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)
Nicole Macarchuk, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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Date of fiscal year end: | October 31 |
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Date of reporting period: | October 31, 2024 |
Item 1.
Reports to Stockholders
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| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | |
| | Fidelity® SAI Emerging Markets Low Volatility Index Fund Fidelity® SAI Emerging Markets Low Volatility Index Fund : FGKPX |
| | | |
This annual shareholder report contains information about Fidelity® SAI Emerging Markets Low Volatility Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® SAI Emerging Markets Low Volatility Index Fund | $ 29 | 0.26% | |
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, financials gained about 25% and contributed most to the fund's performance for the fiscal year. Information technology stocks also helped (+31%). Utilities rose 31%, communication services gained 15%, and health care advanced 24%. Other contributors included the energy (+23%), consumer discretionary (+11%) and consumer staples (+10%) sectors.
•Conversely, from a sector standpoint, materials returned -2% and detracted most. Industrials (+0%), hampered by the transportation industry (-3%), and real estate (+1%), especially the equity real estate investment trusts industry (-6%), each also hurt.
•Turning to individual stocks, the top contributor was Asustek Computer (+78%), from the technology hardware & equipment industry. In utilities, PowerGrid (+61%) and Tenaga Nasional (+61%) also helped. China Shenhua Energy (+49%), a stock in the energy sector, boosted the fund as well. Lastly, Bank of China gained 44% and contributed.
•In contrast, the biggest detractor was Yum China (-35%), from the consumer services group. Formosa Petrochemical (-37%), a stock in the energy sector, also hurt, as did Formosa Plastics (-37%), a stock in the materials sector. Rumo (-22%), from the transportation category, hindered the fund as well. Lastly, in technology hardware & equipment, Samsung Electronics returned roughly -11% and detracted.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
January 30, 2019 through October 31, 2024.
Initial investment of $10,000.
Fidelity® SAI Emerging Markets Low Volatility Index Fund | $10,000 | $10,110 | $9,595 | $11,877 | $9,872 | $10,999 |
Fidelity Emerging Markets Low Volatility Focus Index℠ | $10,000 | $10,258 | $9,827 | $12,283 | $10,249 | $11,472 |
MSCI ACWI (All Country World Index) ex USA Index | $10,000 | $10,858 | $10,590 | $13,752 | $10,368 | $11,640 |
| | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Fidelity® SAI Emerging Markets Low Volatility Index Fund | 18.98% | 5.30% | 4.78% |
| Fidelity Emerging Markets Low Volatility Focus Index℠ | 20.82% | 6.21% | 5.84% |
| MSCI ACWI (All Country World Index) ex USA Index | 24.55% | 5.95% | 6.66% |
A From January 30, 2019
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $2,628,003,671 | |
| Number of Holdings | 125 | |
| Total Advisory Fee | $5,304,513 | |
| Portfolio Turnover | 34% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 27.6 | |
| Information Technology | 20.1 | |
| Communication Services | 13.6 | |
| Consumer Staples | 9.4 | |
| Consumer Discretionary | 7.8 | |
| Utilities | 6.2 | |
| Health Care | 5.3 | |
| Materials | 4.2 | |
| Industrials | 2.2 | |
| Energy | 1.9 | |
| Real Estate | 0.4 | |
| |
| Common Stocks | 98.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
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| Taiwan | 25.0 |
| India | 21.5 |
| China | 15.0 |
| Saudi Arabia | 7.8 |
| Korea (South) | 7.6 |
| Malaysia | 4.9 |
| United Arab Emirates | 4.1 |
| Qatar | 2.6 |
| Thailand | 2.3 |
| Others | 9.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Asustek Computer Inc | 1.8 | |
| Advanced Info Service PCL | 1.7 | |
| Uni-President Enterprises Corp | 1.7 | |
| China Construction Bank Corp H Shares | 1.7 | |
| Saudi Telecom Co | 1.7 | |
| Agricultural Bank of China Ltd H Shares | 1.6 | |
| Bank of China Ltd H Shares | 1.6 | |
| Industrial & Commercial Bank of China Ltd H Shares | 1.6 | |
| Bharti Airtel Ltd | 1.6 | |
| Bank of Communications Co Ltd H Shares | 1.6 | |
| | 16.6 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914005.100 3315-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | |
| | Fidelity® SAI Emerging Markets Value Index Fund Fidelity® SAI Emerging Markets Value Index Fund : FEMVX |
| | | |
This annual shareholder report contains information about Fidelity® SAI Emerging Markets Value Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® SAI Emerging Markets Value Index Fund | $ 25 | 0.21% | |
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, information technology gained about 47% and contributed most to the fund's performance for the fiscal year. Financials, which gained roughly 37%, also helped, as did consumer discretionary, which advanced roughly 39%. The communication services sector rose 19%, while industrials gained 25% and utilities advanced 42%. Other contributors included the health care (+35%), consumer staples (+19%), materials (+3%), energy (+3%) and real estate (+6%) sectors.
•Turning to individual stocks, the top contributor was Taiwan Semiconductor (+101%), from the semiconductors & semiconductor equipment group. Hon Hai Precision Industry (+129%), a stock in the technology hardware & equipment category, and Tencent Holdings (+42%), from the media & entertainment group, each also boosted the fund. In automobiles & components, Mahindra & Mahindra (+83%) helped. Lastly, in consumer discretionary distribution & retail, JD.com (+61%) also lifted the fund.
•Conversely, the biggest detractor was Samsung Electronics (-12%), from the technology hardware & equipment industry. In materials, Sasol (-56%) and Vale (-13%) each hurt the fund's performance. Another notable detractor was Gazprom (-100%), a stock in the energy sector. Lastly, in consumer discretionary distribution & retail, PDD returned -34% and also hurt.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
May 12, 2020 through October 31, 2024.
Initial investment of $10,000.
Fidelity® SAI Emerging Markets Value Index Fund | $10,000 | $11,780 | $14,527 | $10,868 | $12,586 |
Fidelity Emerging Markets Value Focus Index℠ | $10,000 | $11,814 | $14,782 | $11,036 | $12,841 |
MSCI Emerging Markets Index | $10,000 | $12,298 | $14,386 | $9,924 | $11,000 |
| | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | Life of Fund A |
| Fidelity® SAI Emerging Markets Value Index Fund | 29.09% | 11.46% |
| Fidelity Emerging Markets Value Focus Index℠ | 31.84% | 12.49% |
| MSCI Emerging Markets Index | 25.33% | 7.44% |
A From May 12, 2020
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $5,954,224,579 | |
| Number of Holdings | 214 | |
| Total Advisory Fee | $6,639,914 | |
| Portfolio Turnover | 30% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 24.2 | |
| Financials | 24.2 | |
| Consumer Discretionary | 13.0 | |
| Communication Services | 8.8 | |
| Industrials | 6.9 | |
| Materials | 5.4 | |
| Consumer Staples | 4.4 | |
| Energy | 4.3 | |
| Health Care | 3.1 | |
| Utilities | 2.8 | |
| Real Estate | 1.8 | |
| |
| Common Stocks | 98.9 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| China | 22.3 |
| India | 21.6 |
| Taiwan | 20.6 |
| Korea (South) | 10.5 |
| Brazil | 4.7 |
| Saudi Arabia | 3.1 |
| South Africa | 3.1 |
| Malaysia | 1.6 |
| Indonesia | 1.6 |
| Others | 10.9 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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TOP HOLDINGS(% of Fund's net assets) | | |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.0 | |
| Tencent Holdings Ltd | 3.2 | |
| Samsung Electronics Co Ltd | 2.4 | |
| JD.com Inc A Shares | 2.3 | |
| Hon Hai Precision Industry Co Ltd | 2.2 | |
| China Construction Bank Corp H Shares | 2.1 | |
| Industrial & Commercial Bank of China Ltd H Shares | 1.6 | |
| Bank of China Ltd H Shares | 1.6 | |
| Vale SA | 1.5 | |
| Petroleo Brasileiro SA | 1.5 | |
| | 27.4 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914013.100 6049-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity Flex® International Index Fund Fidelity Flex® International Index Fund : FITFX |
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This annual shareholder report contains information about Fidelity Flex® International Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity Flex® International Index Fund | $ 0 A | 0.00%B | |
A Amount represents less than $.50
B Amount represents less than 0.005%
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, Europe ex U.K. gained roughly 23% and contributed most to the fund's performance for the fiscal year, followed by emerging markets (+25%).
•By sector, financials gained about 35% and contributed most. Information technology, which gained 39%, also helped, as did industrials, which advanced approximately 33%, lifted by the capital goods industry (+36%). The consumer discretionary sector rose about 19%, while health care gained approximately 20% and communication services advanced roughly 25%. Other contributors included the materials (+14%), utilities (+21%), real estate (+22%), consumer staples (+5%) and energy (+5%) sectors.
•Turning to individual stocks, the biggest contributor was Taiwan Semiconductor (+101%), from the semiconductors & semiconductor equipment industry. SAP (+76%), a stock in the software & services category, helped. In media & entertainment, Tencent Holdings gained 42% and contributed. In capital goods, Hitachi gained 109% and lifted the fund. Lastly, in banks, Royal Bank of Canada (+56%) was helpful.
•Conversely, the biggest individual detractor was Samsung Electronics (-11%), from the technology hardware & equipment group. Nestle (-10%), from the food, beverage & tobacco group, hurt. In energy, BP returned about -17% and detracted. Lastly, Bayer (-37%) and Wuxi Biologics (-66%), from the pharmaceuticals, biotechnology & life sciences group, also hurt the fund.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
March 9, 2017 through October 31, 2024.
Initial investment of $10,000.
Fidelity Flex® International Index Fund | $10,000 | $11,790 | $10,785 | $12,014 | $11,745 | $15,188 | $11,452 | $12,909 |
MSCI ACWI (All Country World Index) ex USA Index | $10,000 | $11,809 | $10,855 | $12,101 | $11,803 | $15,326 | $11,555 | $12,973 |
| | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Fidelity Flex® International Index Fund | 23.59% | 5.84% | 6.30% |
| MSCI ACWI (All Country World Index) ex USA Index | 24.55% | 5.95% | 6.47% |
A From March 9, 2017
Visit www.401k.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $2,536,506,074 | |
| Number of Holdings | 2,171 | |
| Total Advisory Fee | $0 | |
| Portfolio Turnover | 4% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 23.8 | |
| Industrials | 13.4 | |
| Information Technology | 12.8 | |
| Consumer Discretionary | 10.8 | |
| Health Care | 9.0 | |
| Consumer Staples | 6.8 | |
| Materials | 6.6 | |
| Communication Services | 5.0 | |
| Energy | 4.9 | |
| Utilities | 3.0 | |
| Real Estate | 1.6 | |
| |
| Common Stocks | 97.3 |
| Preferred Stocks | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Japan | 13.7 |
| China | 8.3 |
| United States | 8.0 |
| Canada | 7.5 |
| United Kingdom | 6.7 |
| France | 5.8 |
| Germany | 5.6 |
| India | 5.5 |
| Taiwan | 5.4 |
| Others | 33.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Taiwan Semiconductor Manufacturing Co Ltd | 3.0 | |
| Novo Nordisk A/S Series B | 1.4 | |
| Tencent Holdings Ltd | 1.3 | |
| ASML Holding NV | 1.1 | |
| Nestle SA | 1.0 | |
| SAP SE | 0.9 | |
| Astrazeneca PLC | 0.9 | |
| Roche Holding AG | 0.9 | |
| Novartis AG | 0.8 | |
| Shell PLC | 0.8 | |
| | 12.1 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since November 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2024 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund added a contractual proxy and shareholder meeting expense cap during the reporting period. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913990.100 2922-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | |
| | Fidelity® International Sustainability Index Fund Fidelity® International Sustainability Index Fund : FNIDX |
| | | |
This annual shareholder report contains information about Fidelity® International Sustainability Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® International Sustainability Index Fund | $ 22 | 0.20% | |
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, emerging markets gained approximately 28% and contributed most to the fund's performance for the fiscal year, followed by Europe ex U.K. (+20%).
•By sector, financials gained roughly 31% and contributed most. Information technology, which gained 48%, also helped, benefiting from the semiconductors & semiconductor equipment industry (+58%), as did industrials, which advanced 32%. The consumer discretionary sector rose 17%, while health care gained approximately 18% and communication services advanced 22%. Other contributors included the materials (+18%), consumer staples (+10%), utilities (+26%) and real estate (+28%) sectors.
•Conversely, from a sector standpoint, energy returned -2% and detracted most.
•Turning to individual stocks, the biggest contributor was Taiwan Semiconductor (+101%), from the semiconductors & semiconductor equipment group. In media & entertainment, Tencent Holdings (+42%) lifted the fund. In capital goods, Hitachi (+109%) and Schneider Electric (+71%) helped. Lastly, Novo Nordisk (+17%), from the pharmaceuticals, biotechnology & life sciences category, also contributed.
•In contrast, the biggest detractor was Wuxi Biologics (-66%), from the pharmaceuticals, biotechnology & life sciences category. In energy, Gazprom (-100%) and Lukoil (-100%) hurt. Lastly, in consumer durables & apparel, Kering (-36%) and LVMH Moet Hennessy Louis Vuitton (-5%) also hurt the fund.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
May 9, 2017 through October 31, 2024.
Initial investment of $10,000.
Fidelity® International Sustainability Index Fund | $10,000 | $10,960 | $9,999 | $11,279 | $11,447 | $14,568 | $10,473 | $11,801 |
MSCI ACWI (All Country World Index) ex USA ESG Leaders Index | $10,000 | $11,000 | $10,114 | $11,464 | $11,667 | $14,934 | $10,741 | $12,069 |
MSCI ACWI (All Country World Index) ex USA Index | $10,000 | $11,047 | $10,155 | $11,320 | $11,041 | $14,338 | $10,809 | $12,136 |
| | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Fidelity® International Sustainability Index Fund | 23.62% | 5.28% | 5.17% |
| MSCI ACWI (All Country World Index) ex USA ESG Leaders Index | 24.93% | 5.63% | 5.64% |
| MSCI ACWI (All Country World Index) ex USA Index | 24.55% | 5.95% | 5.67% |
A From May 9, 2017
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $441,951,608 | |
| Number of Holdings | 911 | |
| Total Advisory Fee | $857,904 | |
| Portfolio Turnover | 14% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 22.7 | |
| Industrials | 13.5 | |
| Information Technology | 12.8 | |
| Consumer Discretionary | 11.1 | |
| Health Care | 9.8 | |
| Communication Services | 7.3 | |
| Consumer Staples | 6.9 | |
| Materials | 6.4 | |
| Energy | 4.0 | |
| Utilities | 2.7 | |
| Real Estate | 1.7 | |
| |
| Common Stocks | 98.7 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Japan | 15.0 |
| China | 9.3 |
| United Kingdom | 8.4 |
| Taiwan | 8.1 |
| Canada | 7.8 |
| France | 5.9 |
| Switzerland | 5.3 |
| India | 5.1 |
| Denmark | 3.7 |
| Others | 31.4 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Taiwan Semiconductor Manufacturing Co Ltd | 5.6 | |
| Novo Nordisk A/S Series B | 2.6 | |
| Tencent Holdings Ltd | 2.4 | |
| ASML Holding NV | 1.9 | |
| Astrazeneca PLC | 1.7 | |
| Novartis AG | 1.6 | |
| Alibaba Group Holding Ltd | 1.4 | |
| LVMH Moet Hennessy Louis Vuitton SE | 1.4 | |
| HSBC Holdings PLC | 1.3 | |
| Unilever PLC | 1.1 | |
| | 21.0 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913994.100 2988-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | |
| | Fidelity® Global ex U.S. Index Fund Fidelity® Global ex U.S. Index Fund : FSGGX |
| | | |
This annual shareholder report contains information about Fidelity® Global ex U.S. Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Global ex U.S. Index Fund | $ 6 | 0.05% | |
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, Europe ex U.K. gained 23% and contributed most to the fund's performance for the fiscal year, followed by emerging markets (+25%).
•By sector, financials gained about 35% and contributed most. Information technology, which gained 39%, also helped, as did industrials, which advanced roughly 33%, lifted by the capital goods industry (+36%). The consumer discretionary sector rose approximately 19%, while health care gained approximately 20% and communication services advanced roughly 25%. Other contributors included the materials (+14%), utilities (+21%), consumer staples (+5%), real estate (+23%) and energy (+4%) sectors.
•Turning to individual stocks, the biggest contributor was Taiwan Semiconductor (+101%), from the semiconductors & semiconductor equipment category. SAP (+76%), from the software & services industry, contributed. Tencent Holdings, within the media & entertainment industry, gained 42% and contributed. Hitachi (+109%), a stock in the capital goods industry, boosted the fund. Lastly, in banks, Royal Bank of Canada (+56%) also contributed.
•Conversely, the biggest detractor was Samsung Electronics (-11%), from the technology hardware & equipment industry. Nestle (-10%), from the food, beverage & tobacco industry, hurt the fund's performance. BP (-16%), from the energy sector, hurt the fund's performance. Lastly, in pharmaceuticals, biotechnology & life sciences, Wuxi Biologics (-66%) and Bayer (-37%) also hindered the fund.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
October 31, 2014 through October 31, 2024.
Initial investment of $10,000.
Fidelity® Global ex U.S. Index Fund | $10,000 | $9,455 | $9,520 | $11,788 | $10,789 | $12,007 | $11,737 | $15,170 | $11,444 | $12,903 | $15,944 |
MSCI ACWI (All Country World Index) ex USA Index | $10,000 | $9,545 | $9,583 | $11,868 | $10,910 | $12,161 | $11,862 | $15,403 | $11,613 | $13,038 | $16,238 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Fidelity® Global ex U.S. Index Fund | 23.57% | 5.84% | 4.78% |
| MSCI ACWI (All Country World Index) ex USA Index | 24.55% | 5.95% | 4.97% |
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $10,844,499,225 | |
| Number of Holdings | 2,192 | |
| Total Advisory Fee | $5,523,301 | |
| Portfolio Turnover | 3% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 23.7 | |
| Industrials | 13.4 | |
| Information Technology | 12.8 | |
| Consumer Discretionary | 10.7 | |
| Health Care | 8.9 | |
| Consumer Staples | 6.8 | |
| Materials | 6.6 | |
| Communication Services | 4.9 | |
| Energy | 4.7 | |
| Utilities | 3.0 | |
| Real Estate | 1.7 | |
| |
| Common Stocks | 96.8 |
| Preferred Stocks | 0.4 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Japan | 13.6 |
| United States | 8.4 |
| China | 8.2 |
| Canada | 7.4 |
| United Kingdom | 6.7 |
| France | 5.7 |
| Germany | 5.6 |
| India | 5.4 |
| Taiwan | 5.4 |
| Others | 33.6 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Taiwan Semiconductor Manufacturing Co Ltd | 2.9 | |
| Novo Nordisk A/S Series B | 1.4 | |
| Tencent Holdings Ltd | 1.3 | |
| ASML Holding NV | 1.1 | |
| Nestle SA | 1.0 | |
| SAP SE | 0.9 | |
| Roche Holding AG | 0.9 | |
| Astrazeneca PLC | 0.8 | |
| Novartis AG | 0.8 | |
| Shell PLC | 0.8 | |
| | 11.9 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913966.100 2348-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | |
| | Fidelity® Total International Index Fund Fidelity® Total International Index Fund : FTIHX |
| | | |
This annual shareholder report contains information about Fidelity® Total International Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Total International Index Fund | $ 7 | 0.06% | |
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, Europe ex U.K. gained 23% and contributed most to the fund's performance for the fiscal year, followed by emerging markets (+25%).
•By sector, financials gained 35% and contributed most. Industrials, which gained approximately 33%, also helped, benefiting from the capital goods industry (+36%), as did information technology, which advanced about 37%. The consumer discretionary sector rose approximately 19%, while health care gained 21% and materials advanced roughly 15%. Other contributors included the communication services (+24%), utilities (+22%), real estate (+22%), consumer staples (+7%) and energy (+5%) sectors.
•Turning to individual stocks, the biggest contributor was Taiwan Semiconductor (+101%), from the semiconductors & semiconductor equipment category. SAP (+76%), a stock in the software & services group, boosted the fund. Tencent Holdings (+42%), from the media & entertainment group, helped. Hitachi (+109%), from the capital goods category, boosted the fund. Lastly, Royal Bank of Canada (+57%), a stock in the banks industry, was a contributor.
•In contrast, the biggest detractor was Samsung Electronics (-12%), from the technology hardware & equipment category. Nestle (-10%), from the food, beverage & tobacco industry, hurt the fund's performance. BP (-17%), from the energy sector, was a detractor. Lastly, in pharmaceuticals, biotechnology & life sciences, Wuxi Biologics (-66%) and Bayer (-37%) hindered the fund.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
June 7, 2016 through October 31, 2024.
Initial investment of $10,000.
Fidelity® Total International Index Fund | $10,000 | $10,090 | $12,448 | $11,401 | $12,641 | $12,392 | $16,167 | $12,124 | $13,614 |
MSCI ACWI (All Country World Index) ex USA Investable Market Index | $10,000 | $10,131 | $12,561 | $11,520 | $12,802 | $12,530 | $16,426 | $12,311 | $13,764 |
| | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Fidelity® Total International Index Fund | 23.34% | 5.84% | 6.36% |
| MSCI ACWI (All Country World Index) ex USA Investable Market Index | 24.46% | 6.00% | 6.61% |
A From June 7, 2016
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $13,433,009,806 | |
| Number of Holdings | 5,088 | |
| Total Advisory Fee | $7,421,867 | |
| Portfolio Turnover | 5% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 22.2 | |
| Industrials | 14.3 | |
| Information Technology | 12.4 | |
| Consumer Discretionary | 11.1 | |
| Health Care | 8.9 | |
| Materials | 7.2 | |
| Consumer Staples | 7.0 | |
| Communication Services | 4.9 | |
| Energy | 4.4 | |
| Utilities | 3.0 | |
| Real Estate | 2.5 | |
| |
| Common Stocks | 97.6 |
| Preferred Stocks | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Japan | 14.9 |
| China | 7.6 |
| Canada | 7.5 |
| United Kingdom | 7.1 |
| United States | 7.1 |
| India | 6.0 |
| Taiwan | 5.6 |
| France | 5.2 |
| Germany | 5.1 |
| Others | 33.9 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Taiwan Semiconductor Manufacturing Co Ltd | 2.6 | |
| Novo Nordisk A/S Series B | 1.2 | |
| Tencent Holdings Ltd | 1.2 | |
| ASML Holding NV | 0.9 | |
| SAP SE | 0.9 | |
| Nestle SA | 0.8 | |
| Astrazeneca PLC | 0.7 | |
| Novartis AG | 0.7 | |
| Roche Holding AG | 0.7 | |
| Shell PLC | 0.7 | |
| | 10.4 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913989.100 2834-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | |
| | Fidelity® Emerging Markets Index Fund Fidelity® Emerging Markets Index Fund : FPADX |
| | | |
This annual shareholder report contains information about Fidelity® Emerging Markets Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Emerging Markets Index Fund | $ 8 | 0.07% | |
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, Emerging Asia gained approximately 29% and contributed most to the fund's performance for the fiscal year, followed by Africa (+34%), especially South Africa (+36%).
•By sector, information technology gained about 46% and contributed most, driven by the semiconductors & semiconductor equipment industry (+79%). Financials, which gained about 26%, also helped, as did consumer discretionary, which advanced about 28%. The communication services sector rose 22%, while industrials gained 24% and utilities advanced approximately 30%. Other contributors included the health care (+11%), real estate (+16%), energy (+3%), consumer staples (+3%) and materials (+3%) sectors.
•Conversely, Emerging Europe, primarily by Russia (-100%), returned approximately -12% and was a notable detractor.
•Turning to individual stocks, the biggest contributor was Taiwan Semiconductor (+101%), from the semiconductors & semiconductor equipment category. Another notable contributor was Tencent Holdings (+42%), a stock in the media & entertainment category. In technology hardware & equipment, Hon Hai Precision Industry gained roughly 127% and helped. In consumer services, Meituan (+66%) contributed. Lastly, Alibaba (+23%), from the consumer discretionary distribution & retail group, also boosted the fund.
•In contrast, the biggest detractor was Samsung Electronics (-11%), from the technology hardware & equipment group. In pharmaceuticals, biotechnology & life sciences, Wuxi Biologics (-66%) hindered the fund. In energy, Gazprom (-100%) and Lukoil (-100%) detracted. Lastly, NetEase (-24%), a stock in the media & entertainment category, also detracted.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
October 31, 2014 through October 31, 2024.
Initial investment of $10,000.
Fidelity® Emerging Markets Index Fund | $10,000 | $8,454 | $9,297 | $11,741 | $10,256 | $11,418 | $12,393 | $14,369 | $9,943 | $11,011 | $13,612 |
Fidelity Emerging Markets Index Fund Linked Index℠ | $10,000 | $8,507 | $9,373 | $11,858 | $10,377 | $11,611 | $12,571 | $14,706 | $10,145 | $11,244 | $14,092 |
MSCI Emerging Markets Index | $10,000 | $8,550 | $9,346 | $11,823 | $10,347 | $11,577 | $12,535 | $14,663 | $10,115 | $11,211 | $14,051 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Fidelity® Emerging Markets Index Fund | 23.63% | 3.58% | 3.13% |
| Fidelity Emerging Markets Index Fund Linked Index℠ | 25.33% | 3.95% | 3.49% |
| MSCI Emerging Markets Index | 25.33% | 3.95% | 3.46% |
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $8,218,898,629 | |
| Number of Holdings | 1,338 | |
| Total Advisory Fee | $5,570,358 | |
| Portfolio Turnover | 5% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 23.2 | |
| Information Technology | 22.8 | |
| Consumer Discretionary | 13.1 | |
| Communication Services | 8.6 | |
| Industrials | 6.4 | |
| Materials | 6.2 | |
| Consumer Staples | 4.7 | |
| Energy | 4.5 | |
| Health Care | 3.4 | |
| Utilities | 2.7 | |
| Real Estate | 1.3 | |
| |
| Common Stocks | 96.4 |
| Preferred Stocks | 0.5 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| China | 26.7 |
| India | 18.3 |
| Taiwan | 18.1 |
| Korea (South) | 9.8 |
| Brazil | 4.6 |
| Saudi Arabia | 3.8 |
| United States | 3.2 |
| South Africa | 2.9 |
| Mexico | 1.9 |
| Others | 10.7 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.6 | |
| Tencent Holdings Ltd | 4.3 | |
| Samsung Electronics Co Ltd | 2.5 | |
| Alibaba Group Holding Ltd | 2.4 | |
| Meituan B Shares | 1.5 | |
| HDFC Bank Ltd | 1.2 | |
| Hon Hai Precision Industry Co Ltd | 1.1 | |
| ICICI Bank Ltd | 1.1 | |
| PDD Holdings Inc Class A ADR | 1.0 | |
| China Construction Bank Corp H Shares | 1.0 | |
| | 25.7 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913965.100 2344-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | |
| | Fidelity® U.S. Sustainability Index Fund Fidelity® U.S. Sustainability Index Fund : FITLX |
| | | |
This annual shareholder report contains information about Fidelity® U.S. Sustainability Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® U.S. Sustainability Index Fund | $ 13 | 0.11% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending October 31, 2024, driven by a resilient economy, the promise of artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, information technology gained 59% and contributed most to the fund's performance for the fiscal year. Financials, which gained roughly 45%, also helped, as did industrials, which advanced approximately 39%, lifted by the capital goods industry (+51%). The communication services sector rose approximately 33%, boosted by the media & entertainment industry (+33%), while consumer discretionary gained approximately 27% and health care advanced 18%. Other contributors included the consumer staples (+14%), real estate (+35%), materials (+29%), energy (+12%) and utilities (+25%) sectors.
•Turning to individual stocks, the biggest contributor was Nvidia (+226%), from the semiconductors & semiconductor equipment industry. In software & services, Microsoft gained 21% and lifted the fund. Another notable contributor was Alphabet (+38%), a stock in the media & entertainment industry. Another notable contributor was Eli Lilly (+51%), a stock in the pharmaceuticals, biotechnology & life sciences category. Lastly, Tesla (+24%), from the automobiles & components category, also lifted the fund.
•In contrast, the biggest detractor was Intel (-40%), from the semiconductors & semiconductor equipment category. Within the same group, Advanced Micro Devices returned about -14% and hurt the fund. Humana (-50%), from the health care equipment & services category, detracted. Nike (-24%), from the consumer durables & apparel category, hurt. Lastly, Adobe (-10%), a stock in the software & services group, also hurt the fund.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
May 9, 2017 through October 31, 2024.
Initial investment of $10,000.
Fidelity® U.S. Sustainability Index Fund | $10,000 | $10,900 | $11,518 | $13,483 | $14,829 | $21,923 | $17,848 | $20,075 |
MSCI USA ESG Leaders Index | $10,000 | $10,904 | $11,542 | $13,531 | $14,897 | $22,049 | $17,970 | $20,235 |
MSCI USA Index | $10,000 | $10,813 | $11,530 | $13,106 | $14,543 | $20,758 | $17,257 | $18,905 |
| | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Fidelity® U.S. Sustainability Index Fund | 38.21% | 15.53% | 14.61% |
| MSCI USA ESG Leaders Index | 38.49% | 15.67% | 14.76% |
| MSCI USA Index | 37.82% | 14.73% | 13.65% |
A From May 9, 2017
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $4,195,026,130 | |
| Number of Holdings | 292 | |
| Total Advisory Fee | $4,033,182 | |
| Portfolio Turnover | 9% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 31.4 | |
| Financials | 11.3 | |
| Health Care | 9.8 | |
| Consumer Discretionary | 9.0 | |
| Communication Services | 8.7 | |
| Industrials | 7.8 | |
| Consumer Staples | 4.6 | |
| Materials | 2.4 | |
| Real Estate | 2.1 | |
| Energy | 1.5 | |
| Utilities | 0.9 | |
| |
| Common Stocks | 89.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 10.5 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 99.5 |
| Brazil | 0.3 |
| China | 0.2 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| NVIDIA Corp | 11.2 | |
| Microsoft Corp | 9.9 | |
| Alphabet Inc Class A | 3.5 | |
| Alphabet Inc Class C | 3.0 | |
| Tesla Inc | 2.6 | |
| Eli Lilly & Co | 2.5 | |
| Visa Inc Class A | 1.6 | |
| Mastercard Inc Class A | 1.4 | |
| Home Depot Inc/The | 1.3 | |
| Procter & Gamble Co/The | 1.3 | |
| | 38.3 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913991.100 2941-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity® SAI International Quality Index Fund Fidelity® SAI International Quality Index Fund : FQITX |
| | | |
This annual shareholder report contains information about Fidelity® SAI International Quality Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® SAI International Quality Index Fund | $ 20 | 0.18% | |
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, Europe ex U.K. gained about 24% and contributed most to the fund's performance for the fiscal year, followed by Japan (+29%).
•By sector, industrials gained roughly 50% and contributed most. Financials, which gained approximately 40%, also helped, as did health care, which advanced approximately 19%, lifted by the pharmaceuticals, biotechnology & life sciences industry (+16%). The consumer discretionary sector rose 24%, while information technology gained about 30% and materials advanced roughly 16%. Other contributors included the communication services (+15%), consumer staples (+5%), utilities (+22%) and real estate (+10%) sectors.
•Conversely, from a sector standpoint, energy returned -9% and detracted.
•Turning to individual stocks, the top contributor was Recruit Holdings (+120%), from the commercial & professional services category. Schneider Electric (+52%), a stock in the capital goods group, helped. Unilever (+32%), a stock in the household & personal products category, contributed. Adyen (+128%), from the financial services category, lifted the fund. Lastly, Roche (+25%), a stock in the pharmaceuticals, biotechnology & life sciences group, boosted the fund.
•In contrast, the biggest detractor was Diageo (-16%), from the food, beverage & tobacco category. From the same industry, Nestle returned -10% and hurt the fund. In capital goods, Atlas Copco (-12%) detracted. ASM International (-27%), from the semiconductors & semiconductor equipment group, detracted. Lastly, in household & personal products, L'Oreal (-10%) hurt the fund's performance.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
May 12, 2020 through October 31, 2024.
Initial investment of $10,000.
Fidelity® SAI International Quality Index Fund | $10,000 | $11,070 | $14,644 | $11,138 | $12,600 |
Fidelity International Quality Focus Index℠ | $10,000 | $11,074 | $14,711 | $11,236 | $12,665 |
MSCI ACWI (All Country World Index) ex USA Index | $10,000 | $11,310 | $14,687 | $11,073 | $12,432 |
| | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | Life of Fund A |
| Fidelity® SAI International Quality Index Fund | 21.81% | 10.05% |
| Fidelity International Quality Focus Index℠ | 22.97% | 10.41% |
| MSCI ACWI (All Country World Index) ex USA Index | 24.55% | 10.26% |
A From May 12, 2020
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $1,580,584,126 | |
| Number of Holdings | 134 | |
| Total Advisory Fee | $1,431,195 | |
| Portfolio Turnover | 39% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Health Care | 17.5 | |
| Industrials | 16.3 | |
| Consumer Discretionary | 14.6 | |
| Financials | 14.1 | |
| Information Technology | 13.0 | |
| Consumer Staples | 11.5 | |
| Materials | 6.0 | |
| Communication Services | 4.0 | |
| Utilities | 0.6 | |
| Energy | 0.4 | |
| Real Estate | 0.2 | |
| |
| Common Stocks | 98.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Japan | 18.8 |
| Switzerland | 15.9 |
| United States | 10.8 |
| United Kingdom | 10.3 |
| France | 8.3 |
| Netherlands | 7.1 |
| Germany | 6.4 |
| Denmark | 5.7 |
| Australia | 5.7 |
| Others | 11.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Novo Nordisk A/S Series B | 3.7 | |
| SAP SE | 3.5 | |
| ASML Holding NV | 3.2 | |
| Roche Holding AG | 3.2 | |
| Novartis AG | 3.1 | |
| LVMH Moet Hennessy Louis Vuitton SE | 3.0 | |
| Unilever PLC | 2.7 | |
| BHP Group Ltd | 2.7 | |
| Recruit Holdings Co Ltd | 2.7 | |
| ABB Ltd | 2.5 | |
| | 30.3 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since November 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2024 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year.The variations in class fees are primarily the result of the following changes: | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914015.100 6051-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | |
| | Fidelity® SAI Emerging Markets Index Fund Fidelity® SAI Emerging Markets Index Fund : FERGX |
| | | |
This annual shareholder report contains information about Fidelity® SAI Emerging Markets Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® SAI Emerging Markets Index Fund | $ 9 | 0.08% | |
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, emerging markets gained approximately 25% and was a notable contributor to the fund's performance for the fiscal year.
•By sector, information technology gained 46% and contributed most, driven by the semiconductors & semiconductor equipment industry (+79%). Financials, which gained approximately 26%, also helped, as did consumer discretionary, which advanced about 27%. The communication services sector rose 22%, while industrials gained 24% and utilities advanced roughly 29%. Other contributors included the health care (+11%), real estate (+16%), energy (+4%), consumer staples (+3%) and materials (+3%) sectors.
•Turning to individual stocks, the top contributor was Taiwan Semiconductor (+100%), from the semiconductors & semiconductor equipment industry. Tencent Holdings (+42%), a stock in the media & entertainment industry, contributed. Hon Hai Precision Industry, within the technology hardware & equipment industry, gained approximately 127% and boosted the fund. Meituan, within the consumer services category, gained 65% and contributed. Lastly, Alibaba (+23%), from the consumer discretionary distribution & retail group, also helped.
•Conversely, the biggest detractor was Samsung Electronics (-11%), from the technology hardware & equipment industry. In pharmaceuticals, biotechnology & life sciences, Wuxi Biologics (-66%) detracted. In energy, Gazprom Oao (Rub) (-100%) and Lukoil (-100%) hindered the fund. Lastly, in media & entertainment, NetEase (-24%) also hurt the fund.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
January 5, 2016 through October 31, 2024.
Initial investment of $10,000.
Fidelity® SAI Emerging Markets Index Fund | $10,000 | $11,940 | $15,074 | $13,173 | $14,680 | $15,882 | $18,403 | $12,718 | $14,063 |
MSCI Emerging Markets Index | $10,000 | $12,019 | $15,204 | $13,306 | $14,888 | $16,119 | $18,856 | $13,008 | $14,418 |
| | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Fidelity® SAI Emerging Markets Index Fund | 23.48% | 3.42% | 6.45% |
| MSCI Emerging Markets Index | 25.33% | 3.95% | 6.93% |
A From January 5, 2016
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $5,123,676,032 | |
| Number of Holdings | 1,318 | |
| Total Advisory Fee | $3,903,648 | |
| Portfolio Turnover | 29% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 23.3 | |
| Information Technology | 23.2 | |
| Consumer Discretionary | 13.3 | |
| Communication Services | 8.7 | |
| Industrials | 6.5 | |
| Materials | 6.4 | |
| Consumer Staples | 4.9 | |
| Energy | 4.5 | |
| Health Care | 3.5 | |
| Utilities | 2.7 | |
| Real Estate | 1.5 | |
| |
| Common Stocks | 98.0 |
| Preferred Stocks | 0.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.5 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| China | 27.1 |
| India | 18.6 |
| Taiwan | 18.4 |
| Korea (South) | 9.9 |
| Brazil | 4.7 |
| Saudi Arabia | 3.9 |
| South Africa | 2.9 |
| Mexico | 2.0 |
| Indonesia | 1.6 |
| Others | 10.9 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.8 | |
| Tencent Holdings Ltd | 4.3 | |
| Samsung Electronics Co Ltd | 2.6 | |
| Alibaba Group Holding Ltd | 2.4 | |
| Meituan B Shares | 1.6 | |
| HDFC Bank Ltd | 1.2 | |
| PDD Holdings Inc Class A ADR | 1.1 | |
| Hon Hai Precision Industry Co Ltd | 1.1 | |
| ICICI Bank Ltd | 1.1 | |
| China Construction Bank Corp H Shares | 1.0 | |
| | 26.2 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913988.100 2809-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | |
| | Fidelity® SAI International Momentum Index Fund Fidelity® SAI International Momentum Index Fund : FITMX |
| | | |
This annual shareholder report contains information about Fidelity® SAI International Momentum Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® SAI International Momentum Index Fund | $ 20 | 0.18% | |
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, Europe ex U.K. gained 29% and contributed most to the fund's performance for the fiscal year, followed by Japan (+27%).
•By sector, industrials gained 50% and contributed most, driven by the capital goods industry (+54%). Financials, which gained 42%, also helped, as did consumer discretionary, which advanced 24%. The materials sector rose 26%, while health care gained about 19% and communication services advanced 33%. Other contributors included the information technology (+19%), consumer staples (+10%), utilities (+9%) and energy (+3%) sectors.
•Conversely, from a sector standpoint, real estate returned 16% and detracted most. This group was hampered by the real estate management & development industry (+4%).
•Turning to individual stocks, the biggest contributor was UniCredit (+85%), from the banks group. From the same group, HSBC gained approximately 41% and boosted the fund. Lastly, Rolls-Royce (+163%), ABB (+69%) and Mitsubishi Heavy Industries (+188%), within the capital goods category, contributed.
•In contrast, the biggest detractor was Tokyo Electron (-34%), from the semiconductors & semiconductor equipment industry. In pharmaceuticals, biotechnology & life sciences, GSK (+5%) and argenx (-21%) detracted. In household & personal products, L'Oreal (-9%) hurt. Lastly, Capgemini (-28%), from the software & services group, hurt for the 12 months.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
May 12, 2020 through October 31, 2024.
Initial investment of $10,000.
Fidelity® SAI International Momentum Index Fund | $10,000 | $11,330 | $14,679 | $10,665 | $12,428 |
Fidelity International Momentum Focus Index℠ | $10,000 | $11,342 | $14,753 | $10,780 | $12,499 |
MSCI ACWI (All Country World Index) ex USA Index | $10,000 | $11,310 | $14,687 | $11,073 | $12,432 |
| | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | Life of Fund A |
| Fidelity® SAI International Momentum Index Fund | 27.42% | 10.82% |
| Fidelity International Momentum Focus Index℠ | 28.90% | 11.25% |
| MSCI ACWI (All Country World Index) ex USA Index | 24.55% | 10.26% |
A From May 12, 2020
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $813,112,674 | |
| Number of Holdings | 203 | |
| Total Advisory Fee | $1,133,898 | |
| Portfolio Turnover | 62% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 23.0 | |
| Industrials | 20.5 | |
| Health Care | 13.4 | |
| Consumer Discretionary | 9.7 | |
| Consumer Staples | 7.8 | |
| Information Technology | 7.5 | |
| Materials | 5.5 | |
| Communication Services | 3.9 | |
| Utilities | 3.1 | |
| Energy | 3.1 | |
| Real Estate | 1.4 | |
| |
| Common Stocks | 98.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Japan | 26.5 |
| United Kingdom | 13.1 |
| France | 10.0 |
| Germany | 7.7 |
| United States | 7.1 |
| Switzerland | 5.4 |
| Denmark | 5.1 |
| Australia | 4.9 |
| Spain | 4.7 |
| Others | 15.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Novo Nordisk A/S Series B | 3.6 | |
| ABB Ltd | 2.4 | |
| HSBC Holdings PLC | 2.3 | |
| Hitachi Ltd | 2.2 | |
| Safran SA | 2.2 | |
| UniCredit SpA | 2.0 | |
| Tokio Marine Holdings Inc | 2.0 | |
| Shell PLC | 2.0 | |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1.9 | |
| L'Oreal SA | 1.8 | |
| | 22.4 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914014.100 6050-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity® SAI International Value Index Fund Fidelity® SAI International Value Index Fund : FIWCX |
| | | |
This annual shareholder report contains information about Fidelity® SAI International Value Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® SAI International Value Index Fund | $ 18 | 0.16% | |
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, Europe ex U.K. gained about 20% and contributed most to the fund's performance for the fiscal year, followed by the U.K. (+31%).
•By sector, financials gained roughly 50% and contributed most, driven by the banks industry (+50%). Industrials, which gained roughly 23%, also helped, as did communication services, which advanced approximately 33%. The consumer staples sector rose 21%, while health care gained about 10% and materials advanced roughly 12%. Other contributors included the information technology (+19%), consumer discretionary (+6%), utilities (+8%) and real estate (+9%) sectors.
•In contrast, emerging markets, primarily China (-5%), returned approximately -5% and notably detracted. From a sector standpoint, energy returned roughly -6% and hurt most.
•Turning to individual stocks, the top contributor was UniCredit (+84%), from the banks industry. Within the same industry, Barclays (+99%) and Banco Santander (+38%) boosted the fund. Another notable contributor was Deutsche Telekom (+45%), a stock in the telecommunication services category. Lastly, Mitsubishi, within the capital goods category, gained 25% and lifted the fund.
•Conversely, the biggest detractor was BP (-21%), from the energy sector. Another notable detractor was Bayer (-37%), a stock in the pharmaceuticals, biotechnology & life sciences industry. Stellantis (-22%), from the automobiles & components group, detracted. In semiconductors & semiconductor equipment, STMicroelectronics (-28%) hurt for the period. Lastly, Vinci, within the capital goods group, returned roughly -8% and hindered the fund.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
December 19, 2017 through October 31, 2024.
Initial investment of $10,000.
Fidelity® SAI International Value Index Fund | $10,000 | $8,936 | $9,394 | $7,575 | $10,781 | $8,956 | $10,770 | $12,961 |
Fidelity International Value Focus Index℠ | $10,000 | $9,030 | $9,524 | $7,670 | $10,972 | $9,158 | $10,962 | $13,288 |
MSCI ACWI (All Country World Index) ex USA Index | $10,000 | $9,061 | $10,101 | $9,852 | $12,794 | $9,645 | $10,829 | $13,487 |
| | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Fidelity® SAI International Value Index Fund | 20.34% | 6.65% | 3.85% |
| Fidelity International Value Focus Index℠ | 21.22% | 6.89% | 4.22% |
| MSCI ACWI (All Country World Index) ex USA Index | 24.55% | 5.95% | 4.45% |
A From December 19, 2017
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $6,277,390,831 | |
| Number of Holdings | 204 | |
| Total Advisory Fee | $7,853,225 | |
| Portfolio Turnover | 59% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 23.6 | |
| Industrials | 16.4 | |
| Consumer Discretionary | 10.9 | |
| Health Care | 10.2 | |
| Materials | 8.4 | |
| Consumer Staples | 6.3 | |
| Communication Services | 6.3 | |
| Information Technology | 6.2 | |
| Energy | 5.5 | |
| Utilities | 4.0 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 98.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Japan | 26.3 |
| Germany | 13.3 |
| United Kingdom | 11.3 |
| France | 11.2 |
| United States | 10.2 |
| Singapore | 4.6 |
| Italy | 3.9 |
| Australia | 3.9 |
| Spain | 3.4 |
| Others | 11.9 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Deutsche Telekom AG | 2.8 | |
| UBS Group AG | 2.7 | |
| Sanofi SA | 2.6 | |
| Banco Santander SA | 2.2 | |
| GSK PLC | 2.1 | |
| BP PLC | 2.1 | |
| UniCredit SpA | 1.9 | |
| British American Tobacco PLC | 1.9 | |
| Rio Tinto PLC | 1.9 | |
| BNP Paribas SA | 1.9 | |
| | 22.1 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since November 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2024 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year.The variations in class fees are primarily the result of the following changes: | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913996.100 3057-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | |
| | Fidelity® SAI International Index Fund Fidelity® SAI International Index Fund : FIONX |
| | | |
This annual shareholder report contains information about Fidelity® SAI International Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® SAI International Index Fund | $ 4 | 0.04% | |
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, Europe ex U.K. gained approximately 23% and contributed most to the fund's performance for the fiscal year, followed by Japan (+23%).
•By sector, financials gained 38% and contributed most. Industrials, which gained approximately 36%, also helped, benefiting from the capital goods industry (+38%), as did health care, which advanced about 21%, lifted by the pharmaceuticals, biotechnology & life sciences industry (+20%). The information technology sector rose 29%, while consumer discretionary gained roughly 14% and communication services advanced 28%. Other contributors included the materials (+15%), utilities (+18%), real estate (+24%) and consumer staples (+5%) sectors.
•Conversely, from a sector standpoint, energy returned roughly -4% and detracted.
•Turning to individual stocks, the top contributor was SAP (+76%), from the software & services industry. Hitachi (+109%) and Schneider Electric (+70%), within the capital goods industry, helped. Lastly, Commonwealth Bank of Australia (+59%) and HSBC (+41%), from the banks category, lifted the fund.
•In contrast, the biggest detractor was Nestle (-10%), from the food, beverage & tobacco industry. From the same industry, Diageo returned -16% and detracted. Another notable detractor was BP (-17%), a stock in the energy sector. Bayer, within the pharmaceuticals, biotechnology & life sciences category, returned -37% and detracted. Lastly, LVMH Moet Hennessy Louis Vuitton, within the consumer durables & apparel group, returned approximately -6% and detracted.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
January 5, 2016 through October 31, 2024.
Initial investment of $10,000.
Fidelity® SAI International Index Fund | $10,000 | $10,190 | $12,576 | $11,677 | $13,004 | $12,158 | $16,303 | $12,554 | $14,491 |
MSCI EAFE Index | $10,000 | $10,280 | $12,715 | $11,870 | $13,211 | $12,328 | $16,574 | $12,788 | $14,662 |
| | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Fidelity® SAI International Index Fund | 22.26% | 6.38% | 6.69% |
| MSCI EAFE Index | 23.25% | 6.46% | 6.93% |
A From January 5, 2016
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $8,526,926,983 | |
| Number of Holdings | 740 | |
| Total Advisory Fee | $2,598,054 | |
| Portfolio Turnover | 4% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 21.4 | |
| Industrials | 17.5 | |
| Health Care | 13.0 | |
| Consumer Discretionary | 10.9 | |
| Consumer Staples | 8.3 | |
| Information Technology | 8.2 | |
| Materials | 6.2 | |
| Communication Services | 4.1 | |
| Energy | 3.5 | |
| Utilities | 3.2 | |
| Real Estate | 1.8 | |
| |
| Common Stocks | 97.7 |
| Preferred Stocks | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Japan | 22.0 |
| United States | 10.9 |
| United Kingdom | 10.8 |
| France | 9.3 |
| Germany | 8.9 |
| Australia | 7.5 |
| Switzerland | 6.2 |
| Netherlands | 4.0 |
| Denmark | 3.4 |
| Others | 17.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Novo Nordisk A/S Series B | 2.2 | |
| ASML Holding NV | 1.6 | |
| Nestle SA | 1.5 | |
| SAP SE | 1.5 | |
| Novartis AG | 1.4 | |
| Astrazeneca PLC | 1.3 | |
| Roche Holding AG | 1.3 | |
| Shell PLC | 1.3 | |
| LVMH Moet Hennessy Louis Vuitton SE | 1.2 | |
| Toyota Motor Corp | 1.1 | |
| | 14.4 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913987.100 2808-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | |
| | Fidelity® Series Global ex U.S. Index Fund Fidelity® Series Global ex U.S. Index Fund : FSGEX |
| | | |
This annual shareholder report contains information about Fidelity® Series Global ex U.S. Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Series Global ex U.S. Index Fund | $ 1 | 0.01% | |
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, Europe ex U.K. gained 23% and contributed most to the fund's performance for the fiscal year, followed by emerging markets (+25%).
•By sector, financials gained about 35% and contributed most. Information technology, which gained 39%, also helped, as did industrials, which advanced roughly 33%, lifted by the capital goods industry (+36%). The consumer discretionary sector rose approximately 19%, while health care gained roughly 20% and communication services advanced approximately 25%. Other contributors included the materials (+14%), utilities (+21%), real estate (+23%), consumer staples (+5%) and energy (+5%) sectors.
•Turning to individual stocks, the biggest contributor was Taiwan Semiconductor (+101%), from the semiconductors & semiconductor equipment group. SAP (+76%), a stock in the software & services group, contributed. In media & entertainment, Tencent Holdings (+42%) lifted the fund. Another notable contributor was Hitachi (+109%), a stock in the capital goods industry. Lastly, Royal Bank of Canada, within the banks category, gained approximately 56% and also lifted the fund.
•In contrast, the biggest detractor was Samsung Electronics (-11%), from the technology hardware & equipment category. In food, beverage & tobacco, Nestle (-10%) hindered the fund. In energy, BP (-16%) detracted. Lastly, Wuxi Biologics (-66%) and Bayer (-37%), from the pharmaceuticals, biotechnology & life sciences industry, also hurt the fund's performance.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
October 31, 2014 through October 31, 2024.
Initial investment of $10,000.
Fidelity® Series Global ex U.S. Index Fund | $10,000 | $9,447 | $9,514 | $11,782 | $10,783 | $12,008 | $11,736 | $15,179 | $11,449 | $12,894 | $15,937 |
MSCI ACWI (All Country World Index) ex USA Index | $10,000 | $9,545 | $9,583 | $11,868 | $10,910 | $12,161 | $11,862 | $15,403 | $11,613 | $13,038 | $16,238 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | 10 Year |
| Fidelity® Series Global ex U.S. Index Fund | 23.60% | 5.83% | 4.77% |
| MSCI ACWI (All Country World Index) ex USA Index | 24.55% | 5.95% | 4.97% |
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $49,437,743,559 | |
| Number of Holdings | 2,205 | |
| Total Advisory Fee | $0 | |
| Portfolio Turnover | 3% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 23.3 | |
| Industrials | 13.1 | |
| Information Technology | 12.8 | |
| Consumer Discretionary | 10.6 | |
| Health Care | 8.9 | |
| Consumer Staples | 6.8 | |
| Materials | 6.5 | |
| Communication Services | 4.9 | |
| Energy | 4.6 | |
| Utilities | 3.0 | |
| Real Estate | 1.6 | |
| |
| Common Stocks | 95.7 |
| Preferred Stocks | 0.4 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.9 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Japan | 13.5 |
| United States | 9.5 |
| China | 8.2 |
| Canada | 7.4 |
| United Kingdom | 6.6 |
| France | 5.7 |
| Germany | 5.5 |
| India | 5.4 |
| Taiwan | 5.3 |
| Others | 32.9 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Taiwan Semiconductor Manufacturing Co Ltd | 2.9 | |
| Novo Nordisk A/S Series B | 1.3 | |
| Tencent Holdings Ltd | 1.2 | |
| ASML Holding NV | 1.1 | |
| SAP SE | 1.0 | |
| Nestle SA | 0.9 | |
| Roche Holding AG | 0.9 | |
| Astrazeneca PLC | 0.8 | |
| Novartis AG | 0.8 | |
| Shell PLC | 0.8 | |
| | 11.7 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913961.100 2215-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity® SAI International Low Volatility Index Fund Fidelity® SAI International Low Volatility Index Fund : FSKLX |
| | | |
This annual shareholder report contains information about Fidelity® SAI International Low Volatility Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® SAI International Low Volatility Index Fund | $ 18 | 0.16% | |
What affected the Fund's performance this period?
•International stocks achieved a strong gain for the 12 months ending October 31, 2024. Resilient global economic growth and a slowing in the pace of inflation in certain regions, as well as a shift to global monetary easing, contributed to a favorable backdrop, despite persistent geopolitical risk.
•Against this backdrop, Europe ex U.K. gained about 20% and contributed most to the fund's performance for the fiscal year, followed by Japan (+11%).
•By sector, financials gained roughly 28% and contributed most. Health care, which gained 21%, also helped, benefiting from the pharmaceuticals, biotechnology & life sciences industry (+21%), as did industrials, which advanced 16%, lifted by the commercial & professional services industry (+28%). The utilities sector rose 21%, while materials gained approximately 29% and consumer staples advanced 8%. Other contributors included the communication services (+9%), information technology (+23%), real estate (+13%) and consumer discretionary (+6%) sectors.
•Turning to individual stocks, the biggest contributor was Tokio Marine Holdings (+70%), from the insurance group. Givaudan (+45%), from the materials sector, contributed. Another notable contributor was Deutsche Boerse (+44%), a stock in the financial services category. Unilever (+34%), a stock in the household & personal products group, helped. Lastly, RELX (+34%), a stock in the commercial & professional services group, was a contributor.
•In contrast, the biggest detractor was Kyocera (-25%), from the technology hardware & equipment industry. Oriental Land (-17%), a stock in the consumer services category, hurt the fund. In food, beverage & tobacco, Diageo (-15%) and Nestle (-10%) were detractors. Lastly, Nippon Telegraph & Telephone (-14%), a stock in the telecommunication services group, hurt the fund.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
May 29, 2015 through October 31, 2024.
Initial investment of $10,000.
Fidelity® SAI International Low Volatility Index Fund | $10,000 | $9,610 | $9,874 | $11,272 | $11,106 | $12,538 | $11,120 | $13,643 | $10,941 | $12,371 |
Fidelity SAI International Low Volatility Index Fund Linked Index℠ | $10,000 | $9,703 | $9,922 | $11,376 | $11,234 | $12,745 | $11,318 | $13,908 | $11,204 | $12,606 |
Fidelity International Low Volatility Focus Index℠ | $10,000 | $9,610 | $9,874 | $11,272 | $11,106 | $12,686 | $11,265 | $13,843 | $11,152 | $12,548 |
MSCI ACWI (All Country World Index) ex USA Index | $10,000 | $9,176 | $9,213 | $11,410 | $10,488 | $11,691 | $11,404 | $14,808 | $11,164 | $12,534 |
| | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Fidelity® SAI International Low Volatility Index Fund | 16.34% | 2.80% | 3.94% |
| Fidelity SAI International Low Volatility Index Fund Linked Index℠ | 17.05% | 2.97% | 4.22% |
| Fidelity International Low Volatility Focus Index℠ | 17.05% | 2.97% | |
| MSCI ACWI (All Country World Index) ex USA Index | 24.55% | 5.95% | 4.84% |
A From May 29, 2015
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $5,441,570,004 | |
| Number of Holdings | 128 | |
| Total Advisory Fee | $10,420,959 | |
| Portfolio Turnover | 31% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 17.6 | |
| Health Care | 16.3 | |
| Industrials | 13.4 | |
| Consumer Staples | 13.3 | |
| Communication Services | 8.8 | |
| Utilities | 8.2 | |
| Materials | 6.2 | |
| Consumer Discretionary | 6.1 | |
| Real Estate | 5.3 | |
| Information Technology | 3.9 | |
| |
| Common Stocks | 99.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.9 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Japan | 29.7 |
| United Kingdom | 13.5 |
| Switzerland | 10.9 |
| United States | 9.8 |
| Netherlands | 5.8 |
| Germany | 5.6 |
| Hong Kong | 4.8 |
| Denmark | 4.5 |
| France | 4.1 |
| Others | 11.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Sanofi SA | 2.1 | |
| Unilever PLC | 2.0 | |
| RELX PLC | 2.0 | |
| Reckitt Benckiser Group PLC | 2.0 | |
| Air Liquide SA | 2.0 | |
| Deutsche Boerse AG | 1.9 | |
| Novartis AG | 1.9 | |
| Roche Holding AG | 1.9 | |
| Tokio Marine Holdings Inc | 1.9 | |
| CSL Ltd | 1.8 | |
| | 19.5 | |
How has the Fund changed?
This is a summary of certain changes to the Fund since November 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 28, 2024 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year.The variations in class fees are primarily the result of the following changes: | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913986.100 2760-TSRA-1224 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024 | |
| | Fidelity® SAI U.S. Low Volatility Index Fund Fidelity® SAI U.S. Low Volatility Index Fund : FSUVX |
| | | |
This annual shareholder report contains information about Fidelity® SAI U.S. Low Volatility Index Fund for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® SAI U.S. Low Volatility Index Fund | $ 13 | 0.11% | |
What affected the Fund's performance this period?
•U.S. equities posted a strong advance for the 12 months ending October 31, 2024, driven by a resilient economy, the promise of artificial intelligence to drive transformative change and the Federal Reserve's long-anticipated pivot to cutting interest rates.
•Against this backdrop, information technology gained roughly 36% and contributed most to the fund's performance for the fiscal year. Financials, which gained about 30%, also helped, as did health care, which advanced 22%, lifted by the pharmaceuticals, biotechnology & life sciences industry (+27%). The industrials sector rose 28%, while communication services gained about 40% and consumer discretionary advanced 29%. Other contributors included the real estate (+29%), consumer staples (+15%), utilities (+27%), materials (+24%) and energy (+31%) sectors.
•Turning to individual stocks, the biggest contributor was Nvidia (+225%), from the semiconductors & semiconductor equipment category. Microsoft (+21%) and Oracle (+64%), within the software & services industry, helped. Another notable contributor was Eli Lilly (+51%), a stock in the pharmaceuticals, biotechnology & life sciences group. Lastly, Apple, within the technology hardware & equipment category, gained 33% and also contributed.
•In contrast, the biggest detractor was Yum China Holdings (-35%), from the consumer services industry. Another notable detractor was Regeneron Pharmaceuticals (-29%), a stock in the pharmaceuticals, biotechnology & life sciences group. Cdw (-22%), a stock in the technology hardware & equipment group, hurt the fund's performance. Verisign, within the software & services industry, returned about -11% and hindered the fund. Lastly, Coterra Energy, within the energy sector, returned -10% and also detracted.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
May 29, 2015 through October 31, 2024.
Initial investment of $10,000.
Fidelity® SAI U.S. Low Volatility Index Fund | $10,000 | $10,220 | $10,993 | $13,038 | $14,184 | $16,684 | $17,044 | $22,369 | $20,492 | $21,801 |
Fidelity SAI U.S. Low Volatility Index Fund Linked Index℠ | $10,000 | $10,235 | $11,023 | $13,098 | $14,264 | $16,795 | $17,177 | $22,550 | $20,677 | $22,013 |
Fidelity U.S. Low Volatility Focus Index℠ | $10,000 | $10,220 | $10,993 | $13,038 | $14,184 | $16,549 | $16,927 | $22,221 | $20,375 | $21,692 |
S&P 500® Index | $10,000 | $9,949 | $10,398 | $12,855 | $13,799 | $15,776 | $17,308 | $24,735 | $21,121 | $23,264 |
| | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS:| | 1 Year | 5 Year | Life of Fund A |
| Fidelity® SAI U.S. Low Volatility Index Fund | 29.21% | 11.04% | 11.63% |
| Fidelity SAI U.S. Low Volatility Index Fund Linked Index℠ | 29.39% | 11.14% | 11.76% |
| Fidelity U.S. Low Volatility Focus Index℠ | 29.39% | 11.14% | |
| S&P 500® Index | 38.02% | 15.27% | 13.19% |
A From May 29, 2015
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics(as of October 31, 2024)
KEY FACTS | | |
| Fund Size | $16,879,173,125 | |
| Number of Holdings | 176 | |
| Total Advisory Fee | $13,229,356 | |
| Portfolio Turnover | 32% | |
What did the Fund invest in?
(as of October 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Information Technology | 28.4 | |
| Health Care | 13.0 | |
| Financials | 11.7 | |
| Industrials | 9.4 | |
| Consumer Discretionary | 8.3 | |
| Consumer Staples | 7.2 | |
| Communication Services | 6.9 | |
| Real Estate | 4.5 | |
| Utilities | 4.3 | |
| Materials | 4.3 | |
| Energy | 1.8 | |
| |
| Common Stocks | 99.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS(% of Fund's net assets) | | |
| Microsoft Corp | 7.7 | |
| Apple Inc | 4.3 | |
| NVIDIA Corp | 3.9 | |
| Eli Lilly & Co | 3.3 | |
| Visa Inc Class A | 3.0 | |
| UnitedHealth Group Inc | 2.9 | |
| Home Depot Inc/The | 2.9 | |
| Procter & Gamble Co/The | 2.8 | |
| Johnson & Johnson | 2.6 | |
| Oracle Corp | 2.6 | |
| | 36.0 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913985.100 2759-TSRA-1224 |
Item 2.
Code of Ethics
As of the end of the period, October 31, 2024, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Laura M. Bishop is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bishop is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Emerging Markets Index Fund, Fidelity Flex International Index Fund, Fidelity Global ex U.S. Index Fund, Fidelity International Sustainability Index Fund, and Fidelity Series Global ex U.S. Index Fund (the “Fund(s)”):
Services Billed by Deloitte Entities
October 31, 2024 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Emerging Markets Index Fund | $47,000 | $- | $12,300 | $1,100 |
Fidelity Flex International Index Fund | $49,100 | $- | $10,000 | $1,100 |
Fidelity Global ex U.S. Index Fund | $52,100 | $- | $10,000 | $1,200 |
Fidelity International Sustainability Index Fund | $35,900 | $- | $10,000 | $900 |
Fidelity Series Global ex U.S. Index Fund | $57,500 | $- | $10,000 | $1,300 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Emerging Markets Index Fund | $47,200 | $- | $12,300 | $1,200 |
Fidelity Flex International Index Fund | $49,200 | $- | $10,000 | $1,200 |
Fidelity Global ex U.S. Index Fund | $52,600 | $- | $10,000 | $1,300 |
Fidelity International Sustainability Index Fund | $36,100 | $- | $10,000 | $1,000 |
Fidelity Series Global ex U.S. Index Fund | $57,500 | $- | $10,000 | $1,400 |
A Amounts may reflect rounding.
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity SAI Emerging Markets Index Fund, Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI Emerging Markets Value Index Fund, Fidelity SAI International Index Fund, Fidelity SAI International Low Volatility Index Fund, Fidelity SAI International Momentum Index Fund, Fidelity SAI International Quality Index Fund, Fidelity SAI International Value Index Fund, Fidelity SAI U.S. Low Volatility Index Fund, Fidelity Total International Index Fund, and Fidelity U.S. Sustainability Index Fund (the “Fund(s)”):
Services Billed by PwC
October 31, 2024 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity SAI Emerging Markets Index Fund | $40,800 | $3,500 | $10,400 | $1,500 |
Fidelity SAI Emerging Markets Low Volatility Index Fund | $36,000 | $3,100 | $9,800 | $1,300 |
Fidelity SAI Emerging Markets Value Index Fund | $38,100 | $3,300 | $10,000 | $1,400 |
Fidelity SAI International Index Fund | $40,900 | $3,500 | $10,400 | $1,500 |
Fidelity SAI International Low Volatility Index Fund | $36,200 | $3,100 | $9,800 | $1,300 |
Fidelity SAI International Momentum Index Fund | $37,900 | $3,300 | $10,000 | $1,400 |
Fidelity SAI International Quality Index Fund | $37,900 | $3,300 | $10,000 | $1,400 |
Fidelity SAI International Value Index Fund | $39,200 | $3,300 | $9,800 | $1,400 |
Fidelity SAI U.S. Low Volatility Index Fund | $37,300 | $3,200 | $9,800 | $1,400 |
Fidelity Total International Index Fund | $68,100 | $5,600 | $19,600 | $2,400 |
Fidelity U.S. Sustainability Index Fund | $31,400 | $2,600 | $6,600 | $1,100 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity SAI Emerging Markets Index Fund | $40,900 | $3,700 | $35,800 | $1,600 |
Fidelity SAI Emerging Markets Low Volatility Index Fund | $36,100 | $3,300 | $10,900 | $1,400 |
Fidelity SAI Emerging Markets Value Index Fund | $38,100 | $3,500 | $10,000 | $1,500 |
Fidelity SAI International Index Fund | $40,900 | $3,700 | $46,500 | $1,600 |
Fidelity SAI International Low Volatility Index Fund | $36,200 | $3,300 | $12,900 | $1,400 |
Fidelity SAI International Momentum Index Fund | $38,000 | $3,500 | $10,000 | $1,500 |
Fidelity SAI International Quality Index Fund | $38,000 | $3,500 | $10,300 | $1,500 |
Fidelity International Value Index Fund | $39,300 | $3,600 | $15,900 | $1,500 |
Fidelity SAI U.S. Low Volatility Index Fund | $37,200 | $3,400 | $9,800 | $1,400 |
Fidelity Total International Index Fund | $68,100 | $6,000 | $28,700 | $2,500 |
Fidelity U.S. Sustainability Index Fund | $31,500 | $2,800 | $6,600 | $1,200 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
| | |
| October 31, 2024A | October 31, 2023A |
Audit-Related Fees | $125,000 | $75,000 |
Tax Fees | $- | $- |
All Other Fees | $2,929,500 | $- |
A Amounts may reflect rounding.
Services Billed by PwC
| | | |
| October 31, 2024A | October 31, 2023A |
Audit-Related Fees | $9,701,800 | $8,881,200 | |
Tax Fees | $61,000 | $1,000 | |
All Other Fees | $35,000 | $- | |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
| | |
Billed By | October 31, 2024A | October 31, 2023A |
Deloitte Entities | $3,406,900 | $5,865,500 |
PwC | $15,501,200 | $14,651,100 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity® SAI Emerging Markets Index Fund
Annual Report
October 31, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® SAI Emerging Markets Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 98.0% |
| | | Shares | Value ($) |
| Brazil - 4.7% | | | |
| Ambev SA | | 3,025,298 | 6,614,847 |
| Atacadao SA | | 404,400 | 523,959 |
| B3 SA - Brasil Bolsa Balcao | | 3,544,340 | 6,511,251 |
| Banco Bradesco SA | | 931,412 | 2,052,654 |
| Banco Bradesco SA (PN) | | 3,478,188 | 8,645,983 |
| Banco BTG Pactual SA unit | | 752,600 | 4,233,692 |
| Banco do Brasil SA | | 1,099,310 | 5,006,977 |
| BB Seguridade Participacoes SA | | 449,558 | 2,665,044 |
| BRF SA (a) | | 377,200 | 1,711,491 |
| Caixa Seguridade Participacoes | | 385,300 | 959,768 |
| CCR SA | | 645,112 | 1,367,023 |
| Centrais Eletricas Brasileiras SA (Electrobras) | | 735,397 | 4,830,221 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 186,205 | 1,359,600 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 284,100 | 4,525,234 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 1,155,818 | 2,273,288 |
| Companhia Paranaense de Energia-COPEL (PN-B) | | 694,300 | 1,178,205 |
| Companhia Siderurgica Nacional SA (CSN) | | 424,100 | 863,474 |
| Cosan SA | | 785,024 | 1,605,111 |
| CPFL Energia SA | | 141,900 | 804,384 |
| Embraer SA (a) | | 450,800 | 3,780,516 |
| Energisa SA unit | | 153,500 | 1,145,760 |
| ENGIE Brasil Energia SA | | 132,520 | 950,649 |
| Equatorial Energia SA | | 742,756 | 4,126,922 |
| Gerdau SA | | 888,492 | 2,812,608 |
| Hapvida Participacoes e Investimentos SA (a)(b) | | 3,134,743 | 1,908,750 |
| Hypera SA (a) | | 242,500 | 927,062 |
| Inter & Co., Inc. Class A (c) | | 154,700 | 1,014,832 |
| Itau Unibanco Holding SA | | 3,098,971 | 18,773,195 |
| Itausa SA | | 3,469,639 | 6,368,017 |
| Klabin SA unit | | 526,000 | 1,898,037 |
| Localiza Rent a Car SA | | 588,558 | 4,278,089 |
| Natura & Co. Holding SA | | 577,126 | 1,368,714 |
| Nu Holdings Ltd. Class A (a) | | 1,897,486 | 28,633,064 |
| PagSeguro Digital Ltd. (a) | | 127,130 | 1,022,125 |
| Petroleo Brasileiro SA - Petrobras: | | | |
| (ON) | | 2,263,808 | 15,295,947 |
| (PN) (non-vtg.) | | 2,999,500 | 18,632,401 |
| PRIO SA | | 515,100 | 3,651,473 |
| Raia Drogasil SA | | 825,660 | 3,476,373 |
| Rede D'Oregon Sao Luiz SA (b) | | 512,917 | 2,605,000 |
| Rumo SA | | 829,800 | 2,856,479 |
| Sendas Distribuidora SA (a) | | 865,800 | 1,121,770 |
| StoneCo Ltd. Class A (a) | | 160,772 | 1,784,569 |
| Suzano SA | | 500,912 | 5,179,040 |
| Telefonica Brasil SA | | 261,400 | 2,380,269 |
| TIM SA | | 542,900 | 1,557,073 |
| Totvs SA | | 355,700 | 1,836,062 |
| Ultrapar Participacoes SA | | 467,138 | 1,688,061 |
| Vale SA | | 2,177,673 | 23,378,088 |
| Vibra Energia SA | | 646,949 | 2,496,745 |
| Weg SA | | 1,074,380 | 10,056,341 |
| XP, Inc. Class A | | 237,374 | 4,144,550 |
TOTAL BRAZIL | | | 238,880,787 |
| Chile - 0.4% | | | |
| Banco de Chile | | 28,866,974 | 3,362,839 |
| Banco de Credito e Inversiones | | 55,976 | 1,641,866 |
| Banco Santander Chile | | 42,187,731 | 2,094,862 |
| Cencosud SA | | 824,451 | 1,709,924 |
| Empresas CMPC SA | | 721,853 | 1,149,505 |
| Empresas COPEC SA | | 250,034 | 1,578,609 |
| Enel Americas SA | | 13,512,310 | 1,265,611 |
| Enel Chile SA | | 17,526,992 | 930,111 |
| Falabella SA (a) | | 562,008 | 2,017,318 |
| LATAM Airlines Group SA | | 96,866,047 | 1,295,685 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 91,393 | 3,517,331 |
TOTAL CHILE | | | 20,563,661 |
| China - 27.1% | | | |
| 360 Security Technology, Inc. (A Shares) | | 274,600 | 373,055 |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | | 85,500 | 196,024 |
| AAC Technology Holdings, Inc. | | 460,133 | 1,858,480 |
| Accelink Technologies Co. Ltd. (A Shares) | | 31,000 | 198,053 |
| ACM Research Shanghai, Inc. (A Shares) | | 11,255 | 168,690 |
| Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 23,871 | 644,547 |
| AECC Aero-Engine Control Co. Ltd. (A Shares) | | 53,900 | 181,519 |
| AECC Aviation Power Co. Ltd. | | 104,400 | 627,417 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 3,429,900 | 2,280,569 |
| (H Shares) | | 17,476,297 | 8,586,919 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 357,999 | 728,081 |
| Air China Ltd. (A Shares) (a) | | 442,600 | 456,334 |
| Airtac International Group | | 89,926 | 2,497,253 |
| Akeso, Inc. (a)(b) | | 388,000 | 3,127,260 |
| Alibaba Group Holding Ltd. | | 9,728,916 | 119,007,167 |
| Alibaba Health Information Technology Ltd. (a)(c) | | 3,603,000 | 1,822,100 |
| Aluminum Corp. of China Ltd.: | | | |
| (A shares) | | 542,700 | 581,077 |
| (H Shares) | | 2,466,000 | 1,571,215 |
| Amlogic Shanghai Co. Ltd. (A Shares) | | 16,411 | 160,367 |
| Angel Yeast Co. Ltd. (A Shares) | | 33,800 | 172,960 |
| Anhui Conch Cement Co. Ltd.: | | | |
| (A Shares) | | 181,100 | 680,839 |
| (H Shares) | | 757,400 | 2,200,129 |
| Anhui Gujing Distillery Co. Ltd.: | | | |
| (A Shares) | | 18,300 | 485,390 |
| (B Shares) | | 69,257 | 1,060,379 |
| Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) | | 83,900 | 482,689 |
| Anhui Kouzi Distillery Co. Ltd. (A Shares) | | 23,200 | 126,357 |
| Anhui Yingjia Distillery Co. Ltd. (A Shares) | | 26,200 | 221,510 |
| Anjoy Foods Group Co. Ltd. (A Shares) | | 11,400 | 137,291 |
| Anker Innovations Technology Co. Ltd. (A Shares) | | 20,330 | 229,065 |
| Anta Sports Products Ltd. | | 815,200 | 8,700,784 |
| Asymchem Laboratories Tianjin Co. Ltd. (A Shares) | | 13,160 | 153,619 |
| Autobio Diagnostics Co. Ltd. | | 21,900 | 138,484 |
| Autohome, Inc. ADR Class A | | 42,643 | 1,198,268 |
| Avary Holding Shenzhen Co. Ltd. (A Shares) | | 89,200 | 469,401 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 1,593,000 | 855,651 |
| Avicopter PLC (A Shares) | | 33,600 | 198,327 |
| BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (a) | | 213,800 | 247,960 |
| Baidu, Inc. Class A (a) | | 1,458,774 | 16,645,823 |
| Bank of Beijing Co. Ltd. (A Shares) | | 808,325 | 642,251 |
| Bank of Changsha Co. Ltd. (A Shares) | | 136,600 | 163,692 |
| Bank of Chengdu Co. Ltd. (A Shares) | | 138,400 | 299,795 |
| Bank of China Ltd.: | | | |
| (A Shares) | | 1,114,000 | 754,690 |
| (H Shares) | | 51,159,464 | 24,281,811 |
| Bank of Communications Co. Ltd.: | | | |
| (A Shares) | | 1,574,600 | 1,574,026 |
| (H Shares) | | 5,510,176 | 4,173,327 |
| Bank of Hangzhou Co. Ltd. (A Shares) | | 215,000 | 418,857 |
| Bank of Jiangsu Co. Ltd. (A Shares) | | 696,543 | 862,863 |
| Bank of Nanjing Co. Ltd. (A Shares) | | 386,200 | 556,672 |
| Bank of Ningbo Co. Ltd. (A Shares) | | 249,520 | 896,785 |
| Bank of Shanghai Co. Ltd. (A Shares) | | 531,580 | 579,319 |
| Bank of Suzhou Co. Ltd. | | 123,100 | 132,152 |
| Baoshan Iron & Steel Co. Ltd. (A Shares) | | 853,200 | 782,721 |
| BeiGene Ltd. (a) | | 443,332 | 6,982,281 |
| Beijing Enlight Media Co. Ltd. (A Shares) | | 108,000 | 134,346 |
| Beijing Enterprises Holdings Ltd. | | 319,927 | 1,048,191 |
| Beijing Enterprises Water Group Ltd. | | 2,564,000 | 763,400 |
| Beijing Kingsoft Office Software, Inc. (A Shares) | | 17,736 | 640,984 |
| Beijing New Building Materials PLC (A Shares) | | 66,200 | 290,145 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | | 47,100 | 96,664 |
| Beijing Roborock Technology Co. Ltd. (A Shares) | | 7,055 | 233,850 |
| Beijing Tiantan Biological Products Corp. Ltd. (A Shares) | | 76,060 | 230,058 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 52,700 | 293,329 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) | | 40,312 | 403,957 |
| Beijing Yanjing Brewery Co. Ltd. (A Shares) | | 109,100 | 155,811 |
| Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) | | 1,881,800 | 1,435,542 |
| Bethel Automotive Safety Systems Co. Ltd. (A Shares) | | 24,020 | 163,627 |
| Bilibili, Inc. Class Z (a) | | 147,961 | 3,269,057 |
| Bloomage Biotechnology Corp. Ltd. (A Shares) | | 18,460 | 155,872 |
| BOC Aviation Ltd. Class A (b) | | 133,600 | 1,036,204 |
| BOC International China Co. Ltd. | | 109,400 | 178,185 |
| BOE Technology Group Co. Ltd. (A Shares) | | 1,422,600 | 933,383 |
| Bosideng International Holdings Ltd. | | 2,468,000 | 1,383,920 |
| By-Health Co. Ltd. (A Shares) | | 62,500 | 111,780 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 73,000 | 3,006,880 |
| (H Shares) | | 663,300 | 23,957,480 |
| BYD Electronic International Co. Ltd. | | 504,000 | 2,159,851 |
| C&D International Investment Group Ltd. (c) | | 452,299 | 855,883 |
| Caitong Securities Co. Ltd. | | 182,500 | 212,055 |
| Cambricon Technologies Corp. Ltd. (A Shares) (a) | | 15,998 | 1,018,497 |
| Cathay Biotech, Inc. (A Shares) | | 22,440 | 148,584 |
| CGN Power Co. Ltd.: | | | |
| (A Shares) | | 712,000 | 403,581 |
| (H Shares) (b) | | 6,631,447 | 2,383,597 |
| Changchun High & New Technology Industry Group, Inc. (A Shares) | | 15,600 | 228,593 |
| Changjiang Securities Co. Ltd. (A Shares) | | 213,700 | 212,158 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) | | 11,000 | 212,079 |
| Chaozhou Three-Circle Group Co. (A Shares) | | 74,400 | 388,394 |
| Chifeng Jilong Gold Mining Co. Ltd. (A Shares) | | 63,900 | 169,066 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 5,710,051 | 3,558,765 |
| China Coal Energy Co. Ltd. (H Shares) | | 1,319,000 | 1,645,424 |
| China Communications Services Corp. Ltd. (H Shares) | | 1,536,000 | 825,214 |
| China Construction Bank Corp. (H Shares) | | 62,032,000 | 48,151,506 |
| China CSSC Holdings Ltd. (A Shares) | | 172,600 | 890,808 |
| China Eastern Airlines Corp. Ltd. (A Shares) (a) | | 648,500 | 350,057 |
| China Energy Engineering Corp. Ltd. (A Shares) | | 1,222,000 | 401,863 |
| China Everbright Bank Co. Ltd.: | | | |
| (A Shares) | | 1,316,500 | 638,435 |
| (H Shares) | | 2,627,000 | 887,976 |
| China Feihe Ltd. (b) | | 2,321,000 | 1,751,761 |
| China Galaxy Securities Co. Ltd.: | | | |
| (A Shares) | | 283,900 | 580,990 |
| (H Shares) | | 2,231,000 | 1,985,990 |
| China Gas Holdings Ltd. | | 1,725,300 | 1,481,608 |
| China Great Wall Securities Co. Ltd. (A Shares) | | 158,500 | 190,267 |
| China Greatwall Technology Group Co. Ltd. (A Shares) (a) | | 125,400 | 278,895 |
| China Hongqiao Group Ltd. | | 1,819,700 | 2,923,703 |
| China Huishan Dairy Holdings Co. Ltd. (a)(d) | | 2,302,000 | 3 |
| China International Capital Corp. Ltd. | | 93,700 | 466,367 |
| China International Capital Corp. Ltd. (H Shares) (b)(c) | | 972,600 | 1,757,781 |
| China Jushi Co. Ltd. (A Shares) | | 156,214 | 248,146 |
| China Life Insurance Co. Ltd.: | | | |
| (A Shares) | | 109,900 | 646,920 |
| (H Shares) | | 4,749,747 | 10,068,241 |
| China Literature Ltd. (a)(b) | | 260,700 | 941,277 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 2,016,000 | 1,792,643 |
| China Mengniu Dairy Co. Ltd. | | 2,013,000 | 4,508,033 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 766,800 | 4,029,002 |
| (H Shares) | | 2,522,421 | 12,343,538 |
| China Merchants Energy Shipping Co. Ltd. (A Shares) | | 316,800 | 299,150 |
| China Merchants Expressway Network & Technology Holdings Co. Ltd. (A Shares) | | 217,000 | 354,348 |
| China Merchants Holdings International Co. Ltd. | | 806,242 | 1,325,878 |
| China Merchants Securities Co. Ltd. (A Shares) | | 285,650 | 772,559 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 348,000 | 552,910 |
| China Minmetals Rare Earth Co. Ltd. (A Shares) | | 41,300 | 176,038 |
| China Minsheng Banking Corp. Ltd.: | | | |
| (A Shares) | | 440,700 | 234,086 |
| (H Shares) | | 5,334,561 | 1,981,355 |
| China National Building Materials Co. Ltd. (H Shares) | | 2,920,000 | 1,242,289 |
| China National Chemical Engineering Co. Ltd. (A Shares) | | 240,708 | 273,627 |
| China National Medicines Corp. Ltd. (A Shares) | | 27,800 | 123,449 |
| China National Nuclear Power Co. Ltd. (A Shares) | | 724,100 | 1,022,723 |
| China National Software & Service Co. Ltd. (A Shares) (a) | | 32,710 | 208,683 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 139,600 | 420,115 |
| China Oilfield Services Ltd. (H Shares) | | 1,218,000 | 1,139,643 |
| China Overseas Land and Investment Ltd. | | 2,450,702 | 4,682,846 |
| China Pacific Insurance (Group) Co. Ltd. | | 247,400 | 1,279,828 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 1,708,428 | 5,933,120 |
| China Petroleum & Chemical Corp.: | | | |
| (A Shares) | | 1,333,700 | 1,158,509 |
| (H Shares) | | 15,446,704 | 8,700,981 |
| China Power International Development Ltd. | | 2,772,619 | 1,190,288 |
| China Railway Group Ltd.: | | | |
| (A Shares) | | 948,000 | 854,192 |
| (H Shares) | | 2,439,000 | 1,217,108 |
| China Railway Signal & Communications Corp. (A Shares) | | 278,834 | 245,864 |
| China Resource Gas Group Ltd. | | 591,000 | 2,278,677 |
| China Resources Beer Holdings Co. Ltd. | | 1,038,144 | 3,845,592 |
| China Resources Land Ltd. | | 2,052,812 | 6,842,917 |
| China Resources Microelectronics Ltd. (A Shares) | | 51,013 | 360,785 |
| China Resources Mixc Lifestyle Services Ltd. (b) | | 438,000 | 1,806,933 |
| China Resources Pharmaceutical Group Ltd. (b) | | 1,205,000 | 852,328 |
| China Resources Power Holdings Co. Ltd. | | 1,230,940 | 2,961,023 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 49,270 | 311,917 |
| China Ruyi Holdings Ltd. (a)(c) | | 3,992,000 | 980,231 |
| China Shenhua Energy Co. Ltd.: | | | |
| (A Shares) | | 269,085 | 1,514,012 |
| (H Shares) | | 2,141,702 | 9,273,406 |
| China Southern Airlines Ltd. (A Shares) (a) | | 425,600 | 368,821 |
| China State Construction Engineering Corp. Ltd. (A Shares) | | 1,601,440 | 1,355,916 |
| China State Construction International Holdings Ltd. | | 1,291,500 | 1,895,593 |
| China Taiping Insurance Group Ltd. | | 920,255 | 1,585,093 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 1,102,200 | 736,540 |
| China Tourism Group Duty Free Corp. Ltd. (A Shares) | | 75,100 | 716,222 |
| China Tower Corp. Ltd. (H Shares) (b) | | 28,277,000 | 3,815,446 |
| China United Network Communications Ltd. (A Shares) | | 1,199,700 | 841,074 |
| China Vanke Co. Ltd.: | | | |
| (A Shares) (a) | | 402,200 | 525,714 |
| (H Shares) (a)(c) | | 1,374,400 | 1,308,514 |
| China XD Electric Co. Ltd. (A Shares) | | 200,200 | 232,315 |
| China Yangtze Power Co. Ltd. (A Shares) | | 938,500 | 3,637,136 |
| China Zheshang Bank Co. Ltd. | | 745,850 | 297,657 |
| Chongqing Brewery Co. Ltd. (A Shares) | | 18,600 | 151,853 |
| Chongqing Changan Automobile Co. Ltd. (A Shares) | | 317,974 | 591,672 |
| Chongqing Rural Commercial Bank Co. Ltd. (A Shares) | | 325,300 | 255,017 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 91,650 | 365,727 |
| Chow Tai Fook Jewellery Group Ltd. | | 1,278,800 | 1,211,220 |
| CITIC Pacific Ltd. | | 3,724,941 | 4,375,355 |
| CITIC Pacific Special Steel Group Co. Ltd. | | 130,500 | 222,132 |
| CITIC Securities Co. Ltd.: | | | |
| (A Shares) | | 478,100 | 1,885,888 |
| (H Shares) | | 993,590 | 2,744,137 |
| Cmoc Group Ltd.: | | | |
| (A Shares) | | 762,100 | 808,713 |
| (H Shares) | | 2,287,000 | 1,893,096 |
| CNGR Advanced Material Co. Ltd. | | 36,220 | 195,249 |
| CNOOC Energy Technology & Services Ltd. (A Shares) | | 303,100 | 185,865 |
| CNPC Capital Co. Ltd. (A Shares) | | 309,100 | 384,076 |
| Contemporary Amperex Technology Co. Ltd. | | 168,820 | 5,857,169 |
| COSCO Shipping Development Co. Ltd. (A Shares) | | 414,800 | 154,495 |
| COSCO Shipping Energy Transportation Co. Ltd.: | | | |
| (A Shares) | | 156,800 | 288,513 |
| (H Shares) | | 792,000 | 758,008 |
| COSCO SHIPPING Holdings Co. Ltd.: | | | |
| (A Shares) | | 532,720 | 1,090,841 |
| (H Shares) | | 1,786,800 | 2,646,137 |
| CRRC Corp. Ltd.: | | | |
| (A Shares) | | 1,109,600 | 1,296,393 |
| (H Shares) | | 2,524,000 | 1,633,706 |
| CSC Financial Co. Ltd. (A Shares) | | 165,400 | 591,012 |
| CSPC Innovation Pharmaceutical Co. Ltd. (A Shares) | | 53,820 | 193,302 |
| CSPC Pharmaceutical Group Ltd. | | 5,309,608 | 3,930,879 |
| Daqin Railway Co. Ltd. (A Shares) | | 700,600 | 641,212 |
| Datang International Power Generation Co. Ltd. (A Shares) | | 484,000 | 200,520 |
| Dong-E-E-Jiao Co. Ltd. (A Shares) | | 25,100 | 207,824 |
| Dongfang Electric Corp. Ltd. (A Shares) | | 107,900 | 239,062 |
| Dongxing Securities Co. Ltd. (A Shares) | | 128,700 | 198,942 |
| East Money Information Co. Ltd. (A Shares) | | 605,708 | 1,971,375 |
| Eastroc Beverage Group Co. Ltd. (A Shares) | | 16,910 | 503,531 |
| Ecovacs Robotics Co. Ltd. Class A | | 22,800 | 167,138 |
| Empyrean Technology Co. Ltd. (A Shares) | | 17,400 | 244,276 |
| ENN Energy Holdings Ltd. | | 505,843 | 3,563,813 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 91,900 | 236,974 |
| Eoptolink Technology, Inc. Ltd. (A Shares) | | 27,300 | 494,787 |
| Eve Energy Co. Ltd. (A shares) | | 78,474 | 535,508 |
| Everbright Securities Co. Ltd. (A Shares) | | 149,458 | 363,833 |
| Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (a) | | 417,908 | 148,175 |
| Far East Horizon Ltd. | | 1,248,000 | 871,091 |
| FAW Jiefang Group Co. Ltd. (A Shares) | | 116,100 | 140,586 |
| Flat Glass Group Co. Ltd. | | 7,000 | 14,265 |
| Flat Glass Group Co. Ltd. (A Shares) | | 70,100 | 283,389 |
| Focus Media Information Technology Co. Ltd. (A Shares) | | 551,240 | 558,589 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 177,876 | 1,094,696 |
| Fosun International Ltd. | | 1,571,454 | 892,177 |
| Founder Securities Co. Ltd. (A Shares) | | 314,800 | 382,677 |
| Foxconn Industrial Internet Co. Ltd. (A Shares) | | 508,797 | 1,705,852 |
| Fuyao Glass Industries Group Co. Ltd.: | | | |
| (A Shares) | | 82,900 | 663,085 |
| (H Shares) (b) | | 382,000 | 2,702,114 |
| GalaxyCore, Inc. (A Shares) | | 83,772 | 181,314 |
| Ganfeng Lithium Group Co. Ltd.: | | | |
| (A Shares) | | 62,140 | 296,501 |
| (H Shares) (b) | | 320 | 878 |
| GCL Technology Holdings Ltd. (a) | | 13,784,000 | 3,043,607 |
| GD Power Development Co. Ltd. (A Shares) | | 685,500 | 466,162 |
| Geely Automobile Holdings Ltd. | | 3,864,517 | 6,793,434 |
| GEM Co. Ltd. (A Shares) | | 205,200 | 201,112 |
| Genscript Biotech Corp. (a)(c) | | 746,000 | 1,141,063 |
| GF Securities Co. Ltd. (A Shares) | | 227,100 | 516,743 |
| Giant Biogene Holding Co. Ltd. (b) | | 197,800 | 1,341,548 |
| Gigadevice Semiconductor Beijing, Inc. (A Shares) (a) | | 25,260 | 318,670 |
| Ginlong Technologies Co. Ltd. (A Shares) | | 15,700 | 159,316 |
| GoerTek, Inc. (A Shares) | | 131,600 | 431,883 |
| Goldwind Science & Technology Co. Ltd. (A Shares) | | 133,100 | 203,600 |
| Goneo Group Co. Ltd. (A Shares) | | 24,455 | 250,477 |
| Gotion High-tech Co. Ltd. (A Shares) | | 67,200 | 214,611 |
| Great Wall Motor Co. Ltd.: | | | |
| (A Shares) | | 101,600 | 373,975 |
| (H Shares) | | 1,470,000 | 2,337,563 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 108,500 | 663,594 |
| GRG Banking Equipment Co. Ltd. (A Shares) | | 98,200 | 169,679 |
| Guangdong Haid Group Co. Ltd. (A Shares) | | 64,500 | 397,727 |
| Guangdong Investment Ltd. | | 1,875,126 | 1,193,663 |
| Guanghui Energy Co. Ltd. (A Shares) | | 259,600 | 278,550 |
| Guangzhou Automobile Group Co. Ltd. | | 236,200 | 265,189 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) (c) | | 1,648,200 | 577,752 |
| Guangzhou Baiyun International Airport Co. Ltd. (A Shares) | | 60,700 | 82,662 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 53,100 | 208,492 |
| Guangzhou Haige Communications Group (A Shares) | | 97,100 | 154,316 |
| Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) | | 74,100 | 197,185 |
| Guolian Securities Co. Ltd. | | 90,900 | 157,094 |
| Guosen Securities Co. Ltd. (A Shares) | | 246,200 | 399,146 |
| Guotai Junan Securities Co. Ltd. (A Shares) | | 288,600 | 769,294 |
| Guoyuan Securities Co. Ltd. (A Shares) | | 169,170 | 201,336 |
| H World Group Ltd. ADR | | 130,471 | 4,786,981 |
| Haidilao International Holding Ltd. (b) | | 1,069,000 | 2,156,088 |
| Haier Smart Home Co. Ltd. | | 1,537,000 | 5,578,121 |
| Haier Smart Home Co. Ltd. (A Shares) | | 257,900 | 1,059,511 |
| Hainan Airlines Co. Ltd. (A Shares) (a) | | 1,611,700 | 313,187 |
| Hainan Airport Infrastructure Co. Ltd. (A Shares) (a) | | 447,200 | 221,415 |
| Haitian International Holdings Ltd. | | 409,000 | 1,131,286 |
| Haitong Securities Co. Ltd.: | | | |
| (A Shares) | | 376,000 | 622,801 |
| (H Shares) (c) | | 1,734,000 | 1,444,255 |
| Hangzhou First Applied Material Co. Ltd. (A Shares) | | 100,660 | 264,144 |
| Hangzhou Greatstar Industrial Co. Ltd. (A Shares) | | 46,500 | 187,210 |
| Hangzhou Silan Microelectronics Co. Ltd. (A Shares) (a) | | 64,100 | 278,667 |
| Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | | 14,300 | 126,484 |
| Hansoh Pharmaceutical Group Co. Ltd. (b) | | 758,000 | 1,767,315 |
| Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares) | | 49,600 | 144,187 |
| Heilongjiang Agriculture Co. Ltd. (A Shares) | | 68,200 | 148,472 |
| Henan Shenhuo Coal & Power Co. Ltd. (A Shares) | | 87,100 | 218,619 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 133,400 | 466,644 |
| Hengan International Group Co. Ltd. | | 409,900 | 1,210,377 |
| Hengli Petrochemical Co. Ltd. (A Shares) | | 272,420 | 525,945 |
| Hengtong Optic-electric Co. Ltd. (A Shares) | | 95,100 | 231,487 |
| Hengyi Petrochemical Co. Ltd. (A Shares) | | 140,080 | 125,706 |
| Hisense Electric Co. Ltd. (A Shares) | | 50,300 | 157,672 |
| Hisense Home Appliances Group Co. Ltd.: | | | |
| (A Shares) | | 41,700 | 164,279 |
| (H Shares) | | 213,000 | 674,846 |
| Hithink RoyalFlush Information Network Co. Ltd. (A Shares) | | 20,600 | 593,920 |
| HLA Group Corp. Ltd. (A Shares) | | 191,100 | 152,867 |
| Hoshine Silicon Industry Co. Ltd. (A Shares) | | 29,800 | 247,445 |
| Hua Hong Semiconductor Ltd. (b) | | 419,000 | 1,171,900 |
| Huadian Power International Corp. Ltd. (A Shares) | | 327,400 | 265,352 |
| Huadong Medicine Co. Ltd. (A Shares) | | 65,600 | 304,551 |
| Huafon Chemical Co. Ltd. (A Shares) (d) | | 196,400 | 223,767 |
| Huagong Tech Co. Ltd. (A Shares) | | 39,900 | 220,043 |
| Huaibei Mining Holdings Co. Ltd. (A Shares) | | 103,800 | 225,572 |
| Hualan Biological Engineer, Inc. (A Shares) | | 67,270 | 155,834 |
| Huaneng Lancang River Hydropower, Inc. (A Shares) | | 205,600 | 281,509 |
| Huaneng Power International, Inc.: | | | |
| (A Shares) | | 396,200 | 404,073 |
| (H Shares) | | 2,636,186 | 1,412,461 |
| Huatai Securities Co. Ltd.: | | | |
| (A Shares) | | 297,700 | 737,471 |
| (H Shares) (b) | | 801,000 | 1,355,827 |
| Huaxia Bank Co. Ltd. (A Shares) | | 499,058 | 495,814 |
| Huayu Automotive Systems Co. Ltd. (A Shares) | | 122,400 | 259,596 |
| Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares) | | 35,800 | 151,899 |
| Huizhou Desay SV Automotive Co. Ltd. | | 21,300 | 363,988 |
| Humanwell Healthcare Group Co. Ltd. (A Shares) | | 63,000 | 190,663 |
| Hunan Valin Steel Co. Ltd. (A Shares) | | 271,700 | 179,166 |
| Hundsun Technologies, Inc. (A Shares) | | 73,119 | 274,926 |
| Hwatsing Technology Co. Ltd. (A Shares) | | 9,131 | 246,884 |
| Hygon Information Technology Co. Ltd. (A Shares) | | 89,279 | 1,609,586 |
| IEIT Systems Co. Ltd. (A Shares) | | 57,072 | 373,014 |
| iFlytek Co. Ltd. (A Shares) | | 89,300 | 574,993 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 11,540 | 344,674 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 2,586,100 | 2,196,429 |
| (H Shares) | | 44,171,000 | 26,496,264 |
| Industrial Bank Co. Ltd. (A Shares) | | 795,200 | 2,043,364 |
| Industrial Securities Co. Ltd. (A Shares) | | 323,870 | 297,183 |
| Ingenic Semiconductor Co. Ltd. (A Shares) | | 18,900 | 193,327 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 244,400 | 960,159 |
| Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) | | 1,707,400 | 410,118 |
| Inner Mongolia Dian Tou Energy Corp. Ltd. | | 90,700 | 256,062 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) | | 325,800 | 194,817 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 687,290 | 1,593,291 |
| Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares) | | 148,300 | 140,722 |
| Innovent Biologics, Inc. (a)(b) | | 780,500 | 3,392,971 |
| iQIYI, Inc. ADR (a) | | 302,375 | 789,199 |
| iSoftStone Information Technology Group Co. Ltd. (A Shares) | | 36,550 | 347,567 |
| JA Solar Technology Co. Ltd. (A Shares) | | 127,304 | 346,265 |
| JCET Group Co. Ltd. (A Shares) | | 68,200 | 380,312 |
| JCHX Mining Management Co. Ltd. (A Shares) | | 23,700 | 133,075 |
| JD Health International, Inc. (a)(b) | | 714,450 | 2,557,268 |
| JD Logistics, Inc. (a)(b) | | 1,270,500 | 2,585,315 |
| JD.com, Inc. Class A | | 1,580,600 | 32,053,347 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 244,900 | 272,003 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 780,000 | 784,885 |
| Jiangsu Hengli Hydraulic Co. Ltd. | | 51,576 | 375,055 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 243,858 | 1,599,128 |
| Jiangsu King's Luck Brewery JSC Ltd. (A Shares) | | 48,500 | 299,670 |
| Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares) | | 38,800 | 144,490 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd. | | 95,800 | 135,446 |
| Jiangsu Yanghe Brewery JSC Ltd. (A Shares) | | 58,100 | 656,691 |
| Jiangsu Yangnong Chemical Co. Ltd. (A Shares) | | 15,670 | 127,335 |
| Jiangsu Yoke Technology Co. Ltd. (A Shares) | | 18,600 | 165,741 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) | | 39,000 | 185,766 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 131,600 | 291,355 |
| Jiangxi Copper Co. Ltd.: | | | |
| (A Shares) | | 85,100 | 259,202 |
| (H Shares) | | 705,000 | 1,185,887 |
| Jinduicheng Molybdenum Co. Ltd. (A Shares) | | 128,800 | 194,124 |
| Jinko Solar Co. Ltd. (A Shares) | | 385,148 | 513,127 |
| Jointown Pharmaceutical Group (A Shares) | | 188,765 | 137,157 |
| Juneyao Airlines Co. Ltd. (A shares) | | 86,600 | 155,359 |
| Kangmei Pharmaceutical Co. Ltd. rights (a)(d) | | 16,959 | 0 |
| Kanzhun Ltd. ADR | | 168,883 | 2,457,248 |
| KE Holdings, Inc. ADR | | 413,985 | 9,078,691 |
| Kingdee International Software Group Co. Ltd. (a) | | 1,949,000 | 2,040,321 |
| Kingsoft Corp. Ltd. | | 599,400 | 2,065,681 |
| Kuaishou Technology Class B (a)(b) | | 1,500,400 | 8,841,870 |
| Kuang-Chi Technologies Co. Ltd. (A Shares) | | 83,100 | 494,905 |
| Kunlun Energy Co. Ltd. | | 2,487,000 | 2,358,576 |
| Kunlun Tech Co. Ltd. (A Shares) | | 47,300 | 269,392 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 48,200 | 10,348,759 |
| Lb Group Co. Ltd. (A Shares) | | 92,900 | 246,069 |
| Lenovo Group Ltd. | | 5,159,000 | 6,802,848 |
| Lens Technology Co. Ltd. (A Shares) | | 191,800 | 605,305 |
| Lepu Medical Technology Beijing Co. Ltd. (A Shares) | | 74,100 | 125,479 |
| Li Auto, Inc. Class A (a) | | 790,936 | 9,946,097 |
| Li Ning Co. Ltd. | | 1,487,500 | 3,035,108 |
| Liaoning Port Co. Ltd. (A Shares) | | 561,600 | 121,627 |
| Lingyi iTech Guangdong Co. (A Shares) | | 269,300 | 339,323 |
| Livzon Pharmaceutical Group, Inc. (A Shares) | | 22,000 | 113,266 |
| Longfor Properties Co. Ltd. (b)(c) | | 1,299,301 | 2,104,876 |
| LONGi Green Energy Technology Co. Ltd. | | 291,199 | 808,466 |
| Luxshare Precision Industry Co. Ltd. (A Shares) | | 276,524 | 1,628,629 |
| Luzhou Laojiao Co. Ltd. (A Shares) | | 56,600 | 1,078,798 |
| Mango Excellent Media Co. Ltd. (A Shares) | | 70,970 | 250,119 |
| Maxscend Microelectronics Co. Ltd. (A Shares) | | 20,528 | 275,066 |
| Meihua Holdings Group Co. Ltd. (A Shares) | | 110,300 | 146,741 |
| Meituan Class B (a)(b) | | 3,188,220 | 75,338,828 |
| Metallurgical Corp. China Ltd. (A Shares) | | 696,900 | 327,075 |
| Midea Group Co. Ltd.: | | | |
| (A Shares) | | 125,100 | 1,253,606 |
| (H Shares) (c) | | 246,600 | 2,298,661 |
| MINISO Group Holding Ltd. (c) | | 241,484 | 1,210,160 |
| MMG Ltd. (a) | | 2,716,000 | 955,987 |
| Montage Technology Co. Ltd. (A Shares) | | 43,885 | 421,384 |
| Muyuan Foodstuff Co. Ltd. (A Shares) (a) | | 209,754 | 1,286,703 |
| Nanjing Iron & Steel Co. Ltd. | | 248,400 | 151,531 |
| Nanjing Securities Co. Ltd. (A Shares) | | 138,800 | 176,899 |
| NARI Technology Co. Ltd. (A Shares) | | 308,575 | 1,127,129 |
| National Silicon Industry Group Co. Ltd. (A Shares) | | 104,854 | 330,009 |
| NAURA Technology Group Co. Ltd. | | 20,400 | 1,122,579 |
| NetEase, Inc. | | 1,236,720 | 19,897,341 |
| New China Life Insurance Co. Ltd. | | 96,700 | 652,350 |
| New China Life Insurance Co. Ltd. (H Shares) | | 530,800 | 1,791,321 |
| New Hope Liuhe Co. Ltd. (A Shares) (a) | | 173,900 | 239,587 |
| New Oriental Education & Technology Group, Inc. | | 952,910 | 5,963,366 |
| Ninestar Corp. (A Shares) (a) | | 54,400 | 215,080 |
| Ningbo Deye Technology Co. Ltd. (A Shares) | | 24,624 | 327,701 |
| Ningbo Joyson Electronic Corp. (A shares) | | 57,500 | 134,362 |
| Ningbo Orient Wires & Cables Co. Ltd. (A Shares) | | 26,800 | 213,117 |
| Ningbo Sanxing Medical Electric Co. Ltd. | | 54,500 | 236,847 |
| Ningbo Tuopu Group Co. Ltd. (A Shares) | | 65,015 | 394,970 |
| Ningxia Baofeng Energy Group Co. Ltd. | | 282,200 | 630,217 |
| NIO, Inc. (A Shares) (a) | | 868,019 | 4,464,600 |
| Nongfu Spring Co. Ltd. (H Shares) (b)(c) | | 1,288,400 | 4,800,396 |
| Offshore Oil Enginering Co. Ltd. (A Shares) | | 196,800 | 149,978 |
| OFILM Group Co. Ltd. (A Shares) (a) | | 127,100 | 314,149 |
| Oppein Home Group, Inc. (A Shares) | | 19,580 | 193,706 |
| Orient Securities Co. Ltd. (A Shares) | | 285,839 | 423,005 |
| Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a) | | 358,100 | 144,738 |
| PDD Holdings, Inc. ADR (a) | | 444,268 | 53,574,278 |
| People's Insurance Co. of China Group Ltd.: | | | |
| (A Shares) | | 364,900 | 364,580 |
| (H Shares) | | 5,582,552 | 2,817,819 |
| PetroChina Co. Ltd.: | | | |
| (A Shares) | | 998,900 | 1,135,559 |
| (H Shares) | | 13,265,790 | 9,961,476 |
| Pharmaron Beijing Co. Ltd. (A Shares) | | 57,400 | 235,661 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 4,411,568 | 6,692,220 |
| Ping An Bank Co. Ltd. (A Shares) | | 713,700 | 1,142,543 |
| Ping An Insurance Group Co. of China Ltd.: | | | |
| (A Shares) | | 416,296 | 3,274,207 |
| (H Shares) | | 4,284,641 | 26,546,713 |
| Pingdingshan Tianan Coal Mining Co. Ltd. A Shares | | 101,200 | 144,296 |
| Piotech, Inc. (A Shares) | | 10,715 | 242,075 |
| Poly Developments & Holdings (A Shares) | | 460,600 | 700,161 |
| Pop Mart International Group Ltd. (b) | | 344,000 | 3,110,066 |
| Postal Savings Bank of China Co. Ltd. | | 498,900 | 365,556 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (b) | | 5,816,000 | 3,340,023 |
| Power Construction Corp. of China Ltd. (A Shares) | | 668,100 | 517,163 |
| Qifu Technology, Inc. ADR | | 74,585 | 2,447,134 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (a) | | 209,200 | 527,371 |
| Range Intelligent Computing Technology Group Co. Ltd. (A Shares) | | 55,400 | 248,889 |
| Rockchip Electronics Co. Ltd. | | 16,300 | 201,836 |
| Rongsheng Petrochemical Co. Ltd. (A Shares) | | 387,200 | 512,983 |
| SAIC Motor Corp. Ltd. (A Shares) | | 297,200 | 537,521 |
| Sailun Group Co. Ltd. A Shares | | 127,300 | 259,147 |
| Sanan Optoelectronics Co. Ltd. (A Shares) | | 179,500 | 345,878 |
| Sany Heavy Industry Co. Ltd. (A Shares) | | 327,300 | 839,919 |
| Satellite Chemical Co. Ltd. (A Shares) | | 131,130 | 348,392 |
| SDIC Capital Co. Ltd. | | 252,100 | 280,969 |
| SDIC Power Holdings Co. Ltd. (A Shares) | | 285,500 | 610,280 |
| Seres Group Co. Ltd. (A Shares) (a) | | 58,000 | 950,060 |
| SF Holding Co. Ltd. (A Shares) | | 184,000 | 1,156,708 |
| SG Micro Corp. (A Shares) | | 18,192 | 227,758 |
| Shaanxi Coal Industry Co. Ltd. (A Shares) | | 374,100 | 1,297,722 |
| Shan Xi Hua Yang Group New Energy Co. Ltd. | | 150,550 | 158,310 |
| Shandong Gold Mining Co. Ltd.: | | | |
| (A Shares) | | 139,144 | 511,865 |
| (H Shares) (b) | | 465,750 | 922,690 |
| Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares) | | 31,400 | 200,654 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) | | 82,300 | 265,110 |
| Shandong Linglong Tyre Co. Ltd. (A Shares) | | 60,300 | 164,750 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 456,900 | 261,620 |
| Shandong Sun Paper Industry JSC Ltd. (A Shares) | | 105,100 | 192,219 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 1,588,800 | 983,269 |
| Shanghai Baosight Software Co. Ltd. | | 421,814 | 638,465 |
| Shanghai Baosight Software Co. Ltd. (A Shares) | | 98,821 | 373,192 |
| Shanghai Electric Group Co. Ltd. (A Shares) (a) | | 464,000 | 587,898 |
| Shanghai Electric Power Co. Ltd. (A Shares) | | 109,900 | 147,454 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd.: | | | |
| (A Shares) | | 70,800 | 264,592 |
| (H Shares) | | 1,000 | 1,902 |
| Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares) | | 8,060 | 214,059 |
| Shanghai International Airport Co. Ltd. (A Shares) | | 43,300 | 212,761 |
| Shanghai International Port Group Co. Ltd. (A Shares) | | 264,343 | 221,325 |
| Shanghai Lingang Holdings Corp. Ltd. (A Shares) | | 93,800 | 149,401 |
| Shanghai M&G Stationery, Inc. (A Shares) | | 35,200 | 143,451 |
| Shanghai Pharmaceuticals Holding Co. Ltd.: | | | |
| (A Shares) | | 144,500 | 393,291 |
| (H Shares) | | 374,809 | 579,303 |
| Shanghai Pudong Development Bank Co. Ltd. (A Shares) | | 1,127,609 | 1,561,774 |
| Shanghai Putailai New Energy Technology Co. Ltd. | | 83,774 | 197,995 |
| Shanghai RAAS Blood Products Co. Ltd. (A Shares) | | 252,000 | 260,644 |
| Shanghai Rural Commercial Bank Co. Ltd. (A Shares) | | 363,800 | 396,435 |
| Shanghai United Imaging Healthcare Co. Ltd. (A Shares) | | 31,727 | 545,008 |
| Shanghai Zhangjiang High Ltd. (A Shares) | | 59,700 | 239,974 |
| Shanjin International Gold Co. (A Shares) | | 106,880 | 269,242 |
| Shanxi Coal International Energy Group Co. Ltd. (A Shares) | | 79,100 | 147,684 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) | | 119,900 | 245,595 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) | | 46,860 | 1,323,425 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) | | 228,190 | 264,064 |
| Shenergy Co. Ltd. (A Shares) | | 189,700 | 229,892 |
| Shengyi Technology Co. Ltd. | | 91,800 | 264,293 |
| Shennan Circuits Co. Ltd. (A Shares) | | 19,740 | 289,292 |
| Shenwan Hongyuan Group Co. Ltd. (A Shares) | | 862,600 | 645,062 |
| Shenzhen Capchem Technology Co. Ltd. (A Shares) | | 29,420 | 158,920 |
| Shenzhen Energy Group Co. Ltd. (A Shares) | | 186,660 | 174,773 |
| Shenzhen Goodix Technology Co. Ltd. (A Shares) | | 17,700 | 222,906 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 51,600 | 402,745 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 46,500 | 1,741,550 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 30,300 | 292,021 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) | | 42,200 | 190,845 |
| Shenzhen Transsion Holdings Co. Ltd. (A Shares) | | 43,240 | 579,033 |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 37,600 | 134,670 |
| Shenzhou International Group Holdings Ltd. | | 528,700 | 4,082,627 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) | | 64,060 | 153,108 |
| Sichuan Chuantou Energy Co. Ltd. (A Shares) | | 186,400 | 438,457 |
| Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) | | 61,600 | 278,031 |
| Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) | | 224,160 | 241,022 |
| Sieyuan Electric Co. Ltd. (A Shares) | | 30,100 | 323,139 |
| Silergy Corp. | | 210,000 | 3,268,628 |
| Sinolink Securities Co. Ltd. (A Shares) | | 145,400 | 186,866 |
| Sinoma International Engineering Co. Ltd. (A Shares) | | 103,700 | 150,448 |
| Sinopharm Group Co. Ltd. (H Shares) | | 859,400 | 2,141,016 |
| Sinotruk Hong Kong Ltd. | | 442,500 | 1,194,343 |
| Smoore International Holdings Ltd. (b) | | 1,177,000 | 1,536,632 |
| Soochow Securities Co. Ltd. (A Shares) | | 194,460 | 222,384 |
| Southwest Securities Co. Ltd. (A Shares) | | 264,700 | 178,835 |
| Spring Airlines Co. Ltd. (A Shares) | | 37,900 | 293,039 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 79,620 | 1,014,441 |
| Sunny Optical Technology Group Co. Ltd. | | 455,000 | 2,959,774 |
| Sunwoda Electronic Co. Ltd. (A Shares) | | 72,900 | 231,846 |
| SUPCON Technology Co. Ltd. (A Shares) | | 31,112 | 210,521 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) | | 66,000 | 290,495 |
| Suzhou Maxwell Technologies Co. Ltd. (A Shares) | | 10,740 | 175,123 |
| Suzhou TFC Optical Communication Co. Ltd. (A Shares) | | 21,240 | 378,717 |
| TAL Education Group ADR (a) | | 263,855 | 2,934,068 |
| TBEA Co. Ltd. (A Shares) | | 189,300 | 375,897 |
| TCL Technology Group Corp. (A Shares) | | 725,170 | 540,252 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares) | | 155,875 | 277,812 |
| Tencent Holdings Ltd. | | 4,189,800 | 218,465,100 |
| Tencent Music Entertainment Group ADR | | 480,331 | 5,346,084 |
| Tian Di Science & Technology Co. Ltd. (A Shares) | | 170,100 | 146,907 |
| Tianqi Lithium Corp. (A Shares) | | 57,000 | 286,867 |
| Tianshan Aluminum Group Co. Ltd. | | 181,900 | 211,327 |
| Tianshui Huatian Technology Co. Ltd. (A Shares) | | 126,700 | 243,447 |
| Tingyi (Cayman Islands) Holding Corp. | | 1,261,000 | 1,839,665 |
| Tongcheng Travel Holdings Ltd. | | 818,000 | 1,850,668 |
| TongFu Microelectronics Co. Ltd. (A Shares) | | 59,200 | 223,430 |
| Tongkun Group Co. Ltd. (A Shares) | | 96,900 | 160,344 |
| Tongling Nonferrous Metals Group Co. Ltd. (A Shares) | | 498,900 | 237,356 |
| Tongwei Co. Ltd. (A Shares) | | 173,200 | 750,650 |
| Topsports International Holdings Ltd. (b) | | 1,388,000 | 462,478 |
| TravelSky Technology Ltd. (H Shares) | | 594,000 | 832,542 |
| Trina Solar Co. Ltd. (A Shares) | | 83,895 | 295,364 |
| Trip.com Group Ltd. (a) | | 354,093 | 22,787,482 |
| Tsingtao Brewery Co. Ltd.: | | | |
| (A Shares) | | 28,000 | 263,803 |
| (H Shares) | | 398,000 | 2,562,757 |
| Unigroup Guoxin Microelectronics Co. Ltd. | | 30,939 | 289,893 |
| Unisplendour Corp. Ltd. (A Shares) | | 110,710 | 406,228 |
| Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) | | 72,200 | 150,629 |
| Victory Giant Technology Huizhou Co. Ltd. (A Shares) | | 33,200 | 207,654 |
| Vipshop Holdings Ltd. ADR | | 237,687 | 3,432,200 |
| Wanda Film Holding Co. Ltd. (A Shares) (a) | | 80,300 | 136,193 |
| Wanhua Chemical Group Co. Ltd. (A Shares) | | 120,400 | 1,274,198 |
| Want Want China Holdings Ltd. | | 3,022,418 | 1,880,748 |
| Weichai Power Co. Ltd.: | | | |
| (A Shares) | | 269,200 | 505,247 |
| (H Shares) | | 1,233,000 | 1,863,140 |
| Weihai Guangwei Composites Co. Ltd. (A Shares) | | 32,540 | 159,910 |
| Wens Foodstuffs Group Co. Ltd. (A Shares) | | 254,700 | 666,764 |
| Western Mining Co. Ltd. (A Shares) | | 93,000 | 229,785 |
| Western Securities Co. Ltd. (A Shares) | | 177,800 | 204,517 |
| Western Superconducting Technologies Co. Ltd. (A Shares) | | 25,357 | 179,483 |
| Will Semiconductor Ltd. | | 46,830 | 704,234 |
| Wingtech Technology Co. Ltd. (A Shares) | | 47,900 | 292,959 |
| Wintime Energy Group Co. Ltd. (A Shares) | | 864,700 | 170,548 |
| Wuhan Guide Infrared Co. Ltd. (A Shares) | | 168,868 | 210,272 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 149,100 | 3,077,439 |
| WUS Printed Circuit Kunshan Co. Ltd. (A Shares) | | 73,760 | 418,350 |
| WuXi AppTec Co. Ltd. | | 84,284 | 616,351 |
| WuXi AppTec Co. Ltd. (H Shares) (b)(c) | | 235,168 | 1,563,945 |
| Wuxi Biologics (Cayman), Inc. (a)(b) | | 2,256,500 | 4,793,716 |
| XCMG Construction Machinery Co. Ltd. (A Shares) | | 458,300 | 499,532 |
| Xiamen C&D, Inc. (A Shares) | | 121,625 | 159,276 |
| Xiamen Tungsten Co. Ltd. (A Shares) | | 55,900 | 152,666 |
| Xiaomi Corp. Class B (a)(b) | | 9,833,200 | 33,726,855 |
| Xinjiang Daqo New Energy Co. Ltd. (A Shares) | | 68,731 | 313,688 |
| Xinyi Solar Holdings Ltd. | | 3,137,538 | 1,609,138 |
| XPeng, Inc. Class A (a) | | 788,550 | 4,455,529 |
| Yadea Group Holdings Ltd. (b) | | 783,430 | 1,353,184 |
| Yankuang Ener-A: | | | |
| (A Shares) | | 188,400 | 408,324 |
| (H Shares) (c) | | 2,097,200 | 2,728,766 |
| Yantai Jereh Oilfield Services (A Shares) | | 43,000 | 202,554 |
| Yealink Network Technology Corp. Ltd. | | 48,670 | 266,434 |
| Yifeng Pharmacy Chain Co. Ltd. | | 47,364 | 157,942 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 62,300 | 285,247 |
| Yonyou Network Technology Co. Ltd. (A Shares) (a) | | 133,420 | 212,988 |
| Youngor Fashion Co. Ltd. (A Shares) | | 193,987 | 204,901 |
| YTO Express Group Co. Ltd. (A Shares) | | 131,600 | 303,553 |
| Yum China Holdings, Inc. | | 249,414 | 11,001,652 |
| Yunnan Aluminium Co. Ltd. (A Shares) | | 134,400 | 267,946 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 68,460 | 549,682 |
| Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares) | | 210,900 | 170,707 |
| Yunnan Energy New Material Co. Ltd. | | 37,900 | 189,521 |
| Yunnan Tin Co. Ltd. (A Shares) | | 64,800 | 138,642 |
| Yunnan Yuntianhua Co. Ltd. (Series A) | | 73,500 | 237,782 |
| Yutong Bus Co. Ltd. | | 86,500 | 294,494 |
| Zangge Mining Co. Ltd. (Series A) | | 60,900 | 245,023 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 23,100 | 761,945 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 964,000 | 1,689,349 |
| Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a) | | 287,810 | 191,000 |
| Zhejiang China Commodities City Group Co. Ltd. (A Shares) | | 213,000 | 319,499 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 79,500 | 260,989 |
| Zhejiang Dahua Technology Co. Ltd. (A Shares) | | 123,000 | 283,601 |
| Zhejiang Dingli Machinery Co. Ltd. (A Shares) | | 20,240 | 144,224 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 1,003,359 | 664,761 |
| Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) | | 56,490 | 146,766 |
| Zhejiang Huayou Cobalt Co. Ltd. (A Shares) | | 65,415 | 285,081 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) | | 50,400 | 255,001 |
| Zhejiang Juhua Co. Ltd. (A Shares) | | 104,400 | 307,024 |
| Zhejiang Leapmotor Technology Co. Ltd. (H Shares) (a)(b)(c) | | 321,400 | 1,268,763 |
| Zhejiang Longsheng Group Co. Ltd. (A Shares) | | 122,700 | 173,450 |
| Zhejiang NHU Co. Ltd. (A Shares) | | 120,036 | 382,460 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 73,500 | 225,073 |
| Zhejiang Supor Cookware Co. Ltd. | | 20,700 | 152,173 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd. (A Shares) | | 82,400 | 239,446 |
| Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares) | | 62,530 | 180,056 |
| Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) | | 62,800 | 131,554 |
| Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) | | 429,400 | 354,362 |
| Zheshang Securities Co. Ltd. | | 148,600 | 269,594 |
| Zhongji Innolight Co. Ltd. (A Shares) | | 43,060 | 850,539 |
| Zhongjin Gold Co. Ltd. (A Shares) | | 186,100 | 369,626 |
| Zhongsheng Group Holdings Ltd. Class H | | 532,100 | 818,258 |
| Zhongtai Securities Co. Ltd. (A Shares) | | 272,000 | 260,158 |
| Zhuzhou CRRC Times Electric Co. Ltd.: | | | |
| (A Shares) | | 28,243 | 193,105 |
| (H Shares) | | 321,327 | 1,233,081 |
| Zijin Mining Group Co. Ltd.: | | | |
| (A Shares) | | 795,300 | 1,864,856 |
| (H Shares) | | 3,634,000 | 7,740,681 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares) | | 279,300 | 272,869 |
| ZTE Corp.: | | | |
| (A Shares) | | 105,300 | 446,759 |
| (H Shares) | | 550,400 | 1,369,875 |
| ZTO Express, Inc. | | 271,544 | 6,262,652 |
TOTAL CHINA | | | 1,387,438,893 |
| Colombia - 0.1% | | | |
| Bancolombia SA | | 181,772 | 1,552,676 |
| Interconexion Electrica SA ESP | | 308,359 | 1,225,005 |
TOTAL COLOMBIA | | | 2,777,681 |
| Czech Republic - 0.1% | | | |
| CEZ A/S (c) | | 102,641 | 3,977,257 |
| Komercni Banka A/S | | 47,576 | 1,643,237 |
| MONETA Money Bank A/S (b) | | 161,211 | 803,358 |
TOTAL CZECH REPUBLIC | | | 6,423,852 |
| Egypt - 0.1% | | | |
| Commercial International Bank SAE | | 1,456,145 | 2,379,808 |
| Eastern Co. SAE | | 861,439 | 480,435 |
| Talaat Moustafa Group Holding | | 530,157 | 640,196 |
TOTAL EGYPT | | | 3,500,439 |
| Greece - 0.4% | | | |
| Alpha Services and Holdings SA | | 1,429,298 | 2,144,735 |
| Eurobank Ergasias Services and Holdings SA | | 1,663,657 | 3,442,475 |
| Ff Group (a)(d) | | 1,944 | 0 |
| Hellenic Telecommunications Organization SA | | 118,698 | 1,958,656 |
| Jumbo SA | | 74,072 | 1,974,010 |
| Metlen Energy & Metals SA | | 68,807 | 2,399,525 |
| National Bank of Greece SA | | 547,907 | 4,279,178 |
| OPAP SA | | 118,273 | 2,017,255 |
| Piraeus Financial Holdings SA | | 680,011 | 2,543,027 |
| Public Power Corp. of Greece | | 133,551 | 1,750,505 |
TOTAL GREECE | | | 22,509,366 |
| Hong Kong - 0.1% | | | |
| Orient Overseas International Ltd. | | 84,500 | 1,151,839 |
| Sino Biopharmaceutical Ltd. | | 6,602,750 | 2,999,413 |
TOTAL HONG KONG | | | 4,151,252 |
| Hungary - 0.2% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 264,878 | 1,837,989 |
| OTP Bank PLC | | 142,951 | 7,115,742 |
| Richter Gedeon PLC | | 88,909 | 2,568,213 |
TOTAL HUNGARY | | | 11,521,944 |
| India - 18.6% | | | |
| ABB India Ltd. | | 33,894 | 2,985,294 |
| Adani Enterprises Ltd. | | 94,953 | 3,320,937 |
| Adani Green Energy Ltd. (a) | | 202,605 | 3,837,171 |
| Adani Ports & Special Economic Zone Ltd. | | 345,360 | 5,634,627 |
| Adani Power Ltd. (a) | | 493,470 | 3,464,639 |
| Ambuja Cements Ltd. | | 394,020 | 2,716,276 |
| APL Apollo Tubes Ltd. | | 106,488 | 1,923,116 |
| Apollo Hospitals Enterprise Ltd. | | 64,453 | 5,369,384 |
| Ashok Leyland Ltd. | | 941,520 | 2,325,653 |
| Asian Paints Ltd. | | 245,393 | 8,546,338 |
| Astral Ltd. | | 86,038 | 1,807,812 |
| AU Small Finance Bank Ltd. (b) | | 232,378 | 1,689,208 |
| Aurobindo Pharma Ltd. | | 168,627 | 2,795,098 |
| Avenue Supermarts Ltd. (a)(b) | | 104,077 | 4,857,397 |
| Axis Bank Ltd. | | 1,462,956 | 20,096,325 |
| Bajaj Auto Ltd. | | 42,866 | 5,006,365 |
| Bajaj Finance Ltd. | | 178,089 | 14,546,040 |
| Bajaj Finserv Ltd. | | 244,709 | 5,077,918 |
| Bajaj Holdings & Investment Ltd. | | 17,087 | 2,076,467 |
| Balkrishna Industries Ltd. | | 49,511 | 1,666,180 |
| Bank of Baroda | | 662,425 | 1,969,869 |
| Bharat Electronics Ltd. | | 2,340,512 | 7,900,416 |
| Bharat Forge Ltd. | | 163,934 | 2,743,926 |
| Bharat Heavy Electricals Ltd. | | 668,295 | 1,891,749 |
| Bharat Petroleum Corp. Ltd. | | 973,766 | 3,591,933 |
| Bharti Airtel Ltd. | | 1,639,142 | 31,373,139 |
| Bosch Ltd. | | 4,733 | 1,974,271 |
| Britannia Industries Ltd. | | 69,326 | 4,713,212 |
| Canara Bank Ltd. | | 1,158,727 | 1,407,925 |
| Cg Power & Industrial Soluti | | 391,143 | 3,266,526 |
| Cholamandalam Investment and Finance Co. Ltd. | | 268,392 | 4,045,921 |
| Cipla Ltd./India | | 335,517 | 6,172,250 |
| Coal India Ltd. | | 1,184,709 | 6,354,559 |
| Colgate-Palmolive Ltd. | | 87,050 | 3,165,955 |
| Container Corp. of India Ltd. | | 155,616 | 1,564,748 |
| Cummins India Ltd. | | 88,847 | 3,685,283 |
| Dabur India Ltd. | | 340,045 | 2,180,428 |
| Divi's Laboratories Ltd. | | 76,359 | 5,336,627 |
| Dixon Technologies India Ltd. | | 21,084 | 3,517,554 |
| DLF Ltd. | | 474,861 | 4,615,847 |
| Dr. Reddy's Laboratories Ltd. | | 373,465 | 5,648,799 |
| Eicher Motors Ltd. | | 87,677 | 5,088,431 |
| GAIL India Ltd. | | 1,469,756 | 3,482,455 |
| GMR Airports Infrastructure Ltd. (a) | | 1,538,785 | 1,444,633 |
| Godrej Consumer Products Ltd. | | 261,831 | 3,989,362 |
| Godrej Properties Ltd. (a) | | 80,086 | 2,725,721 |
| Grasim Industries Ltd. | | 168,555 | 5,397,939 |
| Havells India Ltd. | | 160,282 | 3,119,215 |
| HCL Technologies Ltd. | | 607,735 | 12,716,285 |
| HDFC Asset Management Co. Ltd. (b) | | 61,441 | 3,135,337 |
| HDFC Bank Ltd. | | 2,725,650 | 56,023,455 |
| HDFC Standard Life Insurance Co. Ltd. (b) | | 618,927 | 5,286,431 |
| Hero Motocorp Ltd. | | 76,769 | 4,539,262 |
| Hindalco Industries Ltd. | | 862,573 | 6,999,082 |
| Hindustan Aeronautics Ltd. | | 128,480 | 6,465,187 |
| Hindustan Petroleum Corp. Ltd. | | 614,097 | 2,776,693 |
| Hindustan Unilever Ltd. | | 526,054 | 15,793,729 |
| ICICI Bank Ltd. | | 3,331,747 | 51,106,148 |
| ICICI Lombard General Insurance Co. Ltd. (b) | | 154,564 | 3,511,172 |
| ICICI Prudential Life Insurance Co. Ltd. (b) | | 230,558 | 2,027,036 |
| IDFC Bank Ltd. (a) | | 2,281,280 | 1,782,137 |
| Indian Oil Corp. Ltd. | | 1,813,062 | 3,055,619 |
| Indian Railway Catering & Tourism Corp. Ltd. | | 153,525 | 1,495,316 |
| Indus Towers Ltd. (a) | | 774,023 | 3,123,048 |
| IndusInd Bank Ltd. | | 183,852 | 2,300,032 |
| Info Edge India Ltd. | | 45,559 | 4,019,743 |
| Infosys Ltd. | | 2,125,172 | 44,339,769 |
| InterGlobe Aviation Ltd. (a)(b) | | 120,971 | 5,811,228 |
| ITC Ltd. | | 1,916,075 | 11,116,566 |
| Jindal Stainless Ltd. | | 210,624 | 1,686,246 |
| Jindal Steel & Power Ltd. | | 228,262 | 2,491,136 |
| Jio Financial Services Ltd. (a) | | 1,827,598 | 6,990,047 |
| JSW Energy Ltd. | | 223,539 | 1,801,965 |
| JSW Steel Ltd. | | 390,997 | 4,464,116 |
| Jubilant Foodworks Ltd. | | 231,742 | 1,583,220 |
| Kotak Mahindra Bank Ltd. | | 699,037 | 14,351,001 |
| Larsen & Toubro Ltd. | | 430,934 | 18,511,016 |
| Ltimindtree Ltd. (b) | | 47,356 | 3,204,440 |
| Lupin Ltd. | | 145,871 | 3,784,784 |
| Macrotech Developers Ltd. (b) | | 190,909 | 2,729,245 |
| Mahindra & Mahindra Ltd. | | 596,748 | 19,269,940 |
| Mankind Pharma Ltd. (a) | | 63,960 | 2,023,957 |
| Marico Ltd. | | 331,116 | 2,515,792 |
| Maruti Suzuki India Ltd. | | 80,437 | 10,557,259 |
| Max Healthcare Institute Ltd. | | 497,599 | 6,006,543 |
| Mphasis BFL Ltd. | | 66,548 | 2,268,290 |
| MRF Ltd. | | 1,495 | 2,174,251 |
| Muthoot Finance Ltd. | | 77,072 | 1,764,570 |
| Nestle India Ltd. | | 215,680 | 5,800,151 |
| NHPC Ltd. | | 1,926,850 | 1,886,456 |
| NMDC Ltd. | | 655,895 | 1,722,475 |
| NTPC Ltd. | | 2,791,522 | 13,501,072 |
| Oil & Natural Gas Corp. Ltd. | | 2,014,792 | 6,353,931 |
| Oil India Ltd. | | 312,803 | 1,752,891 |
| Oracle Financial Services Software Ltd. | | 13,894 | 1,793,116 |
| Page Industries Ltd. | | 3,932 | 2,014,764 |
| PB Fintech Ltd. (a) | | 189,712 | 3,832,926 |
| Persistent Systems Ltd. | | 69,030 | 4,395,124 |
| Petronet LNG Ltd. | | 483,542 | 1,908,051 |
| Phoenix Mills Ltd. | | 125,756 | 2,271,602 |
| PI Industries Ltd. | | 48,594 | 2,584,837 |
| Pidilite Industries Ltd. | | 97,663 | 3,646,625 |
| Polycab India Ltd. | | 33,661 | 2,581,591 |
| Power Finance Corp. Ltd. | | 950,046 | 5,103,745 |
| Power Grid Corp. of India Ltd. | | 2,972,737 | 11,307,930 |
| Prestige Estates Projs. Ltd. | | 110,302 | 2,141,373 |
| Punjab National Bank | | 1,405,829 | 1,632,826 |
| Rail Vikas Nigam Ltd. | | 333,668 | 1,861,235 |
| REC Ltd. | | 842,360 | 5,200,736 |
| Reliance Industries Ltd. (a) | | 1,985,729 | 31,172,925 |
| Reliance Industries Ltd. | | 1,910,706 | 30,211,228 |
| Samvardhana Motherson International Ltd. | | 1,736,024 | 3,719,473 |
| SBI Cards & Payment Services Ltd. | | 181,603 | 1,483,042 |
| SBI Life Insurance Co. Ltd. (b) | | 288,142 | 5,547,382 |
| Shree Cement Ltd. | | 5,771 | 1,716,496 |
| Shriram Finance Ltd. | | 180,354 | 6,695,864 |
| Siemens Ltd. | | 57,011 | 4,716,196 |
| Solar Industries India Ltd. | | 17,382 | 2,107,822 |
| Sona Blw Precision Forgings Ltd. (b) | | 278,199 | 2,262,876 |
| SRF Ltd. | | 85,321 | 2,268,524 |
| State Bank of India | | 1,141,527 | 11,108,199 |
| Sun Pharmaceutical Industries Ltd. | | 613,942 | 13,472,759 |
| Sundaram Finance Ltd. | | 42,272 | 2,415,847 |
| Supreme Industries Ltd. | | 40,601 | 2,068,491 |
| Suzlon Energy Ltd. (a) | | 6,102,208 | 4,838,863 |
| Tata Communications Ltd. | | 72,007 | 1,516,235 |
| Tata Consultancy Services Ltd. | | 578,624 | 27,216,071 |
| Tata Consumer Products Ltd. | | 379,405 | 4,513,740 |
| Tata Elxsi Ltd. | | 21,889 | 1,823,673 |
| Tata Motors Ltd. | | 1,302,984 | 12,887,522 |
| Tata Power Co. Ltd./The | | 918,475 | 4,787,485 |
| Tata Steel Ltd. | | 4,790,068 | 8,418,432 |
| Tech Mahindra Ltd. | | 344,230 | 6,551,904 |
| The Indian Hotels Co. Ltd. | | 546,353 | 4,381,522 |
| Thermax Ltd. | | 26,740 | 1,565,015 |
| Titan Co. Ltd. | | 227,159 | 8,798,724 |
| Torrent Pharmaceuticals Ltd. | | 64,924 | 2,467,737 |
| Torrent Power Ltd. | | 107,552 | 2,326,602 |
| Trent Ltd. | | 116,071 | 9,808,079 |
| Tube Investments of India Ltd. | | 68,102 | 3,620,543 |
| Tvs Motor Co. Ltd. | | 151,998 | 4,498,992 |
| Ultratech Cement Ltd. | | 73,876 | 9,700,832 |
| Union Bank of India Ltd. | | 975,954 | 1,353,369 |
| United Spirits Ltd. | | 186,303 | 3,205,688 |
| UPL Ltd. | | 288,062 | 1,893,607 |
| Varun Beverages Ltd. | | 727,605 | 5,125,690 |
| Vedanta Ltd. | | 876,040 | 4,822,187 |
| Vodafone Idea Ltd. (a) | | 15,165,846 | 1,458,217 |
| Wipro Ltd. | | 836,668 | 5,446,075 |
| Yes Bank Ltd. (a) | | 9,012,425 | 2,175,562 |
| Zomato Ltd. (a) | | 4,235,446 | 12,151,199 |
| Zydus Lifesciences Ltd. | | 160,858 | 1,910,611 |
TOTAL INDIA | | | 951,236,788 |
| Indonesia - 1.6% | | | |
| Amman Mineral Internasional PT (a) | | 4,171,200 | 2,431,029 |
| PT Adaro Energy Indonesia Tbk | | 9,230,300 | 2,124,479 |
| PT Astra International Tbk | | 12,948,559 | 4,203,717 |
| PT Bank Central Asia Tbk | | 35,463,050 | 22,951,564 |
| PT Bank Mandiri (Persero) Tbk | | 23,860,696 | 10,129,322 |
| PT Bank Negara Indonesia (Persero) Tbk | | 9,526,000 | 3,177,265 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 43,593,727 | 13,289,728 |
| PT Barito Pacific Tbk | | 18,067,900 | 1,143,909 |
| PT Chandra Asri Pacific Tbk | | 4,981,600 | 2,752,259 |
| PT Charoen Pokphand Indonesia Tbk | | 4,706,100 | 1,575,491 |
| PT GoTo Gojek Tokopedia Tbk (a) | | 575,898,800 | 2,485,888 |
| PT Indah Kiat Pulp & Paper Tbk | | 1,564,100 | 803,383 |
| PT Indofood CBP Sukses Makmur Tbk | | 1,485,700 | 1,156,193 |
| PT Indofood Sukses Makmur Tbk | | 2,801,000 | 1,355,206 |
| PT Kalbe Farma Tbk | | 13,496,700 | 1,376,298 |
| PT Merdeka Copper Gold Tbk (a) | | 6,239,286 | 964,501 |
| PT Sumber Alfaria Trijaya Tbk | | 11,973,500 | 2,509,987 |
| PT Telkom Indonesia Persero Tbk | | 31,579,665 | 5,644,637 |
| PT Unilever Indonesia Tbk | | 4,831,995 | 604,767 |
| PT United Tractors Tbk | | 962,300 | 1,679,715 |
TOTAL INDONESIA | | | 82,359,338 |
| Korea (South) - 9.4% | | | |
| Alteogen, Inc. (a) | | 25,508 | 6,928,745 |
| AMOREPACIFIC Corp. | | 18,700 | 1,583,568 |
| Celltrion Pharm, Inc. | | 11,929 | 535,243 |
| Celltrion, Inc. | | 97,129 | 12,812,724 |
| CJ CheilJedang Corp. | | 5,293 | 1,050,688 |
| Cosmo AM&T Co. Ltd. (a) | | 15,464 | 1,151,106 |
| Coway Co. Ltd. | | 35,447 | 1,624,773 |
| Db Insurance Co. Ltd. | | 29,458 | 2,329,459 |
| Doosan Bobcat, Inc. | | 35,347 | 954,844 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 292,294 | 4,213,423 |
| Ecopro BM Co. Ltd. (a)(c) | | 31,268 | 3,828,296 |
| Ecopro Co. Ltd. (a) | | 63,841 | 3,630,931 |
| Ecopro Materials Co. Ltd. | | 11,041 | 888,747 |
| Enchem Co. Ltd. (a) | | 8,460 | 1,059,023 |
| GS Holdings Corp. | | 29,896 | 893,401 |
| Hana Financial Group, Inc. | | 187,117 | 8,099,510 |
| Hanjin Kal Corp. | | 14,956 | 915,829 |
| Hankook Tire Co. Ltd. | | 47,602 | 1,216,326 |
| Hanmi Pharm Co. Ltd. | | 4,093 | 947,909 |
| Hanmi Semiconductor Co. Ltd. | | 27,914 | 1,821,970 |
| Hanwha Aerospace Co. Ltd. | | 20,438 | 5,425,470 |
| Hanwha Ocean Co. Ltd. (a) | | 58,900 | 1,137,383 |
| Hanwha Solutions Corp. | | 71,461 | 1,100,976 |
| HD Hyundai Co. Ltd. | | 28,024 | 1,622,245 |
| HD Hyundai Electric Co. Ltd. | | 14,996 | 3,521,363 |
| HD Hyundai Heavy Industries Co. Ltd. (a) | | 14,212 | 1,877,471 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | | 27,192 | 3,609,581 |
| HLB, Inc. (a) | | 75,348 | 3,586,498 |
| HMM Co. Ltd. | | 167,892 | 2,081,010 |
| HYBE Co. Ltd. | | 14,641 | 1,967,619 |
| Hyundai Engineering & Construction Co. Ltd. | | 50,170 | 1,013,742 |
| Hyundai Glovis Co. Ltd. | | 23,980 | 2,116,725 |
| Hyundai Mobis | | 38,700 | 6,978,442 |
| Hyundai Motor Co. Ltd. | | 87,086 | 13,457,832 |
| Hyundai Steel Co. | | 55,638 | 1,020,343 |
| Industrial Bank of Korea | | 176,442 | 1,803,061 |
| Kakao Corp. | | 198,612 | 5,303,501 |
| KakaoBank Corp. | | 106,692 | 1,668,812 |
| KB Financial Group, Inc. | | 245,291 | 16,013,067 |
| Kia Corp. | | 153,518 | 10,185,235 |
| Korea Aerospace Industries Ltd. | | 46,917 | 1,985,232 |
| Korea Electric Power Corp. (a) | | 164,245 | 2,754,944 |
| Korea Investment Holdings Co. Ltd. | | 26,791 | 1,491,743 |
| Korea Zinc Co. Ltd. | | 3,286 | 2,375,601 |
| Korean Air Lines Co. Ltd. | | 117,861 | 2,041,162 |
| KRAFTON, Inc. (a) | | 18,389 | 4,410,658 |
| KT Corp. | | 18,167 | 581,154 |
| KT&G Corp. | | 66,682 | 5,314,181 |
| Kum Yang Co. Ltd. (a) | | 24,052 | 718,518 |
| Kumho Petro Chemical Co. Ltd. | | 10,634 | 1,098,620 |
| L&F Co. Ltd. (a) | | 16,246 | 1,380,657 |
| LG Chemical Ltd. | | 31,676 | 7,145,495 |
| LG Corp. | | 60,468 | 3,315,136 |
| LG Display Co. Ltd. (a) | | 191,923 | 1,470,739 |
| LG Electronics, Inc. | | 68,038 | 4,395,873 |
| LG Energy Solution (a) | | 29,935 | 8,813,805 |
| LG H & H Co. Ltd. | | 5,896 | 1,416,110 |
| LG Innotek Co. Ltd. | | 9,072 | 1,155,376 |
| LG Uplus Corp. | | 122,748 | 892,560 |
| Lotte Chemical Corp. | | 12,330 | 850,338 |
| LS Electric Co. Ltd. | | 9,605 | 1,009,957 |
| Meritz Financial Holdings Co. | | 61,083 | 4,535,522 |
| Mirae Asset Securities Co. Ltd. | | 152,587 | 998,122 |
| NAVER Corp. | | 83,123 | 10,201,055 |
| NCSOFT Corp. | | 9,125 | 1,437,243 |
| Netmarble Corp. (a)(b) | | 19,240 | 806,857 |
| NH Investment & Securities Co. Ltd. | | 84,241 | 813,848 |
| Orion Corp./Republic of Korea | | 15,212 | 1,099,935 |
| POSCO | | 45,977 | 11,114,511 |
| POSCO Chemtech Co. Ltd. (c) | | 19,814 | 3,192,614 |
| POSCO ICT Co. Ltd. (c) | | 33,927 | 664,980 |
| Posco International Corp. | | 33,787 | 1,272,038 |
| S-Oil Corp. | | 29,181 | 1,214,418 |
| Samsung Biologics Co. Ltd. (a)(b) | | 11,376 | 8,254,531 |
| Samsung C&T Corp. | | 56,913 | 4,821,267 |
| Samsung E&A Co. Ltd. (a) | | 100,226 | 1,294,126 |
| Samsung Electro-Mechanics Co. Ltd. | | 35,826 | 3,056,083 |
| Samsung Electronics Co. Ltd. | | 3,057,492 | 130,249,335 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 19,704 | 4,792,700 |
| Samsung Heavy Industries Co. Ltd. (a) | | 422,634 | 2,924,792 |
| Samsung Life Insurance Co. Ltd. | | 51,212 | 3,759,685 |
| Samsung SDI Co. Ltd. | | 35,189 | 8,277,616 |
| Samsung SDS Co. Ltd. | | 27,228 | 2,817,301 |
| Shinhan Financial Group Co. Ltd. | | 277,058 | 10,354,267 |
| SK Biopharmaceuticals Co. Ltd. (a) | | 20,034 | 1,707,151 |
| SK Bioscience Co. Ltd. (a) | | 17,077 | 668,878 |
| SK Hynix, Inc. | | 349,338 | 45,882,961 |
| SK Innovation Co., Ltd. (a) | | 39,862 | 3,379,417 |
| SK Square Co. Ltd. (a) | | 60,375 | 3,657,978 |
| SK Telecom Co. Ltd. | | 33,897 | 1,395,665 |
| SK, Inc. | | 23,215 | 2,492,392 |
| SKC Co. Ltd. (a) | | 12,124 | 1,312,583 |
| Woori Financial Group, Inc. | | 404,184 | 4,514,524 |
| Yuhan Corp. | | 36,039 | 3,609,329 |
TOTAL KOREA (SOUTH) | | | 483,168,474 |
| Kuwait - 0.7% | | | |
| Boubyan Bank KSC | | 806,574 | 1,467,933 |
| Gulf Bank | | 914,350 | 936,418 |
| Kuwait Finance House KSCP | | 6,464,186 | 15,201,168 |
| Mabanee Co. SAKC | | 474,920 | 1,293,406 |
| Mobile Telecommunication Co. | | 1,140,350 | 1,696,020 |
| National Bank of Kuwait | | 5,509,985 | 15,275,562 |
TOTAL KUWAIT | | | 35,870,507 |
| Luxembourg - 0.0% | | | |
| Reinet Investments SCA | | 86,202 | 2,404,642 |
| Malaysia - 1.4% | | | |
| AMMB Holdings Bhd | | 1,581,000 | 1,835,440 |
| Axiata Group Bhd | | 1,758,598 | 904,324 |
| CelcomDigi Bhd | | 2,327,500 | 1,805,107 |
| CIMB Group Holdings Bhd | | 4,444,731 | 8,059,763 |
| Gamuda Bhd | | 1,243,939 | 2,414,944 |
| Genting Bhd | | 1,356,700 | 1,218,795 |
| Genting Malaysia Bhd | | 1,848,640 | 943,356 |
| Hong Leong Bank Bhd | | 408,800 | 1,907,180 |
| IHH Healthcare Bhd | | 1,395,487 | 2,309,447 |
| Inari Amertron Bhd | | 1,809,100 | 1,172,791 |
| IOI Corp. Bhd | | 1,605,500 | 1,379,074 |
| Kuala Lumpur Kepong Bhd | | 316,053 | 1,539,903 |
| Malayan Banking Bhd | | 3,469,197 | 8,308,080 |
| Malaysia Airports Holdings Bhd | | 586,180 | 1,356,052 |
| Maxis Bhd | | 1,497,900 | 1,233,354 |
| MISC Bhd | | 857,100 | 1,466,104 |
| MR DIY Group M Sdn Bhd (b) | | 2,133,550 | 1,063,257 |
| Nestle (Malaysia) Bhd | | 47,900 | 1,091,335 |
| Petronas Chemicals Group Bhd | | 1,786,400 | 2,200,223 |
| Petronas Dagangan Bhd | | 191,626 | 783,864 |
| Petronas Gas Bhd | | 533,600 | 2,102,560 |
| PPB Group Bhd | | 411,940 | 1,309,297 |
| Press Metal Aluminium Holdings | | 2,367,800 | 2,548,371 |
| Public Bank Bhd | | 9,305,485 | 9,363,952 |
| QL Resources Bhd | | 1,031,550 | 1,127,895 |
| RHB Bank Bhd | | 929,774 | 1,359,057 |
| SD Guthrie Bhd | | 1,323,796 | 1,388,259 |
| Sime Darby Bhd | | 1,745,749 | 920,644 |
| Sunway Bhd | | 1,464,100 | 1,454,404 |
| Telekom Malaysia Bhd | | 705,047 | 1,043,806 |
| Tenaga Nasional Bhd | | 1,667,472 | 5,334,478 |
| YTL Corp. Bhd | | 2,108,900 | 942,744 |
| YTL Power International Bhd | | 1,576,300 | 1,097,979 |
TOTAL MALAYSIA | | | 72,985,839 |
| Mexico - 2.0% | | | |
| Alfa SA de CV Series A | | 2,306,815 | 1,671,647 |
| America Movil S.A.B. de CV Series L | | 11,810,847 | 9,332,042 |
| Arca Continental S.A.B. de CV | | 324,000 | 2,773,904 |
| Banco del Bajio SA (b) | | 527,300 | 1,172,158 |
| CEMEX S.A.B. de CV unit | | 9,682,386 | 5,100,195 |
| Coca-Cola FEMSA S.A.B. de CV unit | | 335,259 | 2,790,041 |
| Fibra Uno Administracion SA de CV | | 1,833,883 | 2,111,630 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 1,147,691 | 11,140,509 |
| Gruma S.A.B. de CV Series B | | 115,625 | 1,997,283 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 250,312 | 4,340,351 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 114,615 | 3,065,469 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 181,800 | 1,522,852 |
| Grupo Bimbo S.A.B. de CV Series A | | 840,870 | 2,612,183 |
| Grupo Carso SA de CV Series A1 | | 380,500 | 2,287,811 |
| Grupo Comercial Chedraui S.A.B. de CV | | 183,400 | 1,160,462 |
| Grupo Financiero Banorte S.A.B. de CV | | 1,658,481 | 11,548,322 |
| Grupo Financiero Inbursa S.A.B. de CV Series O (a) | | 1,228,000 | 2,757,392 |
| Grupo Mexico SA de CV Series B | | 1,989,054 | 10,406,760 |
| Industrias Penoles SA de CV (a)(c) | | 126,820 | 1,992,093 |
| Kimberly-Clark de Mexico SA de CV Series A | | 960,327 | 1,378,855 |
| Operadora de Sites Mexicanos, SA de CV (c) | | 795,300 | 696,749 |
| Orbia Advance Corp. S.A.B. de CV (c) | | 556,620 | 510,735 |
| Prologis Property Mexico SA | | 633,928 | 2,121,700 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 119,900 | 1,045,811 |
| Southern Copper Corp. | | 55,819 | 6,114,971 |
| Wal-Mart de Mexico SA de CV Series V | | 3,342,356 | 9,190,456 |
TOTAL MEXICO | | | 100,842,381 |
| Netherlands - 0.0% | | | |
| Nebius Group NV Class A (a)(d) | | 148,436 | 0 |
| Peru - 0.2% | | | |
| Compania de Minas Buenaventura SAA sponsored ADR | | 104,730 | 1,367,774 |
| Credicorp Ltd. (United States) | | 43,027 | 7,922,562 |
TOTAL PERU | | | 9,290,336 |
| Philippines - 0.5% | | | |
| Ayala Corp. | | 155,796 | 1,835,622 |
| Ayala Land, Inc. | | 4,228,913 | 2,362,788 |
| Bank of the Philippine Islands (BPI) | | 1,166,088 | 2,852,899 |
| BDO Unibank, Inc. | | 1,512,335 | 3,942,183 |
| International Container Terminal Services, Inc. | | 648,900 | 4,392,079 |
| JG Summit Holdings, Inc. | | 1,670,913 | 694,850 |
| Jollibee Food Corp. | | 281,953 | 1,279,448 |
| Manila Electric Co. | | 185,860 | 1,546,890 |
| Metropolitan Bank & Trust Co. | | 1,129,482 | 1,466,310 |
| PLDT, Inc. | | 46,170 | 1,130,120 |
| SM Investments Corp. | | 138,840 | 2,229,762 |
| SM Prime Holdings, Inc. | | 6,780,300 | 3,552,018 |
| Universal Robina Corp. | | 546,168 | 912,436 |
TOTAL PHILIPPINES | | | 28,197,405 |
| Poland - 0.8% | | | |
| Alior Bank SA | | 58,485 | 1,277,019 |
| Allegro.eu SA (a)(b) | | 370,537 | 3,251,080 |
| Bank Polska Kasa Opieki SA | | 117,459 | 4,114,110 |
| Budimex SA | | 8,182 | 1,024,091 |
| CD Projekt SA | | 41,557 | 1,668,925 |
| Dino Polska SA (a)(b) | | 31,368 | 2,599,404 |
| KGHM Polska Miedz SA (Bearer) | | 89,598 | 3,345,305 |
| LPP SA | | 714 | 2,588,256 |
| mBank SA (a) | | 9,461 | 1,327,885 |
| Orlen SA | | 373,090 | 4,855,227 |
| PGE Polska Grupa Energetyczna SA (a) | | 572,082 | 985,020 |
| Powszechna Kasa Oszczednosci Bank SA | | 559,441 | 7,798,840 |
| Powszechny Zaklad Ubezpieczen SA | | 386,157 | 3,829,975 |
| Santander Bank Polska SA | | 26,099 | 2,919,124 |
TOTAL POLAND | | | 41,584,261 |
| Qatar - 0.8% | | | |
| Barwa Real Estate Co. | | 1,267,379 | 994,132 |
| Dukhan Bank | | 1,020,283 | 1,034,014 |
| Industries Qatar QSC | | 938,033 | 3,439,368 |
| Masraf al Rayan | | 3,432,383 | 2,236,092 |
| Mesaieed Petrochemical Holding Co. | | 3,422,984 | 1,487,273 |
| Ooredoo QSC | | 475,832 | 1,495,061 |
| Qatar Electricity & Water Co. | | 287,613 | 1,281,264 |
| Qatar Fuel Co. | | 380,375 | 1,601,524 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 1,741,354 | 2,046,964 |
| Qatar International Islamic Bank QSC | | 624,182 | 1,798,316 |
| Qatar Islamic Bank | | 1,212,943 | 6,829,259 |
| Qatar National Bank SAQ | | 3,108,467 | 14,812,387 |
| The Commercial Bank of Qatar | | 2,005,261 | 2,340,664 |
TOTAL QATAR | | | 41,396,318 |
| Romania - 0.1% | | | |
| NEPI Rockcastle PLC | | 387,827 | 3,056,057 |
| Russia - 0.0% | | | |
| Alrosa Co. Ltd. (a)(d) | | 1,399,461 | 0 |
| Gazprom OAO (a)(d) | | 6,384,126 | 1 |
| GMK Norilskiy Nickel PAO ADR (a)(d) | | 3,422,100 | 0 |
| Inter Rao Ues JSC (a)(d) | | 20,040,158 | 2 |
| LUKOIL PJSC (a)(d) | | 224,329 | 0 |
| Moscow Exchange MICEX-RTS OAO (a)(d) | | 808,717 | 0 |
| Novolipetsk Steel OJSC (a)(d) | | 812,466 | 0 |
| Ozon Holdings PLC ADR (a)(d) | | 28,218 | 0 |
| PhosAgro PJSC sponsored GDR (Reg. S) (a)(d) | | 472 | 0 |
| Polyus PJSC (a)(d) | | 18,462 | 0 |
| Rosneft Oil Co. OJSC (a)(d) | | 635,841 | 0 |
| Sberbank of Russia (a)(d) | | 5,823,145 | 1 |
| Severstal PAO (a)(d) | | 113,908 | 0 |
| Surgutneftegas OJSC (a)(d) | | 4,033,562 | 0 |
| Tatneft PAO (a)(d) | | 770,244 | 0 |
| TKS Holding MKPAO JSC (a)(d) | | 7,325 | 0 |
| United Co. RUSAL International PJSC (a)(d) | | 1,646,280 | 0 |
| VK IPJSC (a)(d) | | 9,348 | 0 |
| VK IPJSC GDR (Reg. S) (a)(d) | | 32,306 | 0 |
| VTB Bank OJSC (a)(d) | | 360,207 | 0 |
TOTAL RUSSIA | | | 4 |
| Saudi Arabia - 3.9% | | | |
| ACWA Power Co. | | 93,727 | 11,484,721 |
| Ades Holding Co. | | 222,641 | 1,172,575 |
| Advanced Petrochemicals Co. (a) | | 81,451 | 788,333 |
| Al Rajhi Bank | | 1,253,297 | 29,366,067 |
| Al Rajhi Co. for Co-operative Insurance | | 25,629 | 1,222,866 |
| Alinma Bank | | 781,925 | 5,850,332 |
| Almarai Co. Ltd. | | 159,285 | 2,336,876 |
| Arab National Bank | | 574,217 | 2,895,777 |
| Arabian Internet and Communications Services Co. Ltd. | | 15,273 | 1,037,801 |
| Bank Al-Jazira | | 319,960 | 1,400,576 |
| Bank Albilad | | 391,147 | 3,832,630 |
| Banque Saudi Fransi | | 376,453 | 3,127,335 |
| Bupa Arabia for Cooperative Insurance Co. | | 52,706 | 2,826,367 |
| Dallah Healthcare Co. | | 21,765 | 924,913 |
| Dar Al Arkan Real Estate Development Co. (a) | | 338,200 | 1,500,230 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 55,872 | 4,257,679 |
| Elm Co. | | 15,340 | 4,176,767 |
| Etihad Etisalat Co. | | 241,445 | 3,330,099 |
| Jarir Marketing Co. | | 378,823 | 1,335,468 |
| Mobile Telecommunications Co. Saudi Arabia | | 282,127 | 793,264 |
| Mouwasat Medical Services Co. | | 62,594 | 1,568,308 |
| Nahdi Medical Co. | | 25,106 | 824,901 |
| Power & Water Utility Co. for Jubail & Yanbu | | 46,820 | 733,023 |
| Riyad Bank | | 939,027 | 6,438,199 |
| Sabic Agriculture-Nutrients Co. | | 149,106 | 4,518,003 |
| Sahara International Petrochemical Co. | | 229,241 | 1,605,303 |
| SAL Saudi Logistics Services | | 15,297 | 1,123,336 |
| Saudi Arabian Mining Co. (a) | | 826,490 | 12,411,544 |
| Saudi Arabian Oil Co. (b) | | 2,786,651 | 20,033,436 |
| Saudi Aramco Base Oil Co. - Luberef | | 32,286 | 1,007,514 |
| Saudi Awwal Bank | | 642,961 | 5,786,426 |
| Saudi Basic Industries Corp. | | 575,195 | 11,134,190 |
| Saudi Electricity Co. | | 529,353 | 2,311,524 |
| Saudi Industrial Investment Group | | 235,168 | 1,117,075 |
| Saudi Investment Bank/The | | 385,370 | 1,352,391 |
| Saudi Kayan Petrochemical Co. (a) | | 468,526 | 970,560 |
| Saudi Research & Marketing Group (a) | | 22,994 | 1,831,830 |
| Saudi Tadawul Group Holding Co. | | 30,613 | 1,946,477 |
| Saudi Telecom Co. | | 1,276,652 | 14,327,790 |
| The Co. for Cooperative Insurance | | 46,978 | 1,756,187 |
| The Saudi National Bank | | 1,879,826 | 16,592,441 |
| The Savola Group (a) | | 354,971 | 2,438,494 |
| Yanbu National Petrochemical Co. | | 176,052 | 1,865,663 |
TOTAL SAUDI ARABIA | | | 197,355,291 |
| South Africa - 2.9% | | | |
| Absa Group Ltd. | | 542,904 | 5,202,994 |
| Anglo American Platinum Ltd. | | 50,898 | 2,000,669 |
| Aspen Pharmacare Holdings Ltd. | | 242,244 | 2,460,969 |
| Bid Corp. Ltd. | | 214,731 | 5,062,748 |
| Bidvest Group Ltd./The | | 217,678 | 3,522,495 |
| Capitec Bank Holdings Ltd. (c) | | 55,681 | 10,058,822 |
| Clicks Group Ltd. | | 152,777 | 3,274,310 |
| Discovery Ltd. | | 346,316 | 3,551,283 |
| Exxaro Resources Ltd. | | 157,415 | 1,484,438 |
| FirstRand Ltd. | | 3,228,321 | 14,184,258 |
| Gold Fields Ltd. | | 572,583 | 9,442,508 |
| Harmony Gold Mining Co. Ltd. | | 364,358 | 3,953,058 |
| Impala Platinum Holdings Ltd. (a) | | 578,628 | 3,819,252 |
| Kumba Iron Ore Ltd. | | 40,951 | 775,516 |
| MTN Group Ltd. | | 1,084,561 | 5,386,522 |
| Naspers Ltd. Class N | | 114,048 | 26,954,953 |
| Nedbank Group Ltd. | | 296,444 | 5,024,566 |
| Northam Platinum Holdings Ltd. | | 228,208 | 1,688,392 |
| Old Mutual Ltd. | | 3,059,608 | 2,112,048 |
| OUTsurance Group Ltd. | | 541,121 | 1,850,499 |
| Pepkor Holdings Ltd. (b) | | 1,535,591 | 1,993,309 |
| Remgro Ltd. | | 321,062 | 2,797,031 |
| Sanlam Ltd. | | 1,150,396 | 5,747,472 |
| Sasol Ltd. | | 369,231 | 2,075,270 |
| Shoprite Holdings Ltd. | | 322,031 | 5,561,605 |
| Sibanye-Stillwater Ltd. (a) | | 1,810,269 | 2,110,499 |
| Standard Bank Group Ltd. | | 855,570 | 11,779,084 |
| Vodacom Group Ltd. | | 398,702 | 2,496,152 |
| Woolworths Holdings Ltd. | | 599,724 | 2,223,381 |
TOTAL SOUTH AFRICA | | | 148,594,103 |
| Taiwan - 18.4% | | | |
| Accton Technology Corp. | | 322,000 | 5,428,406 |
| Acer, Inc. | | 1,854,000 | 2,304,909 |
| Advantech Co. Ltd. | | 302,946 | 2,978,560 |
| Alchip Technologies Ltd. | | 51,000 | 3,169,398 |
| ASE Technology Holding Co. Ltd. | | 2,107,592 | 9,971,342 |
| Asia Cement Corp. | | 1,478,000 | 2,154,700 |
| Asia Vital Components Co. Ltd. | | 208,000 | 3,997,572 |
| ASUSTeK Computer, Inc. | | 451,502 | 7,998,544 |
| AUO Corp. | | 4,192,800 | 2,167,141 |
| Catcher Technology Co. Ltd. | | 392,095 | 2,863,026 |
| Cathay Financial Holding Co. Ltd. | | 6,099,834 | 12,924,473 |
| Chailease Holding Co. Ltd. | | 960,142 | 4,510,779 |
| Chang Hwa Commercial Bank | | 3,800,656 | 2,095,251 |
| Cheng Shin Rubber Industry Co. Ltd. | | 1,141,000 | 1,644,102 |
| China Airlines Ltd. | | 1,855,000 | 1,297,851 |
| China Steel Corp. | | 7,547,289 | 5,295,788 |
| Chunghwa Telecom Co. Ltd. | | 2,426,129 | 9,239,425 |
| Compal Electronics, Inc. | | 2,685,000 | 2,957,052 |
| CTBC Financial Holding Co. Ltd. | | 10,039,778 | 11,166,090 |
| Delta Electronics, Inc. | | 1,246,717 | 15,448,198 |
| E Ink Holdings, Inc. | | 549,000 | 5,154,939 |
| E.SUN Financial Holdings Co. Ltd. | | 9,193,351 | 7,842,854 |
| ECLAT Textile Co. Ltd. | | 123,129 | 2,064,817 |
| eMemory Technology, Inc. | | 41,000 | 3,999,612 |
| EVA Airways Corp. | | 1,725,000 | 1,998,693 |
| Evergreen Marine Corp. (Taiwan) | | 661,494 | 4,204,949 |
| Far Eastern New Century Corp. | | 1,888,000 | 2,185,707 |
| Far EasTone Telecommunications Co. Ltd. | | 1,131,348 | 3,134,264 |
| Feng Tay Enterprise Co. Ltd. | | 315,596 | 1,391,868 |
| First Financial Holding Co. Ltd. | | 7,176,273 | 6,062,503 |
| Formosa Chemicals & Fibre Corp. | | 2,247,149 | 2,689,547 |
| Formosa Plastics Corp. | | 2,441,085 | 3,591,513 |
| Fortune Electric Co. Ltd. | | 92,100 | 1,546,640 |
| Fubon Financial Holding Co. Ltd. | | 5,245,135 | 14,699,784 |
| Gigabyte Technology Co. Ltd. | | 343,000 | 2,712,230 |
| Global Unichip Corp. | | 56,000 | 2,100,273 |
| GlobalWafers Co. Ltd. | | 168,000 | 2,193,996 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 7,983,465 | 51,338,449 |
| Hotai Motor Co. Ltd. | | 195,960 | 3,956,552 |
| Hua Nan Financial Holdings Co. Ltd. | | 5,727,232 | 4,530,896 |
| Innolux Corp. | | 4,859,885 | 2,350,571 |
| Inventec Corp. | | 1,722,000 | 2,389,348 |
| Kgi Financial Holding Co. Ltd. | | 10,234,624 | 5,290,814 |
| Largan Precision Co. Ltd. | | 63,451 | 4,458,627 |
| Lite-On Technology Corp. | | 1,352,044 | 4,252,186 |
| MediaTek, Inc. | | 971,615 | 37,946,393 |
| Mega Financial Holding Co. Ltd. | | 7,586,628 | 9,273,625 |
| Micro-Star International Co. Ltd. | | 460,000 | 2,524,462 |
| Nan Ya Plastics Corp. | | 3,295,358 | 4,259,653 |
| Nanya Technology Corp. (a) | | 791,000 | 1,027,637 |
| Nien Made Enterprise Co. Ltd. | | 112,000 | 1,674,375 |
| Novatek Microelectronics Corp. | | 370,000 | 5,735,613 |
| Pegatron Corp. | | 1,280,000 | 3,893,813 |
| PharmaEssentia Corp. (a) | | 153,000 | 3,001,926 |
| Pou Chen Corp. | | 1,419,391 | 1,664,910 |
| President Chain Store Corp. | | 367,000 | 3,380,707 |
| Quanta Computer, Inc. | | 1,730,000 | 15,761,876 |
| Realtek Semiconductor Corp. | | 312,000 | 4,592,719 |
| Ruentex Development Co. Ltd. | | 1,003,296 | 1,445,030 |
| Shin Kong Financial Holding Co. Ltd. (a) | | 9,089,533 | 3,226,772 |
| Sinopac Financial Holdings Co. | | 6,893,251 | 4,909,302 |
| Synnex Technology International Corp. | | 801,700 | 1,766,646 |
| Taishin Financial Holdings Co. Ltd. | | 7,462,252 | 3,977,752 |
| Taiwan Business Bank | | 4,271,207 | 2,061,286 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 7,021,710 | 5,507,955 |
| Taiwan High Speed Rail Corp. | | 1,227,000 | 1,116,467 |
| Taiwan Mobile Co. Ltd. | | 1,168,000 | 4,129,971 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 15,763,740 | 495,952,651 |
| Tcc Group Holdings | | 4,350,354 | 4,335,796 |
| The Shanghai Commercial & Savings Bank Ltd. | | 2,450,439 | 3,053,944 |
| Uni-President Enterprises Corp. | | 3,089,332 | 8,679,536 |
| Unimicron Technology Corp. | | 878,000 | 4,301,930 |
| United Microelectronics Corp. | | 7,213,000 | 10,440,420 |
| Vanguard International Semiconductor Corp. | | 630,000 | 1,865,632 |
| Vanguard International Semiconductor Corp. rights 10/18/24 (a) | | 64,704 | 17,221 |
| Voltronic Power Technology Corp. | | 42,000 | 2,771,094 |
| Walsin Lihwa Corp. | | 1,802,779 | 1,657,636 |
| Wan Hai Lines Ltd. | | 449,415 | 1,193,708 |
| Winbond Electronics Corp. | | 2,131,188 | 1,265,539 |
| Wistron Corp. | | 1,761,000 | 5,938,292 |
| Wiwynn Corp. | | 71,629 | 4,085,544 |
| WPG Holding Co. Ltd. | | 1,021,880 | 2,329,341 |
| Yageo Corp. | | 258,378 | 4,408,912 |
| Yang Ming Marine Transport Corp. | | 1,118,000 | 2,302,753 |
| Yuanta Financial Holding Co. Ltd. | | 6,623,049 | 6,664,332 |
| Zhen Ding Technology Holding Ltd. | | 426,000 | 1,473,760 |
TOTAL TAIWAN | | | 941,371,170 |
| Thailand - 1.5% | | | |
| Advanced Information Service PCL NVDR | | 747,400 | 6,079,298 |
| Airports of Thailand PCL NVDR | | 2,788,300 | 5,052,569 |
| Bangkok Dusit Medical Services PCL: | | | |
| (For. Reg.) | | 18,200 | 14,825 |
| NVDR | | 7,226,100 | 5,885,916 |
| Bangkok Expressway and Metro PCL NVDR | | 4,938,600 | 1,152,481 |
| Bumrungrad Hospital PCL NVDR | | 361,700 | 2,916,986 |
| Central Pattana PCL: | | | |
| (For. Reg.) | | 307,700 | 572,053 |
| NVDR | | 1,017,600 | 1,891,848 |
| Central Retail Corp. PCL NVDR | | 1,178,000 | 1,115,336 |
| Charoen Pokphand Foods PCL NVDR | | 2,484,300 | 1,827,163 |
| CP ALL PCL NVDR | | 3,656,400 | 6,848,411 |
| CP Axtra PCL NVDR | | 1,200,094 | 1,197,393 |
| Delta Electronics PCL NVDR | | 1,985,500 | 8,063,849 |
| Gulf Energy Development PCL NVDR | | 1,913,300 | 3,770,289 |
| Home Product Center PCL NVDR | | 3,882,200 | 1,096,499 |
| Intouch Holdings PCL NVDR | | 626,100 | 1,983,596 |
| Kasikornbank PCL NVDR | | 379,600 | 1,644,043 |
| Krung Thai Bank PCL: | | | |
| (For. Reg.) | | 342,100 | 207,628 |
| NVDR | | 1,894,800 | 1,149,998 |
| Krungthai Card PCL NVDR | | 588,400 | 830,211 |
| Minor International PCL NVDR | | 2,219,600 | 1,758,014 |
| PTT Exploration and Production PCL NVDR | | 911,900 | 3,422,406 |
| PTT Global Chemical PCL NVDR | | 1,481,500 | 1,141,089 |
| PTT Oil & Retail Business PCL NVDR | | 1,970,000 | 898,339 |
| PTT PCL NVDR | | 6,271,800 | 6,226,310 |
| Robinsons Department Store PCL (For. Reg.) (d) | | 55,100 | 0 |
| SCB X PCL: | | | |
| (For. Reg.) | | 222,300 | 747,061 |
| NVDR | | 312,300 | 1,049,514 |
| SCG Packaging PCL NVDR | | 849,600 | 640,173 |
| Siam Cement PCL NVDR | | 512,700 | 3,189,326 |
| Thai Oil PCL NVDR | | 814,421 | 989,342 |
| TMBThanachart Bank PCL NVDR | | 15,442,800 | 814,208 |
| True Corp. PCL (a) | | 2,189,832 | 796,868 |
| True Corp. PCL NVDR (a) | | 4,467,498 | 1,625,699 |
TOTAL THAILAND | | | 76,598,741 |
| Turkey - 0.6% | | | |
| Akbank TAS | | 1,994,571 | 2,945,434 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 132,809 | 743,017 |
| Aselsan A/S | | 876,400 | 1,556,368 |
| Bim Birlesik Magazalar A/S JSC | | 291,444 | 3,967,857 |
| Coca-Cola Icecek Sanayi A/S | | 536,720 | 797,287 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 892,911 | 1,240,408 |
| Ford Otomotiv Sanayi A/S | | 44,876 | 1,281,517 |
| Haci Omer Sabanci Holding A/S | | 669,946 | 1,627,696 |
| Koc Holding A/S | | 486,451 | 2,399,248 |
| Pegasus Hava Tasimaciligi A/S | | 143,549 | 970,260 |
| Sasa Polyester Sanayi A/S | | 6,881,499 | 773,202 |
| Tofas Turk Otomobil Fabrikasi A/S | | 79,383 | 435,547 |
| Turk Hava Yollari AO (a) | | 351,922 | 2,798,738 |
| Turkcell Iletisim Hizmet A/S | | 774,122 | 1,914,690 |
| Turkiye Is Bankasi A/S Series C | | 5,596,841 | 1,920,877 |
| Turkiye Petrol Rafinerileri A/S | | 618,829 | 2,611,489 |
| Turkiye Sise ve Cam Fabrikalari A/S | | 879,779 | 1,004,948 |
| Yapi ve Kredi Bankasi A/S | | 2,158,443 | 1,542,060 |
TOTAL TURKEY | | | 30,530,643 |
| United Arab Emirates - 1.2% | | | |
| Abu Dhabi Commercial Bank PJSC | | 1,834,933 | 4,466,125 |
| Abu Dhabi Islamic Bank | | 912,788 | 3,131,220 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 1,903,881 | 1,871,200 |
| ADNOC Drilling Co. PJSC | | 1,765,307 | 2,436,696 |
| Aldar Properties PJSC | | 2,306,624 | 4,785,253 |
| Americana Restaurants International PLC | | 1,836,286 | 1,129,853 |
| Dubai Islamic Bank Pakistan Ltd. | | 1,786,664 | 3,040,157 |
| Emaar Properties PJSC | | 4,223,392 | 9,992,044 |
| Emirates NBD Bank PJSC | | 1,197,196 | 6,192,871 |
| Emirates Telecommunications Corp. | | 2,431,837 | 11,731,981 |
| First Abu Dhabi Bank PJSC | | 3,002,982 | 10,742,893 |
| Multiply Group (a) | | 1,786,175 | 1,103,883 |
TOTAL UNITED ARAB EMIRATES | | | 60,624,176 |
| United Kingdom - 0.1% | | | |
| AngloGold Ashanti PLC | | 268,534 | 7,491,866 |
| United States of America - 0.1% | | | |
| JBS SA | | 497,000 | 3,095,880 |
| Legend Biotech Corp. ADR (a) | | 46,365 | 2,087,352 |
TOTAL UNITED STATES OF AMERICA | | | 5,183,232 |
| TOTAL COMMON STOCKS (Cost $3,522,677,016) | | | 5,017,909,447 |
| | | | |
| Nonconvertible Preferred Stocks - 0.4% |
| | | Shares | Value ($) |
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 281,705 | 2,254,786 |
| Korea (South) - 0.4% | | | |
| Hyundai Motor Co. Ltd. | | 15,659 | 1,774,206 |
| Hyundai Motor Co. Ltd. Series 2 | | 21,788 | 2,525,547 |
| LG Chemical Ltd. | | 4,820 | 728,054 |
| LG H & H Co. Ltd. | | 247 | 26,079 |
| Samsung Electronics Co. Ltd. | | 524,007 | 18,085,029 |
TOTAL KOREA (SOUTH) | | | 23,138,915 |
| Russia - 0.0% | | | |
| Surgutneftegas OJSC (a)(d) | | 3,570,022 | 0 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $21,808,590) | | | 25,393,701 |
| | | | |
| Government Obligations - 0.1% |
| | | Principal Amount (e) | Value ($) |
| United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (f) (Cost $4,059,655) | | 4,071,000 | 4,060,569 |
| | | | |
| Money Market Funds - 0.9% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.87% (g) | | 767 | 767 |
| Fidelity Securities Lending Cash Central Fund 4.87% (g)(h) | | 43,537,727 | 43,542,081 |
| TOTAL MONEY MARKET FUNDS (Cost $43,542,847) | | | 43,542,848 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $3,592,088,108) | 5,090,906,565 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | 32,769,467 |
| NET ASSETS - 100.0% | 5,123,676,032 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 1,387 | Dec 2024 | 78,122,775 | (346,176) | (346,176) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 1.5% |
Legend
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $264,221,025 or 5.2% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,916,078. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 215,977,603 | 1,820,270,049 | 2,036,243,732 | 7,587,615 | (3,154) | 1 | 767 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.87% | 26,639,700 | 286,367,721 | 269,465,340 | 456,537 | - | - | 43,542,081 | 0.2% |
| Total | 242,617,303 | 2,106,637,770 | 2,305,709,072 | 8,044,152 | (3,154) | 1 | 43,542,848 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 457,259,094 | 64,505,248 | 392,753,846 | - |
Consumer Discretionary | 683,616,228 | 97,706,037 | 585,910,191 | - |
Consumer Staples | 251,785,364 | 66,854,922 | 184,930,439 | 3 |
Energy | 231,361,416 | 77,468,893 | 153,892,522 | 1 |
Financials | 1,174,595,844 | 352,681,573 | 821,914,270 | 1 |
Health Care | 176,861,452 | 16,847,277 | 160,014,175 | - |
Industrials | 336,114,260 | 55,387,839 | 280,726,421 | - |
Information Technology | 1,181,170,887 | 7,050,630 | 1,174,120,257 | - |
Materials | 327,169,053 | 106,554,984 | 220,390,302 | 223,767 |
Real Estate | 80,077,309 | 32,517,282 | 47,560,027 | - |
Utilities | 143,292,241 | 47,138,304 | 96,153,935 | 2 |
|
| Government Obligations | 4,060,569 | - | 4,060,569 | - |
|
| Money Market Funds | 43,542,848 | 43,542,848 | - | - |
| Total Investments in Securities: | 5,090,906,565 | 968,255,837 | 4,122,426,954 | 223,774 |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (346,176) | (346,176) | - | - |
| Total Liabilities | (346,176) | (346,176) | - | - |
| Total Derivative Instruments: | (346,176) | (346,176) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 0 | (346,176) |
| Total Equity Risk | 0 | (346,176) |
| Total Value of Derivatives | 0 | (346,176) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $40,709,476) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $3,548,545,261) | $ | 5,047,363,717 | | |
Fidelity Central Funds (cost $43,542,847) | | 43,542,848 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $3,592,088,108) | | | $ | 5,090,906,565 |
| Foreign currency held at value (cost $27,732,892) | | | | 27,633,801 |
| Receivable for investments sold | | | | 73,170,555 |
| Receivable for fund shares sold | | | | 28,393,069 |
| Dividends receivable | | | | 6,276,485 |
| Distributions receivable from Fidelity Central Funds | | | | 566,457 |
| Prepaid expenses | | | | 6,739 |
| Receivable from investment adviser for expense reductions | | | | 176,811 |
| Other receivables | | | | 765 |
Total assets | | | | 5,227,131,247 |
| Liabilities | | | | |
| Payable to custodian bank | $ | 1 | | |
| Payable for investments purchased | | 202,711 | | |
| Payable for fund shares redeemed | | 2,436,656 | | |
| Accrued management fee | | 362,135 | | |
| Notes payable to affiliates | | 20,421,000 | | |
| Payable for daily variation margin on futures contracts | | 230,498 | | |
| Deferred taxes | | 34,239,218 | | |
| Other payables and accrued expenses | | 2,009,662 | | |
| Collateral on securities loaned | | 43,553,334 | | |
| Total liabilities | | | | 103,455,215 |
| Net Assets | | | $ | 5,123,676,032 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 4,495,651,168 |
| Total accumulated earnings (loss) | | | | 628,024,864 |
| Net Assets | | | $ | 5,123,676,032 |
Net Asset Value, offering price and redemption price per share ($5,123,676,032 ÷ 356,973,111 shares) | | | $ | 14.35 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 157,384,655 |
| Interest | | | | 574,692 |
| Income from Fidelity Central Funds (including $456,537 from security lending) | | | | 8,044,152 |
| Income before foreign taxes withheld | | | $ | 166,003,499 |
| Less foreign taxes withheld | | | | (17,963,034) |
| Total income | | | | 148,040,465 |
| Expenses | | | | |
| Management fee | $ | 3,903,648 | | |
| Custodian fees and expenses | | 3,138,116 | | |
| Independent trustees' fees and expenses | | 13,294 | | |
| Registration fees | | 161,057 | | |
| Audit fees | | 92,666 | | |
| Legal | | 3,818 | | |
| Interest | | 195,536 | | |
| Miscellaneous | | 19,156 | | |
| Total expenses before reductions | | 7,527,291 | | |
| Expense reductions | | (3,498,410) | | |
| Total expenses after reductions | | | | 4,028,881 |
| Net Investment income (loss) | | | | 144,011,584 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $16,052,995) | | (115,908,067) | | |
| Fidelity Central Funds | | (3,154) | | |
| Foreign currency transactions | | (1,140,066) | | |
| Futures contracts | | 38,657,294 | | |
| Total net realized gain (loss) | | | | (78,393,993) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $24,160,385) | | 981,746,650 | | |
| Fidelity Central Funds | | 1 | | |
| Assets and liabilities in foreign currencies | | (431,267) | | |
| Futures contracts | | 6,832,675 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 988,148,059 |
| Net gain (loss) | | | | 909,754,066 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 1,053,765,650 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 144,011,584 | $ | 104,406,121 |
| Net realized gain (loss) | | (78,393,993) | | (163,057,283) |
| Change in net unrealized appreciation (depreciation) | | 988,148,059 | | 402,410,789 |
| Net increase (decrease) in net assets resulting from operations | | 1,053,765,650 | | 343,759,627 |
| Distributions to shareholders | | (104,651,089) | | (87,971,565) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 2,800,927,863 | | 1,703,730,387 |
| Reinvestment of distributions | | 103,468,129 | | 87,324,787 |
| Cost of shares redeemed | | (2,238,500,861) | | (1,494,269,332) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 665,895,131 | | 296,785,842 |
| Total increase (decrease) in net assets | | 1,615,009,692 | | 552,573,904 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 3,508,666,340 | | 2,956,092,436 |
| End of period | $ | 5,123,676,032 | $ | 3,508,666,340 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 210,593,568 | | 137,300,618 |
| Issued in reinvestment of distributions | | 8,172,838 | | 7,193,146 |
| Redeemed | | (155,539,671) | | (117,777,572) |
| Net increase (decrease) | | 63,226,735 | | 26,716,192 |
| | | | | |
Financial Highlights
Fidelity® SAI Emerging Markets Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.94 | $ | 11.07 | $ | 16.49 | $ | 14.45 | $ | 13.71 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .37 | | .37 | | .41 | | .36 | | .30 |
| Net realized and unrealized gain (loss) | | 2.39 | | .81 | | (5.38) | | 1.93 | | .80 |
| Total from investment operations | | 2.76 | | 1.18 | | (4.97) | | 2.29 | | 1.10 |
| Distributions from net investment income | | (.35) | | (.31) | | (.45) | | (.25) | | (.36) |
| Total distributions | | (.35) | | (.31) | | (.45) | | (.25) | | (.36) |
| Net asset value, end of period | $ | 14.35 | $ | 11.94 | $ | 11.07 | $ | 16.49 | $ | 14.45 |
Total Return C | | | | 10.58% | | (30.89)% | | 15.87% | | 8.19% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | .14% | | .15% | | .15% | | .13% | | .14% |
| Expenses net of fee waivers, if any | | | | .08% | | .08% | | .08% | | .08% |
| Expenses net of all reductions | | .08% | | .08% | | .08% | | .08% | | .08% |
| Net investment income (loss) | | 2.76% | | 2.93% | | 2.95% | | 2.10% | | 2.21% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 5,123,676 | $ | 3,508,666 | $ | 2,956,092 | $ | 3,806,157 | $ | 3,564,409 |
Portfolio turnover rate F | | | | 32% | | 30% | | 16% | | 38% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
For the period ended October 31, 2024
1. Organization.
Fidelity SAI Emerging Markets Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, certain funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, partnerships, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,718,398,539 |
| Gross unrealized depreciation | (302,554,008) |
| Net unrealized appreciation (depreciation) | $1,415,844,531 |
| Tax Cost | $3,675,062,034 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $109,035,156 |
| Capital loss carryforward | $(862,114,716) |
| Net unrealized appreciation (depreciation) on securities and other investments | $1,415,343,641 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Short-term | $(439,893,697) |
Long-term | (422,221,019) |
| Total capital loss carryforward | $(862,114,716) |
The tax character of distributions paid was as follows:
| | October 31, 2024 | October 31, 2023 |
| Ordinary Income | $104,651,089 | $ 87,971,565 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI Emerging Markets Index Fund | 2,300,159,163 | 1,434,821,579 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .075% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity SAI Emerging Markets Index Fund | Borrower | 115,631,333 | 5.07% | 195,536 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity SAI Emerging Markets Index Fund | 7,962 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity SAI Emerging Markets Index Fund | 49,194 | - | - |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .075% of average net assets. This reimbursement will remain in place through February 28, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $3,406,051.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $92,359.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity Emerging Markets Fund |
| Fidelity SAI Emerging Markets Index Fund | 27% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity SAI Emerging Markets Index Fund | 32% |
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Emerging Markets Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Emerging Markets Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements 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 are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of securities owned as of October 31, 2024 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/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 13, 2024
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates $5,322,380 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 38.04% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3881 and $0.0582 for the dividend paid December 18, 2023.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI Emerging Markets Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to derivatives and liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.075% through February 28, 2025.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
1.9879600.108
SV6-ANN-1224
Fidelity® Emerging Markets Index Fund
Fidelity® Global ex U.S. Index Fund
Annual Report
October 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Emerging Markets Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 96.4% |
| | | Shares | Value ($) |
| Brazil - 4.6% | | | |
| Ambev SA | | 4,776,000 | 10,442,775 |
| Atacadao SA | | 635,400 | 823,253 |
| B3 SA - Brasil Bolsa Balcao | | 5,598,742 | 10,285,360 |
| Banco Bradesco SA | | 1,665,280 | 3,669,959 |
| Banco Bradesco SA (PN) | | 5,322,104 | 13,229,538 |
| Banco BTG Pactual SA unit | | 1,190,000 | 6,694,252 |
| Banco do Brasil SA | | 1,733,000 | 7,893,216 |
| BB Seguridade Participacoes SA | | 707,000 | 4,191,197 |
| BRF SA (a) | | 593,900 | 2,694,736 |
| Caixa Seguridade Participacoes | | 604,000 | 1,504,541 |
| CCR SA | | 1,012,200 | 2,144,900 |
| Centrais Eletricas Brasileiras SA (Electrobras) | | 1,177,965 | 7,737,088 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 280,806 | 2,050,342 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 449,200 | 7,154,999 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 1,826,374 | 3,592,152 |
| Companhia Paranaense de Energia-COPEL (PN-B) | | 1,097,100 | 1,861,743 |
| Companhia Siderurgica Nacional SA (CSN) | | 666,700 | 1,357,411 |
| Cosan SA | | 1,229,496 | 2,513,907 |
| CPFL Energia SA | | 230,400 | 1,306,061 |
| Embraer SA (a) | | 710,800 | 5,960,938 |
| Energisa SA unit | | 244,200 | 1,822,766 |
| ENGIE Brasil Energia SA | | 204,950 | 1,470,234 |
| Equatorial Energia SA | | 1,229,073 | 6,829,010 |
| Gerdau SA | | 1,401,170 | 4,435,540 |
| Hapvida Participacoes e Investimentos SA (a)(b) | | 4,942,244 | 3,009,341 |
| Hypera SA (a) | | 382,700 | 1,463,037 |
| Inter & Co., Inc. Class A (c) | | 243,495 | 1,597,327 |
| Itau Unibanco Holding SA | | 4,894,831 | 29,652,300 |
| Itausa SA | | 5,476,547 | 10,051,404 |
| Klabin SA unit | | 828,290 | 2,988,830 |
| Localiza Rent a Car SA | | 929,379 | 6,755,437 |
| Natura & Co. Holding SA | | 909,590 | 2,157,186 |
| Nu Holdings Ltd. Class A (a) | | 2,996,736 | 45,220,746 |
| PagSeguro Digital Ltd. (a) | | 200,400 | 1,611,216 |
| Petroleo Brasileiro SA - Petrobras: | | | |
| (ON) | | 3,758,097 | 25,392,459 |
| (PN) (non-vtg.) | | 4,532,000 | 28,152,039 |
| PRIO SA | | 811,700 | 5,754,029 |
| Raia Drogasil SA | | 1,301,336 | 5,479,167 |
| Rede D'Oregon Sao Luiz SA (b) | | 809,220 | 4,109,862 |
| Rumo SA | | 1,308,400 | 4,503,998 |
| Sendas Distribuidora SA (a) | | 1,361,800 | 1,764,411 |
| StoneCo Ltd. Class A (a) | | 253,489 | 2,813,728 |
| Suzano SA | | 790,417 | 8,172,296 |
| Telefonica Brasil SA | | 417,300 | 3,799,871 |
| TIM SA | | 855,000 | 2,452,196 |
| Totvs SA | | 560,900 | 2,895,268 |
| Ultrapar Participacoes SA | | 732,600 | 2,647,341 |
| Vale SA | | 3,439,707 | 36,926,468 |
| Vibra Energia SA | | 1,016,091 | 3,921,360 |
| Weg SA | | 1,696,564 | 15,880,067 |
| XP, Inc. Class A | | 374,841 | 6,544,724 |
TOTAL BRAZIL | | | 377,382,026 |
| Chile - 0.4% | | | |
| Banco de Chile | | 46,026,927 | 5,361,877 |
| Banco de Credito e Inversiones | | 88,496 | 2,595,730 |
| Banco Santander Chile | | 66,799,497 | 3,316,977 |
| Cencosud SA | | 1,294,886 | 2,685,614 |
| Empresas CMPC SA | | 1,136,183 | 1,809,299 |
| Empresas COPEC SA | | 394,264 | 2,489,216 |
| Enel Americas SA | | 21,653,210 | 2,028,116 |
| Enel Chile SA | | 27,970,328 | 1,484,311 |
| Falabella SA (a) | | 886,804 | 3,183,167 |
| LATAM Airlines Group SA | | 150,187,336 | 2,008,913 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 144,271 | 5,552,382 |
TOTAL CHILE | | | 32,515,602 |
| China - 26.7% | | | |
| 360 Security Technology, Inc. (A Shares) | | 435,300 | 591,373 |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | | 134,900 | 309,282 |
| AAC Technology Holdings, Inc. | | 726,000 | 2,932,319 |
| Accelink Technologies Co. Ltd. (A Shares) | | 48,200 | 307,940 |
| ACM Research Shanghai, Inc. (A Shares) | | 17,732 | 265,768 |
| Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 37,693 | 1,017,759 |
| AECC Aero-Engine Control Co. Ltd. (A Shares) | | 81,600 | 274,805 |
| AECC Aviation Power Co. Ltd. | | 162,900 | 978,987 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 5,122,600 | 3,406,060 |
| (H Shares) | | 28,012,000 | 13,763,601 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 565,871 | 1,150,842 |
| Air China Ltd.: | | | |
| (A Shares) (a) | | 635,500 | 655,220 |
| (H Shares) (a)(c) | | 144,000 | 81,046 |
| Airtac International Group | | 141,551 | 3,930,884 |
| Akeso, Inc. (a)(b) | | 612,000 | 4,932,689 |
| Alibaba Group Holding Ltd. | | 15,367,040 | 187,974,477 |
| Alibaba Health Information Technology Ltd. (a)(c) | | 5,692,000 | 2,878,544 |
| Aluminum Corp. of China Ltd.: | | | |
| (A shares) | | 807,400 | 864,495 |
| (H Shares) | | 3,978,000 | 2,534,588 |
| Amlogic Shanghai Co. Ltd. (A Shares) | | 25,381 | 248,020 |
| Angel Yeast Co. Ltd. (A Shares) | | 53,100 | 271,721 |
| Anhui Conch Cement Co. Ltd.: | | | |
| (A Shares) | | 240,000 | 902,271 |
| (H Shares) | | 1,243,000 | 3,610,721 |
| Anhui Gujing Distillery Co. Ltd.: | | | |
| (A Shares) | | 24,300 | 644,534 |
| (B Shares) | | 115,900 | 1,774,520 |
| Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) | | 132,200 | 760,566 |
| Anhui Kouzi Distillery Co. Ltd. (A Shares) | | 36,800 | 200,429 |
| Anhui Yingjia Distillery Co. Ltd. (A Shares) | | 40,600 | 343,257 |
| Anjoy Foods Group Co. Ltd. (A Shares) | | 17,900 | 215,571 |
| Anker Innovations Technology Co. Ltd. (A Shares) | | 32,110 | 361,795 |
| Anta Sports Products Ltd. | | 1,288,000 | 13,747,069 |
| Asymchem Laboratories Tianjin Co. Ltd. (A Shares) | | 20,840 | 243,270 |
| Autobio Diagnostics Co. Ltd. | | 36,000 | 227,646 |
| Autohome, Inc. ADR Class A | | 67,367 | 1,893,013 |
| Avary Holding Shenzhen Co. Ltd. (A Shares) | | 140,400 | 738,832 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 2,505,000 | 1,345,515 |
| Avicopter PLC (A Shares) | | 50,600 | 298,671 |
| BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (a) | | 335,300 | 388,873 |
| Baidu, Inc. Class A (a) | | 2,304,452 | 26,295,711 |
| Bank of Beijing Co. Ltd. (A Shares) | | 1,277,080 | 1,014,698 |
| Bank of Changsha Co. Ltd. (A Shares) | | 244,000 | 292,393 |
| Bank of Chengdu Co. Ltd. (A Shares) | | 231,400 | 501,248 |
| Bank of China Ltd.: | | | |
| (A Shares) | | 2,210,200 | 1,497,322 |
| (H Shares) | | 80,162,000 | 38,047,282 |
| Bank of Communications Co. Ltd.: | | | |
| (A Shares) | | 2,358,100 | 2,357,241 |
| (H Shares) | | 8,873,000 | 6,720,281 |
| Bank of Hangzhou Co. Ltd. (A Shares) | | 360,220 | 701,770 |
| Bank of Jiangsu Co. Ltd. (A Shares) | | 1,112,100 | 1,377,646 |
| Bank of Nanjing Co. Ltd. (A Shares) | | 625,300 | 901,313 |
| Bank of Ningbo Co. Ltd. (A Shares) | | 400,780 | 1,440,420 |
| Bank of Shanghai Co. Ltd. (A Shares) | | 857,877 | 934,919 |
| Bank of Suzhou Co. Ltd. | | 221,200 | 237,466 |
| Baoshan Iron & Steel Co. Ltd. (A Shares) | | 1,345,100 | 1,233,987 |
| BeiGene Ltd. (a) | | 700,530 | 11,033,035 |
| Beijing Enlight Media Co. Ltd. (A Shares) | | 177,600 | 220,925 |
| Beijing Enterprises Holdings Ltd. | | 508,500 | 1,666,022 |
| Beijing Enterprises Water Group Ltd. | | 4,058,000 | 1,208,221 |
| Beijing Kingsoft Office Software, Inc. (A Shares) | | 28,076 | 1,014,674 |
| Beijing New Building Materials PLC (A Shares) | | 102,200 | 447,928 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | | 70,400 | 144,483 |
| Beijing Roborock Technology Co. Ltd. (A Shares) | | 11,116 | 368,459 |
| Beijing Tiantan Biological Products Corp. Ltd. (A Shares) | | 119,760 | 362,237 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 83,200 | 463,093 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) | | 64,307 | 644,405 |
| Beijing Yanjing Brewery Co. Ltd. (A Shares) | | 173,100 | 247,212 |
| Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) | | 2,979,200 | 2,272,699 |
| Bethel Automotive Safety Systems Co. Ltd. (A Shares) | | 36,660 | 249,732 |
| Bilibili, Inc. Class Z (a) | | 233,712 | 5,163,644 |
| Bloomage Biotechnology Corp. Ltd. (A Shares) | | 29,224 | 246,761 |
| BOC Aviation Ltd. Class A (b) | | 210,300 | 1,631,091 |
| BOC International China Co. Ltd. | | 168,300 | 274,118 |
| BOE Technology Group Co. Ltd. (A Shares) | | 2,238,800 | 1,468,900 |
| Bosideng International Holdings Ltd. | | 3,890,000 | 2,181,300 |
| By-Health Co. Ltd. (A Shares) | | 103,700 | 185,465 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 110,100 | 4,535,034 |
| (H Shares) | | 1,054,000 | 38,069,024 |
| BYD Electronic International Co. Ltd. | | 796,500 | 3,413,336 |
| C&D International Investment Group Ltd. (c) | | 712,859 | 1,348,940 |
| Caitong Securities Co. Ltd. | | 280,290 | 325,681 |
| Cambricon Technologies Corp. Ltd. (A Shares) (a) | | 25,258 | 1,608,026 |
| Cathay Biotech, Inc. (A Shares) | | 35,591 | 235,663 |
| CGN Power Co. Ltd.: | | | |
| (A Shares) | | 949,000 | 537,919 |
| (H Shares) (b) | | 10,718,000 | 3,852,460 |
| Changchun High & New Technology Industry Group, Inc. (A Shares) | | 24,700 | 361,939 |
| Changjiang Securities Co. Ltd. (A Shares) | | 335,100 | 332,683 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) | | 17,300 | 333,543 |
| Chaozhou Three-Circle Group Co. (A Shares) | | 116,800 | 609,736 |
| Chifeng Jilong Gold Mining Co. Ltd. (A Shares) | | 100,700 | 266,432 |
| China CITIC Bank Corp. Ltd.: | | | |
| (A Shares) | | 32,900 | 30,222 |
| (H Shares) | | 8,978,000 | 5,595,501 |
| China Coal Energy Co. Ltd. (H Shares) | | 2,077,000 | 2,591,013 |
| China Communications Services Corp. Ltd. (H Shares) | | 2,414,000 | 1,296,918 |
| China Construction Bank Corp.: | | | |
| (A Shares) | | 565,100 | 630,053 |
| (H Shares) | | 97,205,000 | 75,454,074 |
| China CSSC Holdings Ltd. (A Shares) | | 271,000 | 1,398,662 |
| China Eastern Airlines Corp. Ltd. (A Shares) (a) | | 1,013,500 | 547,082 |
| China Energy Engineering Corp. Ltd. (A Shares) | | 1,976,900 | 650,118 |
| China Everbright Bank Co. Ltd.: | | | |
| (A Shares) | | 2,711,100 | 1,314,744 |
| (H Shares) | | 3,349,000 | 1,132,025 |
| China Feihe Ltd. (b) | | 3,667,000 | 2,767,647 |
| China Galaxy Securities Co. Ltd.: | | | |
| (A Shares) | | 424,100 | 867,904 |
| (H Shares) | | 3,576,000 | 3,183,280 |
| China Gas Holdings Ltd. | | 2,742,800 | 2,355,390 |
| China Great Wall Securities Co. Ltd. (A Shares) | | 243,100 | 291,823 |
| China Greatwall Technology Group Co. Ltd. (A Shares) (a) | | 189,000 | 420,344 |
| China Hongqiao Group Ltd. | | 2,872,000 | 4,614,428 |
| China Huishan Dairy Holdings Co. Ltd. (a)(d) | | 888,000 | 1 |
| China International Capital Corp. Ltd. | | 142,300 | 708,261 |
| China International Capital Corp. Ltd. (H Shares) (b) | | 1,552,800 | 2,806,376 |
| China Jushi Co. Ltd. (A Shares) | | 237,604 | 377,434 |
| China Life Insurance Co. Ltd.: | | | |
| (A Shares) | | 167,400 | 985,391 |
| (H Shares) | | 7,524,000 | 15,948,944 |
| China Literature Ltd. (a)(b) | | 413,600 | 1,493,334 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 3,183,000 | 2,830,348 |
| China Mengniu Dairy Co. Ltd. | | 3,180,000 | 7,121,483 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 1,238,200 | 6,505,882 |
| (H Shares) | | 3,958,346 | 19,370,277 |
| China Merchants Energy Shipping Co. Ltd. (A Shares) | | 494,100 | 466,572 |
| China Merchants Expressway Network & Technology Holdings Co. Ltd. (A Shares) | | 341,800 | 558,139 |
| China Merchants Holdings International Co. Ltd. | | 1,271,283 | 2,090,646 |
| China Merchants Securities Co. Ltd. (A Shares) | | 450,100 | 1,217,324 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 548,400 | 871,310 |
| China Minmetals Rare Earth Co. Ltd. (A Shares) | | 65,200 | 277,909 |
| China Minsheng Banking Corp. Ltd.: | | | |
| (A Shares) | | 2,557,400 | 1,358,409 |
| (H Shares) | | 6,197,040 | 2,301,696 |
| China National Building Materials Co. Ltd. (H Shares) | | 4,578,000 | 1,947,671 |
| China National Chemical Engineering Co. Ltd. (A Shares) | | 370,700 | 421,396 |
| China National Medicines Corp. Ltd. (A Shares) | | 47,300 | 210,041 |
| China National Nuclear Power Co. Ltd. (A Shares) | | 1,143,300 | 1,614,804 |
| China National Software & Service Co. Ltd. (A Shares) (a) | | 51,910 | 331,176 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 220,500 | 663,578 |
| China Oilfield Services Ltd. (H Shares) | | 1,834,000 | 1,716,015 |
| China Overseas Land and Investment Ltd. | | 3,869,000 | 7,392,955 |
| China Pacific Insurance (Group) Co. Ltd. | | 410,400 | 2,123,045 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 2,671,200 | 9,276,686 |
| China Petroleum & Chemical Corp.: | | | |
| (A Shares) | | 2,012,300 | 1,747,971 |
| (H Shares) | | 24,533,000 | 13,819,205 |
| China Power International Development Ltd. | | 4,372,563 | 1,877,146 |
| China Railway Group Ltd.: | | | |
| (A Shares) | | 1,218,900 | 1,098,285 |
| (H Shares) | | 4,290,000 | 2,140,792 |
| China Railway Signal & Communications Corp. (A Shares) | | 436,304 | 384,714 |
| China Resource Gas Group Ltd. | | 935,500 | 3,606,942 |
| China Resources Beer Holdings Co. Ltd. | | 1,638,878 | 6,070,889 |
| China Resources Land Ltd. | | 3,242,244 | 10,807,813 |
| China Resources Microelectronics Ltd. (A Shares) | | 80,440 | 568,904 |
| China Resources Mixc Lifestyle Services Ltd. (b) | | 692,000 | 2,854,789 |
| China Resources Pharmaceutical Group Ltd. (b) | | 1,902,500 | 1,345,688 |
| China Resources Power Holdings Co. Ltd. | | 1,943,691 | 4,675,544 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 77,780 | 492,407 |
| China Ruyi Holdings Ltd. (a)(c) | | 6,312,000 | 1,549,905 |
| China Shenhua Energy Co. Ltd.: | | | |
| (A Shares) | | 398,800 | 2,243,856 |
| (H Shares) | | 3,416,000 | 14,791,019 |
| China Southern Airlines Ltd.: | | | |
| (A Shares) (a) | | 545,600 | 472,812 |
| (H Shares) (a)(c) | | 270,000 | 118,013 |
| China State Construction Engineering Corp. Ltd. (A Shares) | | 2,518,480 | 2,132,360 |
| China State Construction International Holdings Ltd. | | 2,035,000 | 2,986,862 |
| China Taiping Insurance Group Ltd. | | 1,451,977 | 2,500,958 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 1,740,600 | 1,163,147 |
| China Tourism Group Duty Free Corp. Ltd.: | | | |
| (A Shares) | | 117,500 | 1,120,586 |
| (H Shares) (b)(c) | | 1,200 | 8,194 |
| China Tower Corp. Ltd. (H Shares) (b) | | 44,804,000 | 6,045,451 |
| China United Network Communications Ltd. (A Shares) | | 1,938,400 | 1,358,955 |
| China Vanke Co. Ltd.: | | | |
| (A Shares) (a) | | 581,400 | 759,945 |
| (H Shares) (a)(c) | | 2,239,800 | 2,132,428 |
| China XD Electric Co. Ltd. (A Shares) | | 310,700 | 360,540 |
| China Yangtze Power Co. Ltd. (A Shares) | | 1,483,500 | 5,749,272 |
| China Zheshang Bank Co. Ltd. | | 1,307,980 | 521,993 |
| Chongqing Brewery Co. Ltd. (A Shares) | | 29,500 | 240,843 |
| Chongqing Changan Automobile Co. Ltd. (A Shares) | | 501,576 | 933,311 |
| Chongqing Rural Commercial Bank Co. Ltd.: | | | |
| (A Shares) | | 490,600 | 384,603 |
| (H Shares) | | 61,000 | 33,082 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 145,250 | 579,616 |
| Chow Tai Fook Jewellery Group Ltd. | | 2,017,000 | 1,910,408 |
| CITIC Pacific Ltd. | | 5,872,000 | 6,897,313 |
| CITIC Pacific Special Steel Group Co. Ltd. | | 204,300 | 347,752 |
| CITIC Securities Co. Ltd.: | | | |
| (A Shares) | | 738,395 | 2,912,634 |
| (H Shares) | | 1,595,425 | 4,406,310 |
| Cmoc Group Ltd.: | | | |
| (A Shares) | | 1,039,500 | 1,103,080 |
| (H Shares) | | 3,813,000 | 3,156,264 |
| CNGR Advanced Material Co. Ltd. | | 56,620 | 305,218 |
| CNOOC Energy Technology & Services Ltd. (A Shares) | | 412,000 | 252,643 |
| CNPC Capital Co. Ltd. (A Shares) | | 511,800 | 635,944 |
| Contemporary Amperex Technology Co. Ltd. | | 266,780 | 9,255,868 |
| COSCO Shipping Development Co. Ltd. (A Shares) | | 596,200 | 222,058 |
| COSCO Shipping Energy Transportation Co. Ltd.: | | | |
| (A Shares) | | 222,600 | 409,585 |
| (H Shares) | | 1,292,000 | 1,236,548 |
| COSCO SHIPPING Holdings Co. Ltd.: | | | |
| (A Shares) | | 754,310 | 1,544,586 |
| (H Shares) | | 2,940,050 | 4,354,026 |
| CRRC Corp. Ltd.: | | | |
| (A Shares) | | 1,427,100 | 1,667,341 |
| (H Shares) | | 4,492,000 | 2,907,532 |
| CSC Financial Co. Ltd. (A Shares) | | 263,100 | 940,116 |
| CSPC Innovation Pharmaceutical Co. Ltd. (A Shares) | | 85,460 | 306,941 |
| CSPC Pharmaceutical Group Ltd. | | 8,389,840 | 6,211,277 |
| Daqin Railway Co. Ltd. (A Shares) | | 1,100,900 | 1,007,579 |
| Datang International Power Generation Co. Ltd. (A Shares) | | 747,600 | 309,729 |
| Dong-E-E-Jiao Co. Ltd. (A Shares) | | 39,300 | 325,397 |
| Dongfang Electric Corp. Ltd. (A Shares) | | 168,200 | 372,663 |
| Dongxing Securities Co. Ltd. (A Shares) | | 194,800 | 301,118 |
| East Money Information Co. Ltd. (A Shares) | | 957,117 | 3,115,092 |
| Eastroc Beverage Group Co. Ltd. (A Shares) | | 26,400 | 786,116 |
| Ecovacs Robotics Co. Ltd. Class A | | 34,800 | 255,105 |
| Empyrean Technology Co. Ltd. (A Shares) | | 27,600 | 387,473 |
| ENN Energy Holdings Ltd. | | 800,400 | 5,639,054 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 157,600 | 406,389 |
| Eoptolink Technology, Inc. Ltd. (A Shares) | | 43,000 | 779,335 |
| Eve Energy Co. Ltd. (A shares) | | 123,955 | 845,872 |
| Everbright Securities Co. Ltd. (A Shares) | | 236,300 | 575,237 |
| Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (a) | | 714,592 | 253,369 |
| Far East Horizon Ltd. | | 1,956,000 | 1,365,267 |
| FAW Jiefang Group Co. Ltd. (A Shares) | | 186,900 | 226,318 |
| Flat Glass Group Co. Ltd. (A Shares) | | 115,000 | 464,903 |
| Focus Media Information Technology Co. Ltd. (A Shares) | | 877,120 | 888,813 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 281,956 | 1,735,231 |
| Fosun International Ltd. | | 2,474,000 | 1,404,589 |
| Founder Securities Co. Ltd. (A Shares) | | 498,100 | 605,500 |
| Foxconn Industrial Internet Co. Ltd. (A Shares) | | 803,296 | 2,693,223 |
| Fuyao Glass Industries Group Co. Ltd.: | | | |
| (A Shares) | | 148,000 | 1,183,794 |
| (H Shares) (b) | | 582,000 | 4,116,834 |
| GalaxyCore, Inc. (A Shares) | | 131,465 | 284,540 |
| Ganfeng Lithium Group Co. Ltd. (A Shares) | | 97,500 | 465,221 |
| GCL Technology Holdings Ltd. (a) | | 21,754,000 | 4,803,441 |
| GD Power Development Co. Ltd. (A Shares) | | 1,078,700 | 733,551 |
| Geely Automobile Holdings Ltd. | | 6,103,000 | 10,728,463 |
| GEM Co. Ltd. (A Shares) | | 311,300 | 305,098 |
| Genscript Biotech Corp. (a)(c) | | 1,182,000 | 1,807,957 |
| GF Securities Co. Ltd.: | | | |
| (A Shares) | | 345,000 | 785,012 |
| (H Shares) | | 22,400 | 31,822 |
| Giant Biogene Holding Co. Ltd. (b) | | 312,000 | 2,116,092 |
| Gigadevice Semiconductor Beijing, Inc. (A Shares) (a) | | 40,484 | 510,731 |
| Ginlong Technologies Co. Ltd. (A Shares) | | 24,250 | 246,077 |
| GoerTek, Inc. (A Shares) | | 207,000 | 679,330 |
| Goldwind Science & Technology Co. Ltd. (A Shares) | | 208,900 | 319,549 |
| Goneo Group Co. Ltd. (A Shares) | | 39,425 | 403,806 |
| Gotion High-tech Co. Ltd. (A Shares) | | 108,500 | 346,507 |
| Great Wall Motor Co. Ltd.: | | | |
| (A Shares) | | 148,500 | 546,607 |
| (H Shares) | | 2,348,500 | 3,734,536 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 170,500 | 1,042,791 |
| GRG Banking Equipment Co. Ltd. (A Shares) | | 152,700 | 263,849 |
| Guangdong Haid Group Co. Ltd. (A Shares) | | 101,300 | 624,647 |
| Guangdong Investment Ltd. | | 2,974,000 | 1,893,181 |
| Guanghui Energy Co. Ltd. (A Shares) | | 406,000 | 435,637 |
| Guangzhou Automobile Group Co. Ltd. | | 309,600 | 347,597 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) (c) | | 2,780,000 | 974,488 |
| Guangzhou Baiyun International Airport Co. Ltd. (A Shares) | | 142,400 | 193,921 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 86,700 | 340,418 |
| Guangzhou Haige Communications Group (A Shares) | | 151,000 | 239,977 |
| Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) | | 115,800 | 308,152 |
| Guolian Securities Co. Ltd. | | 144,100 | 249,035 |
| Guosen Securities Co. Ltd. (A Shares) | | 389,600 | 631,631 |
| Guotai Junan Securities Co. Ltd. (A Shares) | | 455,900 | 1,215,250 |
| Guoyuan Securities Co. Ltd. (A Shares) | | 264,510 | 314,805 |
| H World Group Ltd. ADR | | 206,036 | 7,559,461 |
| Haidilao International Holding Ltd. (b) | | 1,688,000 | 3,404,561 |
| Haier Smart Home Co. Ltd. | | 2,458,600 | 8,922,816 |
| Haier Smart Home Co. Ltd. (A Shares) | | 379,600 | 1,559,481 |
| Hainan Airlines Co. Ltd. (A Shares) (a) | | 2,539,000 | 493,381 |
| Hainan Airport Infrastructure Co. Ltd. (A Shares) (a) | | 679,500 | 336,430 |
| Haitian International Holdings Ltd. | | 644,000 | 1,781,292 |
| Haitong Securities Co. Ltd.: | | | |
| (A Shares) | | 577,000 | 955,734 |
| (H Shares) (c) | | 2,771,600 | 2,308,475 |
| Hanergy Mobile Energy Holding (a)(d) | | 1,618,000 | 2 |
| Hangzhou First Applied Material Co. Ltd. (A Shares) | | 157,857 | 414,236 |
| Hangzhou Greatstar Industrial Co. Ltd. (A Shares) | | 72,700 | 292,692 |
| Hangzhou Silan Microelectronics Co. Ltd. (A Shares) (a) | | 101,100 | 439,521 |
| Hangzhou Tigermed Consulting Co. Ltd.: | | | |
| (A Shares) | | 21,100 | 186,631 |
| (H Shares) (b) | | 3,300 | 14,899 |
| Hansoh Pharmaceutical Group Co. Ltd. (b) | | 1,200,000 | 2,797,860 |
| Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares) | | 77,500 | 225,292 |
| Heilongjiang Agriculture Co. Ltd. (A Shares) | | 110,500 | 240,560 |
| Henan Shenhuo Coal & Power Co. Ltd. (A Shares) | | 136,800 | 343,364 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 210,523 | 736,426 |
| Hengan International Group Co. Ltd. | | 644,500 | 1,903,117 |
| Hengli Petrochemical Co. Ltd. (A Shares) | | 425,140 | 820,793 |
| Hengtong Optic-electric Co. Ltd. (A Shares) | | 149,600 | 364,148 |
| Hengyi Petrochemical Co. Ltd. (A Shares) | | 221,620 | 198,879 |
| Hisense Electric Co. Ltd. (A Shares) | | 78,700 | 246,696 |
| Hisense Home Appliances Group Co. Ltd.: | | | |
| (A Shares) | | 54,100 | 213,129 |
| (H Shares) (c) | | 350,000 | 1,108,901 |
| Hithink RoyalFlush Information Network Co. Ltd. (A Shares) | | 32,600 | 939,892 |
| HLA Group Corp. Ltd. (A Shares) | | 290,000 | 231,980 |
| Hoshine Silicon Industry Co. Ltd. (A Shares) | | 47,700 | 396,079 |
| Hua Hong Semiconductor Ltd. (b) | | 661,000 | 1,848,749 |
| Huadian Power International Corp. Ltd. (A Shares) | | 514,300 | 416,832 |
| Huadong Medicine Co. Ltd. (A Shares) | | 107,980 | 501,302 |
| Huafon Chemical Co. Ltd. (A Shares) (d) | | 299,600 | 341,347 |
| Huagong Tech Co. Ltd. (A Shares) | | 61,300 | 338,061 |
| Huaibei Mining Holdings Co. Ltd. (A Shares) | | 164,000 | 356,395 |
| Hualan Biological Engineer, Inc. (A Shares) | | 110,860 | 256,813 |
| Huaneng Lancang River Hydropower, Inc. (A Shares) | | 325,500 | 445,677 |
| Huaneng Power International, Inc.: | | | |
| (A Shares) | | 537,000 | 547,671 |
| (H Shares) | | 4,302,000 | 2,304,999 |
| Huatai Securities Co. Ltd.: | | | |
| (A Shares) | | 396,900 | 983,212 |
| (H Shares) (b) | | 1,371,800 | 2,322,001 |
| Huaxia Bank Co. Ltd. (A Shares) | | 800,200 | 794,998 |
| Huayu Automotive Systems Co. Ltd. (A Shares) | | 190,600 | 404,241 |
| Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares) | | 55,800 | 236,758 |
| Huizhou Desay SV Automotive Co. Ltd. | | 33,600 | 574,179 |
| Humanwell Healthcare Group Co. Ltd. (A Shares) | | 98,800 | 299,008 |
| Hunan Valin Steel Co. Ltd. (A Shares) | | 420,300 | 277,157 |
| Hundsun Technologies, Inc. (A Shares) | | 115,452 | 434,097 |
| Hwatsing Technology Co. Ltd. (A Shares) | | 14,371 | 388,562 |
| Hygon Information Technology Co. Ltd. (A Shares) | | 141,009 | 2,542,212 |
| IEIT Systems Co. Ltd. (A Shares) | | 89,596 | 585,586 |
| iFlytek Co. Ltd. (A Shares) | | 140,800 | 906,595 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 18,400 | 549,568 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 3,851,200 | 3,270,906 |
| (H Shares) | | 70,114,000 | 42,058,343 |
| Industrial Bank Co. Ltd. (A Shares) | | 1,259,700 | 3,236,953 |
| Industrial Securities Co. Ltd. (A Shares) | | 521,810 | 478,812 |
| Ingenic Semiconductor Co. Ltd. (A Shares) | | 29,300 | 299,709 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 386,100 | 1,516,847 |
| Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) | | 2,787,700 | 669,606 |
| Inner Mongolia Dian Tou Energy Corp. Ltd. | | 138,700 | 391,575 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) | | 517,500 | 309,447 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 1,078,404 | 2,499,980 |
| Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares) | | 226,100 | 214,547 |
| Innovent Biologics, Inc. (a)(b) | | 1,233,500 | 5,362,242 |
| iQIYI, Inc. ADR (a) | | 477,189 | 1,245,463 |
| iSoftStone Information Technology Group Co. Ltd. (A Shares) | | 57,800 | 549,640 |
| JA Solar Technology Co. Ltd. (A Shares) | | 201,172 | 547,185 |
| JCET Group Co. Ltd. (A Shares) | | 108,600 | 605,599 |
| JCHX Mining Management Co. Ltd. (A Shares) | | 37,400 | 210,000 |
| JD Health International, Inc. (a)(b) | | 1,128,350 | 4,038,762 |
| JD Logistics, Inc. (a)(b) | | 2,007,700 | 4,085,429 |
| JD.com, Inc. Class A | | 2,496,557 | 50,628,247 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 394,900 | 438,603 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 1,228,000 | 1,235,691 |
| Jiangsu Hengli Hydraulic Co. Ltd. | | 81,076 | 589,575 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 387,075 | 2,538,291 |
| Jiangsu King's Luck Brewery JSC Ltd. (A Shares) | | 76,100 | 470,204 |
| Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares) | | 62,300 | 232,003 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd. | | 151,800 | 214,622 |
| Jiangsu Yanghe Brewery JSC Ltd. (A Shares) | | 91,500 | 1,034,204 |
| Jiangsu Yangnong Chemical Co. Ltd. (A Shares) | | 24,960 | 202,827 |
| Jiangsu Yoke Technology Co. Ltd. (A Shares) | | 28,700 | 255,741 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) | | 61,700 | 293,891 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 206,300 | 456,736 |
| Jiangxi Copper Co. Ltd.: | | | |
| (A Shares) | | 122,800 | 374,031 |
| (H Shares) | | 1,128,000 | 1,897,419 |
| Jinduicheng Molybdenum Co. Ltd. (A Shares) | | 198,500 | 299,175 |
| Jinko Solar Co. Ltd. (A Shares) | | 607,441 | 809,284 |
| Jointown Pharmaceutical Group (A Shares) | | 308,210 | 223,946 |
| Juneyao Airlines Co. Ltd. (A shares) | | 129,200 | 231,782 |
| Kangmei Pharmaceutical Co. Ltd. rights (a)(d) | | 9,606 | 0 |
| Kanzhun Ltd. ADR | | 266,789 | 3,881,780 |
| KE Holdings, Inc. ADR | | 653,862 | 14,339,194 |
| Kingdee International Software Group Co. Ltd. (a) | | 3,080,000 | 3,224,315 |
| Kingsoft Corp. Ltd. | | 947,200 | 3,264,286 |
| Kuaishou Technology Class B (a)(b) | | 2,370,700 | 13,970,555 |
| Kuang-Chi Technologies Co. Ltd. (A Shares) | | 128,100 | 762,903 |
| Kunlun Energy Co. Ltd. | | 3,938,000 | 3,734,650 |
| Kunlun Tech Co. Ltd. (A Shares) | | 74,800 | 426,015 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 76,200 | 16,360,487 |
| Lb Group Co. Ltd. (A Shares) | | 144,273 | 382,143 |
| Lenovo Group Ltd. | | 8,148,000 | 10,744,254 |
| Lens Technology Co. Ltd. (A Shares) | | 302,300 | 954,034 |
| Lepu Medical Technology Beijing Co. Ltd. (A Shares) | | 113,900 | 192,875 |
| Li Auto, Inc. Class A (a) | | 1,249,348 | 15,710,673 |
| Li Ning Co. Ltd. | | 2,349,500 | 4,793,941 |
| Liaoning Port Co. Ltd. (A Shares) | | 1,164,200 | 252,133 |
| Lingyi iTech Guangdong Co. (A Shares) | | 423,600 | 533,744 |
| Livzon Pharmaceutical Group, Inc. (A Shares) | | 38,600 | 198,730 |
| Longfor Properties Co. Ltd. (b) | | 2,051,321 | 3,323,154 |
| LONGi Green Energy Technology Co. Ltd. | | 459,448 | 1,275,582 |
| Luxshare Precision Industry Co. Ltd. (A Shares) | | 436,828 | 2,572,763 |
| Luzhou Laojiao Co. Ltd. (A Shares) | | 89,200 | 1,700,156 |
| Mango Excellent Media Co. Ltd. (A Shares) | | 113,507 | 400,032 |
| Maxscend Microelectronics Co. Ltd. (A Shares) | | 32,476 | 435,163 |
| Meihua Holdings Group Co. Ltd. (A Shares) | | 174,000 | 231,486 |
| Meituan Class B (a)(b) | | 5,035,720 | 118,995,942 |
| Metallurgical Corp. China Ltd. (A Shares) | | 1,079,000 | 506,406 |
| Midea Group Co. Ltd.: | | | |
| (A Shares) | | 214,500 | 2,149,468 |
| (H Shares) (c) | | 367,700 | 3,427,484 |
| MINISO Group Holding Ltd. (c) | | 381,364 | 1,911,147 |
| MMG Ltd. (a) | | 4,288,000 | 1,509,305 |
| Montage Technology Co. Ltd. (A Shares) | | 69,206 | 664,516 |
| Muyuan Foodstuff Co. Ltd. (A Shares) (a) | | 331,140 | 2,031,327 |
| Nanjing Iron & Steel Co. Ltd. | | 372,000 | 226,931 |
| Nanjing Securities Co. Ltd. (A Shares) | | 221,300 | 282,045 |
| NARI Technology Co. Ltd. (A Shares) | | 487,594 | 1,781,030 |
| National Silicon Industry Group Co. Ltd. (A Shares) | | 166,669 | 524,560 |
| NAURA Technology Group Co. Ltd. | | 32,200 | 1,771,913 |
| NetEase, Inc. | | 1,953,950 | 31,436,712 |
| New China Life Insurance Co. Ltd. | | 130,500 | 880,369 |
| New China Life Insurance Co. Ltd. (H Shares) | | 880,400 | 2,971,136 |
| New Hope Liuhe Co. Ltd. (A Shares) (a) | | 274,700 | 378,463 |
| New Oriental Education & Technology Group, Inc. | | 1,505,210 | 9,419,691 |
| Ninestar Corp. (A Shares) (a) | | 85,500 | 338,039 |
| Ningbo Deye Technology Co. Ltd. (A Shares) | | 38,608 | 513,802 |
| Ningbo Joyson Electronic Corp. (A shares) | | 84,500 | 197,454 |
| Ningbo Orient Wires & Cables Co. Ltd. (A Shares) | | 41,600 | 330,809 |
| Ningbo Sanxing Medical Electric Co. Ltd. | | 85,400 | 371,133 |
| Ningbo Tuopu Group Co. Ltd. (A Shares) | | 102,150 | 620,568 |
| Ningxia Baofeng Energy Group Co. Ltd. | | 443,900 | 991,331 |
| NIO, Inc. (A Shares) (a) | | 1,371,189 | 7,052,623 |
| Nongfu Spring Co. Ltd. (H Shares) (b)(c) | | 2,035,200 | 7,582,867 |
| Offshore Oil Enginering Co. Ltd. (A Shares) | | 272,400 | 207,592 |
| OFILM Group Co. Ltd. (A Shares) (a) | | 192,700 | 476,291 |
| Oppein Home Group, Inc. (A Shares) | | 30,760 | 304,311 |
| Orient Securities Co. Ltd. (A Shares) | | 451,808 | 668,618 |
| Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a) | | 577,400 | 233,376 |
| PDD Holdings, Inc. ADR (a) | | 701,726 | 84,621,138 |
| People's Insurance Co. of China Group Ltd.: | | | |
| (A Shares) | | 538,400 | 537,927 |
| (H Shares) | | 8,894,000 | 4,489,288 |
| PetroChina Co. Ltd.: | | | |
| (A Shares) | | 1,334,800 | 1,517,414 |
| (H Shares) | | 21,290,000 | 15,986,973 |
| Pharmaron Beijing Co. Ltd.: | | | |
| (A Shares) | | 84,925 | 348,667 |
| (H Shares) (b)(c) | | 12,775 | 24,712 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 6,969,840 | 10,573,043 |
| Ping An Bank Co. Ltd. (A Shares) | | 1,178,000 | 1,885,828 |
| Ping An Insurance Group Co. of China Ltd.: | | | |
| (A Shares) | | 650,894 | 5,119,342 |
| (H Shares) | | 6,776,500 | 41,985,735 |
| Pingdingshan Tianan Coal Mining Co. Ltd. A Shares | | 152,300 | 217,157 |
| Piotech, Inc. (A Shares) | | 16,874 | 381,220 |
| Poly Developments & Holdings (A Shares) | | 725,400 | 1,102,686 |
| Pop Mart International Group Ltd. (b) | | 542,800 | 4,907,395 |
| Postal Savings Bank of China Co. Ltd. | | 1,715,100 | 1,256,693 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (b) | | 8,088,000 | 4,644,791 |
| Power Construction Corp. of China Ltd. (A Shares) | | 1,038,900 | 804,191 |
| Qifu Technology, Inc. ADR | | 117,706 | 3,861,934 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (a) | | 331,300 | 835,173 |
| Range Intelligent Computing Technology Group Co. Ltd. (A Shares) | | 87,300 | 392,203 |
| Rockchip Electronics Co. Ltd. | | 25,500 | 315,756 |
| Rongsheng Petrochemical Co. Ltd. (A Shares) | | 612,300 | 811,207 |
| SAIC Motor Corp. Ltd. (A Shares) | | 464,900 | 840,826 |
| Sailun Group Co. Ltd. A Shares | | 198,800 | 404,701 |
| Sanan Optoelectronics Co. Ltd. (A Shares) | | 303,300 | 584,429 |
| Sany Heavy Industry Co. Ltd. (A Shares) | | 512,900 | 1,316,207 |
| Satellite Chemical Co. Ltd. (A Shares) | | 204,556 | 543,474 |
| SDIC Capital Co. Ltd. | | 389,700 | 434,326 |
| SDIC Power Holdings Co. Ltd. (A Shares) | | 450,700 | 963,409 |
| Seres Group Co. Ltd. (A Shares) (a) | | 91,400 | 1,497,164 |
| SF Holding Co. Ltd. (A Shares) | | 292,100 | 1,836,273 |
| SG Micro Corp. (A Shares) | | 28,675 | 359,002 |
| Shaanxi Coal Industry Co. Ltd. (A Shares) | | 589,200 | 2,043,886 |
| Shan Xi Hua Yang Group New Energy Co. Ltd. | | 222,600 | 234,074 |
| Shandong Gold Mining Co. Ltd.: | | | |
| (A Shares) | | 329,484 | 1,212,062 |
| (H Shares) (b) | | 537,500 | 1,064,833 |
| Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares) | | 48,200 | 308,011 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) | | 128,220 | 413,031 |
| Shandong Linglong Tyre Co. Ltd. (A Shares) | | 88,500 | 241,797 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 714,400 | 409,063 |
| Shandong Sun Paper Industry JSC Ltd. (A Shares) | | 170,200 | 311,282 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 2,513,200 | 1,555,358 |
| Shanghai Baosight Software Co. Ltd. | | 730,521 | 1,105,730 |
| Shanghai Baosight Software Co. Ltd. (A Shares) | | 131,345 | 496,018 |
| Shanghai Electric Group Co. Ltd. (A Shares) (a) | | 770,300 | 975,986 |
| Shanghai Electric Power Co. Ltd. (A Shares) | | 169,900 | 227,957 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd.: | | | |
| (A Shares) | | 120,400 | 449,956 |
| (H Shares) | | 19,500 | 37,082 |
| Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares) | | 12,514 | 332,350 |
| Shanghai International Airport Co. Ltd. (A Shares) | | 74,300 | 365,085 |
| Shanghai International Port Group Co. Ltd. (A Shares) | | 421,900 | 353,242 |
| Shanghai Lingang Holdings Corp. Ltd. (A Shares) | | 142,860 | 227,542 |
| Shanghai M&G Stationery, Inc. (A Shares) | | 56,300 | 229,440 |
| Shanghai Pharmaceuticals Holding Co. Ltd.: | | | |
| (A Shares) | | 158,200 | 430,579 |
| (H Shares) | | 722,600 | 1,116,848 |
| Shanghai Pudong Development Bank Co. Ltd. (A Shares) | | 1,780,300 | 2,465,771 |
| Shanghai Putailai New Energy Technology Co. Ltd. | | 129,264 | 305,508 |
| Shanghai RAAS Blood Products Co. Ltd. (A Shares) | | 405,900 | 419,823 |
| Shanghai Rural Commercial Bank Co. Ltd. (A Shares) | | 586,600 | 639,221 |
| Shanghai United Imaging Healthcare Co. Ltd. (A Shares) | | 50,100 | 860,620 |
| Shanghai Zhangjiang High Ltd. (A Shares) | | 93,800 | 377,044 |
| Shanjin International Gold Co. (A Shares) | | 168,580 | 424,671 |
| Shanxi Coal International Energy Group Co. Ltd. (A Shares) | | 118,600 | 221,433 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) | | 184,100 | 377,097 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) | | 74,040 | 2,091,045 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) | | 350,960 | 406,135 |
| Shenergy Co. Ltd. (A Shares) | | 295,700 | 358,350 |
| Shengyi Technology Co. Ltd. | | 143,400 | 412,850 |
| Shennan Circuits Co. Ltd. (A Shares) | | 31,040 | 454,895 |
| Shenwan Hongyuan Group Co. Ltd. (A Shares) | | 1,361,500 | 1,018,145 |
| Shenzhen Capchem Technology Co. Ltd. (A Shares) | | 45,580 | 246,212 |
| Shenzhen Energy Group Co. Ltd. (A Shares) | | 288,360 | 269,997 |
| Shenzhen Goodix Technology Co. Ltd. (A Shares) | | 27,800 | 350,100 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 81,250 | 634,167 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 73,500 | 2,752,773 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 47,800 | 460,679 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) | | 68,300 | 308,879 |
| Shenzhen Transsion Holdings Co. Ltd. (A Shares) | | 68,443 | 916,530 |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 56,900 | 203,796 |
| Shenzhou International Group Holdings Ltd. | | 835,100 | 6,448,651 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) | | 101,560 | 242,736 |
| Sichuan Chuantou Energy Co. Ltd. (A Shares) | | 294,900 | 693,675 |
| Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) | | 96,800 | 436,906 |
| Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) | | 353,000 | 379,554 |
| Sieyuan Electric Co. Ltd. (A Shares) | | 47,000 | 504,568 |
| Silergy Corp. | | 331,000 | 5,151,980 |
| Sinolink Securities Co. Ltd. (A Shares) | | 224,400 | 288,396 |
| Sinoma International Engineering Co. Ltd. (A Shares) | | 159,800 | 231,837 |
| Sinopharm Group Co. Ltd. (H Shares) | | 1,356,400 | 3,379,188 |
| Sinotruk Hong Kong Ltd. | | 697,000 | 1,881,259 |
| Smoore International Holdings Ltd. (b) | | 1,862,000 | 2,430,934 |
| Soochow Securities Co. Ltd. (A Shares) | | 300,145 | 343,245 |
| Southwest Securities Co. Ltd. (A Shares) | | 400,000 | 270,246 |
| Spring Airlines Co. Ltd. (A Shares) | | 58,300 | 450,770 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 125,740 | 1,602,057 |
| Sunny Optical Technology Group Co. Ltd. | | 718,800 | 4,675,792 |
| Sunwoda Electronic Co. Ltd. (A Shares) | | 113,000 | 359,377 |
| SUPCON Technology Co. Ltd. (A Shares) | | 48,115 | 325,573 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) | | 103,200 | 454,229 |
| Suzhou Maxwell Technologies Co. Ltd. (A Shares) | | 16,944 | 276,283 |
| Suzhou TFC Optical Communication Co. Ltd. (A Shares) | | 33,580 | 598,744 |
| TAL Education Group ADR (a) | | 416,727 | 4,634,004 |
| TBEA Co. Ltd. (A Shares) | | 305,770 | 607,174 |
| TCL Technology Group Corp. (A Shares) | | 1,135,190 | 845,718 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares) | | 244,675 | 436,078 |
| Tencent Holdings Ltd. | | 6,618,000 | 345,076,622 |
| Tencent Music Entertainment Group ADR | | 758,927 | 8,446,858 |
| Tian Di Science & Technology Co. Ltd. (A Shares) | | 250,700 | 216,518 |
| Tianhe Chemicals Group Ltd. (a)(d) | | 376,000 | 0 |
| Tianqi Lithium Corp. (A Shares) | | 89,500 | 450,432 |
| Tianshan Aluminum Group Co. Ltd. | | 283,700 | 329,596 |
| Tianshui Huatian Technology Co. Ltd. (A Shares) | | 195,100 | 374,874 |
| Tingyi (Cayman Islands) Holding Corp. | | 1,992,000 | 2,906,116 |
| Tongcheng Travel Holdings Ltd. | | 1,290,400 | 2,919,441 |
| TongFu Microelectronics Co. Ltd. (A Shares) | | 92,000 | 347,223 |
| Tongkun Group Co. Ltd. (A Shares) | | 144,600 | 239,275 |
| Tongling Nonferrous Metals Group Co. Ltd. (A Shares) | | 780,400 | 371,282 |
| Tongwei Co. Ltd. (A Shares) | | 272,800 | 1,182,318 |
| Topsports International Holdings Ltd. (b) | | 2,188,000 | 729,036 |
| TravelSky Technology Ltd. (H Shares) | | 938,000 | 1,314,688 |
| Trina Solar Co. Ltd. (A Shares) | | 132,545 | 466,643 |
| Trip.com Group Ltd. (a) | | 559,212 | 35,987,814 |
| Tsingtao Brewery Co. Ltd.: | | | |
| (A Shares) | | 48,400 | 456,003 |
| (H Shares) | | 622,000 | 4,005,113 |
| Unigroup Guoxin Microelectronics Co. Ltd. | | 51,719 | 484,597 |
| Unisplendour Corp. Ltd. (A Shares) | | 173,803 | 637,735 |
| Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) | | 111,000 | 231,576 |
| Victory Giant Technology Huizhou Co. Ltd. (A Shares) | | 52,300 | 327,118 |
| Vipshop Holdings Ltd. ADR | | 375,476 | 5,421,873 |
| Wanda Film Holding Co. Ltd. (A Shares) (a) | | 131,300 | 222,691 |
| Wanhua Chemical Group Co. Ltd. (A Shares) | | 190,200 | 2,012,895 |
| Want Want China Holdings Ltd. | | 4,774,000 | 2,970,699 |
| Weichai Power Co. Ltd.: | | | |
| (A Shares) | | 435,000 | 816,428 |
| (H Shares) | | 1,929,200 | 2,915,141 |
| Weihai Guangwei Composites Co. Ltd. (A Shares) | | 50,360 | 247,482 |
| Wens Foodstuffs Group Co. Ltd. (A Shares) | | 401,480 | 1,051,010 |
| Western Mining Co. Ltd. (A Shares) | | 144,700 | 357,526 |
| Western Securities Co. Ltd. (A Shares) | | 270,300 | 310,917 |
| Western Superconducting Technologies Co. Ltd. (A Shares) | | 39,546 | 279,917 |
| Will Semiconductor Ltd. | | 73,735 | 1,108,834 |
| Wingtech Technology Co. Ltd. (A Shares) | | 75,400 | 461,151 |
| Wintime Energy Group Co. Ltd. (A Shares) | | 1,348,300 | 265,930 |
| Wuhan Guide Infrared Co. Ltd. (A Shares) | | 260,169 | 323,958 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 235,400 | 4,858,680 |
| WUS Printed Circuit Kunshan Co. Ltd. (A Shares) | | 116,090 | 658,436 |
| WuXi AppTec Co. Ltd. | | 151,244 | 1,106,015 |
| WuXi AppTec Co. Ltd. (H Shares) (b)(c) | | 354,522 | 2,357,688 |
| Wuxi Biologics (Cayman), Inc. (a)(b) | | 3,567,500 | 7,578,809 |
| XCMG Construction Machinery Co. Ltd. (A Shares) | | 716,100 | 780,526 |
| Xiamen C&D, Inc. (A Shares) | | 176,300 | 230,877 |
| Xiamen Tungsten Co. Ltd. (A Shares) | | 87,300 | 238,422 |
| Xiaomi Corp. Class B (a)(b) | | 15,531,600 | 53,271,775 |
| Xinjiang Daqo New Energy Co. Ltd. (A Shares) | | 108,729 | 496,239 |
| Xinyi Solar Holdings Ltd. | | 4,949,498 | 2,538,432 |
| XPeng, Inc. Class A (a) | | 1,245,452 | 7,037,154 |
| Yadea Group Holdings Ltd. (b) | | 1,237,185 | 2,136,936 |
| Yankuang Ener-A: | | | |
| (A Shares) | | 301,275 | 652,961 |
| (H Shares) | | 3,298,600 | 4,291,965 |
| Yantai Jereh Oilfield Services (A Shares) | | 62,300 | 293,467 |
| Yealink Network Technology Corp. Ltd. | | 77,030 | 421,685 |
| Yifeng Pharmacy Chain Co. Ltd. | | 73,730 | 245,863 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 98,600 | 451,450 |
| Yonyou Network Technology Co. Ltd. (A Shares) (a) | | 208,538 | 332,904 |
| Youngor Fashion Co. Ltd. (A Shares) | | 285,689 | 301,762 |
| YTO Express Group Co. Ltd. (A Shares) | | 208,700 | 481,394 |
| Yum China Holdings, Inc. | | 393,957 | 17,377,443 |
| Yunnan Aluminium Co. Ltd. (A Shares) | | 212,000 | 422,653 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 108,800 | 873,582 |
| Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares) | | 314,200 | 254,320 |
| Yunnan Energy New Material Co. Ltd. | | 59,100 | 295,533 |
| Yunnan Tin Co. Ltd. (A Shares) | | 99,700 | 213,312 |
| Yunnan Yuntianhua Co. Ltd. (Series A) | | 111,300 | 360,070 |
| Yutong Bus Co. Ltd. | | 134,100 | 456,551 |
| Zangge Mining Co. Ltd. (Series A) | | 96,600 | 388,657 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 36,700 | 1,210,535 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 1,522,500 | 2,668,085 |
| Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a) | | 453,197 | 300,757 |
| Zhejiang China Commodities City Group Co. Ltd. (A Shares) | | 333,200 | 499,799 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 130,000 | 426,775 |
| Zhejiang Dahua Technology Co. Ltd. (A Shares) | | 201,100 | 463,677 |
| Zhejiang Dingli Machinery Co. Ltd. (A Shares) | | 29,960 | 213,485 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 1,581,920 | 1,048,078 |
| Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) | | 89,520 | 232,581 |
| Zhejiang Huayou Cobalt Co. Ltd. (A Shares) | | 102,850 | 448,224 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) | | 79,600 | 402,740 |
| Zhejiang Juhua Co. Ltd. (A Shares) | | 164,400 | 483,475 |
| Zhejiang Leapmotor Technology Co. Ltd. (H Shares) (a)(b)(c) | | 507,500 | 2,003,415 |
| Zhejiang Longsheng Group Co. Ltd. (A Shares) | | 198,000 | 279,896 |
| Zhejiang NHU Co. Ltd. (A Shares) | | 187,728 | 598,142 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 112,800 | 345,418 |
| Zhejiang Supor Cookware Co. Ltd. | | 32,600 | 239,654 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd. (A Shares) | | 128,400 | 373,118 |
| Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares) | | 104,590 | 301,168 |
| Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) | | 94,800 | 198,587 |
| Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) | | 676,300 | 558,116 |
| Zheshang Securities Co. Ltd. | | 234,400 | 425,255 |
| Zhongji Innolight Co. Ltd. (A Shares) | | 67,980 | 1,342,769 |
| Zhongjin Gold Co. Ltd. (A Shares) | | 293,400 | 582,743 |
| Zhongsheng Group Holdings Ltd. Class H | | 838,500 | 1,289,436 |
| Zhongtai Securities Co. Ltd. (A Shares) | | 419,400 | 401,140 |
| Zhuzhou CRRC Times Electric Co. Ltd.: | | | |
| (A Shares) | | 52,458 | 358,669 |
| (H Shares) | | 493,400 | 1,893,405 |
| Zijin Mining Group Co. Ltd.: | | | |
| (A Shares) | | 1,221,100 | 2,863,292 |
| (H Shares) | | 5,782,000 | 12,316,075 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd.: | | | |
| (A Shares) | | 204,500 | 199,792 |
| (H Shares) | | 394,600 | 268,430 |
| ZTE Corp.: | | | |
| (A Shares) | | 240,200 | 1,019,102 |
| (H Shares) | | 770,080 | 1,916,630 |
| ZTO Express, Inc. | | 429,149 | 9,897,515 |
TOTAL CHINA | | | 2,191,445,276 |
| Colombia - 0.0% | | | |
| Bancolombia SA | | 258,198 | 2,205,499 |
| Bancolombia SA sponsored ADR | | 3,413 | 108,909 |
| Interconexion Electrica SA ESP | | 447,112 | 1,776,223 |
TOTAL COLOMBIA | | | 4,090,631 |
| Czech Republic - 0.1% | | | |
| CEZ A/S | | 163,077 | 6,319,103 |
| Komercni Banka A/S | | 76,940 | 2,657,446 |
| MONETA Money Bank A/S (b) | | 258,579 | 1,288,568 |
TOTAL CZECH REPUBLIC | | | 10,265,117 |
| Egypt - 0.1% | | | |
| Commercial International Bank SAE | | 2,307,457 | 3,771,125 |
| Eastern Co. SAE | | 1,366,946 | 762,362 |
| Talaat Moustafa Group Holding | | 832,287 | 1,005,035 |
TOTAL EGYPT | | | 5,538,522 |
| Greece - 0.4% | | | |
| Alpha Services and Holdings SA | | 2,255,535 | 3,384,546 |
| Eurobank Ergasias Services and Holdings SA | | 2,626,521 | 5,434,855 |
| Ff Group (a)(d) | | 1,035 | 0 |
| Hellenic Telecommunications Organization SA | | 190,081 | 3,136,558 |
| Jumbo SA | | 116,817 | 3,113,158 |
| Metlen Energy & Metals SA | | 107,914 | 3,763,314 |
| National Bank of Greece SA | | 877,493 | 6,853,260 |
| OPAP SA | | 185,935 | 3,171,292 |
| Piraeus Financial Holdings SA | | 1,072,528 | 4,010,916 |
| Public Power Corp. of Greece | | 211,869 | 2,777,049 |
TOTAL GREECE | | | 35,644,948 |
| Hong Kong - 0.1% | | | |
| Orient Overseas International Ltd. | | 134,000 | 1,826,584 |
| Sino Biopharmaceutical Ltd. | | 10,446,000 | 4,745,275 |
TOTAL HONG KONG | | | 6,571,859 |
| Hungary - 0.2% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 415,211 | 2,881,150 |
| OTP Bank PLC | | 226,191 | 11,259,220 |
| Richter Gedeon PLC | | 141,242 | 4,079,897 |
TOTAL HUNGARY | | | 18,220,267 |
| India - 18.3% | | | |
| ABB India Ltd. | | 53,527 | 4,714,517 |
| Adani Enterprises Ltd. | | 149,565 | 5,230,966 |
| Adani Green Energy Ltd. (a) | | 319,879 | 6,058,243 |
| Adani Ports & Special Economic Zone Ltd. | | 545,167 | 8,894,524 |
| Adani Power Ltd. (a) | | 779,259 | 5,471,155 |
| Ambuja Cements Ltd. | | 616,467 | 4,249,770 |
| APL Apollo Tubes Ltd. | | 168,287 | 3,039,172 |
| Apollo Hospitals Enterprise Ltd. | | 101,717 | 8,473,735 |
| Ashok Leyland Ltd. | | 1,479,709 | 3,655,037 |
| Asian Paints Ltd. | | 387,521 | 13,496,250 |
| Astral Ltd. | | 135,465 | 2,846,362 |
| AU Small Finance Bank Ltd. (b) | | 367,667 | 2,672,654 |
| Aurobindo Pharma Ltd. | | 266,264 | 4,413,492 |
| Avenue Supermarts Ltd. (a)(b) | | 164,345 | 7,670,176 |
| Axis Bank Ltd. | | 2,310,887 | 31,744,178 |
| Bajaj Auto Ltd. | | 67,683 | 7,904,769 |
| Bajaj Finance Ltd. | | 281,359 | 22,980,978 |
| Bajaj Finserv Ltd. | | 386,890 | 8,028,294 |
| Bajaj Holdings & Investment Ltd. | | 26,981 | 3,278,818 |
| Balkrishna Industries Ltd. | | 78,022 | 2,625,653 |
| Bank of Baroda | | 1,044,139 | 3,104,981 |
| Bharat Electronics Ltd. | | 3,693,555 | 12,467,623 |
| Bharat Forge Ltd. | | 258,482 | 4,326,470 |
| Bharat Heavy Electricals Ltd. | | 1,054,443 | 2,984,822 |
| Bharat Petroleum Corp. Ltd. | | 1,534,672 | 5,660,949 |
| Bharti Airtel Ltd. | | 2,588,581 | 49,545,379 |
| Bosch Ltd. | | 7,450 | 3,107,610 |
| Britannia Industries Ltd. | | 109,517 | 7,445,646 |
| Canara Bank Ltd. | | 1,828,814 | 2,222,122 |
| Cg Power & Industrial Soluti | | 617,735 | 5,158,848 |
| Cholamandalam Investment and Finance Co. Ltd. | | 424,009 | 6,391,797 |
| Cipla Ltd./India | | 530,270 | 9,754,972 |
| Coal India Ltd. | | 1,868,912 | 10,024,497 |
| Colgate-Palmolive Ltd. | | 137,378 | 4,996,354 |
| Container Corp. of India Ltd. | | 245,895 | 2,472,520 |
| Cummins India Ltd. | | 139,946 | 5,804,817 |
| Dabur India Ltd. | | 536,476 | 3,439,977 |
| Divi's Laboratories Ltd. | | 120,753 | 8,439,263 |
| Dixon Technologies India Ltd. | | 33,246 | 5,546,604 |
| DLF Ltd. | | 749,539 | 7,285,832 |
| Dr. Reddy's Laboratories Ltd. | | 590,090 | 8,925,335 |
| Eicher Motors Ltd. | | 138,362 | 8,029,991 |
| GAIL India Ltd. | | 2,325,200 | 5,509,353 |
| GMR Airports Infrastructure Ltd. (a) | | 2,428,752 | 2,280,147 |
| Godrej Consumer Products Ltd. | | 413,144 | 6,294,828 |
| Godrej Properties Ltd. (a) | | 126,349 | 4,300,279 |
| Grasim Industries Ltd. | | 264,735 | 8,478,084 |
| Havells India Ltd. | | 253,174 | 4,926,967 |
| HCL Technologies Ltd. | | 959,853 | 20,084,024 |
| HDFC Asset Management Co. Ltd. (b) | | 97,037 | 4,951,803 |
| HDFC Bank Ltd. | | 4,305,345 | 88,492,764 |
| HDFC Standard Life Insurance Co. Ltd. (b) | | 977,609 | 8,350,036 |
| Hero Motocorp Ltd. | | 121,172 | 7,164,760 |
| Hindalco Industries Ltd. | | 1,362,048 | 11,051,917 |
| Hindustan Aeronautics Ltd. | | 202,747 | 10,202,345 |
| Hindustan Petroleum Corp. Ltd. | | 967,647 | 4,375,300 |
| Hindustan Unilever Ltd. | | 831,000 | 24,949,129 |
| ICICI Bank Ltd. | | 5,262,662 | 80,724,732 |
| ICICI Lombard General Insurance Co. Ltd. (b) | | 244,134 | 5,545,900 |
| ICICI Prudential Life Insurance Co. Ltd. (b) | | 363,773 | 3,198,246 |
| IDFC Bank Ltd. (a) | | 3,636,116 | 2,840,535 |
| Indian Oil Corp. Ltd. | | 2,854,334 | 4,810,513 |
| Indian Railway Catering & Tourism Corp. Ltd. | | 242,228 | 2,359,274 |
| Indus Towers Ltd. (a) | | 1,224,869 | 4,942,133 |
| IndusInd Bank Ltd. | | 290,752 | 3,637,377 |
| Info Edge India Ltd. | | 71,910 | 6,344,733 |
| Infosys Ltd. | | 3,356,743 | 70,035,371 |
| InterGlobe Aviation Ltd. (a)(b) | | 188,096 | 9,035,792 |
| ITC Ltd. | | 3,029,920 | 17,578,804 |
| Jindal Stainless Ltd. | | 332,495 | 2,661,939 |
| Jindal Steel & Power Ltd. | | 359,951 | 3,928,323 |
| Jio Financial Services Ltd. (a) | | 2,887,766 | 11,044,891 |
| JSW Energy Ltd. | | 352,555 | 2,841,973 |
| JSW Steel Ltd. | | 617,339 | 7,048,323 |
| Jubilant Foodworks Ltd. | | 365,420 | 2,496,484 |
| Kotak Mahindra Bank Ltd. | | 1,104,864 | 22,682,496 |
| Larsen & Toubro Ltd. | | 680,565 | 29,234,058 |
| Ltimindtree Ltd. (b) | | 74,842 | 5,064,336 |
| Lupin Ltd. | | 230,299 | 5,975,362 |
| Macrotech Developers Ltd. (b) | | 301,417 | 4,309,073 |
| Mahindra & Mahindra Ltd. | | 942,469 | 30,433,821 |
| Mankind Pharma Ltd. (a) | | 101,197 | 3,202,289 |
| Marico Ltd. | | 523,063 | 3,974,189 |
| Maruti Suzuki India Ltd. | | 127,082 | 16,679,359 |
| Max Healthcare Institute Ltd. | | 785,777 | 9,485,154 |
| Mphasis BFL Ltd. | | 104,941 | 3,576,917 |
| MRF Ltd. | | 2,351 | 3,419,174 |
| Muthoot Finance Ltd. | | 121,266 | 2,776,395 |
| Nestle India Ltd. | | 340,968 | 9,169,445 |
| NHPC Ltd. | | 3,040,426 | 2,976,687 |
| NMDC Ltd. | | 1,034,855 | 2,717,679 |
| NTPC Ltd. | | 4,408,562 | 21,321,814 |
| Oil & Natural Gas Corp. Ltd. | | 3,178,178 | 10,022,833 |
| Oil India Ltd. | | 492,959 | 2,762,452 |
| Oracle Financial Services Software Ltd. | | 21,895 | 2,825,699 |
| Page Industries Ltd. | | 6,198 | 3,175,867 |
| PB Fintech Ltd. (a) | | 299,405 | 6,049,155 |
| Persistent Systems Ltd. | | 108,995 | 6,939,687 |
| Petronet LNG Ltd. | | 758,699 | 2,993,818 |
| Phoenix Mills Ltd. | | 198,411 | 3,584,010 |
| PI Industries Ltd. | | 76,612 | 4,075,184 |
| Pidilite Industries Ltd. | | 154,087 | 5,753,433 |
| Polycab India Ltd. | | 53,170 | 4,077,811 |
| Power Finance Corp. Ltd. | | 1,499,730 | 8,056,703 |
| Power Grid Corp. of India Ltd. | | 4,696,905 | 17,866,456 |
| Prestige Estates Projs. Ltd. | | 173,918 | 3,376,396 |
| Punjab National Bank | | 2,220,954 | 2,579,567 |
| Rail Vikas Nigam Ltd. | | 526,376 | 2,936,180 |
| REC Ltd. | | 1,329,809 | 8,210,250 |
| Reliance Industries Ltd. | | 3,076,880 | 48,650,249 |
| Reliance Industries Ltd. (a) | | 3,076,880 | 48,302,336 |
| Samvardhana Motherson International Ltd. | | 2,737,815 | 5,865,834 |
| SBI Cards & Payment Services Ltd. | | 286,747 | 2,341,690 |
| SBI Life Insurance Co. Ltd. (b) | | 455,145 | 8,762,566 |
| Shree Cement Ltd. | | 9,002 | 2,677,508 |
| Shriram Finance Ltd. | | 284,729 | 10,570,915 |
| Siemens Ltd. | | 89,956 | 7,441,549 |
| Solar Industries India Ltd. | | 27,426 | 3,325,805 |
| Sona Blw Precision Forgings Ltd. (b) | | 438,318 | 3,565,288 |
| SRF Ltd. | | 134,516 | 3,576,527 |
| State Bank of India | | 1,803,450 | 17,549,371 |
| Sun Pharmaceutical Industries Ltd. | | 969,933 | 21,284,867 |
| Sundaram Finance Ltd. | | 66,741 | 3,814,251 |
| Supreme Industries Ltd. | | 64,154 | 3,268,441 |
| Suzlon Energy Ltd. (a) | | 9,634,548 | 7,639,900 |
| Tata Communications Ltd. | | 114,895 | 2,419,318 |
| Tata Consultancy Services Ltd. | | 914,068 | 42,993,964 |
| Tata Consumer Products Ltd. | | 599,651 | 7,133,983 |
| Tata Elxsi Ltd. | | 34,597 | 2,882,434 |
| Tata Motors Ltd. | | 2,022,204 | 20,001,166 |
| Tata Power Co. Ltd./The | | 1,451,972 | 7,568,299 |
| Tata Steel Ltd. | | 7,564,972 | 13,295,261 |
| Tech Mahindra Ltd. | | 543,443 | 10,343,627 |
| The Indian Hotels Co. Ltd. | | 861,965 | 6,912,598 |
| Thermax Ltd. | | 42,096 | 2,463,757 |
| Titan Co. Ltd. | | 358,730 | 13,894,964 |
| Torrent Pharmaceuticals Ltd. | | 102,542 | 3,897,583 |
| Torrent Power Ltd. | | 169,828 | 3,673,779 |
| Trent Ltd. | | 183,222 | 15,482,384 |
| Tube Investments of India Ltd. | | 107,444 | 5,712,103 |
| Tvs Motor Co. Ltd. | | 239,880 | 7,100,214 |
| Ultratech Cement Ltd. | | 116,309 | 15,272,810 |
| Union Bank of India Ltd. | | 1,540,212 | 2,135,833 |
| United Spirits Ltd. | | 293,889 | 5,056,904 |
| UPL Ltd. | | 453,426 | 2,980,646 |
| Varun Beverages Ltd. | | 1,148,213 | 8,088,707 |
| Vedanta Ltd. | | 1,382,714 | 7,611,188 |
| Vodafone Idea Ltd. (a) | | 23,955,635 | 2,303,368 |
| Wipro Ltd. | | 1,321,060 | 8,599,100 |
| Yes Bank Ltd. (a) | | 14,232,511 | 3,435,669 |
| Zomato Ltd. (a) | | 6,688,755 | 19,189,572 |
| Zydus Lifesciences Ltd. | | 254,012 | 3,017,059 |
TOTAL INDIA | | | 1,501,459,367 |
| Indonesia - 1.6% | | | |
| Amman Mineral Internasional PT (a) | | 6,593,800 | 3,842,952 |
| PT Adaro Energy Indonesia Tbk | | 14,559,000 | 3,350,952 |
| PT Astra International Tbk | | 20,439,100 | 6,635,502 |
| PT Bank Central Asia Tbk | | 56,067,300 | 36,286,564 |
| PT Bank Mandiri (Persero) Tbk | | 37,727,700 | 16,016,130 |
| PT Bank Negara Indonesia (Persero) Tbk | | 15,077,600 | 5,028,923 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 68,916,285 | 21,009,414 |
| PT Barito Pacific Tbk | | 28,563,030 | 1,808,374 |
| PT Chandra Asri Pacific Tbk | | 7,863,600 | 4,344,520 |
| PT Charoen Pokphand Indonesia Tbk | | 7,460,400 | 2,497,566 |
| PT GoTo Gojek Tokopedia Tbk (a) | | 910,156,608 | 3,928,724 |
| PT Indah Kiat Pulp & Paper Tbk | | 2,480,900 | 1,274,287 |
| PT Indofood CBP Sukses Makmur Tbk | | 2,362,300 | 1,838,376 |
| PT Indofood Sukses Makmur Tbk | | 4,438,900 | 2,147,670 |
| PT Kalbe Farma Tbk | | 21,344,900 | 2,176,602 |
| PT Merdeka Copper Gold Tbk (a) | | 9,901,596 | 1,530,640 |
| PT Sumber Alfaria Trijaya Tbk | | 18,915,400 | 3,965,208 |
| PT Telkom Indonesia Persero Tbk | | 50,056,700 | 8,947,274 |
| PT Unilever Indonesia Tbk | | 7,716,400 | 965,776 |
| PT United Tractors Tbk | | 1,513,700 | 2,642,195 |
TOTAL INDONESIA | | | 130,237,649 |
| Korea (South) - 9.3% | | | |
| Alteogen, Inc. (a) | | 40,286 | 10,942,898 |
| AMOREPACIFIC Corp. | | 29,541 | 2,501,614 |
| Celltrion Pharm, Inc. | | 18,921 | 848,967 |
| Celltrion, Inc. | | 153,511 | 20,250,328 |
| CJ CheilJedang Corp. | | 8,355 | 1,658,511 |
| Cosmo AM&T Co. Ltd. (a) | | 24,451 | 1,820,079 |
| Coway Co. Ltd. | | 55,900 | 2,562,271 |
| Db Insurance Co. Ltd. | | 46,499 | 3,677,015 |
| Doosan Bobcat, Inc. | | 55,649 | 1,503,270 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 453,110 | 6,531,588 |
| Ecopro BM Co. Ltd. (a)(c) | | 49,407 | 6,049,144 |
| Ecopro Co. Ltd. (a) | | 100,889 | 5,738,021 |
| Ecopro Materials Co. Ltd. | | 17,447 | 1,404,399 |
| Enchem Co. Ltd. (a) | | 13,348 | 1,670,904 |
| GS Holdings Corp. | | 46,813 | 1,398,943 |
| Hana Financial Group, Inc. | | 295,429 | 12,787,882 |
| Hanjin Kal Corp. | | 23,602 | 1,445,266 |
| Hankook Tire Co. Ltd. | | 75,027 | 1,917,090 |
| Hanmi Pharm Co. Ltd. | | 6,475 | 1,499,563 |
| Hanmi Semiconductor Co. Ltd. | | 44,111 | 2,879,161 |
| Hanwha Aerospace Co. Ltd. | | 32,255 | 8,562,410 |
| Hanwha Ocean Co. Ltd. (a) | | 92,776 | 1,791,543 |
| Hanwha Solutions Corp. | | 112,812 | 1,738,056 |
| HD Hyundai Co. Ltd. | | 44,047 | 2,549,779 |
| HD Hyundai Electric Co. Ltd. | | 23,275 | 5,465,439 |
| HD Hyundai Heavy Industries Co. Ltd. (a) | | 22,425 | 2,962,446 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | | 42,909 | 5,695,922 |
| HLB, Inc. (a) | | 118,997 | 5,664,151 |
| HMM Co. Ltd. | | 265,174 | 3,286,814 |
| HYBE Co. Ltd. | | 23,149 | 3,111,018 |
| Hyundai Engineering & Construction Co. Ltd. | | 78,679 | 1,589,799 |
| Hyundai Glovis Co. Ltd. | | 37,886 | 3,344,214 |
| Hyundai Mobis | | 61,087 | 11,015,299 |
| Hyundai Motor Co. Ltd. | | 137,377 | 21,229,550 |
| Hyundai Steel Co. | | 87,790 | 1,609,977 |
| Industrial Bank of Korea | | 281,950 | 2,881,248 |
| Kakao Corp. | | 313,891 | 8,381,776 |
| KakaoBank Corp. | | 168,854 | 2,641,113 |
| KB Financial Group, Inc. | | 387,389 | 25,289,497 |
| Kia Corp. | | 242,439 | 16,084,746 |
| Korea Aerospace Industries Ltd. | | 73,956 | 3,129,352 |
| Korea Electric Power Corp. (a) | | 259,184 | 4,347,392 |
| Korea Investment Holdings Co. Ltd. | | 42,184 | 2,348,837 |
| Korea Zinc Co. Ltd. | | 5,232 | 3,782,454 |
| Korean Air Lines Co. Ltd. | | 183,129 | 3,171,498 |
| KRAFTON, Inc. (a) | | 29,044 | 6,966,293 |
| KT Corp. | | 30,696 | 981,951 |
| KT&G Corp. | | 105,396 | 8,399,469 |
| Kum Yang Co. Ltd. (a) | | 38,068 | 1,137,225 |
| Kumho Petro Chemical Co. Ltd. | | 16,768 | 1,732,336 |
| L&F Co. Ltd. (a) | | 25,660 | 2,180,700 |
| LG Chemical Ltd. | | 49,912 | 11,259,185 |
| LG Corp. | | 95,320 | 5,225,884 |
| LG Display Co. Ltd. (a) | | 302,777 | 2,320,232 |
| LG Electronics, Inc. | | 107,461 | 6,942,957 |
| LG Energy Solution (a) | | 47,290 | 13,923,663 |
| LG H & H Co. Ltd. | | 9,443 | 2,268,033 |
| LG Innotek Co. Ltd. | | 14,327 | 1,824,633 |
| LG Uplus Corp. | | 218,240 | 1,586,929 |
| Lotte Chemical Corp. | | 19,425 | 1,339,644 |
| LS Electric Co. Ltd. | | 15,159 | 1,593,955 |
| Meritz Financial Holdings Co. | | 96,401 | 7,157,947 |
| Mirae Asset Securities Co. Ltd. | | 240,166 | 1,571,005 |
| NAVER Corp. | | 131,341 | 16,118,485 |
| NCSOFT Corp. | | 14,421 | 2,271,396 |
| Netmarble Corp. (a)(b) | | 30,393 | 1,274,574 |
| NH Investment & Securities Co. Ltd. | | 132,220 | 1,277,371 |
| Orion Corp./Republic of Korea | | 24,067 | 1,740,214 |
| POSCO | | 72,642 | 17,560,525 |
| POSCO Chemtech Co. Ltd. (c) | | 31,305 | 5,044,149 |
| POSCO ICT Co. Ltd. | | 53,803 | 1,054,556 |
| Posco International Corp. | | 53,295 | 2,006,489 |
| S-Oil Corp. | | 45,762 | 1,904,465 |
| Samsung Biologics Co. Ltd. (a)(b) | | 17,986 | 13,050,809 |
| Samsung C&T Corp. | | 89,792 | 7,606,544 |
| Samsung E&A Co. Ltd. (a) | | 158,281 | 2,043,737 |
| Samsung Electro-Mechanics Co. Ltd. | | 56,604 | 4,828,519 |
| Samsung Electronics Co. Ltd. | | 4,827,679 | 205,659,402 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 31,117 | 7,568,739 |
| Samsung Heavy Industries Co. Ltd. (a) | | 666,625 | 4,613,305 |
| Samsung Life Insurance Co. Ltd. | | 80,839 | 5,934,725 |
| Samsung SDI Co. Ltd. | | 55,589 | 13,076,370 |
| Samsung SDS Co. Ltd. | | 43,034 | 4,452,759 |
| Shinhan Financial Group Co. Ltd. | | 437,540 | 16,351,832 |
| SK Biopharmaceuticals Co. Ltd. (a) | | 31,675 | 2,699,112 |
| SK Bioscience Co. Ltd. (a)(c) | | 27,210 | 1,065,770 |
| SK Hynix, Inc. | | 551,759 | 72,469,462 |
| SK Innovation Co., Ltd. (a) | | 62,924 | 5,334,566 |
| SK Square Co. Ltd. (a) | | 95,292 | 5,773,516 |
| SK Telecom Co. Ltd. | | 54,416 | 2,240,508 |
| SK, Inc. | | 36,618 | 3,931,356 |
| SKC Co. Ltd. (a) | | 19,137 | 2,071,833 |
| Woori Financial Group, Inc. | | 637,853 | 7,124,484 |
| Yuhan Corp. | | 56,932 | 5,701,777 |
TOTAL KOREA (SOUTH) | | | 763,024,634 |
| Kuwait - 0.7% | | | |
| Boubyan Bank KSC | | 1,485,755 | 2,704,016 |
| Gulf Bank | | 1,921,473 | 1,967,849 |
| Kuwait Finance House KSCP | | 10,353,091 | 24,346,310 |
| Mabanee Co. SAKC | | 702,342 | 1,912,771 |
