuticals, Inc. (a)(b) 124 2,413 
Molecular Templates, Inc. (a) 1,420 19,582 
Momenta Pharmaceuticals, Inc. (a) 6,590 219,249 
Morphic Holding, Inc. 811 21,938 
Mustang Bio, Inc. (a) 1,759 5,594 
NantKwest, Inc. (a) 1,445 17,745 
Natera, Inc. (a) 3,905 194,703 
Neoleukin Therapeutics, Inc. (a) 1,746 28,984 
Neubase Therapeutics, Inc. (a) 1,022 8,973 
Neurobo Pharmaceuticals, Inc. (a) 256 2,061 
NextCure, Inc. (a)(b) 903 19,360 
Novavax, Inc. (a)(b) 939 78,266 
Nymox Pharmaceutical Corp. (a) 2,021 7,175 
OncoCyte Corp. (a) 2,572 4,913 
Organogenesis Holdings, Inc. Class A (a)(b) 1,205 4,627 
Orgenesis, Inc. (a) 225 1,368 
ORIC Pharmaceuticals, Inc. (a) 478 16,123 
Ovid Therapeutics, Inc. (a) 2,520 18,572 
Oyster Point Pharma, Inc. (a) 293 8,462 
Passage Bio, Inc. (a) 493 13,474 
Pfenex, Inc. (a) 2,037 17,009 
PhaseBio Pharmaceuticals, Inc. (a)(b) 923 4,246 
Pieris Pharmaceuticals, Inc. (a)(b) 2,958 9,170 
Portola Pharmaceuticals, Inc. (a) 4,693 84,427 
Precigen, Inc. (a)(b) 3,112 15,529 
Precision BioSciences, Inc. (a)(b) 2,547 21,217 
Prevail Therapeutics, Inc. (b) 844 12,576 
Principia Biopharma, Inc. (a) 1,603 95,843 
Protagonist Therapeutics, Inc. (a) 1,333 23,541 
Protara Therapeutics, Inc. (a) 119 3,489 
PTC Therapeutics, Inc. (a) 3,688 187,129 
Puma Biotechnology, Inc. (a) 1,805 18,826 
Radius Health, Inc. (a) 2,689 36,651 
RAPT Therapeutics, Inc. (a) 646 18,747 
Recro Pharma, Inc. (a) 1,151 5,237 
REGENXBIO, Inc. (a) 2,034 74,912 
Replimune Group, Inc. (a) 1,011 25,123 
Retrophin, Inc. (a) 2,492 50,862 
Revolution Medicines, Inc. 865 27,308 
Rhythm Pharmaceuticals, Inc. (a) 1,972 43,976 
Rigel Pharmaceuticals, Inc. (a) 10,116 18,512 
Rocket Pharmaceuticals, Inc. (a)(b) 2,050 42,907 
Rubius Therapeutics, Inc. (a)(b) 373 2,231 
Sangamo Therapeutics, Inc. (a) 6,897 61,797 
Scholar Rock Holding Corp. (a) 1,343 24,456 
Selecta Biosciences, Inc. (a) 1,887 5,359 
Seres Therapeutics, Inc. (a)(b) 2,607 12,409 
Soleno Therapeutics, Inc. (a) 1,719 3,816 
Solid Biosciences, Inc. (a)(b) 122 357 
Sorrento Therapeutics, Inc. (a)(b) 10,481 65,821 
Spero Therapeutics, Inc. (a) 772 10,445 
Springworks Therapeutics, Inc. (a)(b) 1,271 53,382 
Stoke Therapeutics, Inc. (b) 742 17,682 
Sutro Biopharma, Inc. (a) 852 6,612 
Syndax Pharmaceuticals, Inc. (a) 1,593 23,608 
Syros Pharmaceuticals, Inc. (a) 2,453 26,149 
TCR2 Therapeutics, Inc. (a) 85 1,306 
TG Therapeutics, Inc. (a) 4,917 95,783 
Translate Bio, Inc. (a)(b) 3,032 54,333 