| Mobile Telecommunication Co. | | 1,969,582 | 2,929,320 |
| National Bank of Kuwait | | 7,994,158 | 22,162,538 |
TOTAL KUWAIT | | | 56,022,804 |
| Luxembourg - 0.0% | | | |
| Reinet Investments SCA | | 138,459 | 3,862,373 |
| Malaysia - 1.4% | | | |
| AMMB Holdings Bhd | | 2,511,300 | 2,915,458 |
| Axiata Group Bhd | | 2,780,241 | 1,429,683 |
| CelcomDigi Bhd | | 3,555,100 | 2,757,180 |
| CIMB Group Holdings Bhd | | 7,026,020 | 12,740,491 |
| Gamuda Bhd | | 1,960,541 | 3,806,132 |
| Genting Bhd | | 2,131,500 | 1,914,838 |
| Genting Malaysia Bhd | | 2,967,000 | 1,514,053 |
| Hong Leong Bank Bhd | | 658,000 | 3,069,776 |
| IHH Healthcare Bhd | | 2,231,700 | 3,693,330 |
| Inari Amertron Bhd | | 2,856,400 | 1,851,728 |
| IOI Corp. Bhd | | 2,541,700 | 2,183,240 |
| Kuala Lumpur Kepong Bhd | | 500,034 | 2,436,313 |
| Malayan Banking Bhd | | 5,489,281 | 13,145,805 |
| Malaysia Airports Holdings Bhd | | 927,003 | 2,144,502 |
| Maxis Bhd | | 2,372,400 | 1,953,408 |
| MISC Bhd | | 1,353,600 | 2,315,387 |
| MR DIY Group M Sdn Bhd (b) | | 3,345,250 | 1,667,109 |
| Nestle (Malaysia) Bhd | | 71,100 | 1,619,915 |
| Petronas Chemicals Group Bhd | | 2,825,800 | 3,480,402 |
| Petronas Dagangan Bhd | | 301,700 | 1,234,132 |
| Petronas Gas Bhd | | 803,130 | 3,164,597 |
| PPB Group Bhd | | 646,520 | 2,054,878 |
| Press Metal Aluminium Holdings | | 3,745,300 | 4,030,921 |
| Public Bank Bhd | | 14,709,100 | 14,801,519 |
| QL Resources Bhd | | 1,664,425 | 1,819,879 |
| RHB Bank Bhd | | 1,545,103 | 2,258,488 |
| SD Guthrie Bhd | | 2,097,756 | 2,199,908 |
| Sime Darby Bhd | | 2,744,649 | 1,447,428 |
| Sunway Bhd | | 2,295,700 | 2,280,497 |
| Telekom Malaysia Bhd | | 1,165,393 | 1,725,338 |
| Tenaga Nasional Bhd | | 2,641,900 | 8,451,811 |
| YTL Corp. Bhd | | 3,347,100 | 1,496,258 |
| YTL Power International Bhd | | 2,499,200 | 1,740,829 |
TOTAL MALAYSIA | | | 115,345,233 |
| Mexico - 1.9% | | | |
| Alfa SA de CV Series A | | 3,649,279 | 2,644,471 |
| America Movil S.A.B. de CV Series L | | 18,698,500 | 14,774,147 |
| Arca Continental S.A.B. de CV | | 515,300 | 4,411,707 |
| Banco del Bajio SA (b) | | 840,700 | 1,868,829 |
| CEMEX S.A.B. de CV unit | | 15,284,418 | 8,051,064 |
| Coca-Cola FEMSA S.A.B. de CV unit | | 530,815 | 4,417,467 |
| Fibra Uno Administracion SA de CV | | 2,921,500 | 3,363,970 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 1,815,200 | 17,619,945 |
| Gruma S.A.B. de CV Series B | | 184,055 | 3,179,328 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 395,990 | 6,866,373 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 182,030 | 4,868,537 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 288,900 | 2,419,977 |
| Grupo Bimbo S.A.B. de CV Series A | | 1,335,800 | 4,149,695 |
| Grupo Carso SA de CV Series A1 | | 570,200 | 3,428,410 |
| Grupo Comercial Chedraui S.A.B. de CV | | 291,800 | 1,846,363 |
| Grupo Financiero Banorte S.A.B. de CV | | 2,622,600 | 18,261,669 |
| Grupo Financiero Inbursa S.A.B. de CV Series O (a) | | 1,845,600 | 4,144,172 |
| Grupo Mexico SA de CV Series B | | 3,147,407 | 16,467,280 |
| Industrias Penoles SA de CV (a) | | 200,920 | 3,156,059 |
| Kimberly-Clark de Mexico SA de CV Series A | | 1,538,300 | 2,208,719 |
| Operadora de Sites Mexicanos, SA de CV | | 1,292,400 | 1,132,251 |
| Orbia Advance Corp. S.A.B. de CV (c) | | 892,455 | 818,885 |
| Prologis Property Mexico SA | | 1,007,585 | 3,372,297 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 191,885 | 1,673,689 |
| Southern Copper Corp. | | 87,311 | 9,564,920 |
| Wal-Mart de Mexico SA de CV Series V | | 5,290,100 | 14,546,156 |
TOTAL MEXICO | | | 159,256,380 |
| Netherlands - 0.0% | | | |
| Nebius Group NV Class A (a)(d) | | 261,431 | 0 |
| Peru - 0.2% | | | |
| Compania de Minas Buenaventura SAA | | 22 | 287 |
| Compania de Minas Buenaventura SAA sponsored ADR | | 166,584 | 2,175,587 |
| Credicorp Ltd. | | 511 | 94,280 |
| Credicorp Ltd. (United States) | | 67,772 | 12,478,858 |
TOTAL PERU | | | 14,749,012 |
| Philippines - 0.5% | | | |
| Ayala Corp. | | 250,585 | 2,952,446 |
| Ayala Land, Inc. | | 6,706,840 | 3,747,262 |
| Bank of the Philippine Islands (BPI) | | 1,866,399 | 4,566,249 |
| BDO Unibank, Inc. | | 2,396,633 | 6,247,271 |
| International Container Terminal Services, Inc. | | 1,027,300 | 6,953,279 |
| JG Summit Holdings, Inc. | | 2,652,956 | 1,103,234 |
| Jollibee Food Corp. | | 451,740 | 2,049,909 |
| Manila Electric Co. | | 285,090 | 2,372,769 |
| Metropolitan Bank & Trust Co. | | 1,819,827 | 2,362,526 |
| PLDT, Inc. | | 76,595 | 1,874,844 |
| SM Investments Corp. | | 222,100 | 3,566,913 |
| SM Prime Holdings, Inc. | | 10,199,900 | 5,343,456 |
| Universal Robina Corp. | | 876,750 | 1,464,710 |
TOTAL PHILIPPINES | | | 44,604,868 |
| Poland - 0.8% | | | |
| Alior Bank SA | | 92,344 | 2,016,330 |
| Allegro.eu SA (a)(b) | | 586,888 | 5,149,336 |
| Bank Polska Kasa Opieki SA | | 185,626 | 6,501,721 |
| Budimex SA | | 12,890 | 1,613,363 |
| CD Projekt SA (c) | | 65,644 | 2,636,256 |
| Dino Polska SA (a)(b)(c) | | 49,546 | 4,105,779 |
| KGHM Polska Miedz SA (Bearer) | | 141,482 | 5,282,490 |
| LPP SA | | 1,125 | 4,078,134 |
| mBank SA (a) | | 14,994 | 2,104,460 |
| Orlen SA (c) | | 587,090 | 7,640,127 |
| PGE Polska Grupa Energetyczna SA (a) | | 903,532 | 1,555,716 |
| Powszechna Kasa Oszczednosci Bank SA | | 884,276 | 12,327,175 |
| Powszechny Zaklad Ubezpieczen SA | | 610,549 | 6,055,536 |
| Santander Bank Polska SA | | 41,316 | 4,621,116 |
TOTAL POLAND | | | 65,687,539 |
| Qatar - 0.8% | | | |
| Barwa Real Estate Co. | | 2,147,337 | 1,684,371 |
| Dukhan Bank | | 1,851,753 | 1,876,674 |
| Industries Qatar QSC | | 1,527,578 | 5,600,979 |
| Masraf al Rayan | | 6,102,551 | 3,975,625 |
| Mesaieed Petrochemical Holding Co. | | 5,713,801 | 2,482,624 |
| Ooredoo QSC | | 809,615 | 2,543,805 |
| Qatar Electricity & Water Co. | | 443,677 | 1,976,501 |
| Qatar Fuel Co. | | 605,106 | 2,547,727 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 2,804,369 | 3,296,539 |
| Qatar International Islamic Bank QSC | | 994,037 | 2,863,897 |
| Qatar Islamic Bank | | 1,791,580 | 10,087,171 |
| Qatar National Bank SAQ | | 4,667,560 | 22,241,737 |
| The Commercial Bank of Qatar | | 3,268,194 | 3,814,838 |
TOTAL QATAR | | | 64,992,488 |
| Romania - 0.1% | | | |
| NEPI Rockcastle PLC | | 612,096 | 4,823,285 |
| Russia - 0.0% | | | |
| Alrosa Co. Ltd. (a)(d) | | 2,234,923 | 0 |
| Gazprom OAO (a)(d) | | 8,473,436 | 1 |
| Gazprom OAO sponsored ADR (Reg. S) (a)(d) | | 863,533 | 9 |
| GMK Norilskiy Nickel PAO ADR (a)(d) | | 4,844,200 | 1 |
| GMK Norilskiy Nickel PAO ADR sponsored ADR (a)(d) | | 59,247 | 1 |
| Inter Rao Ues JSC (a)(d) | | 31,187,844 | 3 |
| LUKOIL PJSC (a)(d) | | 334,533 | 0 |
| LUKOIL PJSC sponsored ADR (a)(d) | | 15,032 | 0 |
| Moscow Exchange MICEX-RTS OAO (a)(d) | | 1,311,841 | 0 |
| Novolipetsk Steel OJSC (a)(d) | | 1,258,902 | 0 |
| Novolipetsk Steel OJSC GDR (Reg. S) (a)(d) | | 3,783 | 0 |
| Ozon Holdings PLC ADR (a)(d) | | 40,002 | 0 |
| PhosAgro PJSC sponsored GDR (Reg. S) (a)(d) | | 749 | 0 |
| Polyus PJSC (a)(d) | | 26,742 | 0 |
| Polyus PJSC GDR (a)(d) | | 5,226 | 0 |
| Rosneft Oil Co. OJSC (a)(d) | | 857,494 | 0 |
| Rosneft Oil Co. OJSC GDR (Reg. S) (a)(d) | | 150,200 | 2 |
| Sberbank of Russia (a)(d) | | 9,313,306 | 1 |
| Severstal PAO (a)(d) | | 155,372 | 0 |
| Severstal PAO GDR (Reg. S) (a)(d) | | 26,165 | 0 |
| Surgutneftegas OJSC (a)(d) | | 5,613,549 | 1 |
| Surgutneftegas OJSC sponsored ADR (a)(d) | | 73,333 | 1 |
| Tatneft PAO (a)(d) | | 1,103,564 | 0 |
| United Co. RUSAL International PJSC (a)(d) | | 2,596,470 | 0 |
| VK IPJSC GDR (Reg. S) (a)(d) | | 100,000 | 1 |
| VTB Bank OJSC (a)(d) | | 476,163 | 0 |
| VTB Bank OJSC sponsored GDR (Reg. S) (a)(d) | | 221,738 | 2 |
TOTAL RUSSIA | | | 23 |
| Saudi Arabia - 3.8% | | | |
| ACWA Power Co. | | 148,062 | 18,142,592 |
| Ades Holding Co. | | 342,572 | 1,804,211 |
| Advanced Petrochemicals Co. (a) | | 128,324 | 1,241,999 |
| Al Rajhi Bank | | 1,980,566 | 46,406,744 |
| Al Rajhi Co. for Co-operative Insurance | | 40,418 | 1,928,510 |
| Alinma Bank | | 1,238,000 | 9,262,667 |
| Almarai Co. Ltd. | | 252,702 | 3,707,399 |
| Arab National Bank | | 909,512 | 4,586,670 |
| Arabian Internet and Communications Services Co. Ltd. | | 24,311 | 1,651,934 |
| Bank Al-Jazira | | 506,945 | 2,219,074 |
| Bank Albilad | | 618,911 | 6,064,362 |
| Banque Saudi Fransi | | 596,295 | 4,953,645 |
| Bupa Arabia for Cooperative Insurance Co. | | 83,345 | 4,469,389 |
| Dallah Healthcare Co. | | 34,699 | 1,474,548 |
| Dar Al Arkan Real Estate Development Co. (a) | | 533,821 | 2,367,989 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 88,498 | 6,743,917 |
| Elm Co. | | 24,265 | 6,606,861 |
| Etihad Etisalat Co. | | 381,440 | 5,260,961 |
| Jarir Marketing Co. | | 595,591 | 2,099,642 |
| Mobile Telecommunications Co. Saudi Arabia | | 445,526 | 1,252,697 |
| Mouwasat Medical Services Co. | | 99,119 | 2,483,451 |
| Nahdi Medical Co. | | 39,571 | 1,300,173 |
| Power & Water Utility Co. for Jubail & Yanbu | | 75,393 | 1,180,368 |
| Riyad Bank | | 1,485,379 | 10,184,123 |
| Sabic Agriculture-Nutrients Co. | | 235,785 | 7,144,429 |
| Sahara International Petrochemical Co. | | 363,000 | 2,541,976 |
| SAL Saudi Logistics Services | | 24,216 | 1,778,303 |
| Saudi Arabian Mining Co. (a) | | 1,306,162 | 19,614,862 |
| Saudi Arabian Oil Co. (b) | | 4,404,242 | 31,662,416 |
| Saudi Aramco Base Oil Co. - Luberef | | 51,164 | 1,596,619 |
| Saudi Awwal Bank | | 1,017,526 | 9,157,382 |
| Saudi Basic Industries Corp. | | 909,525 | 17,605,897 |
| Saudi Electricity Co. | | 840,204 | 3,668,915 |
| Saudi Industrial Investment Group | | 372,620 | 1,769,987 |
| Saudi Investment Bank/The | | 620,063 | 2,176,007 |
| Saudi Kayan Petrochemical Co. (a) | | 740,236 | 1,533,412 |
| Saudi Research & Marketing Group (a) | | 36,396 | 2,899,508 |
| Saudi Tadawul Group Holding Co. | | 48,509 | 3,084,365 |
| Saudi Telecom Co. | | 2,021,493 | 22,687,097 |
| The Co. for Cooperative Insurance | | 74,254 | 2,775,850 |
| The Saudi National Bank | | 2,970,997 | 26,223,753 |
| The Savola Group (a) | | 561,126 | 3,854,688 |
| Yanbu National Petrochemical Co. | | 278,563 | 2,951,995 |
TOTAL SAUDI ARABIA | | | 312,121,387 |
| South Africa - 2.8% | | | |
| Absa Group Ltd. | | 858,382 | 8,226,421 |
| Anglo American Platinum Ltd. | | 80,383 | 3,159,648 |
| Aspen Pharmacare Holdings Ltd. | | 383,201 | 3,892,959 |
| Bid Corp. Ltd. | | 339,070 | 7,994,308 |
| Bidvest Group Ltd./The | | 343,300 | 5,555,327 |
| Capitec Bank Holdings Ltd. (c) | | 88,028 | 15,902,336 |
| Clicks Group Ltd. | | 240,889 | 5,162,722 |
| Discovery Ltd. | | 547,352 | 5,612,798 |
| Exxaro Resources Ltd. | | 247,782 | 2,336,607 |
| FirstRand Ltd. | | 5,102,183 | 22,417,436 |
| Gold Fields Ltd. | | 904,406 | 14,914,626 |
| Harmony Gold Mining Co. Ltd. | | 575,252 | 6,241,127 |
| Impala Platinum Holdings Ltd. (a) | | 913,545 | 6,029,881 |
| Kumba Iron Ore Ltd. | | 65,014 | 1,231,213 |
| MTN Group Ltd. | | 1,713,234 | 8,508,855 |
| Naspers Ltd. Class N | | 180,168 | 42,582,246 |
| Nedbank Group Ltd. | | 468,621 | 7,942,873 |
| Northam Platinum Holdings Ltd. | | 360,125 | 2,664,377 |
| Old Mutual Ltd. | | 4,840,753 | 3,341,572 |
| OUTsurance Group Ltd. | | 856,213 | 2,928,035 |
| Pepkor Holdings Ltd. (b) | | 2,421,736 | 3,143,590 |
| Remgro Ltd. | | 508,169 | 4,427,072 |
| Sanlam Ltd. | | 1,818,883 | 9,087,288 |
| Sasol Ltd. | | 583,387 | 3,278,938 |
| Shoprite Holdings Ltd. | | 508,029 | 8,773,866 |
| Sibanye-Stillwater Ltd. (a) | | 2,855,945 | 3,329,598 |
| Standard Bank Group Ltd. | | 1,352,776 | 18,624,381 |
| Vodacom Group Ltd. | | 629,785 | 3,942,892 |
| Woolworths Holdings Ltd. (c) | | 947,937 | 3,514,325 |
TOTAL SOUTH AFRICA | | | 234,767,317 |
| Taiwan - 18.1% | | | |
| Accton Technology Corp. | | 510,000 | 8,597,785 |
| Acer, Inc. | | 2,927,994 | 3,640,107 |
| Advantech Co. Ltd. | | 479,100 | 4,710,503 |
| Alchip Technologies Ltd. | | 81,000 | 5,033,750 |
| ASE Technology Holding Co. Ltd. | | 3,328,927 | 15,749,666 |
| Asia Cement Corp. | | 2,315,153 | 3,375,142 |
| Asia Vital Components Co. Ltd. | | 329,000 | 6,323,083 |
| ASUSTeK Computer, Inc. | | 713,000 | 12,631,089 |
| AUO Corp. | | 6,614,400 | 3,418,799 |
| Catcher Technology Co. Ltd. | | 619,000 | 4,519,857 |
| Cathay Financial Holding Co. Ltd. | | 9,637,410 | 20,419,972 |
| Chailease Holding Co. Ltd. | | 1,516,744 | 7,125,714 |
| Chang Hwa Commercial Bank | | 6,251,915 | 3,446,598 |
| Cheng Shin Rubber Industry Co. Ltd. | | 1,800,937 | 2,595,026 |
| China Airlines Ltd. | | 2,879,000 | 2,014,293 |
| China Steel Corp. | | 11,934,204 | 8,374,002 |
| Chunghwa Telecom Co. Ltd. | | 3,845,000 | 14,642,910 |
| Compal Electronics, Inc. | | 4,235,000 | 4,664,103 |
| CTBC Financial Holding Co. Ltd. | | 15,866,826 | 17,646,845 |
| Delta Electronics, Inc. | | 1,968,381 | 24,390,410 |
| E Ink Holdings, Inc. | | 867,000 | 8,140,860 |
| E.SUN Financial Holdings Co. Ltd. | | 14,540,678 | 12,404,662 |
| ECLAT Textile Co. Ltd. | | 194,613 | 3,263,571 |
| eMemory Technology, Inc. | | 64,000 | 6,243,297 |
| EVA Airways Corp. | | 2,689,000 | 3,115,644 |
| Evergreen Marine Corp. (Taiwan) | | 1,043,363 | 6,632,393 |
| Far Eastern New Century Corp. | | 2,970,705 | 3,439,136 |
| Far EasTone Telecommunications Co. Ltd. | | 1,786,000 | 4,947,898 |
| Feng Tay Enterprise Co. Ltd. | | 499,408 | 2,202,531 |
| First Financial Holding Co. Ltd. | | 11,355,182 | 9,592,838 |
| Formosa Chemicals & Fibre Corp. | | 3,553,760 | 4,253,391 |
| Formosa Plastics Corp. | | 3,860,520 | 5,679,896 |
| Fortune Electric Co. Ltd. | | 144,600 | 2,428,275 |
| Fubon Financial Holding Co. Ltd. | | 8,287,223 | 23,225,405 |
| Gigabyte Technology Co. Ltd. | | 542,000 | 4,285,797 |
| Global Unichip Corp. | | 88,000 | 3,300,429 |
| GlobalWafers Co. Ltd. | | 266,000 | 3,473,827 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 12,608,869 | 81,082,560 |
| Hotai Motor Co. Ltd. | | 309,760 | 6,254,243 |
| Hua Nan Financial Holdings Co. Ltd. | | 9,059,772 | 7,167,317 |
| Innolux Corp. | | 7,670,157 | 3,709,809 |
| Inventec Corp. | | 2,718,865 | 3,772,540 |
| Kgi Financial Holding Co. Ltd. | | 16,167,648 | 8,357,905 |
| Largan Precision Co. Ltd. | | 101,000 | 7,097,150 |
| Lite-On Technology Corp. | | 2,135,279 | 6,715,464 |
| MediaTek, Inc. | | 1,535,292 | 59,960,780 |
| Mega Financial Holding Co. Ltd. | | 11,996,952 | 14,664,648 |
| Micro-Star International Co. Ltd. | | 726,000 | 3,984,260 |
| Nan Ya Plastics Corp. | | 5,208,860 | 6,733,088 |
| Nanya Technology Corp. (a) | | 1,251,000 | 1,625,251 |
| Nien Made Enterprise Co. Ltd. | | 178,000 | 2,661,060 |
| Novatek Microelectronics Corp. | | 584,000 | 9,052,968 |
| Pegatron Corp. | | 2,020,000 | 6,144,923 |
| PharmaEssentia Corp. (a) | | 241,000 | 4,728,523 |
| Pou Chen Corp. | | 2,234,000 | 2,620,427 |
| President Chain Store Corp. | | 579,000 | 5,333,595 |
| Quanta Computer, Inc. | | 2,733,000 | 24,900,120 |
| Realtek Semiconductor Corp. | | 492,401 | 7,248,267 |
| Ruentex Development Co. Ltd. | | 1,579,555 | 2,275,005 |
| Shin Kong Financial Holding Co. Ltd. (a) | | 14,352,582 | 5,095,147 |
| Sinopac Financial Holdings Co. | | 10,900,620 | 7,763,309 |
| Synnex Technology International Corp. | | 1,265,500 | 2,788,687 |
| Taishin Financial Holdings Co. Ltd. | | 11,801,076 | 6,290,562 |
| Taiwan Business Bank | | 6,974,391 | 3,365,844 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 10,783,443 | 8,458,725 |
| Taiwan High Speed Rail Corp. | | 1,989,000 | 1,809,823 |
| Taiwan Mobile Co. Ltd. | | 1,845,900 | 6,526,980 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 24,898,000 | 783,331,167 |
| Tcc Group Holdings | | 6,836,730 | 6,813,851 |
| The Shanghai Commercial & Savings Bank Ltd. | | 3,891,609 | 4,850,051 |
| Uni-President Enterprises Corp. | | 4,881,983 | 13,716,023 |
| Unimicron Technology Corp. | | 1,387,000 | 6,795,873 |
| United Microelectronics Corp. | | 11,395,000 | 16,493,634 |
| Vanguard International Semiconductor Corp. | | 994,000 | 2,943,553 |
| Vanguard International Semiconductor Corp. rights 10/18/24 (a) | | 82,002 | 21,825 |
| Voltronic Power Technology Corp. | | 66,000 | 4,354,576 |
| Walsin Lihwa Corp. | | 2,850,526 | 2,621,028 |
| Wan Hai Lines Ltd. | | 708,950 | 1,883,069 |
| Winbond Electronics Corp. | | 3,360,279 | 1,995,396 |
| Wistron Corp. | | 2,781,000 | 9,377,847 |
| Wiwynn Corp. | | 112,756 | 6,431,328 |
| WPG Holding Co. Ltd. | | 1,612,200 | 3,674,956 |
| Yageo Corp. | | 409,085 | 6,980,547 |
| Yang Ming Marine Transport Corp. | | 1,765,000 | 3,635,384 |
| Yuanta Financial Holding Co. Ltd. | | 10,470,625 | 10,535,891 |
| Zhen Ding Technology Holding Ltd. | | 672,000 | 2,324,805 |
TOTAL TAIWAN | | | 1,486,919,288 |
| Thailand - 1.5% | | | |
| Advanced Info Service PCL (For. Reg.) | | 1,198,900 | 9,751,767 |
| Airports of Thailand PCL (For. Reg.) | | 4,303,300 | 7,797,841 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 11,209,600 | 9,130,619 |
| Bangkok Expressway and Metro PCL (For. Reg.) | | 7,575,100 | 1,767,739 |
| Bumrungrad Hospital PCL: | | | |
| (For. Reg.) | | 538,500 | 4,342,817 |
| NVDR | | 21,300 | 171,777 |
| Central Pattana PCL (For. Reg.) | | 2,016,000 | 3,748,001 |
| Central Retail Corp. PCL (For. Reg.) | | 1,522,316 | 1,441,336 |
| Charoen Pokphand Foods PCL (For. Reg.) | | 3,786,620 | 2,784,998 |
| CP ALL PCL (For. Reg.) | | 5,876,600 | 11,006,830 |
| CP Axtra PCL | | 2,348,889 | 2,343,603 |
| CP Axtra PCL NVDR | | 12,615 | 12,587 |
| Delta Electronics PCL (For. Reg.) | | 3,148,700 | 12,788,034 |
| Gulf Energy Development PCL (For. Reg.) | | 3,388,700 | 6,677,665 |
| Home Product Center PCL (For. Reg.) | | 5,915,106 | 1,670,678 |
| Intouch Holdings PCL (For. Reg.) | | 1,386,100 | 4,391,410 |
| Kasikornbank PCL (For. Reg.) | | 588,000 | 2,546,621 |
| Krung Thai Bank PCL (For. Reg.) | | 3,469,570 | 2,105,762 |
| Krungthai Card PCL (For. Reg.) | | 894,900 | 1,262,672 |
| Minor International PCL (For. Reg.) | | 3,395,032 | 2,689,004 |
| PTT Exploration and Production PCL (For. Reg.) | | 1,394,339 | 5,233,024 |
| PTT Global Chemical PCL (For. Reg.) | | 2,255,639 | 1,737,351 |
| PTT Oil & Retail Business PCL: | | | |
| (For. Reg.) | | 1,077,700 | 491,442 |
| NVDR | | 1,450,200 | 661,305 |
| PTT PCL (For. Reg.) | | 10,068,900 | 9,995,870 |
| SCB X PCL (For. Reg.) | | 837,100 | 2,813,155 |
| SCG Packaging PCL (For. Reg.) | | 1,248,700 | 940,895 |
| Siam Cement PCL (For. Reg.) | | 823,350 | 5,121,770 |
| Thai Oil PCL (For. Reg.) | | 1,224,714 | 1,487,757 |
| TMBThanachart Bank PCL: | | | |
| (For. Reg.) | | 24,067,000 | 1,268,911 |
| NVDR | | 101,100 | 5,330 |
| True Corp. PCL (a) | | 136,100 | 49,526 |
| True Corp. PCL (a) | | 10,004,779 | 3,640,686 |
TOTAL THAILAND | | | 121,878,783 |
| Turkey - 0.6% | | | |
| Akbank TAS | | 3,154,460 | 4,658,272 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 209,855 | 1,174,061 |
| Aselsan A/S | | 1,388,315 | 2,465,459 |
| Bim Birlesik Magazalar A/S JSC | | 460,409 | 6,268,227 |
| Coca-Cola Icecek Sanayi A/S | | 849,855 | 1,262,443 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 1,419,986 | 1,972,606 |
| Ford Otomotiv Sanayi A/S | | 71,177 | 2,032,590 |
| Haci Omer Sabanci Holding A/S | | 1,063,499 | 2,583,870 |
| Koc Holding A/S | | 769,659 | 3,796,071 |
| Pegasus Hava Tasimaciligi A/S | | 223,183 | 1,508,513 |
| Sasa Polyester Sanayi A/S | | 10,945,020 | 1,229,778 |
| Tofas Turk Otomobil Fabrikasi A/S | | 126,767 | 695,526 |
| Turk Hava Yollari AO (a) | | 549,438 | 4,369,527 |
| Turkcell Iletisim Hizmet A/S | | 1,224,733 | 3,029,217 |
| Turkiye Is Bankasi A/S Series C | | 8,860,099 | 3,040,851 |
| Turkiye Petrol Rafinerileri A/S | | 978,677 | 4,130,066 |
| Turkiye Sise ve Cam Fabrikalari A/S | | 1,397,333 | 1,596,136 |
| Yapi ve Kredi Bankasi A/S | | 3,416,823 | 2,441,086 |
TOTAL TURKEY | | | 48,254,299 |
| United Arab Emirates - 1.2% | | | |
| Abu Dhabi Commercial Bank PJSC | | 2,958,220 | 7,200,143 |
| Abu Dhabi Islamic Bank | | 1,468,625 | 5,037,959 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 3,158,938 | 3,104,713 |
| ADNOC Drilling Co. PJSC | | 3,234,733 | 4,464,980 |
| Aldar Properties PJSC | | 3,891,221 | 8,072,611 |
| Americana Restaurants International PLC | | 2,972,398 | 1,828,894 |
| Dubai Islamic Bank Pakistan Ltd. | | 2,927,523 | 4,981,424 |
| Emaar Properties PJSC | | 6,696,053 | 15,842,066 |
| Emirates NBD Bank PJSC | | 1,914,557 | 9,903,645 |
| Emirates Telecommunications Corp. | | 3,514,885 | 16,956,960 |
| First Abu Dhabi Bank PJSC | | 4,464,508 | 15,971,369 |
| Multiply Group (a) | | 3,391,486 | 2,095,989 |
TOTAL UNITED ARAB EMIRATES | | | 95,460,753 |
| United Kingdom - 0.1% | | | |
| AngloGold Ashanti PLC | | 424,038 | 11,830,292 |
| United States of America - 0.1% | | | |
| JBS SA | | 783,700 | 4,881,772 |
| Legend Biotech Corp. ADR (a) | | 73,498 | 3,308,880 |
TOTAL UNITED STATES OF AMERICA | | | 8,190,652 |
| TOTAL COMMON STOCKS (Cost $6,993,899,376) | | | 7,925,162,674 |
| | | | |
| Nonconvertible Preferred Stocks - 0.5% |
| | | Shares | Value ($) |
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 443,078 | 3,546,426 |
| Korea (South) - 0.5% | | | |
| Hyundai Motor Co. Ltd. | | 22,674 | 2,569,024 |
| Hyundai Motor Co. Ltd. Series 2 | | 36,594 | 4,241,778 |
| LG Chemical Ltd. | | 7,805 | 1,178,933 |
| LG H & H Co. Ltd. | | 70 | 7,391 |
| Samsung Electronics Co. Ltd. | | 829,742 | 28,636,846 |
TOTAL KOREA (SOUTH) | | | 36,633,972 |
| Russia - 0.0% | | | |
| Surgutneftegas OJSC (a)(d) | | 5,794,540 | 1 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $46,582,618) | | | 40,180,399 |
| | | | |
| Nonconvertible Bonds - 0.0% |
| | | Principal Amount (e) | Value ($) |
| India - 0.0% | | | |
NTPC Ltd. 8.49% 3/25/25 (Cost $52,909) | INR | 264,162 | 16,241 |
| | | | |
| Government Obligations - 0.1% |
| | | Principal Amount (e) | Value ($) |
| United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (f) (Cost $6,368,204) | | 6,386,000 | 6,369,637 |
| | | | |
| Money Market Funds - 4.0% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.87% (g) | | 286,056,853 | 286,114,064 |
| Fidelity Securities Lending Cash Central Fund 4.87% (g)(h) | | 41,975,113 | 41,979,310 |
| TOTAL MONEY MARKET FUNDS (Cost $328,093,374) | | | 328,093,374 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.0% (Cost $7,374,996,481) | 8,299,822,325 |
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (80,923,696) |
| NET ASSETS - 100.0% | 8,218,898,629 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 4,501 | Dec 2024 | 253,518,825 | 1,561,811 | 1,561,811 |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 3.1% |
Currency Abbreviations
Legend
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $416,324,073 or 5.1% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $6,369,637. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 205,361,646 | 1,431,489,501 | 1,350,752,143 | 11,404,871 | 15,060 | - | 286,114,064 | 0.6% |
| Fidelity Securities Lending Cash Central Fund 4.87% | 83,815,387 | 371,887,474 | 413,723,551 | 774,645 | - | - | 41,979,310 | 0.2% |
| Total | 289,177,033 | 1,803,376,975 | 1,764,475,694 | 12,179,516 | 15,060 | - | 328,093,374 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 723,174,783 | 100,957,958 | 622,216,824 | 1 |
Consumer Discretionary | 1,078,541,071 | 154,480,947 | 924,060,124 | - |
Consumer Staples | 398,348,598 | 105,743,426 | 292,605,171 | 1 |
Energy | 365,389,640 | 122,886,991 | 242,502,634 | 15 |
Financials | 1,854,458,776 | 555,007,902 | 1,299,450,871 | 3 |
Health Care | 279,501,813 | 26,672,933 | 252,828,880 | - |
Industrials | 530,132,278 | 87,743,364 | 442,388,914 | - |
Information Technology | 1,865,646,116 | 11,154,063 | 1,854,492,053 | - |
Materials | 516,381,541 | 168,444,982 | 347,595,210 | 341,349 |
Real Estate | 126,589,701 | 51,960,304 | 74,629,397 | - |
Utilities | 227,178,756 | 74,733,289 | 152,445,462 | 5 |
|
| Corporate Bonds | 16,241 | - | 16,241 | - |
|
| Government Obligations | 6,369,637 | - | 6,369,637 | - |
|
| Money Market Funds | 328,093,374 | 328,093,374 | - | - |
| Total Investments in Securities: | 8,299,822,325 | 1,787,879,533 | 6,511,601,418 | 341,374 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 1,561,811 | 1,561,811 | - | - |
| Total Assets | 1,561,811 | 1,561,811 | - | - |
| Total Derivative Instruments: | 1,561,811 | 1,561,811 | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 1,561,811 | 0 |
| Total Equity Risk | 1,561,811 | 0 |
| Total Value of Derivatives | 1,561,811 | 0 |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Emerging Markets Index Fund
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $39,193,891) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $7,046,903,107) | $ | 7,971,728,951 | | |
Fidelity Central Funds (cost $328,093,374) | | 328,093,374 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $7,374,996,481) | | | $ | 8,299,822,325 |
| Segregated cash with brokers for derivative instruments | | | | 1,021,522 |
| Foreign currency held at value (cost $20,101,200) | | | | 19,592,686 |
| Receivable for investments sold | | | | 1,608,223 |
| Receivable for fund shares sold | | | | 20,333,193 |
| Dividends receivable | | | | 8,357,042 |
| Distributions receivable from Fidelity Central Funds | | | | 1,198,418 |
| Other receivables | | | | 85,119 |
Total assets | | | | 8,352,018,528 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 256,093 | | |
| Payable for fund shares redeemed | | 5,003,746 | | |
| Accrued management fee | | 524,602 | | |
| Payable for daily variation margin on futures contracts | | 1,052,296 | | |
| Deferred taxes | | 83,894,368 | | |
| Other payables and accrued expenses | | 412,965 | | |
| Collateral on securities loaned | | 41,975,829 | | |
| Total liabilities | | | | 133,119,899 |
| Net Assets | | | $ | 8,218,898,629 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 8,251,482,407 |
| Total accumulated earnings (loss) | | | | (32,583,778) |
| Net Assets | | | $ | 8,218,898,629 |
Net Asset Value, offering price and redemption price per share ($8,218,898,629 ÷ 738,238,545 shares) | | | $ | 11.13 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 216,860,460 |
| Interest | | | | 603,895 |
| Income from Fidelity Central Funds (including $774,645 from security lending) | | | | 12,179,516 |
| Income before foreign taxes withheld | | | $ | 229,643,871 |
| Less foreign taxes withheld | | | | (24,435,390) |
| Total income | | | | 205,208,481 |
| Expenses | | | | |
| Management fee | $ | 5,570,358 | | |
| Independent trustees' fees and expenses | | 19,761 | | |
| Total expenses before reductions | | 5,590,119 | | |
| Expense reductions | | (114,779) | | |
| Total expenses after reductions | | | | 5,475,340 |
| Net Investment income (loss) | | | | 199,733,141 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $2,064,479) | | (242,558,314) | | |
| Fidelity Central Funds | | 15,060 | | |
| Foreign currency transactions | | (955,791) | | |
| Futures contracts | | 20,310,649 | | |
| Total net realized gain (loss) | | | | (223,188,396) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $58,859,848) | | 1,525,147,122 | | |
| Assets and liabilities in foreign currencies | | (345,567) | | |
| Futures contracts | | 11,514,920 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 1,536,316,475 |
| Net gain (loss) | | | | 1,313,128,079 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 1,512,861,220 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 199,733,141 | $ | 185,781,595 |
| Net realized gain (loss) | | (223,188,396) | | (206,660,418) |
| Change in net unrealized appreciation (depreciation) | | 1,536,316,475 | | 556,026,733 |
| Net increase (decrease) in net assets resulting from operations | | 1,512,861,220 | | 535,147,910 |
| Distributions to shareholders | | (186,938,129) | | (144,831,374) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 2,618,882,038 | | 2,426,882,664 |
| Reinvestment of distributions | | 145,618,506 | | 115,318,941 |
| Cost of shares redeemed | | (2,182,911,933) | | (1,855,775,506) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 581,588,611 | | 686,426,099 |
| Total increase (decrease) in net assets | | 1,907,511,702 | | 1,076,742,635 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 6,311,386,927 | | 5,234,644,292 |
| End of period | $ | 8,218,898,629 | $ | 6,311,386,927 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 250,081,513 | | 248,751,213 |
| Issued in reinvestment of distributions | | 14,859,031 | | 12,281,037 |
| Redeemed | | (208,876,486) | | (190,452,525) |
| Net increase (decrease) | | 56,064,058 | | 70,579,725 |
| | | | | |
Financial Highlights
Fidelity® Emerging Markets Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 9.25 | $ | 8.56 | $ | 12.64 | $ | 11.07 | $ | 10.48 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .28 | | .29 | | .32 | | .28 | | .22 |
| Net realized and unrealized gain (loss) | | 1.87 | | .63 | | (4.14) | | 1.48 | | .65 |
| Total from investment operations | | 2.15 | | .92 | | (3.82) | | 1.76 | | .87 |
| Distributions from net investment income | | (.27) | | (.23) | | (.26) | | (.19) | | (.28) |
| Total distributions | | (.27) | | (.23) | | (.26) | | (.19) | | (.28) |
| Net asset value, end of period | $ | 11.13 | $ | 9.25 | $ | 8.56 | $ | 12.64 | $ | 11.07 |
Total Return C | | | | 10.74% | | (30.81)% | | 15.95% | | 8.54% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | .07% F | | .08% | | .08% | | .07% F | | .08% |
| Expenses net of fee waivers, if any | | | | .08% | | .08% | | .07% F | | .08% |
| Expenses net of all reductions | | .07% F | | .07% | | .07% | | .07% F | | .07% |
| Net investment income (loss) | | 2.68% | | 2.93% | | 2.97% | | 2.17% | | 2.20% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 8,218,899 | $ | 6,311,387 | $ | 5,234,644 | $ | 6,441,516 | $ | 3,400,765 |
Portfolio turnover rate G | | | | 7% | | 8% | | 5% | | 10% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® Global ex U.S. Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 96.8% |
| | | Shares | Value ($) |
| Australia - 4.7% | | | |
| Ampol Ltd. | | 94,191 | 1,724,500 |
| ANZ Group Holdings Ltd. | | 1,194,695 | 24,348,498 |
| APA Group unit | | 516,376 | 2,364,358 |
| Aristocrat Leisure Ltd. | | 225,547 | 9,075,933 |
| ASX Ltd. | | 77,341 | 3,293,725 |
| BHP Group Ltd. | | 2,014,396 | 55,965,118 |
| BlueScope Steel Ltd. | | 173,780 | 2,309,255 |
| Brambles Ltd. | | 553,440 | 6,663,428 |
| CAR Group Ltd. | | 142,934 | 3,520,612 |
| Cochlear Ltd. | | 26,077 | 4,827,857 |
| Coles Group Ltd. | | 533,314 | 6,155,242 |
| Commonwealth Bank of Australia | | 664,488 | 61,979,724 |
| Computershare Ltd. | | 211,862 | 3,662,554 |
| Dexus unit unit | | 425,047 | 1,994,848 |
| Endeavour Group Ltd. | | 600,100 | 1,845,976 |
| Fortescue Ltd. | | 673,363 | 8,432,423 |
| Glencore PLC | | 4,120,915 | 21,612,718 |
| Goodman Group unit | | 679,382 | 16,223,299 |
| Insurance Australia Group Ltd. | | 943,539 | 4,633,207 |
| Macquarie Group Ltd. | | 144,073 | 21,804,927 |
| Medibank Private Ltd. | | 1,085,326 | 2,550,714 |
| Mineral Resources Ltd. | | 70,484 | 1,811,257 |
| Mirvac Group unit | | 1,560,582 | 2,181,595 |
| National Australia Bank Ltd. | | 1,228,147 | 31,127,545 |
| Northern Star Resources Ltd. | | 457,706 | 5,311,400 |
| Orica Ltd. | | 197,205 | 2,240,046 |
| Origin Energy Ltd. | | 685,142 | 4,326,052 |
| Pilbara Minerals Ltd. (a)(b) | | 1,127,094 | 2,087,589 |
| Pro Medicus Ltd. | | 22,637 | 2,867,549 |
| Qantas Airways Ltd. (a) | | 313,638 | 1,660,552 |
| QBE Insurance Group Ltd. | | 597,272 | 6,743,274 |
| Ramsay Health Care Ltd. | | 73,148 | 1,923,909 |
| REA Group Ltd. | | 21,082 | 3,116,658 |
| Reece Ltd. | | 90,713 | 1,351,679 |
| Rio Tinto Ltd. | | 147,409 | 11,574,192 |
| Rio Tinto PLC | | 447,700 | 28,933,967 |
| Santos Ltd. | | 1,292,815 | 5,751,558 |
| Scentre Group unit | | 2,073,043 | 4,752,798 |
| SEEK Ltd. | | 140,349 | 2,280,139 |
| Seven Group Holdings Ltd. | | 81,217 | 2,212,769 |
| Sonic Healthcare Ltd. | | 182,615 | 3,217,737 |
| South32 Ltd. | | 1,806,065 | 4,331,225 |
| Stockland Corp. Ltd. unit | | 956,181 | 3,233,445 |
| Suncorp Group Ltd. | | 506,967 | 5,946,854 |
| Telstra Group Ltd. | | 1,609,610 | 4,029,537 |
| The GPT Group | | 754,550 | 2,337,695 |
| The Lottery Corp. Ltd. | | 876,872 | 2,865,167 |
| Transurban Group unit | | 1,224,985 | 10,208,959 |
| Treasury Wine Estates Ltd. | | 320,058 | 2,376,222 |
| Vicinity Centres unit | | 1,521,072 | 2,162,386 |
| Washington H. Soul Pattinson & Co. Ltd. | | 94,018 | 2,060,243 |
| Wesfarmers Ltd. | | 450,814 | 19,831,803 |
| Westpac Banking Corp. | | 1,374,839 | 28,874,098 |
| WiseTech Global Ltd. | | 66,239 | 5,085,712 |
| Woodside Energy Group Ltd. | | 754,608 | 11,876,367 |
| Woolworths Group Ltd. | | 486,020 | 9,532,410 |
TOTAL AUSTRALIA | | | 505,213,304 |
| Austria - 0.1% | | | |
| Erste Group Bank AG | | 133,354 | 7,505,188 |
| Mondi PLC | | 13,366 | 215,023 |
| Mondi PLC | | 163,701 | 2,649,107 |
| OMV AG | | 57,893 | 2,399,276 |
| Verbund AG | | 26,770 | 2,189,754 |
| Voestalpine AG | | 42,427 | 879,157 |
TOTAL AUSTRIA | | | 15,837,505 |
| Belgium - 0.5% | | | |
| Ageas | | 63,773 | 3,321,392 |
| Anheuser-Busch InBev SA NV | | 356,857 | 21,158,556 |
| D'ieteren Group | | 8,456 | 1,825,806 |
| Elia Group SA/NV | | 11,814 | 1,122,507 |
| Groupe Bruxelles Lambert SA | | 33,363 | 2,402,438 |
| KBC Group NV | | 91,106 | 6,608,025 |
| Lotus Bakeries SA | | 163 | 2,131,185 |
| Sofina SA | | 6,158 | 1,504,453 |
| Syensqo SA | | 29,294 | 2,263,339 |
| UCB SA | | 50,289 | 9,671,289 |
| Warehouses de Pauw | | 72,450 | 1,719,579 |
TOTAL BELGIUM | | | 53,728,569 |
| Brazil - 1.6% | | | |
| Ambev SA | | 1,890,500 | 4,133,599 |
| Atacadao SA | | 239,700 | 310,566 |
| B3 SA - Brasil Bolsa Balcao | | 2,218,798 | 4,076,119 |
| Banco Bradesco SA | | 644,215 | 1,419,727 |
| Banco Bradesco SA (PN) | | 2,106,744 | 5,236,885 |
| Banco BTG Pactual SA unit | | 470,600 | 2,647,323 |
| Banco do Brasil SA | | 673,500 | 3,067,560 |
| BB Seguridade Participacoes SA | | 276,100 | 1,636,760 |
| BRF SA (a) | | 237,000 | 1,075,353 |
| Caixa Seguridade Participacoes | | 231,600 | 576,907 |
| CCR SA | | 401,500 | 850,797 |
| Centrais Eletricas Brasileiras SA (Electrobras) | | 466,180 | 3,061,955 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 112,007 | 817,834 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 174,500 | 2,779,491 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 712,626 | 1,401,608 |
| Companhia Paranaense de Energia-COPEL (PN-B) | | 428,100 | 726,472 |
| Companhia Siderurgica Nacional SA (CSN) | | 253,300 | 515,723 |
| Cosan SA | | 486,164 | 994,042 |
| CPFL Energia SA | | 89,600 | 507,913 |
| Embraer SA (a) | | 276,700 | 2,320,472 |
| Energisa SA unit | | 96,600 | 721,045 |
| ENGIE Brasil Energia SA | | 87,950 | 630,920 |
| Equatorial Energia SA | | 489,114 | 2,717,629 |
| Gerdau SA | | 547,748 | 1,733,949 |
| Hapvida Participacoes e Investimentos SA (a)(c) | | 1,979,355 | 1,205,233 |
| Hypera SA (a) | | 144,000 | 550,503 |
| Inter & Co., Inc. Class A (b) | | 95,635 | 627,366 |
| Itau Unibanco Holding SA | | 1,925,921 | 11,666,999 |
| Itausa SA | | 2,166,080 | 3,975,524 |
| Klabin SA unit | | 324,930 | 1,172,489 |
| Localiza Rent a Car SA | | 365,642 | 2,657,766 |
| Natura & Co. Holding SA | | 357,103 | 846,907 |
| Nu Holdings Ltd. Class A (a) | | 1,178,223 | 17,779,385 |
| PagSeguro Digital Ltd. (a) | | 78,472 | 630,915 |
| Petroleo Brasileiro SA - Petrobras: | | | |
| (ON) | | 1,489,609 | 10,064,891 |
| (PN) (non-vtg.) | | 1,767,200 | 10,977,556 |
| PRIO SA | | 315,800 | 2,238,662 |
| Raia Drogasil SA | | 504,964 | 2,126,109 |
| Rede D'Oregon Sao Luiz SA (c) | | 315,292 | 1,601,303 |
| Rumo SA | | 514,200 | 1,770,067 |
| Sendas Distribuidora SA (a) | | 538,700 | 697,965 |
| StoneCo Ltd. Class A (a) | | 99,202 | 1,101,142 |
| Suzano SA | | 308,138 | 3,185,907 |
| Telefonica Brasil SA | | 163,500 | 1,488,806 |
| TIM SA | | 334,000 | 957,934 |
| Totvs SA | | 215,200 | 1,110,825 |
| Ultrapar Participacoes SA | | 286,700 | 1,036,026 |
| Vale SA | | 1,353,786 | 14,533,370 |
| Vibra Energia SA | | 394,051 | 1,520,746 |
| Weg SA | | 668,600 | 6,258,186 |
| Wheaton Precious Metals Corp. | | 180,444 | 11,916,419 |
| XP, Inc. Class A | | 146,171 | 2,552,146 |
| Yara International ASA | | 65,130 | 1,958,601 |
TOTAL BRAZIL | | | 162,170,397 |
| Burkina Faso - 0.0% | | | |
| Endeavour Mining PLC | | 73,482 | 1,643,936 |
| Canada - 7.4% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 198,009 | 17,091,049 |
| Air Canada (a) | | 67,438 | 913,962 |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 304,086 | 15,857,855 |
| AltaGas Ltd. | | 118,520 | 2,832,018 |
| ARC Resources Ltd. | | 238,401 | 3,948,380 |
| Bank of Montreal | | 289,576 | 26,388,051 |
| Bank of Nova Scotia | | 488,025 | 25,127,671 |
| Barrick Gold Corp. (Canada) | | 698,635 | 13,502,545 |
| BCE, Inc. | | 28,973 | 934,103 |
| Brookfield Asset Management Ltd. Class A | | 141,173 | 7,489,819 |
| Brookfield Corp. (Canada) Class A | | 540,563 | 28,663,602 |
| CAE, Inc. (a) | | 127,793 | 2,248,665 |
| Cameco Corp. | | 172,807 | 9,030,371 |
| Canadian Apartment Properties (REIT) unit | | 32,104 | 1,069,634 |
| Canadian Imperial Bank of Commerce | | 374,346 | 23,420,318 |
| Canadian National Railway Co. | | 213,516 | 23,056,078 |
| Canadian Natural Resources Ltd. | | 845,693 | 28,759,697 |
| Canadian Pacific Kansas City Ltd. | | 370,450 | 28,577,609 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 20,543 | 2,186,129 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 53,275 | 1,364,063 |
| CCL Industries, Inc. Class B | | 60,751 | 3,543,790 |
| Cenovus Energy, Inc. (Canada) | | 553,815 | 8,905,748 |
| CGI, Inc. Class A (sub. vtg.) | | 81,053 | 8,978,787 |
| Constellation Software, Inc. | | 7,992 | 24,102,221 |
| Constellation Software, Inc. warrants 3/31/40 (a)(d) | | 7,326 | 1 |
| Descartes Systems Group, Inc. (Canada) (a) | | 33,523 | 3,482,675 |
| Dollarama, Inc. | | 112,775 | 11,735,533 |
| Element Fleet Management Corp. | | 159,051 | 3,254,471 |
| Emera, Inc. (b) | | 114,653 | 4,331,345 |
| Empire Co. Ltd. Class A (non-vtg.) | | 53,517 | 1,543,992 |
| Enbridge, Inc. | | 864,343 | 34,912,666 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 8,222 | 10,217,342 |
| FirstService Corp. | | 16,008 | 2,963,955 |
| Fortis, Inc. | | 195,566 | 8,459,755 |
| Franco-Nevada Corp. | | 76,602 | 10,168,120 |
| George Weston Ltd. | | 23,711 | 3,760,961 |
| Gildan Activewear, Inc. | | 59,522 | 2,912,938 |
| Great-West Lifeco, Inc. | | 111,084 | 3,727,399 |
| Hydro One Ltd. (c) | | 131,040 | 4,219,143 |
| iA Financial Corp., Inc. | | 37,543 | 3,058,770 |
| IGM Financial, Inc. | | 32,754 | 984,020 |
| Imperial Oil Ltd. | | 74,654 | 5,570,834 |
| Intact Financial Corp. | | 70,771 | 13,515,286 |
| Ivanhoe Mines Ltd. (a) | | 267,703 | 3,539,636 |
| Keyera Corp. | | 91,624 | 2,813,834 |
| Kinross Gold Corp. | | 490,122 | 4,945,749 |
| Loblaw Companies Ltd. | | 60,767 | 7,682,998 |
| Magna International, Inc. (sub. vtg.) | | 108,930 | 4,300,558 |
| Manulife Financial Corp. | | 708,525 | 20,695,739 |
| MEG Energy Corp. | | 108,968 | 1,991,766 |
| Metro, Inc. | | 85,435 | 5,073,882 |
| National Bank of Canada | | 134,657 | 12,843,358 |
| Nutrien Ltd. | | 196,853 | 9,386,340 |
| Onex Corp. (sub. vtg.) | | 25,902 | 1,864,401 |
| Open Text Corp. | | 105,731 | 3,171,133 |
| Pan American Silver Corp. | | 142,998 | 3,343,997 |
| Parkland Corp. | | 55,549 | 1,292,626 |
| Pembina Pipeline Corp. | | 230,208 | 9,630,923 |
| Power Corp. of Canada (sub. vtg.) | | 224,404 | 7,093,059 |
| Quebecor, Inc. Class B (sub. vtg.) | | 63,535 | 1,582,044 |
| RB Global, Inc. | | 72,998 | 6,185,851 |
| Restaurant Brands International, Inc. | | 114,475 | 7,961,905 |
| Restaurant Brands International, Inc. (b) | | 4,980 | 346,359 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 142,145 | 5,162,691 |
| Royal Bank of Canada | | 561,578 | 67,916,917 |
| Saputo, Inc. | | 100,333 | 1,913,919 |
| Shopify, Inc. Class A (a) | | 480,380 | 37,578,906 |
| Stantec, Inc. | | 45,420 | 3,684,228 |
| Sun Life Financial, Inc. | | 229,703 | 12,736,073 |
| Suncor Energy, Inc. | | 507,043 | 19,140,432 |
| TC Energy Corp. | | 412,249 | 19,174,234 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 183,125 | 8,520,011 |
| TELUS Corp. | | 194,366 | 3,072,500 |
| TFI International, Inc. (Canada) | | 32,050 | 4,289,063 |
| The Toronto-Dominion Bank | | 693,654 | 38,345,638 |
| Thomson Reuters Corp. | | 62,393 | 10,212,941 |
| TMX Group Ltd. | | 110,301 | 3,445,248 |
| Toromont Industries Ltd. | | 32,403 | 2,862,476 |
| Tourmaline Oil Corp. | | 139,998 | 6,454,176 |
| West Fraser Timber Co. Ltd. | | 22,097 | 1,995,689 |
| WSP Global, Inc. | | 49,508 | 8,849,108 |
TOTAL CANADA | | | 807,911,779 |
| Chile - 0.2% | | | |
| Antofagasta PLC | | 157,300 | 3,513,024 |
| Banco de Chile | | 18,068,059 | 2,104,827 |
| Banco de Credito e Inversiones | | 35,572 | 1,043,384 |
| Banco Santander Chile | | 26,181,342 | 1,300,053 |
| Cencosud SA | | 513,878 | 1,065,791 |
| Empresas CMPC SA | | 459,888 | 732,342 |
| Empresas COPEC SA | | 156,816 | 990,070 |
| Enel Americas SA | | 8,258,860 | 773,554 |
| Enel Chile SA | | 10,627,122 | 563,953 |
| Falabella SA (a) | | 348,521 | 1,251,010 |
| LATAM Airlines Group SA | | 60,484,548 | 809,044 |
| Lundin Mining Corp. | | 263,734 | 2,564,699 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 56,692 | 2,181,836 |
TOTAL CHILE | | | 18,893,587 |
| China - 8.2% | | | |
| 360 Security Technology, Inc. (A Shares) | | 154,800 | 210,302 |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | | 65,500 | 150,170 |
| AAC Technology Holdings, Inc. | | 283,500 | 1,145,058 |
| Accelink Technologies Co. Ltd. (A Shares) | | 17,000 | 108,609 |
| ACM Research Shanghai, Inc. (A Shares) | | 8,415 | 126,124 |
| Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 13,645 | 368,432 |
| AECC Aero-Engine Control Co. Ltd. (A Shares) | | 27,900 | 93,959 |
| AECC Aviation Power Co. Ltd. | | 58,200 | 349,767 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 2,154,700 | 1,432,678 |
| (H Shares) | | 10,819,000 | 5,315,879 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 207,169 | 421,330 |
| Air China Ltd.: | | | |
| (A Shares) (a) | | 236,900 | 244,251 |
| (H Shares) (a)(b) | | 236,000 | 132,826 |
| Airtac International Group | | 56,043 | 1,556,319 |
| Akeso, Inc. (a)(c) | | 241,000 | 1,942,448 |
| Alibaba Group Holding Ltd. | | 6,040,512 | 73,889,447 |
| Alibaba Health Information Technology Ltd. (a)(b) | | 2,216,000 | 1,120,670 |
| Aluminum Corp. of China Ltd.: | | | |
| (A shares) | | 638,400 | 683,545 |
| (H Shares) | | 1,084,000 | 690,672 |
| Amlogic Shanghai Co. Ltd. (A Shares) | | 8,978 | 87,732 |
| Angel Yeast Co. Ltd. (A Shares) | | 19,600 | 100,296 |
| Anhui Conch Cement Co. Ltd.: | | | |
| (A Shares) | | 66,200 | 248,877 |
| (H Shares) | | 548,000 | 1,591,854 |
| Anhui Gujing Distillery Co. Ltd.: | | | |
| (A Shares) | | 3,400 | 90,182 |
| (B Shares) | | 60,702 | 929,395 |
| Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) | | 43,400 | 249,686 |
| Anhui Kouzi Distillery Co. Ltd. (A Shares) | | 13,500 | 73,527 |
| Anhui Yingjia Distillery Co. Ltd. (A Shares) | | 14,800 | 125,128 |
| Anjoy Foods Group Co. Ltd. (A Shares) | | 6,700 | 80,689 |
| Anker Innovations Technology Co. Ltd. (A Shares) | | 12,270 | 138,250 |
| Anta Sports Products Ltd. | | 508,600 | 5,428,384 |
| Asymchem Laboratories Tianjin Co. Ltd. (A Shares) | | 11,560 | 134,942 |
| Autobio Diagnostics Co. Ltd. | | 21,900 | 138,484 |
| Autohome, Inc. ADR Class A | | 25,869 | 726,919 |
| Avary Holding Shenzhen Co. Ltd. (A Shares) | | 53,700 | 282,588 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 947,000 | 508,664 |
| Avicopter PLC (A Shares) | | 17,100 | 100,934 |
| BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (a) | | 128,400 | 148,915 |
| Baidu, Inc. Class A (a) | | 907,044 | 10,350,125 |
| Bank of Beijing Co. Ltd. (A Shares) | | 471,716 | 374,800 |
| Bank of Changsha Co. Ltd. (A Shares) | | 104,200 | 124,866 |
| Bank of Chengdu Co. Ltd. (A Shares) | | 77,600 | 168,093 |
| Bank of China Ltd.: | | | |
| (A Shares) | | 1,025,400 | 694,667 |
| (H Shares) | | 31,298,000 | 14,854,967 |
| Bank of Communications Co. Ltd.: | | | |
| (A Shares) | | 730,700 | 730,434 |
| (H Shares) | | 3,755,000 | 2,843,982 |
| Bank of Hangzhou Co. Ltd. (A Shares) | | 161,980 | 315,565 |
| Bank of Jiangsu Co. Ltd. (A Shares) | | 459,730 | 569,504 |
| Bank of Nanjing Co. Ltd. (A Shares) | | 231,500 | 333,686 |
| Bank of Ningbo Co. Ltd. (A Shares) | | 146,440 | 526,311 |
| Bank of Shanghai Co. Ltd. (A Shares) | | 388,820 | 423,738 |
| Bank of Suzhou Co. Ltd. | | 79,200 | 85,024 |
| Baoshan Iron & Steel Co. Ltd. (A Shares) | | 505,300 | 463,559 |
| BeiGene Ltd. (a) | | 276,371 | 4,352,720 |
| Beijing Enlight Media Co. Ltd. (A Shares) | | 89,100 | 110,836 |
| Beijing Enterprises Holdings Ltd. | | 203,000 | 665,098 |
| Beijing Enterprises Water Group Ltd. | | 1,534,000 | 456,730 |
| Beijing Kingsoft Office Software, Inc. (A Shares) | | 10,626 | 384,026 |
| Beijing New Building Materials PLC (A Shares) | | 36,100 | 158,221 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | | 25,200 | 51,718 |
| Beijing Roborock Technology Co. Ltd. (A Shares) | | 4,272 | 141,603 |
| Beijing Tiantan Biological Products Corp. Ltd. (A Shares) | | 47,160 | 142,644 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 29,200 | 162,528 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) | | 26,146 | 262,003 |
| Beijing Yanjing Brewery Co. Ltd. (A Shares) | | 64,000 | 91,401 |
| Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) | | 1,123,800 | 857,297 |
| Bethel Automotive Safety Systems Co. Ltd. (A Shares) | | 16,740 | 114,035 |
| Bilibili, Inc. Class Z (a) | | 90,931 | 2,009,034 |
| Bloomage Biotechnology Corp. Ltd. (A Shares) | | 10,867 | 91,758 |
| BOC Aviation Ltd. Class A (c) | | 84,100 | 652,281 |
| BOC Hong Kong (Holdings) Ltd. | | 1,471,649 | 4,804,540 |
| BOC International China Co. Ltd. | | 54,800 | 89,255 |
| BOE Technology Group Co. Ltd. (A Shares) | | 880,300 | 577,574 |
| Bosideng International Holdings Ltd. | | 1,516,000 | 850,090 |
| By-Health Co. Ltd. (A Shares) | | 33,900 | 60,629 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 37,500 | 1,544,630 |
| (H Shares) | | 421,000 | 15,205,939 |
| BYD Electronic International Co. Ltd. | | 307,000 | 1,315,624 |
| C&D International Investment Group Ltd. (b) | | 281,414 | 532,518 |
| Caitong Securities Co. Ltd. | | 146,470 | 170,190 |
| Cambricon Technologies Corp. Ltd. (A Shares) (a) | | 9,193 | 585,263 |
| Cathay Biotech, Inc. (A Shares) | | 15,847 | 104,930 |
| CGN Power Co. Ltd.: | | | |
| (A Shares) | | 544,000 | 308,354 |
| (H Shares) (c) | | 3,919,000 | 1,408,639 |
| Changchun High & New Technology Industry Group, Inc. (A Shares) | | 8,700 | 127,485 |
| Changjiang Securities Co. Ltd. (A Shares) | | 227,500 | 225,859 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) | | 6,100 | 117,608 |
| Chaozhou Three-Circle Group Co. (A Shares) | | 41,300 | 215,600 |
| Chifeng Jilong Gold Mining Co. Ltd. (A Shares) | | 49,200 | 130,173 |
| China CITIC Bank Corp. Ltd.: | | | |
| (A Shares) | | 200,300 | 183,994 |
| (H Shares) | | 3,278,000 | 2,043,000 |
| China Coal Energy Co. Ltd. (H Shares) | | 791,000 | 986,756 |
| China Communications Services Corp. Ltd. (H Shares) | | 900,000 | 483,524 |
| China Construction Bank Corp.: | | | |
| (A Shares) | | 706,442 | 787,640 |
| (H Shares) | | 37,556,000 | 29,152,340 |
| China CSSC Holdings Ltd. (A Shares) | | 103,500 | 534,175 |
| China Eastern Airlines Corp. Ltd. (A Shares) (a) | | 332,700 | 179,590 |
| China Energy Engineering Corp. Ltd. (A Shares) | | 740,800 | 243,617 |
| China Everbright Bank Co. Ltd.: | | | |
| (A Shares) | | 324,600 | 157,414 |
| (H Shares) | | 2,302,000 | 778,119 |
| China Feihe Ltd. (c) | | 1,489,000 | 1,123,814 |
| China Galaxy Securities Co. Ltd.: | | | |
| (A Shares) | | 166,700 | 341,145 |
| (H Shares) | | 1,413,500 | 1,258,268 |
| China Gas Holdings Ltd. | | 1,113,200 | 955,965 |
| China Great Wall Securities Co. Ltd. (A Shares) | | 160,000 | 192,068 |
| China Greatwall Technology Group Co. Ltd. (A Shares) (a) | | 71,700 | 159,464 |
| China Hongqiao Group Ltd. | | 1,127,000 | 1,810,745 |
| China Huishan Dairy Holdings Co. Ltd. (a)(d) | | 397,000 | 1 |
| China International Capital Corp. Ltd. | | 53,100 | 264,291 |
| China International Capital Corp. Ltd. (H Shares) (c) | | 636,400 | 1,150,166 |
| China Jushi Co. Ltd. (A Shares) | | 110,322 | 175,246 |
| China Life Insurance Co. Ltd.: | | | |
| (A Shares) | | 34,700 | 204,260 |
| (H Shares) | | 3,051,000 | 6,467,335 |
| China Literature Ltd. (a)(c) | | 156,800 | 566,138 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 1,234,000 | 1,097,282 |
| China Mengniu Dairy Co. Ltd. | | 1,247,000 | 2,792,607 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 410,400 | 2,156,367 |
| (H Shares) | | 1,621,751 | 7,936,084 |
| China Merchants Energy Shipping Co. Ltd. (A Shares) | | 190,000 | 179,414 |
| China Merchants Expressway Network & Technology Holdings Co. Ltd. (A Shares) | | 98,400 | 160,681 |
| China Merchants Holdings International Co. Ltd. | | 510,655 | 839,780 |
| China Merchants Securities Co. Ltd. (A Shares) | | 156,930 | 424,427 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 210,800 | 334,924 |
| China Minmetals Rare Earth Co. Ltd. (A Shares) | | 22,700 | 96,757 |
| China Minsheng Banking Corp. Ltd.: | | | |
| (A Shares) | | 801,300 | 425,625 |
| (H Shares) | | 2,709,800 | 1,006,470 |
| China National Building Materials Co. Ltd. (H Shares) | | 1,835,000 | 780,685 |
| China National Chemical Engineering Co. Ltd. (A Shares) | | 142,400 | 161,874 |
| China National Medicines Corp. Ltd. (A Shares) | | 17,200 | 76,378 |
| China National Nuclear Power Co. Ltd. (A Shares) | | 431,200 | 609,030 |
| China National Software & Service Co. Ltd. (A Shares) (a) | | 19,630 | 125,236 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 79,700 | 239,851 |
| China Oilfield Services Ltd. (H Shares) | | 688,000 | 643,739 |
| China Oriental Group Co. Ltd. (H Shares) | | 107 | 17 |
| China Overseas Land and Investment Ltd. | | 1,508,500 | 2,882,469 |
| China Pacific Insurance (Group) Co. Ltd. | | 101,700 | 526,105 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 1,116,200 | 3,876,399 |
| China Petroleum & Chemical Corp.: | | | |
| (A Shares) | | 924,000 | 802,626 |
| (H Shares) | | 9,478,000 | 5,338,867 |
| China Power International Development Ltd. | | 1,726,248 | 741,080 |
| China Railway Group Ltd.: | | | |
| (A Shares) | | 811,500 | 731,199 |
| (H Shares) | | 1,244,000 | 620,780 |
| China Railway Signal & Communications Corp. (A Shares) | | 163,929 | 144,546 |
| China Resource Gas Group Ltd. | | 365,400 | 1,408,847 |
| China Resources Beer Holdings Co. Ltd. | | 645,162 | 2,389,871 |
| China Resources Land Ltd. | | 1,278,634 | 4,262,245 |
| China Resources Microelectronics Ltd. (A Shares) | | 29,035 | 205,347 |
| China Resources Mixc Lifestyle Services Ltd. (c) | | 269,200 | 1,110,562 |
| China Resources Pharmaceutical Group Ltd. (c) | | 717,500 | 507,507 |
| China Resources Power Holdings Co. Ltd. (b) | | 752,523 | 1,810,192 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 28,470 | 180,237 |
| China Ruyi Holdings Ltd. (a)(b) | | 2,448,000 | 601,104 |
| China Shenhua Energy Co. Ltd.: | | | |
| (A Shares) | | 135,500 | 762,393 |
| (H Shares) | | 1,372,500 | 5,942,820 |
| China Southern Airlines Ltd.: | | | |
| (A Shares) (a) | | 165,000 | 142,988 |
| (H Shares) (a)(b) | | 410,000 | 179,205 |
| China State Construction Engineering Corp. Ltd. (A Shares) | | 947,660 | 802,370 |
| China State Construction International Holdings Ltd. | | 801,250 | 1,176,031 |
| China Taiping Insurance Group Ltd. | | 576,177 | 992,436 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 731,600 | 488,888 |
| China Tourism Group Duty Free Corp. Ltd. (A Shares) | | 50,200 | 478,753 |
| China Tower Corp. Ltd. (H Shares) (c) | | 17,758,000 | 2,396,106 |
| China United Network Communications Ltd. (A Shares) | | 707,400 | 495,937 |
| China Vanke Co. Ltd.: | | | |
| (A Shares) (a) | | 198,600 | 259,589 |
| (H Shares) (a)(b) | | 889,600 | 846,954 |
| China XD Electric Co. Ltd. (A Shares) | | 103,000 | 119,523 |
| China Yangtze Power Co. Ltd. (A Shares) | | 562,430 | 2,179,685 |
| China Zheshang Bank Co. Ltd. | | 508,950 | 203,114 |
| Chongqing Brewery Co. Ltd. (A Shares) | | 15,800 | 128,994 |
| Chongqing Changan Automobile Co. Ltd. (A Shares) | | 188,290 | 350,362 |
| Chongqing Rural Commercial Bank Co. Ltd. (A Shares) | | 278,700 | 218,485 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 53,400 | 213,091 |
| Chow Tai Fook Jewellery Group Ltd. | | 764,000 | 723,625 |
| CITIC Pacific Ltd. | | 2,321,000 | 2,726,271 |
| CITIC Pacific Special Steel Group Co. Ltd. | | 75,100 | 127,833 |
| CITIC Securities Co. Ltd.: | | | |
| (A Shares) | | 204,630 | 807,173 |
| (H Shares) (b) | | 768,675 | 2,122,958 |
| Cmoc Group Ltd.: | | | |
| (A Shares) | | 463,700 | 492,062 |
| (H Shares) | | 1,455,000 | 1,204,397 |
| CNGR Advanced Material Co. Ltd. | | 18,340 | 98,864 |
| CNOOC Energy Technology & Services Ltd. (A Shares) | | 150,500 | 92,288 |
| CNPC Capital Co. Ltd. (A Shares) | | 223,000 | 277,092 |
| Contemporary Amperex Technology Co. Ltd. | | 101,580 | 3,524,294 |
| COSCO Shipping Development Co. Ltd. (A Shares) | | 201,700 | 75,124 |
| COSCO Shipping Energy Transportation Co. Ltd.: | | | |
| (A Shares) | | 95,000 | 174,801 |
| (H Shares) | | 472,000 | 451,742 |
| COSCO SHIPPING Holdings Co. Ltd.: | | | |
| (A Shares) | | 464,620 | 951,394 |
| (H Shares) | | 936,150 | 1,386,378 |
| CRRC Corp. Ltd.: | | | |
| (A Shares) | | 1,176,900 | 1,375,022 |
| (H Shares) | | 901,000 | 583,189 |
| CSC Financial Co. Ltd. (A Shares) | | 95,200 | 340,171 |
| CSPC Innovation Pharmaceutical Co. Ltd. (A Shares) | | 37,020 | 132,962 |
| CSPC Pharmaceutical Group Ltd. | | 3,320,640 | 2,458,380 |
| Daqin Railway Co. Ltd. (A Shares) | | 444,700 | 407,004 |
| Datang International Power Generation Co. Ltd. (A Shares) | | 324,200 | 134,316 |
| Dong-E-E-Jiao Co. Ltd. (A Shares) | | 13,300 | 110,122 |
| Dongfang Electric Corp. Ltd. (A Shares) | | 61,400 | 136,037 |
| Dongxing Securities Co. Ltd. (A Shares) | | 108,400 | 167,563 |
| East Money Information Co. Ltd. (A Shares) | | 364,489 | 1,186,288 |
| Eastroc Beverage Group Co. Ltd. (A Shares) | | 10,010 | 298,069 |
| Ecovacs Robotics Co. Ltd. Class A | | 15,200 | 111,425 |
| Empyrean Technology Co. Ltd. (A Shares) | | 9,100 | 127,754 |
| ENN Energy Holdings Ltd. | | 314,500 | 2,215,745 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 60,000 | 154,717 |
| Eoptolink Technology, Inc. Ltd. (A Shares) | | 15,300 | 277,298 |
| Eve Energy Co. Ltd. (A shares) | | 45,524 | 310,657 |
| Everbright Securities Co. Ltd. (A Shares) | | 86,400 | 210,328 |
| Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (a) | | 259,443 | 91,989 |
| Far East Horizon Ltd. | | 739,000 | 515,814 |
| FAW Jiefang Group Co. Ltd. (A Shares) | | 74,400 | 90,091 |
| Flat Glass Group Co. Ltd. (A Shares) | | 53,900 | 217,898 |
| Focus Media Information Technology Co. Ltd. (A Shares) | | 317,140 | 321,368 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 103,377 | 636,209 |
| Fosun International Ltd. | | 932,500 | 529,418 |
| Founder Securities Co. Ltd. (A Shares) | | 186,400 | 226,592 |
| Foxconn Industrial Internet Co. Ltd. (A Shares) | | 305,596 | 1,024,577 |
| Fuyao Glass Industries Group Co. Ltd.: | | | |
| (A Shares) | | 95,600 | 764,667 |
| (H Shares) (c) | | 185,200 | 1,310,030 |
| GalaxyCore, Inc. (A Shares) | | 49,802 | 107,790 |
| Ganfeng Lithium Group Co. Ltd. (A Shares) | | 46,220 | 220,538 |
| GCL Technology Holdings Ltd. (a) | | 8,625,000 | 1,904,462 |
| GD Power Development Co. Ltd. (A Shares) | | 445,100 | 302,682 |
| Geely Automobile Holdings Ltd. | | 2,418,000 | 4,250,602 |
| GEM Co. Ltd. (A Shares) | | 118,800 | 116,433 |
| Genscript Biotech Corp. (a)(b) | | 470,000 | 718,900 |
| GF Securities Co. Ltd.: | | | |
| (A Shares) | | 139,500 | 317,418 |
| (H Shares) | | 144,000 | 204,569 |
| Giant Biogene Holding Co. Ltd. (c) | | 125,000 | 847,793 |
| Gigadevice Semiconductor Beijing, Inc. (A Shares) (a) | | 14,384 | 181,463 |
| Ginlong Technologies Co. Ltd. (A Shares) | | 8,900 | 90,313 |
| GoerTek, Inc. (A Shares) | | 76,300 | 250,400 |
| Goldwind Science & Technology Co. Ltd. (A Shares) | | 103,982 | 159,058 |
| Goneo Group Co. Ltd. (A Shares) | | 15,080 | 154,455 |
| Gotion High-tech Co. Ltd. (A Shares) | | 38,500 | 122,954 |
| Great Wall Motor Co. Ltd.: | | | |
| (A Shares) | | 69,400 | 255,452 |
| (H Shares) | | 892,000 | 1,418,440 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 64,900 | 396,933 |
| GRG Banking Equipment Co. Ltd. (A Shares) | | 57,600 | 99,527 |
| Guangdong Haid Group Co. Ltd. (A Shares) | | 36,900 | 227,537 |
| Guangdong Investment Ltd. | | 1,128,000 | 718,059 |
| Guanghui Energy Co. Ltd. (A Shares) | | 151,500 | 162,559 |
| Guangzhou Automobile Group Co. Ltd. | | 159,600 | 179,188 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) (b) | | 992,000 | 347,731 |
| Guangzhou Baiyun International Airport Co. Ltd. (A Shares) | | 51,700 | 70,405 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 45,000 | 176,688 |
| Guangzhou Haige Communications Group (A Shares) | | 45,300 | 71,993 |
| Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) | | 42,420 | 112,883 |
| Guolian Securities Co. Ltd. | | 55,900 | 96,607 |
| Guosen Securities Co. Ltd. (A Shares) | | 151,000 | 244,805 |
| Guotai Junan Securities Co. Ltd.: | | | |
| (A Shares) | | 43,000 | 114,621 |
| (H Shares) (b)(c) | | 322,800 | 472,930 |
| Guoyuan Securities Co. Ltd. (A Shares) | | 132,300 | 157,456 |
| H World Group Ltd. ADR | | 80,362 | 2,948,482 |
| Haidilao International Holding Ltd. (c) | | 658,000 | 1,327,134 |
| Haier Smart Home Co. Ltd. | | 879,600 | 3,192,268 |
| Haier Smart Home Co. Ltd. (A Shares) | | 235,229 | 966,373 |
| Hainan Airlines Co. Ltd. (A Shares) (a) | | 948,700 | 184,352 |
| Hainan Airport Infrastructure Co. Ltd. (A Shares) (a) | | 251,200 | 124,373 |
| Haitian International Holdings Ltd. | | 254,000 | 702,559 |
| Haitong Securities Co. Ltd.: | | | |
| (A Shares) | | 188,500 | 312,229 |
| (H Shares) (b) | | 1,136,000 | 946,178 |
| Hanergy Mobile Energy Holding (a)(d) | | 576,000 | 1 |
| Hangzhou First Applied Material Co. Ltd. (A Shares) | | 55,148 | 144,715 |
| Hangzhou Greatstar Industrial Co. Ltd. (A Shares) | | 24,100 | 97,027 |
| Hangzhou Silan Microelectronics Co. Ltd. (A Shares) (a) | | 47,600 | 206,936 |
| Hangzhou Tigermed Consulting Co. Ltd.: | | | |
| (A Shares) | | 4,600 | 40,687 |
| (H Shares) (b)(c) | | 12,600 | 56,889 |
| Hansoh Pharmaceutical Group Co. Ltd. (c) | | 476,000 | 1,109,818 |
| Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares) | | 28,200 | 81,977 |
| Heilongjiang Agriculture Co. Ltd. (A Shares) | | 32,100 | 69,882 |
| Henan Shenhuo Coal & Power Co. Ltd. (A Shares) | | 55,000 | 138,048 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 93,600 | 327,420 |
| Hengan International Group Co. Ltd. | | 267,500 | 789,890 |
| Hengli Petrochemical Co. Ltd. (A Shares) | | 157,200 | 303,497 |
| Hengtong Optic-electric Co. Ltd. (A Shares) | | 52,300 | 127,306 |
| Hengyi Petrochemical Co. Ltd. (A Shares) | | 73,630 | 66,075 |
| Hisense Electric Co. Ltd. (A Shares) | | 26,900 | 84,322 |
| Hisense Home Appliances Group Co. Ltd.: | | | |
| (A Shares) | | 97,000 | 382,135 |
| (H Shares) | | 59,000 | 186,929 |
| Hithink RoyalFlush Information Network Co. Ltd. (A Shares) | | 11,600 | 334,440 |
| HLA Group Corp. Ltd. (A Shares) | | 113,400 | 90,712 |
| Hoshine Silicon Industry Co. Ltd. (A Shares) | | 21,400 | 177,696 |
| Hua Hong Semiconductor Ltd. (b)(c) | | 265,000 | 741,178 |
| Huadian Power International Corp. Ltd.: | | | |
| (A Shares) | | 21,700 | 17,588 |
| (H Shares) | | 264,000 | 131,172 |
| Huadong Medicine Co. Ltd. (A Shares) | | 38,660 | 179,481 |
| Huafon Chemical Co. Ltd. (A Shares) (d) | | 114,300 | 130,227 |
| Huagong Tech Co. Ltd. (A Shares) | | 22,800 | 125,739 |
| Huaibei Mining Holdings Co. Ltd. (A Shares) | | 61,600 | 133,866 |
| Hualan Biological Engineer, Inc. (A Shares) | | 41,350 | 95,789 |
| Huaneng Lancang River Hydropower, Inc. (A Shares) | | 152,600 | 208,941 |
| Huaneng Power International, Inc.: | | | |
| (A Shares) | | 309,900 | 316,058 |
| (H Shares) | | 1,524,000 | 816,555 |
| Huatai Securities Co. Ltd.: | | | |
| (A Shares) | | 66,400 | 164,488 |
| (H Shares) (c) | | 691,800 | 1,170,987 |
| Huaxia Bank Co. Ltd. (A Shares) | | 286,000 | 284,141 |
| Huayu Automotive Systems Co. Ltd. (A Shares) | | 67,031 | 142,165 |
| Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares) | | 18,900 | 80,192 |
| Huizhou Desay SV Automotive Co. Ltd. | | 12,400 | 211,899 |
| Humanwell Healthcare Group Co. Ltd. (A Shares) | | 38,100 | 115,306 |
| Hunan Valin Steel Co. Ltd. (A Shares) | | 139,500 | 91,990 |
| Hundsun Technologies, Inc. (A Shares) | | 51,777 | 194,680 |
| Hwatsing Technology Co. Ltd. (A Shares) | | 5,536 | 149,682 |
| Hygon Information Technology Co. Ltd. (A Shares) | | 53,840 | 970,666 |
| IEIT Systems Co. Ltd. (A Shares) | | 32,012 | 209,226 |
| iFlytek Co. Ltd. (A Shares) | | 53,300 | 343,193 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 6,720 | 200,712 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 1,790,200 | 1,520,455 |
| (H Shares) | | 27,167,000 | 16,296,303 |
| Industrial Bank Co. Ltd. (A Shares) | | 506,100 | 1,300,486 |
| Industrial Securities Co. Ltd. (A Shares) | | 186,940 | 171,536 |
| Ingenic Semiconductor Co. Ltd. (A Shares) | | 9,900 | 101,267 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 148,200 | 582,224 |
| Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) | | 978,800 | 235,108 |
| Inner Mongolia Dian Tou Energy Corp. Ltd. | | 67,700 | 191,129 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) | | 164,900 | 98,605 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 521,000 | 1,207,794 |
| Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares) | | 78,600 | 74,584 |
| Innovent Biologics, Inc. (a)(c) | | 480,500 | 2,088,818 |
| iQIYI, Inc. ADR (a) | | 181,471 | 473,639 |
| iSoftStone Information Technology Group Co. Ltd. (A Shares) | | 21,450 | 203,976 |
| JA Solar Technology Co. Ltd. (A Shares) | | 72,996 | 198,548 |
| JCET Group Co. Ltd. (A Shares) | | 37,800 | 210,789 |
| JCHX Mining Management Co. Ltd. (A Shares) | | 14,200 | 79,733 |
| JD Health International, Inc. (a)(c) | | 445,600 | 1,594,959 |
| JD Logistics, Inc. (a)(c) | | 795,600 | 1,618,951 |
| JD.com, Inc. Class A | | 981,767 | 19,909,476 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 139,600 | 155,049 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 456,000 | 458,856 |
| Jiangsu Hengli Hydraulic Co. Ltd. | | 28,772 | 209,227 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 147,048 | 964,285 |
| Jiangsu King's Luck Brewery JSC Ltd. (A Shares) | | 27,900 | 172,387 |
| Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares) | | 20,700 | 77,086 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd. | | 53,500 | 75,641 |
| Jiangsu Yanghe Brewery JSC Ltd. (A Shares) | | 33,500 | 378,643 |
| Jiangsu Yangnong Chemical Co. Ltd. (A Shares) | | 7,800 | 63,383 |
| Jiangsu Yoke Technology Co. Ltd. (A Shares) | | 10,300 | 91,781 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) | | 21,300 | 101,457 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 73,400 | 162,503 |
| Jiangxi Copper Co. Ltd.: | | | |
| (A Shares) | | 70,300 | 214,124 |
| (H Shares) | | 407,000 | 684,619 |
| Jinduicheng Molybdenum Co. Ltd. (A Shares) | | 90,700 | 136,701 |
| Jinko Solar Co. Ltd. (A Shares) | | 220,168 | 293,326 |
| Jointown Pharmaceutical Group (A Shares) | | 112,749 | 81,924 |
| Juneyao Airlines Co. Ltd. (A shares) | | 42,800 | 76,782 |
| Kangmei Pharmaceutical Co. Ltd. rights (a)(d) | | 2,866 | 0 |
| Kanzhun Ltd. ADR | | 104,000 | 1,513,200 |
| KE Holdings, Inc. ADR | | 257,503 | 5,647,041 |
| Kingdee International Software Group Co. Ltd. (a) | | 1,221,000 | 1,278,211 |
| Kingsoft Corp. Ltd. | | 366,200 | 1,262,016 |
| Kuaishou Technology Class B (a)(c) | | 934,300 | 5,505,838 |
| Kuang-Chi Technologies Co. Ltd. (A Shares) | | 45,500 | 270,977 |
| Kunlun Energy Co. Ltd. | | 1,546,000 | 1,466,168 |
| Kunlun Tech Co. Ltd. (A Shares) | | 26,500 | 150,928 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 29,400 | 6,312,314 |
| Lb Group Co. Ltd. (A Shares) | | 56,100 | 148,595 |
| Lenovo Group Ltd. | | 3,214,000 | 4,238,099 |
| Lens Technology Co. Ltd. (A Shares) | | 106,900 | 337,368 |
| Lepu Medical Technology Beijing Co. Ltd. (A Shares) | | 37,400 | 63,332 |
| Li Auto, Inc. Class A (a) | | 491,664 | 6,182,723 |
| Li Ning Co. Ltd. | | 933,500 | 1,904,722 |
| Liaoning Port Co. Ltd. (A Shares) | | 841,200 | 182,180 |
| Lingyi iTech Guangdong Co. (A Shares) | | 150,800 | 190,011 |
| Livzon Pharmaceutical Group, Inc. (A Shares) | | 14,900 | 76,712 |
| Longfor Properties Co. Ltd. (c) | | 799,595 | 1,295,349 |
| LONGi Green Energy Technology Co. Ltd. | | 176,668 | 490,490 |
| Luxshare Precision Industry Co. Ltd. (A Shares) | | 166,147 | 978,547 |
| Luzhou Laojiao Co. Ltd. (A Shares) | | 34,000 | 648,041 |
| Mango Excellent Media Co. Ltd. (A Shares) | | 41,100 | 144,849 |
| Maxscend Microelectronics Co. Ltd. (A Shares) | | 15,452 | 207,050 |
| Meihua Holdings Group Co. Ltd. (A Shares) | | 120,400 | 160,178 |
| Meituan Class B (a)(c) | | 1,979,510 | 46,776,560 |
| Metallurgical Corp. China Ltd.: | | | |
| (A Shares) | | 255,700 | 120,007 |
| (H Shares) | | 920,000 | 197,550 |
| Midea Group Co. Ltd.: | | | |
| (A Shares) | | 84,200 | 843,754 |
| (H Shares) (b) | | 144,400 | 1,346,012 |
| MINISO Group Holding Ltd. (b) | | 145,220 | 727,748 |
| MMG Ltd. (a) | | 1,676,000 | 589,924 |
| Montage Technology Co. Ltd. (A Shares) | | 24,805 | 238,178 |
| Muyuan Foodstuff Co. Ltd. (A Shares) (a) | | 125,940 | 772,559 |
| Nanjing Iron & Steel Co. Ltd. | | 138,400 | 84,428 |
| Nanjing Securities Co. Ltd. (A Shares) | | 88,600 | 112,920 |
| NARI Technology Co. Ltd. (A Shares) | | 195,505 | 714,119 |
| National Silicon Industry Group Co. Ltd. (A Shares) | | 86,406 | 271,947 |
| NAURA Technology Group Co. Ltd. | | 12,400 | 682,352 |
| NetEase, Inc. | | 768,395 | 12,362,554 |
| New China Life Insurance Co. Ltd. | | 36,900 | 248,932 |
| New China Life Insurance Co. Ltd. (H Shares) | | 375,500 | 1,267,221 |
| New Hope Liuhe Co. Ltd. (A Shares) (a) | | 103,800 | 143,009 |
| New Oriental Education & Technology Group, Inc. | | 593,010 | 3,711,091 |
| Ninestar Corp. (A Shares) (a) | | 40,000 | 158,147 |
| Ningbo Deye Technology Co. Ltd. (A Shares) | | 12,740 | 169,546 |
| Ningbo Joyson Electronic Corp. (A shares) | | 48,100 | 112,397 |
| Ningbo Orient Wires & Cables Co. Ltd. (A Shares) | | 15,800 | 125,644 |
| Ningbo Sanxing Medical Electric Co. Ltd. | | 36,500 | 158,623 |
| Ningbo Tuopu Group Co. Ltd. (A Shares) | | 44,205 | 268,548 |
| Ningxia Baofeng Energy Group Co. Ltd. | | 169,200 | 377,862 |
| NIO, Inc. (A Shares) (a) | | 535,936 | 2,756,553 |
| Nongfu Spring Co. Ltd. (H Shares) (b)(c) | | 797,800 | 2,972,490 |
| Offshore Oil Enginering Co. Ltd. (A Shares) | | 106,500 | 81,162 |
| OFILM Group Co. Ltd. (A Shares) (a) | | 74,900 | 185,128 |
| Oppein Home Group, Inc. (A Shares) | | 14,460 | 143,054 |
| Orient Securities Co. Ltd. (A Shares) | | 168,708 | 249,666 |
| Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a) | | 191,700 | 77,482 |
| PDD Holdings, Inc. ADR (a) | | 275,818 | 33,260,893 |
| People's Insurance Co. of China Group Ltd.: | | | |
| (A Shares) | | 140,700 | 140,576 |
| (H Shares) | | 3,602,000 | 1,818,126 |
| PetroChina Co. Ltd.: | | | |
| (A Shares) | | 525,000 | 596,825 |
| (H Shares) | | 8,378,000 | 6,291,163 |
| Pharmaron Beijing Co. Ltd.: | | | |
| (A Shares) | | 12,300 | 50,499 |
| (H Shares) (b)(c) | | 92,100 | 178,161 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 2,748,933 | 4,170,051 |
| Ping An Bank Co. Ltd. (A Shares) | | 443,400 | 709,827 |
| Ping An Insurance Group Co. of China Ltd.: | | | |
| (A Shares) | | 253,892 | 1,996,884 |
| (H Shares) | | 2,668,000 | 16,530,354 |
| Pingdingshan Tianan Coal Mining Co. Ltd. A Shares | | 56,400 | 80,418 |
| Piotech, Inc. (A Shares) | | 5,909 | 133,497 |
| Poly Developments & Holdings (A Shares) | | 265,700 | 403,893 |
| Pop Mart International Group Ltd. (c) | | 211,800 | 1,914,860 |
| Postal Savings Bank of China Co. Ltd. | | 436,700 | 319,980 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (c) | | 3,471,000 | 1,993,332 |
| Power Construction Corp. of China Ltd. (A Shares) | | 390,200 | 302,046 |
| Prosus NV | | 562,983 | 23,726,847 |
| Prosus NV rights (a)(e) | | 562,983 | 61,238 |
| Qifu Technology, Inc. ADR | | 46,010 | 1,509,588 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (a) | | 126,000 | 317,633 |
| Range Intelligent Computing Technology Group Co. Ltd. (A Shares) | | 34,200 | 153,646 |
| Rockchip Electronics Co. Ltd. | | 9,800 | 121,349 |
| Rongsheng Petrochemical Co. Ltd. (A Shares) | | 226,550 | 300,145 |
| SAIC Motor Corp. Ltd. (A Shares) | | 164,000 | 296,613 |
| Sailun Group Co. Ltd. A Shares | | 72,900 | 148,404 |
| Sanan Optoelectronics Co. Ltd. (A Shares) | | 110,600 | 213,115 |
| Sany Heavy Industry Co. Ltd. (A Shares) | | 213,600 | 548,142 |
| Satellite Chemical Co. Ltd. (A Shares) | | 89,199 | 236,988 |
| SDIC Capital Co. Ltd. | | 140,200 | 156,255 |
| SDIC Power Holdings Co. Ltd. (A Shares) | | 167,600 | 358,259 |
| Seres Group Co. Ltd. (A Shares) (a) | | 34,200 | 560,208 |
| SF Holding Co. Ltd. (A Shares) | | 112,400 | 706,597 |
| SG Micro Corp. (A Shares) | | 9,847 | 123,281 |
| Shaanxi Coal Industry Co. Ltd. (A Shares) | | 222,600 | 772,181 |
| Shan Xi Hua Yang Group New Energy Co. Ltd. | | 82,650 | 86,910 |
| Shandong Gold Mining Co. Ltd.: | | | |
| (A Shares) | | 95,832 | 352,534 |
| (H Shares) (c) | | 276,500 | 547,770 |
| Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares) | | 15,100 | 96,493 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) | | 44,320 | 142,767 |
| Shandong Linglong Tyre Co. Ltd. (A Shares) | | 33,300 | 90,981 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 237,000 | 135,705 |
| Shandong Sun Paper Industry JSC Ltd. (A Shares) | | 56,000 | 102,419 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 1,016,000 | 628,778 |
| Shanghai Baosight Software Co. Ltd. | | 515,511 | 780,287 |
| Shanghai Baosight Software Co. Ltd. (A Shares) | | 14,342 | 54,162 |
| Shanghai Electric Group Co. Ltd. (A Shares) (a) | | 265,500 | 336,394 |
| Shanghai Electric Power Co. Ltd. (A Shares) | | 68,200 | 91,505 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 136,000 | 258,622 |
| Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares) | | 4,270 | 113,404 |
| Shanghai International Airport Co. Ltd. (A Shares) | | 27,600 | 135,617 |
| Shanghai International Port Group Co. Ltd. (A Shares) | | 205,500 | 172,058 |
| Shanghai Lingang Holdings Corp. Ltd. (A Shares) | | 56,280 | 89,641 |
| Shanghai M&G Stationery, Inc. (A Shares) | | 25,600 | 104,328 |
| Shanghai Pharmaceuticals Holding Co. Ltd.: | | | |
| (A Shares) | | 108,300 | 294,764 |
| (H Shares) | | 193,300 | 298,764 |
| Shanghai Pudong Development Bank Co. Ltd. (A Shares) | | 663,300 | 918,691 |
| Shanghai Putailai New Energy Technology Co. Ltd. | | 42,380 | 100,163 |
| Shanghai RAAS Blood Products Co. Ltd. (A Shares) | | 153,600 | 158,869 |
| Shanghai Rural Commercial Bank Co. Ltd. (A Shares) | | 252,300 | 274,933 |
| Shanghai United Imaging Healthcare Co. Ltd. (A Shares) | | 18,747 | 322,037 |
| Shanghai Zhangjiang High Ltd. (A Shares) | | 35,100 | 141,090 |
| Shanjin International Gold Co. (A Shares) | | 59,540 | 149,988 |
| Shanxi Coal International Energy Group Co. Ltd. (A Shares) | | 45,200 | 84,391 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) | | 67,600 | 138,467 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) | | 28,220 | 796,992 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) | | 126,970 | 146,931 |
| Shenergy Co. Ltd. (A Shares) | | 114,200 | 138,396 |
| Shengyi Technology Co. Ltd. | | 54,600 | 157,194 |
| Shennan Circuits Co. Ltd. (A Shares) | | 10,700 | 156,810 |
| Shenwan Hongyuan Group Co. Ltd. (A Shares) | | 549,400 | 410,848 |
| Shenzhen Capchem Technology Co. Ltd. (A Shares) | | 15,700 | 84,808 |
| Shenzhen Energy Group Co. Ltd. (A Shares) | | 107,820 | 100,954 |
| Shenzhen Goodix Technology Co. Ltd. (A Shares) | | 10,600 | 133,492 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 30,650 | 239,227 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 27,900 | 1,044,930 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 16,900 | 162,876 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) | | 23,200 | 104,919 |
| Shenzhen Transsion Holdings Co. Ltd. (A Shares) | | 28,015 | 375,153 |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 18,100 | 64,828 |
| Shenzhou International Group Holdings Ltd. | | 326,800 | 2,523,553 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) | | 38,060 | 90,966 |
| Sichuan Chuantou Energy Co. Ltd. (A Shares) | | 134,836 | 317,166 |
| Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) | | 37,000 | 166,999 |
| Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) | | 194,640 | 209,281 |
| Sieyuan Electric Co. Ltd. (A Shares) | | 16,900 | 181,430 |
| Silergy Corp. | | 129,000 | 2,007,871 |
| Sinolink Securities Co. Ltd. (A Shares) | | 92,300 | 118,623 |
| Sinoma International Engineering Co. Ltd. (A Shares) | | 60,700 | 88,063 |
| Sinopharm Group Co. Ltd. (H Shares) | | 524,000 | 1,305,437 |
| Sinotruk Hong Kong Ltd. | | 264,500 | 713,907 |
| SITC International Holdings Co. Ltd. | | 537,000 | 1,517,729 |
| Smoore International Holdings Ltd. (b)(c) | | 736,000 | 960,885 |
| Soochow Securities Co. Ltd. (A Shares) | | 96,649 | 110,528 |
| Southwest Securities Co. Ltd. (A Shares) | | 132,600 | 89,586 |
| Spring Airlines Co. Ltd. (A Shares) | | 27,400 | 211,854 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 48,160 | 613,608 |
| Sunny Optical Technology Group Co. Ltd. | | 285,000 | 1,853,924 |
| Sunwoda Electronic Co. Ltd. (A Shares) | | 36,300 | 115,446 |
| SUPCON Technology Co. Ltd. (A Shares) | | 18,477 | 125,026 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) | | 38,200 | 168,135 |
| Suzhou Maxwell Technologies Co. Ltd. (A Shares) | | 8,076 | 131,685 |
| Suzhou TFC Optical Communication Co. Ltd. (A Shares) | | 11,900 | 212,182 |
| TAL Education Group ADR (a) | | 162,651 | 1,808,679 |
| TBEA Co. Ltd. (A Shares) | | 116,900 | 232,131 |
| TCL Technology Group Corp. (A Shares) | | 439,160 | 327,175 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares) | | 88,500 | 157,731 |
| Tencent Holdings Ltd. | | 2,601,000 | 135,621,682 |
| Tencent Music Entertainment Group ADR | | 299,095 | 3,328,927 |
| Tian Di Science & Technology Co. Ltd. (A Shares) | | 94,200 | 81,356 |
| Tianqi Lithium Corp. (A Shares) | | 32,800 | 165,074 |
| Tianshan Aluminum Group Co. Ltd. | | 109,400 | 127,098 |
| Tianshui Huatian Technology Co. Ltd. (A Shares) | | 63,000 | 121,051 |
| Tingyi (Cayman Islands) Holding Corp. | | 792,000 | 1,155,444 |
| Tongcheng Travel Holdings Ltd. | | 513,200 | 1,161,079 |
| TongFu Microelectronics Co. Ltd. (A Shares) | | 34,800 | 131,341 |
| Tongkun Group Co. Ltd. (A Shares) | | 49,100 | 81,247 |
| Tongling Nonferrous Metals Group Co. Ltd. (A Shares) | | 331,100 | 157,524 |
| Tongwei Co. Ltd. (A Shares) | | 100,200 | 434,268 |
| Topsports International Holdings Ltd. (c) | | 883,000 | 294,214 |
| TravelSky Technology Ltd. (H Shares) | | 384,000 | 538,209 |
| Trina Solar Co. Ltd. (A Shares) | | 48,382 | 170,335 |
| Trip.com Group Ltd. (a) | | 220,005 | 14,158,314 |
| Tsingtao Brewery Co. Ltd.: | | | |
| (A Shares) | | 35,500 | 334,465 |
| (H Shares) | | 226,000 | 1,455,234 |
| Unigroup Guoxin Microelectronics Co. Ltd. | | 18,479 | 173,145 |
| Unisplendour Corp. Ltd. (A Shares) | | 62,220 | 228,304 |
| Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) | | 42,000 | 87,623 |
| Victory Giant Technology Huizhou Co. Ltd. (A Shares) | | 22,600 | 141,355 |
| Vipshop Holdings Ltd. ADR | | 147,217 | 2,125,813 |
| Wanda Film Holding Co. Ltd. (A Shares) (a) | | 49,900 | 84,633 |
| Wanhua Chemical Group Co. Ltd. (A Shares) | | 72,500 | 767,271 |
| Want Want China Holdings Ltd. | | 1,863,000 | 1,159,282 |
| Weichai Power Co. Ltd.: | | | |
| (A Shares) | | 150,200 | 281,902 |
| (H Shares) | | 774,600 | 1,170,469 |
| Weihai Guangwei Composites Co. Ltd. (A Shares) | | 25,720 | 126,395 |
| Wens Foodstuffs Group Co. Ltd. (A Shares) | | 149,200 | 390,582 |
| Western Mining Co. Ltd. (A Shares) | | 57,100 | 141,083 |
| Western Securities Co. Ltd. (A Shares) | | 93,900 | 108,010 |
| Western Superconducting Technologies Co. Ltd. (A Shares) | | 18,859 | 133,489 |
| Wharf Holdings Ltd. | | 424,000 | 1,201,362 |
| Will Semiconductor Ltd. | | 28,250 | 424,826 |
| Wilmar International Ltd. | | 766,693 | 1,850,618 |
| Wingtech Technology Co. Ltd. (A Shares) | | 26,800 | 163,911 |
| Wintime Energy Group Co. Ltd. (A Shares) | | 564,400 | 111,319 |
| Wuhan Guide Infrared Co. Ltd. (A Shares) | | 83,044 | 103,405 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 91,600 | 1,890,633 |
| WUS Printed Circuit Kunshan Co. Ltd. (A Shares) | | 42,530 | 241,220 |
| WuXi AppTec Co. Ltd. | | 51,948 | 379,884 |
| WuXi AppTec Co. Ltd. (H Shares) (b)(c) | | 143,000 | 950,997 |
| Wuxi Biologics (Cayman), Inc. (a)(c) | | 1,389,500 | 2,951,858 |
| XCMG Construction Machinery Co. Ltd. (A Shares) | | 271,800 | 296,253 |
| Xiamen C&D, Inc. (A Shares) | | 65,100 | 85,253 |
| Xiamen Tungsten Co. Ltd. (A Shares) | | 32,200 | 87,940 |
| Xiaomi Corp. Class B (a)(c) | | 6,109,200 | 20,953,921 |
| Xinjiang Daqo New Energy Co. Ltd. (A Shares) | | 39,264 | 179,201 |
| Xinyi Solar Holdings Ltd. | | 1,969,446 | 1,010,063 |
| XPeng, Inc. Class A (a) | | 486,026 | 2,746,183 |
| Yadea Group Holdings Ltd. (c) | | 484,516 | 836,883 |
| Yankuang Ener-A: | | | |
| (A Shares) | | 173,485 | 375,999 |
| (H Shares) (b) | | 1,200,500 | 1,562,027 |
| Yantai Jereh Oilfield Services (A Shares) | | 24,000 | 113,053 |
| Yealink Network Technology Corp. Ltd. | | 27,160 | 148,682 |
| Yifeng Pharmacy Chain Co. Ltd. | | 26,062 | 86,907 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 32,600 | 149,262 |
| Yonyou Network Technology Co. Ltd. (A Shares) (a) | | 77,030 | 122,968 |
| Youngor Fashion Co. Ltd. (A Shares) | | 112,893 | 119,244 |
| YTO Express Group Co. Ltd. (A Shares) | | 74,000 | 170,691 |
| Yum China Holdings, Inc. | | 155,213 | 6,846,445 |
| Yunnan Aluminium Co. Ltd. (A Shares) | | 75,600 | 150,720 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 41,480 | 333,053 |
| Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares) | | 102,400 | 82,885 |
| Yunnan Energy New Material Co. Ltd. | | 21,000 | 105,012 |
| Yunnan Tin Co. Ltd. (A Shares) | | 39,200 | 83,870 |
| Yunnan Yuntianhua Co. Ltd. (Series A) | | 41,500 | 134,258 |
| Yutong Bus Co. Ltd. | | 51,300 | 174,654 |
| Zangge Mining Co. Ltd. (Series A) | | 36,300 | 146,048 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 13,898 | 458,420 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) (b) | | 586,000 | 1,026,928 |
| Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a) | | 167,966 | 111,468 |
| Zhejiang China Commodities City Group Co. Ltd. (A Shares) | | 125,300 | 187,950 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 65,200 | 214,044 |
| Zhejiang Dahua Technology Co. Ltd. (A Shares) | | 88,500 | 204,055 |
| Zhejiang Dingli Machinery Co. Ltd. (A Shares) | | 13,500 | 96,197 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 654,880 | 433,881 |
| Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) | | 33,860 | 87,971 |
| Zhejiang Huayou Cobalt Co. Ltd. (A Shares) | | 39,510 | 172,186 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) | | 28,400 | 143,691 |
| Zhejiang Juhua Co. Ltd. (A Shares) | | 57,500 | 169,099 |
| Zhejiang Leapmotor Technology Co. Ltd. (H Shares) (a)(b)(c) | | 202,300 | 798,603 |
| Zhejiang Longsheng Group Co. Ltd. (A Shares) | | 77,500 | 109,555 |
| Zhejiang NHU Co. Ltd. (A Shares) | | 65,380 | 208,315 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 40,500 | 124,020 |
| Zhejiang Supor Cookware Co. Ltd. | | 12,100 | 88,951 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd. (A Shares) | | 49,000 | 142,389 |
| Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares) | | 35,600 | 102,510 |
| Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) | | 50,300 | 105,368 |
| Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) | | 252,300 | 208,210 |
| Zheshang Securities Co. Ltd. | | 89,300 | 162,010 |
| Zhongji Innolight Co. Ltd. (A Shares) | | 25,900 | 511,588 |
| Zhongjin Gold Co. Ltd. (A Shares) | | 107,400 | 213,315 |
| Zhongsheng Group Holdings Ltd. Class H | | 319,000 | 490,555 |
| Zhongtai Securities Co. Ltd. (A Shares) | | 132,800 | 127,018 |
| Zhuzhou CRRC Times Electric Co. Ltd.: | | | |
| (A Shares) | | 29,654 | 202,752 |
| (H Shares) | | 182,300 | 699,570 |
| Zijin Mining Group Co. Ltd.: | | | |
| (A Shares) | | 342,200 | 802,406 |
| (H Shares) | | 2,416,000 | 5,146,253 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares) | | 186,700 | 182,401 |
| ZTE Corp.: | | | |
| (A Shares) | | 28,500 | 120,918 |
| (H Shares) | | 414,280 | 1,031,090 |
| ZTO Express, Inc. | | 167,891 | 3,872,090 |
TOTAL CHINA | | | 893,536,134 |
| Colombia - 0.0% | | | |
| Bancolombia SA | | 102,172 | 872,742 |
| Interconexion Electrica SA ESP | | 169,665 | 674,021 |
TOTAL COLOMBIA | | | 1,546,763 |
| Czech Republic - 0.0% | | | |
| CEZ A/S | | 63,372 | 2,455,614 |
| Komercni Banka A/S | | 30,184 | 1,042,531 |
| MONETA Money Bank A/S (c) | | 106,284 | 529,642 |
TOTAL CZECH REPUBLIC | | | 4,027,787 |
| Denmark - 2.1% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 969 | 1,473,759 |
| Series B | | 1,978 | 3,128,730 |
| Carlsberg A/S Series B | | 38,008 | 4,200,405 |
| Coloplast A/S Series B | | 50,056 | 6,242,265 |
| Danske Bank A/S | | 273,243 | 8,056,540 |
| Demant A/S (a) | | 38,914 | 1,427,693 |
| DSV A/S | | 81,178 | 17,643,660 |
| Genmab A/S (a) | | 25,030 | 5,605,652 |
| Novo Nordisk A/S Series B | | 1,279,032 | 143,462,640 |
| Novonesis (NOVOZYMES) B Series B | | 139,935 | 8,768,192 |
| ORSTED A/S (a)(c) | | 75,259 | 4,397,402 |
| Pandora A/S | | 32,594 | 4,914,468 |
| Rockwool International A/S Series B | | 3,664 | 1,578,281 |
| Tryg A/S | | 132,914 | 3,130,124 |
| Vestas Wind Systems A/S (a) | | 401,831 | 7,657,829 |
| Zealand Pharma A/S (a) | | 25,120 | 2,895,609 |
TOTAL DENMARK | | | 224,583,249 |
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 935,988 | 1,529,705 |
| Eastern Co. SAE | | 503,596 | 280,862 |
| Talaat Moustafa Group Holding | | 338,289 | 408,504 |
TOTAL EGYPT | | | 2,219,071 |
| Finland - 0.6% | | | |
| Elisa Corp. (A Shares) | | 57,273 | 2,726,191 |
| Fortum Corp. | | 179,014 | 2,634,595 |
| Kesko Oyj | | 110,115 | 2,355,426 |
| Kone OYJ (B Shares) | | 135,146 | 7,388,474 |
| Metso Corp. | | 249,058 | 2,358,567 |
| Neste OYJ | | 168,449 | 2,704,620 |
| Nokia Corp. | | 2,119,881 | 10,031,331 |
| Nordea Bank Abp (Helsinki Stock Exchange) | | 1,252,481 | 14,662,780 |
| Orion Oyj (B Shares) | | 42,550 | 2,066,570 |
| Sampo Oyj (A Shares) | | 199,761 | 8,843,704 |
| Stora Enso Oyj (R Shares) | | 233,596 | 2,596,841 |
| UPM-Kymmene Corp. | | 213,475 | 6,253,346 |
| Wartsila Corp. | | 200,278 | 3,814,595 |
TOTAL FINLAND | | | 68,437,040 |
| France - 5.7% | | | |
| Accor SA | | 77,610 | 3,516,949 |
| Aeroports de Paris SA | | 13,391 | 1,584,787 |
| Air Liquide SA | | 60,830 | 10,906,904 |
| Air Liquide SA | | 159,220 | 28,548,369 |
| Airbus Group NV | | 235,994 | 35,998,815 |
| Alstom SA (a) | | 136,281 | 2,997,701 |
| Amundi SA (c) | | 23,621 | 1,708,634 |
| Arkema SA | | 22,333 | 1,951,920 |
| AXA SA | | 720,840 | 27,066,915 |
| bioMerieux SA | | 16,556 | 1,845,901 |
| BNP Paribas SA | | 403,851 | 27,580,613 |
| Bollore SA | | 280,289 | 1,748,512 |
| Bouygues SA | | 75,445 | 2,415,182 |
| Bureau Veritas SA | | 126,206 | 3,986,628 |
| Capgemini SA | | 61,714 | 10,706,197 |
| Carrefour SA | | 213,370 | 3,388,517 |
| Compagnie de St.-Gobain | | 180,211 | 16,342,425 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 269,478 | 9,107,150 |
| Covivio | | 22,199 | 1,262,886 |
| Credit Agricole SA | | 418,084 | 6,408,431 |
| Danone SA | | 256,384 | 18,315,700 |
| Dassault Aviation SA | | 7,931 | 1,598,573 |
| Dassault Systemes SA | | 265,524 | 9,087,607 |
| Edenred SA | | 98,245 | 3,157,890 |
| Eiffage SA | | 28,850 | 2,681,870 |
| Engie SA | | 202,100 | 3,387,503 |
| Engie SA | | 522,127 | 8,751,641 |
| EssilorLuxottica SA | | 118,020 | 27,652,245 |
| Eurazeo SA | | 17,972 | 1,367,456 |
| Gecina SA | | 18,046 | 1,924,676 |
| Getlink SE | | 119,792 | 2,030,784 |
| Hermes International SCA | | 12,578 | 28,375,886 |
| Ipsen SA | | 14,937 | 1,818,120 |
| Kering SA | | 29,617 | 7,397,458 |
| Klepierre SA | | 85,073 | 2,716,920 |
| L'Oreal SA | | 25,300 | 9,491,813 |
| L'Oreal SA | | 4,395 | 1,648,874 |
| L'Oreal SA | | 65,867 | 24,711,352 |
| La Francaise des Jeux SAEM (c) | | 40,262 | 1,715,012 |
| Legrand SA | | 104,514 | 11,796,333 |
| LVMH Moet Hennessy Louis Vuitton SE | | 109,243 | 72,725,310 |
| Orange SA | | 740,154 | 8,131,111 |
| Pernod Ricard SA | | 80,705 | 10,029,649 |
| Publicis Groupe SA | | 90,973 | 9,669,969 |
| Renault SA | | 75,623 | 3,446,649 |
| Rexel SA | | 90,336 | 2,474,262 |
| Safran SA | | 135,739 | 30,726,654 |
| Sartorius Stedim Biotech | | 11,491 | 2,291,128 |
| SEB SA | | 10,020 | 1,050,688 |
| Societe Generale Series A | | 286,955 | 8,241,774 |
| Sodexo SA | | 32,572 | 2,827,329 |
| Sodexo SA | | 2,224 | 193,049 |
| Teleperformance | | 21,675 | 2,284,609 |
| Thales SA | | 37,654 | 6,067,948 |
| TotalEnergies SE | | 856,648 | 53,759,547 |
| Unibail-Rodamco-Westfield NV | | 47,137 | 3,839,343 |
| Veolia Environnement SA | | 273,754 | 8,691,608 |
| VINCI SA | | 198,493 | 22,235,329 |
| Vivendi SA | | 287,604 | 3,063,967 |
TOTAL FRANCE | | | 620,451,072 |
| Germany - 5.3% | | | |
| adidas AG | | 64,417 | 15,427,310 |
| Allianz SE | | 155,486 | 48,947,827 |
| BASF AG | | 355,093 | 17,262,000 |
| Bayer AG | | 390,677 | 10,527,548 |
| Bayerische Motoren Werke AG (BMW) | | 127,207 | 10,006,876 |
| Bechtle AG | | 33,169 | 1,131,456 |
| Beiersdorf AG | | 39,599 | 5,341,153 |
| Brenntag SE | | 51,894 | 3,377,830 |
| Carl Zeiss Meditec AG | | 15,945 | 999,024 |
| Commerzbank AG | | 400,240 | 7,109,446 |
| Continental AG | | 43,306 | 2,702,743 |
| Covestro AG (a)(c) | | 75,381 | 4,772,149 |
| CTS Eventim AG | | 24,951 | 2,617,696 |
| Daimler Truck Holding AG | | 196,429 | 8,121,431 |
| Deutsche Bank AG | | 752,616 | 12,790,713 |
| Deutsche Borse AG | | 75,472 | 17,530,508 |
| Deutsche Lufthansa AG | | 238,766 | 1,659,155 |
| Deutsche Post AG ADR | | 405,670 | 16,295,574 |
| Deutsche Telekom AG | | 1,385,774 | 41,896,829 |
| E.ON SE | | 892,431 | 12,051,760 |
| Evonik Industries AG | | 103,614 | 2,280,045 |
| Fresenius Medical Care AG & Co. KGaA | | 82,045 | 3,211,651 |
| Fresenius SE & Co. KGaA (a) | | 168,429 | 6,141,154 |
| GEA Group AG | | 61,986 | 3,053,016 |
| Hannover Reuck SE | | 23,994 | 6,303,023 |
| HeidelbergCement AG | | 54,455 | 5,994,423 |
| Henkel AG & Co. KGaA | | 41,495 | 3,236,265 |
| Infineon Technologies AG | | 519,123 | 16,417,077 |
| Knorr-Bremse AG | | 29,005 | 2,385,194 |
| LEG Immobilien AG | | 29,758 | 2,810,300 |
| Mercedes-Benz Group AG (Germany) | | 297,583 | 18,078,373 |
| Merck KGaA | | 51,390 | 8,496,720 |
| MTU Aero Engines AG | | 21,451 | 7,016,331 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 53,126 | 27,167,588 |
| Nemetschek SE | | 22,767 | 2,462,860 |
| Puma AG | | 41,635 | 1,892,152 |
| Rational AG | | 2,044 | 2,001,025 |
| Rheinmetall AG | | 17,327 | 8,918,611 |
| RWE AG | | 251,718 | 8,151,212 |
| SAP SE | | 414,658 | 96,816,464 |
| Scout24 AG (c) | | 30,075 | 2,589,320 |
| Siemens AG | | 301,824 | 58,719,819 |
| Siemens Energy AG (a) | | 254,302 | 10,381,436 |
| Siemens Healthineers AG (c) | | 112,144 | 5,851,603 |
| Symrise AG | | 53,019 | 6,378,459 |
| Talanx AG | | 25,392 | 1,959,650 |
| Volkswagen AG | | 1 | 100 |
| Vonovia SE | | 294,557 | 9,663,396 |
| Zalando SE (a)(c) | | 88,330 | 2,653,756 |
TOTAL GERMANY | | | 571,600,051 |
| Greece - 0.1% | | | |
| Alpha Services and Holdings SA | | 888,826 | 1,333,729 |
| Eurobank Ergasias Services and Holdings SA | | 1,026,172 | 2,123,378 |
| Ff Group (a)(d) | | 5,453 | 0 |
| Hellenic Telecommunications Organization SA | | 71,705 | 1,183,216 |
| Jumbo SA | | 44,640 | 1,189,650 |
| Metlen Energy & Metals SA | | 42,522 | 1,482,881 |
| National Bank of Greece SA | | 341,226 | 2,664,990 |
| OPAP SA | | 70,532 | 1,202,988 |
| Piraeus Financial Holdings SA | | 419,668 | 1,569,426 |
| Public Power Corp. of Greece | | 80,283 | 1,052,300 |
TOTAL GREECE | | | 13,802,558 |
| Hong Kong - 1.2% | | | |
| AIA Group Ltd. (b) | | 4,426,495 | 34,935,309 |
| CK Asset Holdings Ltd. (b) | | 759,971 | 3,106,735 |
| CK Infrastructure Holdings Ltd. | | 249,636 | 1,766,520 |
| CLP Holdings Ltd. | | 653,108 | 5,547,893 |
| Futu Holdings Ltd. ADR (a) | | 22,150 | 2,104,029 |
| Hang Seng Bank Ltd. | | 301,850 | 3,692,287 |
| Henderson Land Development Co. Ltd. | | 571,059 | 1,831,206 |
| HKT Trust/HKT Ltd. unit | | 1,502,557 | 1,867,237 |
| Hong Kong & China Gas Co. Ltd. | | 4,412,468 | 3,417,747 |
| Hong Kong Exchanges and Clearing Ltd. | | 478,602 | 19,163,400 |
| Hongkong Land Holdings Ltd. | | 434,667 | 1,863,673 |
| Jardine Matheson Holdings Ltd. | | 63,819 | 2,452,185 |
| Jinmao Property Services Co. Ltd. | | 316 | 117 |
| Link (REIT) | | 1,016,550 | 4,736,532 |
| MTR Corp. Ltd. | | 616,818 | 2,244,226 |
| Orient Overseas International Ltd. | | 50,000 | 681,561 |
| Power Assets Holdings Ltd. | | 545,854 | 3,636,080 |
| Prudential PLC | | 1,091,168 | 9,083,810 |
| Sino Biopharmaceutical Ltd. | | 4,118,250 | 1,870,786 |
| Sino Land Ltd. (b) | | 1,522,952 | 1,524,106 |
| Sun Hung Kai Properties Ltd. | | 577,062 | 6,248,407 |
| Swire Pacific Ltd. (A Shares) | | 164,004 | 1,373,644 |
| Techtronic Industries Co. Ltd. | | 546,347 | 7,903,154 |
| WH Group Ltd. (b)(c) | | 3,335,946 | 2,596,422 |
| Wharf Real Estate Investment Co. Ltd. | | 660,654 | 1,986,318 |
TOTAL HONG KONG | | | 125,633,384 |
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 161,606 | 1,121,385 |
| OTP Bank PLC | | 88,049 | 4,382,858 |
| Richter Gedeon PLC | | 56,338 | 1,627,372 |
TOTAL HUNGARY | | | 7,131,615 |
| India - 5.4% | | | |
| ABB India Ltd. | | 21,225 | 1,869,442 |
| Adani Enterprises Ltd. | | 58,577 | 2,048,703 |
| Adani Green Energy Ltd. (a) | | 124,337 | 2,354,840 |
| Adani Ports & Special Economic Zone Ltd. | | 214,709 | 3,503,026 |
| Adani Power Ltd. (a) | | 303,614 | 2,131,665 |
| Ambuja Cements Ltd. | | 247,519 | 1,706,334 |
| APL Apollo Tubes Ltd. | | 67,166 | 1,212,982 |
| Apollo Hospitals Enterprise Ltd. | | 40,325 | 3,359,353 |
| Ashok Leyland Ltd. | | 583,052 | 1,440,200 |
| Asian Paints Ltd. | | 152,971 | 5,327,543 |
| Astral Ltd. | | 52,348 | 1,099,925 |
| AU Small Finance Bank Ltd. (c) | | 146,430 | 1,064,433 |
| Aurobindo Pharma Ltd. | | 104,223 | 1,727,561 |
| Avenue Supermarts Ltd. (a)(c) | | 64,780 | 3,023,359 |
| Axis Bank Ltd. | | 908,580 | 12,480,976 |
| Bajaj Auto Ltd. | | 26,684 | 3,116,452 |
| Bajaj Finance Ltd. | | 110,716 | 9,043,116 |
| Bajaj Finserv Ltd. | | 150,472 | 3,122,421 |
| Bajaj Holdings & Investment Ltd. | | 10,526 | 1,279,153 |
| Balkrishna Industries Ltd. | | 31,078 | 1,045,859 |
| Bank of Baroda | | 409,671 | 1,218,248 |
| Bharat Electronics Ltd. | | 1,455,363 | 4,912,589 |
| Bharat Forge Ltd. | | 100,978 | 1,690,169 |
| Bharat Heavy Electricals Ltd. | | 412,391 | 1,167,359 |
| Bharat Petroleum Corp. Ltd. | | 596,383 | 2,199,880 |
| Bharti Airtel Ltd. | | 1,017,501 | 19,474,945 |
| Bosch Ltd. | | 2,966 | 1,237,204 |
| Britannia Industries Ltd. | | 43,215 | 2,938,024 |
| Canara Bank Ltd. | | 732,182 | 889,646 |
| Cg Power & Industrial Soluti | | 244,983 | 2,045,910 |
| Cholamandalam Investment and Finance Co. Ltd. | | 165,524 | 2,495,220 |
| Cipla Ltd./India | | 209,930 | 3,861,922 |
| Coal India Ltd. | | 736,332 | 3,949,548 |
| Colgate-Palmolive Ltd. | | 54,381 | 1,977,804 |
| Container Corp. of India Ltd. | | 95,713 | 962,412 |
| Cummins India Ltd. | | 54,640 | 2,266,411 |
| Dabur India Ltd. | | 211,084 | 1,353,507 |
| Divi's Laboratories Ltd. | | 47,005 | 3,285,116 |
| Dixon Technologies India Ltd. | | 12,995 | 2,168,024 |
| DLF Ltd. | | 291,999 | 2,838,352 |
| Dr. Reddy's Laboratories Ltd. | | 230,055 | 3,479,669 |
| Eicher Motors Ltd. | | 53,981 | 3,132,847 |
| GAIL India Ltd. | | 906,584 | 2,148,070 |
| GMR Airports Infrastructure Ltd. (a) | | 931,578 | 874,579 |
| Godrej Consumer Products Ltd. | | 161,252 | 2,456,900 |
| Godrej Properties Ltd. (a) | | 50,110 | 1,705,490 |
| Grasim Industries Ltd. | | 105,310 | 3,372,531 |
| Havells India Ltd. | | 101,364 | 1,972,624 |
| HCL Technologies Ltd. | | 378,122 | 7,911,848 |
| HDFC Asset Management Co. Ltd. (c) | | 37,755 | 1,926,640 |
| HDFC Bank Ltd. | | 1,691,850 | 34,774,561 |
| HDFC Standard Life Insurance Co. Ltd. (c) | | 387,107 | 3,306,391 |
| Hero Motocorp Ltd. | | 47,266 | 2,794,784 |
| Hindalco Industries Ltd. | | 538,071 | 4,366,011 |
| Hindustan Aeronautics Ltd. | | 79,882 | 4,019,708 |
| Hindustan Petroleum Corp. Ltd. | | 377,512 | 1,706,953 |
| Hindustan Unilever Ltd. | | 326,860 | 9,813,324 |
| ICICI Bank Ltd. | | 2,068,224 | 31,724,786 |
| ICICI Lombard General Insurance Co. Ltd. (c) | | 95,772 | 2,175,616 |
| ICICI Prudential Life Insurance Co. Ltd. (c) | | 145,228 | 1,276,826 |
| IDFC Bank Ltd. (a) | | 1,488,765 | 1,163,024 |
| Indian Oil Corp. Ltd. | | 1,112,020 | 1,874,128 |
| Indian Railway Catering & Tourism Corp. Ltd. | | 96,602 | 940,893 |
| Indus Towers Ltd. (a) | | 478,252 | 1,929,663 |
| IndusInd Bank Ltd. | | 112,975 | 1,413,344 |
| Info Edge India Ltd. | | 27,975 | 2,468,279 |
| Infosys Ltd. | | 1,319,707 | 27,534,479 |
| InterGlobe Aviation Ltd. (a)(c) | | 75,157 | 3,610,406 |
| ITC Ltd. | | 1,189,532 | 6,901,354 |
| Jindal Stainless Ltd. | | 132,180 | 1,058,227 |
| Jindal Steel & Power Ltd. | | 141,176 | 1,540,723 |
| Jio Financial Services Ltd. (a) | | 1,139,960 | 4,360,026 |
| JSW Energy Ltd. | | 140,811 | 1,135,088 |
| JSW Steel Ltd. | | 240,461 | 2,745,407 |
| Jubilant Foodworks Ltd. | | 143,886 | 983,003 |
| Kotak Mahindra Bank Ltd. | | 434,537 | 8,920,902 |
| Larsen & Toubro Ltd. | | 267,727 | 11,500,366 |
| Ltimindtree Ltd. (c) | | 29,569 | 2,000,846 |
| Lupin Ltd. | | 90,107 | 2,337,926 |
| Macrotech Developers Ltd. (c) | | 117,509 | 1,679,915 |
| Mahindra & Mahindra Ltd. | | 370,653 | 11,968,974 |
| Mankind Pharma Ltd. (a) | | 40,306 | 1,275,448 |
| Marico Ltd. | | 204,352 | 1,552,650 |
| Maruti Suzuki India Ltd. | | 50,013 | 6,564,146 |
| Max Healthcare Institute Ltd. | | 309,776 | 3,739,322 |
| Mphasis BFL Ltd. | | 40,840 | 1,392,033 |
| MRF Ltd. | | 947 | 1,377,268 |
| Muthoot Finance Ltd. | | 48,467 | 1,109,656 |
| Nestle India Ltd. | | 134,465 | 3,616,085 |
| NHPC Ltd. | | 1,189,226 | 1,164,295 |
| NMDC Ltd. | | 398,963 | 1,047,735 |
| NTPC Ltd. | | 1,737,005 | 8,400,947 |
| Oil & Natural Gas Corp. Ltd. | | 1,251,813 | 3,947,769 |
| Oil India Ltd. | | 192,145 | 1,076,745 |
| Oracle Financial Services Software Ltd. | | 8,659 | 1,117,503 |
| Page Industries Ltd. | | 2,493 | 1,277,418 |
| PB Fintech Ltd. (a) | | 118,193 | 2,387,962 |
| Persistent Systems Ltd. | | 42,668 | 2,716,662 |
| Petronet LNG Ltd. | | 297,168 | 1,172,622 |
| Phoenix Mills Ltd. | | 77,444 | 1,398,915 |
| PI Industries Ltd. | | 29,907 | 1,590,828 |
| Pidilite Industries Ltd. | | 60,171 | 2,246,717 |
| Polycab India Ltd. | | 20,800 | 1,595,232 |
| Power Finance Corp. Ltd. | | 584,453 | 3,139,741 |
| Power Grid Corp. of India Ltd. | | 1,849,678 | 7,035,950 |
| Prestige Estates Projs. Ltd. | | 67,654 | 1,313,416 |
| Punjab National Bank | | 888,433 | 1,031,887 |
| Rail Vikas Nigam Ltd. | | 205,033 | 1,143,695 |
| REC Ltd. | | 517,978 | 3,198,000 |
| Reliance Industries Ltd. | | 1,209,187 | 19,119,124 |
| Reliance Industries Ltd. (a) | | 1,209,187 | 18,982,397 |
| Samvardhana Motherson International Ltd. | | 1,068,566 | 2,289,428 |
| SBI Cards & Payment Services Ltd. | | 115,895 | 946,445 |
| SBI Life Insurance Co. Ltd. (c) | | 179,911 | 3,463,692 |
| Shree Cement Ltd. | | 3,658 | 1,088,016 |
| Shriram Finance Ltd. | | 112,266 | 4,168,013 |
| Siemens Ltd. | | 35,038 | 2,898,495 |
| Solar Industries India Ltd. | | 10,692 | 1,296,562 |
| Sona Blw Precision Forgings Ltd. (c) | | 175,008 | 1,423,519 |
| SRF Ltd. | | 53,210 | 1,414,754 |
| State Bank of India | | 708,971 | 6,898,996 |
| Sun Pharmaceutical Industries Ltd. | | 381,698 | 8,376,240 |
| Sundaram Finance Ltd. | | 26,118 | 1,492,645 |
| Supreme Industries Ltd. | | 25,055 | 1,276,472 |
| Suzlon Energy Ltd. (a) | | 3,799,930 | 3,013,227 |
| Tata Communications Ltd. | | 46,407 | 977,182 |
| Tata Consultancy Services Ltd. | | 359,241 | 16,897,205 |
| Tata Consumer Products Ltd. | | 234,221 | 2,786,502 |
| Tata Elxsi Ltd. | | 13,710 | 1,142,243 |
| Tata Motors Ltd. | | 794,171 | 7,854,967 |
| Tata Power Co. Ltd./The | | 565,477 | 2,947,508 |
| Tata Steel Ltd. | | 2,989,773 | 5,254,456 |
| Tech Mahindra Ltd. | | 215,166 | 4,095,364 |
| The Indian Hotels Co. Ltd. | | 337,343 | 2,705,349 |
| Thermax Ltd. | | 16,700 | 977,403 |
| Titan Co. Ltd. | | 141,360 | 5,475,405 |
| Torrent Pharmaceuticals Ltd. | | 39,985 | 1,519,815 |
| Torrent Power Ltd. | | 67,245 | 1,454,667 |
| Trent Ltd. | | 72,077 | 6,090,556 |
| Tube Investments of India Ltd. | | 41,946 | 2,229,998 |
| Tvs Motor Co. Ltd. | | 93,769 | 2,775,471 |
| Ultratech Cement Ltd. | | 46,007 | 6,041,288 |
| Union Bank of India Ltd. | | 584,281 | 810,230 |
| United Spirits Ltd. | | 116,648 | 2,007,145 |
| UPL Ltd. | | 178,822 | 1,175,506 |
| Varun Beverages Ltd. | | 454,402 | 3,201,083 |
| Vedanta Ltd. | | 545,787 | 3,004,300 |
| Vodafone Idea Ltd. (a) | | 9,384,725 | 902,354 |
| Wipro Ltd. | | 521,992 | 3,397,773 |
| Yes Bank Ltd. (a) | | 5,584,452 | 1,348,063 |
| Zomato Ltd. (a) | | 2,631,046 | 7,548,287 |
| Zydus Lifesciences Ltd. | | 99,881 | 1,186,349 |
TOTAL INDIA | | | 590,481,905 |
| Indonesia - 0.5% | | | |
| Amman Mineral Internasional PT (a) | | 2,573,800 | 1,500,044 |
| PT Adaro Energy Indonesia Tbk | | 5,767,900 | 1,327,561 |
| PT Astra International Tbk | | 8,002,800 | 2,598,089 |
| PT Bank Central Asia Tbk | | 22,071,200 | 14,284,405 |
| PT Bank Mandiri (Persero) Tbk | | 14,865,000 | 6,310,477 |
| PT Bank Negara Indonesia (Persero) Tbk | | 5,916,900 | 1,973,500 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 27,149,954 | 8,276,776 |
| PT Barito Pacific Tbk | | 10,816,347 | 684,801 |
| PT Chandra Asri Pacific Tbk | | 3,063,200 | 1,692,372 |
| PT Charoen Pokphand Indonesia Tbk | | 2,851,000 | 954,448 |
| PT GoTo Gojek Tokopedia Tbk (a) | | 362,248,512 | 1,563,659 |
| PT Indah Kiat Pulp & Paper Tbk | | 936,900 | 481,228 |
| PT Indofood CBP Sukses Makmur Tbk | | 921,300 | 716,969 |
| PT Indofood Sukses Makmur Tbk | | 1,781,900 | 862,135 |
| PT Kalbe Farma Tbk | | 8,208,000 | 836,994 |
| PT Merdeka Copper Gold Tbk (a) | | 3,747,395 | 579,292 |
| PT Sumber Alfaria Trijaya Tbk | | 7,428,400 | 1,557,205 |
| PT Surya Citra Media Tbk | | 20 | 0 |
| PT Telkom Indonesia Persero Tbk | | 19,539,100 | 3,492,473 |
| PT Unilever Indonesia Tbk | | 2,923,000 | 365,839 |
| PT United Tractors Tbk | | 610,500 | 1,065,641 |
TOTAL INDONESIA | | | 51,123,908 |
| Ireland - 0.2% | | | |
| AerCap Holdings NV | | 77,058 | 7,208,776 |
| AIB Group PLC | | 722,012 | 3,843,594 |
| Bank of Ireland Group PLC | | 404,578 | 3,723,955 |
| Kerry Group PLC Class A | | 61,534 | 6,124,425 |
| Kingspan Group PLC (Ireland) | | 61,585 | 5,402,670 |
TOTAL IRELAND | | | 26,303,420 |
| Israel - 0.4% | | | |
| Azrieli Group | | 16,656 | 1,277,475 |
| Bank Hapoalim BM (Reg.) | | 507,277 | 5,304,378 |
| Bank Leumi le-Israel BM | | 605,535 | 6,174,578 |
| Check Point Software Technologies Ltd. (a) | | 35,306 | 6,115,352 |
| Elbit Systems Ltd. (Israel) | | 10,533 | 2,411,160 |
| Global-e Online Ltd. (a)(b) | | 39,290 | 1,510,308 |
| Icl Group Ltd. | | 306,096 | 1,266,028 |
| Israel Discount Bank Ltd. (Class A) | | 495,806 | 2,924,040 |
| Mizrahi Tefahot Bank Ltd. | | 61,369 | 2,539,894 |
| NICE Ltd. (a) | | 24,894 | 4,399,076 |
| NICE Ltd. sponsored ADR (a)(b) | | 360 | 62,532 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 445,559 | 8,216,108 |
| Wix.com Ltd. (a) | | 21,107 | 3,527,402 |
TOTAL ISRAEL | | | 45,728,331 |
| Italy - 1.6% | | | |
| Amplifon SpA | | 49,101 | 1,372,627 |
| Banco BPM SpA | | 506,927 | 3,416,535 |
| Coca-Cola HBC AG | | 87,649 | 3,062,815 |
| Davide Campari Milano NV | | 243,494 | 1,634,761 |
| DiaSorin SpA | | 9,046 | 983,979 |
| Enel SpA | | 3,226,965 | 24,473,551 |
| Eni SpA | | 913,325 | 13,912,852 |
| Ferrari NV (Italy) | | 50,065 | 23,950,718 |
| FinecoBank SpA | | 244,324 | 3,902,736 |
| Generali | | 404,820 | 11,250,763 |
| Infrastrutture Wireless Italiane SpA (c) | | 132,877 | 1,495,958 |
| Intesa Sanpaolo SpA | | 5,803,050 | 24,837,121 |
| Leonardo SpA | | 161,611 | 3,862,158 |
| Mediobanca SpA | | 196,939 | 3,249,723 |
| Moncler SpA | | 87,700 | 4,859,456 |
| Nexi SpA (a)(c) | | 232,959 | 1,470,233 |
| Poste Italiane SpA (c) | | 179,031 | 2,519,948 |
| Prysmian SpA | | 107,701 | 7,593,777 |
| Recordati SpA | | 41,358 | 2,343,831 |
| Snam SpA | | 801,087 | 3,849,767 |
| Telecom Italia SpA (a) | | 2,059,098 | 521,198 |
| Telecom Italia SpA (Risparmio Shares) (a) | | 1,667,908 | 487,494 |
| Terna - Rete Elettrica Nazionale | | 560,025 | 4,851,408 |
| UniCredit SpA | | 585,023 | 25,880,958 |
TOTAL ITALY | | | 175,784,367 |
| Japan - 13.6% | | | |
| Advantest Corp. | | 304,548 | 17,633,225 |
| AEON Co. Ltd. | | 260,042 | 6,371,848 |
| AGC, Inc. | | 76,973 | 2,358,848 |
| Aisin Seiki Co. Ltd. | | 208,386 | 2,166,668 |
| Ajinomoto Co., Inc. | | 184,461 | 7,086,208 |
| Ana Holdings, Inc. | | 62,656 | 1,234,119 |
| Asahi Group Holdings | | 574,847 | 6,901,196 |
| Asahi Kasei Corp. | | 502,330 | 3,465,418 |
| Asics Corp. | | 271,939 | 4,749,930 |
| Astellas Pharma, Inc. | | 719,930 | 8,429,177 |
| Bandai Namco Holdings, Inc. | | 236,394 | 4,956,268 |
| Bridgestone Corp. | | 226,820 | 8,082,758 |
| Brother Industries Ltd. | | 92,821 | 1,807,897 |
| Canon, Inc. | | 370,883 | 12,062,965 |
| Capcom Co. Ltd. | | 136,248 | 2,696,139 |
| Central Japan Railway Co. | | 307,310 | 6,364,155 |
| Chiba Bank Ltd. | | 211,732 | 1,545,160 |
| Chubu Electric Power Co., Inc. | | 253,344 | 2,912,230 |
| Chugai Pharmaceutical Co. Ltd. | | 266,860 | 12,697,596 |
| Concordia Financial Group Ltd. | | 414,015 | 2,050,740 |
| Dai Nippon Printing Co. Ltd. | | 152,676 | 2,649,903 |
| Dai-ichi Mutual Life Insurance Co. | | 359,765 | 8,969,057 |
| Daifuku Co. Ltd. | | 127,203 | 2,391,002 |
| Daiichi Sankyo Co. Ltd. | | 734,873 | 23,918,824 |
| Daikin Industries Ltd. | | 104,846 | 12,587,468 |
| Daito Trust Construction Co. Ltd. | | 23,365 | 2,581,914 |
| Daiwa House Industry Co. Ltd. | | 222,859 | 6,647,586 |
| Daiwa Securities Group, Inc. | | 525,044 | 3,434,987 |
| DENSO Corp. | | 752,000 | 10,681,028 |
| Dentsu Group, Inc. | | 79,714 | 2,460,592 |
| Disco Corp. | | 36,587 | 10,410,275 |
| East Japan Railway Co. | | 360,885 | 7,248,499 |
| Eisai Co. Ltd. | | 99,348 | 3,365,922 |
| ENEOS Holdings, Inc. | | 1,145,705 | 5,779,565 |
| FANUC Corp. | | 376,050 | 9,977,103 |
| Fast Retailing Co. Ltd. | | 75,874 | 24,258,550 |
| Fuji Electric Co. Ltd. | | 53,725 | 2,736,102 |
| FUJIFILM Holdings Corp. | | 444,759 | 10,580,070 |
| Fujitsu Ltd. | | 658,540 | 12,660,985 |
| Hamamatsu Photonics K.K. | | 110,484 | 1,460,891 |
| Hankyu Hanshin Holdings, Inc. | | 91,621 | 2,491,181 |
| Hikari Tsushin, Inc. | | 7,022 | 1,417,266 |
| Hitachi Construction Machinery Co. Ltd. | | 43,209 | 937,490 |
| Hitachi Ltd. | | 1,841,580 | 46,269,440 |
| Honda Motor Co. Ltd. | | 1,783,127 | 17,933,110 |
| Hoshizaki Corp. | | 43,500 | 1,429,768 |
| Hoya Corp. | | 139,470 | 18,660,256 |
| Hulic Co. Ltd. | | 151,094 | 1,399,186 |
| Ibiden Co. Ltd. | | 48,005 | 1,524,865 |
| Idemitsu Kosan Co. Ltd. | | 383,325 | 2,613,295 |
| INPEX Corp. | | 376,206 | 4,959,169 |
| Isuzu Motors Ltd. | | 239,445 | 3,096,452 |
| Itochu Corp. | | 472,122 | 23,354,851 |
| Japan Airlines Co. Ltd. | | 57,040 | 914,812 |
| Japan Exchange Group, Inc. | | 395,216 | 4,632,353 |
| Japan Post Bank Co. Ltd. | | 574,990 | 5,135,436 |
| Japan Post Holdings Co. Ltd. | | 765,030 | 7,058,237 |
| Japan Post Insurance Co. Ltd. | | 74,416 | 1,226,242 |
| Japan Real Estate Investment Corp. | | 504 | 1,833,276 |
| Japan Tobacco, Inc. | | 475,481 | 13,274,219 |
| JFE Holdings, Inc. | | 226,242 | 2,723,813 |
| Kajima Corp. | | 155,844 | 2,684,495 |
| Kansai Electric Power Co., Inc. | | 279,794 | 4,487,079 |
| Kao Corp. | | 185,305 | 8,167,390 |
| Kawasaki Kisen Kaisha Ltd. | | 156,800 | 2,166,042 |
| KDDI Corp. | | 609,087 | 18,990,965 |
| Keisei Electric Railway Co. | | 50,730 | 1,319,885 |
| Keyence Corp. | | 77,320 | 34,903,306 |
| Kikkoman Corp. | | 271,065 | 3,180,339 |
| Kirin Holdings Co. Ltd. | | 309,508 | 4,556,771 |
| Kobe Bussan Co. Ltd. | | 59,021 | 1,447,767 |
| Kokusai Electric Corp. | | 55,700 | 1,015,619 |
| Komatsu Ltd. | | 367,663 | 9,517,068 |
| Konami Group Corp. | | 39,892 | 3,656,496 |
| Kubota Corp. | | 397,725 | 5,081,767 |
| Kyocera Corp. | | 512,568 | 5,198,315 |
| Kyowa Kirin Co., Ltd. | | 95,963 | 1,581,640 |
| Lasertec Corp. | | 31,874 | 4,325,167 |
| LY Corp. | | 1,062,696 | 2,898,808 |
| M3, Inc. | | 174,334 | 1,791,724 |
| Makita Corp. | | 93,820 | 3,063,400 |
| Marubeni Corp. | | 566,329 | 8,466,185 |
| MatsukiyoCocokara & Co. | | 135,100 | 1,839,344 |
| Mazda Motor Corp. | | 224,272 | 1,585,490 |
| McDonald's Holdings Co. (Japan) Ltd. (b) | | 34,068 | 1,443,698 |
| Meiji Holdings Co. Ltd. | | 93,726 | 2,186,364 |
| Minebea Mitsumi, Inc. | | 142,760 | 2,513,215 |
| Mitsubishi Chemical Group Corp. | | 534,062 | 2,881,846 |
| Mitsubishi Corp. | | 1,327,642 | 24,287,985 |
| Mitsubishi Electric Corp. | | 756,096 | 13,301,642 |
| Mitsubishi Estate Co. Ltd. | | 455,267 | 6,732,501 |
| Mitsubishi HC Capital, Inc. | | 316,299 | 2,118,014 |
| Mitsubishi Heavy Industries Ltd. | | 1,273,310 | 17,975,256 |
| Mitsubishi UFJ Financial Group, Inc. | | 4,409,857 | 46,480,968 |
| Mitsui & Co. Ltd. | | 1,022,108 | 20,838,380 |
| Mitsui Chemicals, Inc. | | 67,143 | 1,533,937 |
| Mitsui Fudosan Co. Ltd. | | 1,061,518 | 9,057,250 |
| Mitsui OSK Lines Ltd. | | 136,100 | 4,633,601 |
| Mizuho Financial Group, Inc. | | 958,314 | 19,905,144 |
| MonotaRO Co. Ltd. | | 98,850 | 1,491,286 |
| MS&AD Insurance Group Holdings, Inc. | | 511,211 | 11,307,647 |
| Murata Manufacturing Co. Ltd. | | 672,798 | 11,754,531 |
| NEC Corp. | | 97,656 | 8,309,586 |
| Nexon Co. Ltd. | | 132,079 | 2,289,188 |
| Nidec Corp. | | 332,282 | 6,619,331 |
| Nintendo Co. Ltd. | | 412,510 | 21,790,009 |
| Nippon Building Fund, Inc. | | 3,010 | 2,581,832 |
| Nippon Paint Holdings Co. Ltd. | | 373,410 | 2,857,885 |
| Nippon Prologis REIT, Inc. | | 894 | 1,438,342 |
| Nippon Sanso Holdings Corp. | | 69,247 | 2,403,703 |
| Nippon Steel Corp. | | 343,824 | 6,879,705 |
| Nippon Telegraph & Telephone Corp. | | 11,860,525 | 11,443,456 |
| Nippon Yusen KK | | 183,353 | 6,138,555 |
| Nissan Motor Co. Ltd. (b) | | 922,171 | 2,456,712 |
| Nissin Food Holdings Co. Ltd. | | 80,189 | 2,159,245 |
| Nitori Holdings Co. Ltd. | | 31,880 | 4,060,067 |
| Nitto Denko Corp. | | 281,875 | 4,637,898 |
| Nomura Holdings, Inc. | | 1,196,106 | 6,133,517 |
| Nomura Real Estate Holdings, Inc. | | 43,414 | 1,068,841 |
| Nomura Research Institute Ltd. | | 150,324 | 4,496,704 |
| NTT Data Corp. | | 251,015 | 3,971,115 |
| Obayashi Corp. | | 258,543 | 3,169,537 |
| OBIC Co. Ltd. | | 128,745 | 4,207,056 |
| Olympus Corp. | | 468,248 | 8,242,238 |
| OMRON Corp. | | 69,084 | 2,727,528 |
| Ono Pharmaceutical Co. Ltd. | | 146,965 | 1,835,621 |
| Oracle Corp. Japan | | 15,238 | 1,457,714 |
| Oriental Land Co. Ltd. | | 433,385 | 10,473,683 |
| ORIX Corp. | | 458,696 | 9,664,670 |
| Osaka Gas Co. Ltd. | | 146,775 | 3,145,192 |
| Otsuka Corp. | | 91,108 | 2,044,779 |
| Otsuka Holdings Co. Ltd. | | 166,385 | 10,051,445 |
| Pan Pacific International Holdings Ltd. | | 151,908 | 3,768,580 |
| Panasonic Holdings Corp. | | 926,480 | 7,624,967 |
| Rakuten Group, Inc. (a) | | 600,150 | 3,582,029 |
| Recruit Holdings Co. Ltd. | | 589,736 | 36,010,772 |
| Renesas Electronics Corp. | | 669,567 | 8,971,074 |
| Resona Holdings, Inc. | | 831,443 | 5,485,666 |
| Ricoh Co. Ltd. | | 216,262 | 2,342,697 |
| ROHM Co. Ltd. | | 137,748 | 1,518,649 |
| SBI Holdings, Inc. Japan | | 107,164 | 2,353,227 |
| Screen Holdings Co. Ltd. | | 32,000 | 2,042,902 |
| SCSK Corp. | | 63,256 | 1,180,338 |
| Secom Co. Ltd. | | 166,812 | 5,932,320 |
| Seiko Epson Corp. | | 115,362 | 2,096,781 |
| Sekisui Chemical Co. Ltd. | | 149,652 | 2,112,024 |
| Sekisui House Ltd. | | 237,408 | 5,733,776 |
| Seven & i Holdings Co. Ltd. | | 879,920 | 12,670,798 |
| SG Holdings Co. Ltd. | | 126,016 | 1,263,732 |
| Shimadzu Corp. | | 94,521 | 2,788,167 |
| SHIMANO, Inc. | | 30,374 | 4,462,235 |
| Shin-Etsu Chemical Co. Ltd. | | 715,745 | 26,227,734 |
| Shionogi & Co. Ltd. | | 301,080 | 4,300,251 |
| Shiseido Co. Ltd. | | 159,194 | 3,436,189 |
| Shizuoka Financial Group | | 171,312 | 1,366,991 |
| SMC Corp. | | 22,757 | 9,661,406 |
| SoftBank Corp. | | 11,338,090 | 14,273,559 |
| SoftBank Group Corp. | | 408,842 | 24,374,543 |
| Sompo Holdings, Inc. | | 373,937 | 8,016,867 |
| Sony Group Corp. | | 2,479,410 | 43,631,459 |
| Subaru Corp. | | 240,405 | 4,293,449 |
| Sumco Corp. | | 137,864 | 1,318,176 |
| Sumitomo Corp. | | 413,161 | 8,716,216 |
| Sumitomo Electric Industries Ltd. | | 284,532 | 4,376,832 |
| Sumitomo Metal Mining Co. Ltd. | | 98,628 | 2,726,925 |
| Sumitomo Mitsui Financial Group, Inc. | | 1,491,255 | 31,636,291 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 258,454 | 5,667,979 |
| Sumitomo Realty & Development Co. Ltd. | | 113,808 | 3,375,971 |
| Suntory Beverage & Food Ltd. | | 55,737 | 1,880,255 |
| Suzuki Motor Corp. | | 625,356 | 6,205,618 |
| Sysmex Corp. | | 200,695 | 3,723,579 |
| T&D Holdings, Inc. | | 195,127 | 3,114,665 |
| Taisei Corp. | | 65,387 | 2,753,545 |
| Takeda Pharmaceutical Co. Ltd. | | 632,046 | 17,634,851 |
| TDK Corp. | | 773,120 | 9,088,255 |
| Terumo Corp. | | 533,470 | 10,160,098 |
| TIS, Inc. | | 84,120 | 2,097,655 |
| Toho Co. Ltd. | | 43,713 | 1,669,320 |
| Tokio Marine Holdings, Inc. | | 746,463 | 26,884,735 |
| Tokyo Electric Power Co., Inc. (a) | | 600,866 | 2,426,608 |
| Tokyo Electron Ltd. | | 178,044 | 26,199,719 |
| Tokyo Gas Co. Ltd. | | 143,162 | 3,532,220 |
| Tokyu Corp. | | 199,781 | 2,462,982 |
| Toppan Holdings, Inc. | | 95,258 | 2,786,416 |
| Toray Industries, Inc. | | 554,753 | 3,016,787 |
| Toto Ltd. | | 55,639 | 1,552,318 |
| Toyota Industries Corp. | | 58,342 | 4,044,387 |
| Toyota Motor Corp. | | 4,077,365 | 70,254,615 |
| Toyota Tsusho Corp. | | 253,633 | 4,311,436 |
| Trend Micro, Inc. | | 50,030 | 2,617,690 |
| Unicharm Corp. | | 160,097 | 5,162,324 |
| West Japan Railway Co. | | 173,218 | 3,078,730 |
| Yakult Honsha Co. Ltd. | | 101,054 | 2,196,015 |
| Yamaha Motor Co. Ltd. | | 335,934 | 2,936,406 |
| Yaskawa Electric Corp. | | 94,535 | 2,709,326 |
| Yokogawa Electric Corp. | | 90,023 | 1,995,973 |
| Zensho Holdings Co. Ltd. | | 38,000 | 1,906,425 |
| ZOZO, Inc. | | 53,907 | 1,747,960 |
TOTAL JAPAN | | | 1,473,873,551 |
| Jordan - 0.0% | | | |
| Hikma Pharmaceuticals PLC | | 65,515 | 1,567,073 |
| Korea (South) - 2.8% | | | |
| Alteogen, Inc. (a) | | 15,648 | 4,250,471 |
| AMOREPACIFIC Corp. | | 11,343 | 960,557 |
| Celltrion Pharm, Inc. | | 7,169 | 321,666 |
| Celltrion, Inc. | | 60,604 | 7,994,547 |
| CJ CheilJedang Corp. | | 3,156 | 626,482 |
| Cosmo AM&T Co. Ltd. (a) | | 9,291 | 691,602 |
| Coway Co. Ltd. | | 21,717 | 995,435 |
| Db Insurance Co. Ltd. | | 18,120 | 1,432,880 |
| Delivery Hero AG (a)(c) | | 73,536 | 3,121,760 |
| Doosan Bobcat, Inc. | | 21,752 | 587,596 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 176,390 | 2,542,665 |
| Ecopro BM Co. Ltd. (a)(b) | | 19,306 | 2,363,729 |
| Ecopro Co. Ltd. (a)(b) | | 39,388 | 2,240,177 |
| Ecopro Materials Co. Ltd. | | 6,872 | 553,163 |
| Enchem Co. Ltd. (a) | | 5,213 | 652,564 |
| GS Holdings Corp. | | 17,737 | 530,046 |
| Hana Financial Group, Inc. | | 116,489 | 5,042,320 |
| Hanjin Kal Corp. | | 9,340 | 571,934 |
| Hankook Tire Co. Ltd. | | 29,117 | 743,998 |
| Hanmi Pharm Co. Ltd. | | 2,626 | 608,163 |
| Hanmi Semiconductor Co. Ltd. | | 17,596 | 1,148,505 |
| Hanwha Aerospace Co. Ltd. | | 12,576 | 3,338,424 |
| Hanwha Ocean Co. Ltd. (a) | | 35,244 | 680,576 |
| Hanwha Solutions Corp. | | 42,924 | 661,316 |
| HD Hyundai Co. Ltd. | | 17,722 | 1,025,886 |
| HD Hyundai Electric Co. Ltd. | | 9,215 | 2,163,868 |
| HD Hyundai Heavy Industries Co. Ltd. (a) | | 8,890 | 1,174,410 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | | 16,986 | 2,254,793 |
| HLB, Inc. (a) | | 46,310 | 2,204,315 |
| HMM Co. Ltd. | | 105,242 | 1,304,468 |
| HYBE Co. Ltd. | | 9,093 | 1,222,018 |
| Hyundai Engineering & Construction Co. Ltd. | | 31,839 | 643,343 |
| Hyundai Glovis Co. Ltd. | | 14,910 | 1,316,112 |
| Hyundai Mobis | | 23,836 | 4,298,143 |
| Hyundai Motor Co. Ltd. | | 53,949 | 8,337,007 |
| Hyundai Steel Co. | | 32,842 | 602,288 |
| Industrial Bank of Korea | | 114,008 | 1,165,048 |
| Kakao Corp. | | 122,591 | 3,273,526 |
| KakaoBank Corp. | | 68,223 | 1,067,103 |
| KB Financial Group, Inc. | | 152,483 | 9,954,383 |
| Kia Corp. | | 95,619 | 6,343,894 |
| Korea Aerospace Industries Ltd. | | 29,854 | 1,263,233 |
| Korea Electric Power Corp. (a) | | 101,057 | 1,695,067 |
| Korea Investment Holdings Co. Ltd. | | 16,436 | 915,169 |
| Korea Zinc Co. Ltd. | | 2,055 | 1,485,654 |
| Korean Air Lines Co. Ltd. | | 74,004 | 1,281,630 |
| KRAFTON, Inc. (a) | | 11,333 | 2,718,255 |
| KT Corp. | | 12,749 | 407,835 |
| KT&G Corp. | | 41,225 | 3,285,401 |
| Kum Yang Co. Ltd. (a) | | 14,475 | 432,419 |
| Kumho Petro Chemical Co. Ltd. | | 6,351 | 656,135 |
| L&F Co. Ltd. (a) | | 9,747 | 828,343 |
| LG Chemical Ltd. | | 19,644 | 4,431,308 |
| LG Corp. | | 37,935 | 2,079,773 |
| LG Display Co. Ltd. (a) | | 118,586 | 908,745 |
| LG Electronics, Inc. | | 42,478 | 2,744,465 |
| LG Energy Solution (a) | | 18,659 | 5,493,796 |
| LG H & H Co. Ltd. | | 3,477 | 835,111 |
| LG Innotek Co. Ltd. | | 5,446 | 693,582 |
| LG Uplus Corp. | | 81,066 | 589,470 |
| Lotte Chemical Corp. | | 7,862 | 542,202 |
| LS Electric Co. Ltd. | | 5,914 | 621,852 |
| Meritz Financial Holdings Co. | | 37,594 | 2,791,422 |
| Mirae Asset Securities Co. Ltd. | | 90,091 | 589,315 |
| NAVER Corp. | | 51,893 | 6,368,434 |
| NCSOFT Corp. | | 5,462 | 860,298 |
| Netmarble Corp. (a)(c) | | 12,208 | 511,960 |
| NH Investment & Securities Co. Ltd. | | 54,076 | 522,425 |
| Orion Corp./Republic of Korea | | 9,060 | 655,102 |
| POSCO | | 28,671 | 6,930,947 |
| POSCO Chemtech Co. Ltd. (b) | | 12,272 | 1,977,377 |
| POSCO ICT Co. Ltd. | | 20,375 | 399,357 |
| Posco International Corp. | | 21,193 | 797,890 |
| S-Oil Corp. | | 18,049 | 751,140 |
| Samsung Biologics Co. Ltd. (a)(c) | | 7,086 | 5,141,667 |
| Samsung C&T Corp. | | 35,037 | 2,968,087 |
| Samsung E&A Co. Ltd. (a) | | 62,612 | 808,451 |
| Samsung Electro-Mechanics Co. Ltd. | | 22,223 | 1,895,700 |
| Samsung Electronics Co. Ltd. | | 1,891,306 | 80,569,744 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 12,130 | 2,950,439 |
| Samsung Heavy Industries Co. Ltd. (a) | | 258,042 | 1,785,751 |
| Samsung Life Insurance Co. Ltd. | | 31,557 | 2,316,730 |
| Samsung SDI Co. Ltd. | | 21,925 | 5,157,485 |
| Samsung SDS Co. Ltd. | | 16,899 | 1,748,552 |
| Shinhan Financial Group Co. Ltd. | | 172,374 | 6,441,995 |
| SK Biopharmaceuticals Co. Ltd. (a) | | 12,780 | 1,089,018 |
| SK Bioscience Co. Ltd. (a) | | 11,886 | 465,555 |
| SK Hynix, Inc. | | 217,111 | 28,515,923 |
| SK Innovation Co., Ltd. (a) | | 24,635 | 2,088,504 |
| SK Square Co. Ltd. (a) | | 37,155 | 2,251,133 |
| SK Telecom Co. Ltd. | | 22,409 | 922,661 |
| SK, Inc. | | 14,229 | 1,527,644 |
| SKC Co. Ltd. (a) | | 7,272 | 787,290 |
| Woori Financial Group, Inc. | | 249,184 | 2,783,255 |
| Yuhan Corp. | | 22,220 | 2,225,347 |
TOTAL KOREA (SOUTH) | | | 302,517,224 |
| Kuwait - 0.2% | | | |
| Boubyan Bank KSC | | 580,472 | 1,056,436 |
| Gulf Bank | | 765,692 | 784,173 |
| Kuwait Finance House KSCP | | 4,029,266 | 9,475,215 |
| Mabanee Co. SAKC | | 262,737 | 715,543 |
| Mobile Telecommunication Co. | | 771,763 | 1,147,828 |
| National Bank of Kuwait | | 3,125,631 | 8,665,318 |
TOTAL KUWAIT | | | 21,844,513 |
| Luxembourg - 0.1% | | | |
| ArcelorMittal SA (Netherlands) | | 186,682 | 4,605,477 |
| Eurofins Scientific SA | | 53,155 | 2,612,278 |
| Reinet Investments SCA | | 54,237 | 1,512,964 |
TOTAL LUXEMBOURG | | | 8,730,719 |
| Macau - 0.1% | | | |
| Galaxy Entertainment Group Ltd. | | 863,136 | 3,841,455 |
| Sands China Ltd. (a) | | 969,187 | 2,465,881 |
TOTAL MACAU | | | 6,307,336 |
| Malaysia - 0.4% | | | |
| AMMB Holdings Bhd | | 956,200 | 1,110,087 |
| Axiata Group Bhd | | 1,136,234 | 584,285 |
| CelcomDigi Bhd | | 1,419,700 | 1,101,057 |
| CIMB Group Holdings Bhd | | 2,747,211 | 4,981,599 |
| Gamuda Bhd | | 776,658 | 1,507,779 |
| Genting Bhd | | 811,400 | 728,923 |
| Genting Malaysia Bhd | | 1,138,900 | 581,178 |
| Hong Leong Bank Bhd | | 261,000 | 1,217,647 |
| IHH Healthcare Bhd | | 878,500 | 1,453,865 |
| Inari Amertron Bhd | | 1,128,700 | 731,706 |
| IOI Corp. Bhd | | 1,004,900 | 863,177 |
| IOI Properties Group Bhd | | 30 | 16 |
| Kuala Lumpur Kepong Bhd | | 202,512 | 986,698 |
| Malayan Banking Bhd | | 2,139,807 | 5,124,439 |
| Malaysia Airports Holdings Bhd | | 361,716 | 836,783 |
| Maxis Bhd | | 978,000 | 805,274 |
| MISC Bhd | | 529,700 | 906,073 |
| MR DIY Group M Sdn Bhd (c) | | 1,263,950 | 629,891 |
| Nestle (Malaysia) Bhd | | 27,200 | 619,714 |
| Petronas Chemicals Group Bhd | | 1,101,200 | 1,356,295 |
| Petronas Dagangan Bhd | | 120,500 | 492,917 |
| Petronas Gas Bhd | | 314,000 | 1,237,264 |
| PPB Group Bhd | | 244,380 | 776,730 |
| Press Metal Aluminium Holdings | | 1,468,000 | 1,579,951 |
| Public Bank Bhd | | 5,800,300 | 5,836,744 |
| QL Resources Bhd | | 685,625 | 749,661 |
| RHB Bank Bhd | | 622,963 | 910,590 |
| SD Guthrie Bhd | | 792,640 | 831,238 |
| Sime Darby Bhd | | 1,129,785 | 595,807 |
| Sime Darby Property Bhd | | 10 | 3 |
| SP Setia Bhd | | 13 | 4 |
| Sunway Bhd | | 912,400 | 906,358 |
| Telekom Malaysia Bhd | | 453,197 | 670,948 |
| Tenaga Nasional Bhd | | 1,032,000 | 3,301,514 |
| YTL Corp. Bhd | | 1,266,200 | 566,031 |
| YTL Power International Bhd | | 993,500 | 692,027 |
TOTAL MALAYSIA | | | 45,274,273 |
| Mexico - 0.6% | | | |
| Alfa SA de CV Series A | | 1,437,151 | 1,041,440 |
| America Movil S.A.B. de CV Series L | | 7,313,400 | 5,778,498 |
| Arca Continental S.A.B. de CV | | 204,300 | 1,749,101 |
| Banco del Bajio SA (c) | | 340,800 | 757,579 |
| CEMEX S.A.B. de CV unit | | 6,053,694 | 3,188,782 |
| Coca-Cola FEMSA S.A.B. de CV unit | | 211,275 | 1,758,240 |
| Fibra Uno Administracion SA de CV | | 1,123,900 | 1,294,118 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 715,500 | 6,945,279 |
| Gruma S.A.B. de CV Series B | | 73,350 | 1,267,033 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 156,105 | 2,706,824 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 70,940 | 1,897,347 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 109,300 | 915,554 |
| Grupo Bimbo S.A.B. de CV Series A | | 520,400 | 1,616,635 |
| Grupo Carso SA de CV Series A1 | | 223,300 | 1,342,623 |
| Grupo Comercial Chedraui S.A.B. de CV | | 116,300 | 735,888 |
| Grupo Financiero Banorte S.A.B. de CV | | 1,031,800 | 7,184,622 |
| Grupo Financiero Inbursa S.A.B. de CV Series O (a) | | 724,900 | 1,627,715 |
| Grupo Mexico SA de CV Series B | | 1,239,724 | 6,486,254 |
| Industrias Penoles SA de CV (a) | | 77,110 | 1,211,247 |
| Kimberly-Clark de Mexico SA de CV Series A | | 583,600 | 837,943 |
| Operadora de Sites Mexicanos, SA de CV (b) | | 488,100 | 427,617 |
| Orbia Advance Corp. S.A.B. de CV (b) | | 366,137 | 335,954 |
| Prologis Property Mexico SA | | 391,494 | 1,310,295 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 75,325 | 657,012 |
| Southern Copper Corp. | | 34,486 | 3,777,941 |
| Wal-Mart de Mexico SA de CV Series V | | 2,086,300 | 5,736,686 |
TOTAL MEXICO | | | 62,588,227 |
| Netherlands - 2.5% | | | |
| ABN AMRO Bank NV GDR (Bearer) (c) | | 180,679 | 2,985,345 |
| Adyen BV (a)(c) | | 8,636 | 13,192,864 |
| AEGON NV | | 543,708 | 3,431,788 |
| Akzo Nobel NV | | 68,249 | 4,355,205 |
| Argenx SE (a) | | 23,622 | 13,928,855 |
| ASM International NV (Netherlands) | | 18,674 | 10,404,136 |
| ASML Holding NV (Netherlands) | | 158,708 | 107,240,630 |
| ASR Nederland NV | | 62,247 | 2,950,089 |
| BE Semiconductor Industries NV | | 30,748 | 3,275,715 |
| Euronext NV (c) | | 31,924 | 3,521,149 |
| EXOR NV | | 39,467 | 4,172,818 |
| Heineken Holding NV | | 51,817 | 3,593,201 |
| Heineken NV (Bearer) | | 114,480 | 9,389,275 |
| IMCD NV | | 22,461 | 3,568,287 |
| ING Groep NV (Certificaten Van Aandelen) | | 1,311,005 | 22,248,268 |
| JDE Peet's BV | | 48,990 | 1,103,080 |
| Koninklijke Ahold Delhaize NV | | 372,142 | 12,269,411 |
| Koninklijke KPN NV | | 1,571,393 | 6,141,453 |
| Koninklijke Philips Electronics NV | | 317,434 | 8,351,314 |
| Nebius Group NV Class A (a)(d) | | 102,848 | 0 |
| NN Group NV | | 107,376 | 5,278,113 |
| Randstad NV | | 42,793 | 1,971,311 |
| Universal Music Group NV | | 329,781 | 8,299,333 |
| Wolters Kluwer NV | | 98,567 | 16,586,355 |
TOTAL NETHERLANDS | | | 268,257,995 |
| New Zealand - 0.2% | | | |
| Auckland International Airport Ltd. | | 594,639 | 2,571,184 |
| Fisher & Paykel Healthcare Corp. Ltd. | | 233,151 | 4,996,681 |
| Mercury Nz Ltd. | | 276,213 | 1,087,198 |
| Meridian Energy Ltd. | | 516,980 | 1,835,987 |
| Spark New Zealand Ltd. | | 753,187 | 1,306,770 |
| Xero Ltd. (a) | | 57,627 | 5,598,784 |
TOTAL NEW ZEALAND | | | 17,396,604 |
| Norway - 0.3% | | | |
| Aker BP ASA | | 124,428 | 2,653,662 |
| DNB Bank ASA | | 354,582 | 7,323,597 |
| Equinor ASA | | 332,483 | 7,900,530 |
| Gjensidige Forsikring ASA | | 78,410 | 1,414,918 |
| Kongsberg Gruppen ASA | | 34,998 | 3,642,907 |
| Mowi ASA | | 186,680 | 3,208,292 |
| Norsk Hydro ASA | | 562,135 | 3,489,368 |
| Orkla ASA | | 276,082 | 2,552,457 |
| Salmar ASA | | 26,071 | 1,322,487 |
| Telenor ASA | | 246,270 | 3,024,588 |
TOTAL NORWAY | | | 36,532,806 |
| Peru - 0.1% | | | |
| Compania de Minas Buenaventura SAA sponsored ADR | | 64,127 | 837,499 |
| Credicorp Ltd. (United States) | | 26,968 | 4,965,618 |
TOTAL PERU | | | 5,803,117 |
| Philippines - 0.2% | | | |
| Altus Property Ventures, Inc. (a) | | 7 | 1 |
| Ayala Corp. | | 97,930 | 1,153,832 |
| Ayala Land, Inc. | | 2,611,500 | 1,459,104 |
| Bank of the Philippine Islands (BPI) | | 741,807 | 1,814,872 |
| BDO Unibank, Inc. | | 948,091 | 2,471,376 |
| DMCI Holdings, Inc. | | 4 | 1 |
| International Container Terminal Services, Inc. | | 400,690 | 2,712,070 |
| JG Summit Holdings, Inc. | | 993,336 | 413,079 |
| Jollibee Food Corp. | | 179,360 | 813,901 |
| Manila Electric Co. | | 112,720 | 938,155 |
| Metropolitan Bank & Trust Co. | | 713,141 | 925,810 |
| PLDT, Inc. | | 30,330 | 742,399 |
| SM Investments Corp. | | 86,993 | 1,397,102 |
| SM Prime Holdings, Inc. | | 3,975,900 | 2,082,868 |
| Universal Robina Corp. | | 347,820 | 581,073 |
TOTAL PHILIPPINES | | | 17,505,643 |
| Poland - 0.2% | | | |
| Alior Bank SA | | 36,129 | 788,876 |
| Allegro.eu SA (a)(c) | | 229,290 | 2,011,783 |
| Bank Polska Kasa Opieki SA | | 72,427 | 2,536,822 |
| Budimex SA | | 4,948 | 619,311 |
| CD Projekt SA | | 25,049 | 1,005,965 |
| Dino Polska SA (a)(c) | | 19,333 | 1,602,088 |
| InPost SA (a) | | 79,917 | 1,558,650 |
| KGHM Polska Miedz SA (Bearer) | | 55,194 | 2,060,769 |
| LPP SA | | 439 | 1,591,378 |
| mBank SA (a) | | 5,757 | 808,015 |
| Orlen SA | | 228,055 | 2,967,806 |
| PGE Polska Grupa Energetyczna SA (a) | | 345,064 | 594,137 |
| Powszechna Kasa Oszczednosci Bank SA | | 350,098 | 4,880,512 |
| Powszechny Zaklad Ubezpieczen SA | | 238,046 | 2,360,983 |
| Santander Bank Polska SA | | 16,051 | 1,795,274 |
TOTAL POLAND | | | 27,182,369 |
| Portugal - 0.1% | | | |
| Banco Espirito Santo SA (Reg.) (a)(d) | | 82,039 | 1 |
| Energias de Portugal SA | | 1,249,949 | 4,910,991 |
| Galp Energia SGPS SA | | 184,798 | 3,149,890 |
| Jeronimo Martins SGPS SA | | 111,597 | 2,169,233 |
TOTAL PORTUGAL | | | 10,230,115 |
| Qatar - 0.2% | | | |
| Barwa Real Estate Co. | | 852,619 | 668,794 |
| Dukhan Bank | | 747,049 | 757,103 |
| Industries Qatar QSC | | 595,716 | 2,184,237 |
| Masraf al Rayan | | 2,406,157 | 1,567,538 |
| Mesaieed Petrochemical Holding Co. | | 2,232,961 | 970,213 |
| Ooredoo QSC | | 322,109 | 1,012,065 |
| Qatar Electricity & Water Co. | | 169,428 | 754,771 |
| Qatar Fuel Co. | | 237,843 | 1,001,410 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 1,109,673 | 1,304,422 |
| Qatar International Islamic Bank QSC | | 398,625 | 1,148,469 |
| Qatar Islamic Bank | | 699,028 | 3,935,752 |
| Qatar National Bank SAQ | | 1,832,453 | 8,731,958 |
| The Commercial Bank of Qatar | | 1,293,732 | 1,510,124 |
TOTAL QATAR | | | 25,546,856 |
| Romania - 0.0% | | | |
| NEPI Rockcastle PLC | | 230,003 | 1,812,412 |
| Russia - 0.0% | | | |
| Alrosa Co. Ltd. (a)(d) | | 846,411 | 0 |
| Gazprom OAO (a)(d) | | 3,422,762 | 0 |
| Gazprom OAO sponsored ADR (Reg. S) (a)(d) | | 266,976 | 3 |
| GMK Norilskiy Nickel PAO ADR (a)(d) | | 1,810,200 | 0 |
| GMK Norilskiy Nickel PAO ADR sponsored ADR (a)(d) | | 27,948 | 0 |
| Inter Rao Ues JSC (a)(d) | | 12,405,200 | 1 |
| LUKOIL PJSC (a)(d) | | 135,807 | 0 |
| LUKOIL PJSC sponsored ADR (a)(d) | | 625 | 0 |
| Moscow Exchange MICEX-RTS OAO (a)(d) | | 524,685 | 0 |
| Novolipetsk Steel OJSC (a)(d) | | 477,930 | 0 |
| Ozon Holdings PLC ADR (a)(d) | | 15,142 | 0 |
| PhosAgro PJSC sponsored GDR (Reg. S) (a)(d) | | 300 | 0 |
| Polyus PJSC (a)(d) | | 11,075 | 0 |
| Rosneft Oil Co. OJSC (a)(d) | | 322,313 | 0 |
| Rosneft Oil Co. OJSC GDR (Reg. S) (a)(d) | | 56,929 | 1 |
| Sberbank of Russia (a)(d) | | 3,621,326 | 0 |
| Severstal PAO (a)(d) | | 60,348 | 0 |
| Severstal PAO GDR (Reg. S) (a)(d) | | 9,813 | 0 |
| Surgutneftegas OJSC (a)(d) | | 1,105,600 | 0 |
| Surgutneftegas OJSC sponsored ADR (a)(d) | | 71,885 | 1 |
| Tatneft PAO (a)(d) | | 446,514 | 0 |
| TKS Holding MKPAO JSC (a)(d) | | 1,424 | 0 |
| United Co. RUSAL International PJSC (a)(d) | | 1,020,580 | 0 |
| VK IPJSC (a)(d) | | 25,459 | 0 |
| VK IPJSC GDR (Reg. S) (a)(d) | | 12,889 | 0 |
| VTB Bank OJSC (a)(d) | | 232,170 | 0 |
TOTAL RUSSIA | | | 6 |
| Saudi Arabia - 1.1% | | | |
| ACWA Power Co. | | 58,229 | 7,135,018 |
| Ades Holding Co. | | 134,453 | 708,118 |
| Advanced Petrochemicals Co. (a) | | 52,587 | 508,970 |
| Al Rajhi Bank | | 778,806 | 18,248,243 |
| Al Rajhi Co. for Co-operative Insurance | | 15,749 | 751,450 |
| Alinma Bank | | 483,325 | 3,616,219 |
| Almarai Co. Ltd. | | 99,384 | 1,458,066 |
| Arab National Bank | | 362,771 | 1,829,455 |
| Arabian Internet and Communications Services Co. Ltd. | | 9,555 | 649,263 |
| Bank Al-Jazira | | 199,387 | 872,786 |
| Bank Albilad | | 245,389 | 2,404,429 |
| Banque Saudi Fransi | | 237,474 | 1,972,785 |
| Bupa Arabia for Cooperative Insurance Co. | | 33,018 | 1,770,595 |
| Dallah Healthcare Co. | | 14,299 | 607,642 |
| Dar Al Arkan Real Estate Development Co. (a) | | 215,819 | 957,357 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 34,459 | 2,625,919 |
| Elm Co. | | 9,482 | 2,581,754 |
| Etihad Etisalat Co. | | 149,156 | 2,057,215 |
| Jarir Marketing Co. | | 230,596 | 812,922 |
| Mobile Telecommunications Co. Saudi Arabia | | 165,740 | 466,016 |
| Mouwasat Medical Services Co. | | 39,861 | 998,727 |
| Nahdi Medical Co. | | 16,544 | 543,582 |
| Power & Water Utility Co. for Jubail & Yanbu | | 28,481 | 445,904 |
| Riyad Bank | | 579,420 | 3,972,646 |
| Sabic Agriculture-Nutrients Co. | | 92,205 | 2,793,868 |
| Sahara International Petrochemical Co. | | 142,238 | 996,049 |
| SAL Saudi Logistics Services | | 9,181 | 674,207 |
| Saudi Arabian Mining Co. (a) | | 514,222 | 7,722,161 |
| Saudi Arabian Oil Co. (c) | | 1,726,333 | 12,410,733 |
| Saudi Aramco Base Oil Co. - Luberef | | 21,500 | 670,927 |
| Saudi Awwal Bank | | 397,026 | 3,573,097 |
| Saudi Basic Industries Corp. | | 358,561 | 6,940,753 |
| Saudi Electricity Co. | | 329,089 | 1,437,032 |
| Saudi Industrial Investment Group | | 146,861 | 697,606 |
| Saudi Investment Bank/The | | 248,182 | 870,953 |
| Saudi Kayan Petrochemical Co. (a) | | 297,956 | 617,221 |
| Saudi Research & Marketing Group (a) | | 14,519 | 1,156,664 |
| Saudi Tadawul Group Holding Co. | | 18,907 | 1,202,170 |
| Saudi Telecom Co. | | 795,698 | 8,930,072 |
| The Co. for Cooperative Insurance | | 28,957 | 1,082,505 |
| The Saudi National Bank | | 1,168,483 | 10,313,713 |
| The Savola Group (a) | | 223,205 | 1,533,320 |
| Yanbu National Petrochemical Co. | | 110,373 | 1,169,648 |
TOTAL SAUDI ARABIA | | | 122,787,780 |
| Singapore - 1.0% | | | |
| CapitaLand Ascendas REIT | | 1,499,354 | 3,038,455 |
| CapitaLand Integrated Commercial Trust | | 2,275,621 | 3,457,305 |
| CapitaLand Investment Ltd. | | 930,771 | 1,966,337 |
| DBS Group Holdings Ltd. | | 790,540 | 22,921,555 |
| Genting Singapore Ltd. | | 2,354,513 | 1,482,892 |
| Grab Holdings Ltd. (a) | | 841,520 | 3,433,402 |
| Keppel Ltd. | | 575,720 | 2,771,779 |
| Oversea-Chinese Banking Corp. Ltd. | | 1,341,851 | 15,395,195 |
| Sea Ltd. ADR Class A (a) | | 147,036 | 13,828,736 |
| Sembcorp Industries Ltd. | | 354,000 | 1,343,022 |
| Singapore Airlines Ltd. (b) | | 587,868 | 2,867,685 |
| Singapore Exchange Ltd. | | 338,817 | 2,903,321 |
| Singapore Technologies Engineering Ltd. | | 615,624 | 2,110,668 |
| Singapore Telecommunications Ltd. | | 2,957,969 | 6,978,538 |
| STMicroelectronics NV (France) | | 269,553 | 7,337,487 |
| United Overseas Bank Ltd. | | 501,009 | 12,179,053 |
TOTAL SINGAPORE | | | 104,015,430 |
| South Africa - 1.0% | | | |
| Absa Group Ltd. | | 333,884 | 3,199,823 |
| Anglo American Platinum Ltd. | | 31,252 | 1,228,435 |
| Anglo American PLC (United Kingdom) | | 504,897 | 15,652,018 |
| Aspen Pharmacare Holdings Ltd. | | 147,868 | 1,502,199 |
| Bid Corp. Ltd. | | 132,514 | 3,124,304 |
| Bidvest Group Ltd./The | | 133,979 | 2,168,066 |
| Capitec Bank Holdings Ltd. | | 34,656 | 6,260,637 |
| Clicks Group Ltd. | | 93,829 | 2,010,939 |
| Discovery Ltd. | | 214,797 | 2,202,627 |
| Exxaro Resources Ltd. | | 99,295 | 936,361 |
| FirstRand Ltd. | | 2,007,537 | 8,820,505 |
| Gold Fields Ltd. | | 355,951 | 5,870,014 |
| Harmony Gold Mining Co. Ltd. | | 227,153 | 2,464,469 |
| Impala Platinum Holdings Ltd. (a) | | 361,399 | 2,385,425 |
| Kumba Iron Ore Ltd. | | 24,583 | 465,544 |
| MTN Group Ltd. | | 676,765 | 3,361,184 |
| Naspers Ltd. Class N | | 70,846 | 16,744,271 |
| Nedbank Group Ltd. | | 182,830 | 3,098,870 |
| Northam Platinum Holdings Ltd. | | 142,144 | 1,051,649 |
| Old Mutual Ltd. | | 1,869,941 | 1,290,820 |
| OUTsurance Group Ltd. | | 333,865 | 1,141,735 |
| Pepkor Holdings Ltd. (c) | | 973,456 | 1,263,617 |
| Remgro Ltd. | | 197,905 | 1,724,111 |
| Sanlam Ltd. | | 721,172 | 3,603,034 |
| Sasol Ltd. | | 226,798 | 1,274,722 |
| Shoprite Holdings Ltd. | | 197,591 | 3,412,476 |
| Sibanye-Stillwater Ltd. (a) | | 1,100,266 | 1,282,743 |
| Standard Bank Group Ltd. | | 532,902 | 7,336,743 |
| Vodacom Group Ltd. | | 246,271 | 1,541,828 |
| Woolworths Holdings Ltd. | | 371,194 | 1,376,142 |
TOTAL SOUTH AFRICA | | | 107,795,311 |
| Spain - 1.7% | | | |
| Acciona SA | | 9,540 | 1,218,276 |
| ACS Actividades de Construccion y Servicios SA | | 72,230 | 3,457,000 |
| Aena SME SA (c) | | 29,727 | 6,564,115 |
| Amadeus IT Holding SA Class A | | 178,876 | 12,958,520 |
| Banco Bilbao Vizcaya Argentaria SA | | 2,288,760 | 22,783,869 |
| Banco de Sabadell SA | | 2,164,064 | 4,210,059 |
| Banco Santander SA (Spain) | | 6,151,644 | 30,057,997 |
| CaixaBank SA | | 1,443,446 | 8,796,018 |
| Cellnex Telecom SA (c) | | 210,674 | 7,722,714 |
| EDP Renovaveis SA | | 125,767 | 1,693,622 |
| Endesa SA | | 124,794 | 2,688,423 |
| Grifols SA (a)(b) | | 117,571 | 1,310,211 |
| Iberdrola SA | | 2,423,045 | 35,963,679 |
| Industria de Diseno Textil SA | | 433,106 | 24,639,108 |
| Redeia Corp. SA | | 159,592 | 2,951,135 |
| Repsol SA | | 483,485 | 6,052,449 |
| Telefonica SA | | 1,580,586 | 7,417,142 |
TOTAL SPAIN | | | 180,484,337 |
| Sweden - 2.0% | | | |
| AddTech AB (B Shares) | | 102,244 | 2,834,740 |
| Alfa Laval AB | | 115,029 | 5,073,150 |
| ASSA ABLOY AB (B Shares) | | 398,312 | 12,476,224 |
| Atlas Copco AB: | | | |
| (A Shares) | | 1,054,926 | 17,409,884 |
| (B Shares) | | 633,059 | 9,182,863 |
| Beijer Ref AB (B Shares) | | 144,024 | 2,160,789 |
| Boliden AB | | 109,456 | 3,398,365 |
| Epiroc AB: | | | |
| (A Shares) | | 258,958 | 5,057,529 |
| (B Shares) | | 158,836 | 2,726,638 |
| EQT AB | | 148,562 | 4,308,550 |
| Essity AB (B Shares) | | 241,754 | 6,825,216 |
| Evolution AB (c) | | 71,532 | 6,763,124 |
| Fastighets AB Balder (a) | | 260,815 | 2,017,577 |
| Getinge AB (B Shares) | | 90,159 | 1,587,898 |
| H&M Hennes & Mauritz AB (B Shares) (b) | | 225,448 | 3,348,536 |
| Hexagon AB (B Shares) | | 826,084 | 7,723,166 |
| Holmen AB (B Shares) | | 31,400 | 1,238,370 |
| Husqvarna AB (B Shares) | | 138,238 | 892,390 |
| Industrivarden AB: | | | |
| (A Shares) | | 49,836 | 1,715,684 |
| (C Shares) | | 61,635 | 2,117,256 |
| Indutrade AB | | 108,781 | 2,946,553 |
| Investment AB Latour (B Shares) | | 58,247 | 1,603,979 |
| Investor AB: | | | |
| (A Shares) | | 32,388 | 918,028 |
| (B Shares) | | 653,457 | 18,488,309 |
| L E Lundbergforetagen AB (B Shares) | | 29,893 | 1,477,178 |
| Lifco AB (B Shares) | | 91,552 | 2,723,905 |
| Nibe Industrier AB (B Shares) | | 604,449 | 2,918,270 |
| Saab AB (B Shares) | | 127,793 | 2,627,933 |
| Sagax AB | | 86,454 | 2,067,519 |
| Sandvik AB | | 423,823 | 8,313,726 |
| Securitas AB (B Shares) | | 193,649 | 2,271,905 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 630,250 | 8,899,589 |
| Skanska AB (B Shares) | | 135,622 | 2,752,015 |
| SKF AB (B Shares) | | 134,154 | 2,534,617 |
| Svenska Cellulosa AB SCA (B Shares) | | 243,769 | 3,222,554 |
| Svenska Handelsbanken AB (A Shares) | | 579,381 | 6,020,139 |
| Swedbank AB (A Shares) | | 337,327 | 6,844,972 |
| Swedish Orphan Biovitrum AB (a) | | 78,097 | 2,440,863 |
| Tele2 AB (B Shares) | | 214,700 | 2,249,861 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 1,103,519 | 9,252,022 |
| Telia Co. AB | | 928,559 | 2,698,207 |
| Trelleborg AB (B Shares) | | 83,958 | 2,786,373 |
| Volvo AB: | | | |
| (A Shares) | | 82,218 | 2,152,960 |
| (B Shares) | | 628,116 | 16,312,251 |
| Volvo Car AB (b) | | 283,604 | 610,220 |
TOTAL SWEDEN | | | 213,991,897 |
| Switzerland - 3.9% | | | |
| ABB Ltd. (Reg.) | | 628,466 | 34,924,571 |
| Adecco SA (Reg.) | | 66,506 | 2,084,016 |
| Avolta AG | | 36,252 | 1,441,324 |
| Bachem Holding AG (B Shares) | | 13,145 | 1,040,427 |
| Baloise Holdings AG | | 17,424 | 3,347,393 |
| Banque Cantonale Vaudoise | | 11,825 | 1,179,008 |
| Barry Callebaut AG | | 1,404 | 2,458,280 |
| BKW AG | | 8,291 | 1,455,522 |
| Chocoladefabriken Lindt & Spruengli AG | | 386 | 4,545,909 |
| Chocoladefabriken Lindt & Spruengli AG | | 43 | 4,999,363 |
| Clariant AG (Reg.) | | 85,474 | 1,186,768 |
| Compagnie Financiere Richemont SA Series A | | 213,601 | 31,100,411 |
| DSM-Firmenich AG | | 73,924 | 8,772,822 |
| Ems-Chemie Holding AG | | 2,837 | 2,183,066 |
| Galderma Group AG (a) | | 23,351 | 2,185,159 |
| Geberit AG (Reg.) | | 13,328 | 8,346,688 |
| Givaudan SA | | 3,671 | 17,416,579 |
| Helvetia Holding AG (Reg.) | | 14,895 | 2,521,740 |
| Julius Baer Group Ltd. | | 82,070 | 5,003,939 |
| Kuehne & Nagel International AG | | 19,163 | 4,784,370 |
| Logitech International SA (Reg.) | | 62,035 | 5,083,199 |
| Lonza Group AG | | 28,693 | 17,696,592 |
| Novartis AG | | 782,654 | 84,922,876 |
| Partners Group Holding AG | | 9,019 | 12,459,808 |
| Sandoz Group AG | | 163,015 | 7,428,221 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 15,570 | 4,532,798 |
| (Reg.) | | 9,940 | 2,831,614 |
| SGS SA (Reg.) | | 61,132 | 6,477,422 |
| Sig Group AG | | 121,131 | 2,607,637 |
| Sika AG | | 60,649 | 16,890,840 |
| Sonova Holding AG | | 20,162 | 7,378,034 |
| Straumann Holding AG | | 44,386 | 5,851,825 |
| Swatch Group AG (Bearer) | | 11,483 | 2,356,346 |
| Swatch Group AG (Bearer) (Reg.) | | 21,411 | 866,556 |
| Swiss Life Holding AG | | 11,419 | 9,314,508 |
| Swiss Prime Site AG | | 31,027 | 3,364,806 |
| Swisscom AG | | 10,296 | 6,271,433 |
| Temenos AG | | 23,763 | 1,644,189 |
| UBS Group AG | | 1,305,286 | 40,116,137 |
| VAT Group AG (c) | | 10,749 | 4,474,860 |
| Zurich Insurance Group Ltd. | | 58,079 | 34,243,682 |
TOTAL SWITZERLAND | | | 417,790,738 |
| Taiwan - 5.4% | | | |
| Accton Technology Corp. | | 199,000 | 3,354,822 |
| Acer, Inc. | | 1,144,288 | 1,422,589 |
| Advantech Co. Ltd. | | 189,411 | 1,862,286 |
| Alchip Technologies Ltd. | | 32,000 | 1,988,642 |
| ASE Technology Holding Co. Ltd. | | 1,312,840 | 6,211,248 |
| Asia Cement Corp. | | 921,466 | 1,343,358 |
| Asia Vital Components Co. Ltd. | | 130,000 | 2,498,483 |
| ASUSTeK Computer, Inc. | | 281,000 | 4,978,031 |
| AUO Corp. | | 2,586,000 | 1,336,631 |
| Catcher Technology Co. Ltd. | | 241,000 | 1,759,750 |
| Cathay Financial Holding Co. Ltd. | | 3,790,869 | 8,032,183 |
| Chailease Holding Co. Ltd. | | 591,759 | 2,780,103 |
| Chang Hwa Commercial Bank | | 2,452,468 | 1,352,013 |
| Cheng Shin Rubber Industry Co. Ltd. | | 705,899 | 1,017,152 |
| China Airlines Ltd. | | 1,147,490 | 802,842 |
| China Steel Corp. | | 4,707,426 | 3,303,110 |
| Chunghwa Telecom Co. Ltd. | | 1,509,000 | 5,746,723 |
| Compal Electronics, Inc. | | 1,659,000 | 1,827,095 |
| CTBC Financial Holding Co. Ltd. | | 6,240,579 | 6,940,678 |
| Delta Electronics, Inc. | | 774,621 | 9,598,408 |
| E Ink Holdings, Inc. | | 342,000 | 3,211,274 |
| E.SUN Financial Holdings Co. Ltd. | | 5,720,156 | 4,879,869 |
| ECLAT Textile Co. Ltd. | | 77,941 | 1,307,035 |
| eMemory Technology, Inc. | | 25,000 | 2,438,788 |
| EVA Airways Corp. | | 1,076,000 | 1,246,721 |
| Evergreen Marine Corp. (Taiwan) | | 405,248 | 2,576,059 |
| Far Eastern New Century Corp. | | 1,170,664 | 1,355,258 |
| Far EasTone Telecommunications Co. Ltd. | | 697,000 | 1,930,955 |
| Feng Tay Enterprise Co. Ltd. | | 197,244 | 869,902 |
| First Financial Holding Co. Ltd. | | 4,456,863 | 3,765,150 |
| Formosa Chemicals & Fibre Corp. | | 1,414,590 | 1,693,081 |
| Formosa Plastics Corp. | | 1,530,480 | 2,251,761 |
| Fortune Electric Co. Ltd. | | 56,500 | 948,807 |
| Fubon Financial Holding Co. Ltd. | | 3,259,195 | 9,134,076 |
| Gigabyte Technology Co. Ltd. | | 215,000 | 1,700,086 |
| Global Unichip Corp. | | 34,000 | 1,275,166 |
| GlobalWafers Co. Ltd. | | 104,000 | 1,358,188 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 4,955,990 | 31,869,976 |
| Hotai Motor Co. Ltd. | | 121,220 | 2,447,506 |
| Hua Nan Financial Holdings Co. Ltd. | | 3,521,287 | 2,785,741 |
| Innolux Corp. | | 3,037,119 | 1,468,957 |
| Inventec Corp. | | 1,069,280 | 1,483,671 |
| Kgi Financial Holding Co. Ltd. | | 6,293,405 | 3,253,391 |
| Largan Precision Co. Ltd. | | 40,000 | 2,810,753 |
| Lite-On Technology Corp. | | 831,910 | 2,616,362 |
| MediaTek, Inc. | | 603,970 | 23,588,029 |
| Mega Financial Holding Co. Ltd. | | 4,714,193 | 5,762,462 |
| Micro-Star International Co. Ltd. | | 284,000 | 1,558,581 |
| Nan Ya Plastics Corp. | | 2,036,780 | 2,632,787 |
| Nanya Technology Corp. (a) | | 513,000 | 666,470 |
| Nien Made Enterprise Co. Ltd. | | 69,000 | 1,031,534 |
| Novatek Microelectronics Corp. | | 231,000 | 3,580,883 |
| Pegatron Corp. | | 796,000 | 2,421,465 |
| PharmaEssentia Corp. (a) | | 94,000 | 1,844,320 |
| Pou Chen Corp. | | 857,000 | 1,005,240 |
| President Chain Store Corp. | | 225,000 | 2,072,640 |
| Quanta Computer, Inc. | | 1,075,000 | 9,794,229 |
| Realtek Semiconductor Corp. | | 195,090 | 2,871,774 |
| Ruentex Development Co. Ltd. | | 631,851 | 910,044 |
| Shin Kong Financial Holding Co. Ltd. (a) | | 5,596,764 | 1,986,844 |
| Sinopac Financial Holdings Co. | | 4,240,824 | 3,020,271 |
| Synnex Technology International Corp. | | 497,500 | 1,096,303 |
| Taishin Financial Holdings Co. Ltd. | | 4,663,235 | 2,485,737 |
| Taiwan Business Bank | | 2,758,601 | 1,331,302 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 4,237,462 | 3,323,941 |
| Taiwan High Speed Rail Corp. | | 763,000 | 694,266 |
| Taiwan Mobile Co. Ltd. | | 726,600 | 2,569,209 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 9,785,000 | 307,851,850 |
| Tcc Group Holdings | | 2,708,612 | 2,699,548 |
| The Shanghai Commercial & Savings Bank Ltd. | | 1,514,059 | 1,886,948 |
| Uni-President Enterprises Corp. | | 1,922,080 | 5,400,120 |
| Unimicron Technology Corp. | | 541,000 | 2,650,734 |
| United Microelectronics Corp. | | 4,492,000 | 6,501,922 |
| Vanguard International Semiconductor Corp. | | 393,000 | 1,163,799 |
| Vanguard International Semiconductor Corp. rights 10/18/24 (a) | | 32,581 | 8,672 |
| Voltronic Power Technology Corp. | | 26,000 | 1,715,439 |
| Walsin Lihwa Corp. | | 1,151,312 | 1,058,619 |
| Wan Hai Lines Ltd. | | 280,360 | 744,675 |
| Winbond Electronics Corp. | | 1,351,436 | 802,508 |
| Wistron Corp. | | 1,085,000 | 3,658,743 |
| Wiwynn Corp. | | 44,000 | 2,509,653 |
| WPG Holding Co. Ltd. | | 637,320 | 1,452,750 |
| Yageo Corp. | | 159,528 | 2,722,155 |
| Yang Ming Marine Transport Corp. | | 697,000 | 1,435,616 |
| Yuanta Financial Holding Co. Ltd. | | 4,073,956 | 4,099,350 |
| Zhen Ding Technology Holding Ltd. | | 266,302 | 921,280 |
TOTAL TAIWAN | | | 584,367,392 |
| Thailand - 0.4% | | | |
| Advanced Info Service PCL (For. Reg.) | | 228,500 | 1,858,603 |
| Advanced Information Service PCL NVDR | | 240,100 | 1,952,956 |
| Airports of Thailand PCL: | | | |
| (For. Reg.) | | 841,000 | 1,523,943 |
| NVDR | | 882,600 | 1,599,325 |
| Bangkok Dusit Medical Services PCL: | | | |
| (For. Reg.) | | 2,030,000 | 1,653,507 |
| NVDR | | 2,347,200 | 1,911,878 |
| Bangkok Expressway and Metro PCL: | | | |
| (For. Reg.) | | 1,583,600 | 369,552 |
| NVDR | | 1,531,600 | 357,417 |
| Bumrungrad Hospital PCL: | | | |
| (For. Reg.) | | 104,400 | 841,950 |
| NVDR | | 132,300 | 1,066,954 |
| Central Pattana PCL: | | | |
| (For. Reg.) | | 461,500 | 857,987 |
| NVDR | | 342,200 | 636,193 |
| Central Retail Corp. PCL: | | | |
| (For. Reg.) | | 249,566 | 236,290 |
| NVDR | | 368,600 | 348,992 |
| Charoen Pokphand Foods PCL: | | | |
| (For. Reg.) | | 706,700 | 519,766 |
| NVDR | | 762,800 | 561,027 |
| CP ALL PCL: | | | |
| (For. Reg.) | | 1,160,500 | 2,173,608 |
| NVDR | | 1,136,300 | 2,128,282 |
| CP Axtra PCL NVDR | | 793,976 | 792,189 |
| Delta Electronics PCL NVDR | | 1,227,300 | 4,984,519 |
| Gulf Energy Development PCL: | | | |
| (For. Reg.) | | 350,400 | 690,487 |
| NVDR | | 838,300 | 1,651,928 |
| Home Product Center PCL: | | | |
| (For. Reg.) | | 1,156,167 | 326,551 |
| NVDR | | 1,298,800 | 366,836 |
| Intouch Holdings PCL: | | | |
| (For. Reg.) | | 169,100 | 535,739 |
| NVDR | | 280,400 | 888,357 |
| Kasikornbank PCL NVDR | | 247,600 | 1,072,352 |
| Krung Thai Bank PCL: | | | |
| (For. Reg.) | | 788,655 | 478,653 |
| NVDR | | 527,800 | 320,334 |
| Krungthai Card PCL: | | | |
| (For. Reg.) | | 150,000 | 211,645 |
| NVDR | | 224,400 | 316,620 |
| Minor International PCL: | | | |
| (For. Reg.) | | 1,019,598 | 807,563 |
| NVDR | | 303,500 | 240,384 |
| PTT Exploration and Production PCL: | | | |
| (For. Reg.) | | 369,144 | 1,385,416 |
| NVDR | | 179,100 | 672,171 |
| PTT Global Chemical PCL: | | | |
| (For. Reg.) | | 534,039 | 411,330 |
| NVDR | | 325,700 | 250,862 |
| PTT Oil & Retail Business PCL NVDR | | 1,150,400 | 524,594 |
| PTT PCL: | | | |
| (For. Reg.) | | 2,584,300 | 2,565,556 |
| NVDR | | 1,346,900 | 1,337,131 |
| SCB X PCL: | | | |
| (For. Reg.) | | 94,050 | 316,064 |
| NVDR | | 244,000 | 819,986 |
| SCG Packaging PCL NVDR | | 485,900 | 366,126 |
| Siam Cement PCL: | | | |
| (For. Reg.) | | 166,100 | 1,033,249 |
| NVDR | | 147,500 | 917,545 |
| Thai Oil PCL: | | | |
| (For. Reg.) | | 321,912 | 391,052 |
| NVDR | | 142,110 | 172,632 |
| TMBThanachart Bank PCL NVDR | | 9,136,100 | 481,693 |
| True Corp. PCL (a) | | 2,632,130 | 957,818 |
| True Corp. PCL NVDR (a) | | 1,403,171 | 510,607 |
TOTAL THAILAND | | | 47,396,219 |
| Turkey - 0.2% | | | |
| Akbank TAS | | 1,231,312 | 1,818,310 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 83,015 | 464,438 |
| Aselsan A/S | | 547,667 | 972,582 |
| Bim Birlesik Magazalar A/S JSC | | 179,625 | 2,445,500 |
| Coca-Cola Icecek Sanayi A/S | | 319,561 | 474,702 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 535,799 | 744,317 |
| Ford Otomotiv Sanayi A/S | | 27,713 | 791,396 |
| Haci Omer Sabanci Holding A/S | | 418,853 | 1,017,642 |
| Koc Holding A/S | | 300,588 | 1,482,544 |
| Pegasus Hava Tasimaciligi A/S | | 85,458 | 577,618 |
| Sasa Polyester Sanayi A/S | | 4,201,448 | 472,073 |
| Tofas Turk Otomobil Fabrikasi A/S | | 47,749 | 261,982 |
| Turk Hava Yollari AO (a) | | 227,160 | 1,806,540 |
| Turkcell Iletisim Hizmet A/S | | 480,952 | 1,189,572 |
| Turkiye Is Bankasi A/S Series C | | 3,404,752 | 1,168,536 |
| Turkiye Petrol Rafinerileri A/S | | 382,934 | 1,616,000 |
| Turkiye Sise ve Cam Fabrikalari A/S | | 558,673 | 638,157 |
| Yapi ve Kredi Bankasi A/S | | 1,309,566 | 935,595 |
TOTAL TURKEY | | | 18,877,504 |
| United Arab Emirates - 0.3% | | | |
| Abu Dhabi Commercial Bank PJSC | | 1,163,169 | 2,831,089 |
| Abu Dhabi Islamic Bank | | 584,191 | 2,004,004 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 1,251,249 | 1,229,771 |
| ADNOC Drilling Co. PJSC | | 1,263,299 | 1,743,762 |
| Aldar Properties PJSC | | 1,514,554 | 3,142,049 |
| Americana Restaurants International PLC | | 1,187,264 | 730,515 |
| Dubai Islamic Bank Pakistan Ltd. | | 1,154,075 | 1,963,755 |
| Emaar Properties PJSC | | 2,643,447 | 6,254,082 |
| Emirates NBD Bank PJSC | | 756,456 | 3,913,005 |
| Emirates Telecommunications Corp. | | 1,389,214 | 6,702,025 |
| First Abu Dhabi Bank PJSC | | 1,761,520 | 6,301,676 |
| Multiply Group (a) | | 1,335,908 | 825,611 |
| NMC Health PLC (a)(d) | | 30,958 | 0 |
TOTAL UNITED ARAB EMIRATES | | | 37,641,344 |
| United Kingdom - 6.7% | | | |
| 3i Group PLC | | 386,327 | 15,842,389 |
| Admiral Group PLC | | 103,875 | 3,434,263 |
| AngloGold Ashanti PLC | | 167,255 | 4,666,269 |
| Ashtead Group PLC | | 173,782 | 12,969,936 |
| Associated British Foods PLC | | 133,521 | 3,823,866 |
| AstraZeneca PLC (United Kingdom) | | 615,648 | 87,602,773 |
| Auto Trader Group PLC (c) | | 355,551 | 3,839,059 |
| Aviva PLC | | 1,067,151 | 6,234,828 |
| BAE Systems PLC | | 1,203,988 | 19,405,047 |
| Barclays PLC | | 5,862,468 | 17,971,414 |
| Barratt Developments PLC | | 550,259 | 3,167,348 |
| Berkeley Group Holdings PLC | | 40,144 | 2,290,811 |
| British American Tobacco PLC (United Kingdom) | | 792,028 | 27,696,514 |
| BT Group PLC | | 2,572,447 | 4,585,810 |
| Bunzl PLC | | 134,444 | 5,915,003 |
| Centrica PLC | | 2,065,088 | 3,123,497 |
| CK Hutchison Holdings Ltd. | | 1,065,393 | 5,603,039 |
| Coca-Cola Europacific Partners PLC | | 82,068 | 6,237,168 |
| Compass Group PLC | | 674,700 | 21,911,844 |
| Croda International PLC | | 52,318 | 2,499,447 |
| DCC PLC (United Kingdom) | | 38,814 | 2,454,389 |
| Diageo PLC | | 883,399 | 27,280,932 |
| Entain PLC | | 251,997 | 2,420,785 |
| Halma PLC | | 150,984 | 4,818,486 |
| Hargreaves Lansdown PLC | | 140,045 | 1,964,722 |
| HSBC Holdings PLC (United Kingdom) | | 7,350,831 | 67,466,098 |
| Imperial Brands PLC | | 320,759 | 9,679,874 |
| Informa PLC | | 530,403 | 5,530,243 |
| InterContinental Hotel Group PLC | | 64,047 | 7,064,227 |
| Intertek Group PLC | | 64,267 | 3,851,755 |
| J Sainsbury PLC | | 651,405 | 2,235,958 |
| JD Sports Fashion PLC | | 1,034,632 | 1,654,292 |
| Kingfisher PLC | | 727,516 | 2,751,322 |
| Land Securities Group PLC | | 284,322 | 2,205,213 |
| Legal & General Group PLC | | 2,370,759 | 6,636,693 |
| Lloyds Banking Group PLC | | 24,762,409 | 16,996,926 |
| London Stock Exchange Group PLC | | 189,714 | 25,713,057 |
| M&G PLC | | 915,593 | 2,289,796 |
| Melrose Industries PLC | | 525,306 | 3,217,440 |
| National Grid PLC | | 1,910,316 | 23,986,213 |
| NatWest Group PLC | | 2,639,979 | 12,508,880 |
| Next PLC | | 47,655 | 6,015,832 |
| Pearson PLC | | 240,286 | 3,528,438 |
| Persimmon PLC | | 127,833 | 2,418,119 |
| Phoenix Group Holdings PLC | | 281,289 | 1,781,622 |
| Reckitt Benckiser Group PLC | | 277,070 | 16,808,183 |
| RELX PLC (London Stock Exchange) | | 740,821 | 33,973,832 |
| Rentokil Initial PLC | | 1,003,579 | 5,033,727 |
| Rolls-Royce Holdings PLC (a) | | 3,378,970 | 23,316,240 |
| Sage Group PLC | | 399,245 | 4,990,534 |
| Schroders PLC | | 318,293 | 1,411,855 |
| Segro PLC | | 512,547 | 5,189,416 |
| Severn Trent PLC | | 106,019 | 3,510,615 |
| Smith & Nephew PLC | | 348,229 | 4,329,467 |
| Smiths Group PLC | | 136,445 | 2,690,107 |
| Spirax-Sarco Engineering PLC | | 29,111 | 2,423,025 |
| SSE PLC | | 438,920 | 9,966,651 |
| Standard Chartered PLC (United Kingdom) | | 861,717 | 9,992,802 |
| Taylor Wimpey PLC | | 1,414,900 | 2,675,128 |
| Tesco PLC | | 2,751,776 | 12,150,940 |
| Unilever PLC | | 990,559 | 60,426,110 |
| United Utilities Group PLC | | 268,516 | 3,543,724 |
| Vodafone Group PLC | | 8,711,090 | 8,100,580 |
| Vodafone Group PLC sponsored ADR | | 26,396 | 244,691 |
| Whitbread PLC | | 71,170 | 2,765,035 |
| Wise PLC (a) | | 262,091 | 2,385,950 |
| WPP PLC | | 430,154 | 4,521,316 |
TOTAL UNITED KINGDOM | | | 725,741,565 |
| United States of America - 5.6% | | | |
| Alcon, Inc. (Switzerland) | | 198,507 | 18,293,309 |
| BP PLC | | 6,563,707 | 32,101,904 |
| Brookfield Renewable Corp. | | 54,762 | 1,676,665 |
| BRP, Inc. Subordinate Voting Shares | | 13,865 | 683,616 |
| CSL Ltd. | | 191,992 | 36,047,522 |
| CyberArk Software Ltd. (a)(b) | | 17,319 | 4,789,050 |
| Experian PLC | | 364,757 | 17,764,587 |
| Ferrovial SE | | 207,193 | 8,311,800 |
| GFL Environmental, Inc. | | 86,975 | 3,638,664 |
| GSK PLC | | 1,646,388 | 29,731,422 |
| Haleon PLC | | 3,084,318 | 14,823,436 |
| Holcim AG | | 207,016 | 20,395,948 |
| James Hardie Industries PLC CDI (a) | | 171,492 | 5,469,437 |
| JBS SA | | 305,900 | 1,905,492 |
| Legend Biotech Corp. ADR (a) | | 29,310 | 1,319,536 |
| Monday.com Ltd. (a) | | 14,846 | 4,362,794 |
| Nestle SA (Reg. S) | | 1,040,421 | 98,312,131 |
| QIAGEN NV (Germany) | | 87,146 | 3,701,669 |
| Roche Holding AG: | | | |
| (Bearer) | | 12,733 | 4,323,219 |
| (participation certificate) | | 278,996 | 86,461,840 |
| Sanofi SA | | 452,614 | 47,832,168 |
| Schneider Electric SA | | 217,230 | 56,273,161 |
| Shell PLC (London) | | 2,501,943 | 83,533,173 |
| Stellantis NV (Italy) | | 840,566 | 11,516,846 |
| Swiss Re Ltd. | | 119,795 | 15,349,796 |
| Tenaris SA | | 185,408 | 3,054,685 |
TOTAL UNITED STATES OF AMERICA | | | 611,673,870 |
| Zambia - 0.0% | | | |
| First Quantum Minerals Ltd. (a) | | 282,161 | 3,645,690 |
| TOTAL COMMON STOCKS (Cost $8,804,248,852) | | | 10,496,969,648 |
| | | | |
| Nonconvertible Preferred Stocks - 0.4% |
| | | Shares | Value ($) |
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 178,298 | 1,427,109 |
| France - 0.0% | | | |
| Air Liquide SA | | 9,586 | 1,718,783 |
| Germany - 0.2% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 22,959 | 1,686,970 |
| Dr. Ing. h.c. F. Porsche AG Series F (c) | | 45,391 | 3,193,731 |
| Henkel AG & Co. KGaA | | 66,965 | 5,796,701 |
| Porsche Automobil Holding SE (Germany) | | 61,978 | 2,574,768 |
| Sartorius AG (non-vtg.) | | 10,317 | 2,667,545 |
| Volkswagen AG | | 81,875 | 7,947,018 |
TOTAL GERMANY | | | 23,866,733 |
| Korea (South) - 0.2% | | | |
| Hyundai Motor Co. Ltd. | | 8,326 | 943,358 |
| Hyundai Motor Co. Ltd. Series 2 | | 15,119 | 1,752,513 |
| LG Chemical Ltd. | | 3,195 | 482,600 |
| LG H & H Co. Ltd. | | 694 | 73,274 |
| Samsung Electronics Co. Ltd. | | 334,282 | 11,537,059 |
TOTAL KOREA (SOUTH) | | | 14,788,804 |
| Russia - 0.0% | | | |
| Surgutneftegas OJSC (a)(d) | | 2,913,333 | 0 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $51,029,136) | | | 41,801,429 |
| | | | |
| Nonconvertible Bonds - 0.0% |
| | | Principal Amount (f) | Value ($) |
| India - 0.0% | | | |
NTPC Ltd. 8.49% 3/25/25 (Cost $13,959) | INR | 69,696 | 4,285 |
| | | | |
| Government Obligations - 0.1% |
| | | Principal Amount (f) | Value ($) |
| United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (g) (Cost $8,808,385) | | 8,833,000 | 8,810,367 |
| | | | |
| Money Market Funds - 2.8% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.87% (h) | | 263,082,330 | 263,134,946 |
| Fidelity Securities Lending Cash Central Fund 4.87% (h)(i) | | 42,234,199 | 42,238,423 |
| TOTAL MONEY MARKET FUNDS (Cost $305,373,369) | | | 305,373,369 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $9,169,473,701) | 10,852,959,098 |
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (8,459,873) |
| NET ASSETS - 100.0% | 10,844,499,225 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 1,611 | Dec 2024 | 90,739,575 | 882,855 | 882,855 |
| ICE MSCI EAFE Index Contracts (United States) | 1,618 | Dec 2024 | 190,131,180 | (5,786,523) | (5,786,523) |
| TME S&P/TSX 60 Index Contracts (Canada) | 116 | Dec 2024 | 24,115,603 | 146,605 | 146,605 |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | (4,757,063) |
| The notional amount of futures purchased as a percentage of Net Assets is 2.8% |
Currency Abbreviations
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $256,114,309 or 2.4% of net assets. |
| (e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $8,810,367. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 93,306,422 | 1,827,986,633 | 1,658,152,172 | 11,608,234 | (5,937) | - | 263,134,946 | 0.5% |
| Fidelity Securities Lending Cash Central Fund 4.87% | 30,949,089 | 346,017,443 | 334,728,109 | 629,026 | - | - | 42,238,423 | 0.2% |
| Total | 124,255,511 | 2,174,004,076 | 1,992,880,281 | 12,237,260 | (5,937) | - | 305,373,369 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 583,561,215 | 127,515,557 | 456,045,658 | - |
Consumer Discretionary | 1,166,929,663 | 281,296,915 | 885,632,748 | - |
Consumer Staples | 755,323,022 | 172,866,292 | 582,456,729 | 1 |
Energy | 539,160,745 | 208,013,328 | 331,147,412 | 5 |
Financials | 2,425,099,353 | 897,982,580 | 1,527,116,772 | 1 |
Health Care | 986,522,929 | 167,706,565 | 818,816,364 | - |
Industrials | 1,459,627,554 | 470,106,224 | 989,521,330 | - |
Information Technology | 1,369,268,694 | 253,300,462 | 1,115,968,231 | 1 |
Materials | 726,116,028 | 298,008,042 | 427,977,759 | 130,227 |
Real Estate | 194,151,367 | 64,490,478 | 129,660,889 | - |
Utilities | 333,010,507 | 158,864,976 | 174,145,529 | 2 |
|
| Corporate Bonds | 4,285 | - | 4,285 | - |
|
| Government Obligations | 8,810,367 | - | 8,810,367 | - |
|
| Money Market Funds | 305,373,369 | 305,373,369 | - | - |
| Total Investments in Securities: | 10,852,959,098 | 3,405,524,788 | 7,447,304,073 | 130,237 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 1,029,460 | 1,029,460 | - | - |
| Total Assets | 1,029,460 | 1,029,460 | - | - |
| Liabilities | | | | |
Futures Contracts | (5,786,523) | (5,786,523) | - | - |
| Total Liabilities | (5,786,523) | (5,786,523) | - | - |
| Total Derivative Instruments: | (4,757,063) | (4,757,063) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 1,029,460 | (5,786,523) |
| Total Equity Risk | 1,029,460 | (5,786,523) |
| Total Value of Derivatives | 1,029,460 | (5,786,523) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Global ex U.S. Index Fund
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $39,671,128) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $8,864,100,332) | $ | 10,547,585,729 | | |
Fidelity Central Funds (cost $305,373,369) | | 305,373,369 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $9,169,473,701) | | | $ | 10,852,959,098 |
| Segregated cash with brokers for derivative instruments | | | | 1,184,238 |
| Foreign currency held at value (cost $22,235,243) | | | | 22,010,204 |
| Receivable for investments sold | | | | 625,226 |
| Receivable for fund shares sold | | | | 8,333,627 |
| Dividends receivable | | | | 20,857,777 |
| Reclaims receivable | | | | 22,829,193 |
| Interest receivable | | | | 33 |
| Distributions receivable from Fidelity Central Funds | | | | 1,112,018 |
| Other receivables | | | | 601 |
Total assets | | | | 10,929,912,015 |
| Liabilities | | | | |
| Payable for investments purchased | | | | |
Regular delivery | $ | 102,749 | | |
Delayed delivery | | 61,238 | | |
| Payable for fund shares redeemed | | 5,898,977 | | |
| Accrued management fee | | 509,990 | | |
| Payable for daily variation margin on futures contracts | | 1,780,968 | | |
| Deferred taxes | | 34,802,074 | | |
| Other payables and accrued expenses | | 19,774 | | |
| Collateral on securities loaned | | 42,237,020 | | |
| Total liabilities | | | | 85,412,790 |
| Net Assets | | | $ | 10,844,499,225 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 9,835,077,414 |
| Total accumulated earnings (loss) | | | | 1,009,421,811 |
| Net Assets | | | $ | 10,844,499,225 |
Net Asset Value, offering price and redemption price per share ($10,844,499,225 ÷ 709,882,035 shares) | | | $ | 15.28 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 309,884,194 |
| Interest | | | | 509,555 |
| Income from Fidelity Central Funds (including $629,026 from security lending) | | | | 12,237,260 |
| Income before foreign taxes withheld | | | $ | 322,631,009 |
| Less foreign taxes withheld | | | | (25,504,116) |
| Total income | | | | 297,126,893 |
| Expenses | | | | |
| Management fee | $ | 5,523,301 | | |
| Independent trustees' fees and expenses | | 26,717 | | |
| Total expenses before reductions | | 5,550,018 | | |
| Expense reductions | | (198,678) | | |
| Total expenses after reductions | | | | 5,351,340 |
| Net Investment income (loss) | | | | 291,775,553 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $165,787) | | (167,587,832) | | |
| Fidelity Central Funds | | (5,937) | | |
| Foreign currency transactions | | (429,719) | | |
| Futures contracts | | 40,111,495 | | |
| Total net realized gain (loss) | | | | (127,911,993) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $23,422,313) | | 1,820,224,278 | | |
| Assets and liabilities in foreign currencies | | 203,530 | | |
| Futures contracts | | (3,038,788) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 1,817,389,020 |
| Net gain (loss) | | | | 1,689,477,027 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 1,981,252,580 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 291,775,553 | $ | 275,258,066 |
| Net realized gain (loss) | | (127,911,993) | | (221,998,269) |
| Change in net unrealized appreciation (depreciation) | | 1,817,389,020 | | 915,261,834 |
| Net increase (decrease) in net assets resulting from operations | | 1,981,252,580 | | 968,521,631 |
| Distributions to shareholders | | (273,194,043) | | (208,386,222) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 3,257,355,899 | | 3,103,954,657 |
| Reinvestment of distributions | | 258,456,453 | | 198,751,243 |
| Cost of shares redeemed | | (2,708,065,922) | | (3,207,929,609) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 807,746,430 | | 94,776,291 |
| Total increase (decrease) in net assets | | 2,515,804,967 | | 854,911,700 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 8,328,694,258 | | 7,473,782,558 |
| End of period | $ | 10,844,499,225 | $ | 8,328,694,258 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 222,491,834 | | 233,829,985 |
| Issued in reinvestment of distributions | | 18,824,212 | | 15,938,351 |
| Redeemed | | (185,113,293) | | (240,542,102) |
| Net increase (decrease) | | 56,202,753 | | 9,226,234 |
| | | | | |
Financial Highlights
Fidelity® Global ex U.S. Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.74 | $ | 11.60 | $ | 15.79 | $ | 12.43 | $ | 13.09 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .42 | | .42 | | .42 | | .38 | | .29 |
| Net realized and unrealized gain (loss) | | 2.54 | | 1.05 | | (4.21) | | 3.23 | | (.57) |
| Total from investment operations | | 2.96 | | 1.47 | | (3.79) | | 3.61 | | (.28) |
| Distributions from net investment income | | (.42) | | (.33) | | (.40) | | (.25) | | (.38) |
| Total distributions | | (.42) | | (.33) | | (.40) | | (.25) | | (.38) |
| Net asset value, end of period | $ | 15.28 | $ | 12.74 | $ | 11.60 | $ | 15.79 | $ | 12.43 |
Total Return C | | | | 12.74% | | (24.56)% | | 29.25% | | (2.25)% |
Ratios to Average Net Assets A,D,E | | | | | | | | | | |
| Expenses before reductions | | .05% F | | .06% | | .06% | | .05% F | | .06% |
| Expenses net of fee waivers, if any | | | | .06% | | .06% | | .05% F | | .06% |
| Expenses net of all reductions | | .05% F | | .05% | | .06% | | .05% F | | .06% |
| Net investment income (loss) | | 2.89% | | 3.13% | | 3.06% | | 2.46% | | 2.37% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 10,844,499 | $ | 8,328,694 | $ | 7,473,783 | $ | 9,132,488 | $ | 5,621,566 |
Portfolio turnover rate G | | | | 8% | | 5% H | | 5% H | | 5% |
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
HPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
For the period ended October 31, 2024
1. Organization.
Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. The Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2024, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on each applicable Fund's Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized depreciation ($) | Net unrealized appreciation (depreciation)($) |
Fidelity Emerging Markets Index Fund | 7,516,176,190 | 2,034,817,789 | (1,251,171,654) | 783,646,135 |
| Fidelity Global ex U.S. Index Fund | 9,286,104,897 | 2,609,684,282 | (1,042,683,476) | 1,567,000,806 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| | Undistributed ordinary income ($) | Capital loss carryforward ($) | Net unrealized appreciation (depreciation) on securities and other investments ($) |
Fidelity Emerging Markets Index Fund | 183,226,989 | (914,640,782) | 782,724,382 |
| Fidelity Global ex U.S. Index Fund | 271,425,317 | (793,329,549) | 1,566,128,116 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| | Short-term ($) | Long-term ($) | Total capital loss carryforward ($) |
Fidelity Emerging Markets Index Fund | (157,987,967) | (756,652,815) | (914,640,782) |
| Fidelity Global ex U.S. Index Fund | (84,989,376) | (708,340,173) | (793,329,549) |
The tax character of distributions paid was as follows:
| October 31, 2024 | | |
| | Ordinary Income ($) | Total ($) |
Fidelity Emerging Markets Index Fund | 186,938,129 | 186,938,129 |
| Fidelity Global ex U.S. Index Fund | 273,194,043 | 273,194,043 |
| October 31, 2023 | | |
| | Ordinary Income ($) | Total ($) |
Fidelity Emerging Markets Index Fund | 144,831,374 | 144,831,374 |
| Fidelity Global ex U.S. Index Fund | 208,386,222 | 208,386,222 |
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. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. 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. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. 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.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Emerging Markets Index Fund | 906,092,102 | 375,343,870 |
| Fidelity Global ex U.S. Index Fund | 1,020,276,850 | 334,646,159 |
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is based on an annual rate of .075% and .055% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively. The management fee is reduced by an amount equal to the fees and expenses paid by each Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .075%, and .055% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively. These expense contracts will remain in place through December 31, 2025.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding is presented in the table below. Interest expense on borrowings is paid by the investment adviser under the Expense Contract.
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate |
Fidelity Emerging Markets Index Fund | Borrower | 9,885,500 | 5.58% |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Emerging Markets Index Fund | 83,250 | - | - |
| Fidelity Global ex U.S. Index Fund | 67,072 | - | - |
9. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| | Custodian credits ($) |
Fidelity Emerging Markets Index Fund | 114,779 |
| Fidelity Global ex U.S. Index Fund | 198,678 |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Fidelity Multi-Asset Index Fund |
| Fidelity Emerging Markets Index Fund | 10% |
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund (the "Funds"), each a fund of Fidelity Salem Street Trust, including the schedules of investments, as of October 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2024, 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
December 12, 2024
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| Fidelity Emerging Markets Index Fund | |
| December, 2023 | 40.20% |
| Fidelity Global ex U.S. Index Fund | |
| December, 2023 | 80.27% |
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends:
| Fidelity Emerging Markets Index Fund | $9,704,857 |
| Fidelity Global ex U.S. Index Fund | $7,026,346 |
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| | Pay Date | Income | Taxes |
| Fidelity Emerging Markets Index Fund | 12/18/2023 | $0.2900 | $0.0337 |
| Fidelity Global ex U.S. Index Fund | 12/18/2023 | $0.4350 | $0.0291 |
The funds will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Emerging Markets Index Fund
Fidelity Global ex U.S. Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the funds, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to derivatives and liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against the securities market index each fund seeks to track (benchmark index). The Board also periodically considers each fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of each fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
Other Contractual Arrangements. The Board considered that current contractual arrangements for the funds oblige FMR to pay all expenses of each fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.075% for Fidelity Emerging Markets Index Fund and 0.055% for Fidelity Global ex U.S. Index Fund. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that each fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with each fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through September 30, 2025.
1.929368.113
EMX-I-GUX-I-ANN-1224
Fidelity® SAI Emerging Markets Low Volatility Index Fund
Fidelity® SAI International Low Volatility Index Fund
Fidelity® SAI U.S. Low Volatility Index Fund
Annual Report
October 31, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® SAI Emerging Markets Low Volatility Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 98.7% |
| | | Shares | Value ($) |
| Brazil - 1.3% | | | |
| Rumo SA | | 5,339,400 | 18,380,193 |
| Telefonica Brasil SA | | 1,777,500 | 16,185,646 |
TOTAL BRAZIL | | | 34,565,839 |
| Chile - 0.8% | | | |
| Banco de Chile | | 170,990,352 | 19,919,410 |
| China - 15.0% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 85,486,000 | 42,003,256 |
| Bank of China Ltd. (H Shares) | | 87,979,000 | 41,757,464 |
| Bank of Communications Co. Ltd. (H Shares) | | 53,887,000 | 40,813,230 |
| CGN Power Co. Ltd. (H Shares) (a) | | 54,319,000 | 19,524,333 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 46,496,000 | 28,978,437 |
| China Construction Bank Corp. (H Shares) | | 55,269,000 | 42,901,818 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 33,665,500 | 12,503,994 |
| China Railway Group Ltd. (H Shares) | | 21,549,000 | 10,753,362 |
| China Shenhua Energy Co. Ltd. (H Shares) | | 9,401,000 | 40,705,612 |
| China Tower Corp. Ltd. (H Shares) (a) | | 142,446,000 | 19,220,390 |
| Hengan International Group Co. Ltd. | | 3,253,500 | 9,607,125 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 69,372,000 | 41,613,250 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 11,110,000 | 16,853,545 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (a) | | 20,236,000 | 11,621,166 |
| Want Want China Holdings Ltd. | | 25,409,000 | 15,811,160 |
TOTAL CHINA | | | 394,668,142 |
| India - 21.5% | | | |
| Bharti Airtel Ltd. | | 2,147,602 | 41,105,051 |
| Cipla Ltd./India | | 1,714,019 | 31,531,499 |
| Crompton Greaves Consumer Electricals Ltd. | | 3,279,963 | 15,222,811 |
| Dr. Reddy's Laboratories Ltd. | | 2,344,689 | 35,464,308 |
| FSN E-Commerce Ventures Ltd. (b) | | 3,891,818 | 8,371,272 |
| HCL Technologies Ltd. | | 1,933,492 | 40,456,508 |
| Hindustan Unilever Ltd. | | 1,190,441 | 35,740,632 |
| Infosys Ltd. | | 1,745,397 | 36,416,111 |
| Jubilant Foodworks Ltd. | | 1,960,152 | 13,391,406 |
| Marico Ltd. | | 865,168 | 6,573,475 |
| MRF Ltd. | | 12,381 | 18,006,292 |
| Nestle India Ltd. | | 1,301,503 | 35,000,528 |
| Pidilite Industries Ltd. | | 781,492 | 29,180,021 |
| Power Grid Corp. of India Ltd. | | 8,949,481 | 34,042,738 |
| Sona Blw Precision Forgings Ltd. (a) | | 2,102,600 | 17,102,592 |
| Sun Pharmaceutical Industries Ltd. | | 947,462 | 20,791,748 |
| Tata Consultancy Services Ltd. | | 735,483 | 34,594,067 |
| Tech Mahindra Ltd. | | 1,908,573 | 36,326,839 |
| Titan Co. Ltd. | | 269,772 | 10,449,285 |
| Tvs Motor Co. Ltd. | | 1,216,642 | 36,011,416 |
| Wipro Ltd. | | 4,398,759 | 28,632,589 |
TOTAL INDIA | | | 564,411,188 |
| Indonesia - 2.1% | | | |
| PT Bank Central Asia Tbk | | 55,528,500 | 35,937,854 |
| PT Telkom Indonesia Persero Tbk | | 100,023,100 | 17,878,407 |
TOTAL INDONESIA | | | 53,816,261 |
| Korea (South) - 7.6% | | | |
| Coway Co. Ltd. | | 275,930 | 12,647,717 |
| Db Insurance Co. Ltd. | | 207,882 | 16,438,744 |
| Hankook Tire Co. Ltd. | | 380,796 | 9,730,101 |
| Hyundai Mobis | | 200,616 | 36,175,378 |
| Industrial Bank of Korea | | 1,632,819 | 16,685,782 |
| Korea Zinc Co. Ltd. | | 8,223 | 5,944,785 |
| KT&G Corp. | | 499,372 | 39,797,144 |
| NCSOFT Corp. | | 80,959 | 12,751,537 |
| Samsung Electronics Co. Ltd. | | 634,788 | 27,042,005 |
| Samsung SDS Co. Ltd. | | 202,119 | 20,913,398 |
| SK Hynix, Inc. | | 16,251 | 2,134,449 |
TOTAL KOREA (SOUTH) | | | 200,261,040 |
| Kuwait - 2.1% | | | |
| Boubyan Bank KSC | | 3,482,354 | 6,337,748 |
| Mobile Telecommunication Co. | | 10,637,873 | 15,821,494 |
| National Bank of Kuwait | | 12,016,417 | 33,313,615 |
TOTAL KUWAIT | | | 55,472,857 |
| Malaysia - 4.9% | | | |
| CelcomDigi Bhd | | 14,887,600 | 11,546,171 |
| IHH Healthcare Bhd | | 15,352,700 | 25,407,798 |
| Malayan Banking Bhd | | 5,859,616 | 14,032,688 |
| MISC Bhd | | 6,858,800 | 11,732,252 |
| Petronas Gas Bhd | | 2,112,500 | 8,323,947 |
| PPB Group Bhd | | 2,565,700 | 8,154,738 |
| Public Bank Bhd | | 10,073,100 | 10,136,390 |
| Tenaga Nasional Bhd | | 12,512,200 | 40,028,294 |
TOTAL MALAYSIA | | | 129,362,278 |
| Mexico - 0.3% | | | |
| Kimberly-Clark de Mexico SA de CV Series A | | 5,216,300 | 7,489,657 |
| Philippines - 1.4% | | | |
| Bank of the Philippine Islands (BPI) | | 8,584,453 | 21,002,342 |
| Manila Electric Co. | | 648,350 | 5,396,138 |
| PLDT, Inc. | | 431,260 | 10,556,110 |
TOTAL PHILIPPINES | | | 36,954,590 |
| Qatar - 2.6% | | | |
| Masraf al Rayan | | 4,701,482 | 3,062,872 |
| Qatar Electricity & Water Co. | | 1,435,976 | 6,397,015 |
| Qatar Islamic Bank | | 4,717,921 | 26,563,411 |
| Qatar National Bank SAQ | | 5,828,416 | 27,773,419 |
| The Commercial Bank of Qatar | | 3,538,499 | 4,130,355 |
TOTAL QATAR | | | 67,927,072 |
| Russia - 0.0% | | | |
| PhosAgro PJSC (b)(c) | | 1,400 | 0 |
| PhosAgro PJSC sponsored GDR (Reg. S) (b)(c) | | 3,774 | 0 |
TOTAL RUSSIA | | | 0 |
| Saudi Arabia - 7.8% | | | |
| Alinma Bank | | 3,953,223 | 29,577,859 |
| Almarai Co. Ltd. | | 1,178,006 | 17,282,565 |
| Arabian Internet and Communications Services Co. Ltd. | | 45,518 | 3,092,950 |
| Elm Co. | | 73,280 | 19,952,639 |
| Etihad Etisalat Co. | | 464,368 | 6,404,735 |
| Jarir Marketing Co. | | 3,011,603 | 10,616,829 |
| Mouwasat Medical Services Co. | | 481,445 | 12,062,725 |
| Sabic Agriculture-Nutrients Co. | | 570,361 | 17,282,286 |
| Saudi Basic Industries Corp. | | 1,429,630 | 27,673,696 |
| Saudi Electricity Co. | | 4,054,655 | 17,705,446 |
| Saudi Telecom Co. | | 3,778,111 | 42,401,517 |
| Yanbu National Petrochemical Co. | | 145,199 | 1,538,707 |
TOTAL SAUDI ARABIA | | | 205,591,954 |
| Taiwan - 24.9% | | | |
| Asia Cement Corp. | | 11,147,000 | 16,250,635 |
| ASUSTeK Computer, Inc. | | 2,573,000 | 45,581,753 |
| Catcher Technology Co. Ltd. | | 3,485,000 | 25,447,012 |
| Chang Hwa Commercial Bank | | 37,879,608 | 20,882,525 |
| Chicony Electronics Co. Ltd. | | 3,465,000 | 17,531,227 |
| Chunghwa Telecom Co. Ltd. | | 10,418,000 | 39,674,859 |
| Compal Electronics, Inc. | | 21,218,000 | 23,367,871 |
| Far Eastern New Century Corp. | | 6,111,000 | 7,074,604 |
| Far EasTone Telecommunications Co. Ltd. | | 7,387,000 | 20,464,795 |
| Formosa Petrochemical Corp. | | 7,799,000 | 11,716,236 |
| Formosa Plastics Corp. | | 7,854,000 | 11,555,413 |
| Highwealth Construction Corp. | | 8,810,590 | 11,103,120 |
| Inventec Corp. | | 15,986,000 | 22,181,252 |
| Lite-On Technology Corp. | | 8,205,000 | 25,804,771 |
| Lotes Co. Ltd. | | 462,000 | 23,573,122 |
| Mega Financial Holding Co. Ltd. | | 29,376,797 | 35,909,154 |
| Pegatron Corp. | | 10,507,000 | 31,962,728 |
| President Chain Store Corp. | | 2,875,000 | 26,483,739 |
| Quanta Computer, Inc. | | 1,552,000 | 14,140,134 |
| SINBON Electronics Co. Ltd. | | 1,107,000 | 9,091,039 |
| Sinopac Financial Holdings Co. | | 39,530,427 | 28,153,161 |
| Synnex Technology International Corp. | | 6,493,000 | 14,308,136 |
| Taichung Commercial Bank Co. Ltd. | | 19,502,904 | 10,765,786 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 48,165,468 | 37,781,853 |
| Taiwan High Speed Rail Corp. | | 11,242,000 | 10,229,274 |
| Taiwan Mobile Co. Ltd. | | 9,344,000 | 33,039,765 |
| The Shanghai Commercial & Savings Bank Ltd. | | 13,597,080 | 16,945,827 |
| Uni-President Enterprises Corp. | | 15,664,000 | 44,008,303 |
| WPG Holding Co. Ltd. | | 8,600,000 | 19,603,414 |
TOTAL TAIWAN | | | 654,631,508 |
| Thailand - 2.3% | | | |
| Advanced Info Service PCL (For. Reg.) | | 5,483,400 | 44,601,583 |
| Bangkok Dusit Medical Services PCL (For. Reg.) | | 18,366,500 | 14,960,169 |
TOTAL THAILAND | | | 59,561,752 |
| United Arab Emirates - 4.1% | | | |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 14,725,100 | 14,472,335 |
| Americana Restaurants International PLC | | 14,668,927 | 9,025,680 |
| Dubai Electricity & Water Authority PJSC | | 46,095,909 | 31,248,911 |
| Dubai Islamic Bank Pakistan Ltd. | | 14,834,127 | 25,241,501 |
| Emirates Telecommunications Corp. | | 5,952,460 | 28,716,623 |
TOTAL UNITED ARAB EMIRATES | | | 108,705,050 |
| TOTAL COMMON STOCKS (Cost $2,124,972,044) | | | 2,593,338,598 |
| | | | |
| Government Obligations - 0.0% |
| | | Principal Amount (d) | Value ($) |
| United States of America - 0.0% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (e) (Cost $782,812) | | 785,000 | 782,989 |
| | | | |
| Money Market Funds - 0.0% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 4.87% (f) (Cost $335) | | 335 | 335 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 98.7% (Cost $2,125,755,191) | 2,594,121,922 |
NET OTHER ASSETS (LIABILITIES) - 1.3% | 33,881,749 |
| NET ASSETS - 100.0% | 2,628,003,671 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 713 | Dec 2024 | 40,159,725 | 964,685 | 964,685 |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 1.5% |
Legend
| (a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $67,468,481 or 2.6% of net assets. |
| (d) | Amount is stated in United States dollars unless otherwise noted. |
| (e) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $782,989. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 22,637,413 | 891,793,087 | 914,430,134 | 2,152,051 | (31) | - | 335 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.87% | 4,428,000 | 572,907 | 5,000,907 | 357 | - | - | - | 0.0% |
| Total | 27,065,413 | 892,365,994 | 919,431,041 | 2,152,408 | (31) | - | 335 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 360,368,683 | 109,530,015 | 250,838,668 | - |
Consumer Discretionary | 211,223,114 | 34,114,844 | 177,108,270 | - |
Consumer Staples | 245,949,066 | 24,772,222 | 221,176,844 | - |
Energy | 52,421,848 | - | 52,421,848 | - |
Financials | 719,638,456 | 175,920,190 | 543,718,266 | - |
Health Care | 140,218,247 | 12,062,725 | 128,155,522 | - |
Industrials | 58,169,685 | 18,380,193 | 39,789,492 | - |
Information Technology | 522,154,014 | 23,045,589 | 499,108,425 | - |
Materials | 109,425,543 | 46,494,689 | 62,930,854 | - |
Real Estate | 11,103,120 | - | 11,103,120 | - |
Utilities | 162,666,822 | 55,351,372 | 107,315,450 | - |
|
| Government Obligations | 782,989 | - | 782,989 | - |
|
| Money Market Funds | 335 | 335 | - | - |
| Total Investments in Securities: | 2,594,121,922 | 499,672,174 | 2,094,449,748 | - |
Derivative Instruments: Assets | | | | |
Futures Contracts | 964,685 | 964,685 | - | - |
| Total Assets | 964,685 | 964,685 | - | - |
| Total Derivative Instruments: | 964,685 | 964,685 | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 964,685 | 0 |
| Total Equity Risk | 964,685 | 0 |
| Total Value of Derivatives | 964,685 | 0 |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® SAI Emerging Markets Low Volatility Index Fund
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $2,125,754,856) | $ | 2,594,121,587 | | |
Fidelity Central Funds (cost $335) | | 335 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $2,125,755,191) | | | $ | 2,594,121,922 |
| Segregated cash with brokers for derivative instruments | | | | 792,852 |
| Foreign currency held at value (cost $74,504,672) | | | | 74,544,030 |
| Receivable for investments sold | | | | 220,400,658 |
| Receivable for fund shares sold | | | | 353,992 |
| Dividends receivable | | | | 2,621,207 |
| Distributions receivable from Fidelity Central Funds | | | | 265,678 |
| Prepaid expenses | | | | 4,118 |
Total assets | | | | 2,893,104,457 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 9,467,250 | | |
| Accrued management fee | | 426,296 | | |
| Notes payable to affiliates | | 232,628,000 | | |
| Payable for daily variation margin on futures contracts | | 224,639 | | |
| Other affiliated payables | | 32,956 | | |
| Deferred taxes | | 18,815,845 | | |
| Other payables and accrued expenses | | 3,505,800 | | |
| Total liabilities | | | | 265,100,786 |
| Net Assets | | | $ | 2,628,003,671 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 2,091,692,611 |
| Total accumulated earnings (loss) | | | | 536,311,060 |
| Net Assets | | | $ | 2,628,003,671 |
Net Asset Value, offering price and redemption price per share ($2,628,003,671 ÷ 224,015,038 shares) | | | $ | 11.73 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 138,692,650 |
| Interest | | | | 90,949 |
| Income from Fidelity Central Funds (including $357 from security lending) | | | | 2,152,408 |
| Income before foreign taxes withheld | | | $ | 140,936,007 |
| Less foreign taxes withheld | | | | (17,349,588) |
| Total income | | | | 123,586,419 |
| Expenses | | | | |
| Management fee | $ | 5,304,513 | | |
| Custodian fees and expenses | | 3,302,525 | | |
| Independent trustees' fees and expenses | | 9,615 | | |
| Registration fees | | 53,466 | | |
| Audit fees | | 78,230 | | |
| Legal | | 2,819 | | |
| Interest | | 440,317 | | |
| Miscellaneous | | 14,086 | | |
| Total expenses | | | | 9,205,571 |
| Net Investment income (loss) | | | | 114,380,848 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $22,442,643) | | 31,631,908 | | |
| Fidelity Central Funds | | (31) | | |
| Foreign currency transactions | | (49,177) | | |
| Futures contracts | | 1,987,540 | | |
| Total net realized gain (loss) | | | | 33,570,240 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $5,464,002) | | 464,160,751 | | |
| Assets and liabilities in foreign currencies | | (166,175) | | |
| Futures contracts | | 1,595,297 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 465,589,873 |
| Net gain (loss) | | | | 499,160,113 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 613,540,961 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 114,380,848 | $ | 103,668,999 |
| Net realized gain (loss) | | 33,570,240 | | 10,092,357 |
| Change in net unrealized appreciation (depreciation) | | 465,589,873 | | 155,304,597 |
| Net increase (decrease) in net assets resulting from operations | | 613,540,961 | | 269,065,953 |
| Distributions to shareholders | | (98,766,194) | | (53,120,773) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 1,047,524,981 | | 1,377,836,095 |
| Reinvestment of distributions | | 93,428,323 | | 51,309,868 |
| Cost of shares redeemed | | (2,199,673,325) | | (545,094,970) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (1,058,720,021) | | 884,050,993 |
| Total increase (decrease) in net assets | | (543,945,254) | | 1,099,996,173 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 3,171,948,925 | | 2,071,952,752 |
| End of period | $ | 2,628,003,671 | $ | 3,171,948,925 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 92,869,813 | | 137,366,579 |
| Issued in reinvestment of distributions | | 8,983,495 | | 5,225,037 |
| Redeemed | | (190,143,275) | | (53,285,723) |
| Net increase (decrease) | | (88,289,967) | | 89,305,893 |
| | | | | |
Financial Highlights
Fidelity® SAI Emerging Markets Low Volatility Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 10.16 | $ | 9.29 | $ | 11.44 | $ | 9.41 | $ | 10.11 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .36 | | .35 | | .33 | | .27 | | .24 |
| Net realized and unrealized gain (loss) | | 1.53 | | .70 | | (2.22) | | 1.95 | | (.75) |
| Total from investment operations | | 1.89 | | 1.05 | | (1.89) | | 2.22 | | (.51) |
| Distributions from net investment income | | (.32) | | (.18) | | (.26) | | (.19) | | (.19) |
| Total distributions | | (.32) | | (.18) | | (.26) | | (.19) | | (.19) |
| Net asset value, end of period | $ | 11.73 | $ | 10.16 | $ | 9.29 | $ | 11.44 | $ | 9.41 |
Total Return C | | | | 11.41% | | (16.88)% | | 23.79% | | (5.10)% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | .26% | | .26% | | .26% | | .23% | | .24% |
| Expenses net of fee waivers, if any | | | | .26% | | .25% | | .23% | | .24% |
| Expenses net of all reductions | | .26% | | .26% | | .25% | | .23% | | .24% |
| Net investment income (loss) | | 3.24% | | 3.37% | | 3.09% | | 2.44% | | 2.59% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 2,628,004 | $ | 3,171,949 | $ | 2,071,953 | $ | 1,792,423 | $ | 1,259,405 |
Portfolio turnover rate F | | | | 22% | | 21% | | 28% | | 30% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® SAI International Low Volatility Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 99.1% |
| | | Shares | Value ($) |
| Australia - 2.8% | | | |
| ASX Ltd. | | 860,374 | 36,640,786 |
| Insurance Australia Group Ltd. | | 10,785,316 | 52,960,828 |
| Medibank Private Ltd. | | 12,531,560 | 29,451,457 |
| The Lottery Corp. Ltd. | | 10,127,946 | 33,092,921 |
TOTAL AUSTRALIA | | | 152,145,992 |
| China - 1.0% | | | |
| BOC Hong Kong (Holdings) Ltd. | | 15,976,500 | 52,158,991 |
| China Huishan Dairy Holdings Co. Ltd. (a)(b) | | 5,145,000 | 7 |
TOTAL CHINA | | | 52,158,998 |
| Denmark - 4.5% | | | |
| Coloplast A/S Series B | | 551,188 | 68,736,244 |
| Novo Nordisk A/S Series B | | 820,420 | 92,022,419 |
| Novonesis (NOVOZYMES) B Series B | | 483,540 | 30,298,150 |
| Ringkjoebing Landbobank A/S | | 96,261 | 15,847,569 |
| Tryg A/S | | 1,542,625 | 36,328,816 |
TOTAL DENMARK | | | 243,233,198 |
| Finland - 1.6% | | | |
| Elisa Corp. (A Shares) | | 685,283 | 32,619,430 |
| Kone OYJ (B Shares) | | 1,020,661 | 55,799,858 |
TOTAL FINLAND | | | 88,419,288 |
| France - 4.1% | | | |
| Air Liquide SA | | 591,661 | 106,085,648 |
| bioMerieux SA | | 210,418 | 23,460,423 |
| Danone SA | | 77,131 | 5,510,127 |
| Orange SA | | 7,881,246 | 86,581,019 |
TOTAL FRANCE | | | 221,637,217 |
| Germany - 5.6% | | | |
| Beiersdorf AG | | 441,880 | 59,601,216 |
| Deutsche Borse AG | | 451,497 | 104,872,956 |
| Hannover Reuck SE | | 267,992 | 70,399,254 |
| Symrise AG | | 590,146 | 70,997,603 |
TOTAL GERMANY | | | 305,871,029 |
| Hong Kong - 4.8% | | | |
| CLP Holdings Ltd. | | 7,411,000 | 62,953,496 |
| Hang Seng Bank Ltd. | | 2,650,300 | 32,418,975 |
| Hong Kong & China Gas Co. Ltd. | | 37,066,015 | 28,710,073 |
| Hongkong Land Holdings Ltd. | | 4,609,400 | 19,763,208 |
| Jardine Matheson Holdings Ltd. | | 939,076 | 36,083,115 |
| MTR Corp. Ltd. | | 7,072,583 | 25,732,838 |
| Power Assets Holdings Ltd. | | 6,062,000 | 40,380,604 |
| Sino Land Ltd. | | 15,546,500 | 15,558,283 |
TOTAL HONG KONG | | | 261,600,592 |
| Israel - 0.5% | | | |
| Elbit Systems Ltd. (Israel) | | 113,310 | 25,938,342 |
| Italy - 0.5% | | | |
| Recordati SpA | | 456,633 | 25,878,203 |
| Japan - 29.7% | | | |
| Advance Residence Investment Corp. | | 6,521 | 13,104,060 |
| Ajinomoto Co., Inc. | | 1,575,200 | 60,512,491 |
| Alfresa Holdings Corp. | | 923,000 | 13,317,102 |
| Bridgestone Corp. | | 1,479,100 | 52,707,903 |
| Canon, Inc. | | 248,300 | 8,075,955 |
| Chubu Electric Power Co., Inc. | | 3,449,100 | 39,647,960 |
| Daiwa House REIT Investment Corp. | | 9,712 | 14,792,902 |
| FUJIFILM Holdings Corp. | | 3,892,530 | 92,596,753 |
| Gunma Bank Ltd. | | 1,937,900 | 10,913,431 |
| Hankyu Hanshin Holdings, Inc. | | 1,157,040 | 31,459,988 |
| Haseko Corp. | | 958,100 | 11,580,660 |
| Hirogin Holdings, Inc. | | 1,421,400 | 10,382,149 |
| Japan Post Bank Co. Ltd. | | 6,419,900 | 57,338,367 |
| Japan Post Holdings Co. Ltd. | | 8,351,900 | 77,055,396 |
| Japan Real Estate Investment Corp. | | 6,175 | 22,461,272 |
| Kansai Electric Power Co., Inc. | | 3,758,900 | 60,281,780 |
| KDDI Corp. | | 1,607,600 | 50,123,998 |
| Kinden Corp. | | 590,100 | 12,230,542 |
| Kintetsu Group Holdings Co. Ltd. | | 867,600 | 20,164,343 |
| Kuraray Co. Ltd. | | 1,501,700 | 20,350,241 |
| Kyocera Corp. | | 6,323,300 | 64,129,068 |
| Kyushu Railway Co. | | 715,800 | 18,833,073 |
| McDonald's Holdings Co. (Japan) Ltd. (c) | | 387,200 | 16,408,361 |
| Mebuki Financial Group, Inc. | | 4,627,900 | 17,310,214 |
| Medipal Holdings Corp. | | 936,500 | 14,837,646 |
| Nippon Building Fund, Inc. | | 37,676 | 32,316,642 |
| Nippon Prologis REIT, Inc. | | 10,851 | 17,457,992 |
| Nippon Telegraph & Telephone Corp. | | 67,981,500 | 65,590,966 |
| Nisshin Seifun Group, Inc. | | 1,191,000 | 13,904,971 |
| Oji Holdings Corp. | | 4,615,700 | 17,163,963 |
| Osaka Gas Co. Ltd. | | 1,865,260 | 39,970,027 |
| Otsuka Corp. | | 1,054,800 | 23,673,366 |
| Otsuka Holdings Co. Ltd. | | 316,060 | 19,093,427 |
| Pan Pacific International Holdings Ltd. | | 2,426,800 | 60,204,787 |
| Secom Co. Ltd. | | 1,910,840 | 67,955,030 |
| Seven & i Holdings Co. Ltd. | | 566,800 | 8,161,888 |
| Skylark Holdings Co. Ltd. | | 1,035,200 | 16,033,454 |
| SoftBank Corp. | | 67,252,500 | 84,664,394 |
| Sohgo Security Services Co., Ltd. | | 1,973,300 | 13,719,806 |
| Suntory Beverage & Food Ltd. | | 285,900 | 9,644,669 |
| The Hachijuni Bank Ltd. | | 2,337,800 | 12,829,233 |
| Tobu Railway Co. Ltd. | | 954,700 | 15,449,300 |
| Tokio Marine Holdings, Inc. | | 2,777,100 | 100,020,492 |
| Tokyo Gas Co. Ltd. | | 1,694,600 | 41,810,679 |
| Tokyu Corp. | | 2,843,300 | 35,053,369 |
| Toyota Motor Corp. | | 4,478,200 | 77,161,161 |
| Yamaguchi Financial Group, Inc. | | 1,068,300 | 10,460,595 |
| Zensho Holdings Co. Ltd. | | 424,200 | 21,281,724 |
TOTAL JAPAN | | | 1,614,237,590 |
| Netherlands - 5.8% | | | |
| ASML Holding NV (Netherlands) | | 30,223 | 20,421,992 |
| EXOR NV | | 432,384 | 45,715,658 |
| Koninklijke Ahold Delhaize NV | | 2,831,648 | 93,358,592 |
| Koninklijke KPN NV | | 14,908,432 | 58,266,412 |
| Wolters Kluwer NV | | 572,526 | 96,341,770 |
TOTAL NETHERLANDS | | | 314,104,424 |
| Norway - 0.9% | | | |
| Gjensidige Forsikring ASA | | 844,440 | 15,238,027 |
| Orkla ASA | | 3,338,086 | 30,861,561 |
| Telenor ASA | | 282,525 | 3,469,858 |
TOTAL NORWAY | | | 49,569,446 |
| Singapore - 2.7% | | | |
| CapitaLand Ascendas REIT | | 16,193,699 | 32,816,679 |
| CapitaLand Integrated Commercial Trust | | 14,735,586 | 22,387,477 |
| Mapletree Industrial (REIT) | | 9,418,343 | 17,006,865 |
| Oversea-Chinese Banking Corp. Ltd. | | 1,474,000 | 16,911,354 |
| Singapore Exchange Ltd. | | 3,754,700 | 32,174,008 |
| Singapore Technologies Engineering Ltd. | | 6,962,100 | 23,869,575 |
TOTAL SINGAPORE | | | 145,165,958 |
| Spain - 0.8% | | | |
| Redeia Corp. SA | | 1,846,560 | 34,146,126 |
| Viscofan Envolturas Celulosicas SA | | 177,735 | 11,870,539 |
TOTAL SPAIN | | | 46,016,665 |
| Sweden - 0.5% | | | |
| Telia Co. AB | | 10,310,814 | 29,961,172 |
| Switzerland - 10.9% | | | |
| Allreal Holding AG | | 70,218 | 12,489,705 |
| Banque Cantonale Vaudoise | | 129,231 | 12,884,939 |
| Barry Callebaut AG | | 26 | 45,524 |
| Chocoladefabriken Lindt & Spruengli AG | | 625 | 72,665,161 |
| DKSH Holding AG | | 131,387 | 9,387,503 |
| Galenica AG (d) | | 227,515 | 19,812,551 |
| Givaudan SA | | 18,949 | 89,901,051 |
| Novartis AG | | 963,535 | 104,549,601 |
| PSP Swiss Property AG | | 208,713 | 29,631,421 |
| SGS SA (Reg.) | | 674,550 | 71,473,945 |
| Swiss Prime Site AG | | 349,095 | 37,858,545 |
| Swisscom AG | | 115,500 | 70,352,614 |
| Zurich Insurance Group Ltd. | | 109,428 | 64,519,320 |
TOTAL SWITZERLAND | | | 595,571,880 |
| United Kingdom - 13.5% | | | |
| Admiral Group PLC | | 1,198,652 | 39,629,231 |
| AstraZeneca PLC (United Kingdom) | | 678,911 | 96,604,693 |
| Bunzl PLC | | 1,502,308 | 66,095,594 |
| Diageo PLC | | 2,042,212 | 63,067,139 |
| National Grid PLC | | 7,962,104 | 99,973,367 |
| Pearson PLC | | 3,068,896 | 45,064,673 |
| Reckitt Benckiser Group PLC | | 1,778,067 | 107,864,709 |
| RELX PLC (London Stock Exchange) | | 2,353,540 | 107,932,649 |
| Unilever PLC | | 1,776,356 | 108,361,323 |
TOTAL UNITED KINGDOM | | | 734,593,378 |
| United States of America - 8.9% | | | |
| CSL Ltd. | | 535,954 | 100,628,221 |
| GSK PLC | | 4,823,301 | 87,101,945 |
| Nestle SA (Reg. S) | | 861,136 | 81,371,017 |
| QIAGEN NV (Germany) | | 67,792 | 2,879,576 |
| Roche Holding AG (participation certificate) | | 332,349 | 102,996,122 |
| Sanofi SA | | 1,059,527 | 111,970,626 |
TOTAL UNITED STATES OF AMERICA | | | 486,947,507 |
| TOTAL COMMON STOCKS (Cost $4,935,416,971) | | | 5,393,050,879 |
| | | | |
| Government Obligations - 0.1% |
| | | Principal Amount (e) | Value ($) |
| United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (f) (Cost $3,478,280) | | 3,488,000 | 3,479,063 |
| | | | |
| Money Market Funds - 0.3% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.87% (g) | | 2,547,404 | 2,547,913 |
| Fidelity Securities Lending Cash Central Fund 4.87% (g)(h) | | 13,482,152 | 13,483,500 |
| TOTAL MONEY MARKET FUNDS (Cost $16,031,413) | | | 16,031,413 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $4,954,926,664) | 5,412,561,355 |
NET OTHER ASSETS (LIABILITIES) - 0.5% | 29,008,649 |
| NET ASSETS - 100.0% | 5,441,570,004 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE MSCI EAFE Index Contracts (United States) | 406 | Dec 2024 | 47,709,060 | (488,232) | (488,232) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 0.9% |
Legend
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $19,812,551 or 0.4% of net assets. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,946,998. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | - | 1,287,238,290 | 1,284,688,203 | 2,731,116 | (2,174) | - | 2,547,913 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.87% | 45,398,400 | 372,468,270 | 404,383,170 | 486,893 | - | - | 13,483,500 | 0.1% |
| Total | 45,398,400 | 1,659,706,560 | 1,689,071,373 | 3,218,009 | (2,174) | - | 16,031,413 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 481,629,863 | 194,669,486 | 286,960,377 | - |
Consumer Discretionary | 333,535,644 | - | 333,535,644 | - |
Consumer Staples | 726,800,934 | 268,402,593 | 458,398,334 | 7 |
Financials | 954,462,046 | 236,043,494 | 718,418,552 | - |
Health Care | 883,888,799 | 140,766,997 | 743,121,802 | - |
Industrials | 733,520,640 | 325,037,012 | 408,483,628 | - |
Information Technology | 208,897,134 | 20,421,992 | 188,475,142 | - |
Materials | 334,796,656 | 191,196,804 | 143,599,852 | - |
Real Estate | 287,645,051 | 79,979,671 | 207,665,380 | - |
Utilities | 447,874,112 | 34,146,126 | 413,727,986 | - |
|
| Government Obligations | 3,479,063 | - | 3,479,063 | - |
|
| Money Market Funds | 16,031,413 | 16,031,413 | - | - |
| Total Investments in Securities: | 5,412,561,355 | 1,506,695,588 | 3,905,865,760 | 7 |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (488,232) | (488,232) | - | - |
| Total Liabilities | (488,232) | (488,232) | - | - |
| Total Derivative Instruments: | (488,232) | (488,232) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 0 | (488,232) |
| Total Equity Risk | 0 | (488,232) |
| Total Value of Derivatives | 0 | (488,232) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® SAI International Low Volatility Index Fund
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $12,779,551) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $4,938,895,251) | $ | 5,396,529,942 | | |
Fidelity Central Funds (cost $16,031,413) | | 16,031,413 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $4,954,926,664) | | | $ | 5,412,561,355 |
| Cash | | | | 1 |
| Foreign currency held at value (cost $2,485,345) | | | | 2,481,699 |
| Receivable for investments sold | | | | 508,079,971 |
| Receivable for fund shares sold | | | | 6,965,231 |
| Dividends receivable | | | | 22,193,140 |
| Reclaims receivable | | | | 28,244,991 |
| Distributions receivable from Fidelity Central Funds | | | | 70,093 |
| Prepaid expenses | | | | 7,939 |
| Other receivables | | | | 253 |
Total assets | | | | 5,980,604,673 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 524,119,288 | | |
| Accrued management fee | | 867,523 | | |
| Payable for daily variation margin on futures contracts | | 336,082 | | |
| Other payables and accrued expenses | | 228,276 | | |
| Collateral on securities loaned | | 13,483,500 | | |
| Total liabilities | | | | 539,034,669 |
| Net Assets | | | $ | 5,441,570,004 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 5,209,291,334 |
| Total accumulated earnings (loss) | | | | 232,278,670 |
| Net Assets | | | $ | 5,441,570,004 |
Net Asset Value, offering price and redemption price per share ($5,441,570,004 ÷ 473,213,914 shares) | | | $ | 11.50 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 223,465,511 |
| Interest | | | | 212,294 |
| Income from Fidelity Central Funds (including $486,893 from security lending) | | | | 3,218,009 |
| Income before foreign taxes withheld | | | $ | 226,895,814 |
| Less foreign taxes withheld | | | | (12,814,742) |
| Total income | | | | 214,081,072 |
| Expenses | | | | |
| Management fee | $ | 10,420,959 | | |
| Custodian fees and expenses | | 540,648 | | |
| Independent trustees' fees and expenses | | 18,682 | | |
| Registration fees | | 125,468 | | |
| Audit fees | | 52,552 | | |
| Legal | | 6,663 | | |
| Interest | | 211,804 | | |
| Miscellaneous | | 28,791 | | |
| Total expenses before reductions | | 11,405,567 | | |
| Expense reductions | | (194,004) | | |
| Total expenses after reductions | | | | 11,211,563 |
| Net Investment income (loss) | | | | 202,869,509 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (46,529,815) | | |
| Redemptions in-kind | | 366,914,013 | | |
| Fidelity Central Funds | | (2,174) | | |
| Foreign currency transactions | | (212,534) | | |
| Futures contracts | | 13,983,343 | | |
| Total net realized gain (loss) | | | | 334,152,833 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 496,966,562 | | |
| Assets and liabilities in foreign currencies | | 51,842 | | |
| Futures contracts | | 1,439,021 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 498,457,425 |
| Net gain (loss) | | | | 832,610,258 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 1,035,479,767 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 202,869,509 | $ | 151,468,851 |
| Net realized gain (loss) | | 334,152,833 | | (159,975,514) |
| Change in net unrealized appreciation (depreciation) | | 498,457,425 | | 649,473,779 |
| Net increase (decrease) in net assets resulting from operations | | 1,035,479,767 | | 640,967,116 |
| Distributions to shareholders | | (154,634,991) | | (105,861,928) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 2,220,528,701 | | 1,822,038,768 |
| Reinvestment of distributions | | 145,342,059 | | 98,129,051 |
| Cost of shares redeemed | | (3,850,839,394) | | (1,904,398,706) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (1,484,968,634) | | 15,769,113 |
| Total increase (decrease) in net assets | | (604,123,858) | | 550,874,301 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 6,045,693,862 | | 5,494,819,561 |
| End of period | $ | 5,441,570,004 | $ | 6,045,693,862 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 198,925,755 | | 175,043,162 |
| Issued in reinvestment of distributions | | 13,685,693 | | 9,952,236 |
| Redeemed | | (336,992,592) | | (189,480,961) |
| Net increase (decrease) | | (124,381,144) | | (4,485,563) |
| | | | | |
Financial Highlights
Fidelity® SAI International Low Volatility Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 10.12 | $ | 9.13 | $ | 11.67 | $ | 9.64 | $ | 11.54 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .33 | | .27 | | .26 | | .27 | | .24 |
| Net realized and unrealized gain (loss) | | 1.30 | | .92 | | (2.52) | | 1.90 | | (1.46) |
| Total from investment operations | | 1.63 | | 1.19 | | (2.26) | | 2.17 | | (1.22) |
| Distributions from net investment income | | (.25) | | (.20) | | (.28) | | (.14) | | (.22) |
| Distributions from net realized gain | | - | | - | | - | | - | | (.46) |
| Total distributions | | (.25) | | (.20) | | (.28) | | (.14) | | (.68) |
| Net asset value, end of period | $ | 11.50 | $ | 10.12 | $ | 9.13 | $ | 11.67 | $ | 9.64 |
Total Return C | | | | 13.07% | | (19.80)% | | 22.69% | | (11.31)% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | .16% | | .17% | | .17% | | .17% | | .18% |
| Expenses net of fee waivers, if any | | | | .17% | | .17% | | .17% | | .18% |
| Expenses net of all reductions | | .16% | | .17% | | .17% | | .17% | | .18% |
| Net investment income (loss) | | 2.92% | | 2.63% | | 2.46% | | 2.37% | | 2.39% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 5,441,570 | $ | 6,045,694 | $ | 5,494,820 | $ | 5,938,738 | $ | 4,603,961 |
Portfolio turnover rate F | | | | 37% | | 26% | | 26% | | 20% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
GPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® SAI U.S. Low Volatility Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 99.8% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 6.9% | | | |
| Diversified Telecommunication Services - 3.2% | | | |
| AT&T, Inc. | | 11,591,949 | 261,282,530 |
| Verizon Communications, Inc. | | 6,805,052 | 286,696,841 |
| | | | 547,979,371 |
| Entertainment - 0.4% | | | |
| Electronic Arts, Inc. | | 393,322 | 59,332,624 |
| Interactive Media & Services - 1.8% | | | |
| Alphabet, Inc. Class A | | 1,600,006 | 273,777,027 |
| Meta Platforms, Inc. Class A | | 58,456 | 33,178,456 |
| | | | 306,955,483 |
| Media - 0.4% | | | |
| Fox Corp. Class A | | 572,469 | 24,043,698 |
| Omnicom Group, Inc. | | 309,046 | 31,213,646 |
| TEGNA, Inc. (a) | | 274,194 | 4,505,007 |
| | | | 59,762,351 |
| Wireless Telecommunication Services - 1.1% | | | |
| T-Mobile U.S., Inc. | | 833,590 | 186,023,944 |
TOTAL COMMUNICATION SERVICES | | | 1,160,053,773 |
| CONSUMER DISCRETIONARY - 8.3% | | | |
| Automobile Components - 0.1% | | | |
| Gentex Corp. | | 373,752 | 11,328,423 |
| Broadline Retail - 1.3% | | | |
| Amazon.com, Inc. (b) | | 1,203,097 | 224,257,281 |
| Diversified Consumer Services - 0.1% | | | |
| Service Corp. International | | 235,409 | 19,221,145 |
| Hotels, Restaurants & Leisure - 2.0% | | | |
| McDonald's Corp. | | 1,165,119 | 340,342,911 |
| Household Durables - 0.3% | | | |
| Garmin Ltd. | | 248,425 | 49,275,099 |
| Specialty Retail - 4.5% | | | |
| AutoZone, Inc. (b) | | 27,974 | 84,173,766 |
| O'Reilly Automotive, Inc. (b) | | 95,213 | 109,793,919 |
| The Home Depot, Inc. | | 1,222,862 | 481,501,913 |
| TJX Companies, Inc. | | 281,780 | 31,849,593 |
| Tractor Supply Co. | | 174,295 | 46,277,065 |
| | | | 753,596,256 |
TOTAL CONSUMER DISCRETIONARY | | | 1,398,021,115 |
| CONSUMER STAPLES - 7.2% | | | |
| Beverages - 2.3% | | | |
| PepsiCo, Inc. | | 664,443 | 110,350,693 |
| The Coca-Cola Co. | | 4,263,845 | 278,471,717 |
| | | | 388,822,410 |
| Food Products - 1.1% | | | |
| Campbell Soup Co. | | 318,079 | 14,838,385 |
| Flowers Foods, Inc. | | 310,624 | 6,905,172 |
| General Mills, Inc. | | 912,702 | 62,081,990 |
| Hormel Foods Corp. | | 469,282 | 14,336,565 |
| Kellanova | | 425,594 | 34,324,156 |
| The Hershey Co. | | 238,649 | 42,379,289 |
| | | | 174,865,557 |
| Household Products - 3.8% | | | |
| Colgate-Palmolive Co. | | 1,326,398 | 124,296,757 |
| Kimberly-Clark Corp. | | 544,354 | 73,041,420 |
| Procter & Gamble Co. | | 2,716,113 | 448,647,545 |
| | | | 645,985,722 |
TOTAL CONSUMER STAPLES | | | 1,209,673,689 |
| ENERGY - 1.8% | | | |
| Oil, Gas & Consumable Fuels - 1.8% | | | |
| Coterra Energy, Inc. | | 1,203,195 | 28,780,424 |
| DT Midstream, Inc. | | 156,995 | 14,153,099 |
| Expand Energy Corp. (a) | | 180,085 | 15,256,801 |
| Exxon Mobil Corp. | | 626,655 | 73,180,771 |
| Kinder Morgan, Inc. | | 3,121,609 | 76,510,637 |
| The Williams Companies, Inc. | | 1,970,357 | 103,187,596 |
| | | | 311,069,328 |
| FINANCIALS - 11.7% | | | |
| Banks - 0.6% | | | |
| Commerce Bancshares, Inc. | | 190,572 | 11,910,750 |
| First Financial Bankshares, Inc. | | 207,835 | 7,511,157 |
| Glacier Bancorp, Inc. (a) | | 183,316 | 9,559,929 |
| M&T Bank Corp. | | 269,751 | 52,515,125 |
| Old National Bancorp, Indiana | | 510,528 | 9,832,769 |
| Prosperity Bancshares, Inc. | | 155,103 | 11,353,540 |
| | | | 102,683,270 |
| Capital Markets - 1.6% | | | |
| Cboe Global Markets, Inc. | | 170,001 | 36,307,114 |
| CME Group, Inc. | | 582,108 | 131,183,859 |
| FactSet Research Systems, Inc. | | 61,622 | 27,980,085 |
| Houlihan Lokey Class A (a) | | 84,658 | 14,626,363 |
| NASDAQ, Inc. | | 615,169 | 45,473,292 |
| SEI Investments Co. | | 161,433 | 12,068,731 |
| | | | 267,639,444 |
| Financial Services - 3.1% | | | |
| Jack Henry & Associates, Inc. | | 117,857 | 21,441,724 |
| The Western Union Co. (a) | | 546,974 | 5,885,440 |
| Visa, Inc. Class A | | 1,725,812 | 500,226,608 |
| | | | 527,553,772 |
| Insurance - 6.4% | | | |
| American Financial Group, Inc. | | 105,757 | 13,635,250 |
| Arch Capital Group Ltd. (b) | | 604,594 | 59,588,785 |
| Arthur J. Gallagher & Co. | | 353,246 | 99,332,775 |
| Assurant, Inc. | | 84,045 | 16,111,427 |
| Brown & Brown, Inc. | | 382,762 | 40,052,216 |
| Chubb Ltd. | | 656,476 | 185,415,081 |
| Erie Indemnity Co. Class A | | 40,323 | 18,098,575 |
| Everest Re Group Ltd. | | 70,258 | 24,984,447 |
| Globe Life, Inc. | | 135,747 | 14,334,883 |
| Hanover Insurance Group, Inc. | | 58,108 | 8,619,160 |
| Hartford Financial Services Group, Inc. | | 95,143 | 10,507,593 |
| Marsh & McLennan Companies, Inc. | | 796,584 | 173,846,492 |
| Progressive Corp. | | 946,893 | 229,934,027 |
| RLI Corp. | | 65,030 | 10,142,729 |
| Selective Insurance Group, Inc. | | 98,281 | 8,925,880 |
| The Travelers Companies, Inc. | | 370,211 | 91,049,693 |
| W.R. Berkley Corp. | | 489,793 | 28,001,466 |
| Willis Towers Watson PLC | | 165,284 | 49,947,172 |
| | | | 1,082,527,651 |
TOTAL FINANCIALS | | | 1,980,404,137 |
| HEALTH CARE - 13.0% | | | |
| Biotechnology - 2.4% | | | |
| Amgen, Inc. | | 536,732 | 171,840,117 |
| Regeneron Pharmaceuticals, Inc. (b) | | 33,334 | 27,940,559 |
| Vertex Pharmaceuticals, Inc. (b) | | 417,192 | 198,575,048 |
| | | | 398,355,724 |
| Health Care Equipment & Supplies - 0.6% | | | |
| Becton, Dickinson & Co. | | 467,233 | 109,140,956 |
| Health Care Providers & Services - 3.0% | | | |
| Chemed Corp. | | 24,475 | 13,222,374 |
| UnitedHealth Group, Inc. | | 862,554 | 486,911,733 |
| | | | 500,134,107 |
| Pharmaceuticals - 7.0% | | | |
| Eli Lilly & Co. | | 646,861 | 536,726,446 |
| Johnson & Johnson | | 2,791,056 | 446,178,212 |
| Merck & Co., Inc. | | 2,038,987 | 208,629,150 |
| | | | 1,191,533,808 |
TOTAL HEALTH CARE | | | 2,199,164,595 |
| INDUSTRIALS - 9.4% | | | |
| Aerospace & Defense - 3.0% | | | |
| BWX Technologies, Inc. | | 147,780 | 17,992,215 |
| General Dynamics Corp. | | 367,565 | 107,185,630 |
| Huntington Ingalls Industries, Inc. | | 63,751 | 11,791,385 |
| L3Harris Technologies, Inc. | | 306,654 | 75,887,665 |
| Lockheed Martin Corp. | | 345,235 | 188,515,572 |
| Northrop Grumman Corp. | | 224,899 | 114,478,089 |
| | | | 515,850,556 |
| Air Freight & Logistics - 0.1% | | | |
| C.H. Robinson Worldwide, Inc. | | 189,307 | 19,506,193 |
| Commercial Services & Supplies - 1.3% | | | |
| Republic Services, Inc. | | 330,946 | 65,527,308 |
| Rollins, Inc. | | 454,053 | 21,404,058 |
| Waste Management, Inc. | | 590,067 | 127,365,962 |
| | | | 214,297,328 |
| Construction & Engineering - 0.0% | | | |
| MDU Resources Group, Inc. | | 329,622 | 9,509,595 |
| Ground Transportation - 0.1% | | | |
| Landstar System, Inc. | | 57,815 | 10,162,143 |
| Industrial Conglomerates - 0.4% | | | |
| Honeywell International, Inc. | | 312,146 | 64,202,189 |
| Machinery - 0.9% | | | |
| Graco, Inc. (a) | | 273,441 | 22,271,769 |
| IDEX Corp. | | 122,375 | 26,266,570 |
| Nordson Corp. | | 87,839 | 21,774,410 |
| Otis Worldwide Corp. | | 653,665 | 64,189,903 |
| Toro Co. (a) | | 168,794 | 13,584,541 |
| | | | 148,087,193 |
| Professional Services - 3.2% | | | |
| Amentum Holdings, Inc. | | 202,431 | 6,020,298 |
| Automatic Data Processing, Inc. | | 661,698 | 191,389,530 |
| Booz Allen Hamilton Holding Corp. Class A | | 209,759 | 38,104,820 |
| Broadridge Financial Solutions, Inc. | | 187,017 | 39,434,405 |
| CACI International, Inc. (b) | | 36,046 | 19,917,578 |
| Exponent, Inc. (a) | | 81,917 | 7,731,326 |
| FTI Consulting, Inc. (b) | | 56,710 | 11,062,987 |
| Jacobs Solutions, Inc. | | 202,431 | 28,457,750 |
| Leidos Holdings, Inc. | | 218,596 | 40,038,043 |
| Maximus, Inc. | | 98,287 | 8,495,928 |
| Paychex, Inc. | | 517,934 | 72,163,744 |
| Science Applications International Corp. (a) | | 82,889 | 11,960,054 |
| Verisk Analytics, Inc. | | 230,661 | 63,367,190 |
| | | | 538,143,653 |
| Trading Companies & Distributors - 0.4% | | | |
| Fastenal Co. | | 925,632 | 72,365,910 |
TOTAL INDUSTRIALS | | | 1,592,124,760 |
| INFORMATION TECHNOLOGY - 28.3% | | | |
| Communications Equipment - 3.0% | | | |
| Cisco Systems, Inc. | | 6,546,288 | 358,540,194 |
| Juniper Networks, Inc. | | 525,405 | 20,438,255 |
| Motorola Solutions, Inc. | | 269,642 | 121,163,633 |
| | | | 500,142,082 |
| Electronic Equipment, Instruments & Components - 0.7% | | | |
| CDW Corp. | | 217,280 | 40,898,614 |
| Keysight Technologies, Inc. (b) | | 282,203 | 42,051,069 |
| Teledyne Technologies, Inc. (b) | | 76,667 | 34,908,018 |
| | | | 117,857,701 |
| IT Services - 3.5% | | | |
| Accenture PLC Class A | | 450,044 | 155,184,172 |
| Akamai Technologies, Inc. (b) | | 246,250 | 24,890,950 |
| Amdocs Ltd. | | 189,007 | 16,584,419 |
| Cognizant Technology Solutions Corp. Class A | | 803,817 | 59,956,710 |
| IBM Corp. | | 1,485,097 | 306,999,252 |
| VeriSign, Inc. (b) | | 140,090 | 24,773,516 |
| | | | 588,389,019 |
| Semiconductors & Semiconductor Equipment - 5.7% | | | |
| NVIDIA Corp. | | 4,990,561 | 662,546,878 |
| Texas Instruments, Inc. | | 1,471,967 | 299,044,816 |
| | | | 961,591,694 |
| Software - 11.2% | | | |
| Aspen Technology, Inc. (a)(b) | | 45,048 | 10,574,117 |
| Dolby Laboratories, Inc. Class A | | 96,596 | 7,041,848 |
| Microsoft Corp. | | 3,178,942 | 1,291,763,084 |
| Oracle Corp. | | 2,577,230 | 432,562,283 |
| Qualys, Inc. (a)(b) | | 59,719 | 7,120,894 |
| Roper Technologies, Inc. | | 173,058 | 93,058,478 |
| SPS Commerce, Inc. (b) | | 59,869 | 9,878,385 |
| Tyler Technologies, Inc. (b) | | 68,637 | 41,565,881 |
| | | | 1,893,564,970 |
| Technology Hardware, Storage & Peripherals - 4.2% | | | |
| Apple, Inc. | | 3,178,689 | 718,097,632 |
TOTAL INFORMATION TECHNOLOGY | | | 4,779,643,098 |
| MATERIALS - 4.3% | | | |
| Chemicals - 3.2% | | | |
| Air Products & Chemicals, Inc. | | 359,400 | 111,604,482 |
| Balchem Corp. | | 52,418 | 8,771,104 |
| Corteva, Inc. | | 1,126,794 | 68,644,290 |
| Linde PLC | | 777,170 | 354,506,096 |
| | | | 543,525,972 |
| Construction Materials - 0.4% | | | |
| Vulcan Materials Co. | | 213,810 | 58,568,973 |
| Containers & Packaging - 0.7% | | | |
| Amcor PLC | | 2,336,680 | 26,007,248 |
| Aptargroup, Inc. | | 107,129 | 17,988,030 |
| Avery Dennison Corp. | | 130,229 | 26,961,310 |
| Packaging Corp. of America | | 144,118 | 32,994,375 |
| Silgan Holdings, Inc. (a) | | 131,190 | 6,787,771 |
| Sonoco Products Co. | | 158,848 | 8,342,697 |
| | | | 119,081,431 |
TOTAL MATERIALS | | | 721,176,376 |
| REAL ESTATE - 4.5% | | | |
| Equity Real Estate Investment Trusts (REITs) - 4.2% | | | |
| Agree Realty Corp. | | 162,306 | 12,051,221 |
| American Homes 4 Rent Class A | | 520,258 | 18,333,892 |
| American Tower Corp. | | 754,952 | 161,212,450 |
| Crown Castle, Inc. | | 702,489 | 75,510,543 |
| CubeSmart | | 363,710 | 17,399,886 |
| Digital Realty Trust, Inc. | | 280,569 | 50,005,813 |
| Equinix, Inc. | | 153,434 | 139,330,347 |
| Equity Lifestyle Properties, Inc. | | 301,506 | 21,141,601 |
| Equity Residential (SBI) | | 557,539 | 39,234,019 |
| Essex Property Trust, Inc. | | 103,806 | 29,466,371 |
| Extra Space Storage, Inc. | | 173,738 | 28,371,415 |
| Mid-America Apartment Communities, Inc. | | 188,871 | 28,583,737 |
| Public Storage Operating Co. | | 255,684 | 84,135,377 |
| Realty Income Corp. | | 235,606 | 13,987,928 |
| | | | 718,764,600 |
| Real Estate Management & Development - 0.3% | | | |
| CoStar Group, Inc. (b) | | 660,163 | 48,053,265 |
TOTAL REAL ESTATE | | | 766,817,865 |
| UTILITIES - 4.4% | | | |
| Electric Utilities - 3.2% | | | |
| Alliant Energy Corp. | | 414,485 | 24,869,100 |
| American Electric Power Co., Inc. | | 835,070 | 82,463,163 |
| Duke Energy Corp. | | 1,247,715 | 143,824,108 |
| Exelon Corp. | | 1,616,731 | 63,537,528 |
| IDACORP, Inc. | | 81,956 | 8,480,807 |
| Southern Co. | | 1,767,726 | 160,916,098 |
| Xcel Energy, Inc. | | 898,297 | 60,015,223 |
| | | | 544,106,027 |
| Gas Utilities - 0.1% | | | |
| Atmos Energy Corp. | | 96,119 | 13,339,395 |
| Multi-Utilities - 1.1% | | | |
| Ameren Corp. | | 431,124 | 37,555,212 |
| CMS Energy Corp. | | 482,801 | 33,607,778 |
| Consolidated Edison, Inc. | | 559,108 | 56,850,101 |
| WEC Energy Group, Inc. | | 510,588 | 48,776,472 |
| | | | 176,789,563 |
TOTAL UTILITIES | | | 734,234,985 |
| TOTAL COMMON STOCKS (Cost $12,631,389,228) | | | 16,852,383,721 |
| | | | |
| U.S. Treasury Obligations - 0.0% |
| | | Principal Amount (c) | Value ($) |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (d) (Cost $1,424,021) | | 1,428,000 | 1,424,341 |
| | | | |
| Money Market Funds - 0.2% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.87% (e) | | 15,082,732 | 15,085,748 |
| Fidelity Securities Lending Cash Central Fund 4.87% (e)(f) | | 16,251,249 | 16,252,874 |
| TOTAL MONEY MARKET FUNDS (Cost $31,338,622) | | | 31,338,622 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $12,664,151,871) | 16,885,146,684 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | (5,973,559) |
| NET ASSETS - 100.0% | 16,879,173,125 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| CME E-mini S&P 500 Index Contracts (United States) | 71 | Dec 2024 | 20,371,675 | (221,070) | (221,070) |
| CME E-mini S&P MidCap 400 Index Contracts (United States) | 21 | Dec 2024 | 6,538,560 | (15,529) | (15,529) |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | (236,599) |
| The notional amount of futures purchased as a percentage of Net Assets is 0.1% |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Amount is stated in United States dollars unless otherwise noted. |
| (d) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,424,341. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | - | 2,203,021,934 | 2,187,938,220 | 1,535,325 | 2,034 | - | 15,085,748 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.87% | 51,820,121 | 345,942,982 | 381,510,229 | 19,986 | - | - | 16,252,874 | 0.1% |
| Total | 51,820,121 | 2,548,964,916 | 2,569,448,449 | 1,555,311 | 2,034 | - | 31,338,622 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 1,160,053,773 | 1,160,053,773 | - | - |
Consumer Discretionary | 1,398,021,115 | 1,398,021,115 | - | - |
Consumer Staples | 1,209,673,689 | 1,209,673,689 | - | - |
Energy | 311,069,328 | 311,069,328 | - | - |
Financials | 1,980,404,137 | 1,980,404,137 | - | - |
Health Care | 2,199,164,595 | 2,199,164,595 | - | - |
Industrials | 1,592,124,760 | 1,592,124,760 | - | - |
Information Technology | 4,779,643,098 | 4,779,643,098 | - | - |
Materials | 721,176,376 | 721,176,376 | - | - |
Real Estate | 766,817,865 | 766,817,865 | - | - |
Utilities | 734,234,985 | 734,234,985 | - | - |
|
| U.S. Government and Government Agency Obligations | 1,424,341 | - | 1,424,341 | - |
|
| Money Market Funds | 31,338,622 | 31,338,622 | - | - |
| Total Investments in Securities: | 16,885,146,684 | 16,883,722,343 | 1,424,341 | - |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (236,599) | (236,599) | - | - |
| Total Liabilities | (236,599) | (236,599) | - | - |
| Total Derivative Instruments: | (236,599) | (236,599) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 0 | (236,599) |
| Total Equity Risk | 0 | (236,599) |
| Total Value of Derivatives | 0 | (236,599) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® SAI U.S. Low Volatility Index Fund
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $15,591,386) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $12,632,813,249) | $ | 16,853,808,062 | | |
Fidelity Central Funds (cost $31,338,622) | | 31,338,622 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $12,664,151,871) | | | $ | 16,885,146,684 |
| Segregated cash with brokers for derivative instruments | | | | 180,621 |
| Cash | | | | 7 |
| Receivable for fund shares sold | | | | 3,833,295 |
| Dividends receivable | | | | 18,286,630 |
| Distributions receivable from Fidelity Central Funds | | | | 41,306 |
| Prepaid expenses | | | | 17,427 |
Total assets | | | | 16,907,505,970 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 9,235,632 | | |
| Accrued management fee | | 1,453,798 | | |
| Payable for daily variation margin on futures contracts | | 536,086 | | |
| Other payables and accrued expenses | | 858,384 | | |
| Collateral on securities loaned | | 16,248,945 | | |
| Total liabilities | | | | 28,332,845 |
| Net Assets | | | $ | 16,879,173,125 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 12,458,742,427 |
| Total accumulated earnings (loss) | | | | 4,420,430,698 |
| Net Assets | | | $ | 16,879,173,125 |
Net Asset Value, offering price and redemption price per share ($16,879,173,125 ÷ 764,328,328 shares) | | | $ | 22.08 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 256,015,232 |
| Interest | | | | 79,540 |
| Income from Fidelity Central Funds (including $19,986 from security lending) | | | | 1,555,311 |
| Total income | | | | 257,650,083 |
| Expenses | | | | |
| Management fee | $ | 13,229,356 | | |
| Custodian fees and expenses | | 166,110 | | |
| Independent trustees' fees and expenses | | 33,261 | | |
| Registration fees | | 876,806 | | |
| Audit fees | | 46,763 | | |
| Legal | | 10,308 | | |
| Interest | | 243,265 | | |
| Miscellaneous | | 45,564 | | |
| Total expenses before reductions | | 14,651,433 | | |
| Expense reductions | | (34,363) | | |
| Total expenses after reductions | | | | 14,617,070 |
| Net Investment income (loss) | | | | 243,033,013 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 95,333,695 | | |
| Fidelity Central Funds | | 2,034 | | |
| Futures contracts | | 6,093,251 | | |
| Total net realized gain (loss) | | | | 101,428,980 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 2,776,976,282 | | |
| Futures contracts | | (244,385) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 2,776,731,897 |
| Net gain (loss) | | | | 2,878,160,877 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 3,121,193,890 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 243,033,013 | $ | 166,041,806 |
| Net realized gain (loss) | | 101,428,980 | | (24,846,002) |
| Change in net unrealized appreciation (depreciation) | | 2,776,731,897 | | 312,163,380 |
| Net increase (decrease) in net assets resulting from operations | | 3,121,193,890 | | 453,359,184 |
| Distributions to shareholders | | (162,945,805) | | (303,046,026) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 7,794,755,990 | | 5,108,381,896 |
| Reinvestment of distributions | | 159,625,369 | | 300,330,158 |
| Cost of shares redeemed | | (3,608,216,779) | | (3,696,540,350) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 4,346,164,580 | | 1,712,171,704 |
| Total increase (decrease) in net assets | | 7,304,412,665 | | 1,862,484,862 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 9,574,760,460 | | 7,712,275,598 |
| End of period | $ | 16,879,173,125 | $ | 9,574,760,460 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 383,651,675 | | 294,395,239 |
| Issued in reinvestment of distributions | | 8,689,459 | | 17,887,442 |
| Redeemed | | (178,627,819) | | (215,136,108) |
| Net increase (decrease) | | 213,713,315 | | 97,146,573 |
| | | | | |
Financial Highlights
Fidelity® SAI U.S. Low Volatility Index Fund |
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| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 17.39 | $ | 17.01 | $ | 19.26 | $ | 14.87 | $ | 15.12 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .37 | | .35 | | .33 | | .31 | | .30 |
| Net realized and unrealized gain (loss) | | 4.64 | | .71 | | (1.90) | | 4.30 | | .03 |
| Total from investment operations | | 5.01 | | 1.06 | | (1.57) | | 4.61 | | .33 |
| Distributions from net investment income | | (.32) | | (.35) | | (.34) | | (.22) | | (.24) |
| Distributions from net realized gain | | - | | (.34) | | (.35) | | - | | (.34) |
| Total distributions | | (.32) | | (.68) C | | (.68) C | | (.22) | | (.58) |
| Net asset value, end of period | $ | 22.08 | $ | 17.39 | $ | 17.01 | $ | 19.26 | $ | 14.87 |
Total Return D | | | | 6.39% | | (8.39)% | | 31.25% | | 2.16% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .11% | | .11% | | .11% | | .11% | | .12% |
| Expenses net of fee waivers, if any | | | | .11% | | .11% | | .11% | | .12% |
| Expenses net of all reductions | | .11% | | .11% | | .11% | | .11% | | .12% |
| Net investment income (loss) | | 1.83% | | 2.01% | | 1.85% | | 1.76% | | 2.06% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 16,879,173 | $ | 9,574,760 | $ | 7,712,276 | $ | 7,816,045 | $ | 5,243,996 |
Portfolio turnover rate G | | | | 50% | | 41% | | 44% | | 49% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