Turning Point Therapeutics, Inc. (a) 1,546 99,856 
Twist Bioscience Corp. (a) 1,788 80,996 
Tyme, Inc. (a)(b) 3,913 5,204 
Ultragenyx Pharmaceutical, Inc. (a)(b) 3,384 264,696 
UNITY Biotechnology, Inc. (a)(b) 1,940 16,839 
UroGen Pharma Ltd. (a)(b) 699 18,258 
Vaxart, Inc. (a) 2,241 19,833 
VBI Vaccines, Inc. (a)(b) 8,227 25,504 
Veracyte, Inc. (a) 2,986 77,337 
Verastem, Inc. (a) 4,019 6,913 
Vericel Corp. (a) 2,376 32,836 
Viela Bio, Inc. (b) 1,200 51,984 
Viking Therapeutics, Inc. (a)(b) 336 2,423 
Vir Biotechnology, Inc. (a)(b) 2,762 113,159 
Voyager Therapeutics, Inc. (a) 1,540 19,435 
vTv Therapeutics, Inc. Class A (a) 613 1,379 
Xencor, Inc. (a) 3,122 101,122 
XOMA Corp. (a) 294 5,809 
Y-mAbs Therapeutics, Inc. (a) 1,782 76,982 
Zentalis Pharmaceuticals, Inc. 568 27,275 
ZIOPHARM Oncology, Inc. (a)(b) 8,467 27,772 
  9,978,381 
Health Care Equipment & Supplies - 6.2%   
Accelerate Diagnostics, Inc. (a)(b) 1,805 27,364 
Accuray, Inc. (a) 5,303 10,765 
Alphatec Holdings, Inc. (a) 2,292 10,772 
Antares Pharma, Inc. (a) 9,740 26,785 
Aspira Women's Health, Inc. (a) 2,634 10,115 
Atricure, Inc. (a) 2,326 104,554 
Atrion Corp. 85 54,146 
AxoGen, Inc. (a) 2,161 19,968 
Axonics Modulation Technologies, Inc. (a)(b) 1,823 64,006 
Bellerophon Therapeutics, Inc. (a) 211 2,648 
Beyond Air, Inc. (a) 775 5,619 
BioLife Solutions, Inc. (a)(b) 440 7,194 
BioSig Technologies, Inc. (a)(b) 1,258 9,058 
Bovie Medical Corp. (a)(b) 114 633 
Cantel Medical Corp. 2,262 100,048 
Cardiovascular Systems, Inc. (a) 2,066 65,182 
Cerus Corp. (a) 9,715 64,119 
Chembio Diagnostics, Inc. (a) 1,042 3,387 
Co.-Diagnostics, Inc. (a) 1,530 29,606 
CONMED Corp. 1,620 116,624 
Cryolife, Inc. (a) 1,750 33,548 
CryoPort, Inc. (a)(b) 2,014 60,924 
Cutera, Inc. (a) 996 12,121 
CytoSorbents Corp. (a) 2,037 20,166 
Electromed, Inc. (a) 413 6,356 
Genmark Diagnostics, Inc. (a) 4,062 59,752 
Glaukos Corp. (a)(b) 2,519 96,780 
Heska Corp. (a) 147 13,696 
Inogen, Inc. (a) 729 25,894 
Integer Holdings Corp. (a) 1,231 89,925 
IRadimed Corp. (a) 343 7,961 
iRhythm Technologies, Inc. (a) 1,614 187,046 
Lantheus Holdings, Inc. (a) 3,986 57,000 
Lantheus Holdings, Inc. rights (a)(c) 4,548 
LeMaitre Vascular, Inc. 791 20,882 
LivaNova PLC (a) 2,057 99,003 
Meridian Bioscience, Inc. (a) 2,218 51,657 
Merit Medical Systems, Inc. (a) 3,229 147,404 
Mesa Laboratories, Inc. 243 52,682 
Milestone Scientific, Inc. (a) 1,843 3,594 
Misonix, Inc. (a) 462 6,269 
Natus Medical, Inc. (a) 635 13,856 
Nemaura Medical, Inc. (