For the period ended October 31, 2024
1. Organization.
Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain clients of Fidelity Management & Research Company (FMR) or its affiliates. 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. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends or foreign taxes withheld, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. Fidelity SAI International Low Volatility Index Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2024, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity SAI Emerging Markets Low Volatility Index Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses or Deferred taxes on each applicable Fund's Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized depreciation ($) | Net unrealized appreciation (depreciation)($) |
Fidelity SAI Emerging Markets Low Volatility Index Fund | 2,133,527,919 | 552,312,171 | (91,718,168) | 460,594,003 |
Fidelity SAI International Low Volatility Index Fund | 4,976,983,450 | 757,417,162 | (321,839,257) | 435,577,905 |
Fidelity SAI U.S. Low Volatility Index Fund | 12,722,710,668 | 4,319,952,811 | (157,516,795) | 4,162,436,016 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| | Undistributed ordinary income ($) | Undistributed long-term capital gain ($) | Capital loss carryforward ($) | Net unrealized appreciation (depreciation) on securities and other investments ($) |
Fidelity SAI Emerging Markets Low Volatility Index Fund | 87,002,745 | 7,800,419 | - | 460,323,741 |
Fidelity SAI International Low Volatility Index Fund | 85,715,688 | - | (288,718,280) | 435,280,611 |
Fidelity SAI U.S. Low Volatility Index Fund | 223,572,679 | 34,422,004 | - | 4,162,436,016 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| | Short-term ($) | Long-term ($) | Total capital loss carryforward ($) |
| | | | |
Fidelity SAI International Low Volatility Index Fund | (83,915,332) | (204,802,948) | (288,718,280) |
The tax character of distributions paid was as follows:
| October 31, 2024 | | |
| | Ordinary Income ($) | Total ($) |
Fidelity SAI Emerging Markets Low Volatility Index Fund | 98,766,194 | 98,766,194 |
Fidelity SAI International Low Volatility Index Fund | 154,634,991 | 154,634,991 |
Fidelity SAI U.S. Low Volatility Index Fund | 162,945,805 | 162,945,805 |
| October 31, 2023 | | | |
| | Ordinary Income ($) | Long-term Capital Gains ($) | Total ($) |
Fidelity SAI Emerging Markets Low Volatility Index Fund | 53,120,773 | - | 53,120,773 |
Fidelity SAI International Low Volatility Index Fund | 105,861,928 | - | 105,861,928 |
Fidelity SAI U.S. Low Volatility Index Fund | 154,189,107 | 148,856,919 | 303,046,026 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 1,159,553,359 | 2,239,505,103 |
| Fidelity SAI International Low Volatility Index Fund | 2,260,141,395 | 2,059,573,605 |
| Fidelity SAI U.S. Low Volatility Index Fund | 8,709,497,161 | 4,280,035,824 |
6. 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. Each Fund's management fee is equal to the following annual rate of average net assets:
| Fidelity SAI Emerging Markets Low Volatility Index Fund | .15% |
| Fidelity SAI International Low Volatility Index Fund | .15% |
| Fidelity SAI U.S. Low Volatility Index Fund | .10% |
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund had no interfund loans outstanding. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity SAI Emerging Markets Low Volatility Index Fund | Borrower | 45,310,312 | 5.38% | 433,693 |
Fidelity SAI International Low Volatility Index Fund | Borrower | 25,388,679 | 5.56% | 207,748 |
Fidelity SAI U.S. Low Volatility Index Fund | Borrower | 82,858,158 | 5.56% | 243,265 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity SAI International Low Volatility Index Fund | 143,189,250 | 366,914,013 | 1,676,879,291 |
Other. During the period, the investment adviser reimbursed the Funds for certain losses as follows:| | Amount ($) |
| Fidelity SAI International Low Volatility Index Fund | 406,453 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 5,689 |
| Fidelity SAI International Low Volatility Index Fund | 11,066 |
| Fidelity SAI U.S. Low Volatility Index Fund | 19,699 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 37 | - | - |
| Fidelity SAI International Low Volatility Index Fund | 51,847 | - | - |
| Fidelity SAI U.S. Low Volatility Index Fund | 2,075 | 22 | - |
9. Bank Borrowings.
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:| | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 5,843,000 | 5.83% | 6,624 |
| Fidelity SAI International Low Volatility Index Fund | 4,174,667 | 5.83% | 4,056 |
10. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| | Custodian credits ($) |
Fidelity SAI International Low Volatility Index Fund | 194,004 |
Fidelity SAI U.S. Low Volatility Index Fund | 34,363 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Emerging Markets Fund | Strategic Advisers Fidelity Emerging Markets Fund | Strategic Advisers Fidelity International Fund | Strategic Advisers International Fund | Strategic Advisers Fidelity U.S. Total Stock Fund | Strategic Advisers U.S. Total Stock Fund |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 28% | 43% | - | - | - | - |
| Fidelity SAI International Low Volatility Index Fund | - | - | 42% | 18% | - | - |
| Fidelity SAI U.S. Low Volatility Index Fund | - | - | - | - | 58% | 10% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 71% |
| Fidelity SAI International Low Volatility Index Fund | 60% |
| Fidelity SAI U.S. Low Volatility Index Fund | 68% |
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI International Low Volatility Index Fund, and Fidelity SAI U.S. Low Volatility Index Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI International Low Volatility Index Fund, and Fidelity SAI U.S. Low Volatility Index Fund (three of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Funds") as of October 31, 2024, the related statements of operations for the year ended October 31, 2024, the statements of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2024 and each of the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements 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 of these financial statements 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 are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodians and brokers. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 13, 2024
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2024, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity SAI Emerging Markets Low Volatility Index Fund | $33,695,068 |
| Fidelity SAI U.S. Low Volatility Index Fund | $34,422,004 |
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
| Fidelity SAI U.S. Low Volatility Index Fund | |
| December 2023 | 96% |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| Fidelity SAI Emerging Markets Low Volatility Index Fund | |
| December 2023 | 52.86% |
| Fidelity SAI International Low Volatility Index Fund | |
| December 2023 | 82.22% |
| Fidelity SAI U.S. Low Volatility Index Fund | |
| December 2023 | 98.08% |
A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:
| Fidelity SAI U.S. Low Volatility Index Fund | |
| December 2023 | 1.93% |
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends:
| Fidelity SAI Emerging Markets Low Volatility Index Fund | $848,038 |
| Fidelity SAI International Low Volatility Index Fund | $1,363,878 |
| Fidelity SAI U.S. Low Volatility Index Fund | $1,753,363 |
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| | Pay Date | Income | Taxes |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 12/11/2023 | $0.3682 | $0.0539 |
| Fidelity SAI International Low Volatility Index Fund | 12/11/2023 | $0.2714 | $0.0200 |
The funds will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI Emerging Markets Low Volatility Index Fund
Fidelity SAI International Low Volatility Index Fund
Fidelity SAI U.S. Low Volatility Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the funds, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against the securities market index each fund seeks to track (benchmark index). The Board also periodically considers each fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of each fund compared to its benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to each fund (referred to as the "asset size peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the mapped group that have a similar sales load structure to each fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of each fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to each fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the management fee rate of each fund ranked equal to or below the competitive median of the mapped group for 2023. The information provided to the Board indicated that the management fee rate of Fidelity SAI Emerging Markets Low Volatility Fund and Fidelity SAI International Low Volatility ranked below the competitive median of the asset size peer group for 2023 and the management fee rate of Fidelity SAI U.S. Low Volatility Fund ranked above the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of Fidelity SAI Emerging Markets Low Volatility Fund ranked above the competitive median of the similar sales load structure group for 2023 and above the competitive median of the total expense asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of Fidelity U.S. Low Volatility Index Fund ranked below the competitive median of the similar sales load structure group for 2023 and above the competitive median of the total expense asset size peer group for 2023. The information provided to the Board indicated that the total expense ratio of Fidelity SAI International Low Volatility Index Fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
For Fidelity SAI U.S. Low Volatility Fund, the Board noted that the fund has a unitary management fee that covers expenses beyond portfolio management, unlike the majority of funds within the mapped group. The total expense ratio for the fund was below the similar sales load structure group competitive median. The Board noted that, although total expenses ranked above the total expense asset size peer group median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive.
For Fidelity SAI Emerging Markets Low Volatility Fund, the Board noted that the fund's mapped group contains emerging markets funds in addition to developed markets funds that may not be directly comparable. The Board also noted that, although the fund's total expenses ranked above median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.25% for Fidelity SAI Emerging Markets Low Volatility Index Fund, 0.20% for Fidelity SAI International Low Volatility Index Fund, and 0.15% for Fidelity SAI U.S. Low Volatility Index Fund through February 28, 2025.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that each fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies .
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with each fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
1.9867660.109
SV1-SV2-ANN-1224
Fidelity® Series Global ex U.S. Index Fund
Annual Report
October 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Series Global ex U.S. Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 95.7% |
| | | Shares | Value ($) |
| Australia - 4.6% | | | |
| Ampol Ltd. | | 416,988 | 7,634,442 |
| ANZ Group Holdings Ltd. | | 5,380,434 | 109,656,012 |
| APA Group unit | | 2,332,860 | 10,681,590 |
| Aristocrat Leisure Ltd. | | 1,016,915 | 40,920,307 |
| ASX Ltd. | | 342,363 | 14,580,228 |
| BHP Group Ltd. | | 9,076,689 | 252,173,839 |
| BlueScope Steel Ltd. | | 778,423 | 10,343,983 |
| Brambles Ltd. | | 2,498,801 | 30,085,612 |
| CAR Group Ltd. | | 634,157 | 15,619,942 |
| Cochlear Ltd. | | 117,682 | 21,787,473 |
| Coles Group Ltd. | | 2,415,214 | 27,875,187 |
| Commonwealth Bank of Australia | | 2,993,587 | 279,225,051 |
| Computershare Ltd. | | 960,462 | 16,603,941 |
| Dexus unit unit | | 1,910,073 | 8,964,432 |
| Endeavour Group Ltd. | | 2,672,791 | 8,221,809 |
| Fortescue Ltd. | | 3,036,237 | 38,022,338 |
| Glencore PLC | | 18,570,744 | 97,396,878 |
| Goodman Group unit | | 3,060,047 | 73,072,378 |
| Insurance Australia Group Ltd. | | 4,257,718 | 20,907,340 |
| Macquarie Group Ltd. | | 648,525 | 98,151,909 |
| Medibank Private Ltd. | | 4,860,306 | 11,422,607 |
| Mineral Resources Ltd. | | 311,219 | 7,997,527 |
| Mirvac Group unit | | 7,161,796 | 10,011,736 |
| National Australia Bank Ltd. | | 5,532,482 | 140,221,474 |
| Northern Star Resources Ltd. | | 2,062,337 | 23,932,170 |
| Orica Ltd. | | 903,129 | 10,258,616 |
| Origin Energy Ltd. | | 3,099,853 | 19,572,766 |
| Pilbara Minerals Ltd. (a)(b) | | 5,168,216 | 9,572,504 |
| Pro Medicus Ltd. | | 103,654 | 13,130,403 |
| Qantas Airways Ltd. (a) | | 1,392,823 | 7,374,281 |
| QBE Insurance Group Ltd. | | 2,695,235 | 30,429,533 |
| Ramsay Health Care Ltd. | | 327,163 | 8,604,910 |
| REA Group Ltd. | | 93,445 | 13,814,444 |
| Reece Ltd. | | 398,255 | 5,934,241 |
| Rio Tinto Ltd. | | 664,603 | 52,182,994 |
| Rio Tinto PLC | | 2,016,452 | 130,319,312 |
| Santos Ltd. | | 5,869,413 | 26,112,219 |
| Scentre Group unit | | 9,348,886 | 21,433,885 |
| SEEK Ltd. (b) | | 646,620 | 10,505,124 |
| Seven Group Holdings Ltd. | | 370,088 | 10,083,101 |
| Sonic Healthcare Ltd. | | 825,749 | 14,549,971 |
| South32 Ltd. | | 8,154,402 | 19,555,527 |
| Stockland Corp. Ltd. unit | | 4,226,641 | 14,292,913 |
| Suncorp Group Ltd. | | 2,283,110 | 26,781,472 |
| Telstra Group Ltd. | | 7,276,902 | 18,217,172 |
| The GPT Group | | 3,392,598 | 10,510,714 |
| The Lottery Corp. Ltd. | | 3,921,140 | 12,812,270 |
| Transurban Group unit | | 5,544,463 | 46,207,254 |
| Treasury Wine Estates Ltd. | | 1,474,435 | 10,946,720 |
| Vicinity Centres unit | | 6,857,495 | 9,748,752 |
| Washington H. Soul Pattinson & Co. Ltd. | | 412,152 | 9,031,602 |
| Wesfarmers Ltd. | | 2,031,559 | 89,370,511 |
| Westpac Banking Corp. | | 6,191,575 | 130,034,240 |
| WiseTech Global Ltd. | | 298,729 | 22,935,876 |
| Woodside Energy Group Ltd. | | 3,407,658 | 53,631,287 |
| Woolworths Group Ltd. | | 2,195,692 | 43,064,557 |
TOTAL AUSTRALIA | | | 2,276,529,376 |
| Austria - 0.1% | | | |
| Erste Group Bank AG | | 602,556 | 33,911,963 |
| Mondi PLC | | 211,291 | 3,399,107 |
| Mondi PLC | | 573,627 | 9,282,775 |
| OMV AG | | 269,526 | 11,170,040 |
| Verbund AG | | 123,105 | 10,069,841 |
| Voestalpine AG | | 188,541 | 3,906,878 |
TOTAL AUSTRIA | | | 71,740,604 |
| Belgium - 0.5% | | | |
| Ageas | | 289,369 | 15,070,763 |
| Anheuser-Busch InBev SA NV | | 1,607,653 | 95,320,020 |
| D'ieteren Group | | 38,082 | 8,222,604 |
| Elia Group SA/NV (b) | | 50,074 | 4,757,779 |
| Groupe Bruxelles Lambert SA | | 148,348 | 10,682,399 |
| KBC Group NV | | 410,558 | 29,778,252 |
| Lotus Bakeries SA (b) | | 705 | 9,217,702 |
| Sofina SA | | 27,513 | 6,721,664 |
| Syensqo SA | | 135,612 | 10,477,774 |
| UCB SA | | 226,361 | 43,532,435 |
| Warehouses de Pauw | | 321,691 | 7,635,241 |
TOTAL BELGIUM | | | 241,416,633 |
| Brazil - 1.5% | | | |
| Ambev SA | | 8,136,130 | 17,789,736 |
| Ambev SA sponsored ADR | | 380,176 | 828,784 |
| Atacadao SA | | 1,073,900 | 1,391,394 |
| B3 SA - Brasil Bolsa Balcao | | 10,070,475 | 18,500,310 |
| Banco Bradesco SA | | 1,817,838 | 4,006,168 |
| Banco Bradesco SA: | | | |
| (PN) | | 9,390,334 | 23,342,230 |
| (PN) sponsored ADR ADR | | 1,102,352 | 2,722,809 |
| Banco BTG Pactual SA unit | | 2,133,900 | 12,004,087 |
| Banco do Brasil SA | | 3,009,500 | 13,707,232 |
| BB Seguridade Participacoes SA | | 1,219,100 | 7,226,999 |
| BRF SA (a) | | 1,076,400 | 4,884,010 |
| Caixa Seguridade Participacoes | | 1,026,400 | 2,556,723 |
| CCR SA | | 1,715,800 | 3,635,861 |
| Centrais Eletricas Brasileiras SA (Electrobras) | | 2,102,130 | 13,807,171 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 524,842 | 3,832,203 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 781,900 | 12,454,350 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 3,219,380 | 6,331,947 |
| Companhia Paranaense de Energia-COPEL (PN-B) | | 1,880,100 | 3,190,469 |
| Companhia Siderurgica Nacional SA (CSN) | | 1,134,200 | 2,309,248 |
| Cosan SA | | 2,413,732 | 4,935,272 |
| CPFL Energia SA | | 408,200 | 2,313,950 |
| Embraer SA (a) | | 1,242,100 | 10,416,546 |
| Energisa SA unit | | 452,800 | 3,379,806 |
| ENGIE Brasil Energia SA | | 363,650 | 2,608,688 |
| Equatorial Energia SA | | 2,201,367 | 12,231,298 |
| Gerdau SA | | 2,442,938 | 7,733,357 |
| Hapvida Participacoes e Investimentos SA (a)(c) | | 8,650,244 | 5,267,149 |
| Hypera SA | | 681,900 | 2,606,859 |
| Inter & Co., Inc. Class A | | 433,041 | 2,840,749 |
| Itau Unibanco Holding SA | | 7,858,561 | 47,606,222 |
| Itau Unibanco Holding SA sponsored ADR | | 825,105 | 4,991,885 |
| Itausa SA | | 9,591,138 | 17,603,137 |
| Klabin SA unit | | 1,452,870 | 5,242,586 |
| Localiza Rent a Car SA | | 1,641,038 | 11,928,319 |
| Natura & Co. Holding SA | | 1,535,919 | 3,642,590 |
| Nu Holdings Ltd. Class A (a) | | 5,309,692 | 80,123,252 |
| PagSeguro Digital Ltd. (a) | | 354,246 | 2,848,138 |
| Petroleo Brasileiro SA - Petrobras: | | | |
| (ON) | | 6,086,211 | 41,122,905 |
| (PN) (non-vtg.) | | 7,054,640 | 43,822,263 |
| (PN) sponsored ADR (non-vtg.) | | 649,615 | 8,035,738 |
| sponsored ADR | | 149,348 | 2,008,731 |
| PRIO SA | | 1,469,700 | 10,418,500 |
| Raia Drogasil SA | | 2,269,344 | 9,554,885 |
| Rede D'Oregon Sao Luiz SA (c) | | 1,417,811 | 7,200,770 |
| Rumo SA | | 2,278,800 | 7,844,474 |
| Sendas Distribuidora SA (a) | | 2,428,000 | 3,145,829 |
| StoneCo Ltd. Class A (a) | | 448,036 | 4,973,200 |
| Suzano SA | | 1,410,195 | 14,580,317 |
| Telefonica Brasil SA | | 727,940 | 6,628,511 |
| TIM SA | | 1,450,003 | 4,158,704 |
| Totvs SA | | 1,001,400 | 5,169,053 |
| Ultrapar Participacoes SA | | 1,303,400 | 4,709,998 |
| Vale SA | | 6,066,247 | 65,123,301 |
| Vale SA sponsored ADR | | 39,195 | 419,387 |
| Vibra Energia SA | | 1,899,150 | 7,329,315 |
| Weg SA | | 3,014,532 | 28,216,424 |
| Wheaton Precious Metals Corp. | | 812,302 | 53,643,961 |
| XP, Inc. Class A | | 657,008 | 11,471,360 |
| Yara International ASA | | 292,636 | 8,800,203 |
TOTAL BRAZIL | | | 731,219,363 |
| Burkina Faso - 0.0% | | | |
| Endeavour Mining PLC (b) | | 323,689 | 7,241,557 |
| Canada - 7.4% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 891,352 | 76,936,606 |
| Air Canada (a) | | 332,486 | 4,506,059 |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 1,371,089 | 71,501,255 |
| AltaGas Ltd. (b) | | 535,945 | 12,806,328 |
| ARC Resources Ltd. (b) | | 1,081,693 | 17,914,921 |
| Bank of Montreal | | 1,304,362 | 118,861,960 |
| Bank of Nova Scotia (b) | | 2,196,727 | 113,106,158 |
| Barrick Gold Corp. (Canada) | | 3,148,164 | 60,844,682 |
| BCE, Inc. (b) | | 130,553 | 4,209,088 |
| Brookfield Asset Management Ltd. Class A (b) | | 635,663 | 33,724,585 |
| Brookfield Corp. (Canada) Class A | | 2,434,592 | 129,095,362 |
| CAE, Inc. (a) | | 565,037 | 9,942,476 |
| Cameco Corp. | | 779,184 | 40,717,799 |
| Canadian Apartment Properties (REIT) unit | | 151,004 | 5,031,117 |
| Canadian Imperial Bank of Commerce | | 1,684,799 | 105,406,572 |
| Canadian National Railway Co. | | 961,250 | 103,798,569 |
| Canadian Natural Resources Ltd. | | 3,812,371 | 129,648,269 |
| Canadian Pacific Kansas City Ltd. (b) | | 1,668,647 | 128,724,368 |
| Canadian Tire Ltd. Class A (non-vtg.) (b) | | 92,636 | 9,858,065 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 245,466 | 6,284,959 |
| CCL Industries, Inc. Class B | | 266,737 | 15,559,579 |
| Cenovus Energy, Inc. (Canada) | | 2,500,757 | 40,213,990 |
| CGI, Inc. Class A (sub. vtg.) | | 365,240 | 40,460,098 |
| Constellation Software, Inc. | | 36,019 | 108,625,864 |
| Constellation Software, Inc. warrants 3/31/40 (a)(d) | | 30,824 | 2 |
| Descartes Systems Group, Inc. (Canada) (a) | | 154,470 | 16,047,751 |
| Dollarama, Inc. | | 508,492 | 52,914,429 |
| Element Fleet Management Corp. | | 725,353 | 14,842,035 |
| Emera, Inc. (b) | | 521,295 | 19,693,408 |
| Empire Co. Ltd. Class A (non-vtg.) (b) | | 241,992 | 6,981,591 |
| Enbridge, Inc. (b) | | 3,893,808 | 157,279,249 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 37,044 | 46,033,958 |
| FirstService Corp. | | 71,719 | 13,279,102 |
| Fortis, Inc. | | 884,928 | 38,280,040 |
| Franco-Nevada Corp. (b) | | 344,968 | 45,790,919 |
| George Weston Ltd. | | 107,234 | 17,009,106 |
| Gildan Activewear, Inc. | | 263,385 | 12,889,758 |
| Great-West Lifeco, Inc. | | 497,003 | 16,676,827 |
| Hydro One Ltd. (b)(c) | | 593,535 | 19,110,263 |
| iA Financial Corp., Inc. | | 168,849 | 13,756,764 |
| IGM Financial, Inc. | | 141,709 | 4,257,326 |
| Imperial Oil Ltd. (b) | | 337,622 | 25,194,043 |
| Intact Financial Corp. | | 318,123 | 60,752,617 |
| Ivanhoe Mines Ltd. (a)(b) | | 1,207,179 | 15,961,623 |
| Keyera Corp. (b) | | 416,280 | 12,784,237 |
| Kinross Gold Corp. | | 2,207,395 | 22,274,500 |
| Loblaw Companies Ltd. | | 273,622 | 34,595,049 |
| Magna International, Inc. (sub. vtg.) | | 493,390 | 19,479,045 |
| Manulife Financial Corp. | | 3,184,486 | 93,017,593 |
| MEG Energy Corp. | | 484,986 | 8,864,792 |
| Metro, Inc. (b) | | 387,266 | 22,999,264 |
| National Bank of Canada (b) | | 606,164 | 57,814,902 |
| Nutrien Ltd. | | 889,078 | 42,392,996 |
| Onex Corp. (sub. vtg.) | | 116,016 | 8,350,719 |
| Open Text Corp. | | 474,128 | 14,220,265 |
| Pan American Silver Corp. | | 652,717 | 15,263,738 |
| Parkland Corp. | | 245,896 | 5,722,003 |
| Pembina Pipeline Corp. (b) | | 1,038,459 | 43,444,706 |
| Power Corp. of Canada (sub. vtg.) | | 1,009,005 | 31,893,066 |
| Quebecor, Inc. Class B (sub. vtg.) | | 288,958 | 7,195,155 |
| RB Global, Inc. (b) | | 329,455 | 27,918,017 |
| Restaurant Brands International, Inc. (b) | | 452,821 | 31,494,370 |
| Restaurant Brands International, Inc. (b) | | 86,349 | 6,005,573 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 644,778 | 23,418,267 |
| Royal Bank of Canada (b) | | 2,528,562 | 305,802,819 |
| Saputo, Inc. | | 462,723 | 8,826,748 |
| Shopify, Inc. Class A (a) | | 2,164,867 | 169,352,041 |
| Stantec, Inc. | | 205,109 | 16,637,347 |
| Sun Life Financial, Inc. | | 1,032,108 | 57,226,084 |
| Suncor Energy, Inc. | | 2,286,808 | 86,325,011 |
| TC Energy Corp. | | 1,858,521 | 86,442,216 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 825,543 | 38,408,931 |
| TELUS Corp. | | 861,788 | 13,622,978 |
| TFI International, Inc. (Canada) | | 144,987 | 19,402,756 |
| The Toronto-Dominion Bank | | 3,126,190 | 172,817,786 |
| Thomson Reuters Corp. (b) | | 280,517 | 45,917,068 |
| TMX Group Ltd. | | 489,554 | 15,291,201 |
| Toromont Industries Ltd. | | 145,239 | 12,830,393 |
| Tourmaline Oil Corp. (b) | | 633,366 | 29,199,385 |
| West Fraser Timber Co. Ltd. | | 99,984 | 9,030,048 |
| WSP Global, Inc. | | 222,895 | 39,840,470 |
TOTAL CANADA | | | 3,640,651,079 |
| Chile - 0.2% | | | |
| Antofagasta PLC | | 708,831 | 15,830,517 |
| Banco de Chile | | 80,391,731 | 9,365,183 |
| Banco de Credito e Inversiones | | 157,665 | 4,624,569 |
| Banco Santander Chile | | 113,748,480 | 5,648,262 |
| Cencosud SA | | 2,308,444 | 4,787,749 |
| Compania Sud Americana de Vapores SA | | 3,317,796 | 179,103 |
| Empresas CMPC SA | | 1,911,835 | 3,044,475 |
| Empresas COPEC SA | | 667,052 | 4,211,485 |
| Enel Americas SA | | 37,044,078 | 3,469,679 |
| Enel Chile SA | | 49,330,773 | 2,617,853 |
| Falabella SA (a) | | 1,570,194 | 5,636,183 |
| LATAM Airlines Group SA | | 274,527,513 | 3,672,093 |
| Lundin Mining Corp. | | 1,168,119 | 11,359,451 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 254,720 | 9,803,098 |
TOTAL CHILE | | | 84,249,700 |
| China - 8.2% | | | |
| 360 Security Technology, Inc. (A Shares) | | 912,900 | 1,240,212 |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | | 202,700 | 464,725 |
| AAC Technology Holdings, Inc. | | 1,317,500 | 5,321,391 |
| Accelink Technologies Co. Ltd. (A Shares) | | 73,700 | 470,854 |
| ACM Research Shanghai, Inc. (A Shares) | | 27,615 | 413,895 |
| Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 63,799 | 1,722,654 |
| AECC Aero-Engine Control Co. Ltd. (A Shares) | | 120,600 | 406,145 |
| AECC Aviation Power Co. Ltd. | | 271,652 | 1,632,558 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 7,458,100 | 4,958,954 |
| (H Shares) | | 51,884,000 | 25,493,028 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 1,047,501 | 2,130,358 |
| Air China Ltd. (A Shares) (a) | | 1,310,400 | 1,351,062 |
| Airtac International Group | | 246,456 | 6,844,105 |
| Akeso, Inc. (a)(c) | | 1,075,000 | 8,664,445 |
| Alibaba Group Holding Ltd. | | 27,226,824 | 333,047,093 |
| Alibaba Health Information Technology Ltd. (a)(b) | | 9,768,000 | 4,939,849 |
| Aluminum Corp. of China Ltd.: | | | |
| (A shares) | | 1,126,300 | 1,205,946 |
| (H Shares) | | 7,610,000 | 4,848,722 |
| Amlogic Shanghai Co. Ltd. (A Shares) | | 38,668 | 377,860 |
| Angel Yeast Co. Ltd. (A Shares) | | 74,000 | 378,669 |
| Anhui Conch Cement Co. Ltd.: | | | |
| (A Shares) | | 318,000 | 1,195,510 |
| (H Shares) | | 2,308,500 | 6,705,832 |
| Anhui Gujing Distillery Co. Ltd.: | | | |
| (A Shares) | | 74,200 | 1,968,084 |
| (B Shares) | | 177,200 | 2,713,070 |
| Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) | | 225,900 | 1,299,635 |
| Anhui Kouzi Distillery Co. Ltd. (A Shares) | | 54,900 | 299,010 |
| Anhui Yingjia Distillery Co. Ltd. (A Shares) | | 74,200 | 627,331 |
| Anjoy Foods Group Co. Ltd. (A Shares) | | 26,600 | 320,345 |
| Anker Innovations Technology Co. Ltd. (A Shares) | | 56,810 | 640,098 |
| Anta Sports Products Ltd. | | 2,301,200 | 24,561,145 |
| Asymchem Laboratories Tianjin Co. Ltd. (A Shares) | | 52,400 | 611,676 |
| Autobio Diagnostics Co. Ltd. | | 54,700 | 345,895 |
| Autohome, Inc. ADR Class A | | 115,402 | 3,242,796 |
| Avary Holding Shenzhen Co. Ltd. (A Shares) | | 233,100 | 1,226,651 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 4,188,000 | 2,249,508 |
| Avicopter PLC (A Shares) | | 76,700 | 452,728 |
| BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (a) | | 573,300 | 664,899 |
| Baidu, Inc. Class A (a) | | 4,099,348 | 46,776,965 |
| Bank of Beijing Co. Ltd. (A Shares) | | 2,303,700 | 1,830,394 |
| Bank of Changsha Co. Ltd. (A Shares) | | 484,900 | 581,071 |
| Bank of Chengdu Co. Ltd. (A Shares) | | 508,300 | 1,101,055 |
| Bank of China Ltd.: | | | |
| (A Shares) | | 6,702,800 | 4,540,878 |
| (H Shares) | | 138,058,024 | 65,526,466 |
| Bank of Communications Co. Ltd.: | | | |
| (A Shares) | | 3,558,000 | 3,556,704 |
| (H Shares) | | 16,343,200 | 12,378,102 |
| Bank of Hangzhou Co. Ltd. (A Shares) | | 550,431 | 1,072,334 |
| Bank of Jiangsu Co. Ltd. (A Shares) | | 1,836,260 | 2,274,720 |
| Bank of Nanjing Co. Ltd. (A Shares) | | 1,175,600 | 1,694,521 |
| Bank of Ningbo Co. Ltd. (A Shares) | | 657,010 | 2,361,321 |
| Bank of Shanghai Co. Ltd. (A Shares) | | 1,737,900 | 1,893,972 |
| Bank of Suzhou Co. Ltd. | | 496,700 | 533,225 |
| Baoshan Iron & Steel Co. Ltd. (A Shares) | | 2,222,000 | 2,038,451 |
| BeiGene Ltd. (a) | | 1,248,018 | 19,655,727 |
| Beijing Enlight Media Co. Ltd. (A Shares) | | 279,600 | 347,807 |
| Beijing Enterprises Holdings Ltd. | | 914,500 | 2,996,218 |
| Beijing Enterprises Water Group Ltd. | | 7,030,000 | 2,093,099 |
| Beijing Kingsoft Office Software, Inc. (A Shares) | | 48,612 | 1,756,850 |
| Beijing New Building Materials PLC (A Shares) | | 250,500 | 1,097,906 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | | 105,900 | 217,341 |
| Beijing Roborock Technology Co. Ltd. (A Shares) | | 17,096 | 566,676 |
| Beijing Tiantan Biological Products Corp. Ltd. (A Shares) | | 185,280 | 560,414 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 127,500 | 709,668 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) | | 108,599 | 1,088,244 |
| Beijing Yanjing Brewery Co. Ltd. (A Shares) | | 257,300 | 367,462 |
| Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) | | 5,477,400 | 4,178,465 |
| Bethel Automotive Safety Systems Co. Ltd. (A Shares) | | 74,760 | 509,273 |
| Bilibili, Inc. Class Z (a) | | 417,944 | 9,234,074 |
| Bloomage Biotechnology Corp. Ltd. (A Shares) | | 45,651 | 385,466 |
| BOC Aviation Ltd. Class A (c) | | 359,200 | 2,785,963 |
| BOC Hong Kong (Holdings) Ltd. | | 6,661,451 | 21,747,852 |
| BOC International China Co. Ltd. | | 243,200 | 396,111 |
| BOE Technology Group Co. Ltd. (A Shares) | | 3,773,200 | 2,475,636 |
| Bosideng International Holdings Ltd. | | 6,574,000 | 3,686,341 |
| By-Health Co. Ltd. (A Shares) | | 155,500 | 278,108 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 356,120 | 14,668,633 |
| (H Shares) | | 1,677,500 | 60,588,983 |
| BYD Electronic International Co. Ltd. | | 1,385,500 | 5,937,448 |
| C&D International Investment Group Ltd. (b) | | 1,259,960 | 2,384,217 |
| Caitong Securities Co. Ltd. | | 377,560 | 438,703 |
| Cambricon Technologies Corp. Ltd. (A Shares) (a) | | 42,776 | 2,723,292 |
| Cathay Biotech, Inc. (A Shares) | | 62,032 | 410,739 |
| CGN Power Co. Ltd.: | | | |
| (A Shares) | | 1,829,100 | 1,036,784 |
| (H Shares) (c) | | 18,679,000 | 6,713,949 |
| Changchun High & New Technology Industry Group, Inc. (A Shares) | | 37,500 | 549,503 |
| Changjiang Securities Co. Ltd. (A Shares) | | 566,100 | 562,016 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) | | 26,200 | 505,135 |
| Chaozhou Three-Circle Group Co. (A Shares) | | 177,300 | 925,567 |
| Chifeng Jilong Gold Mining Co. Ltd. (A Shares) | | 156,200 | 413,273 |
| China CITIC Bank Corp. Ltd.: | | | |
| (A Shares) | | 341,500 | 313,699 |
| (H Shares) | | 15,728,293 | 9,802,593 |
| China Coal Energy Co. Ltd. (H Shares) | | 3,788,000 | 4,725,449 |
| China Communications Services Corp. Ltd. (H Shares) | | 4,022,000 | 2,160,814 |
| China Construction Bank Corp.: | | | |
| (A Shares) | | 7,839,800 | 8,740,905 |
| (H Shares) | | 163,070,649 | 126,581,399 |
| China CSSC Holdings Ltd. (A Shares) | | 485,600 | 2,506,237 |
| China Eastern Airlines Corp. Ltd. (A Shares) (a) | | 1,486,100 | 802,189 |
| China Energy Engineering Corp. Ltd. (A Shares) | | 3,111,400 | 1,023,206 |
| China Everbright Bank Co. Ltd.: | | | |
| (A Shares) | | 5,662,900 | 2,746,215 |
| (H Shares) | | 5,019,000 | 1,696,517 |
| China Feihe Ltd. (c) | | 6,793,000 | 5,126,977 |
| China Galaxy Securities Co. Ltd.: | | | |
| (A Shares) | | 404,400 | 827,589 |
| (H Shares) | | 7,003,500 | 6,234,369 |
| China Gas Holdings Ltd. | | 4,669,400 | 4,009,866 |
| China Great Wall Securities Co. Ltd. (A Shares) | | 318,100 | 381,855 |
| China Greatwall Technology Group Co. Ltd. (A Shares) (a) | | 293,400 | 652,534 |
| China Hongqiao Group Ltd. | | 5,013,500 | 8,055,166 |
| China Huishan Dairy Holdings Co. Ltd. (a)(d) | | 958,000 | 1 |
| China International Capital Corp. Ltd. | | 195,900 | 975,041 |
| China International Capital Corp. Ltd. (H Shares) (c) | | 3,029,200 | 5,474,675 |
| China Jushi Co. Ltd. (A Shares) | | 360,740 | 573,035 |
| China Life Insurance Co. Ltd.: | | | |
| (A Shares) | | 359,300 | 2,114,999 |
| (H Shares) | | 13,232,000 | 28,048,435 |
| China Literature Ltd. (a)(c) | | 697,600 | 2,518,737 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 5,469,000 | 4,863,076 |
| China Mengniu Dairy Co. Ltd. | | 5,723,000 | 12,816,431 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 1,543,300 | 8,108,971 |
| (H Shares) | | 7,807,691 | 38,207,155 |
| China Merchants Energy Shipping Co. Ltd. (A Shares) | | 824,100 | 778,187 |
| China Merchants Expressway Network & Technology Holdings Co. Ltd. (A Shares) | | 523,500 | 854,845 |
| China Merchants Holdings International Co. Ltd. | | 2,213,836 | 3,640,689 |
| China Merchants Securities Co. Ltd. (A Shares) | | 817,700 | 2,211,522 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 963,400 | 1,530,671 |
| China Minmetals Rare Earth Co. Ltd. (A Shares) | | 90,600 | 386,174 |
| China Minsheng Banking Corp. Ltd.: | | | |
| (A Shares) | | 2,506,500 | 1,331,373 |
| (H Shares) | | 13,671,332 | 5,077,787 |
| China National Building Materials Co. Ltd. (H Shares) (b) | | 7,716,000 | 3,282,706 |
| China National Chemical Engineering Co. Ltd. (A Shares) | | 620,300 | 705,131 |
| China National Medicines Corp. Ltd. (A Shares) | | 70,900 | 314,839 |
| China National Nuclear Power Co. Ltd. (A Shares) | | 1,931,300 | 2,727,780 |
| China National Software & Service Co. Ltd. (A Shares) (a) | | 77,090 | 491,819 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 373,900 | 1,125,223 |
| China Oilfield Services Ltd. (H Shares) | | 3,074,000 | 2,876,243 |
| China Overseas Land and Investment Ltd. | | 6,981,000 | 13,339,421 |
| China Pacific Insurance (Group) Co. Ltd. | | 578,700 | 2,993,679 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 4,990,000 | 17,329,539 |
| China Petroleum & Chemical Corp.: | | | |
| (A Shares) | | 3,523,200 | 3,060,404 |
| (H Shares) | | 43,767,800 | 24,653,984 |
| China Power International Development Ltd. | | 7,884,699 | 3,384,909 |
| China Railway Group Ltd.: | | | |
| (A Shares) | | 2,792,600 | 2,516,262 |
| (H Shares) | | 6,682,000 | 3,334,445 |
| China Railway Signal & Communications Corp. (A Shares) | | 841,482 | 741,983 |
| China Resource Gas Group Ltd. | | 1,661,400 | 6,405,744 |
| China Resources Beer Holdings Co. Ltd. | | 2,865,489 | 10,614,619 |
| China Resources Land Ltd. | | 5,697,965 | 18,993,802 |
| China Resources Microelectronics Ltd. (A Shares) | | 122,447 | 865,995 |
| China Resources Mixc Lifestyle Services Ltd. (c) | | 1,261,600 | 5,204,627 |
| China Resources Pharmaceutical Group Ltd. (c) | | 3,188,000 | 2,254,956 |
| China Resources Power Holdings Co. Ltd. | | 3,409,780 | 8,202,218 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 118,430 | 749,752 |
| China Ruyi Holdings Ltd. (a)(b) | | 10,848,000 | 2,663,714 |
| China Shenhua Energy Co. Ltd.: | | | |
| (A Shares) | | 389,800 | 2,193,217 |
| (H Shares) | | 6,484,500 | 28,077,390 |
| China Southern Airlines Ltd.: | | | |
| (A Shares) (a) | | 950,300 | 823,522 |
| (H Shares) (a)(b) | | 1,158,000 | 506,145 |
| China State Construction Engineering Corp. Ltd. (A Shares) | | 4,674,540 | 3,957,864 |
| China State Construction International Holdings Ltd. | | 3,589,750 | 5,268,839 |
| China Taiping Insurance Group Ltd. | | 2,525,665 | 4,350,331 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 3,008,900 | 2,010,682 |
| China Tourism Group Duty Free Corp. Ltd. (A Shares) | | 226,000 | 2,155,341 |
| China Tower Corp. Ltd. (H Shares) (c) | | 80,410,000 | 10,849,806 |
| China United Network Communications Ltd. (A Shares) | | 3,871,000 | 2,713,843 |
| China Vanke Co. Ltd.: | | | |
| (A Shares) (a) | | 827,400 | 1,081,491 |
| (H Shares) (a)(b) | | 4,093,900 | 3,897,647 |
| China XD Electric Co. Ltd. (A Shares) | | 533,500 | 619,080 |
| China Yangtze Power Co. Ltd. (A Shares) | | 2,577,400 | 9,988,658 |
| China Zheshang Bank Co. Ltd. | | 2,006,420 | 800,729 |
| Chongqing Brewery Co. Ltd. (A Shares) | | 58,200 | 475,154 |
| Chongqing Changan Automobile Co. Ltd. (A Shares) | | 860,764 | 1,601,672 |
| Chongqing Rural Commercial Bank Co. Ltd.: | | | |
| (A Shares) | | 300,900 | 235,889 |
| (H Shares) | | 900,000 | 488,101 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 261,900 | 1,045,105 |
| Chow Tai Fook Jewellery Group Ltd. | | 3,609,800 | 3,419,034 |
| CITIC Pacific Ltd. | | 10,569,000 | 12,414,459 |
| CITIC Pacific Special Steel Group Co. Ltd. | | 340,500 | 579,587 |
| CITIC Securities Co. Ltd.: | | | |
| (A Shares) | | 459,005 | 1,810,567 |
| (H Shares) | | 4,378,275 | 12,092,098 |
| Cmoc Group Ltd.: | | | |
| (A Shares) | | 409,500 | 434,547 |
| (H Shares) | | 8,490,000 | 7,027,717 |
| CNGR Advanced Material Co. Ltd. | | 87,220 | 470,171 |
| CNOOC Energy Technology & Services Ltd. (A Shares) | | 694,000 | 425,569 |
| CNPC Capital Co. Ltd. (A Shares) | | 885,200 | 1,099,918 |
| Contemporary Amperex Technology Co. Ltd. | | 452,360 | 15,694,521 |
| COSCO Shipping Development Co. Ltd. (A Shares) | | 962,000 | 358,303 |
| COSCO Shipping Energy Transportation Co. Ltd.: | | | |
| (A Shares) | | 1,461,366 | 2,688,923 |
| (H Shares) | | 360,000 | 344,549 |
| COSCO SHIPPING Holdings Co. Ltd.: | | | |
| (A Shares) | | 706,470 | 1,446,625 |
| (H Shares) | | 6,125,600 | 9,071,622 |
| CRRC Corp. Ltd.: | | | |
| (A Shares) | | 5,254,900 | 6,139,522 |
| (H Shares) | | 3,532,000 | 2,286,153 |
| CSC Financial Co. Ltd. (A Shares) | | 430,200 | 1,537,202 |
| CSPC Innovation Pharmaceutical Co. Ltd. (A Shares) | | 138,240 | 496,508 |
| CSPC Pharmaceutical Group Ltd. | | 14,714,800 | 10,893,855 |
| Daqin Railway Co. Ltd. (A Shares) | | 1,775,200 | 1,624,720 |
| Datang International Power Generation Co. Ltd. (A Shares) | | 1,260,600 | 522,264 |
| Dong-E-E-Jiao Co. Ltd. (A Shares) | | 75,800 | 627,611 |
| Dongfang Electric Corp. Ltd. (A Shares) | | 288,724 | 639,694 |
| Dongxing Securities Co. Ltd. (A Shares) | | 327,900 | 506,861 |
| East Money Information Co. Ltd. (A Shares) | | 1,579,820 | 5,141,779 |
| Eastroc Beverage Group Co. Ltd. (A Shares) | | 43,940 | 1,308,408 |
| Ecovacs Robotics Co. Ltd. Class A | | 63,600 | 466,227 |
| Empyrean Technology Co. Ltd. (A Shares) | | 37,500 | 526,457 |
| ENN Energy Holdings Ltd. | | 1,451,400 | 10,225,542 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 338,800 | 873,634 |
| Eoptolink Technology, Inc. Ltd. (A Shares) | | 72,800 | 1,319,432 |
| Eve Energy Co. Ltd. (A shares) | | 211,129 | 1,440,749 |
| Everbright Securities Co. Ltd. (A Shares) | | 393,500 | 957,917 |
| Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (a) | | 1,063,280 | 377,001 |
| Far East Horizon Ltd. | | 3,172,000 | 2,214,023 |
| FAW Jiefang Group Co. Ltd. (A Shares) | | 551,100 | 667,328 |
| Flat Glass Group Co. Ltd. (b) | | 465,000 | 947,610 |
| Focus Media Information Technology Co. Ltd. (A Shares) | | 1,482,540 | 1,502,304 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 583,903 | 3,593,492 |
| Fosun International Ltd. | | 4,081,500 | 2,317,231 |
| Founder Securities Co. Ltd. (A Shares) | | 773,000 | 939,674 |
| Foxconn Industrial Internet Co. Ltd. (A Shares) | | 1,362,494 | 4,568,055 |
| Fuyao Glass Industries Group Co. Ltd.: | | | |
| (A Shares) | | 124,600 | 996,627 |
| (H Shares) (c) | | 1,192,000 | 8,431,729 |
| GalaxyCore, Inc. (A Shares) | | 307,635 | 665,838 |
| Ganfeng Lithium Group Co. Ltd.: | | | |
| (A Shares) | | 181,360 | 865,358 |
| (H Shares) (c) | | 59,920 | 164,382 |
| GCL Technology Holdings Ltd. (a) | | 37,968,000 | 8,383,609 |
| GD Power Development Co. Ltd. (A Shares) | | 1,798,400 | 1,222,971 |
| Geely Automobile Holdings Ltd. | | 10,808,000 | 18,999,382 |
| GEM Co. Ltd. (A Shares) | | 584,000 | 572,366 |
| Genscript Biotech Corp. (a)(b) | | 2,146,000 | 3,282,468 |
| GF Securities Co. Ltd.: | | | |
| (A Shares) | | 296,100 | 673,745 |
| (H Shares) | | 1,150,400 | 1,634,279 |
| Giant Biogene Holding Co. Ltd. (c) | | 578,000 | 3,920,196 |
| Gigadevice Semiconductor Beijing, Inc. (A Shares) (a) | | 84,684 | 1,068,341 |
| Ginlong Technologies Co. Ltd. (A Shares) | | 36,450 | 369,876 |
| GoerTek, Inc. (A Shares) | | 318,300 | 1,044,592 |
| Goldwind Science & Technology Co. Ltd.: | | | |
| (A Shares) | | 98,100 | 150,061 |
| (H Shares) | | 663,364 | 563,499 |
| Goneo Group Co. Ltd. (A Shares) | | 59,065 | 604,966 |
| Gotion High-tech Co. Ltd. (A Shares) | | 204,900 | 654,372 |
| Great Wall Motor Co. Ltd.: | | | |
| (A Shares) | | 160,400 | 590,410 |
| (H Shares) | | 4,474,000 | 7,114,462 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 315,900 | 1,932,068 |
| GRG Banking Equipment Co. Ltd. (A Shares) | | 216,000 | 373,225 |
| Guangdong Haid Group Co. Ltd. (A Shares) | | 211,400 | 1,303,558 |
| Guangdong Investment Ltd. | | 5,000,000 | 3,182,887 |
| Guanghui Energy Co. Ltd. (A Shares) | | 667,700 | 716,441 |
| Guangzhou Automobile Group Co. Ltd. | | 390,800 | 438,763 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) (b) | | 5,831,526 | 2,044,156 |
| Guangzhou Baiyun International Airport Co. Ltd. (A Shares) | | 216,200 | 294,423 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 128,200 | 503,364 |
| Guangzhou Haige Communications Group (A Shares) | | 255,800 | 406,530 |
| Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) | | 178,940 | 476,172 |
| Guolian Securities Co. Ltd. | | 343,100 | 592,948 |
| Guosen Securities Co. Ltd. (A Shares) | | 582,400 | 944,203 |
| Guotai Junan Securities Co. Ltd. (A Shares) | | 977,800 | 2,606,429 |
| Guoyuan Securities Co. Ltd. (A Shares) | | 410,900 | 489,030 |
| H World Group Ltd. ADR | | 361,541 | 13,264,939 |
| Haidilao International Holding Ltd. (c) | | 3,080,000 | 6,212,114 |
| Haier Smart Home Co. Ltd. | | 4,430,400 | 16,078,925 |
| Haier Smart Home Co. Ltd. (A Shares) | | 641,100 | 2,633,781 |
| Hainan Airlines Co. Ltd. (A Shares) (a) | | 3,934,900 | 764,634 |
| Hainan Airport Infrastructure Co. Ltd. (A Shares) (a) | | 1,031,900 | 510,909 |
| Haitian International Holdings Ltd. | | 1,085,000 | 3,001,090 |
| Haitong Securities Co. Ltd.: | | | |
| (A Shares) | | 502,500 | 832,334 |
| (H Shares) (b) | | 6,706,800 | 5,586,117 |
| Hanergy Mobile Energy Holding (a)(d) | | 1,902,000 | 2 |
| Hangzhou First Applied Material Co. Ltd. (A Shares) | | 242,900 | 637,400 |
| Hangzhou Greatstar Industrial Co. Ltd. (A Shares) | | 106,700 | 429,577 |
| Hangzhou Silan Microelectronics Co. Ltd. (A Shares) (a) | | 212,800 | 925,123 |
| Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | | 36,107 | 319,368 |
| Hansoh Pharmaceutical Group Co. Ltd. (c) | | 2,164,000 | 5,045,475 |
| Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares) | | 160,240 | 465,816 |
| Heilongjiang Agriculture Co. Ltd. (A Shares) | | 147,900 | 321,980 |
| Henan Shenhuo Coal & Power Co. Ltd. (A Shares) | | 231,600 | 581,309 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 376,800 | 1,318,077 |
| Hengan International Group Co. Ltd. | | 1,143,000 | 3,375,117 |
| Hengli Petrochemical Co. Ltd. (A Shares) | | 714,760 | 1,379,945 |
| Hengtong Optic-electric Co. Ltd. (A Shares) | | 243,200 | 591,984 |
| Hengyi Petrochemical Co. Ltd. (A Shares) | | 327,310 | 293,724 |
| Hisense Electric Co. Ltd. (A Shares) | | 114,900 | 360,170 |
| Hisense Home Appliances Group Co. Ltd.: | | | |
| (A Shares) | | 379,800 | 1,496,236 |
| (H Shares) | | 262,000 | 830,092 |
| Hithink RoyalFlush Information Network Co. Ltd. (A Shares) | | 55,400 | 1,597,240 |
| HLA Group Corp. Ltd. (A Shares) | | 455,100 | 364,049 |
| Hoshine Silicon Industry Co. Ltd. (A Shares) | | 72,800 | 604,497 |
| Hua Hong Semiconductor Ltd. (c) | | 1,205,000 | 3,370,261 |
| Huadian Power International Corp. Ltd. (A Shares) | | 776,600 | 629,422 |
| Huadong Medicine Co. Ltd. (A Shares) | | 161,960 | 751,906 |
| Huafon Chemical Co. Ltd. (A Shares) (d) | | 442,200 | 503,817 |
| Huagong Tech Co. Ltd. (A Shares) | | 91,500 | 504,609 |
| Huaibei Mining Holdings Co. Ltd. (A Shares) | | 274,900 | 597,397 |
| Hualan Biological Engineer, Inc. (A Shares) | | 169,250 | 392,076 |
| Huaneng Lancang River Hydropower, Inc. (A Shares) | | 674,400 | 923,394 |
| Huaneng Power International, Inc.: | | | |
| (A Shares) | | 1,348,500 | 1,375,297 |
| (H Shares) | | 6,902,000 | 3,698,071 |
| Huatai Securities Co. Ltd.: | | | |
| (A Shares) | | 413,900 | 1,025,325 |
| (H Shares) (c) | | 3,015,400 | 5,104,070 |
| Huaxia Bank Co. Ltd. (A Shares) | | 1,423,964 | 1,414,707 |
| Huayu Automotive Systems Co. Ltd. (A Shares) | | 273,200 | 579,426 |
| Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares) | | 114,400 | 485,397 |
| Huizhou Desay SV Automotive Co. Ltd. | | 51,500 | 880,066 |
| Humanwell Healthcare Group Co. Ltd. (A Shares) | | 148,700 | 450,025 |
| Hunan Valin Steel Co. Ltd. (A Shares) | | 1,721,200 | 1,135,004 |
| Hundsun Technologies, Inc. (A Shares) | | 176,268 | 662,764 |
| Hwatsing Technology Co. Ltd. (A Shares) | | 24,225 | 654,994 |
| Hygon Information Technology Co. Ltd. (A Shares) | | 237,930 | 4,289,574 |
| IEIT Systems Co. Ltd. (A Shares) | | 136,034 | 889,098 |
| iFlytek Co. Ltd. (A Shares) | | 252,900 | 1,628,395 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 31,520 | 941,433 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 14,036,600 | 11,921,581 |
| (H Shares) | | 114,153,008 | 68,475,432 |
| Industrial Bank Co. Ltd. (A Shares) | | 2,108,300 | 5,417,535 |
| Industrial Securities Co. Ltd. (A Shares) | | 838,270 | 769,195 |
| Ingenic Semiconductor Co. Ltd. (A Shares) | | 56,000 | 572,822 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 661,900 | 2,600,365 |
| Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) | | 4,647,200 | 1,116,258 |
| Inner Mongolia Dian Tou Energy Corp. Ltd. | | 224,600 | 634,086 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) | | 731,800 | 437,591 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 1,897,030 | 4,397,737 |
| Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares) | | 323,600 | 307,065 |
| Innovent Biologics, Inc. (a)(c) | | 2,209,000 | 9,602,912 |
| iQIYI, Inc. ADR (a) | | 805,861 | 2,103,297 |
| iSoftStone Information Technology Group Co. Ltd. (A Shares) | | 85,950 | 817,328 |
| JA Solar Technology Co. Ltd. (A Shares) | | 307,936 | 837,582 |
| JCET Group Co. Ltd. (A Shares) | | 164,000 | 914,533 |
| JCHX Mining Management Co. Ltd. (A Shares) | | 64,000 | 359,358 |
| JD Health International, Inc. (a)(c) | | 2,038,000 | 7,294,719 |
| JD Logistics, Inc. (a)(c) | | 3,600,500 | 7,326,587 |
| JD.com, Inc. Class A | | 4,426,649 | 89,769,022 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 613,400 | 681,284 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 2,340,000 | 2,354,655 |
| Jiangsu Hengli Hydraulic Co. Ltd. | | 137,332 | 998,663 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 652,066 | 4,276,002 |
| Jiangsu King's Luck Brewery JSC Ltd. (A Shares) | | 128,700 | 795,206 |
| Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares) | | 115,700 | 430,863 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd. | | 230,800 | 326,316 |
| Jiangsu Yanghe Brewery JSC Ltd. (A Shares) | | 152,100 | 1,719,151 |
| Jiangsu Yangnong Chemical Co. Ltd. (A Shares) | | 55,450 | 450,590 |
| Jiangsu Yoke Technology Co. Ltd. (A Shares) | | 43,700 | 389,403 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) | | 204,400 | 973,604 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 435,200 | 963,507 |
| Jiangxi Copper Co. Ltd.: | | | |
| (A Shares) | | 16,300 | 49,647 |
| (H Shares) | | 2,358,000 | 3,966,414 |
| Jinduicheng Molybdenum Co. Ltd. (A Shares) | | 290,200 | 437,383 |
| Jinko Solar Co. Ltd. (A Shares) | | 1,206,857 | 1,607,877 |
| Jointown Pharmaceutical Group (A Shares) | | 1,271,754 | 924,058 |
| Juneyao Airlines Co. Ltd. (A shares) | | 270,000 | 484,375 |
| Kangmei Pharmaceutical Co. Ltd. rights (a)(d) | | 9,959 | 0 |
| Kanzhun Ltd. ADR | | 462,358 | 6,727,309 |
| KE Holdings, Inc. ADR | | 1,162,867 | 25,501,673 |
| Kingdee International Software Group Co. Ltd. (a) | | 5,573,000 | 5,834,126 |
| Kingsoft Corp. Ltd. | | 1,677,400 | 5,780,735 |
| Kuaishou Technology Class B (a)(c) | | 4,239,800 | 24,985,177 |
| Kuang-Chi Technologies Co. Ltd. (A Shares) | | 200,400 | 1,193,488 |
| Kunlun Energy Co. Ltd. | | 6,994,000 | 6,632,844 |
| Kunlun Tech Co. Ltd. (A Shares) | | 110,100 | 627,062 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 133,500 | 28,663,058 |
| Lb Group Co. Ltd. (A Shares) | | 214,100 | 567,098 |
| Lenovo Group Ltd. | | 14,518,000 | 19,143,972 |
| Lens Technology Co. Ltd. (A Shares) | | 507,300 | 1,600,997 |
| Lepu Medical Technology Beijing Co. Ltd. (A Shares) | | 226,300 | 383,211 |
| Li Auto, Inc. Class A (a) | | 2,218,718 | 27,900,595 |
| Li Ning Co. Ltd. | | 4,104,500 | 8,374,858 |
| Liaoning Port Co. Ltd. (A Shares) | | 1,825,800 | 395,417 |
| Lingyi iTech Guangdong Co. (A Shares) | | 643,200 | 810,444 |
| Livzon Pharmaceutical Group, Inc. (A Shares) | | 127,800 | 657,972 |
| Longfor Properties Co. Ltd. (b)(c) | | 3,629,914 | 5,880,485 |
| LONGi Green Energy Technology Co. Ltd. | | 815,766 | 2,264,841 |
| Luxshare Precision Industry Co. Ltd. (A Shares) | | 733,882 | 4,322,306 |
| Luzhou Laojiao Co. Ltd. (A Shares) | | 150,400 | 2,866,630 |
| Mango Excellent Media Co. Ltd. (A Shares) | | 171,894 | 605,805 |
| Maxscend Microelectronics Co. Ltd. (A Shares) | | 49,716 | 666,171 |
| Meihua Holdings Group Co. Ltd. (A Shares) | | 238,200 | 316,896 |
| Meituan Class B (a)(c) | | 8,923,000 | 210,853,819 |
| Metallurgical Corp. China Ltd. (A Shares) | | 1,525,600 | 716,008 |
| Midea Group Co. Ltd.: | | | |
| (A Shares) | | 373,400 | 3,741,779 |
| (H Shares) (b) | | 646,900 | 6,030,022 |
| MINISO Group Holding Ltd. (b) | | 687,384 | 3,444,718 |
| MMG Ltd. (a) | | 7,380,000 | 2,597,637 |
| Montage Technology Co. Ltd. (A Shares) | | 118,354 | 1,136,436 |
| Muyuan Foodstuff Co. Ltd. (A Shares) (a) | | 556,770 | 3,415,419 |
| Nanjing Iron & Steel Co. Ltd. | | 630,100 | 384,380 |
| Nanjing Securities Co. Ltd. (A Shares) | | 474,500 | 604,746 |
| NARI Technology Co. Ltd. (A Shares) | | 980,140 | 3,580,147 |
| National Silicon Industry Group Co. Ltd. (A Shares) | | 356,995 | 1,123,577 |
| NAURA Technology Group Co. Ltd. | | 56,600 | 3,114,605 |
| NetEase, Inc. | | 3,470,335 | 55,833,528 |
| New China Life Insurance Co. Ltd. | | 120,100 | 810,210 |
| New China Life Insurance Co. Ltd. (H Shares) | | 1,888,400 | 6,372,892 |
| New Hope Liuhe Co. Ltd. (A Shares) (a) | | 431,900 | 595,042 |
| New Oriental Education & Technology Group, Inc. | | 2,683,630 | 16,794,311 |
| Ninestar Corp. (A Shares) (a) | | 128,800 | 509,233 |
| Ningbo Deye Technology Co. Ltd. (A Shares) | | 55,636 | 740,414 |
| Ningbo Joyson Electronic Corp. (A shares) | | 122,900 | 287,185 |
| Ningbo Orient Wires & Cables Co. Ltd. (A Shares) | | 63,000 | 500,985 |
| Ningbo Sanxing Medical Electric Co. Ltd. | | 174,700 | 759,216 |
| Ningbo Tuopu Group Co. Ltd. (A Shares) | | 180,525 | 1,096,701 |
| Ningxia Baofeng Energy Group Co. Ltd. | | 743,700 | 1,660,853 |
| NIO, Inc. (A Shares) (a) | | 2,442,229 | 12,561,449 |
| Nongfu Spring Co. Ltd. (H Shares) (c) | | 3,572,600 | 13,311,002 |
| Offshore Oil Enginering Co. Ltd. (A Shares) | | 358,900 | 273,512 |
| OFILM Group Co. Ltd. (A Shares) (a) | | 323,200 | 798,844 |
| Oppein Home Group, Inc. (A Shares) | | 58,900 | 582,702 |
| Orient Securities Co. Ltd. (A Shares) | | 900,472 | 1,332,583 |
| Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a) | | 865,600 | 349,862 |
| PDD Holdings, Inc. ADR (a) | | 1,243,340 | 149,934,371 |
| People's Insurance Co. of China Group Ltd.: | | | |
| (A Shares) | | 3,664,800 | 3,661,583 |
| (H Shares) | | 11,153,000 | 5,629,528 |
| PetroChina Co. Ltd.: | | | |
| (A Shares) | | 1,622,100 | 1,844,019 |
| (H Shares) | | 38,908,000 | 29,216,587 |
| Pharmaron Beijing Co. Ltd.: | | | |
| (A Shares) | | 40,325 | 165,558 |
| (H Shares) (b)(c) | | 317,500 | 614,183 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 12,416,001 | 18,834,710 |
| Ping An Bank Co. Ltd. (A Shares) | | 2,844,800 | 4,554,163 |
| Ping An Insurance Group Co. of China Ltd.: | | | |
| (A Shares) | | 1,738,577 | 13,674,071 |
| (H Shares) | | 11,311,000 | 70,080,521 |
| Pingdingshan Tianan Coal Mining Co. Ltd. A Shares | | 251,200 | 358,174 |
| Piotech, Inc. (A Shares) | | 25,870 | 584,459 |
| Poly Developments & Holdings (A Shares) | | 1,221,700 | 1,857,115 |
| Pop Mart International Group Ltd. (c) | | 952,800 | 8,614,159 |
| Postal Savings Bank of China Co. Ltd. | | 2,728,800 | 1,999,455 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (c) | | 14,730,000 | 8,459,170 |
| Power Construction Corp. of China Ltd. (A Shares) | | 2,112,039 | 1,634,886 |
| Prosus NV | | 2,537,651 | 106,948,981 |
| Prosus NV rights (a)(e) | | 2,537,651 | 276,033 |
| Qifu Technology, Inc. ADR | | 208,847 | 6,852,270 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (a) | | 558,100 | 1,406,912 |
| Range Intelligent Computing Technology Group Co. Ltd. (A Shares) | | 143,300 | 643,788 |
| Rockchip Electronics Co. Ltd. | | 40,000 | 495,303 |
| Rongsheng Petrochemical Co. Ltd. (A Shares) | | 1,034,950 | 1,371,155 |
| SAIC Motor Corp. Ltd. (A Shares) | | 828,300 | 1,498,078 |
| Sailun Group Co. Ltd. A Shares | | 337,300 | 686,648 |
| Sanan Optoelectronics Co. Ltd. (A Shares) | | 464,300 | 894,659 |
| Sany Heavy Industry Co. Ltd. (A Shares) | | 958,000 | 2,458,426 |
| Satellite Chemical Co. Ltd. (A Shares) | | 343,601 | 912,896 |
| SDIC Capital Co. Ltd. | | 531,500 | 592,364 |
| SDIC Power Holdings Co. Ltd. (A Shares) | | 752,600 | 1,608,746 |
| Seres Group Co. Ltd. (A Shares) (a) | | 157,200 | 2,574,990 |
| SF Holding Co. Ltd. (A Shares) | | 486,800 | 3,060,246 |
| SG Micro Corp. (A Shares) | | 43,557 | 545,320 |
| Shaanxi Coal Industry Co. Ltd. (A Shares) | | 1,060,400 | 3,678,439 |
| Shan Xi Hua Yang Group New Energy Co. Ltd. | | 307,650 | 323,508 |
| Shandong Gold Mining Co. Ltd.: | | | |
| (A Shares) | | 630,523 | 2,319,484 |
| (H Shares) (c) | | 849,750 | 1,683,427 |
| Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares) | | 71,000 | 453,709 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) | | 219,800 | 708,034 |
| Shandong Linglong Tyre Co. Ltd. (A Shares) | | 193,900 | 529,768 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 1,802,600 | 1,032,163 |
| Shandong Sun Paper Industry JSC Ltd. (A Shares) | | 281,600 | 515,024 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 4,199,200 | 2,598,782 |
| Shanghai Baosight Software Co. Ltd. | | 1,922,011 | 2,909,190 |
| Shanghai Baosight Software Co. Ltd. (A Shares) | | 37,900 | 143,127 |
| Shanghai Electric Group Co. Ltd. (A Shares) (a) | | 1,118,000 | 1,416,529 |
| Shanghai Electric Power Co. Ltd. (A Shares) | | 242,800 | 325,768 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 755,500 | 1,436,685 |
| Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares) | | 19,303 | 512,653 |
| Shanghai International Airport Co. Ltd. (A Shares) | | 109,172 | 536,434 |
| Shanghai International Port Group Co. Ltd. (A Shares) | | 743,900 | 622,842 |
| Shanghai Lingang Holdings Corp. Ltd. (A Shares) | | 224,360 | 357,352 |
| Shanghai M&G Stationery, Inc. (A Shares) | | 81,600 | 332,546 |
| Shanghai Pharmaceuticals Holding Co. Ltd.: | | | |
| (A Shares) | | 800,800 | 2,179,568 |
| (H Shares) | | 376,300 | 581,608 |
| Shanghai Pudong Development Bank Co. Ltd. (A Shares) | | 3,022,800 | 4,186,673 |
| Shanghai Putailai New Energy Technology Co. Ltd. | | 186,751 | 441,375 |
| Shanghai RAAS Blood Products Co. Ltd. (A Shares) | | 658,400 | 680,984 |
| Shanghai Rural Commercial Bank Co. Ltd. (A Shares) | | 1,089,200 | 1,186,907 |
| Shanghai United Imaging Healthcare Co. Ltd. (A Shares) | | 81,170 | 1,394,341 |
| Shanghai Zhangjiang High Ltd. (A Shares) | | 152,000 | 610,988 |
| Shanjin International Gold Co. (A Shares) | | 326,980 | 823,697 |
| Shanxi Coal International Energy Group Co. Ltd. (A Shares) | | 283,700 | 529,684 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) | | 322,800 | 661,201 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) | | 124,460 | 3,515,012 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) | | 574,180 | 664,448 |
| Shenergy Co. Ltd. (A Shares) | | 440,800 | 534,192 |
| Shengyi Technology Co. Ltd. | | 216,100 | 622,154 |
| Shennan Circuits Co. Ltd. (A Shares) | | 60,040 | 879,893 |
| Shenwan Hongyuan Group Co. Ltd. (A Shares) | | 2,339,415 | 1,749,441 |
| Shenzhen Capchem Technology Co. Ltd. (A Shares) | | 108,220 | 584,579 |
| Shenzhen Energy Group Co. Ltd. (A Shares) | | 384,398 | 359,919 |
| Shenzhen Goodix Technology Co. Ltd. (A Shares) | | 46,300 | 583,081 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 131,000 | 1,022,472 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 128,000 | 4,793,945 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 72,900 | 702,584 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) | | 100,900 | 456,309 |
| Shenzhen Transsion Holdings Co. Ltd. (A Shares) | | 119,963 | 1,606,442 |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 311,488 | 1,115,643 |
| Shenzhou International Group Holdings Ltd. | | 1,467,700 | 11,333,596 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) | | 168,960 | 403,828 |
| Sichuan Chuantou Energy Co. Ltd. (A Shares) | | 600,100 | 1,411,577 |
| Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) | | 165,000 | 744,727 |
| Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) | | 783,200 | 842,115 |
| Sieyuan Electric Co. Ltd. (A Shares) | | 73,300 | 786,912 |
| Silergy Corp. | | 590,000 | 9,183,287 |
| Sinolink Securities Co. Ltd. (A Shares) | | 377,000 | 484,515 |
| Sinoma International Engineering Co. Ltd. (A Shares) | | 244,200 | 354,285 |
| Sinopharm Group Co. Ltd. (H Shares) | | 2,512,000 | 6,258,124 |
| Sinotruk Hong Kong Ltd. | | 1,172,500 | 3,164,671 |
| SITC International Holdings Co. Ltd. | | 2,397,000 | 6,774,669 |
| Smoore International Holdings Ltd. (b)(c) | | 3,355,000 | 4,380,119 |
| Soochow Securities Co. Ltd. (A Shares) | | 433,225 | 495,435 |
| Southwest Securities Co. Ltd. (A Shares) | | 582,900 | 393,815 |
| Spring Airlines Co. Ltd. (A Shares) | | 109,700 | 848,191 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 219,800 | 2,800,478 |
| Sunny Optical Technology Group Co. Ltd. | | 1,253,200 | 8,152,063 |
| Sunwoda Electronic Co. Ltd. (A Shares) | | 162,600 | 517,121 |
| SUPCON Technology Co. Ltd. (A Shares) | | 89,360 | 604,660 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) | | 156,500 | 688,825 |
| Suzhou Maxwell Technologies Co. Ltd. (A Shares) | | 25,868 | 421,795 |
| Suzhou TFC Optical Communication Co. Ltd. (A Shares) | | 51,100 | 911,133 |
| TAL Education Group ADR (a) | | 734,153 | 8,163,781 |
| TBEA Co. Ltd. (A Shares) | | 516,150 | 1,024,930 |
| TCL Technology Group Corp. (A Shares) | | 1,944,320 | 1,448,521 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares) | | 375,200 | 668,709 |
| Tencent Holdings Ltd. | | 11,722,900 | 611,256,986 |
| Tencent Music Entertainment Group ADR | | 1,351,765 | 15,045,144 |
| Tian Di Science & Technology Co. Ltd. (A Shares) | | 419,700 | 362,475 |
| Tianqi Lithium Corp. (A Shares) | | 153,000 | 770,012 |
| Tianshan Aluminum Group Co. Ltd. | | 419,900 | 487,830 |
| Tianshui Huatian Technology Co. Ltd. (A Shares) | | 288,900 | 555,105 |
| Tingyi (Cayman Islands) Holding Corp. | | 3,448,000 | 5,030,265 |
| Tongcheng Travel Holdings Ltd. | | 2,340,000 | 5,294,088 |
| TongFu Microelectronics Co. Ltd. (A Shares) | | 138,900 | 524,231 |
| Tongkun Group Co. Ltd. (A Shares) | | 229,300 | 379,430 |
| Tongling Nonferrous Metals Group Co. Ltd. (A Shares) | | 1,451,800 | 690,707 |
| Tongwei Co. Ltd. (A Shares) | | 525,700 | 2,278,389 |
| Topsports International Holdings Ltd. (c) | | 4,134,000 | 1,377,439 |
| TravelSky Technology Ltd. (H Shares) | | 1,606,000 | 2,250,947 |
| Trina Solar Co. Ltd. (A Shares) | | 202,669 | 713,524 |
| Trip.com Group Ltd. (a) | | 992,543 | 63,874,619 |
| Tsingtao Brewery Co. Ltd.: | | | |
| (A Shares) | | 115,200 | 1,085,362 |
| (H Shares) | | 1,098,000 | 7,070,120 |
| Unigroup Guoxin Microelectronics Co. Ltd. | | 79,359 | 743,579 |
| Unisplendour Corp. Ltd. (A Shares) | | 294,780 | 1,081,636 |
| Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) | | 232,100 | 484,223 |
| Victory Giant Technology Huizhou Co. Ltd. (A Shares) | | 103,600 | 647,981 |
| Vipshop Holdings Ltd. ADR | | 654,804 | 9,455,370 |
| Wanda Film Holding Co. Ltd. (A Shares) (a) | | 190,200 | 322,588 |
| Wanhua Chemical Group Co. Ltd. (A Shares) | | 316,000 | 3,344,242 |
| Want Want China Holdings Ltd. | | 8,400,000 | 5,227,036 |
| Weichai Power Co. Ltd.: | | | |
| (A Shares) | | 398,800 | 748,486 |
| (H Shares) | | 3,867,800 | 5,844,486 |
| Weihai Guangwei Composites Co. Ltd. (A Shares) | | 77,560 | 381,149 |
| Wens Foodstuffs Group Co. Ltd. (A Shares) | | 664,420 | 1,739,345 |
| Western Mining Co. Ltd. (A Shares) | | 268,800 | 664,153 |
| Western Securities Co. Ltd. (A Shares) | | 499,740 | 574,833 |
| Western Superconducting Technologies Co. Ltd. (A Shares) | | 78,064 | 552,557 |
| Wharf Holdings Ltd. | | 1,888,000 | 5,349,461 |
| Will Semiconductor Ltd. | | 132,515 | 1,992,774 |
| Wilmar International Ltd. | | 3,415,080 | 8,243,206 |
| Wingtech Technology Co. Ltd. (A Shares) | | 115,700 | 707,629 |
| Wintime Energy Group Co. Ltd. (A Shares) | | 1,893,800 | 373,521 |
| Wuhan Guide Infrared Co. Ltd. (A Shares) | | 405,243 | 504,602 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 406,100 | 8,381,945 |
| WUS Printed Circuit Kunshan Co. Ltd. (A Shares) | | 197,040 | 1,117,566 |
| WuXi AppTec Co. Ltd. | | 178,796 | 1,307,496 |
| WuXi AppTec Co. Ltd. (H Shares) (b)(c) | | 757,874 | 5,040,111 |
| Wuxi Biologics (Cayman), Inc. (a)(c) | | 6,248,000 | 13,273,272 |
| XCMG Construction Machinery Co. Ltd. (A Shares) | | 1,205,500 | 1,313,956 |
| Xiamen C&D, Inc. (A Shares) | | 250,800 | 328,440 |
| Xiamen Tungsten Co. Ltd. (A Shares) | | 130,200 | 355,584 |
| Xiaomi Corp. Class B (a)(c) | | 27,539,800 | 94,458,653 |
| Xinjiang Daqo New Energy Co. Ltd. (A Shares) | | 164,580 | 751,142 |
| Xinyi Solar Holdings Ltd. | | 8,941,450 | 4,585,770 |
| XPeng, Inc. Class A (a) | | 2,225,964 | 12,577,322 |
| Yadea Group Holdings Ltd. (c) | | 2,196,826 | 3,794,482 |
| Yankuang Ener-A: | | | |
| (A Shares) | | 150,600 | 326,399 |
| (H Shares) (b) | | 6,402,100 | 8,330,076 |
| Yantai Jereh Oilfield Services (A Shares) | | 88,800 | 418,297 |
| Yealink Network Technology Corp. Ltd. | | 117,050 | 640,766 |
| Yifeng Pharmacy Chain Co. Ltd. | | 107,928 | 359,901 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 166,300 | 761,422 |
| Yonyou Network Technology Co. Ltd. (A Shares) (a) | | 310,420 | 495,545 |
| Youngor Fashion Co. Ltd. (A Shares) | | 900,377 | 951,031 |
| YTO Express Group Co. Ltd. (A Shares) | | 393,100 | 906,737 |
| Yum China Holdings, Inc. | | 701,411 | 30,939,239 |
| Yunnan Aluminium Co. Ltd. (A Shares) | | 482,700 | 962,334 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 183,520 | 1,473,527 |
| Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares) | | 463,900 | 375,490 |
| Yunnan Energy New Material Co. Ltd. | | 90,800 | 454,051 |
| Yunnan Tin Co. Ltd. (A Shares) | | 157,100 | 336,121 |
| Yunnan Yuntianhua Co. Ltd. (Series A) | | 160,100 | 517,945 |
| Yutong Bus Co. Ltd. | | 227,500 | 774,537 |
| Zangge Mining Co. Ltd. (Series A) | | 143,700 | 578,157 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 66,200 | 2,183,581 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 2,696,500 | 4,725,445 |
| Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a) | | 852,500 | 565,747 |
| Zhejiang China Commodities City Group Co. Ltd. (A Shares) | | 589,700 | 884,548 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 219,800 | 721,577 |
| Zhejiang Dahua Technology Co. Ltd. (A Shares) | | 695,500 | 1,603,615 |
| Zhejiang Dingli Machinery Co. Ltd. (A Shares) | | 44,240 | 315,240 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 2,808,920 | 1,861,009 |
| Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) | | 133,880 | 347,832 |
| Zhejiang Huayou Cobalt Co. Ltd. (A Shares) | | 177,700 | 774,423 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) | | 122,000 | 617,265 |
| Zhejiang Juhua Co. Ltd. (A Shares) | | 337,600 | 992,829 |
| Zhejiang Leapmotor Technology Co. Ltd. (H Shares) (a)(b)(c) | | 855,600 | 3,377,579 |
| Zhejiang Longsheng Group Co. Ltd. (A Shares) | | 305,900 | 432,424 |
| Zhejiang NHU Co. Ltd. (A Shares) | | 284,508 | 906,503 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 165,600 | 507,103 |
| Zhejiang Supor Cookware Co. Ltd. | | 46,000 | 338,162 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd. (A Shares) | | 256,400 | 745,073 |
| Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares) | | 208,520 | 600,435 |
| Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) | | 131,100 | 274,628 |
| Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) | | 1,138,500 | 939,545 |
| Zheshang Securities Co. Ltd. | | 398,900 | 723,695 |
| Zhongji Innolight Co. Ltd. (A Shares) | | 116,480 | 2,300,761 |
| Zhongjin Gold Co. Ltd. (A Shares) | | 570,700 | 1,133,508 |
| Zhongsheng Group Holdings Ltd. Class H | | 1,418,000 | 2,180,585 |
| Zhongtai Securities Co. Ltd. (A Shares) | | 607,800 | 581,338 |
| Zhuzhou CRRC Times Electric Co. Ltd.: | | | |
| (A Shares) | | 25,415 | 173,769 |
| (H Shares) | | 1,013,200 | 3,888,119 |
| Zijin Mining Group Co. Ltd.: | | | |
| (A Shares) | | 1,060,300 | 2,486,240 |
| (H Shares) | | 11,345,000 | 24,165,664 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares) | | 976,200 | 953,724 |
| ZTE Corp.: | | | |
| (A Shares) | | 229,100 | 972,008 |
| (H Shares) | | 1,647,336 | 4,100,008 |
| ZTO Express, Inc. | | 754,981 | 17,412,218 |
TOTAL CHINA | | | 4,029,621,331 |
| Colombia - 0.0% | | | |
| Bancolombia SA | | 433,509 | 3,702,986 |
| Interconexion Electrica SA ESP | | 747,224 | 2,968,465 |
TOTAL COLOMBIA | | | 6,671,451 |
| Czech Republic - 0.0% | | | |
| CEZ A/S | | 284,118 | 11,009,345 |
| Komercni Banka A/S | | 130,010 | 4,490,441 |
| MONETA Money Bank A/S (c) | | 475,768 | 2,370,879 |
TOTAL CZECH REPUBLIC | | | 17,870,665 |
| Denmark - 2.1% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 4,679 | 7,116,324 |
| Series B | | 8,670 | 13,713,899 |
| Carlsberg A/S Series B | | 171,747 | 18,980,399 |
| Coloplast A/S Series B | | 226,027 | 28,186,838 |
| Danske Bank A/S | | 1,231,331 | 36,305,658 |
| Demant A/S (a) | | 174,855 | 6,415,153 |
| DSV A/S | | 365,825 | 79,510,359 |
| Genmab A/S (a) | | 113,156 | 25,342,114 |
| Novo Nordisk A/S Series B | | 5,763,722 | 646,487,947 |
| Novonesis (NOVOZYMES) B Series B | | 632,131 | 39,608,719 |
| ORSTED A/S (a)(c) | | 340,020 | 19,867,451 |
| Pandora A/S | | 147,496 | 22,239,199 |
| Rockwool International A/S Series B | | 16,927 | 7,291,365 |
| Tryg A/S | | 605,569 | 14,261,149 |
| Vestas Wind Systems A/S (a) | | 1,814,633 | 34,582,075 |
| Zealand Pharma A/S (a) | | 114,667 | 13,217,785 |
TOTAL DENMARK | | | 1,013,126,434 |
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 4,026,408 | 6,580,442 |
| Eastern Co. SAE | | 2,405,991 | 1,341,850 |
| Talaat Moustafa Group Holding | | 1,474,522 | 1,780,572 |
TOTAL EGYPT | | | 9,702,864 |
| Finland - 0.6% | | | |
| Elisa Corp. (A Shares) | | 251,351 | 11,964,293 |
| Fortum Corp. | | 788,620 | 11,606,324 |
| Kesko Oyj | | 481,065 | 10,290,271 |
| Kone OYJ (B Shares) | | 609,937 | 33,345,448 |
| Metso Corp. | | 1,101,793 | 10,433,926 |
| Neste OYJ | | 762,925 | 12,249,537 |
| Nokia Corp. | | 9,560,710 | 45,241,524 |
| Nordea Bank Abp (Helsinki Stock Exchange) | | 5,648,701 | 66,129,276 |
| Orion Oyj (B Shares) | | 191,125 | 9,282,566 |
| Sampo Oyj (A Shares) | | 899,215 | 39,809,529 |
| Stora Enso Oyj (R Shares) | | 1,031,297 | 11,464,728 |
| UPM-Kymmene Corp. | | 968,630 | 28,374,183 |
| Wartsila Corp. | | 905,693 | 17,250,284 |
TOTAL FINLAND | | | 307,441,889 |
| France - 5.7% | | | |
| Accor SA | | 350,671 | 15,890,890 |
| Aeroports de Paris SA | | 60,878 | 7,204,741 |
| Air Liquide SA | | 726,543 | 130,270,179 |
| Air Liquide SA | | 257,070 | 46,093,012 |
| Airbus Group NV | | 1,063,579 | 162,239,650 |
| Alstom SA (a) | | 622,841 | 13,700,305 |
| Amundi SA (c) | | 108,264 | 7,831,317 |
| Arkema SA | | 100,492 | 8,783,072 |
| AXA SA | | 3,243,884 | 121,805,022 |
| bioMerieux SA | | 73,334 | 8,176,329 |
| BNP Paribas SA | | 1,819,175 | 124,238,794 |
| Bollore SA | | 1,251,539 | 7,807,408 |
| Bouygues SA | | 343,379 | 10,992,414 |
| Bureau Veritas SA | | 570,530 | 18,022,050 |
| Capgemini SA | | 278,256 | 48,272,087 |
| Carrefour SA | | 983,507 | 15,619,019 |
| Compagnie de St.-Gobain | | 812,011 | 73,637,175 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 1,216,017 | 41,095,931 |
| Covivio | | 94,052 | 5,350,555 |
| Credit Agricole SA | | 1,880,332 | 28,821,908 |
| Danone SA | | 1,154,531 | 82,478,017 |
| Dassault Aviation SA | | 34,464 | 6,946,566 |
| Dassault Systemes SA | | 1,198,974 | 41,035,101 |
| Edenred SA | | 441,261 | 14,183,458 |
| Eiffage SA | | 130,068 | 12,091,006 |
| Engie SA | | 863,500 | 14,473,570 |
| Engie SA | | 2,402,004 | 40,261,232 |
| EssilorLuxottica SA | | 531,400 | 124,507,737 |
| Eurazeo SA | | 80,772 | 6,145,789 |
| Eurazeo SA | | 19,800 | 1,506,545 |
| Gecina SA | | 82,320 | 8,779,748 |
| Getlink SE | | 531,529 | 9,010,790 |
| Hermes International SCA | | 56,671 | 127,849,408 |
| Ipsen SA | | 66,817 | 8,132,913 |
| Kering SA | | 133,733 | 33,402,580 |
| Klepierre SA | | 387,320 | 12,369,583 |
| L'Oreal SA | | 406,912 | 152,661,361 |
| L'Oreal SA | | 23,733 | 8,903,920 |
| La Francaise des Jeux SAEM (c) | | 179,594 | 7,650,038 |
| Legrand SA | | 471,793 | 53,250,542 |
| LVMH Moet Hennessy Louis Vuitton SE | | 492,307 | 327,738,887 |
| Orange SA | | 3,344,202 | 36,738,406 |
| Pernod Ricard SA | | 364,109 | 45,249,805 |
| Publicis Groupe SA | | 410,102 | 43,591,763 |
| Renault SA | | 345,162 | 15,731,354 |
| Rexel SA | | 410,091 | 11,232,206 |
| Safran SA | | 611,433 | 138,407,461 |
| Sartorius Stedim Biotech | | 52,406 | 10,448,948 |
| SEB SA | | 44,422 | 4,658,051 |
| Societe Generale Series A | | 1,293,545 | 37,152,537 |
| Sodexo SA | | 8,142 | 706,746 |
| Sodexo SA | | 150,820 | 13,091,546 |
| Teleperformance | | 98,109 | 10,340,980 |
| Thales SA | | 170,012 | 27,397,461 |
| TotalEnergies SE | | 3,860,841 | 242,289,789 |
| Unibail-Rodamco-Westfield NV | | 212,669 | 17,322,043 |
| Veolia Environnement SA | | 1,237,276 | 39,283,144 |
| VINCI SA | | 894,530 | 100,205,894 |
| Vivendi SA | | 1,301,185 | 13,862,075 |
TOTAL FRANCE | | | 2,796,940,858 |
| Germany - 5.2% | | | |
| adidas AG | | 290,542 | 69,582,277 |
| Allianz SE | | 699,690 | 220,266,165 |
| BASF AG | | 1,602,656 | 77,909,304 |
| Bayer AG | | 1,762,130 | 47,484,003 |
| Bayerische Motoren Werke AG (BMW) | | 575,397 | 45,264,226 |
| Bechtle AG | | 145,391 | 4,959,555 |
| Beiersdorf AG | | 178,958 | 24,138,034 |
| Brenntag SE | | 235,783 | 15,347,342 |
| Carl Zeiss Meditec AG | | 71,704 | 4,492,571 |
| Commerzbank AG | | 1,803,980 | 32,044,020 |
| Continental AG | | 194,109 | 12,114,413 |
| Covestro AG (a)(c) | | 341,094 | 21,593,655 |
| CTS Eventim AG | | 112,945 | 11,849,454 |
| Daimler Truck Holding AG | | 886,977 | 36,672,399 |
| Deutsche Bank AG | | 3,392,608 | 57,657,393 |
| Deutsche Borse AG | | 340,049 | 78,986,004 |
| Deutsche Lufthansa AG (b) | | 1,071,930 | 7,448,706 |
| Deutsche Post AG ADR | | 1,827,935 | 73,427,292 |
| Deutsche Telekom AG | | 6,245,132 | 188,812,336 |
| E.ON SE | | 4,026,356 | 54,373,587 |
| Evonik Industries AG | | 458,804 | 10,096,066 |
| Fresenius Medical Care AG & Co. KGaA | | 324,911 | 12,718,638 |
| Fresenius Medical Care AG & Co. KGaA sponsored ADR | | 90,750 | 1,773,255 |
| Fresenius SE & Co. KGaA (a) | | 757,904 | 27,634,226 |
| GEA Group AG | | 282,796 | 13,928,642 |
| Hannover Reuck SE | | 108,167 | 28,414,565 |
| HeidelbergCement AG | | 246,076 | 27,088,120 |
| Henkel AG & Co. KGaA | | 180,792 | 14,100,271 |
| Infineon Technologies AG | | 2,339,796 | 73,995,200 |
| Knorr-Bremse AG | | 127,961 | 10,522,732 |
| LEG Immobilien AG | | 134,877 | 12,737,575 |
| Mercedes-Benz Group AG (Germany) | | 1,340,549 | 81,439,280 |
| Merck KGaA | | 231,540 | 38,282,361 |
| MTU Aero Engines AG | | 96,767 | 31,651,172 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 239,354 | 122,400,911 |
| Nemetschek SE | | 102,619 | 11,100,989 |
| Puma AG | | 185,285 | 8,420,498 |
| Rational AG | | 9,210 | 9,016,360 |
| Rheinmetall AG | | 78,150 | 40,225,626 |
| RWE AG | | 1,138,167 | 36,856,485 |
| SAP SE | | 1,868,473 | 436,260,604 |
| Scout24 AG (c) | | 133,416 | 11,486,506 |
| Siemens AG | | 1,360,110 | 264,609,218 |
| Siemens Energy AG (a) | | 1,145,669 | 46,769,941 |
| Siemens Healthineers AG (c) | | 504,944 | 26,347,659 |
| Symrise AG | | 240,354 | 28,915,824 |
| Talanx AG | | 116,483 | 8,989,676 |
| Volkswagen AG | | 2,336 | 232,736 |
| Vonovia SE | | 1,328,876 | 43,595,824 |
| Zalando SE (a)(c) | | 396,204 | 11,903,416 |
TOTAL GERMANY | | | 2,575,937,112 |
| Greece - 0.1% | | | |
| Alpha Services and Holdings SA | | 3,993,962 | 5,993,144 |
| Eurobank Ergasias Services and Holdings SA | | 4,764,562 | 9,858,936 |
| Ff Group (a)(d) | | 7,962 | 0 |
| Hellenic Telecommunications Organization SA | | 334,468 | 5,519,112 |
| Jumbo SA | | 205,595 | 5,479,081 |
| Metlen Energy & Metals SA | | 190,678 | 6,649,564 |
| National Bank of Greece SA | | 1,583,352 | 12,366,050 |
| OPAP SA | | 329,595 | 5,621,546 |
| Piraeus Financial Holdings SA | | 1,893,690 | 7,081,803 |
| Public Power Corp. of Greece | | 358,221 | 4,695,341 |
TOTAL GREECE | | | 63,264,577 |
| Hong Kong - 1.1% | | | |
| AIA Group Ltd. | | 19,960,209 | 157,532,329 |
| CK Asset Holdings Ltd. | | 3,391,639 | 13,864,904 |
| CK Infrastructure Holdings Ltd. | | 1,118,631 | 7,915,863 |
| CLP Holdings Ltd. | | 2,956,976 | 25,118,335 |
| Futu Holdings Ltd. ADR (a) | | 98,428 | 9,349,676 |
| Hang Seng Bank Ltd. | | 1,366,653 | 16,717,160 |
| Henderson Land Development Co. Ltd. | | 2,572,869 | 8,250,379 |
| HKT Trust/HKT Ltd. unit | | 6,752,479 | 8,391,349 |
| Hong Kong & China Gas Co. Ltd. | | 19,830,350 | 15,359,914 |
| Hong Kong Exchanges and Clearing Ltd. | | 2,158,884 | 86,442,510 |
| Hongkong Land Holdings Ltd. | | 1,952,145 | 8,369,993 |
| Jardine Matheson Holdings Ltd. | | 289,264 | 11,114,698 |
| Link (REIT) | | 4,604,409 | 21,453,870 |
| MTR Corp. Ltd. | | 2,749,620 | 10,004,199 |
| Orient Overseas International Ltd. | | 236,500 | 3,223,785 |
| Power Assets Holdings Ltd. | | 2,501,926 | 16,665,999 |
| Prudential PLC | | 4,926,729 | 41,014,280 |
| Sino Biopharmaceutical Ltd. | | 18,408,000 | 8,362,151 |
| Sino Land Ltd. | | 7,332,596 | 7,338,154 |
| Sun Hung Kai Properties Ltd. | | 2,607,922 | 28,238,489 |
| Swire Pacific Ltd. (A Shares) | | 732,060 | 6,131,495 |
| Techtronic Industries Co. Ltd. | | 2,467,870 | 35,698,845 |
| WH Group Ltd. (c) | | 14,774,743 | 11,499,426 |
| Wharf Real Estate Investment Co. Ltd. | | 2,944,349 | 8,852,460 |
TOTAL HONG KONG | | | 566,910,263 |
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 711,175 | 4,934,845 |
| OTP Bank PLC | | 404,194 | 20,119,762 |
| Richter Gedeon PLC | | 246,183 | 7,111,209 |
TOTAL HUNGARY | | | 32,165,816 |
| India - 5.4% | | | |
| ABB India Ltd. | | 93,624 | 8,246,155 |
| Adani Enterprises Ltd. | | 260,909 | 9,125,171 |
| Adani Green Energy Ltd. (a) | | 558,418 | 10,575,975 |
| Adani Ports & Special Economic Zone Ltd. | | 974,064 | 15,892,076 |
| Adani Power Ltd. (a) | | 1,357,460 | 9,530,688 |
| Ambuja Cements Ltd. | | 1,130,275 | 7,791,834 |
| APL Apollo Tubes Ltd. | | 294,410 | 5,316,885 |
| Apollo Hospitals Enterprise Ltd. | | 182,478 | 15,201,689 |
| Ashok Leyland Ltd. | | 2,601,384 | 6,425,692 |
| Asian Paints Ltd. | | 692,238 | 24,108,674 |
| Astral Ltd. | | 235,974 | 4,958,236 |
| AU Small Finance Bank Ltd. (c) | | 672,091 | 4,885,581 |
| Aurobindo Pharma Ltd. | | 467,520 | 7,749,436 |
| Avenue Supermarts Ltd. (a)(c) | | 292,837 | 13,667,050 |
| Axis Bank Ltd. | | 4,097,992 | 56,293,270 |
| Bajaj Auto Ltd. | | 120,158 | 14,033,379 |
| Bajaj Finance Ltd. | | 500,243 | 40,859,092 |
| Bajaj Finserv Ltd. | | 695,271 | 14,427,460 |
| Bajaj Holdings & Investment Ltd. | | 47,219 | 5,738,205 |
| Balkrishna Industries Ltd. | | 132,607 | 4,462,587 |
| Bank of Baroda | | 1,835,311 | 5,457,708 |
| Bharat Electronics Ltd. | | 6,566,666 | 22,165,831 |
| Bharat Forge Ltd. | | 448,080 | 7,499,960 |
| Bharat Heavy Electricals Ltd. | | 1,833,687 | 5,190,635 |
| Bharat Petroleum Corp. Ltd. | | 2,659,751 | 9,811,031 |
| Bharti Airtel Ltd. | | 4,588,669 | 87,827,015 |
| Bosch Ltd. | | 13,083 | 5,457,296 |
| Britannia Industries Ltd. | | 195,662 | 13,302,318 |
| Canara Bank Ltd. | | 3,246,198 | 3,944,331 |
| Cg Power & Industrial Soluti | | 1,107,262 | 9,247,002 |
| Cholamandalam Investment and Finance Co. Ltd. | | 742,331 | 11,190,396 |
| Cipla Ltd./India | | 950,894 | 17,492,871 |
| Coal India Ltd. | | 3,333,122 | 17,878,248 |
| Colgate-Palmolive Ltd. | | 239,738 | 8,719,125 |
| Container Corp. of India Ltd. | | 434,503 | 4,369,009 |
| Cummins India Ltd. | | 251,088 | 10,414,874 |
| Dabur India Ltd. | | 934,296 | 5,990,868 |
| Divi's Laboratories Ltd. | | 215,138 | 15,035,703 |
| Dixon Technologies India Ltd. | | 58,487 | 9,757,692 |
| DLF Ltd. | | 1,315,611 | 12,788,289 |
| Dr. Reddy's Laboratories Ltd. | | 1,031,645 | 15,604,021 |
| Eicher Motors Ltd. | | 247,692 | 14,375,078 |
| GAIL India Ltd. | | 4,151,622 | 9,836,897 |
| GMR Airports Infrastructure Ltd. (a) | | 4,333,684 | 4,068,524 |
| Godrej Consumer Products Ltd. | | 723,452 | 11,022,805 |
| Godrej Properties Ltd. (a) | | 219,411 | 7,467,637 |
| Grasim Industries Ltd. | | 466,104 | 14,926,885 |
| Havells India Ltd. | | 446,483 | 8,688,913 |
| HCL Technologies Ltd. | | 1,705,661 | 35,689,358 |
| HDFC Asset Management Co. Ltd. (c) | | 170,140 | 8,682,253 |
| HDFC Bank Ltd. | | 7,626,082 | 156,747,734 |
| HDFC Standard Life Insurance Co. Ltd. (c) | | 1,750,043 | 14,947,614 |
| Hero Motocorp Ltd. | | 211,616 | 12,512,609 |
| Hindalco Industries Ltd. | | 2,432,888 | 19,740,918 |
| Hindustan Aeronautics Ltd. | | 360,462 | 18,138,654 |
| Hindustan Petroleum Corp. Ltd. | | 1,692,004 | 7,650,542 |
| Hindustan Unilever Ltd. | | 1,474,255 | 44,261,585 |
| ICICI Bank Ltd. | | 9,321,758 | 142,987,792 |
| ICICI Lombard General Insurance Co. Ltd. (c) | | 429,031 | 9,746,135 |
| ICICI Prudential Life Insurance Co. Ltd. (c) | | 660,291 | 5,805,194 |
| IDFC Bank Ltd. (a) | | 6,165,175 | 4,816,237 |
| Indian Oil Corp. Ltd. | | 4,936,791 | 8,320,153 |
| Indian Railway Catering & Tourism Corp. Ltd. | | 427,481 | 4,163,617 |
| Indus Towers Ltd. (a) | | 2,198,312 | 8,869,806 |
| IndusInd Bank Ltd. | | 508,803 | 6,365,247 |
| Info Edge India Ltd. | | 125,712 | 11,091,769 |
| Infosys Ltd. | | 5,667,366 | 118,244,406 |
| Infosys Ltd. sponsored ADR (b) | | 293,145 | 6,129,662 |
| InterGlobe Aviation Ltd. (a)(c) | | 342,266 | 16,441,840 |
| ITC Ltd. | | 5,376,631 | 31,193,808 |
| Jindal Stainless Ltd. | | 582,062 | 4,659,961 |
| Jindal Steel & Power Ltd. | | 634,365 | 6,923,139 |
| Jio Financial Services Ltd. (a) | | 5,172,350 | 19,782,782 |
| JSW Energy Ltd. | | 617,838 | 4,980,440 |
| JSW Steel Ltd. | | 1,075,216 | 12,276,026 |
| Jubilant Foodworks Ltd. | | 648,066 | 4,427,470 |
| Kotak Mahindra Bank Ltd. | | 1,961,898 | 40,277,123 |
| Larsen & Toubro Ltd. | | 1,207,955 | 51,888,397 |
| Ltimindtree Ltd. (c) | | 131,780 | 8,917,161 |
| Lupin Ltd. | | 413,217 | 10,721,371 |
| Macrotech Developers Ltd. (c) | | 521,212 | 7,451,274 |
| Mahindra & Mahindra Ltd. | | 1,670,751 | 53,951,203 |
| Mankind Pharma Ltd. (a) | | 183,636 | 5,810,998 |
| Marico Ltd. | | 910,277 | 6,916,209 |
| Maruti Suzuki India Ltd. | | 225,579 | 29,606,971 |
| Max Healthcare Institute Ltd. | | 1,398,065 | 16,876,114 |
| Mphasis BFL Ltd. | | 182,924 | 6,234,970 |
| MRF Ltd. | | 4,394 | 6,390,408 |
| Muthoot Finance Ltd. | | 207,399 | 4,748,418 |
| Nestle India Ltd. | | 608,050 | 16,351,918 |
| NHPC Ltd. | | 5,300,327 | 5,189,212 |
| NMDC Ltd. | | 1,811,049 | 4,756,078 |
| NTPC Ltd. | | 7,849,855 | 37,965,475 |
| Oil & Natural Gas Corp. Ltd. | | 5,663,393 | 17,860,310 |
| Oil India Ltd. | | 862,690 | 4,834,356 |
| Oracle Financial Services Software Ltd. | | 38,913 | 5,021,989 |
| Page Industries Ltd. | | 11,404 | 5,843,431 |
| PB Fintech Ltd. (a) | | 533,567 | 10,780,146 |
| Persistent Systems Ltd. | | 190,899 | 12,154,496 |
| Petronet LNG Ltd. | | 1,329,897 | 5,247,758 |
| Phoenix Mills Ltd. | | 344,140 | 6,216,396 |
| PI Industries Ltd. | | 132,924 | 7,070,561 |
| Pidilite Industries Ltd. | | 278,383 | 10,394,504 |
| Polycab India Ltd. | | 92,276 | 7,076,999 |
| Power Finance Corp. Ltd. | | 2,674,850 | 14,369,569 |
| Power Grid Corp. of India Ltd. | | 8,354,610 | 31,779,921 |
| Prestige Estates Projs. Ltd. | | 303,003 | 5,882,417 |
| Punjab National Bank | | 3,920,500 | 4,553,536 |
| Rail Vikas Nigam Ltd. | | 920,414 | 5,134,165 |
| REC Ltd. | | 2,370,462 | 14,635,248 |
| Reliance Industries Ltd. (a) | | 5,357,124 | 84,098,699 |
| Reliance Industries Ltd. | | 5,543,328 | 87,648,621 |
| Samvardhana Motherson International Ltd. | | 4,891,265 | 10,479,652 |
| SBI Cards & Payment Services Ltd. | | 485,436 | 3,964,263 |
| SBI Life Insurance Co. Ltd. (c) | | 812,288 | 15,638,372 |
| Shree Cement Ltd. | | 16,005 | 4,760,444 |
| Shriram Finance Ltd. | | 507,687 | 18,848,505 |
| Siemens Ltd. | | 157,122 | 12,997,810 |
| Solar Industries India Ltd. | | 47,930 | 5,812,215 |
| Sona Blw Precision Forgings Ltd. (c) | | 793,490 | 6,454,264 |
| SRF Ltd. | | 239,529 | 6,368,624 |
| State Bank of India | | 3,198,525 | 31,124,845 |
| Sun Pharmaceutical Industries Ltd. | | 1,719,528 | 37,734,487 |
| Sundaram Finance Ltd. | | 116,921 | 6,682,041 |
| Supreme Industries Ltd. | | 111,439 | 5,677,460 |
| Suzlon Energy Ltd. (a) | | 17,170,376 | 13,615,579 |
| Tata Communications Ltd. | | 194,585 | 4,097,332 |
| Tata Consultancy Services Ltd. | | 1,618,819 | 76,142,525 |
| Tata Consumer Products Ltd. | | 1,077,465 | 12,818,484 |
| Tata Elxsi Ltd. | | 62,882 | 5,238,987 |
| Tata Motors Ltd. | | 3,627,772 | 35,881,479 |
| Tata Power Co. Ltd./The | | 2,538,016 | 13,229,225 |
| Tata Steel Ltd. | | 13,508,415 | 23,740,722 |
| Tech Mahindra Ltd. | | 973,787 | 18,534,583 |
| The Indian Hotels Co. Ltd. | | 1,513,264 | 12,135,742 |
| Thermax Ltd. | | 74,054 | 4,334,166 |
| Titan Co. Ltd. | | 639,138 | 24,756,222 |
| Torrent Pharmaceuticals Ltd. | | 179,705 | 6,830,520 |
| Torrent Power Ltd. | | 297,679 | 6,439,496 |
| Trent Ltd. | | 325,226 | 27,481,819 |
| Tube Investments of India Ltd. | | 192,366 | 10,226,856 |
| Tvs Motor Co. Ltd. | | 419,063 | 12,403,856 |
| Ultratech Cement Ltd. | | 207,990 | 27,311,659 |
| Union Bank of India Ltd. | | 2,598,323 | 3,603,130 |
| United Spirits Ltd. | | 515,895 | 8,876,928 |
| UPL Ltd. | | 858,975 | 5,646,567 |
| Varun Beverages Ltd. | | 2,051,288 | 14,450,513 |
| Vedanta Ltd. | | 2,462,318 | 13,553,899 |
| Vodafone Idea Ltd. (a) | | 42,221,852 | 4,059,690 |
| Wipro Ltd. | | 2,312,030 | 15,049,564 |
| Yes Bank Ltd. (a) | | 25,008,311 | 6,036,902 |
| Zomato Ltd. (a) | | 11,862,466 | 34,032,588 |
| Zydus Lifesciences Ltd. | | 446,308 | 5,301,078 |
TOTAL INDIA | | | 2,661,446,363 |
| Indonesia - 0.5% | | | |
| Amman Mineral Internasional PT (a) | | 11,426,700 | 6,659,629 |
| PT Adaro Energy Indonesia Tbk | | 25,414,200 | 5,849,424 |
| PT Astra International Tbk | | 36,119,800 | 11,726,201 |
| PT Bank Central Asia Tbk | | 99,784,700 | 64,580,315 |
| PT Bank Mandiri (Persero) Tbk | | 67,393,000 | 28,609,618 |
| PT Bank Negara Indonesia (Persero) Tbk | | 26,478,378 | 8,831,494 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 122,904,700 | 37,468,006 |
| PT Barito Pacific Tbk | | 48,000,317 | 3,038,981 |
| PT Chandra Asri Pacific Tbk | | 13,972,100 | 7,719,374 |
| PT Charoen Pokphand Indonesia Tbk | | 12,461,000 | 4,171,649 |
| PT GoTo Gojek Tokopedia Tbk (a) | | 1,597,499,568 | 6,895,665 |
| PT Indah Kiat Pulp & Paper Tbk | | 4,199,600 | 2,157,078 |
| PT Indofood CBP Sukses Makmur Tbk | | 4,121,100 | 3,207,099 |
| PT Indofood Sukses Makmur Tbk | | 7,742,600 | 3,746,097 |
| PT Kalbe Farma Tbk | | 36,286,100 | 3,700,200 |
| PT Merdeka Copper Gold Tbk (a) | | 16,717,290 | 2,584,245 |
| PT Sumber Alfaria Trijaya Tbk | | 33,238,800 | 6,967,801 |
| PT Surya Citra Media Tbk | | 35 | 0 |
| PT Telkom Indonesia Persero Tbk | | 87,878,800 | 15,707,701 |
| PT Unilever Indonesia Tbk | | 13,111,800 | 1,641,057 |
| PT United Tractors Tbk | | 2,703,312 | 4,718,688 |
TOTAL INDONESIA | | | 229,980,322 |
| Ireland - 0.2% | | | |
| AerCap Holdings NV | | 348,428 | 32,595,439 |
| AIB Group PLC | | 3,251,310 | 17,308,181 |
| Bank of Ireland Group PLC | | 1,821,986 | 16,770,544 |
| Kerry Group PLC Class A | | 276,679 | 27,537,619 |
| Kingspan Group PLC (Ireland) | | 277,799 | 24,370,483 |
TOTAL IRELAND | | | 118,582,266 |
| Israel - 0.4% | | | |
| Azrieli Group | | 76,269 | 5,849,648 |
| Bank Hapoalim BM (Reg.) | | 2,286,040 | 23,904,141 |
| Bank Leumi le-Israel BM | | 2,728,499 | 27,822,224 |
| Check Point Software Technologies Ltd. (a) | | 159,202 | 27,575,378 |
| Elbit Systems Ltd. (Israel) | | 47,314 | 10,830,878 |
| Global-e Online Ltd. (a) | | 174,588 | 6,711,163 |
| Icl Group Ltd. | | 1,375,984 | 5,691,136 |
| Israel Discount Bank Ltd. (Class A) | | 2,243,768 | 13,232,732 |
| Mizrahi Tefahot Bank Ltd. | | 273,846 | 11,333,733 |
| NICE Ltd. (a) | | 94,414 | 16,684,116 |
| NICE Ltd. sponsored ADR (a)(b) | | 20,019 | 3,477,300 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 2,007,654 | 37,021,140 |
| Wix.com Ltd. (a) | | 95,161 | 15,903,306 |
TOTAL ISRAEL | | | 206,036,895 |
| Italy - 1.6% | | | |
| Amplifon SpA (b) | | 216,454 | 6,051,009 |
| Banco BPM SpA | | 2,321,019 | 15,642,969 |
| Coca-Cola HBC AG | | 395,656 | 13,825,841 |
| Davide Campari Milano NV (b) | | 1,094,865 | 7,350,666 |
| DiaSorin SpA | | 40,973 | 4,456,838 |
| Enel SpA | | 14,531,367 | 110,207,006 |
| Eni SpA | | 4,118,002 | 62,730,300 |
| Ferrari NV (Italy) | | 225,409 | 107,833,964 |
| FinecoBank SpA | | 1,097,783 | 17,535,556 |
| Generali | | 1,813,317 | 50,395,729 |
| Infrastrutture Wireless Italiane SpA (c) | | 588,801 | 6,628,847 |
| Intesa Sanpaolo SpA | | 26,052,057 | 111,503,103 |
| Leonardo SpA | | 729,095 | 17,423,816 |
| Mediobanca SpA | | 894,604 | 14,762,010 |
| Moncler SpA | | 395,679 | 21,924,567 |
| Nexi SpA (a)(c) | | 1,050,043 | 6,626,953 |
| Poste Italiane SpA (c) | | 809,442 | 11,393,289 |
| Prysmian SpA | | 485,025 | 34,198,121 |
| Recordati SpA | | 189,576 | 10,743,608 |
| Snam SpA | | 3,589,415 | 17,249,578 |
| Telecom Italia SpA (a) | | 9,177,493 | 2,323,002 |
| Telecom Italia SpA (Risparmio Shares) (a) | | 7,564,311 | 2,210,885 |
| Terna - Rete Elettrica Nazionale | | 2,535,190 | 21,961,948 |
| UniCredit SpA | | 2,633,300 | 116,495,122 |
TOTAL ITALY | | | 791,474,727 |
| Japan - 13.4% | | | |
| Advantest Corp. | | 1,372,228 | 79,451,531 |
| AEON Co. Ltd. | | 1,173,278 | 28,749,005 |
| AGC, Inc. | | 346,796 | 10,627,609 |
| Aisin Seiki Co. Ltd. | | 939,303 | 9,766,287 |
| Ajinomoto Co., Inc. | | 831,815 | 31,954,798 |
| Ana Holdings, Inc. | | 282,551 | 5,565,332 |
| Asahi Group Holdings | | 2,590,751 | 31,102,675 |
| Asahi Kasei Corp. | | 2,222,825 | 15,334,575 |
| Asics Corp. | | 1,225,749 | 21,410,030 |
| Astellas Pharma, Inc. | | 3,246,965 | 38,016,533 |
| Bandai Namco Holdings, Inc. | | 1,072,194 | 22,479,762 |
| Bridgestone Corp. | | 1,024,095 | 36,493,746 |
| Brother Industries Ltd. | | 418,675 | 8,154,636 |
| Canon, Inc. | | 1,668,028 | 54,252,592 |
| Canon, Inc. sponsored ADR | | 1,681 | 54,111 |
| Capcom Co. Ltd. | | 624,400 | 12,355,917 |
| Central Japan Railway Co. | | 1,387,690 | 28,737,998 |
| Chiba Bank Ltd. | | 958,494 | 6,994,816 |
| Chubu Electric Power Co., Inc. | | 1,133,595 | 13,030,857 |
| Chugai Pharmaceutical Co. Ltd. | | 1,202,424 | 57,213,125 |
| Concordia Financial Group Ltd. | | 1,844,088 | 9,134,321 |
| Dai Nippon Printing Co. Ltd. | | 684,042 | 11,872,493 |
| Dai-ichi Mutual Life Insurance Co. | | 1,621,091 | 40,414,321 |
| Daifuku Co. Ltd. | | 570,527 | 10,724,048 |
| Daiichi Sankyo Co. Ltd. | | 3,311,796 | 107,793,137 |
| Daikin Industries Ltd. | | 472,782 | 56,760,661 |
| Daito Trust Construction Co. Ltd. | | 105,321 | 11,638,340 |
| Daiwa House Industry Co. Ltd. | | 1,004,908 | 29,975,062 |
| Daiwa Securities Group, Inc. | | 2,396,951 | 15,681,536 |
| DENSO Corp. | | 3,391,400 | 48,169,733 |
| Dentsu Group, Inc. (b) | | 366,822 | 11,322,973 |
| Disco Corp. | | 160,487 | 45,664,137 |
| East Japan Railway Co. | | 1,627,143 | 32,681,725 |
| Eisai Co. Ltd. | | 453,897 | 15,378,083 |
| ENEOS Holdings, Inc. | | 5,172,364 | 26,092,246 |
| FANUC Corp. | | 1,696,825 | 45,019,007 |
| Fast Retailing Co. Ltd. | | 341,989 | 109,341,239 |
| Fuji Electric Co. Ltd. | | 237,604 | 12,100,674 |
| FUJIFILM Holdings Corp. | | 2,001,844 | 47,620,508 |
| Fujitsu Ltd. | | 2,967,180 | 57,046,531 |
| Hamamatsu Photonics K.K. | | 498,092 | 6,586,096 |
| Hankyu Hanshin Holdings, Inc. | | 415,180 | 11,288,769 |
| Hikari Tsushin, Inc. | | 31,370 | 6,331,479 |
| Hitachi Construction Machinery Co. Ltd. (b) | | 198,471 | 4,306,155 |
| Hitachi Ltd. | | 8,298,345 | 208,494,757 |
| Honda Motor Co. Ltd. | | 8,032,258 | 80,781,326 |
| Hoshizaki Corp. | | 192,506 | 6,327,332 |
| Hoya Corp. | | 628,182 | 84,047,012 |
| Hulic Co. Ltd. | | 683,172 | 6,326,425 |
| Ibiden Co. Ltd. | | 218,640 | 6,945,036 |
| Idemitsu Kosan Co. Ltd. | | 1,720,935 | 11,732,371 |
| INPEX Corp. (b) | | 1,704,312 | 22,466,336 |
| Isuzu Motors Ltd. | | 1,077,992 | 13,940,364 |
| Itochu Corp. | | 2,127,071 | 105,221,588 |
| Japan Airlines Co. Ltd. | | 245,126 | 3,931,351 |
| Japan Exchange Group, Inc. | | 1,782,588 | 20,893,831 |
| Japan Post Bank Co. Ltd. | | 2,590,840 | 23,139,696 |
| Japan Post Holdings Co. Ltd. | | 3,443,546 | 31,770,471 |
| Japan Post Insurance Co. Ltd. | | 337,442 | 5,560,440 |
| Japan Real Estate Investment Corp. (b) | | 2,259 | 8,217,006 |
| Japan Tobacco, Inc. | | 2,146,626 | 59,928,332 |
| JFE Holdings, Inc. (b) | | 1,034,990 | 12,460,635 |
| Kajima Corp. | | 698,578 | 12,033,375 |
| Kansai Electric Power Co., Inc. | | 1,263,599 | 20,264,438 |
| Kao Corp. | | 835,226 | 36,812,912 |
| Kawasaki Kisen Kaisha Ltd. | | 706,300 | 9,756,858 |
| KDDI Corp. | | 2,746,707 | 85,640,667 |
| Keisei Electric Railway Co. (b) | | 224,842 | 5,849,903 |
| Keyence Corp. | | 348,329 | 157,240,476 |
| Kikkoman Corp. | | 1,200,940 | 14,090,332 |
| Kirin Holdings Co. Ltd. | | 1,393,820 | 20,520,695 |
| Kobe Bussan Co. Ltd. | | 264,772 | 6,494,777 |
| Kokusai Electric Corp. | | 250,700 | 4,571,198 |
| Komatsu Ltd. | | 1,658,764 | 42,937,609 |
| Konami Group Corp. | | 177,636 | 16,282,095 |
| Kubota Corp. (b) | | 1,799,567 | 22,993,222 |
| Kyocera Corp. | | 2,319,224 | 23,520,895 |
| Kyowa Kirin Co., Ltd. | | 430,221 | 7,090,802 |
| Lasertec Corp. | | 139,795 | 18,969,591 |
| LY Corp. | | 4,799,849 | 13,092,966 |
| M3, Inc. | | 776,802 | 7,983,613 |
| Makita Corp. | | 420,668 | 13,735,606 |
| Marubeni Corp. (b) | | 2,556,045 | 38,210,916 |
| MatsukiyoCocokara & Co. (b) | | 602,400 | 8,201,487 |
| Mazda Motor Corp. | | 996,609 | 7,045,522 |
| McDonald's Holdings Co. (Japan) Ltd. (b) | | 153,445 | 6,502,534 |
| Meiji Holdings Co. Ltd. | | 415,312 | 9,688,061 |
| Minebea Mitsumi, Inc. | | 641,300 | 11,289,752 |
| Mitsubishi Chemical Group Corp. | | 2,456,884 | 13,257,567 |
| Mitsubishi Corp. | | 5,982,203 | 109,438,883 |
| Mitsubishi Electric Corp. | | 3,410,897 | 60,006,312 |
| Mitsubishi Estate Co. Ltd. | | 2,053,612 | 30,368,872 |
| Mitsubishi HC Capital, Inc. | | 1,424,516 | 9,538,900 |
| Mitsubishi Heavy Industries Ltd. | | 5,737,880 | 81,001,376 |
| Mitsubishi UFJ Financial Group, Inc. | | 19,871,018 | 209,445,375 |
| Mitsui & Co. Ltd. | | 4,607,192 | 93,929,816 |
| Mitsui Chemicals, Inc. | | 301,171 | 6,880,499 |
| Mitsui Fudosan Co. Ltd. | | 4,786,230 | 40,837,819 |
| Mitsui OSK Lines Ltd. | | 611,200 | 20,808,650 |
| Mizuho Financial Group, Inc. | | 4,318,432 | 89,698,171 |
| MonotaRO Co. Ltd. | | 442,108 | 6,669,797 |
| MS&AD Insurance Group Holdings, Inc. | | 2,302,345 | 50,926,338 |
| Murata Manufacturing Co. Ltd. | | 3,034,083 | 53,008,810 |
| NEC Corp. | | 440,063 | 37,445,128 |
| Nexon Co. Ltd. | | 606,859 | 10,518,055 |
| Nidec Corp. | | 1,498,812 | 29,857,569 |
| Nintendo Co. Ltd. | | 1,859,390 | 98,218,528 |
| Nippon Building Fund, Inc. | | 13,734 | 11,780,358 |
| Nippon Paint Holdings Co. Ltd. | | 1,674,830 | 12,818,273 |
| Nippon Prologis REIT, Inc. | | 4,011 | 6,453,231 |
| Nippon Sanso Holdings Corp. | | 313,286 | 10,874,788 |
| Nippon Steel Corp. | | 1,547,899 | 30,972,501 |
| Nippon Telegraph & Telephone Corp. | | 53,415,575 | 51,537,244 |
| Nippon Yusen KK (b) | | 825,533 | 27,638,380 |
| Nissan Motor Co. Ltd. (b) | | 4,241,825 | 11,300,446 |
| Nissin Food Holdings Co. Ltd. (b) | | 363,215 | 9,780,271 |
| Nitori Holdings Co. Ltd. | | 143,842 | 18,318,951 |
| Nitto Denko Corp. | | 1,275,650 | 20,989,215 |
| Nomura Holdings, Inc. | | 5,395,365 | 27,666,915 |
| Nomura Real Estate Holdings, Inc. | | 196,418 | 4,835,756 |
| Nomura Research Institute Ltd. | | 677,480 | 20,265,737 |
| NTT Data Corp. | | 1,132,256 | 17,912,551 |
| Obayashi Corp. | | 1,165,585 | 14,289,171 |
| OBIC Co. Ltd. | | 580,160 | 18,958,138 |
| Olympus Corp. | | 2,108,963 | 37,122,584 |
| OMRON Corp. | | 316,977 | 12,514,672 |
| Ono Pharmaceutical Co. Ltd. | | 659,345 | 8,235,347 |
| Oracle Corp. Japan | | 69,203 | 6,620,174 |
| Oriental Land Co. Ltd. | | 1,953,540 | 47,211,506 |
| ORIX Corp. | | 2,068,954 | 43,592,616 |
| Osaka Gas Co. Ltd. | | 662,318 | 14,192,589 |
| Otsuka Corp. | | 404,464 | 9,077,573 |
| Otsuka Holdings Co. Ltd. | | 749,003 | 45,247,845 |
| Pan Pacific International Holdings Ltd. | | 686,091 | 17,020,753 |
| Panasonic Holdings Corp. | | 4,176,993 | 34,376,818 |
| Rakuten Group, Inc. (a) | | 2,707,060 | 16,157,241 |
| Recruit Holdings Co. Ltd. | | 2,657,283 | 162,260,421 |
| Renesas Electronics Corp. | | 3,018,883 | 40,447,963 |
| Resona Holdings, Inc. | | 3,747,989 | 24,728,354 |
| Ricoh Co. Ltd. | | 987,438 | 10,696,600 |
| ROHM Co. Ltd. | | 624,780 | 6,888,096 |
| SBI Holdings, Inc. Japan | | 482,565 | 10,596,701 |
| Screen Holdings Co. Ltd. | | 144,200 | 9,205,829 |
| SCSK Corp. | | 273,333 | 5,100,310 |
| Secom Co. Ltd. (b) | | 752,318 | 26,754,617 |
| Seiko Epson Corp. | | 521,109 | 9,471,503 |
| Sekisui Chemical Co. Ltd. | | 668,439 | 9,433,614 |
| Sekisui House Ltd. | | 1,070,803 | 25,861,573 |
| Seven & i Holdings Co. Ltd. | | 3,967,816 | 57,136,325 |
| SG Holdings Co. Ltd. | | 568,449 | 5,700,605 |
| Shimadzu Corp. | | 428,077 | 12,627,352 |
| SHIMANO, Inc. | | 137,690 | 20,227,997 |
| Shin-Etsu Chemical Co. Ltd. | | 3,226,785 | 118,242,195 |
| Shionogi & Co. Ltd. | | 1,357,582 | 19,390,008 |
| Shiseido Co. Ltd. | | 719,475 | 15,529,808 |
| Shizuoka Financial Group | | 770,318 | 6,146,783 |
| SMC Corp. | | 102,855 | 43,666,736 |
| SoftBank Corp. | | 51,128,270 | 64,365,548 |
| SoftBank Group Corp. | | 1,842,844 | 109,867,578 |
| Sompo Holdings, Inc. | | 1,684,362 | 36,111,179 |
| Sony Group Corp. | | 11,172,400 | 196,606,497 |
| Subaru Corp. | | 1,085,278 | 19,382,232 |
| Sumco Corp. | | 614,829 | 5,878,640 |
| Sumitomo Corp. | | 1,865,269 | 39,350,488 |
| Sumitomo Electric Industries Ltd. | | 1,285,103 | 19,768,179 |
| Sumitomo Metal Mining Co. Ltd. | | 436,232 | 12,061,200 |
| Sumitomo Mitsui Financial Group, Inc. | | 6,719,616 | 142,553,574 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 1,164,814 | 25,544,745 |
| Sumitomo Realty & Development Co. Ltd. | | 514,279 | 15,255,440 |
| Suntory Beverage & Food Ltd. | | 245,303 | 8,275,153 |
| Suzuki Motor Corp. | | 2,819,728 | 27,981,108 |
| Sysmex Corp. | | 905,787 | 16,805,450 |
| T&D Holdings, Inc. | | 880,653 | 14,057,200 |
| Taisei Corp. (b) | | 300,002 | 12,633,534 |
| Takeda Pharmaceutical Co. Ltd. | | 2,846,920 | 79,432,527 |
| TDK Corp. | | 3,486,035 | 40,979,376 |
| Terumo Corp. | | 2,403,548 | 45,776,299 |
| TIS, Inc. | | 384,467 | 9,587,248 |
| Toho Co. Ltd. | | 198,305 | 7,572,906 |
| Tokio Marine Holdings, Inc. | | 3,363,124 | 121,126,829 |
| Tokyo Electric Power Co., Inc. (a) | | 2,693,926 | 10,879,466 |
| Tokyo Electron Ltd. | | 802,358 | 118,069,433 |
| Tokyo Gas Co. Ltd. | | 646,139 | 15,942,117 |
| Tokyu Corp. | | 905,075 | 11,158,136 |
| Toppan Holdings, Inc. | | 430,577 | 12,594,916 |
| Toray Industries, Inc. | | 2,514,519 | 13,674,134 |
| Toto Ltd. | | 250,417 | 6,986,589 |
| Toyota Industries Corp. | | 264,043 | 18,304,003 |
| Toyota Motor Corp. | | 18,371,330 | 316,545,296 |
| Toyota Tsusho Corp. | | 1,147,885 | 19,512,572 |
| Trend Micro, Inc. | | 224,545 | 11,748,736 |
| Unicharm Corp. | | 723,097 | 23,316,245 |
| West Japan Railway Co. | | 774,760 | 13,770,376 |
| Yakult Honsha Co. Ltd. (b) | | 452,636 | 9,836,280 |
| Yamaha Motor Co. Ltd. | | 1,517,017 | 13,260,277 |
| Yaskawa Electric Corp. | | 424,789 | 12,174,242 |
| Yokogawa Electric Corp. | | 414,400 | 9,187,997 |
| Zensho Holdings Co. Ltd. | | 174,100 | 8,734,437 |
| ZOZO, Inc. | | 239,263 | 7,758,214 |
TOTAL JAPAN | | | 6,641,851,715 |
| Jordan - 0.0% | | | |
| Hikma Pharmaceuticals PLC | | 294,082 | 7,034,235 |
| Korea (South) - 2.8% | | | |
| Alteogen, Inc. (a) | | 71,632 | 19,457,421 |
| AMOREPACIFIC Corp. | | 48,545 | 4,110,926 |
| Celltrion Pharm, Inc. | | 31,546 | 1,415,438 |
| Celltrion, Inc. | | 274,328 | 36,187,842 |
| CJ CheilJedang Corp. | | 14,094 | 2,797,732 |
| Cosmo AM&T Co. Ltd. (a) | | 43,899 | 3,267,745 |
| Coway Co. Ltd. | | 99,823 | 4,575,555 |
| Db Insurance Co. Ltd. | | 81,116 | 6,414,433 |
| Delivery Hero AG (a)(c) | | 331,844 | 14,087,483 |
| Doosan Bobcat, Inc. | | 93,547 | 2,527,025 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 815,265 | 11,752,059 |
| Ecopro BM Co. Ltd. (a)(b) | | 86,816 | 10,629,314 |
| Ecopro Co. Ltd. (a) | | 177,086 | 10,071,695 |
| Ecopro Materials Co. Ltd. | | 32,125 | 2,585,907 |
| Enchem Co. Ltd. (a)(b) | | 24,276 | 3,038,871 |
| EUSU Holdings Co. Ltd. | | 6 | 22 |
| GS Holdings Corp. | | 78,874 | 2,357,043 |
| Hana Financial Group, Inc. | | 527,428 | 22,830,145 |
| Hanjin Kal Corp. | | 42,752 | 2,617,915 |
| Hanjin Shipping Co. Ltd. (a)(d) | | 12 | 0 |
| Hankook Tire Co. Ltd. | | 126,572 | 3,234,168 |
| Hanmi Pharm Co. Ltd. | | 12,231 | 2,832,611 |
| Hanmi Semiconductor Co. Ltd. | | 80,418 | 5,248,948 |
| Hanwha Aerospace Co. Ltd. | | 56,470 | 14,990,522 |
| Hanwha Ocean Co. Ltd. (a) | | 156,640 | 3,024,783 |
| Hanwha Solutions Corp. | | 190,194 | 2,930,255 |
| HD Hyundai Co. Ltd. | | 74,157 | 4,292,777 |
| HD Hyundai Electric Co. Ltd. | | 41,409 | 9,723,668 |
| HD Hyundai Heavy Industries Co. Ltd. (a) | | 39,424 | 5,208,092 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | | 74,743 | 9,921,702 |
| HLB, Inc. (a) | | 211,661 | 10,074,875 |
| HMM Co. Ltd. | | 479,979 | 5,949,308 |
| HYBE Co. Ltd. | | 42,924 | 5,768,601 |
| Hyundai Engineering & Construction Co. Ltd. | | 132,854 | 2,684,467 |
| Hyundai Glovis Co. Ltd. | | 66,986 | 5,912,885 |
| Hyundai Mobis | | 107,181 | 19,327,038 |
| Hyundai Motor Co. Ltd. | | 244,318 | 37,755,674 |
| Hyundai Steel Co. | | 147,337 | 2,702,007 |
| Industrial Bank of Korea | | 479,073 | 4,895,648 |
| Kakao Corp. | | 553,510 | 14,780,280 |
| KakaoBank Corp. | | 311,403 | 4,870,779 |
| KB Financial Group, Inc. | | 688,011 | 44,914,678 |
| Kia Corp. | | 433,185 | 28,739,893 |
| Korea Aerospace Industries Ltd. | | 137,510 | 5,818,557 |
| Korea Electric Power Corp. (a) | | 457,901 | 7,680,547 |
| Korea Investment Holdings Co. Ltd. | | 71,017 | 3,954,280 |
| Korea Zinc Co. Ltd. | | 9,265 | 6,698,095 |
| Korean Air Lines Co. Ltd. | | 319,028 | 5,525,049 |
| KRAFTON, Inc. (a) | | 50,949 | 12,220,274 |
| KT Corp. | | 63,072 | 2,017,645 |
| KT&G Corp. | | 189,950 | 15,137,948 |
| Kum Yang Co. Ltd. (a) | | 64,323 | 1,921,555 |
| Kumho Petro Chemical Co. Ltd. | | 28,290 | 2,922,698 |
| L&F Co. Ltd. (a) | | 45,662 | 3,880,558 |
| LG Chemical Ltd. | | 89,407 | 20,168,495 |
| LG Corp. | | 169,562 | 9,296,175 |
| LG Display Co. Ltd. (a) | | 525,971 | 4,030,606 |
| LG Electronics, Inc. | | 188,640 | 12,187,858 |
| LG Energy Solution (a) | | 84,389 | 24,846,775 |
| LG H & H Co. Ltd. | | 16,549 | 3,974,763 |
| LG Innotek Co. Ltd. | | 25,695 | 3,272,419 |
| LG Uplus Corp. | | 383,731 | 2,790,294 |
| Lotte Chemical Corp. | | 32,272 | 2,225,636 |
| LS Electric Co. Ltd. | | 26,680 | 2,805,377 |
| Meritz Financial Holdings Co. | | 169,678 | 12,598,895 |
| Mirae Asset Securities Co. Ltd. | | 417,478 | 2,730,861 |
| NAVER Corp. | | 235,763 | 28,933,405 |
| NCSOFT Corp. | | 24,313 | 3,829,446 |
| Netmarble Corp. (a)(c) | | 49,072 | 2,057,905 |
| NH Investment & Securities Co. Ltd. | | 254,295 | 2,456,731 |
| Orion Corp./Republic of Korea | | 40,473 | 2,926,484 |
| POSCO | | 129,870 | 31,394,860 |
| POSCO Chemtech Co. Ltd. (b) | | 54,794 | 8,828,913 |
| POSCO ICT Co. Ltd. | | 90,424 | 1,772,340 |
| Posco International Corp. | | 89,663 | 3,375,698 |
| S-Oil Corp. | | 76,815 | 3,196,789 |
| Samsung Biologics Co. Ltd. (a)(c) | | 32,041 | 23,249,247 |
| Samsung C&T Corp. | | 157,706 | 13,359,738 |
| Samsung E&A Co. Ltd. (a) | | 266,683 | 3,443,432 |
| Samsung Electro-Mechanics Co. Ltd. | | 99,305 | 8,471,064 |
| Samsung Electronics Co. Ltd. | | 8,506,371 | 362,371,893 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 54,408 | 13,233,922 |
| Samsung Heavy Industries Co. Ltd. (a) | | 1,174,990 | 8,131,389 |
| Samsung Life Insurance Co. Ltd. | | 140,410 | 10,308,079 |
| Samsung SDI Co. Ltd. | | 99,415 | 23,385,694 |
| Samsung SDS Co. Ltd. | | 76,538 | 7,919,442 |
| Shinhan Financial Group Co. Ltd. | | 779,189 | 29,120,006 |
| SK Biopharmaceuticals Co. Ltd. (a) | | 58,746 | 5,005,904 |
| SK Bioscience Co. Ltd. (a)(b) | | 46,253 | 1,811,653 |
| SK Hynix, Inc. | | 978,744 | 128,550,782 |
| SK Innovation Co., Ltd. (a) | | 109,798 | 9,308,446 |
| SK Square Co. Ltd. (a) | | 167,144 | 10,126,859 |
| SK Telecom Co. Ltd. | | 92,215 | 3,796,832 |
| SK, Inc. | | 64,383 | 6,912,242 |
| SKC Co. Ltd. (a) | | 32,317 | 3,498,741 |
| Woori Financial Group, Inc. | | 1,122,675 | 12,539,691 |
| Yuhan Corp. | | 100,178 | 10,032,892 |
TOTAL KOREA (SOUTH) | | | 1,362,564,109 |
| Kuwait - 0.2% | | | |
| Boubyan Bank KSC | | 2,696,331 | 4,907,217 |
| Gulf Bank | | 3,317,283 | 3,397,348 |
| Kuwait Finance House KSCP | | 18,448,021 | 43,382,332 |
| Mabanee Co. SAKC | | 1,182,966 | 3,221,711 |
| Mobile Telecommunication Co. | | 3,307,760 | 4,919,565 |
| National Bank of Kuwait | | 14,149,472 | 39,227,173 |
TOTAL KUWAIT | | | 99,055,346 |
| Luxembourg - 0.1% | | | |
| ArcelorMittal SA (Netherlands) | | 842,450 | 20,783,385 |
| Eurofins Scientific SA | | 242,572 | 11,921,091 |
| Reinet Investments SCA | | 241,911 | 6,748,211 |
TOTAL LUXEMBOURG | | | 39,452,687 |
| Macau - 0.1% | | | |
| Galaxy Entertainment Group Ltd. | | 3,954,239 | 17,598,652 |
| Sands China Ltd. (a) | | 4,288,065 | 10,910,031 |
TOTAL MACAU | | | 28,508,683 |
| Malaysia - 0.4% | | | |
| AMMB Holdings Bhd | | 4,539,700 | 5,270,301 |
| Axiata Group Bhd | | 4,678,715 | 2,405,935 |
| CelcomDigi Bhd | | 6,138,400 | 4,760,675 |
| CIMB Group Holdings Bhd | | 12,689,188 | 23,009,681 |
| Gamuda Bhd | | 3,537,505 | 6,867,600 |
| Genting Bhd | | 3,668,900 | 3,295,965 |
| Genting Malaysia Bhd | | 5,179,400 | 2,643,035 |
| Hong Leong Bank Bhd | | 1,134,700 | 5,293,731 |
| IHH Healthcare Bhd | | 3,978,500 | 6,584,179 |
| Inari Amertron Bhd | | 4,938,200 | 3,201,303 |
| IOI Corp. Bhd | | 4,394,200 | 3,774,478 |
| IOI Properties Group Bhd | | 11 | 6 |
| Kuala Lumpur Kepong Bhd | | 851,063 | 4,146,630 |
| Malayan Banking Bhd | | 9,896,468 | 23,700,196 |
| Malaysia Airports Holdings Bhd | | 1,657,140 | 3,833,579 |
| Maxis Bhd | | 3,956,000 | 3,257,326 |
| MISC Bhd | | 2,448,900 | 4,188,941 |
| MR DIY Group M Sdn Bhd (c) | | 5,618,350 | 2,799,911 |
| Nestle (Malaysia) Bhd | | 120,000 | 2,734,034 |
| Petronas Chemicals Group Bhd | | 4,931,600 | 6,074,015 |
| Petronas Dagangan Bhd | | 499,200 | 2,042,025 |
| Petronas Gas Bhd | | 1,343,000 | 5,291,863 |
| PPB Group Bhd | | 1,093,220 | 3,474,655 |
| Press Metal Aluminium Holdings | | 6,601,100 | 7,104,507 |
| Public Bank Bhd | | 26,362,200 | 26,527,836 |
| QL Resources Bhd | | 3,060,150 | 3,345,962 |
| RHB Bank Bhd | | 2,941,876 | 4,300,162 |
| SD Guthrie Bhd | | 3,508,924 | 3,679,793 |
| Sime Darby Bhd | | 5,036,207 | 2,655,912 |
| Sime Darby Property Bhd | | 15 | 5 |
| SP Setia Bhd | | 14 | 4 |
| Sunway Bhd | | 4,117,600 | 4,090,332 |
| Telekom Malaysia Bhd | | 2,024,199 | 2,996,780 |
| Tenaga Nasional Bhd | | 4,630,225 | 14,812,743 |
| YTL Corp. Bhd | | 5,895,600 | 2,635,517 |
| YTL Power International Bhd | | 4,364,400 | 3,040,042 |
TOTAL MALAYSIA | | | 203,839,659 |
| Mexico - 0.6% | | | |
| Alfa SA de CV Series A | | 6,575,758 | 4,765,161 |
| America Movil S.A.B. de CV Series L | | 33,261,546 | 26,280,769 |
| Arca Continental S.A.B. de CV | | 906,762 | 7,763,182 |
| Banco del Bajio SA (c) | | 1,511,300 | 3,359,535 |
| CEMEX S.A.B. de CV unit | | 27,324,940 | 14,393,407 |
| Coca-Cola FEMSA S.A.B. de CV unit | | 938,975 | 7,814,194 |
| Fibra Uno Administracion SA de CV | | 5,187,600 | 5,973,278 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 3,225,500 | 31,309,571 |
| Gruma S.A.B. de CV Series B | | 328,645 | 5,676,946 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 706,930 | 12,257,999 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 316,275 | 8,459,027 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 525,300 | 4,400,187 |
| Grupo Bimbo S.A.B. de CV Series A (b) | | 2,318,600 | 7,202,787 |
| Grupo Carso SA de CV Series A1 | | 988,800 | 5,945,302 |
| Grupo Comercial Chedraui S.A.B. de CV (b) | | 519,600 | 3,287,766 |
| Grupo Financiero Banorte S.A.B. de CV | | 4,655,200 | 32,415,054 |
| Grupo Financiero Inbursa S.A.B. de CV Series O (a) | | 3,259,200 | 7,318,317 |
| Grupo Mexico SA de CV Series B | | 5,580,123 | 29,195,286 |
| Industrias Penoles SA de CV (a) | | 362,840 | 5,699,505 |
| Kimberly-Clark de Mexico SA de CV Series A | | 2,760,800 | 3,964,006 |
| Operadora de Sites Mexicanos, SA de CV | | 2,169,300 | 1,900,489 |
| Orbia Advance Corp. S.A.B. de CV (b) | | 1,663,916 | 1,526,750 |
| Prologis Property Mexico SA (b) | | 1,753,630 | 5,869,242 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 321,265 | 2,802,188 |
| Southern Copper Corp. | | 155,566 | 17,042,255 |
| Wal-Mart de Mexico SA de CV Series V | | 9,404,700 | 25,860,046 |
TOTAL MEXICO | | | 282,482,249 |
| Netherlands - 2.4% | | | |
| ABN AMRO Bank NV GDR (Bearer) (c) | | 824,663 | 13,625,843 |
| Adyen BV (a)(c) | | 38,938 | 59,483,992 |
| AEGON NV | | 2,436,430 | 15,378,312 |
| Akzo Nobel NV | | 311,491 | 19,877,320 |
| Argenx SE (a) | | 106,482 | 62,787,753 |
| ASM International NV (Netherlands) | | 84,176 | 46,898,284 |
| ASML Holding NV (Netherlands) | | 715,206 | 483,272,061 |
| ASR Nederland NV | | 286,736 | 13,589,356 |
| BE Semiconductor Industries NV | | 138,951 | 14,803,038 |
| Euronext NV (c) | | 144,220 | 15,907,156 |
| EXOR NV | | 177,724 | 18,790,634 |
| Heineken Holding NV | | 233,435 | 16,187,331 |
| Heineken NV (Bearer) | | 516,227 | 42,339,249 |
| IMCD NV (b) | | 103,051 | 16,371,289 |
| ING Groep NV (Certificaten Van Aandelen) | | 5,905,835 | 100,224,333 |
| JDE Peet's BV | | 217,474 | 4,896,737 |
| Koninklijke Ahold Delhaize NV | | 1,680,910 | 55,419,103 |
| Koninklijke KPN NV | | 7,130,041 | 27,866,238 |
| Koninklijke Philips Electronics NV | | 1,430,382 | 37,631,662 |
| Nebius Group NV Class A (a)(d) | | 371,380 | 0 |
| NN Group NV | | 484,160 | 23,799,089 |
| Randstad NV (b) | | 191,993 | 8,844,390 |
| Universal Music Group NV | | 1,474,442 | 37,106,096 |
| Wolters Kluwer NV | | 444,970 | 74,877,293 |
TOTAL NETHERLANDS | | | 1,209,976,559 |
| New Zealand - 0.2% | | | |
| Auckland International Airport Ltd. | | 2,646,429 | 11,443,003 |
| Fisher & Paykel Healthcare Corp. Ltd. | | 1,048,910 | 22,479,288 |
| Mercury Nz Ltd. | | 1,235,605 | 4,863,446 |
| Meridian Energy Ltd. | | 2,359,136 | 8,378,164 |
| Spark New Zealand Ltd. | | 3,391,511 | 5,884,228 |
| Xero Ltd. (a) | | 260,613 | 25,320,003 |
TOTAL NEW ZEALAND | | | 78,368,132 |
| Norway - 0.3% | | | |
| Aker BP ASA | | 558,211 | 11,904,902 |
| DNB Bank ASA | | 1,608,518 | 33,222,604 |
| Equinor ASA | | 1,508,274 | 35,839,920 |
| Equinor ASA sponsored ADR | | 37 | 869 |
| Gjensidige Forsikring ASA | | 350,697 | 6,328,372 |
| Kongsberg Gruppen ASA | | 158,189 | 16,465,737 |
| Mowi ASA | | 822,308 | 14,132,227 |
| Norsk Hydro ASA | | 2,486,225 | 15,432,867 |
| Orkla ASA | | 1,237,543 | 11,441,440 |
| Salmar ASA | | 120,206 | 6,097,612 |
| Telenor ASA | | 1,084,575 | 13,320,311 |
TOTAL NORWAY | | | 164,186,861 |
| Peru - 0.1% | | | |
| Compania de Minas Buenaventura SAA sponsored ADR | | 284,462 | 3,715,074 |
| Credicorp Ltd. (United States) | | 122,056 | 22,474,171 |
TOTAL PERU | | | 26,189,245 |
| Philippines - 0.2% | | | |
| Ayala Corp. | | 435,605 | 5,132,391 |
| Ayala Land, Inc. | | 11,839,370 | 6,614,921 |
| Bank of the Philippine Islands (BPI) | | 3,327,060 | 8,139,838 |
| BDO Unibank, Inc. | | 4,219,399 | 10,998,650 |
| International Container Terminal Services, Inc. | | 1,830,760 | 12,391,497 |
| JG Summit Holdings, Inc. | | 4,555,665 | 1,894,476 |
| Jollibee Food Corp. | | 759,480 | 3,446,373 |
| Manila Electric Co. | | 464,340 | 3,864,645 |
| Metropolitan Bank & Trust Co. | | 3,046,841 | 3,955,453 |
| PLDT, Inc. | | 123,935 | 3,033,603 |
| SM Investments Corp. | | 400,375 | 6,429,999 |
| SM Prime Holdings, Inc. | | 17,730,975 | 9,288,785 |
| Universal Robina Corp. | | 1,503,070 | 2,511,049 |
TOTAL PHILIPPINES | | | 77,701,680 |
| Poland - 0.2% | | | |
| Alior Bank SA | | 163,946 | 3,579,759 |
| Allegro.eu SA (a)(c) | | 1,058,477 | 9,287,043 |
| Bank Polska Kasa Opieki SA | | 324,849 | 11,378,135 |
| Budimex SA | | 21,751 | 2,722,441 |
| CD Projekt SA | | 120,800 | 4,851,315 |
| Dino Polska SA (a)(c) | | 85,718 | 7,103,282 |
| InPost SA (a) | | 354,658 | 6,917,022 |
| KGHM Polska Miedz SA (Bearer) | | 245,576 | 9,169,030 |
| LPP SA | | 1,947 | 7,057,890 |
| mBank SA (a) | | 25,133 | 3,527,505 |
| Orlen SA | | 1,021,453 | 13,292,733 |
| PGE Polska Grupa Energetyczna SA (a) | | 1,525,179 | 2,626,078 |
| Powszechna Kasa Oszczednosci Bank SA | | 1,594,007 | 22,221,121 |
| Powszechny Zaklad Ubezpieczen SA | | 1,066,762 | 10,580,339 |
| Santander Bank Polska SA | | 71,886 | 8,040,313 |
TOTAL POLAND | | | 122,354,006 |
| Portugal - 0.1% | | | |
| Banco Espirito Santo SA (Reg.) (a)(d) | | 319,729 | 3 |
| Energias de Portugal SA | | 5,674,677 | 22,295,539 |
| Galp Energia SGPS SA | | 840,138 | 14,320,188 |
| Jeronimo Martins SGPS SA | | 500,602 | 9,730,748 |
TOTAL PORTUGAL | | | 46,346,478 |
| Qatar - 0.2% | | | |
| Barwa Real Estate Co. | | 3,680,915 | 2,887,309 |
| Dukhan Bank | | 3,450,744 | 3,497,184 |
| Industries Qatar QSC | | 2,758,126 | 10,112,876 |
| Masraf al Rayan | | 10,867,514 | 7,079,853 |
| Mesaieed Petrochemical Holding Co. | | 9,753,785 | 4,237,981 |
| Ooredoo QSC | | 1,379,214 | 4,333,482 |
| Qatar Electricity & Water Co. | | 751,229 | 3,346,590 |
| Qatar Fuel Co. | | 1,058,475 | 4,456,584 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 4,859,404 | 5,712,235 |
| Qatar International Islamic Bank QSC | | 1,716,073 | 4,944,138 |
| Qatar Islamic Bank | | 3,158,278 | 17,782,120 |
| Qatar National Bank SAQ | | 8,300,236 | 39,552,072 |
| The Commercial Bank of Qatar | | 5,695,605 | 6,648,262 |
TOTAL QATAR | | | 114,590,686 |
| Romania - 0.0% | | | |
| NEPI Rockcastle PLC (b) | | 1,107,286 | 8,725,356 |
| Russia - 0.0% | | | |
| Alrosa Co. Ltd. (a)(d) | | 3,102,770 | 0 |
| Gazprom OAO (a)(d) | | 12,146,244 | 1 |
| Gazprom OAO sponsored ADR (Reg. S) (a)(d) | | 1,078,053 | 11 |
| GMK Norilskiy Nickel PAO ADR (a)(d) | | 6,655,600 | 1 |
| GMK Norilskiy Nickel PAO ADR sponsored ADR (a)(d) | | 85,403 | 1 |
| Inter Rao Ues JSC (a)(d) | | 42,112,900 | 4 |
| LUKOIL PJSC (a)(d) | | 451,803 | 0 |
| Moscow Exchange MICEX-RTS OAO (a)(d) | | 1,699,470 | 0 |
| Novolipetsk Steel OJSC (a)(d) | | 1,805,640 | 0 |
| Ozon Holdings PLC ADR (a)(d) | | 62,559 | 0 |
| PhosAgro PJSC sponsored GDR (Reg. S) (a)(d) | | 1,019 | 0 |
| Polyus PJSC (a)(d) | | 41,353 | 0 |
| Rosneft Oil Co. OJSC (a)(d) | | 1,187,356 | 0 |
| Rosneft Oil Co. OJSC GDR (Reg. S) (a)(d) | | 214,392 | 2 |
| Sberbank of Russia (a)(d) | | 13,066,303 | 1 |
| Severstal PAO (a)(d) | | 245,384 | 0 |
| Severstal PAO GDR (Reg. S) (a)(d) | | 10,278 | 0 |
| Surgutneftegas OJSC (a)(d) | | 6,111,900 | 1 |
| Surgutneftegas OJSC sponsored ADR (a)(d) | | 214,357 | 2 |
| Tatneft PAO (a)(d) | | 1,520,327 | 0 |
| TKS Holding MKPAO JSC (a)(d) | | 5,907 | 0 |
| United Co. RUSAL International PJSC (a)(d) | | 3,455,150 | 0 |
| VK IPJSC (a)(d) | | 51,978 | 0 |
| VK IPJSC GDR (Reg. S) (a)(d) | | 68,289 | 1 |
| VTB Bank OJSC (a)(d) | | 826,735 | 0 |
TOTAL RUSSIA | | | 25 |
| Saudi Arabia - 1.1% | | | |
| ACWA Power Co. | | 262,754 | 32,196,233 |
| Ades Holding Co. | | 581,855 | 3,064,433 |
| Advanced Petrochemicals Co. (a) | | 224,620 | 2,174,012 |
| Al Rajhi Bank | | 3,515,343 | 82,368,183 |
| Al Rajhi Co. for Co-operative Insurance | | 70,753 | 3,375,919 |
| Alinma Bank | | 2,235,841 | 16,728,475 |
| Almarai Co. Ltd. | | 445,451 | 6,535,226 |
| Arab National Bank | | 1,599,692 | 8,067,249 |
| Arabian Internet and Communications Services Co. Ltd. | | 41,094 | 2,792,339 |
| Bank Al-Jazira | | 858,316 | 3,757,146 |
| Bank Albilad | | 1,085,740 | 10,638,558 |
| Banque Saudi Fransi | | 1,046,495 | 8,693,624 |
| Bupa Arabia for Cooperative Insurance Co. | | 149,883 | 8,037,499 |
| Dallah Healthcare Co. | | 61,879 | 2,629,573 |
| Dar Al Arkan Real Estate Development Co. (a) | | 903,278 | 4,006,873 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 154,249 | 11,754,417 |
| Elm Co. | | 43,426 | 11,824,008 |
| Etihad Etisalat Co. | | 669,664 | 9,236,253 |
| Jarir Marketing Co. | | 994,203 | 3,504,872 |
| Mobile Telecommunications Co. Saudi Arabia | | 808,125 | 2,272,226 |
| Mouwasat Medical Services Co. | | 174,013 | 4,359,939 |
| Nahdi Medical Co. | | 71,373 | 2,345,083 |
| Power & Water Utility Co. for Jubail & Yanbu | | 129,078 | 2,020,871 |
| Riyad Bank | | 2,669,719 | 18,304,248 |
| Sabic Agriculture-Nutrients Co. | | 429,233 | 13,006,022 |
| Sahara International Petrochemical Co. | | 669,046 | 4,685,121 |
| SAL Saudi Logistics Services | | 40,911 | 3,004,301 |
| Saudi Arabian Mining Co. (a) | | 2,322,144 | 34,872,040 |
| Saudi Arabian Oil Co. (c) | | 7,781,828 | 55,944,127 |
| Saudi Aramco Base Oil Co. - Luberef | | 88,050 | 2,747,680 |
| Saudi Awwal Bank | | 1,833,782 | 16,503,403 |
| Saudi Basic Industries Corp. | | 1,630,907 | 31,569,864 |
| Saudi Electricity Co. | | 1,474,507 | 6,438,724 |
| Saudi Industrial Investment Group | | 635,951 | 3,020,839 |
| Saudi Investment Bank/The | | 1,053,290 | 3,696,345 |
| Saudi Kayan Petrochemical Co. (a) | | 1,257,685 | 2,605,317 |
| Saudi Research & Marketing Group (a) | | 65,256 | 5,198,657 |
| Saudi Tadawul Group Holding Co. | | 85,643 | 5,445,469 |
| Saudi Telecom Co. | | 3,598,230 | 40,382,723 |
| The Co. for Cooperative Insurance | | 130,202 | 4,867,364 |
| The Saudi National Bank | | 5,277,444 | 46,581,801 |
| The Savola Group (a) | | 990,728 | 6,805,864 |
| Yanbu National Petrochemical Co. | | 505,115 | 5,352,818 |
TOTAL SAUDI ARABIA | | | 553,415,738 |
| Singapore - 1.0% | | | |
| CapitaLand Ascendas REIT | | 6,680,315 | 13,537,719 |
| CapitaLand Integrated Commercial Trust | | 10,408,822 | 15,813,912 |
| CapitaLand Investment Ltd. | | 4,188,399 | 8,848,366 |
| DBS Group Holdings Ltd. | | 3,565,001 | 103,366,515 |
| Genting Singapore Ltd. | | 10,802,223 | 6,803,332 |
| Grab Holdings Ltd. (a) | | 3,807,291 | 15,533,747 |
| Keppel Ltd. | | 2,581,057 | 12,426,387 |
| Oversea-Chinese Banking Corp. Ltd. | | 6,060,291 | 69,530,343 |
| Sea Ltd. ADR Class A (a) | | 663,020 | 62,357,031 |
| Sembcorp Industries Ltd. | | 1,609,200 | 6,105,060 |
| Singapore Airlines Ltd. (b) | | 2,717,839 | 13,257,919 |
| Singapore Exchange Ltd. | | 1,533,190 | 13,137,898 |
| Singapore Technologies Engineering Ltd. | | 2,772,197 | 9,504,483 |
| Singapore Telecommunications Ltd. | | 13,369,918 | 31,542,749 |
| STMicroelectronics NV (France) | | 1,216,032 | 33,101,539 |
| United Overseas Bank Ltd. | | 2,263,915 | 55,033,625 |
TOTAL SINGAPORE | | | 469,900,625 |
| South Africa - 1.0% | | | |
| Absa Group Ltd. | | 1,504,526 | 14,418,830 |
| Anglo American Platinum Ltd. | | 139,968 | 5,501,780 |
| Anglo American PLC (United Kingdom) | | 2,276,163 | 70,562,005 |
| Aspen Pharmacare Holdings Ltd. | | 664,333 | 6,748,993 |
| Bid Corp. Ltd. | | 592,738 | 13,975,080 |
| Bidvest Group Ltd./The | | 631,415 | 10,217,642 |
| Capitec Bank Holdings Ltd. (b) | | 156,708 | 28,309,439 |
| Clicks Group Ltd. | | 418,447 | 8,968,137 |
| Discovery Ltd. | | 959,870 | 9,842,946 |
| Exxaro Resources Ltd. (b) | | 428,580 | 4,041,549 |
| FirstRand Ltd. (b) | | 9,075,207 | 39,873,692 |
| Gold Fields Ltd. | | 1,605,275 | 26,472,708 |
| Harmony Gold Mining Co. Ltd. | | 1,023,932 | 11,109,026 |
| Impala Platinum Holdings Ltd. (a) | | 1,632,881 | 10,777,880 |
| Kumba Iron Ore Ltd. (b) | | 110,139 | 2,085,774 |
| MTN Group Ltd. | | 2,996,843 | 14,883,957 |
| Naspers Ltd. Class N | | 319,488 | 75,510,173 |
| Nedbank Group Ltd. | | 842,224 | 14,275,242 |
| Northam Platinum Holdings Ltd. (b) | | 649,634 | 4,806,304 |
| Old Mutual Ltd. (b) | | 8,513,478 | 5,876,854 |
| OUTsurance Group Ltd. | | 1,450,999 | 4,962,054 |
| Pepkor Holdings Ltd. (c) | | 4,124,055 | 5,353,325 |
| Remgro Ltd. | | 895,086 | 7,797,820 |
| Sanlam Ltd. | | 3,277,561 | 16,374,962 |
| Sasol Ltd. | | 1,008,298 | 5,667,158 |
| Shoprite Holdings Ltd. | | 892,779 | 15,418,653 |
| Sibanye-Stillwater Ltd. (a)(b) | | 5,021,047 | 5,853,779 |
| Standard Bank Group Ltd. | | 2,406,921 | 33,137,352 |
| Vodacom Group Ltd. | | 1,115,333 | 6,982,761 |
| Woolworths Holdings Ltd. (b) | | 1,678,188 | 6,221,613 |
TOTAL SOUTH AFRICA | | | 486,027,488 |
| Spain - 1.6% | | | |
| Acciona SA (b) | | 46,046 | 5,880,159 |
| ACS Actividades de Construccion y Servicios SA | | 323,829 | 15,498,780 |
| Aena SME SA (c) | | 134,409 | 29,679,288 |
| Amadeus IT Holding SA Class A | | 806,289 | 58,410,921 |
| Banco Bilbao Vizcaya Argentaria SA | | 10,313,816 | 102,670,719 |
| Banco de Sabadell SA | | 9,772,216 | 19,011,268 |
| Banco Santander SA (Spain) (b) | | 27,652,456 | 135,114,684 |
| Banco Santander SA (Spain) sponsored ADR | | 56,541 | 274,789 |
| CaixaBank SA (b) | | 6,502,888 | 39,627,061 |
| Cellnex Telecom SA (c) | | 951,538 | 34,880,695 |
| EDP Renovaveis SA | | 551,777 | 7,430,419 |
| Endesa SA | | 560,606 | 12,077,073 |
| Grifols SA (a)(b) | | 528,777 | 5,892,690 |
| Iberdrola SA (b) | | 10,924,725 | 162,148,578 |
| Industria de Diseno Textil SA (b) | | 1,952,603 | 111,082,267 |
| Redeia Corp. SA | | 716,554 | 13,250,337 |
| Repsol SA | | 2,196,885 | 27,501,441 |
| Telefonica SA (b) | | 7,139,875 | 33,504,956 |
TOTAL SPAIN | | | 813,936,125 |
| Sweden - 2.0% | | | |
| AddTech AB (B Shares) | | 468,776 | 12,996,929 |
| Alfa Laval AB | | 522,759 | 23,055,357 |
| ASSA ABLOY AB (B Shares) | | 1,797,861 | 56,313,936 |
| Atlas Copco AB: | | | |
| (A Shares) | | 4,767,551 | 78,680,883 |
| (B Shares) | | 2,839,596 | 41,189,873 |
| Beijer Ref AB (B Shares) (b) | | 635,780 | 9,538,595 |
| Boliden AB | | 496,707 | 15,421,644 |
| Epiroc AB: | | | |
| (A Shares) (b) | | 1,172,630 | 22,901,825 |
| (B Shares) | | 718,206 | 12,328,993 |
| EQT AB | | 670,143 | 19,435,282 |
| Essity AB (B Shares) | | 1,094,866 | 30,910,333 |
| Evolution AB (c) | | 322,718 | 30,511,966 |
| Fastighets AB Balder (a) | | 1,172,599 | 9,070,830 |
| Getinge AB (B Shares) | | 401,897 | 7,078,288 |
| H&M Hennes & Mauritz AB (B Shares) (b) | | 1,020,928 | 15,163,649 |
| Hexagon AB (B Shares) | | 3,733,532 | 34,905,272 |
| Holmen AB (B Shares) | | 138,104 | 5,446,621 |
| Husqvarna AB (B Shares) (b) | | 597,876 | 3,859,563 |
| Industrivarden AB: | | | |
| (A Shares) | | 211,514 | 7,281,709 |
| (C Shares) (b) | | 283,046 | 9,723,061 |
| Indutrade AB | | 491,304 | 13,307,961 |
| Investment AB Latour (B Shares) | | 261,826 | 7,210,042 |
| Investor AB: | | | |
| (A Shares) | | 668,771 | 18,956,112 |
| (B Shares) | | 2,423,862 | 68,578,513 |
| L E Lundbergforetagen AB (B Shares) | | 134,205 | 6,631,808 |
| Lifco AB (B Shares) | | 418,685 | 12,456,945 |
| Nibe Industrier AB (B Shares) (b) | | 2,676,526 | 12,922,225 |
| Saab AB (B Shares) | | 565,481 | 11,628,542 |
| Sagax AB | | 388,373 | 9,287,810 |
| Sandvik AB | | 1,922,432 | 37,710,489 |
| Securitas AB (B Shares) (b) | | 870,011 | 10,207,036 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 2,841,141 | 40,118,979 |
| Skanska AB (B Shares) (b) | | 599,839 | 12,171,813 |
| SKF AB (B Shares) | | 601,610 | 11,366,420 |
| Svenska Cellulosa AB SCA (B Shares) | | 1,075,210 | 14,213,958 |
| Svenska Handelsbanken AB (A Shares) | | 2,618,617 | 27,209,106 |
| Swedbank AB (A Shares) | | 1,523,595 | 30,916,485 |
| Swedish Orphan Biovitrum AB (a) | | 352,543 | 11,018,468 |
| Tele2 AB (B Shares) | | 950,638 | 9,961,822 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 4,973,699 | 41,700,026 |
| Telia Co. AB (b) | | 4,287,379 | 12,458,269 |
| Trelleborg AB (B Shares) | | 376,309 | 12,488,830 |
| Volvo AB: | | | |
| (A Shares) | | 356,821 | 9,343,713 |
| (B Shares) | | 2,847,589 | 73,952,244 |
| Volvo Car AB (b) | | 1,324,195 | 2,849,221 |
TOTAL SWEDEN | | | 964,481,446 |
| Switzerland - 3.8% | | | |
| ABB Ltd. (Reg.) | | 2,832,430 | 157,401,361 |
| Adecco SA (Reg.) | | 295,802 | 9,269,182 |
| Avolta AG | | 160,671 | 6,388,034 |
| Bachem Holding AG (B Shares) (b) | | 57,834 | 4,577,562 |
| Baloise Holdings AG | | 78,799 | 15,138,387 |
| Banque Cantonale Vaudoise (b) | | 53,257 | 5,309,974 |
| Barry Callebaut AG (b) | | 6,287 | 11,007,983 |
| BKW AG | | 37,255 | 6,540,279 |
| Chocoladefabriken Lindt & Spruengli AG | | 1,756 | 20,680,354 |
| Chocoladefabriken Lindt & Spruengli AG | | 193 | 22,439,002 |
| Clariant AG (Reg.) | | 384,637 | 5,340,510 |
| Compagnie Financiere Richemont SA Series A | | 962,969 | 140,208,763 |
| DSM-Firmenich AG | | 333,909 | 39,626,158 |
| Ems-Chemie Holding AG | | 12,497 | 9,616,417 |
| Galderma Group AG (a) | | 104,583 | 9,786,755 |
| Geberit AG (Reg.) | | 60,340 | 37,788,052 |
| Givaudan SA | | 16,567 | 78,599,964 |
| Helvetia Holding AG (Reg.) (b) | | 66,607 | 11,276,641 |
| Julius Baer Group Ltd. | | 370,793 | 22,607,841 |
| Kuehne & Nagel International AG | | 86,137 | 21,505,573 |
| Logitech International SA (Reg.) | | 279,931 | 22,937,777 |
| Lonza Group AG | | 129,261 | 79,722,551 |
| Novartis AG | | 3,524,991 | 382,483,669 |
| Partners Group Holding AG | | 40,657 | 56,167,913 |
| Sandoz Group AG | | 735,392 | 33,510,133 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 71,663 | 20,862,808 |
| (Reg.) | | 43,611 | 12,423,491 |
| SGS SA (Reg.) | | 276,021 | 29,246,623 |
| Sig Group AG (b) | | 541,012 | 11,646,590 |
| Sika AG | | 273,882 | 76,276,557 |
| Sonova Holding AG | | 90,924 | 33,272,509 |
| Straumann Holding AG | | 200,444 | 26,426,423 |
| Swatch Group AG (Bearer) (b) | | 52,326 | 10,737,454 |
| Swatch Group AG (Bearer) (Reg.) | | 90,443 | 3,660,451 |
| Swiss Life Holding AG | | 51,371 | 41,903,459 |
| Swiss Prime Site AG | | 139,260 | 15,102,425 |
| Swisscom AG | | 46,583 | 28,374,336 |
| Temenos AG | | 106,443 | 7,364,911 |
| UBS Group AG | | 5,828,959 | 179,144,892 |
| UBS Group AG | | 52,258 | 1,603,275 |
| VAT Group AG (c) | | 48,548 | 20,210,765 |
| Zurich Insurance Group Ltd. | | 261,257 | 154,038,491 |
TOTAL SWITZERLAND | | | 1,882,226,295 |
| Taiwan - 5.3% | | | |
| Accton Technology Corp. | | 911,000 | 15,358,005 |
| Acer, Inc. | | 5,100,060 | 6,340,438 |
| Advantech Co. Ltd. | | 862,303 | 8,478,148 |
| Alchip Technologies Ltd. | | 144,000 | 8,948,889 |
| ASE Technology Holding Co. Ltd. | | 5,915,943 | 27,989,237 |
| Asia Cement Corp. | | 4,120,785 | 6,007,479 |
| Asia Vital Components Co. Ltd. | | 587,000 | 11,281,610 |
| ASUSTeK Computer, Inc. | | 1,266,422 | 22,435,188 |
| AUO Corp. | | 11,728,600 | 6,062,186 |
| Catcher Technology Co. Ltd. | | 1,074,000 | 7,842,207 |
| Cathay Financial Holding Co. Ltd. | | 17,097,184 | 36,225,918 |
| Chailease Holding Co. Ltd. | | 2,660,202 | 12,497,717 |
| Chang Hwa Commercial Bank | | 10,924,617 | 6,022,596 |
| Cheng Shin Rubber Industry Co. Ltd. | | 3,094,513 | 4,458,980 |
| China Airlines Ltd. | | 5,249,000 | 3,672,464 |
| China Steel Corp. | | 21,382,421 | 15,003,634 |
| Chunghwa Picture Tubes, Ltd. (a)(d) | | 551 | 0 |
| Chunghwa Telecom Co. Ltd. (f) | | 6,812,400 | 25,943,656 |
| Compal Electronics, Inc. | | 7,477,394 | 8,235,026 |
| CTBC Financial Holding Co. Ltd. | | 28,175,255 | 31,336,094 |
| Delta Electronics, Inc. | | 3,495,383 | 43,311,648 |
| E Ink Holdings, Inc. | | 1,543,000 | 14,488,290 |
| E.SUN Financial Holdings Co. Ltd. | | 25,875,978 | 22,074,814 |
| ECLAT Textile Co. Ltd. | | 341,420 | 5,725,457 |
| eMemory Technology, Inc. | | 115,000 | 11,218,425 |
| EVA Airways Corp. | | 4,812,000 | 5,575,485 |
| Evergreen Marine Corp. (Taiwan) | | 1,853,221 | 11,780,455 |
| Far Eastern New Century Corp. | | 5,430,032 | 6,286,259 |
| Far EasTone Telecommunications Co. Ltd. | | 3,132,000 | 8,676,829 |
| Feng Tay Enterprise Co. Ltd. | | 882,710 | 3,893,001 |
| First Financial Holding Co. Ltd. | | 20,235,891 | 17,095,245 |
| Formosa Chemicals & Fibre Corp. | | 6,261,620 | 7,494,349 |
| Formosa Plastics Corp. | | 6,778,640 | 9,973,260 |
| Fortune Electric Co. Ltd. | | 261,600 | 4,393,061 |
| Fubon Financial Holding Co. Ltd. | | 14,694,526 | 41,182,229 |
| Gigabyte Technology Co. Ltd. | | 979,000 | 7,741,320 |
| Global Unichip Corp. | | 159,000 | 5,963,275 |
| GlobalWafers Co. Ltd. | | 487,000 | 6,359,977 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 22,338,593 | 143,650,497 |
| Hotai Motor Co. Ltd. | | 548,180 | 11,068,088 |
| Hua Nan Financial Holdings Co. Ltd. | | 15,820,270 | 12,515,645 |
| Innolux Corp. | | 13,337,805 | 6,451,069 |
| Inventec Corp. | | 4,729,209 | 6,561,978 |
| Kgi Financial Holding Co. Ltd. | | 28,247,457 | 14,602,592 |
| Largan Precision Co. Ltd. | | 177,000 | 12,437,580 |
| Lite-On Technology Corp. | | 3,732,053 | 11,737,328 |
| MediaTek, Inc. | | 2,720,989 | 106,268,139 |
| Mega Financial Holding Co. Ltd. | | 21,316,131 | 26,056,082 |
| Micro-Star International Co. Ltd. | | 1,279,000 | 7,019,102 |
| Nan Ya Plastics Corp. | | 9,160,980 | 11,841,686 |
| Nanya Technology Corp. (a) | | 2,271,000 | 2,950,395 |
| Nien Made Enterprise Co. Ltd. | | 320,000 | 4,783,928 |
| Novatek Microelectronics Corp. | | 1,044,000 | 16,183,731 |
| Pegatron Corp. | | 3,523,652 | 10,719,095 |
| PharmaEssentia Corp. (a) | | 423,000 | 8,299,441 |
| Pou Chen Corp. | | 3,784,240 | 4,438,820 |
| President Chain Store Corp. | | 1,045,000 | 9,626,263 |
| Quanta Computer, Inc. | | 4,848,000 | 44,169,697 |
| Realtek Semiconductor Corp. | | 885,744 | 13,038,376 |
| Ruentex Development Co. Ltd. | | 2,658,661 | 3,829,223 |
| Shin Kong Financial Holding Co. Ltd. (a) | | 25,266,074 | 8,969,422 |
| Sinopac Financial Holdings Co. | | 19,047,883 | 13,565,705 |
| Synnex Technology International Corp. | | 2,226,920 | 4,907,296 |
| Taishin Financial Holdings Co. Ltd. | | 20,600,046 | 10,980,851 |
| Taiwan Business Bank | | 12,207,501 | 5,891,345 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 18,775,204 | 14,727,605 |
| Taiwan High Speed Rail Corp. | | 3,295,000 | 2,998,173 |
| Taiwan Mobile Co. Ltd. | | 3,320,400 | 11,740,714 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 44,094,000 | 1,387,268,264 |
| Tcc Group Holdings | | 12,272,302 | 12,231,233 |
| The Shanghai Commercial & Savings Bank Ltd. | | 6,811,811 | 8,489,453 |
| Uni-President Enterprises Corp. | | 8,685,620 | 24,402,413 |
| Unimicron Technology Corp. | | 2,435,000 | 11,930,751 |
| United Microelectronics Corp. | | 20,282,000 | 29,357,076 |
| Vanguard International Semiconductor Corp. | | 1,779,000 | 5,268,189 |
| Vanguard International Semiconductor Corp. rights 10/18/24 (a) | | 145,334 | 38,682 |
| Voltronic Power Technology Corp. | | 116,000 | 7,653,498 |
| Walsin Lihwa Corp. | | 4,871,600 | 4,479,383 |
| Wan Hai Lines Ltd. | | 1,213,050 | 3,222,028 |
| Winbond Electronics Corp. | | 6,087,118 | 3,614,644 |
| Wistron Corp. | | 4,976,000 | 16,779,636 |
| Wiwynn Corp. | | 201,000 | 11,464,552 |
| WPG Holding Co. Ltd. | | 2,792,378 | 6,365,133 |
| Yageo Corp. | | 719,182 | 12,271,981 |
| Yang Ming Marine Transport Corp. | | 3,152,000 | 6,492,198 |
| Yuanta Financial Holding Co. Ltd. | | 18,755,938 | 18,872,849 |
| Zhen Ding Technology Holding Ltd. | | 1,190,230 | 4,117,638 |
TOTAL TAIWAN | | | 2,633,722,318 |
| Thailand - 0.4% | | | |
| Advanced Info Service PCL (For. Reg.) | | 834,600 | 6,788,577 |
| Advanced Information Service PCL NVDR | | 1,317,300 | 10,714,824 |
| Airports of Thailand PCL: | | | |
| (For. Reg.) | | 2,874,900 | 5,209,494 |
| NVDR | | 4,866,600 | 8,818,575 |
| Bangkok Dusit Medical Services PCL: | | | |
| (For. Reg.) | | 8,118,600 | 6,612,889 |
| NVDR | | 11,943,800 | 9,728,651 |
| Bangkok Expressway and Metro PCL: | | | |
| (For. Reg.) | | 5,767,300 | 1,345,868 |
| NVDR | | 8,353,800 | 1,949,458 |
| Bumrungrad Hospital PCL: | | | |
| (For. Reg.) | | 333,600 | 2,690,369 |
| NVDR | | 721,600 | 5,819,456 |
| Central Pattana PCL: | | | |
| (For. Reg.) | | 1,703,600 | 3,167,209 |
| NVDR | | 2,035,000 | 3,783,324 |
| Central Retail Corp. PCL: | | | |
| (For. Reg.) | | 1,222,150 | 1,157,137 |
| NVDR | | 1,567,300 | 1,483,927 |
| Charoen Pokphand Foods PCL: | | | |
| (For. Reg.) | | 3,517,640 | 2,587,167 |
| NVDR | | 3,448,400 | 2,536,242 |
| CP ALL PCL: | | | |
| (For. Reg.) | | 4,316,600 | 8,084,961 |
| NVDR | | 6,033,900 | 11,301,451 |
| CP Axtra PCL NVDR | | 3,564,417 | 3,556,395 |
| Delta Electronics PCL: | | | |
| (For. Reg.) | | 2,269,000 | 9,215,247 |
| NVDR | | 3,323,000 | 13,495,931 |
| Gulf Energy Development PCL: | | | |
| (For. Reg.) | | 1,254,900 | 2,472,866 |
| NVDR | | 4,086,900 | 8,053,516 |
| Home Product Center PCL: | | | |
| (For. Reg.) | | 4,757,447 | 1,343,706 |
| NVDR | | 5,260,500 | 1,485,789 |
| Intouch Holdings PCL: | | | |
| (For. Reg.) | | 737,800 | 2,337,481 |
| NVDR | | 1,315,200 | 4,166,786 |
| Kasikornbank PCL NVDR | | 1,098,700 | 4,758,456 |
| Krung Thai Bank PCL: | | | |
| (For. Reg.) | | 1,971,475 | 1,196,533 |
| NVDR | | 3,889,400 | 2,360,566 |
| Krungthai Card PCL: | | | |
| (For. Reg.) | | 402,600 | 568,054 |
| NVDR | | 1,299,500 | 1,833,548 |
| Minor International PCL: | | | |
| (For. Reg.) | | 2,307,541 | 1,827,666 |
| NVDR | | 3,829,782 | 3,033,343 |
| PTT Exploration and Production PCL: | | | |
| (For. Reg.) | | 1,205,451 | 4,524,118 |
| NVDR | | 1,238,200 | 4,647,027 |
| PTT Global Chemical PCL: | | | |
| (For. Reg.) | | 1,977,086 | 1,522,802 |
| NVDR | | 1,888,700 | 1,454,725 |
| PTT Oil & Retail Business PCL NVDR | | 5,044,400 | 2,300,295 |
| PTT PCL: | | | |
| (For. Reg.) | | 7,492,700 | 7,438,355 |
| NVDR | | 10,198,000 | 10,124,033 |
| SCB X PCL: | | | |
| (For. Reg.) | | 403,200 | 1,354,993 |
| NVDR | | 1,130,800 | 3,800,163 |
| SCG Packaging PCL NVDR | | 2,187,100 | 1,647,980 |
| Siam Cement PCL: | | | |
| (For. Reg.) | | 548,850 | 3,414,202 |
| NVDR | | 853,100 | 5,306,834 |
| Thai Oil PCL: | | | |
| (For. Reg.) | | 934,645 | 1,135,387 |
| NVDR | | 1,141,454 | 1,386,615 |
| TMBThanachart Bank PCL NVDR | | 42,432,400 | 2,237,210 |
| True Corp. PCL (a) | | 8,968,153 | 3,263,464 |
| True Corp. PCL NVDR (a) | | 9,914,905 | 3,607,982 |
TOTAL THAILAND | | | 214,651,647 |
| Turkey - 0.2% | | | |
| Akbank TAS | | 5,820,588 | 8,595,411 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 372,005 | 2,081,230 |
| Aselsan A/S | | 2,352,805 | 4,178,263 |
| Bim Birlesik Magazalar A/S JSC | | 804,893 | 10,958,196 |
| Coca-Cola Icecek Sanayi A/S | | 1,424,995 | 2,116,803 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 2,381,608 | 3,308,465 |
| Ford Otomotiv Sanayi A/S | | 125,701 | 3,589,623 |
| Haci Omer Sabanci Holding A/S | | 1,906,253 | 4,631,419 |
| Koc Holding A/S | | 1,333,974 | 6,579,355 |
| Pegasus Hava Tasimaciligi A/S | | 382,684 | 2,586,593 |
| Sasa Polyester Sanayi A/S | | 18,098,200 | 2,033,506 |
| Tofas Turk Otomobil Fabrikasi A/S | | 304,683 | 1,671,688 |
| Turk Hava Yollari AO (a) | | 993,480 | 7,900,870 |
| Turkcell Iletisim Hizmet A/S | | 2,142,328 | 5,298,768 |
| Turkiye Is Bankasi A/S Series C | | 15,321,594 | 5,258,484 |
| Turkiye Petrol Rafinerileri A/S | | 1,701,523 | 7,180,511 |
| Turkiye Sise ve Cam Fabrikalari A/S | | 2,358,499 | 2,694,051 |
| Yapi ve Kredi Bankasi A/S | | 5,932,631 | 4,238,459 |
TOTAL TURKEY | | | 84,901,695 |
| United Arab Emirates - 0.3% | | | |
| Abu Dhabi Commercial Bank PJSC | | 5,207,042 | 12,673,651 |
| Abu Dhabi Islamic Bank | | 2,588,666 | 8,880,138 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 5,343,011 | 5,251,295 |
| ADNOC Drilling Co. PJSC | | 5,700,179 | 7,868,095 |
| Aldar Properties PJSC | | 6,833,320 | 14,176,202 |
| Americana Restaurants International PLC | | 5,034,797 | 3,097,873 |
| Dubai Islamic Bank Pakistan Ltd. | | 5,188,304 | 8,828,331 |
| Emaar Properties PJSC | | 12,041,294 | 28,488,271 |
| Emirates NBD Bank PJSC | | 3,401,494 | 17,595,292 |
| Emirates Telecommunications Corp. | | 6,227,359 | 30,042,826 |
| First Abu Dhabi Bank PJSC | | 7,863,379 | 28,130,518 |
| Multiply Group (a) | | 6,024,496 | 3,723,229 |
| NMC Health PLC (a)(d) | | 75,611 | 1 |
TOTAL UNITED ARAB EMIRATES | | | 168,755,722 |
| United Kingdom - 6.6% | | | |
| 3i Group PLC | | 1,739,774 | 71,344,161 |
| Admiral Group PLC | | 469,444 | 15,520,522 |
| AngloGold Ashanti PLC | | 754,887 | 21,060,693 |
| Ashtead Group PLC | | 784,235 | 58,530,098 |
| Associated British Foods PLC | | 603,148 | 17,273,365 |
| AstraZeneca PLC (United Kingdom) | | 2,773,857 | 394,702,110 |
| Auto Trader Group PLC (c) | | 1,604,908 | 17,328,979 |
| Aviva PLC | | 4,799,780 | 28,042,705 |
| BAE Systems PLC | | 5,430,597 | 87,526,612 |
| Barclays PLC | | 26,417,771 | 80,983,760 |
| Barratt Developments PLC | | 2,492,172 | 14,345,203 |
| Berkeley Group Holdings PLC | | 185,064 | 10,560,647 |
| British American Tobacco PLC (United Kingdom) | | 3,571,306 | 124,885,392 |
| BT Group PLC | | 11,607,239 | 20,691,814 |
| Bunzl PLC | | 608,131 | 26,755,352 |
| Centrica PLC | | 9,456,305 | 14,302,896 |
| CK Hutchison Holdings Ltd. | | 4,833,223 | 25,418,540 |
| Coca-Cola Europacific Partners PLC | | 370,357 | 28,147,132 |
| Compass Group PLC | | 3,037,829 | 98,657,824 |
| Croda International PLC | | 244,015 | 11,657,602 |
| DCC PLC (United Kingdom) | | 179,140 | 11,327,851 |
| Diageo PLC | | 3,981,371 | 122,951,818 |
| Entain PLC | | 1,153,791 | 11,083,781 |
| Halma PLC | | 681,486 | 21,748,867 |
| Hargreaves Lansdown PLC | | 621,596 | 8,720,505 |
| HSBC Holdings PLC (United Kingdom) | | 33,108,706 | 303,872,474 |
| Imperial Brands PLC | | 1,452,074 | 43,820,728 |
| Informa PLC | | 2,400,083 | 25,024,448 |
| InterContinental Hotel Group PLC | | 288,895 | 31,864,411 |
| Intertek Group PLC | | 291,133 | 17,448,659 |
| J Sainsbury PLC | | 2,927,439 | 10,048,481 |
| JD Sports Fashion PLC | | 4,530,865 | 7,244,482 |
| Kingfisher PLC | | 3,276,621 | 12,391,532 |
| Land Securities Group PLC | | 1,257,646 | 9,754,355 |
| Legal & General Group PLC | | 10,684,890 | 29,911,238 |
| Lloyds Banking Group PLC | | 111,612,897 | 76,611,131 |
| London Stock Exchange Group PLC | | 854,236 | 115,779,640 |
| M&G PLC | | 4,174,906 | 10,440,973 |
| Melrose Industries PLC | | 2,376,905 | 14,558,276 |
| National Grid PLC | | 8,608,269 | 108,086,712 |
| NatWest Group PLC | | 11,886,991 | 56,323,535 |
| Next PLC | | 215,119 | 27,156,010 |
| Pearson PLC | | 778,469 | 11,431,293 |
| Pearson PLC sponsored ADR (b) | | 281,153 | 4,104,834 |
| Persimmon PLC | | 579,340 | 10,958,930 |
| Phoenix Group Holdings PLC | | 1,276,704 | 8,086,360 |
| Reckitt Benckiser Group PLC | | 1,250,502 | 75,860,490 |
| RELX PLC (London Stock Exchange) | | 3,339,061 | 153,128,350 |
| Rentokil Initial PLC | | 4,530,240 | 22,722,666 |
| Rolls-Royce Holdings PLC (a) | | 15,221,101 | 105,031,666 |
| Sage Group PLC | | 1,808,531 | 22,606,508 |
| Schroders PLC | | 1,427,225 | 6,330,753 |
| Segro PLC | | 2,312,104 | 23,409,501 |
| Severn Trent PLC | | 487,667 | 16,148,154 |
| Smith & Nephew PLC | | 1,569,838 | 19,517,508 |
| Smiths Group PLC | | 613,853 | 12,102,536 |
| Spirax-Sarco Engineering PLC | | 129,936 | 10,815,093 |
| SSE PLC | | 1,963,266 | 44,580,302 |
| Standard Chartered PLC (United Kingdom) | | 3,884,866 | 45,050,401 |
| Taylor Wimpey PLC | | 6,437,085 | 12,170,489 |
| Tesco PLC | | 12,420,525 | 54,844,962 |
| Unilever PLC | | 4,462,439 | 272,217,839 |
| United Utilities Group PLC | | 1,234,078 | 16,286,672 |
| Vodafone Group PLC | | 38,685,848 | 35,974,580 |
| Vodafone Group PLC sponsored ADR | | 193,800 | 1,796,526 |
| Whitbread PLC | | 319,446 | 12,410,838 |
| Wise PLC (a) | | 1,176,970 | 10,714,566 |
| WPP PLC | | 1,917,915 | 20,159,060 |
TOTAL UNITED KINGDOM | | | 3,272,366,191 |
| United States of America - 5.6% | | | |
| Alcon, Inc. (Switzerland) | | 894,470 | 82,429,416 |
| BP PLC | | 29,397,187 | 143,776,327 |
| BP PLC sponsored ADR | | 33,804 | 992,485 |
| Brookfield Renewable Corp. | | 241,532 | 7,395,058 |
| BRP, Inc. Subordinate Voting Shares (b) | | 63,605 | 3,136,053 |
| CSL Ltd. | | 865,184 | 162,442,909 |
| CyberArk Software Ltd. (a) | | 78,331 | 21,660,088 |
| Experian PLC | | 1,643,624 | 80,048,641 |
| Ferrovial SE | | 934,687 | 37,496,109 |
| GFL Environmental, Inc. | | 392,538 | 16,422,120 |
| GSK PLC | | 7,419,153 | 133,979,335 |
| Haleon PLC | | 13,897,897 | 66,794,209 |
| Holcim AG | | 932,778 | 91,900,587 |
| James Hardie Industries PLC CDI (a) | | 773,917 | 24,682,729 |
| JBS SA | | 1,357,500 | 8,456,049 |
| Legend Biotech Corp. ADR (a) | | 129,184 | 5,815,864 |
| Monday.com Ltd. (a) | | 66,939 | 19,671,364 |
| Nestle SA (Reg. S) | | 4,688,060 | 442,987,183 |
| QIAGEN NV (Germany) | | 391,879 | 16,645,702 |
| Roche Holding AG: | | | |
| (Bearer) (b) | | 56,429 | 19,159,264 |
| (participation certificate) | | 1,258,148 | 389,904,484 |
| Sanofi SA | | 2,038,824 | 215,462,561 |
| Schneider Electric SA | | 978,667 | 253,522,470 |
| Shell PLC (London) | | 11,275,660 | 376,464,074 |
| Stellantis NV (Italy) | | 3,789,954 | 51,927,293 |
| Swiss Re Ltd. | | 539,960 | 69,187,162 |
| Tenaris SA | | 853,468 | 14,061,290 |
TOTAL UNITED STATES OF AMERICA | | | 2,756,420,826 |
| Zambia - 0.0% | | | |
| First Quantum Minerals Ltd. (a) | | 1,273,570 | 16,455,291 |
| TOTAL COMMON STOCKS (Cost $39,671,419,435) | | | 47,310,711,263 |
| | | | |
| Nonconvertible Preferred Stocks - 0.4% |
| | | Shares | Value ($) |
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 792,137 | 6,340,318 |
| France - 0.0% | | | |
| Air Liquide SA | | 51,490 | 9,232,229 |
| Germany - 0.2% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 101,454 | 7,454,588 |
| Dr. Ing. h.c. F. Porsche AG Series F (c) | | 205,071 | 14,428,885 |
| Henkel AG & Co. KGaA | | 308,499 | 26,704,644 |
| Porsche Automobil Holding SE (Germany) | | 269,523 | 11,196,865 |
| Sartorius AG (non-vtg.) | | 46,149 | 11,932,201 |
| Volkswagen AG | | 366,758 | 35,598,563 |
TOTAL GERMANY | | | 107,315,746 |
| Korea (South) - 0.2% | | | |
| AMOREPACIFIC Corp. | | 7,985 | 191,886 |
| Hyundai Motor Co. Ltd. | | 41,134 | 4,660,590 |
| Hyundai Motor Co. Ltd. Series 2 | | 64,027 | 7,421,663 |
| LG Chemical Ltd. | | 14,509 | 2,191,562 |
| LG H & H Co. Ltd. | | 1,539 | 162,490 |
| Samsung Electronics Co. Ltd. | | 1,530,009 | 52,805,128 |
TOTAL KOREA (SOUTH) | | | 67,433,319 |
| Russia - 0.0% | | | |
| Surgutneftegas OJSC (a)(d) | | 8,898,217 | 1 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $233,490,775) | | | 190,321,613 |
| | | | |
| Nonconvertible Bonds - 0.0% |
| | | Principal Amount (g) | Value ($) |
| India - 0.0% | | | |
NTPC Ltd. 8.49% 3/25/25 (Cost $46,681) | INR | 233,068 | 14,330 |
| | | | |
| U.S. Government and Government Agency Obligations - 0.1% |
| | | Principal Amount (g) | Value ($) |
| U.S. Treasury Obligations - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (h) (Cost $40,962,532) | | 41,077,000 | 40,971,747 |
| | | | |
| Money Market Funds - 3.3% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.87% (i) | | 559,131,072 | 559,242,898 |
| Fidelity Securities Lending Cash Central Fund 4.87% (i)(j) | | 1,104,886,685 | 1,104,997,173 |
| TOTAL MONEY MARKET FUNDS (Cost $1,664,239,943) | | | 1,664,240,071 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $41,610,159,366) | 49,206,259,024 |
NET OTHER ASSETS (LIABILITIES) - 0.5% | 231,484,535 |
| NET ASSETS - 100.0% | 49,437,743,559 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 10,354 | Dec 2024 | 583,189,050 | 4,776,017 | 4,776,017 |
| ICE MSCI EAFE Index Contracts (United States) | 10,400 | Dec 2024 | 1,222,104,000 | (11,672,752) | (11,672,752) |
| TME S&P/TSX 60 Index Contracts (Canada) | 740 | Dec 2024 | 153,840,916 | 769,939 | 769,939 |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | (6,126,796) |
| The notional amount of futures purchased as a percentage of Net Assets is 4.0% |
Currency Abbreviations
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,154,883,440 or 2.3% of net assets. |
| (e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (g) | Amount is stated in United States dollars unless otherwise noted. |
| (h) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $22,041,378. |
| (i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (j) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 1,204,498,921 | 7,483,662,839 | 8,128,886,400 | 58,799,827 | (32,460) | (2) | 559,242,898 | 1.1% |
| Fidelity Securities Lending Cash Central Fund 4.87% | 646,052,156 | 9,229,123,967 | 8,770,178,950 | 7,563,065 | - | - | 1,104,997,173 | 4.6% |
| Total | 1,850,551,077 | 16,712,786,806 | 16,899,065,350 | 66,362,892 | (32,460) | (2) | 1,664,240,071 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
| Chunghwa Telecom Co. Ltd. | 21,640,717 | 3,165,079 | 288,361 | 765,984 | (31,681) | 1,457,902 | 25,943,656 |
| Total | 21,640,717 | 3,165,079 | 288,361 | 765,984 | (31,681) | 1,457,902 | 25,943,656 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 2,630,202,320 | 575,043,157 | 2,055,159,162 | 1 |
Consumer Discretionary | 5,259,957,614 | 1,272,448,039 | 3,987,509,575 | - |
Consumer Staples | 3,403,393,218 | 778,036,106 | 2,625,357,111 | 1 |
Energy | 2,429,949,462 | 939,646,075 | 1,490,303,369 | 18 |
Financials | 10,933,462,064 | 4,047,157,811 | 6,886,304,249 | 4 |
Health Care | 4,446,999,244 | 756,157,507 | 3,690,841,736 | 1 |
Industrials | 6,577,756,850 | 2,119,507,001 | 4,458,249,849 | - |
Information Technology | 6,170,953,499 | 1,148,440,273 | 5,022,513,224 | 2 |
Materials | 3,271,696,252 | 1,340,218,266 | 1,930,974,167 | 503,819 |
Real Estate | 875,935,916 | 290,480,488 | 585,455,428 | - |
Utilities | 1,500,726,437 | 716,505,846 | 784,220,585 | 6 |
|
| Corporate Bonds | 14,330 | - | 14,330 | - |
|
| U.S. Government and Government Agency Obligations | 40,971,747 | - | 40,971,747 | - |
|
| Money Market Funds | 1,664,240,071 | 1,664,240,071 | - | - |
| Total Investments in Securities: | 49,206,259,024 | 15,647,880,640 | 33,557,874,532 | 503,852 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 5,545,956 | 5,545,956 | - | - |
| Total Assets | 5,545,956 | 5,545,956 | - | - |
| Liabilities | | | | |
Futures Contracts | (11,672,752) | (11,672,752) | - | - |
| Total Liabilities | (11,672,752) | (11,672,752) | - | - |
| Total Derivative Instruments: | (6,126,796) | (6,126,796) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 5,545,956 | (11,672,752) |
| Total Equity Risk | 5,545,956 | (11,672,752) |
| Total Value of Derivatives | 5,545,956 | (11,672,752) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $1,033,803,088) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $39,920,442,372) | $ | 47,516,075,297 | | |
Fidelity Central Funds (cost $1,664,239,943) | | 1,664,240,071 | | |
Other affiliated issuers (cost $25,477,051) | | 25,943,656 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $41,610,159,366) | | | $ | 49,206,259,024 |
| Cash | | | | 409,124 |
| Foreign currency held at value (cost $146,411,477) | | | | 146,123,553 |
| Receivable for investments sold | | | | 2,698,782 |
| Receivable for fund shares sold | | | | 1,255,221,006 |
| Dividends receivable | | | | 93,407,434 |
| Reclaims receivable | | | | 57,554,327 |
| Interest receivable | | | | 109 |
| Distributions receivable from Fidelity Central Funds | | | | 4,945,613 |
| Receivable from investment adviser for expense reductions | | | | 49,986 |
| Other receivables | | | | 98,406 |
Total assets | | | | 50,766,767,364 |
| Liabilities | | | | |
| Payable for investments purchased | | | | |
Regular delivery | $ | 73,322,577 | | |
Delayed delivery | | 276,033 | | |
| Payable for fund shares redeemed | | 555,254 | | |
| Payable for daily variation margin on futures contracts | | 3,323,638 | | |
| Deferred taxes | | 144,141,982 | | |
| Other payables and accrued expenses | | 2,387,267 | | |
| Collateral on securities loaned | | 1,105,017,054 | | |
| Total liabilities | | | | 1,329,023,805 |
| Net Assets | | | $ | 49,437,743,559 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 43,168,612,618 |
| Total accumulated earnings (loss) | | | | 6,269,130,941 |
| Net Assets | | | $ | 49,437,743,559 |
Net Asset Value, offering price and redemption price per share ($49,437,743,559 ÷ 3,289,631,669 shares) | | | $ | 15.03 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends (including $765,984 earned from affiliated issuers) | | | $ | 1,384,469,188 |
| Interest | | | | 2,879,239 |
| Income from Fidelity Central Funds (including $7,563,065 from security lending) | | | | 66,362,892 |
| Income before foreign taxes withheld | | | $ | 1,453,711,319 |
| Less foreign taxes withheld | | | | (122,992,185) |
| Total income | | | | 1,330,719,134 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 6,619,471 | | |
| Independent trustees' fees and expenses | | 118,626 | | |
| Total expenses before reductions | | 6,738,097 | | |
| Expense reductions | | (780,814) | | |
| Total expenses after reductions | | | | 5,957,283 |
| Net Investment income (loss) | | | | 1,324,761,851 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $82,835) | | (630,048,001) | | |
| Fidelity Central Funds | | (32,460) | | |
| Other affiliated issuers | | (31,681) | | |
| Foreign currency transactions | | (5,828,999) | | |
| Futures contracts | | 163,842,020 | | |
| Total net realized gain (loss) | | | | (472,099,121) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $103,007,329) | | 7,904,688,957 | | |
| Fidelity Central Funds | | (2) | | |
| Other affiliated issuers | | 1,457,902 | | |
| Assets and liabilities in foreign currencies | | (1,711,095) | | |
| Futures contracts | | 58,353,807 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 7,962,789,569 |
| Net gain (loss) | | | | 7,490,690,448 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 8,815,452,299 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 1,324,761,851 | $ | 1,105,414,759 |
| Net realized gain (loss) | | (472,099,121) | | (636,997,027) |
| Change in net unrealized appreciation (depreciation) | | 7,962,789,569 | | 3,116,330,387 |
| Net increase (decrease) in net assets resulting from operations | | 8,815,452,299 | | 3,584,748,119 |
| Distributions to shareholders | | (1,183,731,202) | | (864,349,534) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 8,712,520,722 | | 8,456,848,187 |
| Reinvestment of distributions | | 1,183,731,202 | | 864,349,534 |
| Cost of shares redeemed | | (4,582,120,737) | | (5,436,184,955) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 5,314,131,187 | | 3,885,012,766 |
| Total increase (decrease) in net assets | | 12,945,852,284 | | 6,605,411,351 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 36,491,891,275 | | 29,886,479,924 |
| End of period | $ | 49,437,743,559 | $ | 36,491,891,275 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 604,012,356 | | 643,820,506 |
| Issued in reinvestment of distributions | | 89,540,938 | | 68,982,405 |
| Redeemed | | (315,465,868) | | (417,024,417) |
| Net increase (decrease) | | 378,087,426 | | 295,778,494 |
| | | | | |
Financial Highlights
Fidelity® Series Global ex U.S. Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.53 | $ | 11.43 | $ | 15.55 | $ | 12.23 | $ | 12.78 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .42 | | .41 | | .42 | | .38 | | .29 |
| Net realized and unrealized gain (loss) | | 2.48 | | 1.03 | | (4.15) | | 3.18 | | (.56) |
| Total from investment operations | | 2.90 | | 1.44 | | (3.73) | | 3.56 | | (.27) |
| Distributions from net investment income | | (.40) | | (.34) | | (.39) | | (.24) | | (.26) |
| Distributions from net realized gain | | - | | - | | - | | - | | (.01) |
| Total distributions | | (.40) | | (.34) | | (.39) | | (.24) | | (.28) C |
| Net asset value, end of period | $ | 15.03 | $ | 12.53 | $ | 11.43 | $ | 15.55 | $ | 12.23 |
Total Return D | | | | 12.62% | | (24.57)% | | 29.34% | | (2.27)% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .01% | | .02% | | .02% | | .02% | | .02% |
| Expenses net of fee waivers, if any | | | | .01% | | .01% | | .01% | | .01% |
| Expenses net of all reductions | | .01% | | .01% | | .01% | | .01% | | .01% |
| Net investment income (loss) | | 2.94% | | 3.11% | | 3.11% | | 2.52% | | 2.42% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 49,437,744 | $ | 36,491,891 | $ | 29,886,480 | $ | 30,864,862 | $ | 18,177,449 |
Portfolio turnover rate G | | | | 6% | | 4% | | 5% H | | 5% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
HPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
For the period ended October 31, 2024
1. Organization.
Fidelity Series Global ex U.S. Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. The Fund did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $11,355,755,078 |
| Gross unrealized depreciation | (4,265,126,148) |
| Net unrealized appreciation (depreciation) | $7,090,628,930 |
| Tax Cost | $42,116,403,547 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $1,296,640,265 |
| Capital loss carryforward | $(1,970,660,529) |
| Net unrealized appreciation (depreciation) on securities and other investments | $7,087,298,643 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Short-term | $(323,169,584) |
Long-term | (1,647,490,945) |
| Total capital loss carryforward | $(1,970,660,529) |
The tax character of distributions paid was as follows:
| | October 31, 2024 | October 31, 2023 |
| Ordinary Income | $1,183,731,202 | $864,349,534 |
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. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. 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. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. 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.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Series Global ex U.S. Index Fund | 6,579,519,030 | 1,458,656,032 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Series Global ex U.S. Index Fund | 825,337 | - | - |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .013% of average net assets. This reimbursement will remain in place through February 28, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $770,694.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $10,120.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Series Global ex U.S. Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Series Global ex U.S. Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2024, 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
December 17, 2024
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates $53,092,431 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 55.79% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.4101 and $0.0275 for the dividend paid December 11, 2023.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Global ex U.S. Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, collective investment trusts, and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies, collective investment trusts, and 529 plans.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, collective investment trusts, and 529 plans that invest in the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2027.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
1.899279.115
SGX-ANN-1224
Fidelity® SAI Emerging Markets Value Index Fund
Annual Report
October 31, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® SAI Emerging Markets Value Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 98.9% |
| | | Shares | Value ($) |
| Brazil - 4.7% | | | |
| Banco do Brasil SA | | 11,183,100 | 50,935,152 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 9,095,930 | 17,890,073 |
| Gerdau SA | | 5,416,468 | 17,146,355 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 14,542,900 | 90,338,103 |
| Vale SA | | 8,542,800 | 91,709,970 |
| Vibra Energia SA | | 2,379,400 | 9,182,725 |
TOTAL BRAZIL | | | 277,202,378 |
| Chile - 0.4% | | | |
| Cencosud SA | | 4,978,116 | 10,324,690 |
| Empresas COPEC SA | | 1,420,457 | 8,968,166 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 82,580 | 3,178,156 |
TOTAL CHILE | | | 22,471,012 |
| China - 22.2% | | | |
| Agricultural Bank of China Ltd. (H Shares) | | 119,967,000 | 58,945,379 |
| Alibaba Group Holding Ltd. | | 5,990,500 | 73,277,684 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 4,615,500 | 13,407,306 |
| Baidu, Inc. Class A (a) | | 5,963,450 | 68,047,916 |
| Bank of China Ltd. (H Shares) | | 199,577,000 | 94,725,211 |
| Bank of Communications Co. Ltd. (H Shares) | | 83,353,000 | 63,130,351 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 35,430,000 | 22,081,599 |
| China Construction Bank Corp. (H Shares) | | 161,883,000 | 125,659,502 |
| China Merchants Bank Co. Ltd. (H Shares) | | 5,762,000 | 28,196,509 |
| China Minsheng Banking Corp. Ltd. (H Shares) | | 25,653,000 | 9,528,002 |
| China Overseas Land and Investment Ltd. | | 14,523,500 | 27,751,767 |
| China Resources Land Ltd. | | 9,877,000 | 32,924,347 |
| China State Construction International Holdings Ltd. | | 6,791,400 | 9,968,047 |
| COSCO SHIPPING Holdings Co. Ltd. (H Shares) | | 12,487,800 | 18,493,634 |
| Geely Automobile Holdings Ltd. | | 20,158,000 | 35,435,746 |
| Hengan International Group Co. Ltd. | | 2,507,000 | 7,402,816 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 163,699,000 | 98,195,920 |
| JD.com, Inc. Class A | | 6,597,850 | 133,799,301 |
| Kunlun Energy Co. Ltd. | | 15,342,000 | 14,549,771 |
| Li Auto, Inc. Class A (a) | | 4,549,500 | 57,210,406 |
| Longfor Properties Co. Ltd. (b)(c) | | 6,867,160 | 11,124,846 |
| New China Life Insurance Co. Ltd. (H Shares) | | 3,430,500 | 11,577,105 |
| People's Insurance Co. of China Group Ltd. (H Shares) | | 31,597,000 | 15,948,732 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (c) | | 29,448,000 | 16,911,449 |
| Qifu Technology, Inc. ADR | | 497,577 | 16,325,501 |
| Sinopharm Group Co. Ltd. (H Shares) | | 5,236,800 | 13,046,394 |
| Tencent Holdings Ltd. | | 3,559,800 | 185,615,557 |
| Vipshop Holdings Ltd. ADR | | 1,051,613 | 15,185,292 |
| Weichai Power Co. Ltd. (H Shares) | | 7,127,800 | 10,770,549 |
| Xinyi Glass Holdings Ltd. | | 9,067,800 | 10,297,268 |
| Yangzijiang Shipbuilding Holdings Ltd. | | 10,546,800 | 20,490,282 |
TOTAL CHINA | | | 1,320,024,189 |
| Czech Republic - 0.1% | | | |
| CEZ A/S | | 187,362 | 7,260,128 |
| Egypt - 0.1% | | | |
| Commercial International Bank SAE | | 1,896,164 | 3,098,940 |
| Greece - 0.4% | | | |
| Alpha Services and Holdings SA | | 7,882,265 | 11,827,742 |
| National Bank of Greece SA | | 848,135 | 6,623,973 |
| Star Bulk Carriers Corp. | | 362,946 | 6,935,898 |
TOTAL GREECE | | | 25,387,613 |
| Hong Kong - 0.4% | | | |
| WH Group Ltd. (c) | | 30,545,000 | 23,773,676 |
| Hungary - 0.2% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 1,758,928 | 12,205,207 |
| OTP Bank PLC | | 31,077 | 1,546,935 |
TOTAL HUNGARY | | | 13,752,142 |
| India - 21.6% | | | |
| Apollo Tyres Ltd. | | 1,264,122 | 7,557,082 |
| Aurobindo Pharma Ltd. | | 1,097,664 | 18,194,467 |
| Bandhan Bank Ltd. (c) | | 2,955,027 | 6,371,002 |
| Bank of Baroda | | 4,036,554 | 12,003,598 |
| Biocon Ltd. | | 1,733,710 | 6,505,163 |
| Canara Bank Ltd. | | 7,080,179 | 8,602,855 |
| Cipla Ltd./India | | 2,077,714 | 38,222,119 |
| Dr. Reddy's Laboratories Ltd. | | 2,376,240 | 35,941,529 |
| Federal Bank Ltd. | | 7,040,433 | 17,028,951 |
| GAIL India Ltd. | | 9,445,115 | 22,379,355 |
| HCL Technologies Ltd. | | 3,565,657 | 74,608,031 |
| HDFC Bank Ltd. | | 1,536,179 | 31,574,874 |
| Hero Motocorp Ltd. | | 500,484 | 29,593,039 |
| Hindalco Industries Ltd. | | 5,700,780 | 46,257,217 |
| ICICI Bank Ltd. | | 91,563 | 1,404,498 |
| Indus Towers Ltd. (a) | | 3,099,728 | 12,506,862 |
| IndusInd Bank Ltd. | | 801,282 | 10,024,229 |
| Infosys Ltd. | | 3,134,447 | 65,397,369 |
| InterGlobe Aviation Ltd. (a)(c) | | 767,171 | 36,853,507 |
| ITC Ltd. | | 11,694,079 | 67,845,990 |
| LIC Housing Finance Ltd. | | 1,180,730 | 8,834,423 |
| Mahindra & Mahindra Ltd. | | 1,632,826 | 52,726,544 |
| MakeMyTrip Ltd. (a)(b) | | 219,382 | 22,265,079 |
| Maruti Suzuki India Ltd. | | 345,538 | 45,351,444 |
| Ncc Ltd. | | 1,911,279 | 6,763,830 |
| NMDC Ltd. | | 4,460,648 | 11,714,309 |
| NTPC Ltd. | | 13,995,340 | 67,687,840 |
| Oil & Natural Gas Corp. Ltd. | | 15,220,465 | 47,999,887 |
| Power Finance Corp. Ltd. | | 5,667,036 | 30,443,899 |
| Punjab National Bank | | 8,594,751 | 9,982,530 |
| REC Ltd. | | 4,830,160 | 29,821,440 |
| Reliance Industries Ltd. (a) | | 1,051,359 | 16,504,737 |
| Reliance Industries Ltd. | | 1,051,359 | 16,623,618 |
| State Bank of India | | 6,966,188 | 67,787,972 |
| Sun Pharmaceutical Industries Ltd. | | 2,815,343 | 61,781,794 |
| Tata Motors Ltd. | | 5,990,666 | 59,252,333 |
| Tata Steel Ltd. | | 30,343,591 | 53,328,149 |
| Tech Mahindra Ltd. | | 2,439,845 | 46,438,809 |
| Union Bank of India Ltd. | | 5,958,480 | 8,262,705 |
| Vedanta Ltd. | | 5,090,067 | 28,018,417 |
| Wipro Ltd. | | 5,508,546 | 35,856,462 |
| WNS Holdings Ltd. (b) | | 162,249 | 7,786,330 |
TOTAL INDIA | | | 1,284,104,288 |
| Indonesia - 1.6% | | | |
| PT Adaro Energy Indonesia Tbk | | 49,057,200 | 11,291,181 |
| PT Astra International Tbk | | 78,999,600 | 25,647,018 |
| PT Bank Negara Indonesia (Persero) Tbk | | 13,880,700 | 4,629,714 |
| PT Indofood Sukses Makmur Tbk | | 17,134,200 | 8,290,028 |
| PT Telkom Indonesia Persero Tbk | | 185,577,600 | 33,170,655 |
| PT United Tractors Tbk | | 5,823,200 | 10,164,518 |
TOTAL INDONESIA | | | 93,193,114 |
| Korea (South) - 10.5% | | | |
| BNK Financial Group, Inc. | | 1,105,898 | 7,565,861 |
| CJ CheilJedang Corp. | | 33,424 | 6,634,837 |
| Db Insurance Co. Ltd. | | 193,422 | 15,295,286 |
| Hana Financial Group, Inc. | | 1,139,617 | 49,329,239 |
| Hankook Tire Co. Ltd. | | 290,368 | 7,419,484 |
| HMM Co. Ltd. | | 1,129,391 | 13,998,727 |
| Hyundai Glovis Co. Ltd. | | 172,699 | 15,244,219 |
| Hyundai Mobis | | 244,896 | 44,160,013 |
| Hyundai Motor Co. Ltd. | | 298,518 | 46,131,469 |
| Industrial Bank of Korea | | 1,244,212 | 12,714,606 |
| KB Financial Group, Inc. | | 473,909 | 30,937,689 |
| Kia Corp. | | 972,238 | 64,503,655 |
| Korea Investment Holdings Co. Ltd. | | 177,193 | 9,866,238 |
| Korean Air Lines Co. Ltd. | | 718,115 | 12,436,591 |
| LG Corp. | | 435,045 | 23,851,185 |
| LG Electronics, Inc. | | 426,227 | 27,538,136 |
| Samsung Electronics Co. Ltd. | | 3,398,547 | 144,778,297 |
| Shinhan Financial Group Co. Ltd. | | 1,765,257 | 65,971,536 |
| Woori Financial Group, Inc. | | 2,580,802 | 28,826,206 |
TOTAL KOREA (SOUTH) | | | 627,203,274 |
| Kuwait - 0.7% | | | |
| Mobile Telecommunication Co. | | 8,106,059 | 12,055,978 |
| National Bank of Kuwait | | 11,270,456 | 31,245,556 |
TOTAL KUWAIT | | | 43,301,534 |
| Malaysia - 1.6% | | | |
| AMMB Holdings Bhd | | 8,425,794 | 9,781,806 |
| Genting Bhd | | 8,624,486 | 7,747,829 |
| Kuala Lumpur Kepong Bhd | | 1,578,714 | 7,691,960 |
| MISC Bhd | | 5,226,400 | 8,939,966 |
| PPB Group Bhd | | 2,776,002 | 8,823,155 |
| RHB Bank Bhd | | 7,682,205 | 11,229,135 |
| SD Guthrie Bhd | | 14,385,390 | 15,085,896 |
| Tenaga Nasional Bhd | | 8,890,841 | 28,443,055 |
TOTAL MALAYSIA | | | 97,742,802 |
| Mexico - 1.5% | | | |
| America Movil S.A.B. de CV Series L | | 60,202,715 | 47,567,652 |
| CEMEX S.A.B. de CV unit | | 59,078,392 | 31,119,531 |
| Fibra Uno Administracion SA de CV | | 10,997,543 | 12,663,155 |
TOTAL MEXICO | | | 91,350,338 |
| Peru - 0.2% | | | |
| Credicorp Ltd. (United States) | | 66,332 | 12,213,711 |
| Philippines - 0.6% | | | |
| Ayala Corp. | | 967,589 | 11,400,340 |
| Metropolitan Bank & Trust Co. | | 7,021,000 | 9,114,764 |
| PLDT, Inc. | | 330,407 | 8,087,494 |
| SM Investments Corp. | | 431,400 | 6,928,259 |
TOTAL PHILIPPINES | | | 35,530,857 |
| Poland - 0.8% | | | |
| Bank Polska Kasa Opieki SA | | 537,386 | 18,822,439 |
| Orlen SA | | 2,265,459 | 29,481,671 |
TOTAL POLAND | | | 48,304,110 |
| Qatar - 0.8% | | | |
| Industries Qatar QSC | | 3,551,424 | 13,021,563 |
| Ooredoo QSC | | 3,000,335 | 9,427,034 |
| Qatar Navigation QPSC | | 3,946,451 | 12,410,564 |
| The Commercial Bank of Qatar | | 12,320,553 | 14,381,310 |
TOTAL QATAR | | | 49,240,471 |
| Russia - 0.0% | | | |
| Gazprom OAO (a)(d) | | 9,889,350 | 1 |
| Inter Rao Ues JSC (a)(d) | | 63,735,100 | 7 |
| Magnit OJSC (a)(d) | | 135,409 | 0 |
| Sberbank of Russia (a)(d) | | 440,500 | 0 |
| Surgutneftegas OJSC (a)(d) | | 29,672,400 | 3 |
| VK IPJSC GDR (Reg. S) (a)(d) | | 217,763 | 2 |
| VTB Bank OJSC (a)(d) | | 1,815,144 | 0 |
TOTAL RUSSIA | | | 13 |
| Saudi Arabia - 3.2% | | | |
| Almarai Co. Ltd. | | 885,973 | 12,998,139 |
| Banque Saudi Fransi | | 1,940,538 | 16,120,773 |
| Etihad Etisalat Co. | | 1,472,525 | 20,309,608 |
| Riyad Bank | | 3,084,121 | 21,145,490 |
| Sabic Agriculture-Nutrients Co. | | 348,285 | 10,553,248 |
| Sahara International Petrochemical Co. | | 1,384,171 | 9,692,919 |
| Saudi Electricity Co. | | 3,089,662 | 13,491,615 |
| Saudi Telecom Co. | | 6,361,403 | 71,393,651 |
| The Savola Group (a) | | 1,725,041 | 11,850,270 |
TOTAL SAUDI ARABIA | | | 187,555,713 |
| South Africa - 3.1% | | | |
| Absa Group Ltd. | | 3,246,230 | 31,110,687 |
| Aspen Pharmacare Holdings Ltd. | | 1,445,553 | 14,685,447 |
| Bidvest Group Ltd./The | | 963,874 | 15,597,539 |
| Exxaro Resources Ltd. (b) | | 940,655 | 8,870,464 |
| Foschini Group Ltd./The | | 1,291,930 | 11,285,093 |
| Investec Ltd. | | 956,008 | 7,466,716 |
| MTN Group Ltd. | | 6,544,987 | 32,505,976 |
| Nedbank Group Ltd. | | 1,904,979 | 32,288,366 |
| Sasol Ltd. | | 2,252,872 | 12,662,309 |
| Vodacom Group Ltd. | | 2,676,096 | 16,754,223 |
TOTAL SOUTH AFRICA | | | 183,226,820 |
| Taiwan - 20.6% | | | |
| Acer, Inc. | | 11,466,000 | 14,254,629 |
| ASE Technology Holding Co. Ltd. | | 13,283,000 | 62,843,917 |
| ASUSTeK Computer, Inc. | | 2,725,000 | 48,274,498 |
| Catcher Technology Co. Ltd. | | 2,655,000 | 19,386,461 |
| Cheng Shin Rubber Industry Co. Ltd. | | 2,372,000 | 3,417,889 |
| China Airlines Ltd. | | 11,336,000 | 7,931,234 |
| Compal Electronics, Inc. | | 16,168,000 | 17,806,190 |
| EVA Airways Corp. | | 10,536,000 | 12,207,671 |
| Evergreen Marine Corp. (Taiwan) | | 4,002,300 | 25,441,603 |
| Far Eastern New Century Corp. | | 14,832,900 | 17,171,805 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 20,128,000 | 129,435,064 |
| Innolux Corp. | | 31,180,336 | 15,080,929 |
| Largan Precision Co. Ltd. | | 391,000 | 27,475,107 |
| Novatek Microelectronics Corp. | | 2,129,000 | 33,003,030 |
| Pegatron Corp. | | 8,006,000 | 24,354,583 |
| Pou Chen Corp. | | 9,776,000 | 11,467,006 |
| Powertech Technology, Inc. | | 2,755,000 | 10,762,652 |
| Radiant Opto-Electronics Corp. | | 1,791,000 | 11,695,490 |
| Simplo Technology Co. Ltd. | | 722,000 | 7,635,844 |
| Sino-American Silicon Products, Inc. | | 2,145,000 | 10,415,549 |
| Ta Chen Stainless Pipe Co. Ltd. | | 7,695,300 | 7,775,747 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 16,950,000 | 533,274,299 |
| Tripod Technology Corp. | | 1,764,000 | 10,446,056 |
| Uni-President Enterprises Corp. | | 18,385,000 | 51,653,004 |
| United Microelectronics Corp. | | 43,634,000 | 63,157,808 |
| Yageo Corp. | | 1,538,918 | 26,259,796 |
| Yang Ming Marine Transport Corp. | | 6,814,000 | 14,034,846 |
| Zhen Ding Technology Holding Ltd. | | 2,476,400 | 8,567,183 |
TOTAL TAIWAN | | | 1,225,229,890 |
| Thailand - 1.4% | | | |
| Bangkok Bank PCL: | | | |
| (For. Reg.) | | 400 | 1,740 |
| NVDR | | 2,234,500 | 9,717,800 |
| Charoen Pokphand Foods PCL NVDR | | 12,189,000 | 8,964,813 |
| Kasikornbank PCL: | | | |
| (For. Reg.) | | 7,700 | 33,349 |
| NVDR | | 4,523,200 | 19,589,922 |
| Krung Thai Bank PCL NVDR | | 13,636,400 | 8,276,244 |
| PTT Exploration and Production PCL NVDR | | 3,735,900 | 14,021,020 |
| SCB X PCL NVDR | | 2,797,600 | 9,401,605 |
| Thai Beverage PCL | | 33,343,700 | 13,337,021 |
TOTAL THAILAND | | | 83,343,514 |
| Turkey - 0.6% | | | |
| Koc Holding A/S | | 4,864,700 | 23,993,413 |
| Turk Hava Yollari AO (a) | | 1,592,447 | 12,664,287 |
TOTAL TURKEY | | | 36,657,700 |
| United Arab Emirates - 1.4% | | | |
| Emaar Properties PJSC | | 10,175,152 | 24,073,201 |
| Emirates NBD Bank PJSC | | 9,614,426 | 49,733,626 |
| Multiply Group (a) | | 14,424,722 | 8,914,695 |
TOTAL UNITED ARAB EMIRATES | | | 82,721,522 |
| United States of America - 0.2% | | | |
| JBS SA | | 1,963,800 | 12,232,773 |
| TOTAL COMMON STOCKS (Cost $5,293,257,677) | | | 5,886,122,522 |
| | | | |
| Nonconvertible Preferred Stocks - 0.1% |
| | | Shares | Value ($) |
| Colombia - 0.1% | | | |
| Bancolombia SA (PN) | | 762,394 | 6,102,253 |
| Russia - 0.0% | | | |
| AK Transneft OAO (a)(d) | | 279,200 | 0 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $11,443,438) | | | 6,102,253 |
| | | | |
| Government Obligations - 0.0% |
| | | Principal Amount (e) | Value ($) |
| United States of America - 0.0% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (f) (Cost $1,577,591) | | 1,582,000 | 1,577,946 |
| | | | |
| Money Market Funds - 1.7% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.87% (g) | | 84,675,515 | 84,692,450 |
| Fidelity Securities Lending Cash Central Fund 4.87% (g)(h) | | 19,998,427 | 20,000,427 |
| TOTAL MONEY MARKET FUNDS (Cost $104,692,877) | | | 104,692,877 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $5,410,971,583) | 5,998,495,598 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (44,271,019) |
| NET ASSETS - 100.0% | 5,954,224,579 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 1,080 | Dec 2024 | 60,831,000 | 915,416 | 915,416 |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 1.0% |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $95,034,480 or 1.6% of net assets. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,577,946. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 38,494,181 | 1,421,300,735 | 1,375,102,097 | 4,582,679 | (369) | - | 84,692,450 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 4.87% | 3,000,000 | 259,092,901 | 242,092,474 | 180,242 | - | - | 20,000,427 | 0.1% |
| Total | 41,494,181 | 1,680,393,636 | 1,617,194,571 | 4,762,921 | (369) | - | 104,692,877 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 517,442,608 | 160,753,923 | 356,688,683 | 2 |
Consumer Discretionary | 773,475,415 | 55,601,262 | 717,874,153 | - |
Consumer Staples | 266,909,068 | 47,405,872 | 219,503,196 | - |
Energy | 257,500,410 | 132,024,981 | 125,475,425 | 4 |
Financials | 1,420,314,645 | 260,123,401 | 1,160,191,244 | - |
Health Care | 188,376,913 | - | 188,376,913 | - |
Industrials | 410,194,870 | 85,726,750 | 324,468,120 | - |
Information Technology | 1,441,208,053 | - | 1,441,208,053 | - |
Materials | 336,563,633 | 163,400,179 | 173,163,454 | - |
Real Estate | 108,537,316 | 36,736,356 | 71,800,960 | - |
Utilities | 171,701,844 | 38,641,816 | 133,060,021 | 7 |
|
| Government Obligations | 1,577,946 | - | 1,577,946 | - |
|
| Money Market Funds | 104,692,877 | 104,692,877 | - | - |
| Total Investments in Securities: | 5,998,495,598 | 1,085,107,417 | 4,913,388,168 | 13 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 915,416 | 915,416 | - | - |
| Total Assets | 915,416 | 915,416 | - | - |
| Total Derivative Instruments: | 915,416 | 915,416 | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 915,416 | 0 |
| Total Equity Risk | 915,416 | 0 |
| Total Value of Derivatives | 915,416 | 0 |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $18,932,113) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $5,306,278,706) | $ | 5,893,802,721 | | |
Fidelity Central Funds (cost $104,692,877) | | 104,692,877 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $5,410,971,583) | | | $ | 5,998,495,598 |
| Segregated cash with brokers for derivative instruments | | | | 309,070 |
| Foreign currency held at value (cost $5,924,808) | | | | 5,876,644 |
| Receivable for fund shares sold | | | | 293,986 |
| Dividends receivable | | | | 9,735,355 |
| Distributions receivable from Fidelity Central Funds | | | | 528,985 |
| Prepaid expenses | | | | 5,761 |
| Other receivables | | | | 267,624 |
Total assets | | | | 6,015,513,023 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 206,637 | | |
| Accrued management fee | | 771,012 | | |
| Payable for daily variation margin on futures contracts | | 270,029 | | |
| Deferred taxes | | 38,686,900 | | |
| Other payables and accrued expenses | | 1,353,439 | | |
| Collateral on securities loaned | | 20,000,427 | | |
| Total liabilities | | | | 61,288,444 |
| Net Assets | | | $ | 5,954,224,579 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 5,567,049,790 |
| Total accumulated earnings (loss) | | | | 387,174,789 |
| Net Assets | | | $ | 5,954,224,579 |
Net Asset Value, offering price and redemption price per share ($5,954,224,579 ÷ 429,812,905 shares) | | | $ | 13.85 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 197,124,417 |
| Interest | | | | 253,823 |
| Income from Fidelity Central Funds (including $180,242 from security lending) | | | | 4,762,921 |
| Income before foreign taxes withheld | | | $ | 202,141,161 |
| Less foreign taxes withheld | | | | (23,225,288) |
| Total income | | | | 178,915,873 |
| Expenses | | | | |
| Management fee | $ | 6,639,914 | | |
| Custodian fees and expenses | | 2,340,938 | | |
| Independent trustees' fees and expenses | | 10,895 | | |
| Registration fees | | 388,501 | | |
| Audit fees | | 109,865 | | |
| Legal | | 2,744 | | |
| Interest | | 27,392 | | |
| Miscellaneous | | 14,914 | | |
| Total expenses | | | | 9,535,163 |
| Net Investment income (loss) | | | | 169,380,710 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $12,177,452) | | (23,603,832) | | |
| Fidelity Central Funds | | (369) | | |
| Foreign currency transactions | | (1,253,580) | | |
| Futures contracts | | 21,958,857 | | |
| Total net realized gain (loss) | | | | (2,898,924) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $26,374,458) | | 783,180,981 | | |
| Assets and liabilities in foreign currencies | | (411,263) | | |
| Futures contracts | | 2,006,252 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 784,775,970 |
| Net gain (loss) | | | | 781,877,046 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 951,257,756 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 169,380,710 | $ | 127,681,738 |
| Net realized gain (loss) | | (2,898,924) | | (126,672,744) |
| Change in net unrealized appreciation (depreciation) | | 784,775,970 | | 377,118,545 |
| Net increase (decrease) in net assets resulting from operations | | 951,257,756 | | 378,127,539 |
| Distributions to shareholders | | (143,891,024) | | (124,080,652) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 2,311,181,579 | | 172,147,252 |
| Reinvestment of distributions | | 132,127,272 | | 113,809,111 |
| Cost of shares redeemed | | (54,895,631) | | (214,463,522) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 2,388,413,220 | | 71,492,841 |
| Total increase (decrease) in net assets | | 3,195,779,952 | | 325,539,728 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 2,758,444,627 | | 2,432,904,899 |
| End of period | $ | 5,954,224,579 | $ | 2,758,444,627 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 177,735,672 | | 15,065,921 |
| Issued in reinvestment of distributions | | 11,600,287 | | 10,374,577 |
| Redeemed | | (4,341,633) | | (19,027,713) |
| Net increase (decrease) | | 184,994,326 | | 6,412,785 |
| | | | | |
Financial Highlights
Fidelity® SAI Emerging Markets Value Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.27 | $ | 10.20 | $ | 14.32 | $ | 11.78 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .50 | | .53 | | .61 | | .51 | | .19 |
| Net realized and unrealized gain (loss) | | 2.65 | | 1.07 | | (4.04) | | 2.22 | | 1.59 |
| Total from investment operations | | 3.15 | | 1.60 | | (3.43) | | 2.73 | | 1.78 |
| Distributions from net investment income | | (.57) | | (.53) | | (.37) | | (.17) | | - |
| Distributions from net realized gain | | - | | - | | (.32) | | (.02) | | - |
| Total distributions | | (.57) | | (.53) | | (.69) | | (.19) | | - |
| Net asset value, end of period | $ | 13.85 | $ | 11.27 | $ | 10.20 | $ | 14.32 | $ | 11.78 |
Total Return D,E | | | | 15.81% | | (25.19)% | | 23.32% | | 17.80% |
Ratios to Average Net Assets C,F,G | | | | | | | | | | |
| Expenses before reductions | | .21% | | .22% | | .22% | | .22% | | .27% H,I |
| Expenses net of fee waivers, if any | | | | .22% | | .22% | | .22% | | .25% H |
| Expenses net of all reductions | | .21% | | .22% | | .22% | | .22% | | .25% H |
| Net investment income (loss) | | 3.81% | | 4.63% | | 4.95% | | 3.53% | | 3.43% H |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 5,954,225 | $ | 2,758,445 | $ | 2,432,905 | $ | 1,970,050 | $ | 838,148 |
Portfolio turnover rate J | | | | 35% | | 30% | | 33% | | 17% K |
AFor the period May 12, 2020 (commencement of operations) through October 31, 2020.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAudit fees are not annualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KAmount not annualized.
Notes to Financial Statements
For the period ended October 31, 2024
1. Organization.
Fidelity SAI Emerging Markets Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to, futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $934,426,139 |
| Gross unrealized depreciation | (442,333,099) |
| Net unrealized appreciation (depreciation) | $492,093,040 |
| Tax Cost | $5,506,402,558 |
The tax-based components of distributable earnings as of period end were as follows: Undistributed ordinary income | $184,331,568 |
| Capital loss carryforward | $(250,077,019) |
| Net unrealized appreciation (depreciation) on securities and other investments | $491,607,139 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Short-term | $(110,430,263) |
Long-term | (139,646,756) |
| Total capital loss carryforward | $(250,077,019) |
The tax character of distributions paid was as follows:
| | October 31, 2024 | October 31, 2023 |
| Ordinary Income | $143,891,024 | $ 124,080,652 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI Emerging Markets Value Index Fund | 3,689,177,110 | 1,310,269,280 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity SAI Emerging Markets Value Index Fund | Borrower | 25,294,714 | 5.57% | 27,392 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:| | Amount ($) |
| Fidelity SAI Emerging Markets Value Index Fund | 2,879 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.| | Amount ($) |
| Fidelity SAI Emerging Markets Value Index Fund | 6,508 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity SAI Emerging Markets Value Index Fund | 19,011 | - | - |
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Emerging Markets Fund | Strategic Advisers Fidelity Emerging Markets Fund |
| Fidelity SAI Emerging Markets Value Index Fund | 25% | 70% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity SAI Emerging Markets Value Index Fund | 95% |
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Emerging Markets Value Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Emerging Markets Value Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2024 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the four years in the period ended October 31, 2024 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements 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 are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2024
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates $1,109,531 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 39.89% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.6445 and $0.0755 for the dividend paid December 11, 2023.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI Emerging Markets Value Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked equal to the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of the similar sales load structure group for 2023 and above the competitive median of the total expense asset size peer group for 2023.
The Board noted that the fund's mapped group contains emerging markets funds in addition to developed markets funds that may not be directly comparable. The Board also noted that, although total expenses ranked above median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.25% through February 28, 2025.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
1.9900583.104
EMV-ANN-1224
Fidelity® Total International Index Fund
Annual Report
October 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Total International Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 97.5% |
| | | Shares | Value ($) |
| Australia - 4.8% | | | |
| Abacus Storage King | | 322,369 | 265,437 |
| Accent Group Ltd. | | 193,560 | 299,183 |
| AGL Energy Ltd. | | 252,622 | 1,734,506 |
| ALS Ltd. | | 206,787 | 1,908,932 |
| Amotiv Ltd. | | 63,258 | 440,288 |
| AMP Ltd. | | 1,135,884 | 1,061,079 |
| Ampol Ltd. | | 100,488 | 1,839,789 |
| Ansell Ltd. | | 63,058 | 1,282,270 |
| ANZ Group Holdings Ltd. | | 1,270,663 | 25,896,765 |
| APA Group unit | | 536,104 | 2,454,688 |
| ARB Corp. Ltd. | | 34,894 | 945,328 |
| Arena (REIT) unit | | 185,003 | 486,499 |
| Aristocrat Leisure Ltd. | | 239,621 | 9,642,266 |
| ASX Ltd. | | 82,810 | 3,526,633 |
| Atlas Arteria Ltd. unit | | 474,521 | 1,519,049 |
| Aub Group Ltd. | | 48,478 | 1,015,965 |
| Audinate Group Ltd. (a)(b) | | 35,687 | 217,482 |
| Aurizon Holdings Ltd. | | 815,701 | 1,808,627 |
| Aussie Broadband Ltd. | | 114,708 | 273,933 |
| Austal Ltd. | | 163,863 | 353,817 |
| AVZ Minerals Ltd. (a)(c) | | 729,530 | 5 |
| Bank of Queensland Ltd. | | 287,278 | 1,228,777 |
| Bapcor Ltd. | | 147,683 | 442,505 |
| Beach Energy Ltd. | | 694,305 | 568,677 |
| Bega Cheese Ltd. | | 123,831 | 417,369 |
| Bellevue Gold Ltd. (a) | | 526,462 | 558,672 |
| Bendigo & Adelaide Bank Ltd. | | 240,226 | 1,935,460 |
| BHP Group Ltd. | | 2,153,875 | 59,840,205 |
| BlueScope Steel Ltd. | | 184,967 | 2,457,912 |
| Boss Energy Ltd. (a)(b) | | 185,401 | 412,304 |
| Brambles Ltd. | | 592,271 | 7,130,954 |
| Breville Group Ltd. | | 44,874 | 932,729 |
| Brickworks Ltd. | | 34,553 | 613,836 |
| BWP Trust | | 252,473 | 570,304 |
| Capricorn Metals Ltd. (a)(c) | | 146,027 | 606,393 |
| CAR Group Ltd. | | 153,125 | 3,771,627 |
| Centuria Capital Group unit | | 325,889 | 393,632 |
| Centuria Industrial REIT | | 240,286 | 479,948 |
| Challenger Ltd. | | 217,170 | 860,112 |
| Champion Iron Ltd. (b) | | 172,785 | 663,161 |
| Charter Hall Group unit | | 200,943 | 1,982,869 |
| Charter Hall Long Wale REIT unit | | 291,460 | 742,464 |
| Charter Hall Retail REIT | | 245,065 | 542,550 |
| Charter Hall Social Infrastructure REIT | | 187,694 | 319,927 |
| Clarity Pharmaceuticals Ltd. (a)(b) | | 99,155 | 441,322 |
| Cleanaway Waste Management Ltd. | | 922,529 | 1,651,689 |
| Cochlear Ltd. | | 28,055 | 5,194,061 |
| Codan Ltd./Australia | | 44,587 | 461,312 |
| Coles Group Ltd. | | 557,976 | 6,439,879 |
| Collins Foods Ltd. | | 52,951 | 289,090 |
| Commonwealth Bank of Australia | | 709,986 | 66,223,523 |
| Computershare Ltd. | | 226,240 | 3,911,113 |
| Coronado Global Resources, Inc. CDI (b)(d) | | 382,729 | 254,953 |
| Corporate Travel Management Ltd. | | 56,929 | 461,180 |
| Credit Corp. Group Ltd. | | 32,386 | 365,920 |
| Cromwell Property Group unit | | 727,211 | 197,994 |
| Data#3 Ltd. | | 70,726 | 338,828 |
| De Grey Mining Ltd. (a) | | 1,000,761 | 996,232 |
| Deep Yellow Ltd. (a) | | 419,441 | 372,106 |
| Deterra Royalties Ltd. | | 197,849 | 478,658 |
| Dexus Industria (REIT) | | 132,183 | 233,788 |
| Dexus unit unit | | 455,298 | 2,136,823 |
| Dicker Data Ltd. | | 41,782 | 235,884 |
| Domain Holdings Australia Ltd. | | 132,491 | 261,141 |
| Dominos Pizza Enterprises Ltd. | | 30,876 | 675,738 |
| Downer EDI Ltd. | | 288,652 | 1,057,634 |
| DroneShield Ltd. (a)(b) | | 351,475 | 217,593 |
| Eagers Automotive Ltd. | | 70,106 | 508,647 |
| EBOS Group Ltd. | | 65,726 | 1,420,977 |
| Elders Ltd. | | 102,574 | 572,163 |
| Emerald Resources NL (a) | | 231,837 | 636,755 |
| Endeavour Group Ltd. | | 639,986 | 1,968,670 |
| Evolution Mining Ltd. | | 843,950 | 2,893,527 |
| EVT Ltd. (b) | | 46,595 | 332,697 |
| Firefinch Ltd. (b)(c) | | 386,763 | 3 |
| Fleetpartners Group Ltd. (a) | | 127,100 | 243,620 |
| Flight Centre Travel Group Ltd. | | 81,262 | 849,923 |
| Fortescue Ltd. | | 722,515 | 9,047,946 |
| G8 Education Ltd. | | 389,319 | 340,233 |
| Genesis Minerals Ltd. (a) | | 447,243 | 714,133 |
| Glencore PLC | | 4,396,366 | 23,057,360 |
| Gold Road Resources Ltd. | | 484,842 | 632,366 |
| Goodman Group unit | | 726,307 | 17,343,845 |
| GrainCorp Ltd. | | 97,368 | 575,346 |
| Hansen Technologies Ltd. | | 101,903 | 332,772 |
| Harvey Norman Holdings Ltd. | | 238,778 | 716,116 |
| Healius Ltd. (a)(b) | | 297,629 | 321,976 |
| Helia Group Ltd. | | 135,413 | 359,794 |
| Hmc Capital Ltd. | | 122,002 | 810,188 |
| HomeCo Daily Needs (REIT) unit | | 941,579 | 746,749 |
| HUB24 Ltd. | | 35,601 | 1,602,307 |
| IDP Education Ltd. (b) | | 115,075 | 1,047,637 |
| IGO Ltd. | | 295,730 | 1,013,071 |
| Iluka Resources Ltd. | | 190,868 | 733,550 |
| Imdex Ltd. (b) | | 244,620 | 415,568 |
| Incitec Pivot Ltd. | | 855,959 | 1,688,567 |
| Ingenia Communities Group unit | | 181,426 | 572,222 |
| Inghams Group Ltd. | | 176,913 | 332,533 |
| Insignia Financial Ltd. | | 244,870 | 530,004 |
| Insurance Australia Group Ltd. | | 1,006,746 | 4,943,583 |
| IPH Ltd. | | 103,465 | 364,052 |
| Iress Ltd. (a) | | 84,644 | 550,431 |
| JB Hi-Fi Ltd. | | 47,837 | 2,567,042 |
| Johns Lyng Group Ltd. (b) | | 94,607 | 236,886 |
| Judo Capital Holdings Ltd. (a)(b) | | 327,246 | 402,156 |
| Jumbo Interactive Ltd. | | 26,247 | 221,481 |
| Kelsian Group Ltd. (b) | | 98,096 | 251,150 |
| Lendlease Group unit | | 279,841 | 1,239,893 |
| Leo Lithium Ltd. (a)(c) | | 399,362 | 132,724 |
| Lifestyle Communities Ltd. | | 51,209 | 288,652 |
| Liontown Resources Ltd. (a)(b) | | 658,614 | 351,858 |
| Lovisa Holdings Ltd. | | 27,605 | 536,394 |
| Lynas Rare Earths Ltd. (a)(b) | | 379,265 | 1,884,857 |
| Macquarie Group Ltd. | | 151,872 | 22,985,277 |
| Magellan Financial Group Ltd. | | 81,406 | 570,332 |
| Magellan Financial Group Ltd. warrants 4/16/27 (a) | | 4,999 | 424 |
| McMillan Shakespeare Ltd. | | 33,239 | 318,968 |
| Medibank Private Ltd. | | 1,210,222 | 2,844,243 |
| Megaport Ltd. (a)(b) | | 71,889 | 326,278 |
| Mesoblast Ltd. (a)(b) | | 443,390 | 380,812 |
| Metcash Ltd. | | 498,348 | 999,619 |
| Mineral Resources Ltd. | | 74,839 | 1,923,170 |
| Mirvac Group unit | | 1,676,984 | 2,344,317 |
| Monadelphous Group Ltd. | | 47,771 | 393,823 |
| Nanosonics Ltd. (a)(b) | | 127,501 | 265,896 |
| National Australia Bank Ltd. | | 1,310,675 | 33,219,228 |
| National Storage REIT unit | | 564,461 | 928,650 |
| Netwealth Group Ltd. | | 54,549 | 984,208 |
| Neuren Pharmaceuticals Ltd. (a) | | 50,598 | 407,234 |
| New Hope Corp. Ltd. | | 223,535 | 713,704 |
| NEXTDC Ltd. (a) | | 262,211 | 2,800,960 |
| NIB Holdings Ltd. | | 214,035 | 810,197 |
| Nick Scali Ltd. | | 36,678 | 337,241 |
| Nine Entertainment Co. Holdings Ltd. | | 631,951 | 486,215 |
| Northern Star Resources Ltd. | | 487,232 | 5,654,032 |
| NRW Holdings Ltd. | | 197,435 | 497,552 |
| Nufarm Ltd. | | 163,215 | 411,296 |
| Nuix Ltd. (a) | | 100,556 | 507,850 |
| OceanaGold Corp. | | 316,872 | 898,944 |
| oOh!media Ltd. | | 275,541 | 223,484 |
| Orica Ltd. | | 211,838 | 2,406,262 |
| Origin Energy Ltd. | | 733,108 | 4,628,913 |
| Orora Ltd. | | 580,876 | 918,106 |
| Paladin Energy Ltd. (Australia) (a) | | 122,938 | 809,375 |
| Perenti Ltd. | | 423,045 | 325,007 |
| Perpetual Trustees Australia Ltd. | | 55,240 | 732,998 |
| Perseus Mining Ltd. (Australia) | | 593,750 | 1,110,097 |
| PEXA Group Ltd. (a) | | 59,363 | 527,382 |
| Pilbara Minerals Ltd. (a)(b) | | 1,212,096 | 2,245,029 |
| Pinnacle Investment Management Group Ltd. | | 62,825 | 825,162 |
| PolyNovo Ltd. (a) | | 296,053 | 395,918 |
| Premier Investments Ltd. | | 40,211 | 884,880 |
| Pro Medicus Ltd. | | 24,410 | 3,092,145 |
| PWR Holdings Ltd. | | 42,964 | 256,357 |
| Qantas Airways Ltd. (a) | | 335,509 | 1,776,348 |
| QBE Insurance Group Ltd. | | 635,393 | 7,173,665 |
| Qube Holdings Ltd. | | 689,942 | 1,682,737 |
| Ramelius Resources Ltd. | | 492,455 | 768,342 |
| Ramsay Health Care Ltd. | | 80,662 | 2,121,540 |
| REA Group Ltd. | | 22,649 | 3,348,316 |
| Redox Ltd. | | 127,927 | 308,441 |
| Reece Ltd. | | 95,762 | 1,426,912 |
| Region RE Ltd. unit | | 506,588 | 728,476 |
| Regis Resources Ltd. (a) | | 349,060 | 614,870 |
| Resolute Mng Ltd. (a) | | 956,318 | 511,334 |
| Rio Tinto Ltd. | | 156,546 | 12,291,607 |
| Rio Tinto PLC | | 476,579 | 30,800,360 |
| Rural Funds Group unit | | 289,816 | 355,144 |
| Sandfire Resources NL (a) | | 198,953 | 1,346,455 |
| Santos Ltd. | | 1,370,850 | 6,098,725 |
| Scentre Group unit | | 2,163,331 | 4,959,798 |
| SEEK Ltd. | | 151,839 | 2,466,808 |
| Seven Group Holdings Ltd. | | 91,106 | 2,482,196 |
| Sigma Healthcare Ltd. (b) | | 638,412 | 819,631 |
| Silex Systems Ltd. (a)(b) | | 83,335 | 282,778 |
| SiteMinder Ltd. (a) | | 106,993 | 462,158 |
| Smartgroup Corp. Ltd. | | 62,622 | 317,719 |
| Sonic Healthcare Ltd. | | 194,500 | 3,427,154 |
| South32 Ltd. | | 1,943,939 | 4,661,869 |
| Spartan Resources Ltd. (a) | | 346,169 | 359,835 |
| Stanmore Resources Ltd. | | 160,199 | 328,714 |
| Steadfast Group Ltd. | | 443,526 | 1,597,340 |
| Stockland Corp. Ltd. unit | | 1,003,187 | 3,392,402 |
| Suncorp Group Ltd. | | 536,565 | 6,294,046 |
| Super Retail Group Ltd. | | 69,118 | 655,412 |
| Tabcorp Holdings Ltd. | | 1,011,458 | 310,274 |
| Technology One Ltd. | | 124,917 | 1,990,927 |
| Telix Pharmaceuticals Ltd. (a)(b) | | 107,759 | 1,472,487 |
| Telstra Group Ltd. | | 1,664,724 | 4,167,510 |
| Temple & Webster Group Ltd. (a) | | 39,243 | 296,487 |
| The GPT Group | | 803,125 | 2,488,187 |
| The Lottery Corp. Ltd. | | 927,573 | 3,030,832 |
| The Star Entertainment Group Ltd. (a)(b) | | 1,061,404 | 165,472 |
| Transurban Group unit | | 1,275,487 | 10,629,840 |
| Treasury Wine Estates Ltd. | | 354,232 | 2,629,942 |
| Vault Minerals Ltd. (a) | | 2,706,692 | 697,161 |
| Ventia Services Group Pty Ltd. | | 352,398 | 1,058,360 |
| Vicinity Centres unit | | 1,623,698 | 2,308,282 |
| Viva Energy Group Ltd. (d) | | 516,515 | 888,550 |
| WA1 Resources Ltd. (a) | | 19,145 | 168,682 |
| Washington H. Soul Pattinson & Co. Ltd. | | 96,978 | 2,125,106 |
| Waypoint (REIT) unit | | 329,123 | 536,236 |
| Web Travel Group Ltd. (a) | | 160,462 | 421,401 |
| Wesfarmers Ltd. | | 480,238 | 21,126,197 |
| West African Resources Ltd. (a) | | 488,016 | 585,860 |
| Westgold Resources Ltd. | | 405,891 | 854,370 |
| Westpac Banking Corp. | | 1,466,755 | 30,804,500 |
| Whitehaven Coal Ltd. | | 337,255 | 1,508,334 |
| WiseTech Global Ltd. | | 71,052 | 5,455,245 |
| Woodside Energy Group Ltd. | | 806,864 | 12,698,796 |
| Woolworths Group Ltd. | | 515,861 | 10,117,687 |
| WorleyParsons Ltd. | | 200,088 | 1,837,347 |
| Yancoal Australia Ltd. | | 169,503 | 725,329 |
| Zip Co. Ltd. (a) | | 515,675 | 1,005,303 |
TOTAL AUSTRALIA | | | 651,031,234 |
| Austria - 0.2% | | | |
| ams-OSRAM AG (a) | | 44,799 | 433,179 |
| Andritz AG | | 28,518 | 1,716,982 |
| AT&S Austria Technologie & Systemtechnik AG (a)(b) | | 13,087 | 239,297 |
| BAWAG Group AG (d) | | 32,140 | 2,482,180 |
| CA Immobilien Anlagen AG (b) | | 18,138 | 438,787 |
| DO & CO Restaurants & Catering AG | | 3,590 | 556,856 |
| Erste Group Bank AG | | 139,147 | 7,831,219 |
| EVN AG | | 14,515 | 403,401 |
| Immofinanz AG (a)(b) | | 14,211 | 230,943 |
| Immofinanz AG (a)(c) | | 23,102 | 0 |
| Kontron AG (b) | | 19,621 | 330,172 |
| Lenzing AG (a) | | 8,929 | 303,031 |
| Mondi PLC | | 192,719 | 3,118,694 |
| Oesterreichische Post AG (b) | | 15,801 | 501,017 |
| OMV AG | | 60,620 | 2,512,291 |
| Raiffeisen International Bank-Holding AG | | 55,414 | 993,961 |
| S IMMO AG rights (a)(c) | | 14,648 | 0 |
| Schoeller-Bleckmann Oilfield Equipment AG (b) | | 6,331 | 190,413 |
| UNIQA Insurance Group AG | | 51,148 | 401,694 |
| Verbund AG | | 28,171 | 2,304,354 |
| Vienna Insurance Group AG | | 15,436 | 491,122 |
| Voestalpine AG | | 45,956 | 952,284 |
| Wienerberger AG | | 48,480 | 1,460,735 |
TOTAL AUSTRIA | | | 27,892,612 |
| Bailiwick of Jersey - 0.0% | | | |
| JTC PLC (d) | | 78,838 | 1,045,041 |
| Belgium - 0.5% | | | |
| Ackermans & Van Haaren SA | | 9,070 | 1,841,962 |
| Aedifica SA | | 19,707 | 1,265,813 |
| Ageas | | 67,018 | 3,490,396 |
| Anheuser-Busch InBev SA NV | | 376,637 | 22,331,340 |
| Barco NV (b) | | 31,749 | 391,972 |
| Bekaert SA | | 15,812 | 576,183 |
| Cofinimmo SA | | 15,595 | 983,033 |
| Colruyt NV | | 17,135 | 799,596 |
| D'ieteren Group | | 8,880 | 1,917,355 |
| Deme Group NV | | 3,236 | 491,386 |
| Elia Group SA/NV | | 12,559 | 1,193,293 |
| Fagron NV | | 30,927 | 623,701 |
| Galapagos NV (a) | | 21,725 | 579,982 |
| Groupe Bruxelles Lambert SA | | 33,599 | 2,419,432 |
| KBC Ancora | | 17,747 | 895,719 |
| KBC Group NV | | 96,455 | 6,995,994 |
| Kinepolis Group NV (b) | | 6,992 | 293,954 |
| Lotus Bakeries SA | | 175 | 2,288,082 |
| Melexis NV | | 8,694 | 564,104 |
| Montea SICAFI SCA | | 7,819 | 569,843 |
| Ontex Group NV (a)(b) | | 38,934 | 325,675 |
| Proximus | | 61,492 | 447,480 |
| Recticel SA (b) | | 24,235 | 317,394 |
| Retail Estates NV | | 5,276 | 356,390 |
| Shurgard Self Storage SA | | 14,056 | 597,816 |
| Sofina SA | | 6,564 | 1,603,642 |
| Solvay SA Class A | | 32,024 | 1,290,952 |
| Syensqo SA | | 31,385 | 2,424,896 |
| Tessenderlo Group (b) | | 13,874 | 374,268 |
| UCB SA | | 54,067 | 10,397,852 |
| Umicore SA | | 87,850 | 1,057,660 |
| VGP NV (b) | | 5,782 | 483,653 |
| Warehouses de Pauw | | 73,755 | 1,750,553 |
| X-Fab Silicon Foundries SE (a)(d) | | 32,533 | 154,715 |
| Xior Student Housing NV | | 14,569 | 486,516 |
| Xior Student Housing NV rights (a) | | 14,508 | 8,233 |
TOTAL BELGIUM | | | 72,590,835 |
| Brazil - 1.4% | | | |
| AES Brasil Energia SA | | 120,632 | 169,234 |
| Allos SA | | 177,049 | 677,459 |
| Alupar Investimento SA unit | | 83,657 | 424,587 |
| Ambev SA | | 1,977,622 | 4,324,092 |
| Atacadao SA | | 286,687 | 371,445 |
| Auren Energia SA | | 184,970 | 327,967 |
| Azul SA (a) | | 139,298 | 136,867 |
| Azzas 2154 SA | | 61,915 | 441,692 |
| B3 SA - Brasil Bolsa Balcao | | 2,348,230 | 4,313,896 |
| Banco Bradesco SA | | 836,521 | 1,843,533 |
| Banco Bradesco SA (PN) | | 2,133,705 | 5,303,904 |
| Banco BTG Pactual SA unit | | 494,491 | 2,781,720 |
| Banco do Brasil SA | | 706,866 | 3,219,530 |
| Banco do Estado Rio Grande do Sul SA Class B | | 110,810 | 215,643 |
| Banco Pan SA | | 179,921 | 264,549 |
| BB Seguridade Participacoes SA | | 285,917 | 1,694,957 |
| Bradespar SA (PN) | | 141,282 | 479,991 |
| Brava Energia | | 144,886 | 425,568 |
| BRF SA (a) | | 253,296 | 1,149,294 |
| Caixa Seguridade Participacoes | | 262,651 | 654,254 |
| CCR SA | | 431,729 | 914,854 |
| Centrais Eletricas Brasileiras SA (Electrobras) | | 450,464 | 2,958,729 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 165,909 | 1,211,406 |
| Cogna Educacao (a) | | 982,036 | 239,525 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 185,392 | 2,952,982 |
| Companhia de Saneamento de Minas Gerais - COPASA | | 87,522 | 348,974 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 770,447 | 1,515,332 |
| Companhia Paranaense de Energia-COPEL (PN-B) | | 509,153 | 864,016 |
| Companhia Siderurgica Nacional SA (CSN) | | 297,695 | 606,112 |
| Compania de Saneamento do Parana | | 104,625 | 488,657 |
| Cosan SA | | 540,702 | 1,105,554 |
| CPFL Energia SA | | 102,271 | 579,740 |
| Cury Construtora e Incorporado SA | | 79,691 | 336,911 |
| Cyrela Brazil Realty SA | | 136,839 | 514,605 |
| Dexco SA (a) | | 220,523 | 315,856 |
| Direcional Engenharia SA | | 68,732 | 371,904 |
| Embraer SA (a) | | 299,141 | 2,508,667 |
| Energisa SA unit | | 106,073 | 791,754 |
| ENGIE Brasil Energia SA | | 108,365 | 777,370 |
| Equatorial Energia SA | | 537,162 | 2,984,595 |
| ERO Copper Corp. (a) | | 42,997 | 789,624 |
| Fleury SA | | 131,195 | 336,333 |
| Gerdau SA | | 583,264 | 1,846,379 |
| GPS Participacoes e Empreendimentos SA (d) | | 193,064 | 569,751 |
| Grupo Mateus SA (a) | | 257,462 | 337,588 |
| Hapvida Participacoes e Investimentos SA (a)(d) | | 2,069,941 | 1,260,391 |
| Hidrovias do Brasil SA (a) | | 297,505 | 162,110 |
| Hidrovias do Brasil SA rights 11/18/24 (a) | | 172,613 | 597 |
| Hypera SA (a) | | 169,213 | 646,890 |
| Iguatemi SA unit | | 111,542 | 407,895 |
| Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | | 54,614 | 180,822 |
| Inter & Co., Inc. Class A (b) | | 105,599 | 692,729 |
| IRB Brasil Resseguros SA (a) | | 31,380 | 235,259 |
| Itau Unibanco Holding SA | | 2,039,933 | 12,357,670 |
| Itausa SA | | 2,266,968 | 4,160,690 |
| Karoon Energy Ltd. | | 369,077 | 336,426 |
| Klabin SA unit | | 362,918 | 1,309,566 |
| Localiza Rent a Car SA | | 400,413 | 2,910,508 |
| Lojas Renner SA | | 411,748 | 1,322,659 |
| M. Dias Branco SA | | 46,587 | 201,550 |
| Magazine Luiza SA (a) | | 145,584 | 238,237 |
| Marcopolo SA (PN) | | 364,396 | 533,272 |
| Marfrig Global Foods SA (a) | | 166,098 | 450,808 |
| Metalurgica Gerdau SA (PN) | | 289,209 | 513,791 |
| MRV Engenharia e Participacoes SA (a) | | 201,993 | 241,795 |
| Multiplan Empreendimentos Imobiliarios SA | | 125,382 | 555,022 |
| Natura & Co. Holding SA | | 401,892 | 953,128 |
| Nu Holdings Ltd. Class A (a) | | 1,264,060 | 19,074,665 |
| Odontoprev SA | | 152,877 | 290,897 |
| PagSeguro Digital Ltd. (a) | | 91,518 | 735,805 |
| Petroleo Brasileiro SA - Petrobras: | | | |
| (ON) | | 1,435,799 | 9,701,311 |
| (PN) (non-vtg.) | | 2,066,606 | 12,837,417 |
| Petroreconcavo SA | | 75,386 | 221,428 |
| PRIO SA | | 340,485 | 2,413,651 |
| Raia Drogasil SA | | 547,558 | 2,305,448 |
| Rede D'Oregon Sao Luiz SA (d) | | 345,998 | 1,757,253 |
| Rumo SA | | 598,244 | 2,059,378 |
| Santos Brasil Participacoes SA | | 210,159 | 459,151 |
| Sao Martinho SA | | 74,137 | 324,716 |
| Sendas Distribuidora SA (a) | | 585,451 | 758,537 |
| Serena Energia SA (a) | | 176,305 | 253,132 |
| Sigma Lithium Corp. (a)(b) | | 37,251 | 505,869 |
| Simpar SA (a) | | 182,114 | 168,539 |
| SLC Agricola SA | | 98,037 | 288,469 |
| Smartfit Escola de Ginastica e Danca SA | | 123,290 | 465,998 |
| StoneCo Ltd. Class A (a) | | 113,323 | 1,257,885 |
| Suzano SA | | 332,950 | 3,442,443 |
| Telefonica Brasil SA | | 183,061 | 1,666,926 |
| TIM SA | | 368,555 | 1,057,040 |
| Totvs SA | | 244,494 | 1,262,035 |
| Transmissora Alianca de Energia Eletrica SA | | 119,755 | 725,461 |
| Ultrapar Participacoes SA | | 315,176 | 1,138,928 |
| Unipar Carbocloro SA | | 35,820 | 276,973 |
| Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | | 215,070 | 245,915 |
| Vale SA | | 1,447,337 | 15,537,673 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | 214,428 | 233,312 |
| Vibra Energia SA | | 429,991 | 1,659,447 |
| Vivara Participacoes S.A. | | 70,327 | 311,069 |
| Weg SA | | 715,145 | 6,693,853 |
| Wheaton Precious Metals Corp. | | 193,332 | 12,767,535 |
| Wilson Sons Holdings Brasil SA | | 111,110 | 305,409 |
| XP, Inc. Class A | | 158,055 | 2,759,640 |
| Yara International ASA | | 69,886 | 2,101,624 |
| YDUQS Participacoes SA | | 126,449 | 232,079 |
TOTAL BRAZIL | | | 193,456,126 |
| Burkina Faso - 0.0% | | | |
| Endeavour Mining PLC | | 78,932 | 1,765,863 |
| IAMGOLD Corp. (a) | | 242,213 | 1,344,710 |
TOTAL BURKINA FASO | | | 3,110,573 |
| Canada - 7.4% | | | |
| Adentra, Inc. | | 11,561 | 318,761 |
| Advantage Energy Ltd. (a) | | 77,315 | 483,653 |
| Aecon Group, Inc. | | 29,194 | 486,235 |
| Africa Oil Corp. | | 199,961 | 257,069 |
| AG Growth International, Inc. | | 8,893 | 315,264 |
| Agnico Eagle Mines Ltd. (Canada) | | 211,356 | 18,243,088 |
| Air Canada (a) | | 74,220 | 1,005,876 |
| Alamos Gold, Inc. Class A | | 178,377 | 3,603,796 |
| Algoma Steel Group, Inc. (b) | | 44,620 | 461,817 |
| Algonquin Power & Utilities Corp. (b) | | 322,900 | 1,560,755 |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 325,065 | 16,951,894 |
| Allied Properties (REIT) | | 29,010 | 382,744 |
| AltaGas Ltd. | | 124,094 | 2,965,208 |
| Altius Minerals Corp. (b) | | 22,852 | 432,306 |
| Altus Group Ltd. (b) | | 20,475 | 774,678 |
| Andlauer Healthcare Group, Inc. | | 9,302 | 274,380 |
| ARC Resources Ltd. | | 259,691 | 4,300,984 |
| Aritzia, Inc. (a) | | 35,416 | 1,140,302 |
| ATCO Ltd. Class I (non-vtg.) | | 33,357 | 1,157,619 |
| Athabasca Oil Corp. (a) | | 247,022 | 917,229 |
| AtkinsRealis | | 76,456 | 3,679,069 |
| ATS Corp. (a) | | 35,956 | 1,077,634 |
| Aya Gold & Silver, Inc. (a) | | 52,288 | 671,837 |
| B2Gold Corp. | | 565,139 | 1,867,088 |
| Badger Infrastructure Solution | | 16,555 | 430,655 |
| Ballard Power Systems, Inc. (a)(b) | | 117,449 | 186,420 |
| Bank of Montreal | | 309,734 | 28,224,979 |
| Bank of Nova Scotia | | 519,093 | 26,727,315 |
| Barrick Gold Corp. (Canada) | | 749,862 | 14,492,611 |
| Baytex Energy Corp. (b) | | 311,462 | 879,122 |
| BCE, Inc. | | 28,423 | 916,371 |
| Birchcliff Energy Ltd. (b) | | 127,876 | 476,659 |
| Bird Construction, Inc. | | 24,374 | 530,596 |
| Bitfarms Ltd. (a)(b) | | 159,504 | 309,305 |
| BlackBerry Ltd. (a)(b) | | 246,657 | 558,027 |
| Boardwalk (REIT) | | 9,730 | 505,246 |
| Bombardier, Inc. Class B (sub. vtg.) (a) | | 37,920 | 2,789,361 |
| Boralex, Inc. Class A | | 39,688 | 954,040 |
| Boyd Group Services, Inc. | | 9,522 | 1,481,967 |
| Brookfield Asset Management Ltd. Class A | | 151,336 | 8,029,009 |
| Brookfield Business Corp. Class A | | 18,267 | 438,980 |
| Brookfield Corp. (Canada) Class A | | 578,275 | 30,663,298 |
| Brookfield Infrastructure Corp. Class A (b) | | 57,635 | 2,369,395 |
| Brookfield Wealth Solutions Lt Class A | | 9,304 | 494,017 |
| CAE, Inc. (a) | | 141,179 | 2,484,207 |
| Calian Group Ltd. | | 6,664 | 229,879 |
| Calibre Mining Corp. (a) | | 344,004 | 625,080 |
| Cameco Corp. | | 185,732 | 9,705,793 |
| Canaccord Genuity Group, Inc. | | 46,796 | 336,766 |
| Canada Goose Holdings, Inc. (a)(b) | | 23,583 | 232,044 |
| Canadian Apartment Properties (REIT) unit | | 33,356 | 1,111,348 |
| Canadian Imperial Bank of Commerce | | 399,217 | 24,976,330 |
| Canadian National Railway Co. | | 226,583 | 24,467,091 |
| Canadian Natural Resources Ltd. | | 905,268 | 30,785,679 |
| Canadian Pacific Kansas City Ltd. | | 394,454 | 30,429,349 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 22,501 | 2,394,494 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 55,869 | 1,430,481 |
| Canadian Western Bank, Edmonton | | 42,227 | 1,736,270 |
| Canfor Corp. (a) | | 30,952 | 369,241 |
| Capital Power Corp. | | 56,140 | 2,276,889 |
| Capstone Copper Corp. (a)(b) | | 242,737 | 1,678,858 |
| Cardinal Energy Ltd. (b) | | 79,718 | 367,000 |
| Cargojet, Inc. | | 3,983 | 389,303 |
| Cascades, Inc. | | 41,685 | 314,056 |
| CCL Industries, Inc. Class B | | 67,676 | 3,947,746 |
| Celestica, Inc. (sub. vtg.) (a) | | 50,319 | 3,443,383 |
| Cenovus Energy, Inc. (Canada) | | 594,257 | 9,556,084 |
| Centerra Gold, Inc. | | 96,894 | 684,768 |
| CES Energy Solutions Corp. | | 101,432 | 581,339 |
| CGI, Inc. Class A (sub. vtg.) | | 86,754 | 9,610,326 |
| Choice Properties REIT | | 62,784 | 639,406 |
| CI Financial Corp. | | 62,794 | 1,032,774 |
| Cogeco Communications, Inc. | | 6,896 | 347,437 |
| Colliers International Group, Inc. | | 18,743 | 2,865,127 |
| Computer Modelling Group Ltd. | | 37,157 | 305,294 |
| Constellation Software, Inc. | | 8,546 | 25,772,971 |
| Constellation Software, Inc. warrants 3/31/40 (a)(c) | | 7,284 | 1 |
| Converge Technology Solutions Corp. | | 95,412 | 205,578 |
| Crombie (REIT) | | 27,349 | 293,260 |
| Cronos Group, Inc. (a) | | 105,874 | 221,277 |
| CT Real Estate Investment Trust | | 30,921 | 338,224 |
| Definity Financial Corp. | | 35,396 | 1,365,912 |
| Denison Mines Corp. (a)(b) | | 388,459 | 817,456 |
| dentalcorp Holdings Ltd. (a) | | 49,567 | 334,280 |
| Descartes Systems Group, Inc. (Canada) (a) | | 36,348 | 3,776,161 |
| Docebo, Inc. (a) | | 7,255 | 330,457 |
| Dollarama, Inc. | | 120,543 | 12,543,883 |
| Dream Industrial (REIT) (b) | | 60,825 | 577,518 |
| Dundee Precious Metals, Inc. | | 79,340 | 806,876 |
| Dye & Durham Ltd. (b) | | 27,575 | 377,080 |
| Element Fleet Management Corp. | | 171,708 | 3,513,456 |
| Emera, Inc. | | 122,646 | 4,633,303 |
| Empire Co. Ltd. Class A (non-vtg.) | | 57,928 | 1,671,252 |
| Enbridge, Inc. | | 919,032 | 37,121,672 |
| Endeavour Silver Corp. (a)(b) | | 109,622 | 552,495 |
| Enerflex Ltd. (b) | | 57,157 | 377,667 |
| Enghouse Systems Ltd. | | 22,372 | 473,518 |
| EQB, Inc. | | 12,542 | 962,212 |
| Equinox Gold Corp. (a) | | 158,922 | 878,873 |
| Exchange Income Corp. (b) | | 12,003 | 471,982 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 8,782 | 10,913,244 |
| Fiera Capital Corp. | | 48,497 | 338,209 |
| Filo Corp. (a) | | 40,045 | 922,644 |
| Finning International, Inc. | | 61,133 | 1,784,354 |
| First Capital (REIT) unit | | 44,614 | 569,711 |
| First Majestic Silver Corp. (b) | | 126,463 | 933,297 |
| First National Financial Corp. | | 14,317 | 417,474 |
| FirstService Corp. | | 17,305 | 3,204,100 |
| Fission Uranium Corp. (a) | | 346,201 | 236,213 |
| Foran Mining Corp. (a) | | 126,911 | 398,320 |
| Fortis, Inc. | | 202,128 | 8,743,613 |
| Fortuna Mining Corp. (a) | | 130,078 | 647,424 |
| Franco-Nevada Corp. | | 81,985 | 10,882,657 |
| Freehold Royalties Ltd. | | 61,599 | 607,429 |
| George Weston Ltd. | | 24,325 | 3,858,352 |
| Gibson Energy, Inc. | | 70,932 | 1,176,808 |
| Gildan Activewear, Inc. | | 62,959 | 3,081,141 |
| goeasy Ltd. | | 5,887 | 748,924 |
| Granite (REIT) | | 13,273 | 724,302 |
| Great-West Lifeco, Inc. | | 115,142 | 3,863,565 |
| H&R (REIT) | | 61,193 | 464,546 |
| Hammond Power Solutions, Inc. Class A | | 3,732 | 323,439 |
| Headwater Exploration, Inc. | | 110,480 | 544,326 |
| HudBay Minerals, Inc. | | 168,316 | 1,509,870 |
| Hydro One Ltd. (d) | | 136,859 | 4,406,499 |
| iA Financial Corp., Inc. | | 41,048 | 3,344,335 |
| IGM Financial, Inc. | | 35,086 | 1,054,079 |
| Imperial Oil Ltd. | | 79,703 | 5,947,601 |
| Innergex Renewable Energy, Inc. | | 79,952 | 523,692 |
| Intact Financial Corp. | | 74,699 | 14,265,425 |
| Interfor Corp. (a) | | 26,729 | 368,391 |
| International Petroleum Corp. (a) | | 41,226 | 469,006 |
| InterRent REIT | | 34,335 | 280,875 |
| Ivanhoe Mines Ltd. (a) | | 289,167 | 3,823,438 |
| Jamieson Wellness, Inc. (d) | | 24,680 | 587,952 |
| K92 Mining, Inc. (a) | | 111,308 | 740,268 |
| Kelt Exploration Ltd. (a) | | 83,891 | 393,441 |
| Keyera Corp. | | 94,337 | 2,897,152 |
| Killam Apartment (REIT) | | 27,447 | 368,628 |
| Kinaxis, Inc. (a) | | 12,379 | 1,374,862 |
| Kinross Gold Corp. | | 530,259 | 5,350,766 |
| Labrador Iron Ore Royalty Corp. | | 31,457 | 688,175 |
| Laurentian Bank of Canada | | 20,649 | 386,775 |
| Lightspeed Commerce, Inc. (Canada) (a) | | 59,967 | 906,601 |
| Linamar Corp. | | 18,621 | 761,905 |
| Lithium Americas Corp. (b) | | 62,801 | 218,305 |
| Lithium Americas Corp. (b) | | 98,571 | 400,698 |
| Loblaw Companies Ltd. | | 63,220 | 7,993,140 |
| Lundin Gold, Inc. | | 47,246 | 1,142,509 |
| MAG Silver Corp. (a)(b) | | 45,426 | 777,790 |
| Magna International, Inc. (sub. vtg.) | | 117,444 | 4,636,691 |
| Major Drilling Group International, Inc. (a) | | 40,982 | 246,654 |
| Manulife Financial Corp. | | 752,383 | 21,976,814 |
| Maple Leaf Foods, Inc. | | 40,844 | 617,786 |
| Martinrea International, Inc. | | 37,618 | 278,282 |
| Mattr Corp. (a) | | 32,439 | 283,071 |
| MEG Energy Corp. | | 114,732 | 2,097,123 |
| Methanex Corp. | | 28,806 | 1,127,538 |
| Metro, Inc. | | 89,436 | 5,311,497 |
| MTY Food Group, Inc. | | 10,353 | 332,670 |
| Mullen Group Ltd. | | 56,760 | 613,930 |
| National Bank of Canada | | 143,309 | 13,668,571 |
| New Gold, Inc. (a) | | 343,731 | 945,516 |
| NexGen Energy Ltd. (a) | | 228,776 | 1,682,527 |
| NFI Group, Inc. (a) | | 38,177 | 434,593 |
| NGEx Minerals Ltd. (a) | | 63,040 | 536,973 |
| North American Construction Group Ltd. | | 13,408 | 261,448 |
| North West Co., Inc. | | 21,884 | 823,744 |
| Northland Power, Inc. | | 111,486 | 1,694,289 |
| Novagold Resources, Inc. (a)(b) | | 114,198 | 394,507 |
| Nutrien Ltd. | | 209,880 | 10,007,493 |
| Nuvei Corp. (Canada) (d) | | 30,579 | 1,028,983 |
| NuVista Energy Ltd. (a) | | 74,987 | 602,115 |
| Obsidian Energy Ltd. (a) | | 37,407 | 212,242 |
| Onex Corp. (sub. vtg.) | | 28,670 | 2,063,639 |
| Open Text Corp. | | 114,570 | 3,436,236 |
| Orla Mining Ltd. (a) | | 106,268 | 510,599 |
| Osisko Gold Royalties Ltd. | | 73,537 | 1,479,877 |
| Pan American Silver Corp. | | 157,323 | 3,678,987 |
| Paramount Resources Ltd. Class A (b) | | 34,971 | 674,630 |
| Parex Resources, Inc. | | 44,296 | 411,353 |
| Parkland Corp. | | 59,795 | 1,391,430 |
| Pason Systems, Inc. | | 34,978 | 338,387 |
| Patriot Battery Metals, Inc. (a)(b) | | 62,188 | 155,878 |
| Pembina Pipeline Corp. | | 241,683 | 10,110,988 |
| Pet Valu Holdings Ltd. | | 25,097 | 459,095 |
| Peyto Exploration & Development Corp. (b) | | 86,143 | 939,168 |
| Power Corp. of Canada (sub. vtg.) | | 235,747 | 7,451,593 |
| PrairieSky Royalty Ltd. | | 92,177 | 1,844,401 |
| Precision Drilling Corp. (a) | | 6,381 | 383,268 |
| Premium Brands Holdings Corp. | | 19,760 | 1,233,838 |
| Primaris (REIT) | | 28,856 | 323,719 |
| Quebecor, Inc. Class B (sub. vtg.) | | 66,957 | 1,667,253 |
| RB Global, Inc. | | 78,199 | 6,626,583 |
| Resolute Forest Products, Inc. rights (a)(c) | | 19,734 | 0 |
| Restaurant Brands International, Inc. | | 127,474 | 8,866,005 |
| Richelieu Hardware Ltd. | | 25,674 | 676,539 |
| RioCan (REIT) | | 62,670 | 855,194 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 150,222 | 5,456,047 |
| Rogers Sugar, Inc. | | 63,434 | 253,308 |
| Royal Bank of Canada | | 598,742 | 72,411,510 |
| Russel Metals, Inc. | | 27,191 | 757,134 |
| Sandstorm Gold Ltd. | | 116,752 | 706,350 |
| Saputo, Inc. | | 110,445 | 2,106,812 |
| Savaria Corp. | | 32,879 | 526,593 |
| Seabridge Gold, Inc. (a) | | 33,686 | 587,147 |
| Secure Energy Services, Inc. | | 94,001 | 1,047,119 |
| Shopify, Inc. Class A (a) | | 515,206 | 40,303,255 |
| Sienna Senior Living, Inc. | | 40,665 | 502,928 |
| Silvercorp Metals, Inc. | | 94,669 | 444,669 |
| SilverCrest Metals, Inc. (a) | | 65,610 | 669,600 |
| Skeena Resources Ltd. (a) | | 36,907 | 358,640 |
| SmartCentres (REIT) | | 29,594 | 529,455 |
| South Bow Corp. | | 87,046 | 2,173,727 |
| Spartan Delta Corp. (a) | | 93,095 | 226,661 |
| Spin Master Corp. (d) | | 17,564 | 371,754 |
| Sprott, Inc. (b) | | 10,707 | 473,773 |
| SSR Mining, Inc. | | 91,002 | 561,482 |
| Stantec, Inc. | | 49,049 | 3,978,593 |
| Stelco Holdings, Inc. (b) | | 15,349 | 751,052 |
| Stella-Jones, Inc. | | 22,943 | 1,387,109 |
| StorageVault Canada, Inc. | | 114,778 | 335,509 |
| Sun Life Financial, Inc. | | 242,947 | 13,470,398 |
| Suncor Energy, Inc. | | 541,704 | 20,448,854 |
| SunOpta, Inc. (a) | | 40,493 | 265,027 |
| Superior Plus Corp. | | 110,572 | 524,132 |
| Surge Energy, Inc. | | 63,006 | 266,532 |
| Tamarack Valley Energy Ltd. (b) | | 235,890 | 703,087 |
| Taseko Mines Ltd. (a) | | 131,074 | 290,889 |
| TC Energy Corp. | | 441,062 | 20,514,364 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 196,328 | 9,134,289 |
| TELUS Corp. | | 206,658 | 3,266,810 |
| TFI International, Inc. (Canada) | | 34,775 | 4,653,733 |
| The Toronto-Dominion Bank | | 742,440 | 41,042,559 |
| Thomson Reuters Corp. | | 65,508 | 10,722,827 |
| Timbercreek Financial Corp. | | 56,681 | 308,573 |
| TMX Group Ltd. | | 114,486 | 3,575,966 |
| Topaz Energy Corp. | | 43,929 | 842,707 |
| Torex Gold Resources, Inc. (a) | | 40,843 | 880,896 |
| Toromont Industries Ltd. | | 35,831 | 3,165,305 |
| Tourmaline Oil Corp. | | 148,637 | 6,852,450 |
| TransAlta Corp. | | 113,176 | 1,183,497 |
| Transcontinental, Inc. Class A | | 35,221 | 435,093 |
| Trican Well Service Ltd. | | 103,025 | 341,850 |
| Triple Flag Precious Metals Corp. | | 29,899 | 512,364 |
| Trisura Group Ltd. (a) | | 22,392 | 662,585 |
| Veren, Inc. | | 248,573 | 1,280,043 |
| Vermilion Energy, Inc. | | 70,822 | 660,229 |
| Well Health Technologies Corp. (a) | | 110,812 | 352,567 |
| Wesdome Gold Mines, Inc. (a) | | 66,862 | 585,856 |
| West Fraser Timber Co. Ltd. | | 23,601 | 2,131,523 |
| Westshore Terminals Investment Corp. | | 16,131 | 266,581 |
| Whitecap Resources, Inc. | | 251,786 | 1,878,879 |
| Winpak Ltd. | | 15,002 | 534,527 |
| WSP Global, Inc. | | 52,563 | 9,395,162 |
TOTAL CANADA | | | 992,388,233 |
| Cayman Islands - 0.0% | | | |
| Patria Investments Ltd. | | 29,108 | 338,817 |
| Chile - 0.2% | | | |
| Aguas Andinas SA | | 1,183,759 | 338,154 |
| Antofagasta PLC | | 169,599 | 3,787,701 |
| Banco de Chile | | 19,399,992 | 2,259,990 |
| Banco de Credito e Inversiones | | 37,193 | 1,090,931 |
| Banco Itau Chile SA | | 35,924 | 388,602 |
| Banco Santander Chile | | 27,781,358 | 1,379,503 |
| CAP SA (a) | | 33,285 | 199,761 |
| Cencosud SA | | 575,074 | 1,192,712 |
| Colbun SA | | 3,764,361 | 465,935 |
| Compania Cervecerias Unidas SA | | 65,415 | 362,041 |
| Embotelladora Andina SA Class B | | 166,410 | 496,762 |
| Empresa Nacional de Telecomunicaciones SA (ENTEL) | | 88,142 | 286,864 |
| Empresas CMPC SA | | 550,909 | 877,287 |
| Empresas COPEC SA | | 164,812 | 1,040,553 |
| Enel Americas SA | | 8,748,504 | 819,416 |
| Enel Chile SA | | 11,670,858 | 619,341 |
| Falabella SA (a) | | 387,218 | 1,389,912 |
| LATAM Airlines Group SA | | 72,743,089 | 973,015 |
| Lundin Mining Corp. | | 287,800 | 2,798,730 |
| Parque Arauco SA | | 308,660 | 506,899 |
| Plaza SA | | 202,551 | 330,766 |
| SMU SA | | 1,765,414 | 271,986 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 61,059 | 2,349,903 |
| Vina Concha y Toro SA | | 250,942 | 289,227 |
TOTAL CHILE | | | 24,515,991 |
| China - 7.5% | | | |
| 360 Security Technology, Inc. (A Shares) | | 267,593 | 363,536 |
| 361 Degrees International Ltd. | | 645,580 | 333,178 |
| 3SBio, Inc. (d) | | 934,473 | 700,931 |
| AAC Technology Holdings, Inc. | | 312,576 | 1,262,496 |
| Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 17,434 | 470,740 |
| AECC Aviation Power Co. Ltd. | | 89,035 | 535,077 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 3,171,669 | 2,108,869 |
| (H Shares) | | 10,394,297 | 5,107,203 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 256,972 | 522,617 |
| Air China Ltd. (A Shares) (a) | | 425,420 | 438,621 |
| Airtac International Group | | 60,359 | 1,676,175 |
| Akeso, Inc. (a)(d) | | 271,792 | 2,190,630 |
| Alibaba Group Holding Ltd. | | 6,480,446 | 79,270,858 |
| Alibaba Health Information Technology Ltd. (a) | | 2,467,800 | 1,248,010 |
| Aluminum Corp. of China Ltd. (H Shares) | | 2,265,763 | 1,443,634 |
| ANE (Cayman), Inc. (a) | | 348,059 | 371,296 |
| Anhui Conch Cement Co. Ltd. (H Shares) | | 656,206 | 1,906,176 |
| Anhui Expressway Co. Ltd. (H Shares) | | 226,849 | 252,754 |
| Anhui Gujing Distillery Co. Ltd. (B Shares) | | 93,037 | 1,424,469 |
| Anta Sports Products Ltd. | | 542,939 | 5,794,891 |
| Ascentage Pharma Group International (a)(b)(d) | | 113,278 | 629,364 |
| Atour Lifestyle Holdings Ltd. ADR | | 17,658 | 462,640 |
| Autohome, Inc. ADR Class A | | 30,297 | 851,346 |
| Avary Holding Shenzhen Co. Ltd. (A Shares) | | 97,700 | 514,130 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 1,266,743 | 680,408 |
| Baic Motor Corp. Ltd. (H Shares) (d) | | 1,308,159 | 361,272 |
| Baidu, Inc. Class A (a) | | 977,474 | 11,153,790 |
| Bank of Beijing Co. Ltd. (A Shares) | | 547,386 | 434,923 |
| Bank of Chengdu Co. Ltd. (A Shares) | | 142,656 | 309,015 |
| Bank of China Ltd.: | | | |
| (A Shares) | | 3,731,180 | 2,527,725 |
| (H Shares) | | 29,734,565 | 14,112,914 |
| Bank of Communications Co. Ltd.: | | | |
| (A Shares) | | 757,129 | 756,853 |
| (H Shares) | | 4,088,020 | 3,096,207 |
| Bank of Hangzhou Co. Ltd. (A Shares) | | 202,684 | 394,863 |
| Bank of Jiangsu Co. Ltd. (A Shares) | | 485,109 | 600,943 |
| Bank of Nanjing Co. Ltd. (A Shares) | | 289,142 | 416,772 |
| Bank of Ningbo Co. Ltd. (A Shares) | | 175,471 | 630,650 |
| Bank of Shanghai Co. Ltd. (A Shares) | | 399,637 | 435,526 |
| Baoshan Iron & Steel Co. Ltd. (A Shares) | | 516,290 | 473,642 |
| BeiGene Ltd. (a) | | 295,681 | 4,656,844 |
| Beijing Capital International Airport Co. Ltd. (H Shares) (a) | | 1,032,973 | 375,444 |
| Beijing Enterprises Holdings Ltd. | | 227,970 | 746,908 |
| Beijing Enterprises Water Group Ltd. | | 1,810,921 | 539,180 |
| Beijing Kingsoft Office Software, Inc. (A Shares) | | 11,899 | 430,033 |
| Beijing New Building Materials PLC (A Shares) | | 60,954 | 267,153 |
| Beijing Tiantan Biological Products Corp. Ltd. (A Shares) | | 79,151 | 239,407 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 49,138 | 273,503 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) | | 24,152 | 242,021 |
| Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) | | 1,183,166 | 902,585 |
| Bilibili, Inc. Class Z (a) | | 99,261 | 2,193,077 |
| BOC Aviation Ltd. Class A (d) | | 92,386 | 716,548 |
| BOC Hong Kong (Holdings) Ltd. | | 1,555,785 | 5,079,221 |
| BOE Technology Group Co. Ltd. (A Shares) | | 1,024,368 | 672,099 |
| Bosideng International Holdings Ltd. | | 1,699,147 | 952,789 |
| Brilliance China Automotive Holdings Ltd. | | 1,313,117 | 423,865 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 113,720 | 4,684,143 |
| (H Shares) | | 364,913 | 13,180,154 |
| BYD Electronic International Co. Ltd. | | 346,339 | 1,484,208 |
| C&D International Investment Group Ltd. (b) | | 321,326 | 608,044 |
| Cambricon Technologies Corp. Ltd. (A Shares) (a) | | 10,522 | 669,873 |
| CGN Mining Co. Ltd. (b) | | 1,357,041 | 340,239 |
| CGN New Energy Holdings Co. Ltd. (d) | | 955,501 | 282,384 |
| CGN Power Co. Ltd. (H Shares) (d) | | 5,083,524 | 1,827,214 |
| Chaozhou Three-Circle Group Co. (A Shares) | | 78,857 | 411,661 |
| China BlueChemical Ltd. (H Shares) | | 1,008,073 | 259,839 |
| China CITIC Bank Corp. Ltd. (H Shares) | | 3,918,533 | 2,442,209 |
| China Coal Energy Co. Ltd. (H Shares) | | 902,363 | 1,125,679 |
| China Communications Services Corp. Ltd. (H Shares) | | 1,146,023 | 615,699 |
| China Conch Venture Holdings Ltd. | | 666,673 | 617,542 |
| China Construction Bank Corp.: | | | |
| (A Shares) | | 2,055,786 | 2,292,078 |
| (H Shares) | | 38,507,821 | 29,891,178 |
| China CSSC Holdings Ltd. (A Shares) | | 119,197 | 615,189 |
| China Datang Corp. Renewable Power Co. Ltd. (b) | | 1,401,308 | 403,294 |
| China Eastern Airlines Corp. Ltd. (A Shares) (a) | | 611,797 | 330,245 |
| China Education Group Holdings Ltd. | | 596,267 | 372,129 |
| China Energy Engineering Corp. Ltd. (A Shares) | | 820,589 | 269,857 |
| China Everbright Bank Co. Ltd.: | | | |
| (A Shares) | | 931,670 | 451,812 |
| (H Shares) | | 1,764,201 | 596,333 |
| China Everbright International Ltd. (b) | | 1,741,383 | 843,266 |
| China Everbright Ltd. | | 668,326 | 434,794 |
| China Feihe Ltd. (d) | | 1,732,704 | 1,307,748 |
| China Galaxy Securities Co. Ltd. (H Shares) | | 2,036,313 | 1,812,683 |
| China Gas Holdings Ltd. | | 1,220,889 | 1,048,443 |
| China Hongqiao Group Ltd. | | 1,234,587 | 1,983,605 |
| China Huishan Dairy Holdings Co. Ltd. (a)(c) | | 51,000 | 0 |
| China International Capital Corp. Ltd. (H Shares) (b)(d) | | 897,641 | 1,622,307 |
| China Jinmao Holdings Group Ltd. | | 3,015,159 | 468,079 |
| China Jushi Co. Ltd. (A Shares) | | 166,909 | 265,135 |
| China Liansu Group Holdings Ltd. | | 611,452 | 304,584 |
| China Life Insurance Co. Ltd. (H Shares) | | 3,416,131 | 7,241,319 |
| China Literature Ltd. (a)(b)(d) | | 191,888 | 692,826 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 1,404,145 | 1,248,576 |
| China Medical System Holdings Ltd. | | 627,043 | 627,201 |
| China Mengniu Dairy Co. Ltd. | | 1,361,390 | 3,048,779 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 317,206 | 1,666,697 |
| (H Shares) | | 1,891,142 | 9,254,356 |
| China Merchants Energy Shipping Co. Ltd. (A Shares) | | 221,611 | 209,264 |
| China Merchants Holdings International Co. Ltd. | | 570,517 | 938,224 |
| China Merchants Securities Co. Ltd. (A Shares) | | 208,139 | 562,925 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 277,919 | 441,564 |
| China Minsheng Banking Corp. Ltd.: | | | |
| (A Shares) | | 1,439,748 | 764,748 |
| (H Shares) | | 2,176,458 | 808,377 |
| China National Building Materials Co. Ltd. (H Shares) (b) | | 2,044,146 | 869,664 |
| China National Chemical Engineering Co. Ltd. (A Shares) | | 204,692 | 232,685 |
| China National Nuclear Power Co. Ltd. (A Shares) | | 416,358 | 588,067 |
| China Nonferrous Mining Co. Ltd. | | 649,823 | 460,766 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 112,549 | 338,708 |
| China Oilfield Services Ltd. (H Shares) | | 838,652 | 784,700 |
| China Overseas Grand Oceans Group Ltd. (b) | | 1,029,217 | 271,139 |
| China Overseas Land and Investment Ltd. | | 1,684,770 | 3,219,289 |
| China Overseas Property Holdings Ltd. | | 662,121 | 509,070 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 1,366,653 | 4,746,186 |
| China Petroleum & Chemical Corp.: | | | |
| (A Shares) | | 1,181,210 | 1,026,050 |
| (H Shares) | | 9,926,351 | 5,591,419 |
| China Power International Development Ltd. | | 2,216,552 | 951,568 |
| China Railway Group Ltd.: | | | |
| (A Shares) | | 380,666 | 342,998 |
| (H Shares) | | 2,295,411 | 1,145,454 |
| China Resource Gas Group Ltd. | | 401,747 | 1,548,988 |
| China Resources Beer Holdings Co. Ltd. | | 702,395 | 2,601,879 |
| China Resources Cement Holdings Ltd. | | 1,389,374 | 359,317 |
| China Resources Land Ltd. | | 1,387,192 | 4,624,116 |
| China Resources Medical Holdin | | 568,632 | 283,632 |
| China Resources Microelectronics Ltd. (A Shares) | | 42,066 | 297,508 |
| China Resources Mixc Lifestyle Services Ltd. (d) | | 308,833 | 1,274,065 |
| China Resources Pharmaceutical Group Ltd. (d) | | 882,489 | 624,208 |
| China Resources Power Holdings Co. Ltd. (b) | | 829,684 | 1,995,803 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 44,833 | 283,827 |
| China Risun Group Ltd. Class H (b) | | 919,763 | 387,837 |
| China Ruyi Holdings Ltd. (a)(b) | | 2,748,452 | 674,879 |
| China Shenhua Energy Co. Ltd.: | | | |
| (A Shares) | | 428,483 | 2,410,868 |
| (H Shares) | | 1,115,543 | 4,830,216 |
| China Southern Airlines Ltd. (A Shares) (a) | | 362,382 | 314,037 |
| China State Construction Engineering Corp. Ltd. (A Shares) | | 983,397 | 832,628 |
| China State Construction International Holdings Ltd. | | 894,118 | 1,312,338 |
| China Taiping Insurance Group Ltd. | | 674,094 | 1,161,093 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 818,439 | 546,918 |
| China Tobacco International Co. Ltd. | | 129,940 | 420,597 |
| China Tourism Group Duty Free Corp. Ltd. (A Shares) | | 84,850 | 809,206 |
| China Tower Corp. Ltd. (H Shares) (d) | | 19,071,615 | 2,573,353 |
| China Traditional Chinese Medicine Holdings Co. Ltd. (a) | | 1,386,104 | 424,368 |
| China United Network Communications Ltd. (A Shares) | | 861,658 | 604,083 |
| China Vanke Co. Ltd. (H Shares) (a)(b) | | 1,400,204 | 1,333,081 |
| China Water Affairs Group Ltd. | | 437,697 | 266,724 |
| China Yangtze Power Co. Ltd. (A Shares) | | 556,381 | 2,156,242 |
| China Zheshang Bank Co. Ltd. | | 784,381 | 313,034 |
| ChinaSoft International Ltd. (b) | | 1,176,507 | 860,487 |
| Chongqing Changan Automobile Co. Ltd. (A Shares) | | 210,703 | 392,067 |
| Chongqing Rural Commercial Bank Co. Ltd. (A Shares) | | 418,212 | 327,855 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 56,723 | 226,352 |
| Chow Tai Fook Jewellery Group Ltd. | | 908,867 | 860,836 |
| Cimc Enric Holdings Ltd. | | 387,722 | 327,215 |
| CITIC 1616 Holdings Ltd. | | 924,702 | 265,077 |
| CITIC Pacific Ltd. | | 2,443,668 | 2,870,358 |
| CITIC Securities Co. Ltd. (H Shares) | | 1,268,091 | 3,502,265 |
| Cloud Music, Inc. (a)(d) | | 31,526 | 504,524 |
| Cmoc Group Ltd. (H Shares) | | 2,159,590 | 1,787,631 |
| CNPC Capital Co. Ltd. (A Shares) | | 307,917 | 382,607 |
| COFCO Meat Holdings Ltd. (a)(b) | | 1,676,434 | 331,720 |
| Contemporary Amperex Technology Co. Ltd. | | 118,130 | 4,098,492 |
| COSCO Shipping Energy Transportation Co. Ltd. (A Shares) | | 358,177 | 659,048 |
| COSCO SHIPPING Holdings Co. Ltd. (H Shares) | | 1,622,311 | 2,402,539 |
| Cosco Shipping Ports Ltd. | | 621,565 | 355,445 |
| Country Garden Services Holdings Co. Ltd. | | 1,014,743 | 764,631 |
| CRRC Corp. Ltd.: | | | |
| (A Shares) | | 1,529,985 | 1,787,546 |
| (H Shares) | | 525,090 | 339,874 |
| CSC Financial Co. Ltd. (A Shares) | | 111,668 | 399,015 |
| CSG Holding Co. Ltd. (B Shares) | | 3,781,434 | 1,202,324 |
| CSPC Pharmaceutical Group Ltd. | | 3,581,916 | 2,651,811 |
| CT Environmental Group Ltd. (a)(c) | | 26,000 | 0 |
| Daqin Railway Co. Ltd. (A Shares) | | 408,925 | 374,261 |
| Daqo New Energy Corp. ADR (a) | | 23,474 | 530,043 |
| Dongfang Electric Corp. Ltd. (A Shares) | | 118,122 | 261,710 |
| Dongyue Group Co. Ltd. | | 604,461 | 492,667 |
| East Buy Holding Ltd. (a)(b)(d) | | 190,383 | 363,466 |
| East Money Information Co. Ltd. (A Shares) | | 439,968 | 1,431,947 |
| Eastroc Beverage Group Co. Ltd. (A Shares) | | 12,359 | 368,016 |
| ENN Energy Holdings Ltd. | | 337,559 | 2,378,203 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 77,065 | 198,721 |
| Eoptolink Technology, Inc. Ltd. (A Shares) | | 25,800 | 467,601 |
| ESR Group Ltd. (b)(d) | | 641,878 | 870,204 |
| Eve Energy Co. Ltd. (A shares) | | 62,238 | 424,714 |
| Everbright Securities Co. Ltd. (A Shares) | | 147,358 | 358,721 |
| Everest Medicines Ltd. (a)(b)(d) | | 103,019 | 417,216 |
| Far East Horizon Ltd. | | 950,866 | 663,694 |
| FinVolution Group ADR | | 70,758 | 428,793 |
| First Tractor Co. Ltd. (H Shares) | | 218,805 | 195,634 |
| Focus Media Information Technology Co. Ltd. (A Shares) | | 531,945 | 539,037 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 115,681 | 711,931 |
| Fosun International Ltd. | | 1,173,466 | 666,224 |
| Founder Securities Co. Ltd. (A Shares) | | 231,550 | 281,477 |
| Foxconn Industrial Internet Co. Ltd. (A Shares) | | 311,047 | 1,042,852 |
| Fu Shou Yuan International Group Ltd. | | 854,618 | 434,026 |
| Fufeng Group Ltd. | | 655,722 | 370,438 |
| Fuyao Glass Industries Group Co. Ltd. (H Shares) (d) | | 319,382 | 2,259,180 |
| Ganfeng Lithium Group Co. Ltd. (H Shares) (d) | | 102,502 | 281,199 |
| GCL Technology Holdings Ltd. (a) | | 9,248,364 | 2,042,106 |
| GD Power Development Co. Ltd. (A Shares) | | 528,611 | 359,473 |
| GDS Holdings Ltd. Class A (a)(b) | | 439,552 | 1,185,441 |
| Geely Automobile Holdings Ltd. | | 2,669,573 | 4,692,842 |
| Genertec Universal Medical Group Co. Ltd. (d) | | 717,813 | 449,782 |
| Genscript Biotech Corp. (a) | | 506,993 | 775,484 |
| GF Securities Co. Ltd. (H Shares) | | 837,828 | 1,190,234 |
| Giant Biogene Holding Co. Ltd. (d) | | 141,661 | 960,794 |
| Gigadevice Semiconductor Beijing, Inc. (A Shares) (a) | | 23,390 | 295,079 |
| GoerTek, Inc. (A Shares) | | 115,301 | 378,393 |
| Goneo Group Co. Ltd. (A Shares) | | 23,907 | 244,864 |
| Great Wall Motor Co. Ltd.: | | | |
| (A Shares) | | 116,681 | 429,486 |
| (H Shares) | | 904,902 | 1,438,956 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 72,849 | 445,550 |
| Greentown China Holdings Ltd. (b) | | 507,475 | 672,188 |
| Greentown Service Group Co. Ltd. | | 738,741 | 388,181 |
| Guangdong Haid Group Co. Ltd. (A Shares) | | 58,922 | 363,331 |
| Guangdong Investment Ltd. | | 1,333,205 | 848,688 |
| Guanghui Energy Co. Ltd. (A Shares) | | 220,633 | 236,739 |
| Guangzhou Automobile Group Co. Ltd. | | 227,853 | 255,817 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) (b) | | 1,126,449 | 394,860 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 64,449 | 253,052 |
| Guosen Securities Co. Ltd. (A Shares) | | 244,848 | 396,955 |
| Guotai Junan Securities Co. Ltd. (A Shares) | | 204,464 | 545,020 |
| H World Group Ltd. ADR | | 87,142 | 3,197,240 |
| Haidilao International Holding Ltd. (d) | | 733,995 | 1,480,409 |
| Haier Smart Home Co. Ltd. | | 849,327 | 3,082,400 |
| Haier Smart Home Co. Ltd. (A Shares) | | 356,448 | 1,464,368 |
| Hainan Airlines Co. Ltd. (A Shares) (a) | | 1,797,143 | 349,223 |
| Hainan Airport Infrastructure Co. Ltd. (A Shares) (a) | | 517,843 | 256,392 |
| Haitian International Holdings Ltd. | | 279,880 | 774,143 |
| Haitong Securities Co. Ltd. (H Shares) (b) | | 1,934,919 | 1,611,601 |
| Hangzhou Steam Turbine Power G (c) | | 841,147 | 883,983 |
| Hansoh Pharmaceutical Group Co. Ltd. (d) | | 512,552 | 1,195,041 |
| Hello Group, Inc. ADR | | 65,496 | 463,057 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 105,311 | 368,386 |
| Hengan International Group Co. Ltd. | | 324,554 | 958,362 |
| Hengli Petrochemical Co. Ltd. (A Shares) | | 220,420 | 425,552 |
| Hisense Home Appliances Group Co. Ltd. (H Shares) | | 187,949 | 595,477 |
| Hithink RoyalFlush Information Network Co. Ltd. (A Shares) | | 11,929 | 343,926 |
| Hopson Development Holdings Ltd. (b) | | 737,333 | 330,245 |
| Hoshine Silicon Industry Co. Ltd. (A Shares) | | 35,070 | 291,205 |
| Hua Hong Semiconductor Ltd. (d) | | 289,232 | 808,952 |
| Huadian Power International Corp. Ltd. (A Shares) | | 273,052 | 221,304 |
| Huadong Medicine Co. Ltd. (A Shares) | | 59,311 | 275,354 |
| Huaneng Power International, Inc.: | | | |
| (A Shares) | | 222,589 | 227,012 |
| (H Shares) | | 1,829,185 | 980,072 |
| Huangshan Tourism Development Co. Ltd. | | 647,483 | 476,402 |
| Huatai Securities Co. Ltd. (H Shares) (d) | | 911,137 | 1,542,252 |
| Huaxia Bank Co. Ltd. (A Shares) | | 393,671 | 391,112 |
| Huayu Automotive Systems Co. Ltd. (A Shares) | | 120,077 | 254,669 |
| Huizhou Desay SV Automotive Co. Ltd. | | 15,532 | 265,421 |
| HUTCHMED China Ltd. (a) | | 254,188 | 926,829 |
| Hygeia Healthcare Holdings Co. (a)(d) | | 173,231 | 391,736 |
| Hygon Information Technology Co. Ltd. (A Shares) | | 83,030 | 1,496,925 |
| IEIT Systems Co. Ltd. (A Shares) | | 42,785 | 279,636 |
| iFlytek Co. Ltd. (A Shares) | | 64,438 | 414,909 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 9,210 | 275,082 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 4,208,553 | 3,574,413 |
| (H Shares) | | 25,748,776 | 15,445,572 |
| Industrial Bank Co. Ltd. (A Shares) | | 477,960 | 1,228,177 |
| Industrial Securities Co. Ltd. (A Shares) | | 366,685 | 336,470 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 171,901 | 675,337 |
| Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) | | 1,446,398 | 347,425 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 936,516 | 2,171,052 |
| Innovent Biologics, Inc. (a)(d) | | 523,997 | 2,277,907 |
| iQIYI, Inc. ADR (a) | | 207,673 | 542,027 |
| JCET Group Co. Ltd. (A Shares) | | 69,275 | 386,306 |
| JD Health International, Inc. (a)(d) | | 489,029 | 1,750,407 |
| JD Logistics, Inc. (a)(d) | | 910,987 | 1,853,750 |
| JD.com, Inc. Class A | | 1,054,735 | 21,389,211 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 242,012 | 268,795 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 587,452 | 591,131 |
| Jiangsu Hengli Hydraulic Co. Ltd. | | 39,050 | 283,967 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 159,115 | 1,043,416 |
| Jiangsu King's Luck Brewery JSC Ltd. (A Shares) | | 34,132 | 210,893 |
| Jiangsu Yanghe Brewery JSC Ltd. (A Shares) | | 44,492 | 502,883 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 145,666 | 322,496 |
| Jiangxi Copper Co. Ltd. (H Shares) | | 581,099 | 977,472 |
| Jinan Acetate Chemical Co. Ltd. | | 23,080 | 607,314 |
| Jinko Solar Co. Ltd. (A Shares) | | 234,648 | 312,618 |
| JinkoSolar Holdings Co. Ltd. ADR (b) | | 16,193 | 430,086 |
| Jinxin Fertility Group Ltd. (b)(d) | | 1,041,955 | 462,216 |
| JOYY, Inc. ADR | | 17,336 | 590,291 |
| Kanzhun Ltd. ADR | | 114,114 | 1,660,359 |
| KE Holdings, Inc. ADR | | 278,038 | 6,097,373 |
| Kerry Logistics Network Ltd. | | 217,382 | 204,154 |
| Keymed Biosciences, Inc. (a)(b)(d) | | 88,684 | 472,859 |
| Kingboard Chemical Holdings Ltd. | | 300,852 | 728,502 |
| Kingdee International Software Group Co. Ltd. (a) | | 1,356,041 | 1,419,579 |
| Kingsoft Cloud Holdings Ltd. (a)(b) | | 1,158,991 | 222,291 |
| Kingsoft Corp. Ltd. | | 420,090 | 1,447,734 |
| Kuaishou Technology Class B (a)(d) | | 993,994 | 5,857,615 |
| Kunlun Energy Co. Ltd. | | 1,706,575 | 1,618,451 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 33,062 | 7,098,562 |
| Lb Group Co. Ltd. (A Shares) | | 95,741 | 253,594 |
| Lee & Man Paper Manufacturing Ltd. | | 918,360 | 283,326 |
| Legend Holdings Corp. (H Shares) (a)(d) | | 329,405 | 323,191 |
| Lenovo Group Ltd. | | 3,484,622 | 4,594,952 |
| Lens Technology Co. Ltd. (A Shares) | | 192,146 | 606,397 |
| Li Auto, Inc. Class A (a) | | 529,862 | 6,663,066 |
| Li Ning Co. Ltd. | | 1,007,584 | 2,055,883 |
| Lifetech Scientific Corp. (a)(b) | | 1,917,222 | 411,855 |
| Longfor Properties Co. Ltd. (d) | | 873,297 | 1,414,747 |
| LONGi Green Energy Technology Co. Ltd. | | 197,477 | 548,263 |
| Lufax Holding Ltd. ADR (b) | | 117,897 | 315,964 |
| Luxshare Precision Industry Co. Ltd. (A Shares) | | 179,019 | 1,054,359 |
| Luye Pharma Group Ltd. (a)(b)(d) | | 1,155,369 | 414,988 |
| Luzhou Laojiao Co. Ltd. (A Shares) | | 37,157 | 708,214 |
| Maoyan Entertainment (a)(b)(d) | | 226,773 | 227,140 |
| Meitu, Inc. (b)(d) | | 1,365,159 | 463,876 |
| Meituan Class B (a)(d) | | 2,124,515 | 50,203,082 |
| Metallurgical Corp. China Ltd. (A Shares) | | 577,207 | 270,900 |
| Microport Scientific Corp. (a)(b) | | 437,793 | 362,608 |
| Midea Group Co. Ltd.: | | | |
| (A Shares) | | 82,529 | 827,009 |
| (H Shares) (b) | | 180,000 | 1,677,854 |
| MINISO Group Holding Ltd. (b) | | 165,716 | 830,460 |
| Minth Group Ltd. (a) | | 371,899 | 679,631 |
| MMG Ltd. (a) | | 1,848,021 | 650,473 |
| Montage Technology Co. Ltd. (A Shares) | | 37,154 | 356,753 |
| Muyuan Foodstuff Co. Ltd. (A Shares) (a) | | 134,516 | 825,168 |
| NARI Technology Co. Ltd. (A Shares) | | 205,178 | 749,452 |
| National Silicon Industry Group Co. Ltd. (A Shares) | | 106,709 | 335,847 |
| NAURA Technology Group Co. Ltd. | | 13,881 | 763,849 |
| NetDragon WebSoft, Inc. | | 190,526 | 248,211 |
| NetEase, Inc. | | 826,472 | 13,296,943 |
| New China Life Insurance Co. Ltd. (H Shares) | | 512,693 | 1,730,215 |
| New Hope Liuhe Co. Ltd. (A Shares) (a) | | 209,273 | 288,322 |
| New Horizon Health Ltd. (a)(b)(c)(d) | | 117,000 | 212,807 |
| New Oriental Education & Technology Group, Inc. | | 643,116 | 4,024,657 |
| Nexteer Auto Group Ltd. | | 512,137 | 186,902 |
| Ningbo Deye Technology Co. Ltd. (A Shares) | | 27,100 | 360,652 |
| Ningbo Tuopu Group Co. Ltd. (A Shares) | | 45,347 | 275,486 |
| Ningxia Baofeng Energy Group Co. Ltd. | | 222,454 | 496,791 |
| NIO, Inc. (A Shares) (a) | | 585,617 | 3,012,084 |
| Noah Holdings Ltd. sponsored ADR | | 19,988 | 246,252 |
| Nongfu Spring Co. Ltd. (H Shares) (b)(d) | | 858,120 | 3,197,234 |
| Orient Securities Co. Ltd. (A Shares) | | 289,621 | 428,602 |
| PDD Holdings, Inc. ADR (a) | | 295,974 | 35,691,505 |
| People's Insurance Co. of China Group Ltd. (H Shares) | | 4,356,038 | 2,198,730 |
| PetroChina Co. Ltd. (H Shares) | | 9,817,426 | 7,372,049 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 2,952,167 | 4,478,351 |
| Ping An Bank Co. Ltd. (A Shares) | | 488,031 | 781,276 |
| Ping An Healthcare and Technology Co. Ltd. (a)(b)(d) | | 289,270 | 428,891 |
| Ping An Insurance Group Co. of China Ltd.: | | | |
| (A Shares) | | 477,266 | 3,753,742 |
| (H Shares) | | 2,626,047 | 16,270,422 |
| Poly Developments & Holdings (A Shares) | | 326,881 | 496,894 |
| Poly Property Development Co. Ltd. (H Shares) | | 89,265 | 370,703 |
| Poly Property Group Co. Ltd. | | 1,298,521 | 280,207 |
| Pop Mart International Group Ltd. (d) | | 238,577 | 2,156,948 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (d) | | 4,406,705 | 2,530,690 |
| Power Construction Corp. of China Ltd. (A Shares) | | 522,941 | 404,798 |
| Prosus NV | | 602,137 | 25,376,988 |
| Prosus NV rights (a)(e) | | 602,137 | 65,497 |
| Qifu Technology, Inc. ADR | | 52,470 | 1,721,541 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (a) | | 180,882 | 455,985 |
| RLX Technology, Inc. ADR (b) | | 268,007 | 434,171 |
| Rongsheng Petrochemical Co. Ltd. (A Shares) | | 293,005 | 388,188 |
| SAIC Motor Corp. Ltd. (A Shares) | | 191,557 | 346,453 |
| Sailun Group Co. Ltd. A Shares | | 104,421 | 212,572 |
| Sanan Optoelectronics Co. Ltd. (A Shares) | | 161,185 | 310,587 |
| Sany Heavy Equipment International Holdings Co. Ltd. (b) | | 518,081 | 339,800 |
| Sany Heavy Industry Co. Ltd. (A Shares) | | 248,270 | 637,112 |
| Satellite Chemical Co. Ltd. (A Shares) | | 118,628 | 315,177 |
| SDIC Capital Co. Ltd. | | 286,406 | 319,203 |
| SDIC Power Holdings Co. Ltd. (A Shares) | | 205,931 | 440,195 |
| Seazen Group Ltd. (a)(b) | | 1,199,891 | 362,415 |
| Seres Group Co. Ltd. (A Shares) (a) | | 35,983 | 589,414 |
| SF Holding Co. Ltd. (A Shares) | | 131,224 | 824,934 |
| Shaanxi Coal Industry Co. Ltd. (A Shares) | | 223,726 | 776,087 |
| Shandong Gold Mining Co. Ltd. (A Shares) | | 243,048 | 894,093 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) | | 82,958 | 267,230 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 641,128 | 367,108 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 1,174,423 | 726,822 |
| Shanghai Baosight Software Co. Ltd. | | 1,219,010 | 1,845,115 |
| Shanghai Chlor Alkali Co. Ltd. (B Shares) | | 1,076,976 | 644,512 |
| Shanghai Electric Group Co. Ltd. (A Shares) (a) | | 340,828 | 431,836 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 262,056 | 498,335 |
| Shanghai Industrial Holdings Ltd. | | 283,418 | 432,286 |
| Shanghai International Airport Co. Ltd. (A Shares) | | 56,577 | 278,000 |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. (B Shares) | | 379,373 | 322,531 |
| Shanghai MicroPort MedBot (Group) Co. Ltd. (H Shares) (a)(b) | | 168,264 | 185,899 |
| Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | | 518,977 | 802,129 |
| Shanghai Pudong Development Bank Co. Ltd. (A Shares) | | 700,512 | 970,231 |
| Shanghai RAAS Blood Products Co. Ltd. (A Shares) | | 294,601 | 304,706 |
| Shanghai Rural Commercial Bank Co. Ltd. (A Shares) | | 343,973 | 374,829 |
| Shanghai Shangling Electric Appliances Co. Ltd. (B Shares) | | 713,624 | 785,919 |
| Shanghai United Imaging Healthcare Co. Ltd. (A Shares) | | 21,374 | 367,163 |
| Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. (B Shares) | | 341,389 | 275,842 |
| Shangri-La Asia Ltd. | | 677,602 | 489,473 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) | | 83,911 | 171,877 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) | | 30,215 | 853,335 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) | | 158,434 | 183,342 |
| Shengyi Technology Co. Ltd. | | 105,517 | 303,785 |
| Shenwan Hongyuan Group Co. Ltd. (A Shares) | | 665,213 | 497,454 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 39,700 | 309,864 |
| Shenzhen International Holdings Ltd. | | 712,298 | 604,721 |
| Shenzhen Investment Ltd. (b) | | 1,751,317 | 215,541 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 28,064 | 1,051,073 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 24,058 | 231,862 |
| Shenzhen Transsion Holdings Co. Ltd. (A Shares) | | 27,864 | 373,131 |
| Shenzhou International Group Holdings Ltd. | | 356,371 | 2,751,901 |
| Shoucheng Holdings Ltd. (b) | | 1,374,456 | 183,452 |
| Shougang Fushan Resources Group Ltd. | | 1,037,564 | 375,262 |
| Sichuan Chuantou Energy Co. Ltd. (A Shares) | | 154,202 | 362,720 |
| Silergy Corp. | | 138,962 | 2,162,929 |
| Simcere Pharmaceutical Group Ltd. (b)(d) | | 490,861 | 442,906 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 729,626 | 506,628 |
| Sinopec Kantons Holdings Ltd. | | 658,678 | 362,781 |
| Sinopharm Group Co. Ltd. (H Shares) | | 571,799 | 1,424,518 |
| Sinotruk Hong Kong Ltd. | | 301,385 | 813,462 |
| SITC International Holdings Co. Ltd. | | 577,408 | 1,631,935 |
| Smoore International Holdings Ltd. (d) | | 793,794 | 1,036,338 |
| Spring Airlines Co. Ltd. (A Shares) | | 35,103 | 271,413 |
| Sun Art Retail Group Ltd. | | 1,278,515 | 376,295 |
| Sunac China Holdings Ltd. (a)(b) | | 2,689,567 | 940,565 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 56,106 | 714,848 |
| Sunny Optical Technology Group Co. Ltd. | | 304,623 | 1,981,572 |
| TAL Education Group ADR (a) | | 185,306 | 2,060,603 |
| TBEA Co. Ltd. (A Shares) | | 175,038 | 347,577 |
| TCL Electronics Holdings Ltd. | | 432,864 | 307,220 |
| TCL Technology Group Corp. (A Shares) | | 642,316 | 478,526 |
| Tencent Holdings Ltd. | | 2,787,410 | 145,341,497 |
| Tencent Music Entertainment Group ADR | | 318,429 | 3,544,115 |
| Tianli Education International Holdings Ltd. (b) | | 614,659 | 372,885 |
| Tianneng Power International Ltd. (b) | | 406,446 | 330,225 |
| Tingyi (Cayman Islands) Holding Corp. | | 888,143 | 1,295,706 |
| Tong Ren Tang Technologies Co. Ltd. (H Shares) | | 497,961 | 326,101 |
| Tongcheng Travel Holdings Ltd. | | 563,501 | 1,274,882 |
| Tongling Nonferrous Metals Group Co. Ltd. (A Shares) | | 567,895 | 270,181 |
| Tongwei Co. Ltd. (A Shares) | | 121,446 | 526,348 |
| Topsports International Holdings Ltd. (d) | | 1,020,869 | 340,151 |
| Towngas Smart Energy Co. Ltd. | | 719,409 | 296,075 |
| TravelSky Technology Ltd. (H Shares) | | 443,093 | 621,033 |
| Trip.com Group Ltd. (a) | | 236,634 | 15,228,465 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 291,528 | 1,877,175 |
| Tuya, Inc. ADR | | 127,899 | 194,406 |
| Unisplendour Corp. Ltd. (A Shares) | | 107,340 | 393,863 |
| Up Fintech Holdings Ltd. ADR (a) | | 41,219 | 262,153 |
| Vipshop Holdings Ltd. ADR | | 159,506 | 2,303,267 |
| VSTECS Holdings Ltd. | | 447,433 | 258,716 |
| Wanhua Chemical Group Co. Ltd. (A Shares) | | 82,605 | 874,212 |
| Want Want China Holdings Ltd. | | 2,069,694 | 1,287,900 |
| Weibo Corp. sponsored ADR | | 42,051 | 380,562 |
| Weichai Power Co. Ltd. (H Shares) | | 1,046,686 | 1,581,608 |
| Weifu High-Technology Group Co. Ltd. (B Shares) | | 528,300 | 859,993 |
| Weimob, Inc. (a)(b)(d) | | 1,236,793 | 256,777 |
| Wens Foodstuffs Group Co. Ltd. (A Shares) | | 185,689 | 486,104 |
| Western Mining Co. Ltd. (A Shares) | | 99,458 | 245,741 |
| Wharf Holdings Ltd. | | 461,027 | 1,306,274 |
| Will Semiconductor Ltd. | | 31,873 | 479,309 |
| Wilmar International Ltd. | | 807,877 | 1,950,027 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 91,231 | 1,883,017 |
| WUS Printed Circuit Kunshan Co. Ltd. (A Shares) | | 55,395 | 314,188 |
| WuXi AppTec Co. Ltd. (H Shares) (b)(d) | | 221,409 | 1,472,443 |
| Wuxi Biologics (Cayman), Inc. (a)(d) | | 1,567,006 | 3,328,953 |
| XCMG Construction Machinery Co. Ltd. (A Shares) | | 351,097 | 382,684 |
| XD, Inc. (a)(b) | | 132,832 | 356,625 |
| Xiaomi Corp. Class B (a)(d) | | 6,563,017 | 22,510,467 |
| Xinhua Winshare Publishing and Media Co. Ltd. | | 261,880 | 316,951 |
| Xinjiang Daqo New Energy Co. Ltd. (A Shares) | | 50,093 | 228,624 |
| Xinte Energy Co. Ltd. (H Shares) (a)(b) | | 195,932 | 272,106 |
| Xinyi Glass Holdings Ltd. | | 785,252 | 891,721 |
| Xinyi Solar Holdings Ltd. | | 2,128,634 | 1,091,705 |
| XPeng, Inc. Class A (a) | | 530,295 | 2,996,316 |
| XTEP International Holdings Ltd. | | 800,972 | 594,011 |
| Yadea Group Holdings Ltd. (d) | | 562,197 | 971,058 |
| Yangzijiang Shipbuilding Holdings Ltd. | | 1,091,909 | 2,121,357 |
| Yankuang Ener-A (H Shares) (b) | | 1,616,664 | 2,103,518 |
| Yantai Changyu Pioneer Wine Co. Ltd. (B Shares) | | 512,400 | 567,706 |
| Yihai International Holding Ltd. | | 274,474 | 489,131 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 61,700 | 282,500 |
| YTO Express Group Co. Ltd. (A Shares) | | 156,637 | 361,304 |
| Yuexiu Property Co. Ltd. (b) | | 743,788 | 615,331 |
| Yuexiu Transport Infrastructure Ltd. | | 598,773 | 293,880 |
| Yum China Holdings, Inc. | | 165,458 | 7,298,352 |
| Yunnan Aluminium Co. Ltd. (A Shares) | | 133,636 | 266,423 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 63,275 | 508,051 |
| Zai Lab Ltd. (a) | | 406,327 | 1,238,941 |
| Zangge Mining Co. Ltd. (Series A) | | 59,298 | 238,577 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 14,765 | 487,018 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 657,201 | 1,151,703 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 105,415 | 346,065 |
| Zhejiang Dahua Technology Co. Ltd. (A Shares) | | 88,019 | 202,946 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 793,998 | 526,052 |
| Zhejiang Juhua Co. Ltd. (A Shares) | | 80,294 | 236,132 |
| Zhejiang Leapmotor Technology Co. Ltd. (H Shares) (a)(b)(d) | | 224,162 | 884,905 |
| Zhejiang NHU Co. Ltd. (A Shares) | | 125,805 | 400,842 |
| Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) | | 341,651 | 281,947 |
| Zheshang Securities Co. Ltd. | | 170,778 | 309,830 |
| ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b)(d) | | 333,136 | 600,950 |
| Zhongji Innolight Co. Ltd. (A Shares) | | 25,404 | 501,790 |
| Zhongjin Gold Co. Ltd. (A Shares) | | 167,099 | 331,887 |
| Zhongsheng Group Holdings Ltd. Class H | | 375,998 | 578,206 |
| Zhongtai Securities Co. Ltd. (A Shares) | | 304,025 | 290,788 |
| Zhongyu Energy Holdings Ltd. (a)(b) | | 496,710 | 284,622 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 249,348 | 956,864 |
| Zijin Mining Group Co. Ltd. (H Shares) | | 3,075,717 | 6,551,498 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares) | | 244,594 | 238,962 |
| ZTE Corp. (H Shares) | | 516,574 | 1,285,686 |
| ZTO Express, Inc. | | 181,507 | 4,186,118 |
TOTAL CHINA | | | 1,011,747,310 |
| Colombia - 0.0% | | | |
| Aris Mining Corp. (a)(b) | | 72,925 | 338,346 |
| Bancolombia SA | | 106,857 | 912,761 |
| Interconexion Electrica SA ESP | | 193,451 | 768,514 |
TOTAL COLOMBIA | | | 2,019,621 |
| Cyprus - 0.0% | | | |
| Atalaya Mining PLC | | 53,907 | 256,493 |
| Czech Republic - 0.0% | | | |
| CEZ A/S | | 67,868 | 2,629,831 |
| Komercni Banka A/S | | 42,399 | 1,464,427 |
| MONETA Money Bank A/S (d) | | 168,618 | 840,269 |
TOTAL CZECH REPUBLIC | | | 4,934,527 |
| Denmark - 2.0% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 1,099 | 1,671,477 |
| Series B | | 2,060 | 3,258,435 |
| ALK-Abello A/S (a) | | 55,503 | 1,298,193 |
| Alm. Brand A/S | | 366,508 | 711,879 |
| Ambu A/S Series B (a) | | 80,197 | 1,484,014 |
| Bavarian Nordic A/S (a) | | 33,324 | 1,043,296 |
| Better Collective A/S (a)(b) | | 16,557 | 217,247 |
| Cadeler A/S (a) | | 92,097 | 618,713 |
| Carlsberg A/S Series B | | 40,809 | 4,509,954 |
| cBrain A/S | | 5,556 | 141,457 |
| Cementir SpA | | 29,551 | 306,655 |
| Chemometec A/S | | 6,871 | 400,773 |
| Coloplast A/S Series B | | 53,815 | 6,711,033 |
| D/S Norden A/S | | 9,518 | 326,439 |
| Danske Bank A/S | | 288,898 | 8,518,126 |
| Demant A/S (a) | | 41,907 | 1,537,502 |
| DFDS A/S | | 14,846 | 337,717 |
| DSV A/S | | 86,973 | 18,903,176 |
| FLSmidth & Co. A/S | | 18,152 | 946,014 |
| Genmab A/S (a) | | 27,148 | 6,079,993 |
| GN Store Nord A/S (a) | | 58,171 | 1,131,144 |
| H Lundbeck A/S | | 133,830 | 871,546 |
| ISS A/S | | 66,404 | 1,275,259 |
| Jyske Bank A/S (Reg.) | | 19,741 | 1,376,566 |
| Matas A/S | | 18,063 | 323,450 |
| Netcompany Group A/S (a)(d) | | 19,206 | 913,004 |
| NKT A/S (a) | | 22,451 | 2,095,241 |
| Novo Nordisk A/S Series B | | 1,371,492 | 153,833,417 |
| Novonesis (NOVOZYMES) B Series B | | 148,863 | 9,327,612 |
| ORSTED A/S (a)(d) | | 80,882 | 4,725,955 |
| Pandora A/S | | 35,105 | 5,293,073 |
| Per Aarsleff Holding A/S | | 7,786 | 459,252 |
| Ringkjoebing Landbobank A/S | | 11,398 | 1,876,467 |
| Rockwool International A/S Series B | | 3,907 | 1,682,954 |
| Royal Unibrew A/S | | 21,027 | 1,571,410 |
| Scandinavian Tobacco Group A/S (d) | | 24,859 | 373,370 |
| Schouw & Co. | | 5,785 | 479,148 |
| Spar Nord Bank A/S | | 31,639 | 608,997 |
| Svitzer A/S | | 6,402 | 222,370 |
| Sydbank A/S | | 23,625 | 1,123,072 |
| Tryg A/S | | 142,569 | 3,357,500 |
| Vestas Wind Systems A/S (a) | | 431,825 | 8,229,435 |
| Zealand Pharma A/S (a) | | 27,272 | 3,143,672 |
TOTAL DENMARK | | | 263,316,007 |
| Egypt - 0.0% | | | |
| Centamin PLC | | 504,670 | 1,033,386 |
| Commercial International Bank SAE | | 1,090,707 | 1,782,565 |
| Eastern Co. SAE | | 790,391 | 440,811 |
| EFG Holding SAE (a) | | 825,187 | 373,231 |
| Talaat Moustafa Group Holding | | 548,743 | 662,639 |
TOTAL EGYPT | | | 4,292,632 |
| Faroe Islands - 0.0% | | | |
| Bakkafrost | | 23,339 | 1,401,375 |
| Finland - 0.7% | | | |
| Cargotec Corp. (B Shares) | | 16,545 | 1,000,263 |
| Elisa Corp. (A Shares) | | 60,683 | 2,888,507 |
| Fortum Corp. | | 191,017 | 2,811,246 |
| Harvia Oyj | | 8,283 | 410,398 |
| Huhtamaki Oyj | | 43,658 | 1,711,503 |
| Kalmar Oyj (B Shares) | | 17,650 | 549,565 |
| Kemira Oyj | | 47,207 | 1,002,341 |
| Kempower OYJ (a)(b) | | 10,135 | 110,133 |
| Kesko Oyj | | 115,918 | 2,479,556 |
| Kojamo OYJ (a) | | 64,964 | 639,515 |
| Kone OYJ (B Shares) | | 143,101 | 7,823,377 |
| Konecranes Oyj | | 28,638 | 1,973,415 |
| Mandatum Holding OY | | 227,334 | 1,049,467 |
| Marimekko Oyj | | 19,802 | 275,276 |
| Metsa Board OYJ (B Shares) | | 76,359 | 409,982 |
| Metso Corp. | | 269,254 | 2,549,822 |
| Neste OYJ | | 183,209 | 2,941,607 |
| Nokia Corp. | | 2,282,672 | 10,801,662 |
| Nokian Tyres PLC | | 57,575 | 477,470 |
| Nordea Bank Abp (Helsinki Stock Exchange) | | 1,337,265 | 15,655,346 |
| Orion Oyj (B Shares) | | 47,688 | 2,316,113 |
| Outokumpu Oyj (A Shares) | | 162,293 | 581,151 |
| Puuilo Oyj | | 45,021 | 451,763 |
| Qt Group Oyj (a) | | 8,362 | 634,884 |
| Revenio Group Oyj | | 12,046 | 386,540 |
| Sampo Oyj: | | | |
| (A Shares) | | 23,501 | 1,034,589 |
| (A Shares) | | 190,672 | 8,441,321 |
| Stora Enso Oyj (R Shares) | | 254,506 | 2,829,294 |
| TietoEVRY Oyj | | 58,324 | 1,084,857 |
| Tokmanni Group Corp. | | 24,000 | 273,591 |
| UPM-Kymmene Corp. | | 230,515 | 6,752,501 |
| Valmet Corp. | | 62,708 | 1,603,632 |
| Wartsila Corp. | | 215,347 | 4,101,607 |
TOTAL FINLAND | | | 88,052,294 |
| France - 5.2% | | | |
| Abivax SA (a) | | 18,610 | 195,471 |
| Accor SA | | 82,895 | 3,756,442 |
| Aeroports de Paris SA | | 14,358 | 1,699,229 |
| Air France KLM (Reg.) (a)(b) | | 56,132 | 551,228 |
| Air Liquide SA | | 244,497 | 43,838,655 |
| Airbus Group NV | | 252,801 | 38,562,576 |
| Alstom SA (a) | | 148,794 | 3,272,943 |
| Altarea SCA | | 2,652 | 291,356 |
| Alten SA | | 13,127 | 1,109,470 |
| Amundi SA (d) | | 26,133 | 1,890,340 |
| Antin Infrastructure Partners SA | | 20,845 | 238,986 |
| Arkema SA | | 25,570 | 2,234,836 |
| AXA SA | | 763,875 | 28,682,842 |
| Beneteau SA (b) | | 22,457 | 245,742 |
| bioMerieux SA | | 17,813 | 1,986,049 |
| BNP Paribas SA | | 430,875 | 29,426,191 |
| Bollore SA | | 301,005 | 1,877,743 |
| Bouygues SA | | 78,856 | 2,524,376 |
| Bureau Veritas SA | | 134,460 | 4,247,357 |
| Capgemini SA | | 66,262 | 11,495,188 |
| Carmila SA | | 28,037 | 526,382 |
| Carrefour SA | | 229,819 | 3,649,743 |
| Casino Guichard Perrachon SA (a)(b) | | 63,053 | 148,831 |
| Coface SA | | 52,043 | 838,957 |
| Compagnie de St.-Gobain | | 192,550 | 17,461,387 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 285,579 | 9,651,292 |
| Covivio | | 23,609 | 1,343,100 |
| Credit Agricole SA | | 437,744 | 6,709,782 |
| Danone SA | | 271,816 | 19,418,140 |
| Dassault Aviation SA | | 8,434 | 1,699,958 |
| Dassault Systemes SA | | 284,421 | 9,734,360 |
| Derichebourg | | 52,030 | 294,297 |
| Edenred SA | | 108,460 | 3,486,231 |
| Eiffage SA | | 30,841 | 2,866,952 |
| Elior SA (a)(d) | | 57,209 | 261,238 |
| Elis SA | | 1,901 | 43,011 |
| Elis SA | | 75,279 | 1,703,202 |
| Emeis SA (a)(b) | | 32,162 | 213,124 |
| Engie SA | | 765,591 | 12,832,467 |
| Eramet SA (b) | | 4,102 | 241,168 |
| Esker SA | | 2,554 | 725,643 |
| EssilorLuxottica SA | | 126,167 | 29,561,098 |
| Esso SA Francaise | | 1,237 | 139,130 |
| Etablissements Maurel & Prom | | 41,861 | 218,565 |
| Eurazeo SA | | 19,620 | 1,492,849 |
| Eutelsat Communications (a)(b) | | 56,290 | 235,244 |
| Forvia SE | | 71,083 | 670,833 |
| Gaztransport et Technigaz SA | | 15,379 | 2,231,583 |
| Gecina SA | | 19,362 | 2,065,033 |
| Getlink SE | | 123,905 | 2,100,510 |
| Hermes International SCA | | 13,458 | 30,361,161 |
| ICADE | | 16,353 | 427,623 |
| ID Logistics Group (a) | | 1,329 | 591,981 |
| Imerys SA | | 16,224 | 523,782 |
| Interparfums SA (b) | | 11,805 | 538,033 |
| Ipsen SA | | 16,233 | 1,975,868 |
| Ipsos SA | | 17,450 | 855,674 |
| JCDecaux SA (a) | | 29,127 | 549,065 |
| Kering SA | | 31,974 | 7,986,167 |
| Klepierre SA | | 90,115 | 2,877,943 |
| L'Oreal SA | | 102,373 | 38,407,325 |
| La Francaise des Jeux SAEM (d) | | 44,336 | 1,888,549 |
| Legrand SA | | 111,825 | 12,621,514 |
| LISI | | 10,462 | 253,775 |
| LVMH Moet Hennessy Louis Vuitton SE | | 117,054 | 77,925,253 |
| Mercialys SA | | 45,399 | 534,321 |
| Mersen SA | | 11,074 | 256,574 |
| Metropole Television SA | | 20,427 | 256,857 |
| Neoen SA (d) | | 28,773 | 1,234,699 |
| Nexans SA | | 13,140 | 1,822,362 |
| Nexity (a)(b) | | 19,312 | 299,344 |
| Opmobility | | 30,679 | 299,672 |
| Orange SA | | 790,130 | 8,680,133 |
| Pernod Ricard SA | | 86,781 | 10,784,747 |
| Peugeot Invest | | 2,759 | 227,784 |
| Pluxee France SA | | 38,810 | 809,273 |
| Publicis Groupe SA | | 97,510 | 10,364,819 |
| Quadient SA | | 16,485 | 288,339 |
| Remy Cointreau SA | | 10,317 | 649,256 |
| Renault SA | | 82,679 | 3,768,238 |
| Rexel SA | | 97,408 | 2,667,961 |
| Rubis SCA | | 33,317 | 814,688 |
| Safran SA | | 144,864 | 32,792,241 |
| Sartorius Stedim Biotech | | 12,403 | 2,472,967 |
| SCOR SE | | 65,816 | 1,413,929 |
| SEB SA | | 11,320 | 1,187,005 |
| Societe BIC SA | | 10,417 | 760,316 |
| Societe Generale Series A | | 307,963 | 8,845,155 |
| Sodexo SA | | 37,115 | 3,221,673 |
| Soitec SA (a) | | 10,802 | 851,278 |
| Sopra Steria Group | | 6,859 | 1,311,622 |
| SPIE SA | | 61,494 | 2,219,413 |
| Technip Energies NV | | 67,798 | 1,684,388 |
| Teleperformance | | 23,146 | 2,439,657 |
| Television Francaise 1 SA | | 26,729 | 220,821 |
| Thales SA | | 40,167 | 6,472,919 |
| TotalEnergies SE | | 914,360 | 57,381,304 |
| Trigano SA | | 4,192 | 569,981 |
| Ubisoft Entertainment SA (a) | | 41,736 | 628,944 |
| Unibail-Rodamco-Westfield NV | | 49,533 | 4,034,499 |
| Valeo SA | | 99,601 | 963,801 |
| Vallourec SA (a) | | 72,355 | 1,184,497 |
| Valneva SE (a)(b) | | 71,252 | 200,116 |
| Veolia Environnement SA | | 290,250 | 9,215,351 |
| Verallia SA (d) | | 32,535 | 933,587 |
| Vicat SA | | 10,226 | 378,749 |
| VINCI SA | | 210,919 | 23,627,298 |
| Virbac SA | | 2,000 | 755,986 |
| Vivendi SA | | 304,409 | 3,242,998 |
| VusionGroup (b) | | 3,188 | 500,743 |
| Wavestone | | 4,281 | 227,012 |
| Wendel SA | | 11,956 | 1,186,069 |
| Worldline SA (a)(d) | | 90,712 | 633,474 |
TOTAL FRANCE | | | 703,791,703 |
| Georgia - 0.0% | | | |
| Bank of Georgia Group PLC | | 14,515 | 778,601 |
| TBC Bank Group PLC | | 18,355 | 650,866 |
TOTAL GEORGIA | | | 1,429,467 |
| Germany - 4.9% | | | |
| 1&1 AG | | 17,657 | 248,531 |
| adidas AG | | 69,269 | 16,589,322 |
| Aixtron AG (b) | | 49,596 | 786,023 |
| Allianz SE | | 164,921 | 51,918,015 |
| Amadeus Fire AG | | 3,202 | 273,414 |
| Aroundtown SA (a) | | 330,774 | 980,813 |
| ATOSS Software AG | | 3,681 | 485,286 |
| Aurubis AG (b) | | 13,602 | 1,067,501 |
| Auto1 Group SE (a)(b)(d) | | 47,997 | 490,501 |
| BASF AG | | 380,304 | 18,487,573 |
| Bayer AG | | 419,469 | 11,303,404 |
| Bayerische Motoren Werke AG (BMW) | | 130,157 | 10,238,941 |
| BayWa AG (a)(b) | | 8,814 | 96,833 |
| Bechtle AG | | 38,313 | 1,306,927 |
| Beiersdorf AG | | 42,724 | 5,762,656 |
| Bilfinger Berger AG | | 14,603 | 700,503 |
| Brenntag SE | | 56,640 | 3,686,752 |
| CANCOM AG | | 19,779 | 528,399 |
| Carl Zeiss Meditec AG | | 17,538 | 1,098,833 |
| CECONOMY AG (a) | | 75,118 | 241,860 |
| Cewe Stiftung & Co. KGAA | | 3,114 | 334,661 |
| Commerzbank AG | | 430,773 | 7,651,802 |
| CompuGroup Medical AG (b) | | 15,613 | 231,139 |
| Continental AG | | 47,377 | 2,956,816 |
| Covestro AG (a)(d) | | 81,227 | 5,142,242 |
| CTS Eventim AG | | 27,428 | 2,877,567 |
| Daimler Truck Holding AG | | 210,023 | 8,683,480 |
| Dermapharm Holding SE | | 9,776 | 331,776 |
| Deutsche Bank AG | | 805,359 | 13,687,081 |
| Deutsche Borse AG | | 80,420 | 18,679,821 |
| Deutsche Lufthansa AG | | 253,682 | 1,762,804 |
| Deutsche Pfandbriefbank AG (a)(b)(d) | | 62,842 | 356,479 |
| Deutsche Post AG ADR | | 433,959 | 17,431,929 |
| Deutsche Telekom AG | | 1,475,373 | 44,605,722 |
| Deutz AG | | 61,575 | 273,271 |
| Duerr AG | | 25,321 | 587,215 |
| E.ON SE | | 952,039 | 12,856,731 |
| Eckert & Ziegler Strahlen-und Medizintechnik AG | | 7,320 | 312,283 |
| ELMOS Semiconductor AG | | 3,437 | 205,249 |
| Encavis AG | | 52,959 | 1,002,347 |
| Energiekontor AG | | 5,076 | 270,550 |
| Evonik Industries AG | | 111,035 | 2,443,345 |
| Evotec OAI AG (a)(b) | | 69,731 | 539,295 |
| Fielmann AG | | 12,224 | 613,641 |
| Flatex AG | | 34,728 | 509,968 |
| Fraport AG Frankfurt Airport Services Worldwide (a)(b) | | 15,791 | 853,680 |
| Freenet AG | | 52,746 | 1,566,323 |
| Fresenius Medical Care AG & Co. KGaA | | 88,885 | 3,479,402 |
| Fresenius SE & Co. KGaA (a) | | 180,124 | 6,567,570 |
| GEA Group AG | | 66,477 | 3,274,213 |
| Gerresheimer AG | | 14,817 | 1,249,082 |
| GFT Technologies AG (b) | | 11,136 | 245,292 |
| Grand City Properties SA (a) | | 32,805 | 433,913 |
| Grenkeleasing AG (b) | | 14,011 | 278,291 |
| Hamborner (REIT) AG (b) | | 59,996 | 423,542 |
| Hannover Reuck SE | | 25,696 | 6,750,124 |
| HeidelbergCement AG | | 58,465 | 6,435,845 |
| HelloFresh AG (a)(b) | | 76,025 | 837,299 |
| Henkel AG & Co. KGaA | | 50,200 | 3,915,182 |
| Hensoldt AG | | 30,741 | 1,044,619 |
| Hornbach Holding AG & Co. KGaA | | 5,768 | 504,441 |
| Hugo Boss AG (b) | | 23,963 | 1,096,847 |
| Hypoport AG (a) | | 1,825 | 426,806 |
| Infineon Technologies AG | | 556,690 | 17,605,119 |
| Ionos SE (a) | | 9,917 | 270,220 |
| Jenoptik AG | | 23,344 | 545,937 |
| JOST Werke AG (d) | | 7,035 | 331,346 |
| K+S AG (b) | | 77,010 | 933,590 |
| KION Group AG | | 31,096 | 1,205,511 |
| Knorr-Bremse AG | | 30,848 | 2,536,751 |
| Krones AG | | 6,734 | 876,059 |
| Lanxess AG (b) | | 37,290 | 1,078,143 |
| LEG Immobilien AG | | 31,486 | 2,973,489 |
| Mercedes-Benz Group AG (Germany) | | 316,705 | 19,240,048 |
| Merck KGaA | | 55,004 | 9,094,251 |
| Metro Wholesale & Food Specialist AG (b) | | 55,018 | 258,235 |
| Montana Aerospace AG (a)(d) | | 14,265 | 251,750 |
| MTU Aero Engines AG | | 23,116 | 7,560,930 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 56,767 | 29,029,523 |
| mutares AG (b) | | 7,162 | 191,645 |
| Nagarro SE (a)(b) | | 3,829 | 372,975 |
| Nemetschek SE | | 25,452 | 2,753,314 |
| Nordex SE (a)(b) | | 52,788 | 749,333 |
| NORMA Group AG | | 18,544 | 257,385 |
| Pentixapharm Holding AG | | 7,375 | 28,479 |
| Pfeiffer Vacuum Technology AG | | 2,099 | 351,154 |
| PNE AG (b) | | 18,748 | 242,270 |
| ProSiebenSat.1 Media AG | | 64,251 | 394,873 |
| Puma AG | | 46,530 | 2,114,611 |
| Rational AG | | 2,169 | 2,123,397 |
| RENK GmbH | | 29,106 | 581,152 |
| Rheinmetall AG | | 18,674 | 9,611,943 |
| RWE AG | | 271,467 | 8,790,731 |
| SAF-Holland SA | | 21,856 | 338,064 |
| Salzgitter AG (b) | | 14,068 | 214,694 |
| SAP SE | | 444,128 | 103,697,270 |
| Schaeffler AG (a) | | 94,190 | 470,577 |
| SCHOTT Pharma AG & Co. KGaA (b) | | 16,242 | 525,070 |
| Scout24 AG (d) | | 32,392 | 2,788,803 |
| SGL Carbon AG (a) | | 40,672 | 207,269 |
| Siemens AG | | 323,020 | 62,843,498 |
| Siemens Energy AG (a) | | 273,537 | 11,166,671 |
| Siemens Healthineers AG (d) | | 119,912 | 6,256,932 |
| Siltronic AG (b) | | 9,677 | 548,413 |
| Sirius Real Estate Ltd. | | 678,575 | 781,365 |
| Sixt SE (b) | | 9,945 | 785,363 |
| SMA Solar Technology AG (b) | | 7,536 | 131,402 |
| Softwareone Holding AG | | 52,918 | 477,981 |
| Stabilus Se | | 11,590 | 458,265 |
| Stroeer SE & Co. KGaA | | 17,403 | 1,031,691 |
| Suedzucker AG (Bearer) (b) | | 33,416 | 400,921 |
| SUSS MicroTec SE | | 8,267 | 494,584 |
| Symrise AG | | 56,810 | 6,834,536 |
| TAG Immobilien AG (a) | | 75,570 | 1,255,213 |
| Talanx AG | | 27,827 | 2,147,573 |
| TeamViewer AG (a)(d) | | 69,576 | 1,005,426 |
| Thyssenkrupp AG (b) | | 217,693 | 758,456 |
| TUI AG (a) | | 194,945 | 1,620,921 |
| United Internet AG | | 37,915 | 773,701 |
| VERBIO Vereinigte BioEnergie AG (b) | | 10,361 | 158,910 |
| Volkswagen AG | | 11,435 | 1,139,272 |
| Vonovia SE | | 315,658 | 10,355,647 |
| Vossloh AG | | 6,272 | 303,595 |
| Wacker Chemie AG (b) | | 8,080 | 679,743 |
| Wacker Construction Equipment AG (b) | | 22,345 | 344,170 |
| Zalando SE (a)(d) | | 95,548 | 2,870,611 |
TOTAL GERMANY | | | 656,242,543 |
| Ghana - 0.0% | | | |
| Tullow Oil PLC (a)(b) | | 733,243 | 224,457 |
| Greece - 0.1% | | | |
| Aegean Airlines SA | | 21,995 | 238,413 |
| Alpha Services and Holdings SA | | 949,853 | 1,425,303 |
| Athens International Airport SA | | 27,114 | 231,522 |
| Eurobank Ergasias Services and Holdings SA | | 1,146,916 | 2,373,224 |
| Ff Group (a)(c) | | 881 | 0 |
| GEK Terna Holding Real Estate Construction SA | | 28,410 | 534,622 |
| Hellenic Telecommunications Organization SA | | 83,295 | 1,374,465 |
| Helleniq Energy Holdings SA | | 40,627 | 304,925 |
| Jumbo SA | | 50,163 | 1,336,838 |
| Lamda Development SA (a) | | 39,821 | 320,533 |
| Metlen Energy & Metals SA | | 48,284 | 1,683,821 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 29,188 | 623,555 |
| National Bank of Greece SA | | 366,232 | 2,860,288 |
| OPAP SA | | 76,754 | 1,309,110 |
| Optima bank SA | | 36,340 | 505,969 |
| Piraeus Financial Holdings SA | | 452,600 | 1,692,581 |
| Public Power Corp. of Greece | | 92,608 | 1,213,849 |
| Terna Energy SA | | 24,989 | 538,199 |
TOTAL GREECE | | | 18,567,217 |
| Guatemala - 0.0% | | | |
| Millicom International Cellular SA (depository receipt) (a) | | 51,538 | 1,429,871 |
| Hong Kong - 1.1% | | | |
| AIA Group Ltd. | | 4,746,816 | 37,463,384 |
| Alibaba Pictures Group Ltd. (a) | | 6,565,050 | 409,002 |
| ASMPT Ltd. | | 132,098 | 1,432,053 |
| Bank of East Asia Ltd. | | 531,846 | 658,869 |
| Brightoil Petroleum Holdings Ltd. (a)(c) | | 26,000 | 0 |
| Cafe de Coral Holdings Ltd. | | 281,968 | 302,474 |
| CK Asset Holdings Ltd. | | 808,535 | 3,305,263 |
| CK Infrastructure Holdings Ltd. | | 267,243 | 1,891,114 |
| CLP Holdings Ltd. | | 689,343 | 5,855,695 |
| Concord New Energy Group Ltd. | | 3,526,564 | 240,633 |
| Cowell e Holdings, Inc. (a)(b) | | 126,314 | 389,793 |
| Dah Sing Financial Holdings Ltd. | | 106,308 | 346,585 |
| Fenbi Ltd. (a) | | 509,381 | 169,918 |
| Fortune (REIT) | | 804,863 | 419,580 |
| Futu Holdings Ltd. ADR (a) | | 24,180 | 2,296,858 |
| Grand Pharmaceutical Group, Ltd. | | 686,039 | 402,085 |
| Hang Lung Properties Ltd. | | 867,400 | 728,584 |
| Hang Seng Bank Ltd. | | 319,251 | 3,905,139 |
| Henderson Land Development Co. Ltd. | | 630,886 | 2,023,052 |
| HKT Trust/HKT Ltd. unit | | 1,647,622 | 2,047,511 |
| Hong Kong & China Gas Co. Ltd. | | 4,725,943 | 3,660,555 |
| Hong Kong Exchanges and Clearing Ltd. | | 514,120 | 20,585,554 |
| Hongkong Land Holdings Ltd. | | 459,384 | 1,969,649 |
| Hutchison Port Holdings Trust | | 2,309,046 | 361,433 |
| Hysan Development Co. Ltd. | | 326,691 | 529,877 |
| Jardine Matheson Holdings Ltd. | | 67,215 | 2,582,673 |
| Johnson Electric Holdings Ltd. | | 192,929 | 292,866 |
| Kerry Properties Ltd. | | 281,616 | 594,835 |
| Kingboard Laminates Holdings Ltd. (b) | | 432,199 | 375,571 |
| Link (REIT) | | 1,075,185 | 5,009,737 |
| Luk Fook Holdings International Ltd. | | 191,685 | 367,256 |
| Man Wah Holdings Ltd. | | 752,307 | 546,580 |
| Melco Crown Entertainment Ltd. sponsored ADR (a) | | 101,661 | 683,162 |
| Melco International Development Ltd. (a)(b) | | 410,053 | 252,271 |
| MH Development Ltd. (a)(c) | | 74,000 | 0 |
| MTR Corp. Ltd. | | 675,608 | 2,458,128 |
| New World Development Co. Ltd. (b) | | 634,715 | 637,932 |
| Nine Dragons Paper (Holdings) Ltd. (a) | | 839,508 | 365,615 |
| NWS Holdings Ltd. | | 452,402 | 466,688 |
| Orient Overseas International Ltd. | | 55,745 | 759,873 |
| Pacific Basin Shipping Ltd. | | 2,286,102 | 629,630 |
| PAX Global Technology Ltd. | | 414,225 | 274,427 |
| PCCW Ltd. | | 2,003,545 | 1,100,362 |
| Power Assets Holdings Ltd. | | 587,165 | 3,911,263 |
| Prudential PLC | | 1,175,838 | 9,788,675 |
| Sino Biopharmaceutical Ltd. | | 4,476,352 | 2,033,460 |
| Sino Land Ltd. | | 1,628,142 | 1,629,376 |
| Skyworth Group Ltd. | | 791,836 | 314,976 |
| SMI Corp. Ltd. (a)(c) | | 7,200 | 0 |
| SSY Group Ltd. | | 760,300 | 369,099 |
| Stella International Holdings Ltd. | | 274,243 | 511,936 |
| Sun Hung Kai Properties Ltd. | | 610,736 | 6,613,028 |
| Swire Pacific Ltd. (A Shares) | | 171,658 | 1,437,751 |
| Techtronic Industries Co. Ltd. | | 585,754 | 8,473,194 |
| The United Laboratories International Holdings Ltd. | | 463,961 | 629,775 |
| United Energy Group Ltd. (b) | | 3,560,735 | 148,397 |
| Vitasoy International Holdings Ltd. (b) | | 450,225 | 509,218 |
| Vtech Holdings Ltd. | | 84,273 | 627,318 |
| Wasion Holdings Ltd. | | 273,880 | 207,217 |
| WH Group Ltd. (d) | | 3,617,066 | 2,815,222 |
| Wharf Real Estate Investment Co. Ltd. | | 719,238 | 2,162,456 |
| Yue Yuen Industrial (Holdings) Ltd. | | 364,619 | 766,476 |
TOTAL HONG KONG | | | 151,741,103 |
| Hungary - 0.1% | | | |
| Magyar Telekom PLC | | 182,728 | 558,989 |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 179,574 | 1,246,065 |
| OTP Bank PLC | | 94,637 | 4,710,792 |
| Richter Gedeon PLC | | 63,833 | 1,843,871 |
TOTAL HUNGARY | | | 8,359,717 |
| India - 6.0% | | | |
| 360 ONE WAM Ltd. | | 55,952 | 724,003 |
| 3M India Ltd. | | 1,307 | 559,691 |
| Aarti Industries Ltd. | | 83,153 | 503,325 |
| Aavas Financiers Ltd. (a) | | 30,864 | 612,331 |
| ABB India Ltd. | | 23,116 | 2,035,996 |
| Action Construction Equipment Ltd. | | 20,802 | 331,785 |
| Adani Enterprises Ltd. | | 63,358 | 2,215,917 |
| Adani Green Energy Ltd. (a) | | 134,509 | 2,547,489 |
| Adani Ports & Special Economic Zone Ltd. | | 230,530 | 3,761,149 |
| Adani Power Ltd. (a) | | 326,135 | 2,289,785 |
| Aditya Birla Fashion and Retail Ltd. (a) | | 159,430 | 582,857 |
| Aditya Birla Real Estate Ltd. | | 22,832 | 741,890 |
| Aegis Logistics Ltd. | | 61,210 | 581,400 |
| Affle (India) Ltd. (a) | | 30,660 | 558,350 |
| Ahluwalia Contracts (India) Ltd. | | 16,033 | 201,834 |
| AIA Engineering Ltd. | | 18,420 | 835,451 |
| Ajanta Pharma Ltd. | | 19,714 | 717,928 |
| Alembic Pharmaceuticals Ltd. | | 24,247 | 324,630 |
| Amara Raja Energy & Mobility L | | 49,389 | 813,703 |
| Amber Enterprises India Ltd. (a) | | 9,445 | 675,765 |
| Ambuja Cements Ltd. | | 280,604 | 1,934,414 |
| Anand Rathi Wealth Ltd. | | 8,129 | 397,190 |
| Anant Raj Ltd. | | 54,628 | 478,236 |
| Angel One Ltd. | | 20,574 | 742,619 |
| Apar Industries Ltd. | | 8,007 | 956,502 |
| APL Apollo Tubes Ltd. | | 72,888 | 1,316,318 |
| Apollo Hospitals Enterprise Ltd. | | 44,383 | 3,697,413 |
| Apollo Tyres Ltd. | | 138,268 | 826,584 |
| Aptus Value Housing Finance India Ltd. | | 114,020 | 482,320 |
| Archean Chemical Industries Ltd. | | 28,482 | 218,152 |
| Arvind Ltd. | | 71,835 | 315,771 |
| Asahi India Glass Ltd. | | 35,463 | 315,500 |
| Ashok Leyland Ltd. | | 627,491 | 1,549,969 |
| Asian Paints Ltd. | | 164,641 | 5,733,976 |
| Aster DM Healthcare Ltd. (d) | | 83,408 | 439,838 |
| Astra Microwave Products Ltd. | | 25,862 | 242,565 |
| Astral Ltd. | | 57,915 | 1,216,898 |
| Atul Ltd. | | 6,789 | 631,588 |
| AU Small Finance Bank Ltd. (d) | | 160,334 | 1,165,504 |
| Aurobindo Pharma Ltd. | | 113,025 | 1,873,460 |
| Avenue Supermarts Ltd. (a)(d) | | 69,857 | 3,260,309 |
| Axis Bank Ltd. | | 975,368 | 13,398,429 |
| Bajaj Auto Ltd. | | 28,439 | 3,321,421 |
| Bajaj Electricals Ltd. | | 27,326 | 282,549 |
| Bajaj Finance Ltd. | | 118,854 | 9,707,815 |
| Bajaj Finserv Ltd. | | 162,209 | 3,365,974 |
| Bajaj Holdings & Investment Ltd. | | 11,555 | 1,404,201 |
| Balkrishna Industries Ltd. | | 33,491 | 1,127,063 |
| Balrampur Chini Mills Ltd. | | 71,826 | 535,020 |
| Bandhan Bank Ltd. (d) | | 347,872 | 750,008 |
| Bank of Baroda | | 445,322 | 1,324,265 |
| BASF India Ltd. | | 4,961 | 451,760 |
| Bata India Ltd. | | 28,683 | 461,279 |
| Bayer CropScience Ltd. | | 6,129 | 482,063 |
| Beml Ltd. | | 8,352 | 402,709 |
| Bharat Dynamics Ltd. | | 39,304 | 504,896 |
| Bharat Electronics Ltd. | | 1,573,878 | 5,312,637 |
| Bharat Forge Ltd. | | 108,747 | 1,820,207 |
| Bharat Heavy Electricals Ltd. | | 472,431 | 1,337,315 |
| Bharat Petroleum Corp. Ltd. | | 662,222 | 2,442,740 |
| Bharti Airtel Ltd. | | 1,089,445 | 20,851,951 |
| Bikaji Foods International Ltd. | | 35,485 | 358,178 |
| Biocon Ltd. | | 195,590 | 733,886 |
| Birla Corp. Ltd. | | 17,785 | 246,551 |
| Birlasoft Ltd. | | 73,595 | 478,655 |
| BLS International Services Ltd. | | 52,642 | 247,897 |
| Blue Dart Express Ltd. | | 3,162 | 305,545 |
| Blue Star Ltd. | | 58,673 | 1,301,301 |
| Bombay Burmah Trading Co. | | 11,195 | 367,942 |
| Bosch Ltd. | | 3,218 | 1,342,320 |
| Brigade Enterprises Ltd. | | 50,411 | 703,711 |
| Britannia Industries Ltd. | | 46,874 | 3,186,786 |
| Brookfield India Real Estate Trust (d) | | 115,018 | 400,241 |
| BSE Ltd. | | 28,282 | 1,493,696 |
| Can Finance Homes Ltd. | | 45,617 | 469,381 |
| Canara Bank Ltd. | | 812,307 | 987,003 |
| Carborundum Universal Ltd. | | 50,302 | 822,931 |
| Castrol India Ltd. | | 182,705 | 454,895 |
| CCL Products (India) Ltd. | | 44,036 | 354,402 |
| CEAT Ltd. | | 10,407 | 346,403 |
| Cello World Ltd. | | 30,100 | 295,960 |
| Central Depository Services (India) Ltd. | | 44,059 | 807,474 |
| Century Plyboards India Ltd. | | 32,510 | 327,228 |
| Cera Sanitaryware Ltd. | | 3,239 | 275,925 |
| CESC Ltd. GDR | | 270,266 | 604,198 |
| Cg Power & Industrial Soluti | | 267,471 | 2,233,712 |
| Chalet Hotels Ltd. (a) | | 43,873 | 453,219 |
| Chambal Fertilizers & Chemicals Ltd. | | 85,776 | 491,463 |
| Chemplast Sanmar Ltd. (a) | | 37,612 | 214,127 |
| Chennai Petroleum Corp. Ltd. | | 25,402 | 192,448 |
| Cholamandalam Financial Holdings Ltd. | | 41,219 | 838,668 |
| Cholamandalam Investment and Finance Co. Ltd. | | 180,090 | 2,714,798 |
| Cipla Ltd./India | | 229,653 | 4,224,751 |
| City Union Bank Ltd. | | 197,497 | 411,254 |
| CMS Info Systems Ltd. | | 79,699 | 507,671 |
| Coal India Ltd. | | 797,359 | 4,276,886 |
| Coforge Ltd. | | 27,297 | 2,461,075 |
| Colgate-Palmolive Ltd. | | 58,355 | 2,122,336 |
| Compagnie Automotive India Ltd. | | 71,491 | 420,472 |
| Computer Age Management Services Private Ltd. | | 19,637 | 1,034,564 |
| Concord Biotech Ltd. | | 21,386 | 464,557 |
| Container Corp. of India Ltd. | | 115,368 | 1,160,047 |
| Coromandel International Ltd. | | 51,452 | 1,019,384 |
| Craftsman Automation Ltd. | | 5,484 | 331,403 |
| CreditAccess Grameen Ltd. | | 26,988 | 314,068 |
| CRISIL Ltd. | | 8,467 | 550,813 |
| Crompton Greaves Consumer Electricals Ltd. | | 279,589 | 1,297,615 |
| Cummins India Ltd. | | 58,684 | 2,434,152 |
| Cyient Ltd. | | 37,702 | 819,693 |
| Dabur India Ltd. | | 231,610 | 1,485,124 |
| Data Patterns India Ltd. | | 11,971 | 342,772 |
| Deepak Fertilisers and Petrochemicals Corp. Ltd. | | 32,386 | 480,177 |
| Deepak Nitrite Ltd. | | 27,616 | 864,280 |
| Delhivery Private Ltd. (a) | | 196,288 | 829,140 |
| Devyani International Ltd. (a) | | 200,633 | 402,874 |
| Divi's Laboratories Ltd. | | 51,515 | 3,600,313 |
| Dixon Technologies India Ltd. | | 14,467 | 2,413,605 |
| DLF Ltd. | | 314,935 | 3,061,300 |
| Dr Lal Pathlabs Ltd. (d) | | 16,943 | 625,881 |
| Dr. Reddy's Laboratories Ltd. | | 255,505 | 3,864,610 |
| E.I.D. Parry (India) Ltd. | | 42,568 | 406,797 |
| eClerx Services Ltd. | | 11,397 | 393,497 |
| Edelweiss Financial Services Ltd. | | 260,090 | 337,808 |
| Eicher Motors Ltd. | | 59,945 | 3,478,974 |
| EIH Ltd. | | 102,962 | 444,116 |
| Elecon Engineering Co. Ltd. | | 38,186 | 259,878 |
| Electrosteel Castings Ltd. | | 145,297 | 283,003 |
| Elgi Equipments Ltd. | | 83,467 | 655,868 |
| Emami Ltd. | | 87,899 | 733,591 |
| Embassy Office Parks (REIT) | | 368,341 | 1,729,675 |
| Endurance Technologies Ltd. (d) | | 15,618 | 439,763 |
| Engineers India Ltd. | | 124,469 | 287,228 |
| Equinox India Developments Ltd. (a) | | 207,860 | 271,481 |
| Equitas Small Finance Bank Ltd. (d) | | 329,352 | 272,833 |
| Eris Lifesciences Ltd. (a)(d) | | 26,241 | 411,880 |
| Exide Industries Ltd. | | 204,674 | 1,107,096 |
| Federal Bank Ltd. | | 789,833 | 1,910,398 |
| Fine Organic Industries Ltd. | | 5,824 | 335,969 |
| Finolex Cables Ltd. | | 30,451 | 442,217 |
| Finolex Industries Ltd. | | 114,882 | 413,429 |
| Firstsource Solutions Ltd. | | 143,780 | 578,816 |
| Five Star Business Finance Ltd. (a) | | 55,873 | 471,451 |
| Force Motors Ltd. | | 2,376 | 221,562 |
| Fortis Healthcare Ltd. | | 214,315 | 1,591,045 |
| G R Infraprojects Ltd. (a) | | 13,318 | 255,277 |
| GAIL India Ltd. | | 1,008,575 | 2,389,728 |
| Garden Reach Shipbuilders & Engineers Ltd. | | 13,600 | 260,031 |
| Gateway Distriparks Ltd. | | 349,524 | 364,999 |
| GE Vernova T&D India Ltd. | | 27,461 | 577,942 |
| GHCL Ltd. | | 37,062 | 262,000 |
| Gillette India Ltd. | | 4,463 | 528,159 |
| Gland Pharma Ltd. (d) | | 19,327 | 379,188 |
| GlaxoSmithKline Pharmaceuticals Ltd. | | 18,679 | 601,759 |
| Glenmark Pharmaceuticals Ltd. | | 62,394 | 1,255,331 |
| Global Health Ltd. of India (a) | | 35,235 | 462,241 |
| GMM Pfaudler Ltd. | | 19,115 | 316,977 |
| GMR Airports Infrastructure Ltd. (a) | | 1,031,833 | 968,699 |
| Go Digit General Insurance Ltd. | | 92,829 | 364,097 |
| Godawari Power & Ispat Ltd. | | 113,375 | 262,706 |
| Godfrey Phillips India Ltd. | | 5,780 | 454,690 |
| Godrej Consumer Products Ltd. | | 175,182 | 2,669,143 |
| Godrej Industries Ltd. (a) | | 32,376 | 399,490 |
| Godrej Properties Ltd. (a) | | 53,544 | 1,822,366 |
| Gokaldas Exports Ltd. | | 28,232 | 300,673 |
| Granules India Ltd. | | 61,824 | 417,884 |
| Graphite India Ltd. | | 35,196 | 221,050 |
| Grasim Industries Ltd. | | 115,853 | 3,710,168 |
| Gravita India Ltd. | | 12,447 | 311,377 |
| Great Eastern Shipping Co. Ltd. | | 44,867 | 685,209 |
| Grindwell Norton Ltd. | | 19,883 | 523,660 |
| Gujarat Fluorochemicals Ltd. | | 12,500 | 639,462 |
| Gujarat Gas Ltd. | | 64,794 | 399,478 |
| Gujarat Narmada Valley Fertilizers Co. | | 44,408 | 329,342 |
| Gujarat Pipavav Port Ltd. | | 141,060 | 329,745 |
| Gujarat State Fertilizers & Chemicals Ltd. | | 159,433 | 394,287 |
| Gujarat State Petronet Ltd. | | 125,876 | 580,881 |
| Happiest Minds Technologies Ltd. | | 41,812 | 378,866 |
| Havells India Ltd. | | 111,361 | 2,167,173 |
| HBL Power Systems Ltd. | | 51,697 | 343,408 |
| HCL Technologies Ltd. | | 406,811 | 8,512,139 |
| HDFC Asset Management Co. Ltd. (d) | | 42,932 | 2,190,822 |
| HDFC Bank Ltd. | | 1,811,894 | 37,241,965 |
| HDFC Standard Life Insurance Co. Ltd. (d) | | 425,389 | 3,633,368 |
| Hero Motocorp Ltd. | | 51,061 | 3,019,178 |
| Hfcl Ltd. | | 319,065 | 459,448 |
| Himadri Speciality Chemical Ltd. | | 80,544 | 547,147 |
| Hindalco Industries Ltd. | | 585,106 | 4,747,662 |
| Hindustan Aeronautics Ltd. | | 86,476 | 4,351,522 |
| Hindustan Construction Co. Ltd. (a) | | 575,215 | 276,946 |
| Hindustan Copper Ltd. | | 135,133 | 469,579 |
| Hindustan Petroleum Corp. Ltd. | | 411,894 | 1,862,414 |
| Hindustan Unilever Ltd. | | 350,785 | 10,531,625 |
| Hitachi Energy India Ltd. | | 4,608 | 754,605 |
| Home First Finance Co. India Ltd. (d) | | 21,815 | 305,354 |
| Honasa Consumer Ltd. | | 75,130 | 351,302 |
| ICICI Bank Ltd. | | 2,215,436 | 33,982,893 |
| ICICI Lombard General Insurance Co. Ltd. (d) | | 104,256 | 2,368,344 |
| ICICI Prudential Life Insurance Co. Ltd. (d) | | 157,951 | 1,388,685 |
| ICICI Securities Ltd. (d) | | 40,931 | 421,311 |
| IDFC Bank Ltd. (a) | | 1,615,346 | 1,261,909 |
| IFCI Ltd. (a) | | 307,914 | 210,455 |
| Iifl Finance Ltd. | | 102,558 | 531,996 |
| India Cements Ltd./The (a) | | 77,310 | 333,699 |
| IndiaMART InterMESH Ltd. (d) | | 14,958 | 443,619 |
| Indian Energy Exchange Ltd. (d) | | 222,366 | 468,353 |
| Indian Oil Corp. Ltd. | | 1,230,792 | 2,074,298 |
| Indian Railway Catering & Tourism Corp. Ltd. | | 105,146 | 1,024,110 |
| Indraprastha Gas Ltd. | | 125,588 | 626,208 |
| Indus Towers Ltd. (a) | | 514,698 | 2,076,717 |
| IndusInd Bank Ltd. | | 123,150 | 1,540,636 |
| Infibeam Avenues Ltd. | | 652,001 | 225,017 |
| Info Edge India Ltd. | | 30,431 | 2,684,975 |
| Infosys Ltd. | | 1,415,019 | 29,523,077 |
| Inox Wind Ltd. | | 240,106 | 634,244 |
| Intellect Design Arena Ltd. | | 38,468 | 335,715 |
| InterGlobe Aviation Ltd. (a)(d) | | 82,948 | 3,984,672 |
| Ion Exchange (INDIA) Ltd. | | 39,913 | 332,761 |
| Ipca Laboratories Ltd. | | 61,944 | 1,168,117 |
| IRB Infrastructure Developers Ltd. | | 877,804 | 539,053 |
| Ircon International Ltd. (d) | | 150,411 | 387,854 |
| ITC Ltd. | | 1,262,360 | 7,323,883 |
| ITD Cementation India Ltd. | | 49,309 | 329,737 |
| J.B. Chemicals & Pharmaceuticals Ltd. | | 31,877 | 742,691 |
| Jaiprakash Power Ventures Ltd. (a) | | 1,716,077 | 370,770 |
| JBM Auto Ltd. | | 12,664 | 242,651 |
| Jindal Saw Ltd. | | 107,405 | 402,659 |
| Jindal Stainless Ltd. | | 143,968 | 1,152,601 |
| Jindal Steel & Power Ltd. | | 156,081 | 1,703,389 |
| Jio Financial Services Ltd. (a) | | 1,242,659 | 4,752,821 |
| JK Cement Ltd. | | 16,230 | 832,074 |
| JK Lakshmi Cement Ltd. | | 36,371 | 349,841 |
| JK Tyre & Industries Ltd. | | 61,332 | 287,931 |
| JM Financial Ltd. | | 195,257 | 323,163 |
| JSW Energy Ltd. | | 151,709 | 1,222,938 |
| JSW Steel Ltd. | | 265,711 | 3,033,693 |
| Jubilant Foodworks Ltd. | | 163,673 | 1,118,185 |
| Jubilant Ingrevia Ltd. | | 34,958 | 297,155 |
| Jubilant Pharmova Ltd. | | 31,663 | 455,326 |
| Jupiter Wagons Ltd. | | 67,385 | 411,459 |
| Jyothy Laboratories Ltd. | | 65,124 | 400,333 |
| Kajaria Ceramics Ltd. | | 40,025 | 570,993 |
| Kalpataru Power Transmission Ltd. | | 47,789 | 723,287 |
| Kalyan Jewellers India Ltd. | | 138,599 | 1,081,065 |
| Kansai Nerolac Paints Ltd. | | 107,562 | 363,183 |
| Kaynes Technology India Ltd. (a) | | 10,933 | 705,578 |
| KEC International Ltd. | | 58,015 | 678,315 |
| KEI Industries Ltd. | | 24,961 | 1,199,338 |
| KFin Technologies Ltd. | | 32,729 | 388,274 |
| Kirloskar Brothers Ltd. | | 11,500 | 263,528 |
| Kirloskar Oil Engines Ltd. | | 36,298 | 493,653 |
| Kirloskar Pneumatic Co. Ltd. | | 18,148 | 357,947 |
| KNR Constructions Ltd. | | 72,626 | 255,574 |
| Kotak Mahindra Bank Ltd. | | 467,111 | 9,589,636 |
| KPI Green Energy Ltd. (d) | | 22,341 | 205,582 |
| KPIT Technologies Ltd. | | 71,579 | 1,181,372 |
| KPR Mill Ltd. | | 39,499 | 437,109 |
| Krishna Institute of Medical Sciences Ltd. (a)(d) | | 113,916 | 731,541 |
| KSB Ltd. | | 30,401 | 288,865 |
| L&T Finance Ltd. | | 353,499 | 612,306 |
| Larsen & Toubro Ltd. | | 286,856 | 12,322,063 |
| Laurus Labs Ltd. (d) | | 163,352 | 952,658 |
| Lemon Tree Hotels Ltd. (a)(d) | | 232,941 | 324,768 |
| LIC Housing Finance Ltd. | | 131,709 | 985,469 |
| Lloyds Engineering Works Ltd. | | 240,910 | 211,660 |
| LMW Ltd. | | 1,933 | 381,960 |
| LT Foods Ltd. | | 66,168 | 305,872 |
| Ltimindtree Ltd. (d) | | 34,708 | 2,348,587 |
| Lupin Ltd. | | 97,834 | 2,538,411 |
| Macrotech Developers Ltd. (d) | | 127,082 | 1,816,771 |
| Mahanagar Gas Ltd. | | 23,399 | 400,096 |
| Mahindra & Mahindra Financial Services Ltd. | | 225,617 | 723,830 |
| Mahindra & Mahindra Ltd. | | 397,954 | 12,850,567 |
| Mahindra Lifespace Developers Ltd. | | 44,739 | 262,365 |
| Manappuram Finance Ltd. | | 252,065 | 468,731 |
| Mankind Pharma Ltd. (a) | | 44,972 | 1,423,099 |
| Marico Ltd. | | 222,055 | 1,687,156 |
| Marksans Pharma Ltd. | | 133,832 | 459,684 |
| Maruti Suzuki India Ltd. | | 53,415 | 7,010,654 |
| Mastek Ltd. | | 8,164 | 279,502 |
| Max Financial Services Ltd. (a) | | 114,533 | 1,745,081 |
| Max Healthcare Institute Ltd. | | 329,826 | 3,981,346 |
| MedPlus Health Services Ltd. (a) | | 34,667 | 274,747 |
| Metropolis Healthcare Ltd. (d) | | 14,245 | 362,368 |
| Minda Corp. Ltd. | | 57,225 | 348,965 |
| Mindspace Business Parks (REIT) (d) | | 97,810 | 432,660 |
| Motherson Sumi Wiring India Ltd. | | 820,775 | 611,098 |
| Motilal Oswal Financial Services Ltd. | | 64,517 | 716,633 |
| Mphasis BFL Ltd. | | 45,857 | 1,563,037 |
| MRF Ltd. | | 1,013 | 1,473,255 |
| Mrs Bectors Food Specialities Ltd. | | 15,360 | 344,789 |
| MTAR Technologies Pvt Ltd. (a) | | 11,850 | 234,726 |
| Multi Commodity Exchange of India Ltd. | | 11,256 | 868,423 |
| Muthoot Finance Ltd. | | 52,591 | 1,204,075 |
| Narayana Hrudayalaya Ltd. | | 32,679 | 493,765 |
| Natco Pharma Ltd. | | 35,817 | 594,477 |
| National Aluminium Co. Ltd. | | 368,032 | 988,684 |
| Nava Ltd. | | 29,901 | 340,920 |
| Navin Fluorine International Ltd. | | 14,760 | 582,919 |
| NBCC India Ltd. | | 422,573 | 485,603 |
| Ncc Ltd. | | 188,602 | 667,444 |
| Nestle India Ltd. | | 145,040 | 3,900,472 |
| Neuland Laboratories Ltd. | | 3,400 | 589,971 |
| Newgen Software Technologies Ltd. | | 29,793 | 452,893 |
| NHPC Ltd. | | 1,310,480 | 1,283,007 |
| Nippon Life India Asset Management Ltd. (d) | | 72,746 | 610,504 |
| Nlc India Ltd. | | 167,208 | 509,055 |
| NMDC Ltd. | | 447,910 | 1,176,277 |
| NMDC Steel Ltd. (a) | | 754,409 | 424,411 |
| NTPC Ltd. | | 1,875,646 | 9,071,479 |
| Nuvama Wealth Management Ltd. | | 4,030 | 333,874 |
| Nuvoco Vistas Corp. Ltd. (a) | | 73,056 | 305,773 |
| ODigMa Consultancy Solutions Ltd. (c) | | 6,691 | 10,127 |
| Oil & Natural Gas Corp. Ltd. | | 1,352,259 | 4,264,540 |
| Oil India Ltd. | | 210,027 | 1,176,953 |
| Olectra Greentech Ltd. | | 19,987 | 388,606 |
| One97 Communications Ltd. (a) | | 124,667 | 1,119,667 |
| Oracle Financial Services Software Ltd. | | 10,221 | 1,319,090 |
| Page Industries Ltd. | | 2,682 | 1,374,262 |
| PB Fintech Ltd. (a) | | 126,713 | 2,560,099 |
| Pcbl Ltd. /India | | 86,223 | 419,339 |
| Persistent Systems Ltd. | | 48,686 | 3,099,826 |
| Petronet LNG Ltd. | | 324,718 | 1,281,334 |
| PG Electroplast Ltd. | | 60,522 | 456,469 |
| Phoenix Mills Ltd. | | 83,941 | 1,516,274 |
| PI Industries Ltd. | | 32,953 | 1,752,853 |
| Pidilite Industries Ltd. | | 66,618 | 2,487,440 |
| Piramal Enterprises Ltd. | | 47,320 | 594,640 |
| Piramal Pharma Ltd. | | 273,966 | 872,010 |
| PNB Housing Finance Ltd. (a)(d) | | 47,670 | 545,138 |
| PNC Infratech Ltd. | | 54,928 | 206,651 |
| Poly Medicure Ltd. | | 15,018 | 512,607 |
| Polycab India Ltd. | | 23,604 | 1,810,281 |
| Poonawalla Fincorp Ltd. | | 109,305 | 484,732 |
| Power Finance Corp. Ltd. | | 642,731 | 3,452,817 |
| Power Grid Corp. of India Ltd. | | 1,994,314 | 7,586,128 |
| Power Mech Projects Ltd. | | 10,918 | 382,839 |
| Praj Industries Ltd. | | 55,566 | 487,196 |
| Prestige Estates Projs. Ltd. | | 73,671 | 1,430,229 |
| Procter & Gamble Health Ltd. | | 5,098 | 317,394 |
| Protean eGov Technologies Ltd. | | 13,747 | 302,546 |
| PTC India Ltd. | | 123,134 | 265,357 |
| Punjab National Bank | | 942,669 | 1,094,880 |
| PVR INOX Ltd. (a) | | 35,778 | 665,229 |
| Quess Corp. Ltd. (d) | | 32,333 | 276,743 |
| Radico Khaitan Ltd. | | 33,202 | 938,989 |
| Rail Vikas Nigam Ltd. | | 221,898 | 1,237,770 |
| RailTel Corp. of India Ltd. | | 47,626 | 237,184 |
| Rainbow Children's Medicare Ltd. | | 24,398 | 467,707 |
| Ramkrishna Forgings Ltd. | | 37,323 | 407,043 |
| Rategain Travel Technologies Ltd. (a) | | 29,764 | 265,408 |
| Ratnamani Metals & Tubes Ltd. | | 13,228 | 577,766 |
| Rattanindia Power Ltd. (a) | | 1,278,859 | 218,330 |
| Raymond Lifestyle Ltd. | | 13,287 | 346,150 |
| Raymond Ltd. | | 14,738 | 286,125 |
| RBL Bank Ltd. (d) | | 221,231 | 444,335 |
| REC Ltd. | | 568,936 | 3,512,615 |
| Redington (India) Ltd. | | 274,037 | 631,843 |
| Relaxo Footwears Ltd. | | 41,787 | 382,980 |
| Reliance Industries Ltd. | | 1,294,153 | 20,462,568 |
| Reliance Industries Ltd. (a) | | 1,294,153 | 20,316,234 |
| Reliance Infrastructure Ltd. (a) | | 101,251 | 336,283 |
| Reliance Power Ltd. (a) | | 1,170,269 | 592,141 |
| Restaurant Brands Asia Ltd. (a) | | 212,754 | 228,657 |
| RHI Magnesita India Ltd. | | 35,943 | 252,725 |
| RITES Ltd. | | 52,120 | 185,693 |
| Route Mobile Ltd. | | 13,650 | 246,431 |
| RR Kabel Ltd. | | 18,680 | 333,202 |
| Safari Industries India Ltd. | | 11,558 | 302,636 |
| Sammaan Capital Ltd. | | 195,204 | 333,282 |
| Samvardhana Motherson International Ltd. | | 1,150,042 | 2,463,992 |
| Sanofi Consumer Healthcare India Ltd. | | 4,108 | 238,420 |
| Sanofi India Ltd. | | 4,186 | 338,134 |
| Sapphire Foods India Ltd. (a) | | 111,841 | 426,297 |
| Saregama India Ltd. | | 45,368 | 289,496 |
| SBI Cards & Payment Services Ltd. | | 127,173 | 1,038,545 |
| SBI Life Insurance Co. Ltd. (d) | | 192,410 | 3,704,326 |
| Schneider Electric Infrastructure Ltd. (a) | | 25,902 | 239,168 |
| Shakti Pumps (INDIA) Ltd. | | 3,941 | 208,733 |
| Sheela Foam Private Ltd. (a) | | 27,922 | 275,612 |
| Shipping Corp. of India Ltd. | | 77,118 | 197,647 |
| Shree Cement Ltd. | | 3,985 | 1,185,278 |
| Shriram Finance Ltd. | | 119,862 | 4,450,024 |
| Shyam Metalics & Energy Ltd. | | 30,294 | 304,419 |
| Siemens Ltd. | | 38,394 | 3,176,117 |
| SJVN Ltd. | | 366,416 | 489,925 |
| SKF India Ltd. | | 10,851 | 663,833 |
| Sobha Ltd. | | 2,095 | 18,717 |
| Sobha Ltd. | | 17,608 | 331,693 |
| Solar Industries India Ltd. | | 11,626 | 1,409,823 |
| Sona Blw Precision Forgings Ltd. (d) | | 190,622 | 1,550,523 |
| Sonata Software Ltd. | | 76,893 | 557,845 |
| South Indian Bank Ltd. | | 914,641 | 266,028 |
| SRF Ltd. | | 63,251 | 1,681,725 |
| Star Health & Allied Insurance Co. Ltd. (a) | | 109,728 | 656,561 |
| State Bank of India | | 757,011 | 7,366,474 |
| Sterling & Wilson Renewable Energy Ltd. (a) | | 49,699 | 345,010 |
| Strides Pharma Science Ltd. | | 31,173 | 575,686 |
| Sumitomo Chemical India Ltd. | | 57,049 | 388,502 |
| Sun Pharmaceutical Industries Ltd. | | 408,323 | 8,960,517 |
| Sun TV Ltd. | | 41,469 | 370,631 |
| Sundaram Finance Ltd. | | 29,474 | 1,684,441 |
| Sundram Fasteners Ltd. | | 49,100 | 785,169 |
| Supreme Industries Ltd. | | 27,234 | 1,387,485 |
| Supreme Petrochem Ltd. | | 32,629 | 292,184 |
| Suven Pharmaceuticals Ltd. (a) | | 45,937 | 714,641 |
| Suzlon Energy Ltd. (a) | | 4,129,122 | 3,274,266 |
| Swan Energy Ltd. | | 51,280 | 302,919 |
| Syngene International Ltd. (d) | | 80,871 | 826,099 |
| Tamilnad Mercantile Bank Ltd. | | 54,601 | 292,082 |
| Tanla Solutions Ltd. | | 33,861 | 301,582 |
| Tata Chemicals Ltd. | | 61,300 | 834,643 |
| Tata Communications Ltd. | | 52,608 | 1,107,755 |
| Tata Consultancy Services Ltd. | | 383,525 | 18,039,424 |
| Tata Consumer Products Ltd. | | 260,290 | 3,096,642 |
| Tata Elxsi Ltd. | | 14,918 | 1,242,887 |
| Tata Investment Corp. Ltd. | | 5,646 | 460,704 |
| Tata Motors Ltd. | | 862,854 | 8,534,295 |
| Tata Power Co. Ltd./The | | 615,088 | 3,206,102 |
| Tata Steel Ltd. | | 3,239,603 | 5,693,526 |
| Tata Teleservices (Maharashtra) Ltd. (a) | | 254,983 | 221,955 |
| TD Power Systems Ltd. | | 52,816 | 257,849 |
| TeamLease Services Ltd. (a) | | 5,896 | 195,415 |
| Tech Mahindra Ltd. | | 237,069 | 4,512,255 |
| Techno Electric & Engineering Co. Ltd. | | 20,977 | 388,269 |
| Tejas Networks Ltd. (a)(d) | | 36,422 | 579,013 |
| Texmaco Rail & Engineering Ltd. | | 97,080 | 255,486 |
| The Indian Hotels Co. Ltd. | | 363,680 | 2,916,561 |
| The Jammu & Kashmir Bank Ltd. | | 254,594 | 303,178 |
| The Karnataka Bank Ltd. | | 126,669 | 325,714 |
| The Karur Vysya Bank Ltd. | | 195,127 | 523,417 |
| The Ramco Cements Ltd. | | 56,510 | 594,974 |
| Thermax Ltd. | | 18,163 | 1,063,028 |
| Time Technoplast Ltd. | | 67,837 | 339,990 |
| Timken India Ltd. | | 18,500 | 744,521 |
| Titagarh Rail System Ltd. | | 35,512 | 513,804 |
| Titan Co. Ltd. | | 152,008 | 5,887,842 |
| Torrent Pharmaceuticals Ltd. | | 44,118 | 1,676,909 |
| Torrent Power Ltd. | | 73,187 | 1,583,207 |
| Trent Ltd. | | 77,668 | 6,562,999 |
| Trident Ltd. | | 754,664 | 309,569 |
| Triveni Turbine Ltd. | | 62,477 | 512,212 |
| TTK Prestige Ltd. | | 26,367 | 270,704 |
| Tube Investments of India Ltd. | | 45,544 | 2,421,280 |
| TVS Holdings Ltd. | | 2,374 | 351,940 |
| Tvs Motor Co. Ltd. | | 101,040 | 2,990,685 |
| Ujjivan Small Finance Bank Ltd. (d) | | 705,634 | 318,700 |
| Ultratech Cement Ltd. | | 49,486 | 6,498,124 |
| Union Bank of India Ltd. | | 659,865 | 915,044 |
| United Spirits Ltd. | | 123,808 | 2,130,346 |
| Uno Minda Ltd. | | 87,154 | 1,015,120 |
| UPL Ltd. | | 220,259 | 1,447,897 |
| Usha Martin Ltd. | | 73,698 | 371,579 |
| UTI Asset Management Co. Ltd. | | 27,917 | 441,527 |
| V-Guard Industries Ltd. | | 94,446 | 486,932 |
| VA Tech Wabag Ltd. (a) | | 23,243 | 488,946 |
| Vardhman Textiles Ltd. | | 52,978 | 295,717 |
| Varun Beverages Ltd. | | 483,574 | 3,406,588 |
| Vedant Fashions Ltd. | | 33,862 | 563,524 |
| Vedanta Ltd. | | 594,111 | 3,270,301 |
| Vesuvius India Ltd. | | 4,435 | 277,647 |
| Vijaya Diagnostic Centre Pvt Ltd. | | 24,547 | 291,167 |
| Vinati Organics Ltd. | | 14,409 | 337,820 |
| VIP Industries Ltd. | | 40,323 | 228,399 |
| Vodafone Idea Ltd. (a) | | 10,716,740 | 1,030,430 |
| Voltamp Transformers Ltd. | | 2,871 | 395,749 |
| Voltas Ltd. | | 92,042 | 1,801,616 |
| Waaree Renewable Technologies Ltd. | | 11,931 | 213,358 |
| Welspun Gujarat Stahl Rohren Ltd. | | 44,362 | 381,908 |
| Westlife Foodworld Ltd. (a) | | 31,508 | 284,260 |
| Whirlpool of India Ltd. | | 28,526 | 673,288 |
| Wipro Ltd. | | 567,379 | 3,693,207 |
| Wockhardt Ltd. (a) | | 35,815 | 511,520 |
| Yes Bank Ltd. (a) | | 6,152,218 | 1,485,120 |
| Zee Entertainment Enterprises Ltd. | | 367,628 | 531,830 |
| Zen Technologies Ltd. | | 18,993 | 422,704 |
| Zensar Technologies Ltd. | | 55,147 | 459,488 |
| ZF Commercial Vehicle Control Systems India Ltd. | | 2,143 | 365,135 |
| Zomato Ltd. (a) | | 2,833,387 | 8,128,790 |
| Zydus Lifesciences Ltd. | | 117,443 | 1,394,944 |
TOTAL INDIA | | | 801,969,644 |
| Indonesia - 0.5% | | | |
| Amman Mineral Internasional PT (a) | | 2,763,319 | 1,610,498 |
| First Pacific Co. Ltd. | | 1,138,620 | 640,273 |
| First Resources Ltd. | | 278,400 | 306,584 |
| Golden Agri-Resources Ltd. | | 2,874,598 | 629,407 |
| Nickel Industries Ltd. | | 782,672 | 462,395 |
| PT Adaro Energy Indonesia Tbk | | 6,197,654 | 1,426,474 |
| PT AKR Corporindo Tbk | | 4,316,048 | 370,975 |
| PT Aneka Tambang Tbk | | 4,023,741 | 409,074 |
| PT Astra International Tbk | | 8,572,147 | 2,782,926 |
| PT Bank Aladin Syariah Tbk (a) | | 4,809,863 | 279,238 |
| PT Bank Central Asia Tbk | | 23,521,945 | 15,223,322 |
| PT Bank Jago Tbk (a) | | 1,936,717 | 349,348 |
| PT Bank Mandiri (Persero) Tbk | | 15,902,022 | 6,750,713 |
| PT Bank Negara Indonesia (Persero) Tbk | | 6,399,786 | 2,134,559 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 29,076,979 | 8,864,237 |
| PT Barito Pacific Tbk | | 12,153,976 | 769,489 |
| PT BFI Finance Indonesia Tbk | | 3,910,094 | 244,419 |
| PT Bukalapak.com Tbk (a) | | 28,030,612 | 228,202 |
| PT Bukit Asam Tbk | | 2,035,731 | 383,448 |
| PT Bumi Resources Minerals Tbk (a) | | 28,779,001 | 672,777 |
| PT Bumi Resources Tbk (a) | | 52,023,405 | 456,589 |
| PT Chandra Asri Pacific Tbk | | 3,383,501 | 1,869,333 |
| PT Charoen Pokphand Indonesia Tbk | | 3,322,882 | 1,112,422 |
| PT Ciputra Development Tbk | | 4,650,567 | 397,029 |
| PT ESSA Industries Indonesia Tbk | | 5,283,248 | 331,492 |
| PT GoTo Gojek Tokopedia Tbk (a) | | 388,734,092 | 1,677,985 |
| PT Gudang Garam Tbk (a) | | 376,834 | 337,940 |
| PT Hanson International Tbk (a)(c) | | 3,268,900 | 10,414 |
| PT Indah Kiat Pulp & Paper Tbk | | 1,165,628 | 598,712 |
| PT Indo Tambangraya Megah Tbk | | 215,729 | 344,792 |
| PT Indocement Tunggal Prakarsa Tbk | | 580,933 | 265,946 |
| PT Indofood CBP Sukses Makmur Tbk | | 1,114,781 | 867,539 |
| PT Indofood Sukses Makmur Tbk | | 2,218,186 | 1,073,223 |
| PT Inti Agriculture Resources Tbk (a)(c) | | 1,180,800 | 3,762 |
| PT Japfa Comfeed Indonesia Tbk | | 2,855,135 | 332,865 |
| PT Jasa Marga Tbk | | 1,022,042 | 315,253 |
| PT Kalbe Farma Tbk | | 9,549,956 | 973,837 |
| PT Map Aktif Adiperkasa | | 4,819,060 | 330,145 |
| PT Medco Energi International Tbk | | 3,579,731 | 291,834 |
| PT Medikaloka Hermina Tbk | | 3,121,994 | 295,689 |
| PT Merdeka Copper Gold Tbk (a) | | 4,384,202 | 677,733 |
| PT Mitra Adiperkasa Tbk | | 3,860,148 | 387,861 |
| PT Mitra Keluarga Karyasehat Tbk | | 2,359,598 | 403,757 |
| PT Pabrik Kertas Tjiwi Kimia Tbk | | 858,068 | 404,519 |
| PT Pacific Strategic Financial Tbk (a) | | 4,480,471 | 306,949 |
| PT Pakuwon Jati Tbk | | 9,922,088 | 299,463 |
| PT Perusahaan Gas Negara Tbk Series B | | 4,862,476 | 484,234 |
| PT Pool Advista Indonesia Tbk (a)(c) | | 184,900 | 589 |
| PT Sarana Menara Nusantara Tbk | | 10,221,192 | 521,022 |
| PT Semen Indonesia (Persero) Tbk | | 1,573,269 | 395,591 |
| PT Sugih Energy Tbk (a)(c) | | 40,500 | 129 |
| PT Sumber Alfaria Trijaya Tbk | | 8,205,051 | 1,720,013 |
| PT Telkom Indonesia Persero Tbk | | 21,412,662 | 3,827,359 |
| PT Transcoal Pacific Tbk | | 530,881 | 246,714 |
| PT Unilever Indonesia Tbk | | 3,405,475 | 426,225 |
| PT United Tractors Tbk | | 666,746 | 1,163,819 |
| PT Wijaya Karya Persero Tbk (a) | | 10,326,300 | 248,421 |
| PT XL Axiata Tbk | | 2,484,013 | 355,676 |
TOTAL INDONESIA | | | 68,295,233 |
| Ireland - 0.2% | | | |
| AerCap Holdings NV | | 83,264 | 7,789,347 |
| AIB Group PLC | | 762,399 | 4,058,592 |
| Bank of Ireland Group PLC | | 430,849 | 3,965,767 |
| C&C Group PLC (United Kingdom) | | 206,833 | 393,117 |
| Cairn Homes PLC | | 282,969 | 657,152 |
| COSMO Pharmaceuticals NV | | 4,404 | 341,182 |
| Dalata Hotel Group PLC | | 96,208 | 447,903 |
| Glanbia PLC | | 86,016 | 1,426,850 |
| Glenveagh Properties PLC (a)(d) | | 316,203 | 550,320 |
| Greencore Group PLC (a)(b) | | 204,770 | 549,205 |
| Irish Residential Properties REIT PLC | | 277,644 | 262,746 |
| Kerry Group PLC Class A | | 65,539 | 6,523,039 |
| Kingspan Group PLC (Ireland) | | 65,550 | 5,750,507 |
| Uniphar PLC | | 116,149 | 285,531 |
TOTAL IRELAND | | | 33,001,258 |
| Israel - 0.6% | | | |
| Airport City Ltd. (a) | | 30,365 | 463,346 |
| Alony Hetz Properties & Investments Ltd. | | 72,476 | 589,051 |
| Amot Investments Ltd. | | 103,450 | 504,864 |
| Ashtrom Group Ltd. (a) | | 19,347 | 296,774 |
| Aura Investments Ltd. | | 75,086 | 382,119 |
| Azrieli Group | | 18,784 | 1,440,687 |
| Bank Hapoalim BM (Reg.) | | 538,639 | 5,632,317 |
| Bank Leumi le-Israel BM | | 648,402 | 6,611,689 |
| Bezeq The Israel Telecommunication Corp. Ltd. | | 948,504 | 1,218,560 |
| Big Shopping Centers Ltd. (a) | | 7,815 | 939,361 |
| Camtek Ltd. | | 12,569 | 995,641 |
| Cellcom Israel Ltd. (Israel) (a) | | 56,080 | 265,579 |
| Cellebrite DI Ltd. (a) | | 29,676 | 538,619 |
| Check Point Software Technologies Ltd. (a) | | 37,795 | 6,546,472 |
| Clal Insurance Enterprises Holdings Ltd. (a) | | 28,596 | 548,885 |
| Danel Adir Yeoshua Ltd. | | 2,867 | 287,817 |
| Delek Group Ltd. | | 4,134 | 488,937 |
| Delta Galil Industries Ltd. | | 5,296 | 236,767 |
| Elbit Systems Ltd. (Israel) | | 11,565 | 2,647,400 |
| Electra Israel Ltd. | | 995 | 454,235 |
| Energean PLC | | 69,971 | 907,655 |
| Energix-Renewable Energies Ltd. | | 131,347 | 458,516 |
| Enlight Renewable Energy Ltd. (a) | | 52,686 | 839,207 |
| Equital Ltd. (a) | | 10,828 | 392,196 |
| Fattal Holdings 1998 Ltd. (a) | | 3,434 | 434,002 |
| FIBI Holdings Ltd. | | 8,230 | 386,444 |
| First International Bank of Israel | | 23,425 | 1,042,867 |
| Formula Systems (1985) Ltd. | | 4,895 | 419,596 |
| Fox Wizel Ltd. | | 4,059 | 298,276 |
| Global-e Online Ltd. (a) | | 42,525 | 1,634,661 |
| Harel Insurance Investments and Financial Services Ltd. | | 47,207 | 492,739 |
| Hilan Ltd. | | 7,453 | 408,619 |
| Icl Group Ltd. | | 342,619 | 1,417,089 |
| Isracard Ltd. | | 88,450 | 343,339 |
| Israel Canada T.R Ltd. | | 75,510 | 283,406 |
| Israel Corp. Ltd. (Class A) | | 1,621 | 356,273 |
| Israel Discount Bank Ltd. (Class A) | | 536,990 | 3,166,925 |
| Kornit Digital Ltd. (a)(b) | | 20,709 | 474,029 |
| Matrix IT Ltd. | | 18,251 | 366,882 |
| Mega Or Holdings Ltd. | | 11,896 | 334,067 |
| Melisron Ltd. | | 11,046 | 879,729 |
| Menora Mivtachim Holdings Ltd. | | 11,949 | 372,342 |
| Migdal Insurance & Financial Holdings Ltd. | | 214,901 | 350,359 |
| Mivne Real Estate KD Ltd. | | 262,007 | 717,539 |
| Mizrahi Tefahot Bank Ltd. | | 67,624 | 2,798,771 |
| Nano Dimension Ltd. ADR (a)(b) | | 97,621 | 211,838 |
| Next Vision Stabilized Systems Ltd. | | 24,639 | 280,725 |
| NICE Ltd. (a) | | 27,250 | 4,815,410 |
| Nova Ltd. (a) | | 12,292 | 2,310,025 |
| Oddity Tech Ltd. (a)(b) | | 13,843 | 531,433 |
| Oil Refineries Ltd. | | 1,145,818 | 292,632 |
| One Software Technologies Ltd. | | 24,131 | 357,238 |
| OPC Energy Ltd. (a) | | 53,883 | 437,792 |
| OY Nofar Energy Ltd. (a) | | 10,708 | 249,393 |
| Partner Communications Co. Ltd. (a) | | 76,239 | 324,512 |
| Paz Retail & Energy Ltd. | | 4,566 | 517,051 |
| Perion Network Ltd. (a) | | 22,723 | 184,925 |
| Phoenix Financial Ltd. | | 82,863 | 961,627 |
| Plus500 Ltd. | | 33,389 | 1,008,312 |
| Radware Ltd. (a) | | 17,004 | 382,760 |
| Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | | 4,790 | 289,802 |
| Reit 1 Ltd. | | 91,030 | 414,033 |
| Retailors Ltd. | | 10,655 | 192,166 |
| Sapiens International Corp. NV | | 15,041 | 564,523 |
| Sella Capital Real Estate Ltd. | | 126,598 | 268,416 |
| Shapir Engineering and Industry Ltd. (a) | | 68,866 | 453,336 |
| Shikun & Binui Ltd. (a) | | 154,370 | 409,951 |
| Shufersal Ltd. | | 97,531 | 866,055 |
| Strauss Group Ltd. | | 27,024 | 456,640 |
| Summit Real Estate Holdings Ltd. | | 20,310 | 313,557 |
| Tel Aviv Stock Exchange Ltd. | | 40,777 | 409,904 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 478,600 | 8,825,384 |
| Tower Semiconductor Ltd. (a) | | 48,146 | 2,024,853 |
| Wix.com Ltd. (a) | | 23,057 | 3,853,286 |
| YH Dimri Construction & Development Ltd. | | 3,698 | 323,821 |
| ZIM Integrated Shipping Services Ltd. (b) | | 41,076 | 977,198 |
TOTAL ISRAEL | | | 84,173,246 |
| Italy - 1.7% | | | |
| A2A SpA | | 665,372 | 1,519,893 |
| ACEA SpA | | 18,549 | 351,478 |
| Amco - Asset Management Co. SpA Class B (a)(c) | | 141 | 0 |
| Amplifon SpA | | 55,836 | 1,560,905 |
| Anima Holding SpA (d) | | 105,080 | 637,798 |
| Ariston Holding NV (b) | | 41,091 | 172,798 |
| Azimut Holding SpA | | 54,514 | 1,349,613 |
| Banca Generali SpA | | 26,091 | 1,156,221 |
| Banca IFIS SpA | | 14,879 | 356,386 |
| Banca Monte dei Paschi di Siena SpA | | 396,009 | 2,167,578 |
| Banca Popolare di Sondrio SCARL | | 164,482 | 1,228,254 |
| Banco BPM SpA | | 562,794 | 3,793,062 |
| BFF Bank SpA (d) | | 76,143 | 743,350 |
| BPER Banca | | 431,996 | 2,631,460 |
| Brembo N.V. | | 67,439 | 707,086 |
| Brunello Cucinelli SpA | | 15,777 | 1,558,258 |
| Buzzi SpA | | 38,176 | 1,494,103 |
| Carel Industries SpA (b)(d) | | 23,824 | 489,785 |
| Coca-Cola HBC AG | | 92,987 | 3,249,347 |
| Credito Emiliano SpA | | 44,461 | 480,723 |
| Cromwell European (REIT) | | 164,727 | 288,808 |
| Davide Campari Milano NV | | 274,416 | 1,842,364 |
| De'Longhi SpA | | 35,193 | 1,100,967 |
| DiaSorin SpA | | 9,600 | 1,044,240 |
| El.En. Group SpA | | 23,042 | 250,639 |
| Enav SpA (d) | | 115,425 | 488,906 |
| Enel SpA | | 3,397,411 | 25,766,227 |
| Eni SpA | | 962,133 | 14,656,353 |
| ERG SpA | | 26,392 | 592,531 |
| Ferrari NV (Italy) | | 53,410 | 25,550,941 |
| Ferretti SpA (b) | | 132,885 | 390,273 |
| FinecoBank SpA | | 266,467 | 4,256,440 |
| Generali | | 425,007 | 11,811,800 |
| GVS SpA (a)(d) | | 34,095 | 228,455 |
| Hera SpA | | 341,528 | 1,307,670 |
| Industrie de Nora SpA (b) | | 15,629 | 146,969 |
| Infrastrutture Wireless Italiane SpA (d) | | 138,927 | 1,564,070 |
| Intercos SpA | | 24,387 | 391,007 |
| Interpump Group SpA | | 34,512 | 1,533,151 |
| Intesa Sanpaolo SpA | | 6,140,866 | 26,282,977 |
| Iren SpA | | 278,734 | 604,263 |
| Italgas SpA | | 193,704 | 1,185,196 |
| Iveco Group NV | | 76,185 | 793,234 |
| Leonardo SpA | | 175,846 | 4,202,344 |
| Lottomatica Group SpA | | 49,765 | 622,517 |
| Maire SpA | | 66,270 | 500,632 |
| MARR SpA | | 22,163 | 257,953 |
| Mediobanca SpA | | 214,915 | 3,546,348 |
| MFE-MediaForEurope NV Class A | | 110,799 | 363,252 |
| Moncler SpA | | 94,706 | 5,247,658 |
| Nexi SpA (a)(d) | | 261,676 | 1,651,470 |
| OVS (d) | | 106,447 | 326,753 |
| Piaggio & C SpA (b) | | 96,168 | 231,599 |
| Pirelli & C. SpA (d) | | 150,442 | 822,471 |
| Poste Italiane SpA (d) | | 190,089 | 2,675,595 |
| Prysmian SpA | | 114,900 | 8,101,364 |
| Rai Way SpA (d) | | 59,463 | 340,868 |
| Recordati SpA | | 46,754 | 2,649,632 |
| Reply SpA | | 10,366 | 1,581,969 |
| Reply SpA rights (a) | | 10,366 | 1 |
| Saipem SpA (a) | | 558,463 | 1,326,710 |
| Salcef Group SpA | | 9,945 | 280,178 |
| Salvatore Ferragamo Italia SpA (b) | | 34,688 | 231,862 |
| Sanlorenzo SpA | | 8,930 | 336,091 |
| Sesa SpA (b) | | 3,565 | 309,839 |
| Sesa SpA rights (a) | | 3,565 | 0 |
| Snam SpA | | 826,954 | 3,974,076 |
| SOL SpA | | 15,761 | 610,327 |
| Tamburi Investment Partners SpA (b) | | 59,797 | 563,283 |
| Technogym SpA (d) | | 62,022 | 668,573 |
| Technoprobe SpA (a) | | 79,370 | 537,865 |
| Telecom Italia SpA (a) | | 4,169,827 | 1,055,464 |
| Terna - Rete Elettrica Nazionale | | 586,210 | 5,078,244 |
| Tinexta SpA | | 12,291 | 144,525 |
| UniCredit SpA | | 625,188 | 27,657,826 |
| Unipol Gruppo SpA | | 170,419 | 2,118,816 |
| Webuild SpA | | 227,130 | 644,828 |
| Webuild SpA warrants 8/2/30 (a) | | 276 | 784 |
| Zignago Vetro SpA | | 20,815 | 237,736 |
TOTAL ITALY | | | 226,625,032 |
| Japan - 14.8% | | | |
| 77 Bank Ltd. | | 27,468 | 707,129 |
| ABC-MART, Inc. | | 42,567 | 834,049 |
| ACOM Co. Ltd. | | 206,466 | 485,125 |
| Activia Properties, Inc. | | 274 | 584,361 |
| Adastria Co. Ltd. | | 12,996 | 300,354 |
| Adeka Corp. | | 36,207 | 653,197 |
| Advance Logistics Investment Corp. | | 325 | 253,583 |
| Advance Residence Investment Corp. | | 568 | 1,141,406 |
| Advantest Corp. | | 326,949 | 18,930,235 |
| Aeon (REIT) Investment Corp. | | 686 | 573,326 |
| AEON Co. Ltd. | | 278,817 | 6,831,894 |
| Aeon Delight Co. Ltd. | | 9,982 | 283,534 |
| AEON Financial Service Co. Ltd. | | 49,256 | 396,618 |
| AEON MALL Co. Ltd. | | 39,433 | 522,188 |
| AGC, Inc. | | 85,690 | 2,625,981 |
| Ai Holdings Corp. | | 18,999 | 289,518 |
| Aica Kogyo Co. Ltd. | | 24,641 | 533,223 |
| Aichi Financial Group, Inc. | | 18,471 | 275,574 |
| Aiful Corp. | | 147,692 | 310,354 |
| Ain Holdings, Inc. | | 12,442 | 410,895 |
| Air Water, Inc. | | 80,770 | 1,016,011 |
| Aisin Seiki Co. Ltd. | | 223,507 | 2,323,886 |
| Ajinomoto Co., Inc. | | 198,088 | 7,609,699 |
| Alfresa Holdings Corp. | | 72,911 | 1,051,964 |
| Alps Alpine Co. Ltd. | | 81,304 | 798,954 |
| Amada Co. Ltd. | | 137,844 | 1,358,440 |
| Amano Corp. | | 23,858 | 688,120 |
| Amvis Holdings, Inc. | | 17,528 | 227,537 |
| Ana Holdings, Inc. | | 65,951 | 1,299,019 |
| Anritsu Corp. | | 61,224 | 461,078 |
| Aozora Bank Ltd. (b) | | 46,994 | 810,185 |
| Appier Group, Inc. (a) | | 31,174 | 334,306 |
| Arata Corp. | | 14,003 | 314,381 |
| Arcland Sakamoto Co. Ltd. | | 25,032 | 273,494 |
| ARCS Co. Ltd. | | 19,266 | 319,670 |
| ARE Holdings, Inc. | | 36,668 | 448,921 |
| Ariake Japan Co. Ltd. | | 9,997 | 349,025 |
| Artience Co. Ltd. | | 17,738 | 425,143 |
| As One Corp. | | 24,825 | 464,249 |
| Asahi Group Holdings | | 615,499 | 7,389,234 |
| ASAHI INTECC Co. Ltd. | | 93,311 | 1,495,181 |
| Asahi Kasei Corp. | | 543,655 | 3,750,506 |
| Asics Corp. | | 293,724 | 5,130,447 |
| ASKUL Corp. | | 19,071 | 240,482 |
| Astellas Pharma, Inc. | | 775,022 | 9,074,212 |
| Atom Corp. (a)(b) | | 52,572 | 233,979 |
| Autobacs Seven Co. Ltd. | | 34,516 | 321,097 |
| Axial Retailing, Inc. | | 36,772 | 214,488 |
| AZ-Com Maruwa Holdings, Inc. | | 30,670 | 206,952 |
| Azbil Corp. | | 193,360 | 1,503,560 |
| Bandai Namco Holdings, Inc. | | 255,755 | 5,362,193 |
| Bank of Nagoya Ltd. | | 6,741 | 263,949 |
| BayCurrent Consulting, Inc. | | 56,172 | 1,825,538 |
| Belc Co. Ltd. | | 5,379 | 230,215 |
| Bic Camera, Inc. | | 44,081 | 490,614 |
| Biprogy, Inc. | | 33,776 | 1,065,836 |
| Bridgestone Corp. | | 239,955 | 8,550,825 |
| Brother Industries Ltd. | | 101,736 | 1,981,537 |
| Bunka Shutter Co. Ltd. | | 28,144 | 338,647 |
| C. Uyemura & Co. Ltd. | | 4,801 | 333,681 |
| Calbee, Inc. | | 36,210 | 809,633 |
| Canon Marketing Japan, Inc. | | 19,764 | 593,692 |
| Canon, Inc. | | 396,742 | 12,904,029 |
| Capcom Co. Ltd. | | 147,192 | 2,912,704 |
| Casio Computer Co. Ltd. | | 87,472 | 637,589 |
| Central Glass Co. Ltd. | | 9,989 | 227,545 |
| Central Japan Railway Co. | | 327,546 | 6,783,227 |
| Chiba Bank Ltd. | | 226,249 | 1,651,101 |
| Chubu Electric Power Co., Inc. | | 271,618 | 3,122,293 |
| Chudenko Corp. | | 14,009 | 293,643 |
| Chugai Pharmaceutical Co. Ltd. | | 286,301 | 13,622,628 |
| Chugin Financial Group, Inc. | | 66,295 | 629,946 |
| Chugoku Electric Power Co., Inc. | | 123,631 | 899,745 |
| Chugoku Marine Paints Ltd. | | 21,175 | 302,458 |
| Citizen Watch Co. Ltd. | | 92,404 | 549,354 |
| CKD Corp. | | 23,264 | 391,599 |
| Coca-Cola Bottlers Japan, Inc. | | 58,487 | 749,149 |
| Colowide Co. Ltd. (b) | | 39,234 | 434,516 |
| Comforia Residential REIT, Inc. | | 295 | 578,129 |
| COMSYS Holdings Corp. | | 48,845 | 1,024,823 |
| Concordia Financial Group Ltd. | | 447,784 | 2,218,008 |
| Cosmo Energy Holdings Co. Ltd. | | 26,714 | 1,318,596 |
| Cosmos Pharmaceutical Corp. | | 18,482 | 888,301 |
| CRE Logistics REIT, Inc. | | 296 | 270,774 |
| Create Restaurants Holdings, Inc. | | 56,519 | 450,244 |
| Create SD Holdings Co. Ltd. | | 13,983 | 274,647 |
| Credit Saison Co. Ltd. | | 63,921 | 1,437,728 |
| CyberAgent, Inc. | | 185,879 | 1,213,363 |
| Dai Nippon Printing Co. Ltd. | | 166,478 | 2,889,455 |
| Dai-Dan Co. Ltd. | | 14,657 | 286,181 |
| Dai-ichi Mutual Life Insurance Co. | | 387,240 | 9,654,018 |
| Daicel Chemical Industries Ltd. | | 104,395 | 921,397 |
| Daido Steel Co. Ltd. | | 59,218 | 458,542 |
| Daiei Kankyo Co. Ltd. | | 19,264 | 397,338 |
| Daifuku Co. Ltd. | | 138,942 | 2,611,657 |
| Daihen Corp. | | 8,122 | 336,921 |
| Daiichi Sankyo Co. Ltd. | | 788,603 | 25,667,641 |
| Daiichikosho Co. Ltd. | | 38,702 | 483,607 |
| Daikin Industries Ltd. | | 112,529 | 13,509,864 |
| Daio Paper Corp. | | 48,248 | 273,562 |
| Daiseki Co. Ltd. | | 21,779 | 556,058 |
| Daishi Hokuetsu Financial Group, Inc. | | 33,608 | 533,574 |
| Daito Trust Construction Co. Ltd. | | 24,397 | 2,695,954 |
| Daiwa House Industry Co. Ltd. | | 236,166 | 7,044,516 |
| Daiwa House REIT Investment Corp. | | 947 | 1,442,430 |
| Daiwa Office Investment Corp. | | 246 | 485,812 |
| Daiwa Securities Group, Inc. | | 576,863 | 3,774,002 |
| Daiwa Securities Living Invest | | 880 | 529,270 |
| Daiwabo Holdings Co. Ltd. | | 37,983 | 683,746 |
| DCM Holdings Co. Ltd. | | 51,313 | 480,277 |
| DeNA Co. Ltd. | | 33,298 | 407,949 |
| Denka Co. Ltd. | | 38,344 | 541,896 |
| DENSO Corp. | | 802,847 | 11,403,233 |
| Dentsu Group, Inc. | | 88,629 | 2,735,779 |
| Dentsu Soken, Inc. | | 11,734 | 417,630 |
| Descente Ltd. | | 14,757 | 417,998 |
| Dexerials Corp. | | 71,167 | 1,086,548 |
| Dic Corp. | | 35,049 | 763,061 |
| Digital Garage, Inc. | | 14,668 | 302,676 |
| Dip Corp. | | 17,421 | 306,226 |
| Disco Corp. | | 39,448 | 11,224,329 |
| Dmg Mori Co. Ltd. | | 61,286 | 1,168,605 |
| Doutor Nichires Holdings Co., Ltd. | | 17,799 | 260,993 |
| Dowa Holdings Co. Ltd. | | 24,585 | 835,280 |
| DTS Corp. | | 20,840 | 539,789 |
| Duskin Co. Ltd. | | 18,188 | 481,944 |
| Earth Corp. | | 8,328 | 284,504 |
| East Japan Railway Co. | | 386,477 | 7,762,523 |
| Ebara Corp. | | 196,118 | 2,947,341 |
| EDION Corp. | | 33,636 | 389,564 |
| Eisai Co. Ltd. | | 109,164 | 3,698,489 |
| Eizo Corp. | | 21,548 | 317,511 |
| Elecom Co. Ltd. | | 23,605 | 222,530 |
| Electric Power Development Co. Ltd. | | 66,855 | 1,117,241 |
| en japan, Inc. | | 15,648 | 249,218 |
| ENEOS Holdings, Inc. | | 1,235,791 | 6,234,009 |
| Exedy Corp. | | 18,471 | 508,114 |
| Exeo Group, Inc. | | 82,311 | 842,434 |
| Ezaki Glico Co. Ltd. | | 21,931 | 646,137 |
| FANUC Corp. | | 403,343 | 10,701,222 |
| Fast Retailing Co. Ltd. | | 81,294 | 25,991,440 |
| FCC Co. Ltd. | | 20,660 | 321,303 |
| Ferrotec Holdings Corp. | | 20,846 | 348,334 |
| Financial Products Group Co. Ltd. | | 28,077 | 431,288 |
| Food & Life Companies Ltd. | | 47,243 | 931,614 |
| FP Corp. | | 22,185 | 388,664 |
| Freee KK (a) | | 20,551 | 383,511 |
| Frontier Real Estate Investment Corp. | | 219 | 581,562 |
| Fuji Corp. | | 37,012 | 544,623 |
| Fuji Electric Co. Ltd. | | 57,513 | 2,929,017 |
| Fuji Kyuko Co. Ltd. | | 11,573 | 194,167 |
| Fuji Media Holdings, Inc. | | 21,360 | 241,463 |
| Fuji Oil Holdings, Inc. | | 19,938 | 429,189 |
| Fuji Seal International, Inc. | | 20,264 | 344,126 |
| Fuji Soft ABC, Inc. | | 22,885 | 1,401,252 |
| FUJIFILM Holdings Corp. | | 475,521 | 11,311,846 |
| Fujikura Ltd. | | 108,564 | 3,990,081 |
| Fujimi, Inc. | | 23,180 | 356,627 |
| Fujita Kanko, Inc. (a) | | 3,900 | 237,881 |
| Fujitec Co. Ltd. | | 25,723 | 925,570 |
| Fujitsu General Ltd. | | 30,491 | 380,246 |
| Fujitsu Ltd. | | 707,679 | 13,605,724 |
| Fukuda Denshi Co. Ltd. | | 6,850 | 345,004 |
| Fukuoka (REIT) Investment Fund | | 310 | 289,197 |
| Fukuoka Financial Group, Inc. | | 74,672 | 1,703,386 |
| Fukushima Galilei Co. Ltd. | | 5,770 | 208,372 |
| Fukuyama Transporting Co. Ltd. | | 10,369 | 263,701 |
| Funai Soken Holdings, Inc. | | 21,431 | 341,112 |
| Furukawa Electric Co. Ltd. | | 29,170 | 717,406 |
| Furuya Metal Co. Ltd. | | 8,889 | 230,794 |
| Fuso Chemical Co. Ltd. | | 9,782 | 238,578 |
| Future Corp. | | 22,978 | 294,217 |
| Fuyo General Lease Co. Ltd. | | 9,544 | 675,365 |
| Global One Real Estate Investment Corp. | | 480 | 309,255 |
| Glory Ltd. | | 20,142 | 326,694 |
| GLP J-REIT | | 1,939 | 1,705,003 |
| GMO Internet, Inc. | | 30,593 | 528,711 |
| GMO Payment Gateway, Inc. | | 18,004 | 1,078,388 |
| GNI Group Ltd. (a) | | 22,907 | 456,861 |
| GOLDWIN, Inc. | | 9,493 | 492,360 |
| GS Yuasa Corp. | | 35,460 | 627,351 |
| GungHo Online Entertainment, Inc. | | 19,742 | 439,739 |
| Gunma Bank Ltd. | | 150,018 | 844,838 |
| Gunze Ltd. | | 8,695 | 305,421 |
| H.I.S. Co. Ltd. (a) | | 24,934 | 285,749 |
| H.U. Group Holdings, Inc. | | 24,100 | 414,703 |
| H2O Retailing Corp. | | 40,397 | 540,603 |
| Hakuhodo DY Holdings, Inc. | | 90,770 | 719,345 |
| Hakuto Co. Ltd. (b) | | 6,753 | 198,660 |
| Hamakyorex Co. Ltd. | | 46,908 | 382,297 |
| Hamamatsu Photonics K.K. | | 124,168 | 1,641,830 |
| Hankyu Hanshin Holdings, Inc. | | 97,493 | 2,650,841 |
| Hankyu REIT, Inc. | | 314 | 248,497 |
| Hanwa Co. Ltd. | | 15,563 | 515,656 |
| Harmonic Drive Systems, Inc. | | 24,991 | 454,152 |
| Haseko Corp. | | 107,438 | 1,298,615 |
| Hazama Ando Corp. | | 68,448 | 505,592 |
| Heiwa Corp. | | 24,543 | 335,150 |
| Heiwa Real Estate (REIT), Inc. | | 470 | 375,519 |
| Heiwa Real Estate Co. Ltd. | | 16,126 | 442,933 |
| Hiday Hidaka Corp. | | 14,831 | 266,833 |
| Hikari Tsushin, Inc. | | 7,524 | 1,518,586 |
| Hino Motors Ltd. (a) | | 131,613 | 323,122 |
| Hioki EE Corp. | | 5,081 | 272,860 |
| Hirata Corp. | | 5,372 | 171,313 |
| Hirogin Holdings, Inc. | | 113,496 | 828,994 |
| Hirose Electric Co. Ltd. | | 12,083 | 1,437,997 |
| Hisamitsu Pharmaceutical Co., Inc. | | 24,267 | 713,482 |
| Hitachi Construction Machinery Co. Ltd. | | 45,718 | 991,927 |
| Hitachi Ltd. | | 1,975,236 | 49,627,528 |
| Hogy Medical Co. Ltd. | | 11,245 | 335,821 |
| Hokkaido Electric Power Co., Inc. | | 72,751 | 468,006 |
| Hokkoku Financial Holdings, Inc. | | 9,789 | 279,466 |
| Hokuetsu Corp. (b) | | 40,840 | 407,261 |
| Hokuhoku Financial Group, Inc. | | 48,208 | 503,845 |
| Hokuriku Electric Power Co., Inc. | | 73,727 | 511,324 |
| Honda Motor Co. Ltd. | | 1,904,716 | 19,155,944 |
| Horiba Ltd. | | 14,474 | 889,775 |
| Hoshino Resorts REIT, Inc. | | 274 | 415,935 |
| Hoshizaki Corp. | | 46,281 | 1,521,175 |
| Hosiden Corp. | | 20,924 | 313,423 |
| House Foods Group, Inc. | | 28,748 | 560,368 |
| Hoya Corp. | | 149,675 | 20,025,624 |
| Hulic (REIT), Inc. | | 551 | 477,163 |
| Hulic Co. Ltd. | | 158,930 | 1,471,750 |
| Ibiden Co. Ltd. | | 51,048 | 1,621,525 |
| Ichibanya Co. Ltd. | | 39,082 | 267,981 |
| Ichigo Real Estate Investment Corp. | | 488 | 250,514 |
| Ichigo, Inc. | | 115,026 | 301,378 |
| Idec Corp. | | 16,908 | 272,560 |
| Idemitsu Kosan Co. Ltd. | | 409,395 | 2,791,026 |
| IDOM, Inc. | | 33,027 | 228,450 |
| IHI Corp. | | 59,169 | 3,150,094 |
| Iida Group Holdings Co. Ltd. | | 68,003 | 985,841 |
| Iino Kaiun Kaisha Ltd. | | 36,232 | 265,819 |
| Inaba Denki Sangyo Co. Ltd. | | 23,565 | 591,054 |
| Inabata & Co. Ltd. | | 21,609 | 459,742 |
| Industrial & Infrastructure Fund Investment Corp. | | 1,006 | 759,777 |
| INFRONEER Holdings, Inc. | | 82,786 | 622,326 |
| INPEX Corp. | | 407,033 | 5,365,532 |
| Internet Initiative Japan, Inc. | | 47,654 | 915,003 |
| Invincible Investment Corp. | | 3,240 | 1,319,713 |
| Iriso Electronics Co. Ltd. | | 12,605 | 223,996 |
| Isetan Mitsukoshi Holdings Ltd. | | 140,237 | 2,086,758 |
| Isuzu Motors Ltd. | | 253,864 | 3,282,915 |
| ITO EN Ltd. | | 29,306 | 642,255 |
| Itochu Corp. | | 505,194 | 24,990,851 |
| Itochu Enex Co. Ltd. | | 26,968 | 282,276 |
| Itoham Yonekyu Holdings, Inc. | | 14,079 | 354,832 |
| Iwatani Corp. | | 76,564 | 998,089 |
| Iyogin Holdings, Inc. | | 103,817 | 985,536 |
| Izumi Co. Ltd. | | 15,059 | 317,806 |
| J. Front Retailing Co. Ltd. | | 104,746 | 1,112,368 |
| JACCS Co. Ltd. | | 9,780 | 243,935 |
| JAFCO Co. Ltd. | | 24,445 | 328,488 |
| Japan Airlines Co. Ltd. | | 59,761 | 958,452 |
| Japan Airport Terminal Co. Ltd. | | 27,997 | 1,025,591 |
| Japan Aviation Electronics Industry Ltd. | | 22,735 | 421,752 |
| Japan Elevator Service Holdings Co. Ltd. | | 32,489 | 622,080 |
| Japan Excellent, Inc. | | 532 | 411,437 |
| Japan Exchange Group, Inc. | | 427,812 | 5,014,412 |
| Japan Hotel REIT Investment Corp. | | 2,176 | 1,003,353 |
| Japan Logistics Fund, Inc. | | 389 | 696,985 |
| Japan Material Co. Ltd. | | 29,844 | 355,287 |
| Japan Petroleum Exploration Co. Ltd. | | 72,405 | 544,490 |
| Japan Post Bank Co. Ltd. | | 618,455 | 5,523,637 |
| Japan Post Holdings Co. Ltd. | | 820,712 | 7,571,964 |
| Japan Post Insurance Co. Ltd. | | 85,930 | 1,415,972 |
| Japan Prime Realty Investment Corp. | | 360 | 790,933 |
| Japan Real Estate Investment Corp. | | 538 | 1,956,950 |
| Japan Retail Fund Investment Corp. | | 2,935 | 1,801,392 |
| Japan Securities Finance Co. Ltd. | | 37,744 | 492,437 |
| Japan Steel Works Ltd. | | 27,397 | 929,275 |
| Japan Tobacco, Inc. | | 503,344 | 14,052,083 |
| Jcu Corp. | | 12,638 | 291,304 |
| JEOL Ltd. | | 18,984 | 704,221 |
| JFE Holdings, Inc. | | 240,196 | 2,891,810 |
| JGC Holdings Corp. | | 97,252 | 834,742 |
| JMDC, Inc. | | 12,140 | 338,311 |
| Joyful Honda Co. Ltd. | | 27,462 | 371,568 |
| JTEKT Corp. | | 94,021 | 634,174 |
| Juroku Financial Group, Inc. | | 14,870 | 396,825 |
| Justsystems Corp. | | 15,661 | 350,171 |
| JVCKENWOOD Holdings, Inc. | | 65,099 | 511,986 |
| K's Holdings Corp. | | 64,536 | 617,124 |
| Kadokawa Corp. | | 36,670 | 798,206 |
| KAGA ELECTRONICS Co. Ltd. | | 19,768 | 358,895 |
| Kagome Co. Ltd. | | 34,671 | 686,811 |
| Kajima Corp. | | 167,262 | 2,881,176 |
| Kakaku.com, Inc. | | 55,665 | 854,736 |
| Kaken Pharmaceutical Co. Ltd. | | 16,670 | 425,968 |
| Kamigumi Co. Ltd. | | 35,699 | 745,095 |
| Kanadevia Corp. | | 74,897 | 511,954 |
| Kanamoto Co. Ltd. | | 15,550 | 281,039 |
| Kandenko Co. Ltd. | | 49,201 | 719,985 |
| Kaneka Corp. | | 20,758 | 508,804 |
| Kanematsu Corp. | | 38,392 | 584,446 |
| Kansai Electric Power Co., Inc. | | 301,302 | 4,832,004 |
| Kansai Paint Co. Ltd. | | 70,860 | 1,154,072 |
| Kao Corp. | | 199,585 | 8,796,787 |
| Kasumigaseki Capital Co. Ltd. (b) | | 2,941 | 278,893 |
| Katitas Co. Ltd. | | 26,528 | 336,350 |
| Kato Sangyo | | 14,634 | 396,183 |
| Kawasaki Heavy Industries Ltd. | | 64,195 | 2,457,920 |
| Kawasaki Kisen Kaisha Ltd. | | 165,779 | 2,290,078 |
| KDDI Corp. | | 648,914 | 20,232,747 |
| KDX Realty Investment Corp. | | 1,712 | 1,628,553 |
| Keihan Electric Railway Co., Ltd. | | 42,569 | 794,645 |
| Keikyu Corp. | | 96,185 | 753,098 |
| Keio Corp. | | 46,992 | 1,050,931 |
| Keisei Electric Railway Co. | | 55,488 | 1,443,678 |
| Kewpie Corp. | | 42,586 | 1,007,087 |
| Keyence Corp. | | 82,755 | 37,356,739 |
| KH Neochem Co. Ltd. | | 21,153 | 285,226 |
| Kikkoman Corp. | | 296,214 | 3,475,406 |
| Kinden Corp. | | 51,954 | 1,076,810 |
| Kintetsu Group Holdings Co. Ltd. | | 81,339 | 1,890,442 |
| Kirin Holdings Co. Ltd. | | 327,982 | 4,828,757 |
| Kisoji Co. Ltd. | | 17,604 | 267,394 |
| Kissei Pharmaceutical Co. Ltd. | | 13,885 | 338,824 |
| Kitz Corp. | | 30,840 | 212,743 |
| Kobayashi Pharmaceutical Co. Ltd. (b) | | 21,146 | 787,650 |
| Kobe Bussan Co. Ltd. | | 64,009 | 1,570,121 |
| Kobe Steel Ltd. | | 157,202 | 1,694,277 |
| Koei Tecmo Holdings Co. Ltd. | | 52,445 | 548,852 |
| Kohnan Shoji Co. Ltd. | | 10,649 | 252,513 |
| Koito Manufacturing Co. Ltd. | | 86,722 | 1,122,951 |
| Kokusai Electric Corp. | | 61,800 | 1,126,845 |
| Kokuyo Co. Ltd. | | 38,929 | 626,303 |
| Komatsu Ltd. | | 393,476 | 10,185,245 |
| KOMEDA Holdings Co. Ltd. | | 22,978 | 434,850 |
| KOMERI Co. Ltd. | | 15,254 | 329,718 |
| Konami Group Corp. | | 42,469 | 3,892,704 |
| Konica Minolta, Inc. | | 202,312 | 844,544 |
| Konishi Co. Ltd. | | 29,773 | 255,896 |
| Kose Corp. | | 14,685 | 807,027 |
| Kotobuki Spirits Co. Ltd. | | 47,203 | 637,369 |
| Kubota Corp. | | 425,572 | 5,437,570 |
| Kumagai Gumi Co. Ltd. | | 16,254 | 375,856 |
| Kura Sushi, Inc. | | 9,973 | 261,891 |
| Kuraray Co. Ltd. | | 130,459 | 1,767,911 |
| Kureha Chemical Industry Co. Ltd. | | 19,195 | 354,498 |
| Kurita Water Industries Ltd. | | 44,623 | 1,673,574 |
| Kusuri No Aoki Holdings Co. Ltd. | | 22,016 | 458,213 |
| Kyb Corp. | | 9,784 | 307,368 |
| Kyocera Corp. | | 549,200 | 5,569,827 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | | 16,272 | 258,157 |
| Kyorin Pharmaceutical Co. Ltd. | | 27,868 | 276,569 |
| Kyoritsu Maintenance Co. Ltd. | | 27,659 | 444,060 |
| Kyoto Financial Group, Inc. | | 104,978 | 1,540,697 |
| Kyowa Kirin Co., Ltd. | | 103,677 | 1,708,780 |
| Kyudenko Corp. | | 18,291 | 656,654 |
| Kyushu Electric Power Co., Inc. | | 171,023 | 1,915,251 |
| Kyushu Financial Group, Inc. | | 142,877 | 647,066 |
| Kyushu Railway Co. | | 61,719 | 1,623,859 |
| LaSalle Logiport REIT | | 781 | 743,173 |
| Lasertec Corp. | | 34,358 | 4,662,235 |
| Leopalace21 Corp. | | 75,284 | 271,844 |
| LIFE Corp. | | 11,449 | 248,763 |
| Lifenet Insurance Co. (a)(b) | | 30,393 | 396,487 |
| Lintec Corp. | | 18,708 | 388,222 |
| Lion Corp. | | 109,920 | 1,212,598 |
| LIXIL Group Corp. | | 131,325 | 1,541,542 |
| LY Corp. | | 1,122,146 | 3,060,975 |
| M&A Research Institute Holding (a)(b) | | 13,485 | 195,204 |
| M3, Inc. | | 188,871 | 1,941,129 |
| Mabuchi Motor Co. Ltd. | | 48,135 | 688,791 |
| Macnica Fuji Electronics Holdings, Inc. | | 61,453 | 700,954 |
| Makino Milling Machine Co. Ltd. | | 10,664 | 400,338 |
| Makita Corp. | | 101,731 | 3,321,710 |
| Mani, Inc. | | 36,816 | 439,252 |
| Marubeni Corp. | | 609,199 | 9,107,059 |
| Maruha Nichiro Corp. | | 20,069 | 393,656 |
| Marui Group Co. Ltd. | | 68,038 | 1,068,353 |
| Maruichi Steel Tube Ltd. | | 26,819 | 577,955 |
| Maruwa Ceramic Co. Ltd. | | 3,816 | 1,052,711 |
| Matsui Securities Co. Ltd. | | 60,022 | 323,371 |
| MatsukiyoCocokara & Co. | | 146,270 | 1,991,420 |
| Max Co. Ltd. | | 13,290 | 306,534 |
| Maxell Ltd. | | 25,336 | 309,289 |
| Mazda Motor Corp. | | 240,557 | 1,700,616 |
| McDonald's Holdings Co. (Japan) Ltd. (b) | | 36,686 | 1,554,641 |
| MCJ Co. Ltd. | | 32,631 | 305,749 |
| Mebuki Financial Group, Inc. | | 396,258 | 1,482,165 |
| Medipal Holdings Corp. | | 78,876 | 1,249,689 |
| Medley, Inc. (a) | | 10,484 | 255,806 |
| Megmilk Snow Brand Co. Ltd. | | 25,518 | 441,578 |
| Meidensha Corp. | | 15,352 | 402,899 |
| Meiji Holdings Co. Ltd. | | 99,470 | 2,320,355 |
| Meiko Electronics Co. Ltd. | | 9,197 | 359,457 |
| Meitec Group Holdings, Inc. | | 30,813 | 590,478 |
| Menicon Co. Ltd. | | 33,546 | 369,115 |
| Mercari, Inc. (a) | | 49,934 | 698,533 |
| Micronics Japan Co. Ltd. | | 12,429 | 309,683 |
| Milbon Co. Ltd. | | 15,070 | 318,540 |
| Minebea Mitsumi, Inc. | | 158,240 | 2,785,733 |
| Mirai Corp. | | 985 | 258,194 |
| Mirait One Corp. | | 38,624 | 549,363 |
| Misumi Group, Inc. | | 121,152 | 1,971,816 |
| Mitsubishi Chemical Group Corp. | | 573,643 | 3,095,429 |
| Mitsubishi Corp. | | 1,419,903 | 25,975,815 |
| Mitsubishi Electric Corp. | | 811,645 | 14,278,890 |
| Mitsubishi Estate Co. Ltd. | | 488,490 | 7,223,804 |
| Mitsubishi Estate Logistics REIT Investment Corp. | | 205 | 478,285 |
| Mitsubishi Gas Chemical Co., Inc. | | 66,102 | 1,148,814 |
| Mitsubishi HC Capital, Inc. | | 328,235 | 2,197,940 |
| Mitsubishi Heavy Industries Ltd. | | 1,366,634 | 19,292,706 |
| Mitsubishi Logistics Corp. | | 113,035 | 757,768 |
| Mitsubishi Materials Corp. | | 55,696 | 913,809 |
| Mitsubishi Motors Corp. of Japan | | 290,547 | 863,226 |
| Mitsubishi Pencil Co. Ltd. | | 15,570 | 251,152 |
| Mitsubishi Shokuhin Co. Ltd. | | 9,302 | 295,146 |
| Mitsubishi UFJ Financial Group, Inc. | | 4,729,718 | 49,852,381 |
| Mitsuboshi Belting Ltd. | | 11,351 | 291,387 |
| Mitsui & Co. Ltd. | | 1,096,455 | 22,354,140 |
| Mitsui Chemicals, Inc. | | 72,606 | 1,658,744 |
| Mitsui Engineering & Shipbuilding Co. | | 41,700 | 301,667 |
| Mitsui Fudosan Co. Ltd. | | 1,139,381 | 9,721,605 |
| Mitsui Fudosan Logistics Park, Inc. | | 984 | 655,153 |
| Mitsui High-Tec, Inc. (b) | | 46,286 | 246,311 |
| Mitsui Mining & Smelting Co. Ltd. | | 24,674 | 783,935 |
| Mitsui OSK Lines Ltd. | | 143,508 | 4,885,811 |
| Mitsui-Soko Co. Ltd. | | 10,553 | 490,105 |
| Miura Co. Ltd. | | 37,824 | 883,218 |
| MIXI, Inc. | | 17,897 | 329,915 |
| Mizuho Financial Group, Inc. | | 1,029,458 | 21,382,877 |
| Mizuho Leasing Co. Ltd. | | 63,601 | 416,237 |
| Mizuno Corp. | | 7,930 | 420,908 |
| Mochida Pharmaceutical Co. Ltd. | | 13,992 | 320,106 |
| Modec, Inc. | | 21,335 | 464,557 |
| Monex Group, Inc. | | 84,173 | 394,965 |
| Money Forward, Inc. (a) | | 19,477 | 635,449 |
| MonotaRO Co. Ltd. | | 105,862 | 1,597,071 |
| Mori Hills REIT Investment Corp. | | 626 | 521,043 |
| MORI TRUST Sogo (REIT), Inc. | | 1,115 | 450,435 |
| Morinaga & Co. Ltd. | | 32,954 | 616,394 |
| Morinaga Milk Industry Co. Ltd. | | 32,887 | 764,777 |
| MOS Food Services, Inc. | | 14,072 | 332,418 |
| MS&AD Insurance Group Holdings, Inc. | | 549,099 | 12,145,704 |
| Murata Manufacturing Co. Ltd. | | 723,696 | 12,643,775 |
| Musashi Seimitsu Industry Co. Ltd. | | 20,909 | 271,225 |
| Nabtesco Corp. | | 47,668 | 772,685 |
| Nagase & Co. Ltd. | | 37,646 | 781,247 |
| Nagawa Co. Ltd. | | 5,961 | 265,015 |
| Nagoya Railroad Co. Ltd. | | 82,021 | 909,064 |
| Nakanishi, Inc. | | 30,444 | 517,696 |
| Namura Shipbuilding Co. Ltd. | | 20,458 | 210,851 |
| Nankai Electric Railway Co. Ltd. | | 48,785 | 766,763 |
| NEC Corp. | | 105,328 | 8,962,399 |
| NEC Networks & System Integration Corp. (b) | | 30,607 | 646,611 |
| Net One Systems Co. Ltd. | | 34,040 | 826,452 |
| Nexon Co. Ltd. | | 142,383 | 2,467,776 |
| Nextage Co. Ltd. (b) | | 21,531 | 206,650 |
| NGK Insulators Ltd. | | 100,551 | 1,238,697 |
| NH Foods Ltd. | | 37,326 | 1,292,984 |
| NHK Spring Co. Ltd. | | 84,440 | 1,033,534 |
| Nichias Corp. | | 24,047 | 861,204 |
| Nichiha Corp. | | 16,929 | 382,318 |
| Nichirei Corp. | | 46,384 | 1,296,208 |
| Nidec Corp. | | 355,770 | 7,087,231 |
| Nifco, Inc. | | 36,512 | 848,216 |
| Nihon Kohden Corp. | | 69,566 | 1,036,973 |
| Nihon M&A Center Holdings, Inc. | | 137,570 | 595,520 |
| Nihon Parkerizing Co. Ltd. | | 46,612 | 392,880 |
| Nikkon Holdings Co. Ltd. | | 47,504 | 608,167 |
| Nikon Corp. | | 135,554 | 1,679,270 |
| Nintendo Co. Ltd. | | 441,484 | 23,320,502 |
| Nippn Corp. | | 22,111 | 318,797 |
| Nippon Accommodations Fund, Inc. | | 215 | 860,976 |
| Nippon Building Fund, Inc. | | 3,186 | 2,732,796 |
| Nippon Densetsu Kogyo Co. Ltd. | | 23,409 | 285,973 |
| Nippon Electric Glass Co. Ltd. | | 33,949 | 772,567 |
| Nippon Express Holdings, Inc. | | 33,795 | 1,666,160 |
| Nippon Gas Co. Ltd. | | 45,781 | 625,704 |
| Nippon Kayaku Co. Ltd. | | 65,099 | 514,952 |
| Nippon Light Metal Holding Co. Ltd. | | 33,352 | 356,457 |
| Nippon Paint Holdings Co. Ltd. | | 408,026 | 3,122,818 |
| Nippon Paper Industries Co. Ltd. | | 48,325 | 282,118 |
| Nippon Prologis REIT, Inc. | | 956 | 1,538,092 |
| Nippon REIT Investment Corp. | | 193 | 399,295 |
| Nippon Sanso Holdings Corp. | | 73,600 | 2,554,804 |
| Nippon Seiki Co. Ltd. | | 28,625 | 223,816 |
| Nippon Shinyaku Co. Ltd. | | 23,094 | 619,588 |
| Nippon Shokubai Co. Ltd. | | 51,727 | 581,922 |
| Nippon Soda Co. Ltd. | | 22,294 | 371,327 |
| Nippon Steel Corp. | | 362,057 | 7,244,536 |
| Nippon Telegraph & Telephone Corp. | | 12,580,957 | 12,138,554 |
| Nippon Television Network Corp. | | 23,716 | 364,299 |
| Nippon Yusen KK | | 193,171 | 6,467,256 |
| Nipro Corp. | | 66,823 | 616,724 |
| Nishi-Nippon Financial Holdings, Inc. | | 52,751 | 568,107 |
| Nishi-Nippon Railroad Co. Ltd. | | 30,762 | 444,171 |
| Nishimatsu Construction Co. Ltd. | | 15,768 | 528,944 |
| Nishimatsuya Chain Co. Ltd. | | 19,351 | 285,701 |
| Nishio Holdings Co. Ltd. | | 10,964 | 266,895 |
| Nissan Chemical Corp. | | 56,219 | 1,898,809 |
| Nissan Motor Co. Ltd. | | 980,951 | 2,613,305 |
| Nissan Shatai Co. Ltd. | | 36,961 | 249,143 |
| Nissha Co. Ltd. | | 23,354 | 285,994 |
| Nisshin Oillio Group Ltd. | | 14,429 | 490,361 |
| Nisshin Seifun Group, Inc. | | 91,688 | 1,070,461 |
| Nisshinbo Holdings, Inc. | | 66,411 | 421,682 |
| Nissin Food Holdings Co. Ltd. | | 85,398 | 2,299,507 |
| Nissui Corp. | | 140,870 | 855,704 |
| Niterra Co. Ltd. | | 67,461 | 1,911,937 |
| Nitori Holdings Co. Ltd. | | 34,256 | 4,362,662 |
| Nitto Boseki Co. Ltd. | | 10,082 | 483,152 |
| Nitto Denko Corp. | | 305,845 | 5,032,295 |
| Nitto Kogyo Corp. | | 11,442 | 220,999 |
| Noevir Holdings Co. Ltd. | | 8,695 | 292,547 |
| NOF Corp. | | 98,748 | 1,604,309 |
| Nojima Co. Ltd. | | 30,155 | 422,919 |
| NOK Corp. | | 38,555 | 552,788 |
| NOMURA Co. Ltd. | | 48,454 | 245,524 |
| Nomura Holdings, Inc. | | 1,295,321 | 6,642,282 |
| Nomura Micro Science Co. Ltd. (b) | | 12,369 | 170,740 |
| Nomura Real Estate Holdings, Inc. | | 46,374 | 1,141,715 |
| Nomura Real Estate Master Fund, Inc. | | 1,657 | 1,564,233 |
| Nomura Research Institute Ltd. | | 161,336 | 4,826,110 |
| Noritake Co. Ltd. | | 11,071 | 278,901 |
| Noritsu Koki Co. Ltd. | | 8,497 | 219,735 |
| North Pacific Bank Ltd. | | 118,111 | 306,552 |
| NS Solutions Corp. | | 27,673 | 700,207 |
| NSD Co. Ltd. | | 32,747 | 707,270 |
| NSK Ltd. | | 159,483 | 727,197 |
| NTN Corp. | | 223,341 | 367,975 |
| NTT Data Corp. | | 270,898 | 4,285,669 |
| Ntt Ud (REIT) Investment Corp. | | 645 | 462,466 |
| Nxera Pharma Co. Ltd. (a) | | 34,261 | 273,511 |
| Obayashi Corp. | | 279,801 | 3,430,144 |
| OBIC Business Consultants Ltd. | | 13,609 | 601,600 |
| OBIC Co. Ltd. | | 137,975 | 4,508,669 |
| Odakyu Electric Railway Co. Ltd. | | 134,948 | 1,415,860 |
| Ogaki Kyoritsu Bank Ltd. | | 32,253 | 384,716 |
| Ohsho Food Service Corp. | | 16,916 | 332,286 |
| Oji Holdings Corp. | | 362,249 | 1,347,061 |
| Okamura Corp. | | 27,314 | 343,266 |
| Okasan Securities Group, Inc. | | 71,930 | 285,615 |
| Oki Electric Industry Co. Ltd. | | 42,505 | 277,855 |
| Okinawa Cellular Telephone Co. | | 11,434 | 325,278 |
| Okuma Corp. | | 20,750 | 419,482 |
| Okumura Corp. | | 13,903 | 390,395 |
| Olympus Corp. | | 504,029 | 8,872,066 |
| OMRON Corp. | | 74,273 | 2,932,396 |
| One (REIT), Inc. | | 149 | 228,858 |
| Ono Pharmaceutical Co. Ltd. | | 157,590 | 1,968,330 |
| Open House Group Co. Ltd. | | 33,860 | 1,248,125 |
| Open Up Group, Inc. | | 28,219 | 371,905 |
| Optex Group Co. Ltd. | | 22,940 | 243,994 |
| Oracle Corp. Japan | | 16,148 | 1,544,768 |
| Organo Corp. | | 11,451 | 535,054 |
| Oriental Land Co. Ltd. | | 463,423 | 11,199,616 |
| ORIX Corp. | | 492,944 | 10,386,272 |
| ORIX JREIT, Inc. | | 1,077 | 1,111,768 |
| Osaka Gas Co. Ltd. | | 157,025 | 3,364,836 |
| Osaka Soda Co. Ltd. | | 33,475 | 351,596 |
| OSAKA Titanium technologies Co. Ltd. | | 14,657 | 205,491 |
| OSG Corp. | | 35,885 | 423,552 |
| Otsuka Corp. | | 98,195 | 2,203,836 |
| Otsuka Holdings Co. Ltd. | | 178,361 | 10,774,925 |
| Pal Group Holdings Co. Ltd. | | 18,484 | 371,813 |
| PALTAC Corp. | | 13,201 | 356,237 |
| Pan Pacific International Holdings Ltd. | | 164,683 | 4,085,506 |
| Panasonic Holdings Corp. | | 989,779 | 8,145,920 |
| Paramount Bed Holdings Co. Ltd. | | 19,286 | 333,284 |
| Park24 Co. Ltd. (a) | | 59,064 | 734,097 |
| Penta-Ocean Construction Co. Ltd. | | 119,856 | 497,853 |
| PeptiDream, Inc. (a) | | 43,273 | 794,332 |
| Persol Holdings Co. Ltd. | | 797,642 | 1,339,667 |
| Pigeon Corp. | | 58,151 | 630,714 |
| PILLAR Corp. | | 8,815 | 246,804 |
| Pilot Corp. | | 14,094 | 438,083 |
| Pola Orbis Holdings, Inc. | | 48,271 | 475,072 |
| Prestige International, Inc. | | 65,766 | 293,994 |
| Raito Kogyo Co. Ltd. | | 23,467 | 342,386 |
| Rakus Co. Ltd. | | 39,139 | 523,339 |
| Rakuten Bank Ltd. (a) | | 41,986 | 851,246 |
| Rakuten Group, Inc. (a) | | 635,110 | 3,790,690 |
| Recruit Holdings Co. Ltd. | | 632,135 | 38,599,762 |
| Relo Group, Inc. | | 44,314 | 539,052 |
| Renesas Electronics Corp. | | 718,922 | 9,632,348 |
| Rengo Co. Ltd. | | 85,920 | 520,413 |
| Resona Holdings, Inc. | | 896,833 | 5,917,094 |
| Resonac Holdings Corp. | | 75,042 | 1,784,903 |
| Resorttrust, Inc. | | 36,799 | 668,647 |
| Ricoh Co. Ltd. | | 234,013 | 2,534,988 |
| Ricoh Leasing Co. Ltd. | | 8,044 | 258,849 |
| Riken Keiki Co. Ltd. | | 14,301 | 405,174 |
| Rinnai Corp. | | 42,359 | 927,957 |
| ROHM Co. Ltd. | | 145,070 | 1,599,373 |
| Rohto Pharmaceutical Co. Ltd. | | 82,208 | 1,848,641 |
| Rorze Corp. | | 45,610 | 664,744 |
| Round One Corp. | | 84,421 | 534,300 |
| Royal Holdings Co. Ltd. (b) | | 18,386 | 298,912 |
| Ryohin Keikaku Co. Ltd. | | 106,167 | 1,737,412 |
| Ryoyo Ryosan Holdings, Inc. | | 12,225 | 204,475 |
| Saizeriya Co. Ltd. | | 14,661 | 541,174 |
| Sakata INX Corp. | | 24,621 | 247,514 |
| Sakata Seed Corp. | | 19,496 | 452,087 |
| Sakura Internet, Inc. (b) | | 10,700 | 323,508 |
| Samty Holdings Co. Ltd. | | 16,657 | 358,131 |
| San-A Co. Ltd. | | 20,534 | 384,635 |
| San-Ai Obbli Co. Ltd. | | 24,152 | 294,870 |
| Sangetsu Corp. | | 21,805 | 399,210 |
| Sanken Electric Co. Ltd. | | 9,889 | 388,749 |
| Sanki Engineering Co. Ltd. | | 19,840 | 310,997 |
| Sankyo Co. Ltd. (Gunma) | | 83,417 | 1,107,974 |
| Sankyu, Inc. | | 22,427 | 778,993 |
| Sanrio Co. Ltd. | | 65,245 | 1,770,027 |
| Sansan, Inc. (a) | | 30,453 | 442,984 |
| Santen Pharmaceutical Co. Ltd. | | 140,659 | 1,682,121 |
| Sanwa Holdings Corp. | | 78,559 | 1,990,219 |
| Sapporo Holdings Ltd. | | 27,203 | 1,305,731 |
| Sawai Group Holdings Co. Ltd. | | 52,163 | 698,755 |
| SBI Holdings, Inc. Japan | | 120,879 | 2,654,396 |
| SBI Sumishin Net Bank Ltd. | | 23,554 | 412,595 |
| Screen Holdings Co. Ltd. | | 34,245 | 2,186,225 |
| SCSK Corp. | | 68,125 | 1,271,192 |
| Secom Co. Ltd. | | 177,386 | 6,308,362 |
| Sega Sammy Holdings, Inc. | | 67,930 | 1,278,384 |
| Seibu Holdings, Inc. | | 96,632 | 2,157,659 |
| Seiko Epson Corp. | | 125,326 | 2,277,884 |
| Seiko Group Corp. | | 13,029 | 328,409 |
| Seino Holdings Co. Ltd. | | 49,562 | 799,320 |
| Seiren Co. Ltd. | | 21,987 | 369,970 |
| Sekisui Chemical Co. Ltd. | | 166,035 | 2,343,236 |
| Sekisui House (REIT), Inc. | | 1,715 | 815,471 |
| Sekisui House Ltd. | | 256,164 | 6,186,763 |
| Sekisui Jushi Corp. | | 14,265 | 211,576 |
| SENKO Co. Ltd. | | 55,102 | 518,031 |
| Senshu Electric Co. Ltd. | | 6,546 | 217,671 |
| Senshu Ikeda Holdings, Inc. | | 117,055 | 259,535 |
| Seria Co. Ltd. | | 20,240 | 422,851 |
| Seven & i Holdings Co. Ltd. | | 944,982 | 13,607,687 |
| Seven Bank Ltd. | | 283,020 | 597,335 |
| SG Holdings Co. Ltd. | | 136,782 | 1,371,698 |
| Sharp Corp. (a)(b) | | 114,755 | 698,599 |
| Shibaura Machine Co. Ltd. | | 12,431 | 302,601 |
| Shibaura Mechatronics Corp. | | 5,875 | 404,795 |
| SHIFT, Inc. (a) | | 5,475 | 550,220 |
| Shiga Bank Ltd. | | 17,504 | 375,825 |
| Shikoku Electric Power Co., Inc. | | 73,697 | 659,557 |
| Shimadzu Corp. | | 101,974 | 3,008,014 |
| Shimamura Co. Ltd. | | 18,780 | 966,719 |
| SHIMANO, Inc. | | 32,759 | 4,812,615 |
| SHIMIZU Corp. | | 221,983 | 1,470,620 |
| Shin-Etsu Chemical Co. Ltd. | | 767,339 | 28,118,343 |
| Shinko Electric Industries Co. Ltd. | | 27,575 | 986,121 |
| Shinmaywa Industries Ltd. | | 34,420 | 305,233 |
| Shionogi & Co. Ltd. | | 323,107 | 4,614,857 |
| Ship Healthcare Holdings, Inc. | | 37,103 | 564,199 |
| Shiseido Co. Ltd. | | 169,625 | 3,661,342 |
| Shizuoka Financial Group | | 187,611 | 1,497,049 |
| SHO-BOND Holdings Co. Ltd. | | 18,113 | 637,189 |
| Shochiku Co. Ltd. | | 4,499 | 325,348 |
| Shoei Co. Ltd. | | 23,063 | 353,922 |
| Showa Sangyo Co. Ltd. | | 12,040 | 228,211 |
| Simplex Holdings, Inc. | | 18,591 | 301,494 |
| Sinfonia Technology Co. Ltd. | | 9,182 | 310,058 |
| Sinko Industries Ltd. | | 12,412 | 354,670 |
| SKY Perfect JSAT Holdings, Inc. | | 78,590 | 448,856 |
| Skylark Holdings Co. Ltd. | | 97,465 | 1,509,564 |
| SMC Corp. | | 24,439 | 10,375,493 |
| SMS Co., Ltd. | | 32,978 | 369,699 |
| Socionext, Inc. | | 76,127 | 1,417,267 |
| SoftBank Corp. | | 12,082,440 | 15,210,624 |
| SoftBank Group Corp. | | 438,895 | 26,166,258 |
| Sohgo Security Services Co., Ltd. | | 152,764 | 1,062,126 |
| Sojitz Corp. | | 95,946 | 1,960,822 |
| Sompo Holdings, Inc. | | 402,227 | 8,623,379 |
| Sony Group Corp. | | 2,657,015 | 46,756,866 |
| SOSiLA Logistics REIT, Inc. | | 366 | 264,025 |
| Sotetsu Holdings, Inc. | | 42,757 | 670,824 |
| Square Enix Holdings Co. Ltd. | | 33,825 | 1,321,090 |
| Stanley Electric Co. Ltd. | | 56,812 | 971,669 |
| Star Asia Investment Corp. | | 1,158 | 386,861 |
| Star Micronics Co. Ltd. | | 20,827 | 266,777 |
| Starts Corp., Inc. | | 15,070 | 347,147 |
| Subaru Corp. | | 260,728 | 4,656,402 |
| Sugi Holdings Co. Ltd. | | 45,407 | 775,243 |
| Sumco Corp. | | 148,059 | 1,415,655 |
| Sumitomo Bakelite Co. Ltd. | | 29,748 | 776,857 |
| Sumitomo Chemical Co. Ltd. | | 634,161 | 1,693,045 |
| Sumitomo Corp. | | 443,646 | 9,359,340 |
| Sumitomo Dainippon Pharma Co., Ltd. (a) | | 88,900 | 304,961 |
| Sumitomo Electric Industries Ltd. | | 301,593 | 4,639,274 |
| Sumitomo Forestry Co. Ltd. | | 65,883 | 2,538,068 |
| Sumitomo Heavy Industries Ltd. | | 48,116 | 1,072,167 |
| Sumitomo Metal Mining Co. Ltd. | | 107,899 | 2,983,255 |
| Sumitomo Mitsui Financial Group, Inc. | | 1,600,191 | 33,947,319 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 280,144 | 6,143,648 |
| Sumitomo Osaka Cement Co. Ltd. | | 16,164 | 398,302 |
| Sumitomo Realty & Development Co. Ltd. | | 120,030 | 3,560,539 |
| Sumitomo Rubber Industries Ltd. | | 78,678 | 806,343 |
| Sun Corp. | | 6,200 | 324,468 |
| Sundrug Co. Ltd. | | 30,953 | 765,587 |
| Suntory Beverage & Food Ltd. | | 58,523 | 1,974,239 |
| Suruga Bank Ltd. | | 67,737 | 482,442 |
| Suzuken Co. Ltd. | | 26,310 | 860,178 |
| Suzuki Motor Corp. | | 673,311 | 6,681,491 |
| SWCC Showa Holdings Co. Ltd. | | 12,607 | 442,118 |
| Sysmex Corp. | | 218,926 | 4,061,827 |
| Systena Corp. | | 138,284 | 328,435 |
| T Hasegawa Co. Ltd. | | 17,004 | 368,988 |
| T&D Holdings, Inc. | | 212,343 | 3,389,471 |
| T-Gaia Corp. | | 8,800 | 152,974 |
| Tadano Ltd. | | 50,318 | 320,314 |
| Taiheiyo Cement Corp. | | 49,441 | 1,077,087 |
| Taikisha Ltd. | | 11,660 | 370,908 |
| Taisei Corp. | | 72,763 | 3,064,159 |
| Taiyo Holdings Co. Ltd. | | 18,775 | 495,625 |
| Taiyo Yuden Co. Ltd. | | 52,946 | 926,013 |
| Takara Holdings, Inc. | | 70,979 | 557,922 |
| Takara Leben Real Estate Investment Corp. | | 401 | 223,432 |
| Takara Standard Co. Ltd. | | 30,809 | 334,602 |
| Takasago Thermal Engineering Co. Ltd. | | 18,399 | 590,042 |
| Takashimaya Co. Ltd. | | 120,646 | 955,223 |
| Takeda Pharmaceutical Co. Ltd. | | 674,100 | 18,808,209 |
| Takeuchi Manufacturing Co. Ltd. | | 15,659 | 487,991 |
| Takuma Co. Ltd. | | 30,822 | 321,597 |
| Tama Home Co. Ltd. | | 8,206 | 206,912 |
| Tamron Co. Ltd. | | 16,421 | 462,108 |
| Tbs Holdings, Inc. | | 14,785 | 363,841 |
| TDK Corp. | | 832,735 | 9,789,047 |
| Techmatrix Corp. | | 19,853 | 288,163 |
| TechnoPro Holdings, Inc. | | 47,463 | 847,138 |
| Teijin Ltd. | | 79,045 | 707,791 |
| Terumo Corp. | | 574,593 | 10,943,298 |
| The Awa Bank Ltd. | | 16,728 | 266,495 |
| The Hachijuni Bank Ltd. | | 156,227 | 857,333 |
| The Hyakugo Bank Ltd. | | 100,585 | 362,011 |
| The Keiyo Bank Ltd. | | 51,205 | 229,482 |
| The Kiyo Bank Ltd. | | 30,980 | 362,843 |
| The Monogatari Corp. | | 14,301 | 336,332 |
| The Musashino Bank Ltd. | | 14,463 | 252,267 |
| The Nanto Bank Ltd. | | 13,596 | 265,438 |
| The San-In Godo Bank Ltd. | | 64,706 | 519,343 |
| The Sumitomo Warehouse Co. Ltd. | | 22,520 | 394,047 |
| The Toho Bank Ltd. | | 111,145 | 190,672 |
| THK Co. Ltd. | | 51,306 | 847,034 |
| TIS, Inc. | | 93,019 | 2,319,565 |
| TKC Corp. | | 12,809 | 332,165 |
| Toagosei Co. Ltd. | | 43,870 | 447,582 |
| Tobu Railway Co. Ltd. | | 83,375 | 1,349,204 |
| Tocalo Co. Ltd. | | 28,437 | 330,794 |
| Toda Corp. | | 98,046 | 593,438 |
| Toei Animation Co. Ltd. | | 28,933 | 657,130 |
| Toei Co. Ltd. | | 15,939 | 510,491 |
| Toho Co. Ltd. | | 47,359 | 1,808,554 |
| Toho Gas Co. Ltd. | | 30,998 | 775,221 |
| Toho Holdings Co. Ltd. (b) | | 21,707 | 646,125 |
| Tohoku Electric Power Co., Inc. | | 191,991 | 1,883,219 |
| Tokai Carbon Co. Ltd. | | 93,264 | 526,424 |
| TOKAI Holdings Corp. | | 50,099 | 307,309 |
| Tokai Rika Co. Ltd. | | 25,032 | 353,914 |
| Tokai Tokyo Financial Holdings | | 112,906 | 345,717 |
| Tokio Marine Holdings, Inc. | | 801,116 | 28,853,126 |
| Tokuyama Corp. | | 29,785 | 521,474 |
| Tokyo Century Corp. | | 65,813 | 669,565 |
| Tokyo Electric Power Co., Inc. (a) | | 641,316 | 2,589,966 |
| Tokyo Electron Device Ltd. | | 9,404 | 208,119 |
| Tokyo Electron Ltd. | | 191,009 | 28,107,558 |
| Tokyo Gas Co. Ltd. | | 150,425 | 3,711,419 |
| Tokyo Ohka Kogyo Co. Ltd. | | 41,591 | 957,206 |
| Tokyo Seimitsu Co. Ltd. | | 17,319 | 931,923 |
| Tokyo Steel Manufacturing Co. Ltd. | | 25,255 | 251,082 |
| Tokyo Tatemono Co. Ltd. | | 80,543 | 1,315,251 |
| Tokyo TY Financial Group, Inc. | | 12,331 | 331,696 |
| Tokyotokeiba Co. Ltd. | | 9,606 | 261,732 |
| Tokyu Construction Co. Ltd. | | 52,574 | 237,616 |
| Tokyu Corp. | | 213,353 | 2,630,303 |
| Tokyu Fudosan Holdings Corp. | | 244,401 | 1,525,162 |
| Tokyu REIT, Inc. | | 413 | 419,245 |
| TOMONY Holdings, Inc. | | 107,161 | 277,471 |
| Tomy Co. Ltd. | | 38,288 | 1,010,757 |
| Topcon Corp. | | 46,155 | 468,555 |
| Toppan Holdings, Inc. | | 103,871 | 3,038,357 |
| Topre Corp. | | 20,364 | 234,576 |
| Toray Industries, Inc. | | 603,905 | 3,284,079 |
| TORIDOLL Holdings Corp. (b) | | 21,960 | 564,489 |
| Toshiba Tec Corp. | | 16,368 | 372,234 |
| Tosoh Corp. | | 113,604 | 1,411,598 |
| Totetsu Kogyo Co. Ltd. | | 13,405 | 288,771 |
| Toto Ltd. | | 61,868 | 1,726,106 |
| Towa Corp. | | 28,024 | 358,813 |
| Towa Pharmaceutical Co. Ltd. | | 14,023 | 287,381 |
| Toyo Construction Co. Ltd. | | 27,325 | 233,791 |
| Toyo Seikan Group Holdings Ltd. | | 54,102 | 807,637 |
| Toyo Suisan Kaisha Ltd. | | 37,507 | 2,203,303 |
| Toyo Tanso Co. Ltd. | | 6,670 | 229,118 |
| Toyo Tire Corp. | | 49,510 | 702,441 |
| Toyobo Co. Ltd. | | 49,937 | 318,355 |
| Toyoda Gosei Co. Ltd. | | 31,264 | 531,185 |
| Toyota Boshoku Corp. | | 38,488 | 513,785 |
| Toyota Industries Corp. | | 62,457 | 4,329,647 |
| Toyota Motor Corp. | | 4,368,285 | 75,267,282 |
| Toyota Tsusho Corp. | | 274,799 | 4,671,230 |
| Transcosmos, Inc. | | 12,214 | 266,617 |
| TRE Holdings Corp. | | 22,800 | 267,406 |
| Trend Micro, Inc. | | 54,345 | 2,843,461 |
| Tri Chemical Laboratories, Inc. | | 12,240 | 243,527 |
| Trial Holdings, Inc. (b) | | 17,700 | 330,132 |
| Trusco Nakayama Corp. | | 23,258 | 343,558 |
| TS tech Co. Ltd. | | 40,482 | 457,771 |
| Tsubakimoto Chain Co. | | 34,947 | 440,020 |
| Tsumura & Co. | | 25,636 | 837,894 |
| Tsuruha Holdings, Inc. | | 16,543 | 925,345 |
| Tsurumi Manufacturing Co. Ltd. | | 8,800 | 245,717 |
| U-Next Holdings Co. Ltd. | | 9,673 | 308,565 |
| Uacj Corp. | | 16,150 | 531,573 |
| Ube Corp. | | 44,316 | 728,932 |
| Ulvac, Inc. | | 19,437 | 908,824 |
| Unicharm Corp. | | 170,693 | 5,503,992 |
| United Urban Investment Corp. | | 1,305 | 1,170,312 |
| Ushio, Inc. | | 46,785 | 644,043 |
| USS Co. Ltd. | | 173,339 | 1,451,675 |
| UT Group Co. Ltd. | | 13,896 | 235,781 |
| Valor Holdings Co. Ltd. | | 19,058 | 262,592 |
| Visional, Inc. (a) | | 11,045 | 591,008 |
| Wacoal Holdings Corp. | | 18,108 | 563,763 |
| Wacom Co. Ltd. | | 65,762 | 303,152 |
| Welcia Holdings Co. Ltd. | | 41,984 | 524,123 |
| West Holdings Corp. | | 11,577 | 172,273 |
| West Japan Railway Co. | | 191,741 | 3,407,953 |
| Workman Co. Ltd. (b) | | 9,478 | 241,928 |
| Yakult Honsha Co. Ltd. | | 109,136 | 2,371,646 |
| Yamada Holdings Co. Ltd. | | 228,234 | 655,373 |
| Yamaguchi Financial Group, Inc. | | 77,398 | 757,867 |
| Yamaha Corp. | | 165,756 | 1,338,524 |
| Yamaha Motor Co. Ltd. | | 366,334 | 3,202,133 |
| Yamato Holdings Co. Ltd. | | 113,683 | 1,205,745 |
| Yamato Kogyo Co. Ltd. | | 16,730 | 799,102 |
| Yamazaki Baking Co. Ltd. | | 51,866 | 1,053,327 |
| Yamazen Co. Ltd. | | 33,514 | 291,115 |
| Yaoko Co. Ltd. | | 9,204 | 559,491 |
| Yaskawa Electric Corp. | | 101,172 | 2,899,539 |
| Yellow Hat Ltd. | | 19,755 | 321,983 |
| Yodogawa Steel Works Ltd. | | 8,500 | 300,395 |
| Yokogawa Bridge Holdings Corp. | | 18,204 | 332,196 |
| Yokogawa Electric Corp. | | 100,292 | 2,223,655 |
| Yokohama Rubber Co. Ltd. | | 51,379 | 1,053,175 |
| YONEX Co. Ltd. | | 28,929 | 361,992 |
| Yoshinoya Holdings Co. Ltd. (b) | | 28,053 | 571,308 |
| Yuasa Trading Co. Ltd. | | 8,695 | 264,351 |
| Zenkoku Hosho Co. Ltd. | | 21,816 | 788,293 |
| Zensho Holdings Co. Ltd. | | 40,904 | 2,052,116 |
| Zeon Corp. | | 67,521 | 628,658 |
| Zojirushi Thermos | | 30,000 | 313,864 |
| ZOZO, Inc. | | 57,043 | 1,849,646 |
TOTAL JAPAN | | | 1,989,922,719 |
| Jordan - 0.0% | | | |
| Hikma Pharmaceuticals PLC | | 75,093 | 1,796,172 |
| Korea (South) - 2.9% | | | |
| ABL Bio, Inc. (a) | | 16,385 | 443,091 |
| Advanced Nano Products Co. Ltd. | | 4,862 | 304,176 |
| Alteogen, Inc. (a) | | 17,200 | 4,672,041 |
| AMOREPACIFIC Corp. | | 12,671 | 1,073,016 |
| AMOREPACIFIC Group, Inc. | | 16,407 | 265,260 |
| Apr Corp. | | 7,215 | 259,522 |
| BGF Retail Co. Ltd. | | 4,350 | 365,157 |
| BH Co. Ltd. | | 12,319 | 147,724 |
| Bioneer Corp. (a) | | 12,145 | 209,400 |
| BNK Financial Group, Inc. | | 115,924 | 793,079 |
| Celltrion Pharm, Inc. | | 8,829 | 396,149 |
| Celltrion, Inc. | | 65,883 | 8,690,923 |
| CHA Biotech Co. Ltd. (a) | | 22,878 | 285,256 |
| Cheil Worldwide, Inc. | | 37,254 | 498,467 |
| Cheryong Electric Co. Ltd. | | 5,110 | 193,618 |
| Chong Kun Dang Pharmaceutical Corp. | | 4,133 | 307,336 |
| CJ CheilJedang Corp. | | 3,665 | 727,521 |
| CJ Corp. | | 5,850 | 435,117 |
| CJ ENM Co. Ltd. (a) | | 4,945 | 225,457 |
| CJ Logistics Corp. | | 4,797 | 305,130 |
| Classys, Inc. | | 8,946 | 327,498 |
| Cosmax, Inc. | | 4,121 | 450,143 |
| Cosmo AM&T Co. Ltd. (a) | | 10,693 | 795,963 |
| Cosmochemical Co. Ltd. (a) | | 14,895 | 229,725 |
| Coway Co. Ltd. | | 24,240 | 1,111,081 |
| Creative & Innovative System (a) | | 29,387 | 185,893 |
| CS Wind Corp. | | 11,000 | 464,581 |
| Daeduck Electronics Co. Ltd. | | 19,814 | 244,314 |
| Daejoo Electronic Materials Co. Ltd. (a) | | 4,915 | 382,292 |
| Daewoo Engineering & Construction Co. Ltd. (a) | | 112,703 | 288,318 |
| Daewoong Pharmaceutical Co. Ltd. | | 3,222 | 370,874 |
| DB HiTek Co. Ltd. | | 14,977 | 418,201 |
| Db Insurance Co. Ltd. | | 19,646 | 1,553,552 |
| Delivery Hero AG (a)(d) | | 79,082 | 3,357,199 |
| Dentium Co. Ltd. | | 4,109 | 234,045 |
| DGB Financial Group Co. Ltd. | | 77,311 | 457,670 |
| DL E&C Co. Ltd. | | 16,005 | 359,117 |
| DL Holdings Co. Ltd. | | 6,075 | 180,394 |
| Dongjin Semichem Co. Ltd. | | 18,384 | 355,544 |
| Dongsuh Co., Inc. | | 24,439 | 471,598 |
| Doosan Bobcat, Inc. | | 24,038 | 649,349 |
| Doosan Co. Ltd. | | 3,354 | 481,493 |
| Doosan Fuel Cell Co. Ltd. (a)(b) | | 20,764 | 261,047 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 191,015 | 2,753,484 |
| Douzone Bizon Co. Ltd. | | 8,229 | 352,013 |
| E-Mart, Inc. | | 9,797 | 462,604 |
| Ecopro BM Co. Ltd. (a)(b) | | 20,785 | 2,544,811 |
| Ecopro Co. Ltd. (a) | | 42,557 | 2,420,412 |
| Ecopro HN Co. Ltd. | | 6,207 | 209,106 |
| Ecopro HN Co. Ltd. rights 12/5/24 (a) | | 1,846 | 6,777 |
| Ecopro Materials Co. Ltd. | | 8,658 | 696,927 |
| Enchem Co. Ltd. (a) | | 5,881 | 736,184 |
| EO Technics Co. Ltd. | | 3,858 | 469,392 |
| ESR Kendall Square Co. Ltd. (REIT) | | 104,722 | 379,410 |
| Eugene Technology Co. Ltd. | | 7,338 | 196,603 |
| F&F Co. Ltd. | | 7,433 | 335,872 |
| Fila Holdings Corp. | | 19,250 | 557,408 |
| Green Cross Corp. | | 4,252 | 500,026 |
| GS Engineering & Construction Corp. (a) | | 31,837 | 410,095 |
| GS Holdings Corp. | | 19,968 | 596,717 |
| GS Retail Co. Ltd. | | 27,129 | 426,146 |
| Hana Financial Group, Inc. | | 126,530 | 5,476,953 |
| Hana Micron, Inc. | | 26,282 | 212,662 |
| Hana Tour Service, Inc. | | 7,429 | 264,440 |
| HanAll BioPharma Co. Ltd. (a) | | 15,761 | 501,285 |
| Hanjin Kal Corp. | | 11,284 | 690,975 |
| Hankook Tire Co. Ltd. | | 32,178 | 822,212 |
| Hanmi Pharm Co. Ltd. | | 3,259 | 754,761 |
| Hanmi Science Co. Ltd. | | 10,885 | 375,607 |
| Hanmi Semiconductor Co. Ltd. | | 18,627 | 1,215,799 |
| Hanon Systems | | 80,849 | 231,613 |
| Hansol Chemical Co. Ltd. | | 4,419 | 401,946 |
| Hanwha Aerospace Co. Ltd. | | 13,788 | 3,660,161 |
| Hanwha Corp. | | 21,505 | 436,269 |
| Hanwha Engine (a) | | 26,617 | 274,029 |
| Hanwha Industrial Solutions Co. Ltd. | | 14,771 | 449,249 |
| Hanwha Life Insurance Co. Ltd. | | 156,447 | 334,882 |
| Hanwha Ocean Co. Ltd. (a) | | 39,826 | 769,056 |
| Hanwha Solutions Corp. | | 47,903 | 738,025 |
| Hanwha Systems Co. Ltd. | | 34,037 | 448,606 |
| HD Hyundai Co. Ltd. | | 19,093 | 1,105,250 |
| HD Hyundai Construction Equipment Co. Ltd. | | 5,443 | 202,719 |
| HD Hyundai Electric Co. Ltd. | | 9,992 | 2,346,323 |
| HD Hyundai Heavy Industries Co. Ltd. (a) | | 9,438 | 1,246,803 |
| HD Hyundai Infracore Co. Ltd. | | 67,887 | 325,977 |
| Hd Hyundai Mipo (a) | | 11,180 | 887,211 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | | 18,055 | 2,396,697 |
| HDC Hyundai Development Co. | | 17,474 | 251,301 |
| Hite Jinro Co. Ltd. | | 19,349 | 297,647 |
| HK inno.N Corp. | | 9,927 | 356,159 |
| HL Mando Co. Ltd. | | 14,969 | 392,305 |
| HLB Life Science Co. Ltd. (a) | | 44,596 | 285,057 |
| Hlb Pharma Ceutical Co. Ltd. (a) | | 12,306 | 173,320 |
| HLB Therapeutics Co. Ltd. | | 34,372 | 229,779 |
| HLB, Inc. (a) | | 49,804 | 2,370,626 |
| HMM Co. Ltd. | | 117,583 | 1,457,434 |
| Hotel Shilla Co. | | 18,000 | 579,942 |
| HPSP Co. Ltd. | | 20,747 | 454,847 |
| Hs Hyosung Advanced Materials | | 1,441 | 277,338 |
| HUGEL, Inc. (a) | | 2,837 | 559,868 |
| HYBE Co. Ltd. | | 10,863 | 1,459,890 |
| Hyosung Heavy Industries Co. Ltd. | | 2,039 | 588,334 |
| Hyosung TNC Co. Ltd. | | 1,293 | 288,676 |
| Hyundai Bioscience Co. Ltd. (a) | | 20,549 | 258,130 |
| Hyundai Department Store Co. Ltd. | | 8,375 | 285,657 |
| Hyundai Elevator Co. Ltd. (b) | | 10,808 | 370,667 |
| Hyundai Engineering & Construction Co. Ltd. | | 35,945 | 726,310 |
| Hyundai Glovis Co. Ltd. | | 16,397 | 1,447,371 |
| Hyundai Marine & Fire Insurance Co. Ltd. | | 26,521 | 583,823 |
| Hyundai Mobis | | 25,997 | 4,687,818 |
| Hyundai Motor Co. Ltd. | | 54,029 | 8,349,370 |
| Hyundai Rotem Co. Ltd. | | 32,773 | 1,475,535 |
| Hyundai Steel Co. | | 40,686 | 746,139 |
| Hyundai Wia Corp. | | 10,232 | 308,332 |
| Iljin Electric Co. Ltd. | | 10,866 | 194,546 |
| Industrial Bank of Korea | | 135,439 | 1,384,052 |
| ISC Co. Ltd. | | 5,783 | 268,869 |
| Isu Specialty Chemical Co. Ltd. (a) | | 8,774 | 256,302 |
| Isupetasys Co. Ltd. | | 21,028 | 537,454 |
| JB Financial Group Co. Ltd. | | 52,848 | 687,847 |
| Jeju Semiconductor Corp. (a) | | 17,829 | 153,255 |
| Joongang Advanced Materials Co. Ltd. | | 30,156 | 249,240 |
| JR Global (REIT) | | 111,678 | 252,556 |
| Jusung Engineering Co. Ltd. | | 15,301 | 337,529 |
| JYP Entertainment Corp. | | 13,216 | 466,378 |
| Kakao Corp. | | 137,387 | 3,668,621 |
| Kakao Games Corp. (a) | | 22,634 | 290,298 |
| KakaoBank Corp. | | 74,020 | 1,157,776 |
| Kangwon Land, Inc. | | 46,651 | 603,711 |
| KB Financial Group, Inc. | | 164,480 | 10,737,570 |
| KCC Corp. | | 2,044 | 388,713 |
| KEPCO E&C | | 7,536 | 373,523 |
| KEPCO Plant Service & Engineering Co. Ltd. | | 13,001 | 421,439 |
| Kia Corp. | | 103,082 | 6,839,031 |
| Kiwoom Securities Co. Ltd. | | 6,378 | 619,702 |
| Koh Young Technology, Inc. | | 33,146 | 261,346 |
| Kolmar Korea Co. Ltd. | | 7,782 | 396,987 |
| Kolon Industries, Inc. | | 12,018 | 282,645 |
| Korea Aerospace Industries Ltd. | | 31,887 | 1,349,257 |
| Korea Electric Power Corp. (a) | | 108,901 | 1,826,638 |
| Korea Gas Corp. (a) | | 12,421 | 352,441 |
| Korea Investment Holdings Co. Ltd. | | 18,694 | 1,040,896 |
| Korea Zinc Co. Ltd. | | 2,205 | 1,594,096 |
| Korean Air Lines Co. Ltd. | | 79,475 | 1,376,379 |
| Korean Reinsurance Co. | | 60,530 | 414,118 |
| KRAFTON, Inc. (a) | | 12,189 | 2,923,569 |
| KT Corp. | | 16,287 | 521,014 |
| KT&G Corp. | | 44,545 | 3,549,986 |
| Kum Yang Co. Ltd. (a) | | 16,840 | 503,070 |
| Kumho Petro Chemical Co. Ltd. | | 7,395 | 763,993 |
| Kumho Tire Co., Inc. (a) | | 55,158 | 177,392 |
| L&F Co. Ltd. (a) | | 11,284 | 958,964 |
| Lake Materials Co. Ltd. (a) | | 19,152 | 204,193 |
| Leeno Industrial, Inc. | | 4,513 | 589,949 |
| LG Chemical Ltd. | | 19,434 | 4,383,936 |
| LG Corp. | | 40,107 | 2,198,852 |
| LG Display Co. Ltd. (a) | | 137,108 | 1,050,682 |
| LG Electronics, Inc. | | 45,299 | 2,926,727 |
| LG Energy Solution (a) | | 20,107 | 5,920,133 |
| LG H & H Co. Ltd. | | 4,275 | 1,026,776 |
| LG Innotek Co. Ltd. | | 6,157 | 784,132 |
| LG Uplus Corp. | | 103,484 | 752,482 |
| LIG Nex1 Co. Ltd. | | 5,258 | 938,907 |
| LigaChem Biosciences, Inc. (a) | | 11,176 | 1,040,844 |
| Lotte Chemical Corp. | | 8,607 | 593,581 |
| Lotte Confectionery Co. Ltd. | | 17,395 | 301,850 |
| Lotte Energy Materials Corp. | | 10,738 | 292,395 |
| Lotte Fine Chemical Co. Ltd. | | 9,170 | 307,966 |
| Lotte Shopping Co. Ltd. | | 7,093 | 339,074 |
| LS Corp. | | 7,668 | 577,954 |
| LS Electric Co. Ltd. | | 6,394 | 672,323 |
| LS Materials Ltd. | | 12,798 | 142,783 |
| Lunit, Inc. | | 10,525 | 301,109 |
| LX International Corp. | | 14,012 | 308,702 |
| Lx Semicon Co. Ltd. | | 5,919 | 262,340 |
| Medytox, Inc. | | 2,789 | 346,237 |
| Meritz Financial Holdings Co. | | 40,681 | 3,020,637 |
| Mezzion Pharma Co. Ltd. (a) | | 12,752 | 329,978 |
| Mirae Asset Securities Co. Ltd. | | 110,659 | 723,857 |
| Naturecell Co. Ltd. (a) | | 30,111 | 476,405 |
| NAVER Corp. | | 56,274 | 6,906,081 |
| NCSOFT Corp. | | 6,344 | 999,219 |
| Netmarble Corp. (a)(d) | | 15,089 | 632,779 |
| NEXTIN, Inc. | | 5,523 | 257,214 |
| NH Investment & Securities Co. Ltd. | | 66,160 | 639,168 |
| NongShim Co. Ltd. | | 1,588 | 431,189 |
| Oci Holdings Co. Ltd. | | 7,368 | 366,257 |
| Orion Corp./Republic of Korea | | 11,067 | 800,222 |
| Oscotec, Inc. (a) | | 13,912 | 283,791 |
| Ottogi Corp. | | 992 | 303,221 |
| Pan Ocean Co., Ltd. (Korea) | | 135,352 | 348,025 |
| Paradise Co. Ltd. | | 33,667 | 257,868 |
| Park Systems Corp. | | 2,348 | 361,782 |
| Pearl Abyss Corp. (a) | | 16,188 | 452,991 |
| People & Technology, Inc. (a) | | 9,151 | 345,070 |
| Peptron, Inc. (a) | | 9,898 | 627,738 |
| Peptron, Inc. rights 11/14/24 (a) | | 1,087 | 25,714 |
| PharmaResearch Co. Ltd. | | 3,450 | 562,094 |
| Poongsan Corp. | | 7,865 | 394,674 |
| POSCO | | 31,041 | 7,503,872 |
| POSCO Chemtech Co. Ltd. (b) | | 13,199 | 2,126,744 |
| POSCO ICT Co. Ltd. | | 24,557 | 481,325 |
| Posco International Corp. | | 22,735 | 855,944 |
| PSK, Inc. | | 12,983 | 192,412 |
| Rainbow Robotics (a) | | 4,258 | 374,432 |
| S&S Tech Corp. | | 10,254 | 171,281 |
| S-Oil Corp. | | 20,058 | 834,748 |
| S.M. Entertainment Co. Ltd. | | 5,919 | 303,710 |
| S1 Corp. | | 8,992 | 421,962 |
| Sam Chun Dang Pharm Co. Ltd. (a) | | 6,150 | 598,394 |
| Samsung Biologics Co. Ltd. (a)(d) | | 7,644 | 5,546,557 |
| Samsung C&T Corp. | | 37,975 | 3,216,974 |
| Samsung E&A Co. Ltd. (a) | | 68,144 | 879,881 |
| Samsung Electro-Mechanics Co. Ltd. | | 23,967 | 2,044,469 |
| Samsung Electronics Co. Ltd. | | 2,036,694 | 86,763,281 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 13,440 | 3,269,076 |
| Samsung Heavy Industries Co. Ltd. (a) | | 282,615 | 1,955,806 |
| Samsung Life Insurance Co. Ltd. | | 34,057 | 2,500,265 |
| Samsung SDI Co. Ltd. | | 23,755 | 5,587,961 |
| Samsung SDS Co. Ltd. | | 18,338 | 1,897,446 |
| Samsung Securities Co. Ltd. | | 27,938 | 924,954 |
| Samyang Foods Co. Ltd. | | 1,808 | 676,301 |
| Sebang Global Battery Co. Ltd. | | 2,901 | 148,705 |
| Seegene, Inc. | | 17,664 | 307,496 |
| Seojin System Co. Ltd. (a)(b) | | 11,990 | 246,080 |
| SFA Engineering Corp. | | 13,178 | 200,825 |
| Shinhan Financial Group Co. Ltd. | | 186,462 | 6,968,495 |
| Shinsegae Co. Ltd. | | 3,884 | 432,845 |
| Shinsung Delta Tech Co. Ltd. | | 7,783 | 249,894 |
| Silicon2 Co. Ltd. (a) | | 15,678 | 428,132 |
| SIMMTECH Co. Ltd. | | 13,607 | 161,224 |
| SK Biopharmaceuticals Co. Ltd. (a) | | 13,843 | 1,179,599 |
| SK Bioscience Co. Ltd. (a) | | 13,884 | 543,813 |
| SK Chemicals Co. Ltd. | | 8,205 | 296,961 |
| SK Hynix, Inc. | | 233,355 | 30,649,453 |
| SK IE Technology Co. Ltd. (a)(d) | | 13,784 | 341,350 |
| SK Innovation Co., Ltd. (a) | | 27,015 | 2,290,275 |
| SK Square Co. Ltd. (a) | | 40,608 | 2,460,342 |
| SK Telecom Co. Ltd. | | 24,293 | 1,000,233 |
| SK, Inc. | | 15,465 | 1,660,342 |
| SKC Co. Ltd. (a) | | 8,163 | 883,752 |
| SOLUM Co. Ltd. (a) | | 22,352 | 309,607 |
| Solus Advanced Materials Co. Lt | | 18,412 | 166,080 |
| SOOP Co. Ltd. | | 3,801 | 264,174 |
| Soulbrain Co. Ltd. | | 2,013 | 294,277 |
| ST Pharm Co. Ltd. | | 5,169 | 374,167 |
| Studio Dragon Corp. (a) | | 8,543 | 252,500 |
| Synopex, Inc. | | 36,073 | 186,881 |
| Taihan Electric Wire Co. Ltd. (a) | | 36,907 | 312,609 |
| TCC Steel | | 8,570 | 269,030 |
| TechWing, Inc. | | 13,268 | 417,324 |
| Tokai Carbon Korea Co. Ltd. | | 4,042 | 248,485 |
| Voronoi, Inc. (a) | | 5,772 | 459,434 |
| VT Co. Ltd. (a) | | 10,292 | 251,869 |
| WeMade Entertainment Co. Ltd. (a) | | 10,225 | 285,737 |
| WONIK IPS Co. Ltd. (a) | | 14,167 | 281,834 |
| Woori Financial Group, Inc. | | 273,727 | 3,057,387 |
| Youngone Corp. | | 10,941 | 334,707 |
| Yuhan Corp. | | 23,975 | 2,401,112 |
TOTAL KOREA (SOUTH) | | | 387,848,432 |
| Kuwait - 0.2% | | | |
| Agility Global PLC | | 1,501,691 | 511,050 |
| Agility Public Warehousing Co. KSC | | 702,243 | 570,315 |
| Al Ahli Bank of Kuwait KSCP | | 531,472 | 487,096 |
| Ali Alghanim Sons Automotive Co. KSSC | | 68,707 | 235,298 |
| Boubyan Bank KSC | | 616,829 | 1,122,605 |
| Boubyan Petrochemicals Co. KSCP | | 193,523 | 422,898 |
| Boursa Kuwait Securities Co. KPSC | | 48,225 | 335,027 |
| Burgan Bank SAK | | 605,599 | 365,414 |
| Commercial Real Estate Co. | | 803,974 | 385,467 |
| Gulf Bank | | 811,315 | 830,897 |
| Gulf Cable & Electrical Industries Co. KSCP | | 55,466 | 300,305 |
| Human Soft Holding Co. KSCC | | 51,428 | 437,792 |
| Kuwait Finance House KSCP | | 4,218,184 | 9,919,474 |
| Kuwait International Bank | | 449,655 | 280,118 |
| Kuwait Projects Co. Holding KSCP (a) | | 961,107 | 314,413 |
| Kuwait Real Estate Co. | | 406,892 | 317,179 |
| Kuwait Telecommunications Co. | | 186,050 | 341,031 |
| Mabanee Co. SAKC | | 294,165 | 801,134 |
| Mobile Telecommunication Co. | | 818,713 | 1,217,655 |
| National Bank of Kuwait | | 3,297,794 | 9,142,612 |
| National Industries Group Holding SAK | | 859,911 | 675,925 |
| Salhia Real Estate Co. KSCP | | 217,026 | 305,082 |
| Warba Bank KSCP | | 636,891 | 396,759 |
TOTAL KUWAIT | | | 29,715,546 |
| Luxembourg - 0.1% | | | |
| Aperam SA | | 19,274 | 522,874 |
| ArcelorMittal SA (Netherlands) | | 197,873 | 4,881,561 |
| Eurofins Scientific SA | | 57,983 | 2,849,548 |
| Reinet Investments SCA | | 63,004 | 1,757,524 |
| SES SA (France) (depositary receipt) | | 153,800 | 613,642 |
TOTAL LUXEMBOURG | | | 10,625,149 |
| Macau - 0.1% | | | |
| Galaxy Entertainment Group Ltd. | | 923,747 | 4,111,209 |
| Sands China Ltd. (a) | | 1,052,143 | 2,676,945 |
| SJM Holdings Ltd. (a) | | 1,248,462 | 429,311 |
| Wynn Macau Ltd. | | 785,371 | 619,789 |
TOTAL MACAU | | | 7,837,254 |
| Malaysia - 0.5% | | | |
| Alliance Bank Malaysia Bhd | | 496,517 | 497,279 |
| AMMB Holdings Bhd | | 1,107,293 | 1,285,496 |
| Axiata Group Bhd | | 1,279,760 | 658,091 |
| Axis (REIT) | | 740,542 | 302,191 |
| Bermaz Auto Bhd | | 638,307 | 298,866 |
| Bursa Malaysia Bhd | | 331,748 | 683,567 |
| Carlsberg Brewery Bhd | | 87,804 | 387,047 |
| CelcomDigi Bhd | | 1,544,345 | 1,197,726 |
| Chin Hin Group Bhd | | 558,566 | 331,928 |
| CIMB Group Holdings Bhd | | 2,969,867 | 5,385,348 |
| CTOS Digital Bhd | | 964,672 | 253,739 |
| Dialog Group Bhd | | 1,513,758 | 714,028 |
| Fraser & Neave Holdings Bhd | | 68,188 | 480,678 |
| Frontken Corp. Bhd | | 694,287 | 602,481 |
| Gamuda Bhd | | 863,198 | 1,675,785 |
| Genting Bhd | | 967,057 | 868,758 |
| Genting Malaysia Bhd | | 1,362,109 | 695,081 |
| Hap Seng Consolidated Bhd | | 324,342 | 287,419 |
| Hartalega Holdings Bhd | | 703,924 | 506,978 |
| Heineken Malaysia Bhd | | 89,432 | 461,282 |
| Hong Leong Bank Bhd | | 281,055 | 1,311,210 |
| IHH Healthcare Bhd | | 934,604 | 1,546,714 |
| IJM Corp. Bhd | | 894,894 | 613,694 |
| Inari Amertron Bhd | | 1,278,841 | 829,038 |
| IOI Corp. Bhd | | 1,153,294 | 990,643 |
| IOI Properties Group Bhd | | 714,463 | 369,606 |
| Kossan Rubber Industries Bhd | | 643,368 | 306,762 |
| KPJ Healthcare Bhd | | 854,694 | 405,926 |
| Kuala Lumpur Kepong Bhd | | 225,019 | 1,096,359 |
| Mah Sing Group Bhd | | 693,900 | 270,075 |
| Malayan Banking Bhd | | 2,305,871 | 5,522,131 |
| Malaysia Airports Holdings Bhd | | 408,551 | 945,130 |
| Malaysian Pacific Industries Bhd | | 46,742 | 274,833 |
| Maxis Bhd | | 1,122,117 | 923,939 |
| MBSB Bhd | | 1,694,798 | 284,668 |
| Mega First Corp. Bhd | | 340,068 | 318,966 |
| MISC Bhd | | 558,502 | 955,340 |
| MR DIY Group M Sdn Bhd (d) | | 1,514,905 | 754,955 |
| My E.G.Services Bhd | | 2,430,621 | 458,311 |
| Nestle (Malaysia) Bhd | | 32,811 | 747,553 |
| Pentamaster Corp. Bhd | | 311,648 | 271,917 |
| Petronas Chemicals Group Bhd | | 1,227,021 | 1,511,263 |
| Petronas Dagangan Bhd | | 141,835 | 580,189 |
| Petronas Gas Bhd | | 335,152 | 1,320,609 |
| PPB Group Bhd | | 311,600 | 990,379 |
| Press Metal Aluminium Holdings | | 1,594,541 | 1,716,142 |
| Public Bank Bhd | | 6,289,288 | 6,328,804 |
| QL Resources Bhd | | 794,650 | 868,869 |
| RHB Bank Bhd | | 687,821 | 1,005,393 |
| Scientex Bhd | | 385,581 | 389,917 |
| SD Guthrie Bhd | | 936,196 | 981,785 |
| Sime Darby Bhd | | 1,256,829 | 662,806 |
| Sime Darby Property Bhd | | 1,432,800 | 461,378 |
| SP Setia Bhd | | 1,043,662 | 333,140 |
| Sunway (REIT) | | 910,436 | 373,178 |
| Sunway Bhd | | 1,016,600 | 1,009,868 |
| Telekom Malaysia Bhd | | 535,324 | 792,535 |
| Tenaga Nasional Bhd | | 1,113,896 | 3,563,511 |
| TIME dotCom Bhd | | 590,403 | 655,750 |
| Top Glove Corp. Bhd (a) | | 2,389,603 | 579,056 |
| United Plantations Bhd | | 76,563 | 469,327 |
| V.S. Industry Bhd | | 1,400,962 | 308,869 |
| V.S. Industry Bhd warrants 9/5/26 (a) | | 141,146 | 5,292 |
| ViTrox Corp. Bhd | | 342,082 | 251,616 |
| Yinson Holdings Bhd | | 604,522 | 370,872 |
| YTL Corp. Bhd | | 1,431,166 | 639,776 |
| YTL Power International Bhd | | 1,069,669 | 745,083 |
TOTAL MALAYSIA | | | 63,686,945 |
| Mexico - 0.6% | | | |
| Alfa SA de CV Series A | | 1,558,325 | 1,129,249 |
| Alsea S.A.B. de CV | | 223,052 | 539,307 |
| America Movil S.A.B. de CV Series L | | 7,793,205 | 6,157,604 |
| Arca Continental S.A.B. de CV | | 211,751 | 1,812,892 |
| Banco del Bajio SA (d) | | 362,299 | 805,370 |
| Bolsa Mexicana de Valores S.A.B. de CV | | 226,953 | 371,119 |
| Borr Drilling Ltd. | | 97,191 | 405,367 |
| CEMEX S.A.B. de CV unit | | 6,403,845 | 3,373,224 |
| Coca-Cola FEMSA S.A.B. de CV unit | | 219,987 | 1,830,742 |
| Controladora Vuela Compania de Aviacion S.A.B. de CV (a) | | 479,623 | 356,910 |
| Corporacion Inmobiliaria Vesta S.A.B. de CV | | 383,404 | 1,001,934 |
| FIBRA Macquarie Mexican (REIT) (d) | | 340,926 | 564,305 |
| Fibra Uno Administracion SA de CV | | 1,290,589 | 1,486,053 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 759,477 | 7,372,159 |
| Genomma Lab Internacional SA de CV | | 350,648 | 468,243 |
| Gentera S.A.B. de CV | | 485,890 | 620,187 |
| Gruma S.A.B. de CV Series B | | 77,725 | 1,342,606 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 165,394 | 2,867,893 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 75,262 | 2,012,942 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 124,470 | 1,042,626 |
| Grupo Bimbo S.A.B. de CV Series A | | 558,485 | 1,734,947 |
| Grupo Carso SA de CV Series A1 | | 236,038 | 1,419,212 |
| Grupo Comercial Chedraui S.A.B. de CV | | 121,700 | 770,056 |
| Grupo Financiero Banorte S.A.B. de CV | | 1,109,469 | 7,725,446 |
| Grupo Financiero Inbursa S.A.B. de CV Series O (a) | | 769,313 | 1,727,441 |
| Grupo Mexico SA de CV Series B | | 1,323,365 | 6,923,865 |
| Grupo Televisa SA de CV | | 1,046,363 | 520,841 |
| Grupo Traxion S.A.B. de CV (a)(d) | | 232,881 | 253,487 |
| Industrias Penoles SA de CV (a) | | 85,318 | 1,340,178 |
| Kimberly-Clark de Mexico SA de CV Series A | | 642,012 | 921,812 |
| La Comer S.A.B. de CV (b) | | 153,517 | 277,657 |
| Megacable Holdings S.A.B. de CV unit | | 210,575 | 461,993 |
| Nemak S.A.B. de CV (a)(d) | | 1,600,824 | 168,807 |
| Operadora de Sites Mexicanos, SA de CV (b) | | 585,111 | 512,606 |
| Orbia Advance Corp. S.A.B. de CV (b) | | 423,811 | 388,874 |
| Prologis Property Mexico SA | | 418,191 | 1,399,648 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 80,043 | 698,164 |
| Qualitas Controladora S.A.B. de CV (b) | | 87,691 | 613,502 |
| Regional S.A.B. de CV | | 108,733 | 690,507 |
| Southern Copper Corp. | | 36,640 | 4,013,912 |
| Terrafina | | 85,879 | 157,814 |
| Wal-Mart de Mexico SA de CV Series V | | 2,211,569 | 6,081,138 |
TOTAL MEXICO | | | 74,362,639 |
| Netherlands - 2.3% | | | |
| Aalberts Industries NV | | 42,425 | 1,530,261 |
| ABN AMRO Bank NV GDR (Bearer) (d) | | 191,272 | 3,160,372 |
| Adyen BV (a)(d) | | 9,263 | 14,150,707 |
| AEGON NV | | 587,655 | 3,709,174 |
| Akzo Nobel NV | | 73,862 | 4,713,390 |
| Alfen Beheer BV (a)(b)(d) | | 9,714 | 129,491 |
| AMG Critical Materials NV (b) | | 16,473 | 278,991 |
| Arcadis NV | | 31,575 | 2,186,104 |
| Argenx SE (a) | | 25,431 | 14,995,542 |
| ASM International NV (Netherlands) | | 20,078 | 11,186,368 |
| ASML Holding NV (Netherlands) | | 170,219 | 115,018,732 |
| ASR Nederland NV | | 68,806 | 3,260,941 |
| Basic-Fit NV (a)(b)(d) | | 22,611 | 556,833 |
| BE Semiconductor Industries NV | | 33,317 | 3,549,401 |
| Corbion NV | | 25,979 | 650,514 |
| Eurocommercial Properties NV | | 19,728 | 501,071 |
| Euronext NV (d) | | 34,036 | 3,754,098 |
| EXOR NV | | 40,720 | 4,305,297 |
| Flow Traders Ltd. (b) | | 17,068 | 390,623 |
| Fugro NV (Certificaten Van Aandelen) | | 49,580 | 1,135,779 |
| Heineken Holding NV | | 54,246 | 3,761,638 |
| Heineken NV (Bearer) | | 121,488 | 9,964,048 |
| IMCD NV | | 24,564 | 3,902,382 |
| ING Groep NV (Certificaten Van Aandelen) | | 1,397,889 | 23,722,724 |
| JDE Peet's BV | | 54,667 | 1,230,905 |
| Koninklijke Ahold Delhaize NV | | 394,047 | 12,991,612 |
| Koninklijke BAM Groep NV | | 119,516 | 551,735 |
| Koninklijke KPN NV | | 1,687,713 | 6,596,065 |
| Koninklijke Philips Electronics NV | | 341,024 | 8,971,939 |
| Koninklijke Vopak NV | | 29,801 | 1,369,253 |
| Nebius Group NV Class A (a)(c) | | 84,793 | 0 |
| NN Group NV | | 113,876 | 5,597,623 |
| OCI NV | | 44,967 | 546,112 |
| Pharming Group NV (a)(b) | | 429,324 | 359,121 |
| PostNL NV (b) | | 194,841 | 233,768 |
| Randstad NV | | 47,472 | 2,186,855 |
| Redcare Pharmacy NV (a)(b)(d) | | 6,629 | 1,014,545 |
| SBM Offshore NV | | 61,185 | 1,116,110 |
| TKH Group NV (bearer) (depositary receipt) | | 20,565 | 834,385 |
| TomTom Group BV (a)(b) | | 36,833 | 200,926 |
| Universal Music Group NV | | 353,016 | 8,884,070 |
| Van Lanschot Kempen NV (Bearer) | | 14,074 | 643,743 |
| Wereldhave NV | | 20,277 | 312,317 |
| Wolters Kluwer NV | | 104,959 | 17,661,968 |
TOTAL NETHERLANDS | | | 301,817,533 |
| New Zealand - 0.2% | | | |
| Air New Zealand Ltd. | | 823,905 | 251,328 |
| Auckland International Airport Ltd. | | 615,271 | 2,660,396 |
| Contact Energy Ltd. | | 348,938 | 1,775,409 |
| Fisher & Paykel Healthcare Corp. Ltd. | | 250,881 | 5,376,654 |
| Fletcher Building Ltd. | | 487,307 | 866,503 |
| Goodman Property Trust | | 496,458 | 625,804 |
| Infratil Ltd. | | 386,082 | 2,898,502 |
| Kiwi Property Group Ltd. | | 749,951 | 418,914 |
| Mercury Nz Ltd. | | 311,004 | 1,224,138 |
| Meridian Energy Ltd. | | 559,721 | 1,987,776 |
| Ryman Healthcare Ltd. (a) | | 268,514 | 794,912 |
| Spark New Zealand Ltd. | | 841,768 | 1,460,457 |
| Xero Ltd. (a) | | 61,024 | 5,928,821 |
TOTAL NEW ZEALAND | | | 26,269,614 |
| Nigeria - 0.0% | | | |
| Airtel Africa PLC (d) | | 390,843 | 514,052 |
| Norway - 0.4% | | | |
| Aker ASA (A Shares) | | 9,282 | 483,499 |
| Aker BP ASA | | 129,399 | 2,759,678 |
| Aker Solutions ASA | | 117,270 | 557,022 |
| Austevoll Seafood ASA | | 47,470 | 411,687 |
| BlueNord ASA (a)(b) | | 11,577 | 566,210 |
| Borregaard ASA | | 42,467 | 748,950 |
| Crayon Group Holding A/S (a)(d) | | 36,089 | 355,306 |
| DNB Bank ASA | | 368,589 | 7,612,900 |
| DNO ASA (A Shares) | | 301,830 | 294,690 |
| DOF Group ASA (a) | | 62,071 | 493,173 |
| Elkem ASA (a)(b)(d) | | 138,759 | 226,299 |
| Entra ASA (a)(d) | | 32,947 | 349,232 |
| Equinor ASA | | 351,266 | 8,346,856 |
| Europris ASA (d) | | 71,206 | 440,822 |
| FLEX LNG Ltd. | | 15,434 | 377,425 |
| Frontline PLC | | 61,239 | 1,179,664 |
| Gjensidige Forsikring ASA | | 83,695 | 1,510,287 |
| Golden Ocean Group Ltd. | | 55,424 | 597,561 |
| Hoegh Autoliners ASA (b) | | 53,093 | 553,122 |
| Kitron ASA | | 84,809 | 240,853 |
| Kongsberg Gruppen ASA | | 37,557 | 3,909,271 |
| Leroy Seafood Group ASA | | 124,219 | 570,268 |
| Mowi ASA | | 199,766 | 3,433,189 |
| MPC Container Ships ASA | | 176,107 | 347,245 |
| NEL ASA (a)(b) | | 724,881 | 275,120 |
| Nordic VLSI ASA (a)(b) | | 78,487 | 775,580 |
| Norsk Hydro ASA | | 602,425 | 3,739,462 |
| Norwegian Air Shuttle A/S (a)(b) | | 329,386 | 317,403 |
| Odfjell Drilling Ltd. | | 44,624 | 206,078 |
| Orkla ASA | | 294,449 | 2,722,265 |
| Protector Forsikring ASA | | 24,284 | 629,165 |
| Salmar ASA | | 29,498 | 1,496,326 |
| Schibsted ASA: | | | |
| (A Shares) | | 32,951 | 1,109,530 |
| (B Shares) | | 36,848 | 1,146,957 |
| Sparebank 1 Oestlandet | | 20,354 | 291,427 |
| Sparebank 1 Sor-Norge ASA (primary capital certificate) | | 95,801 | 1,266,292 |
| Sparebanken Midt-Norge | | 57,547 | 849,378 |
| Sparebanken Nord-Norge | | 48,991 | 524,729 |
| Stolt-Nielsen SA | | 10,483 | 298,284 |
| Storebrand ASA (A Shares) | | 184,960 | 2,103,461 |
| Telenor ASA | | 257,723 | 3,165,249 |
| TGS ASA | | 83,618 | 759,390 |
| Tomra Systems ASA (b) | | 98,051 | 1,398,538 |
| Wallenius Wilhelmsen ASA | | 46,432 | 456,714 |
TOTAL NORWAY | | | 59,896,557 |
| Peru - 0.1% | | | |
| Compania de Minas Buenaventura SAA sponsored ADR | | 71,670 | 936,010 |
| Credicorp Ltd. (United States) | | 28,947 | 5,330,011 |
| Hochschild Mining PLC (a) | | 158,275 | 468,381 |
| Intercorp Financial Services, Inc. | | 15,889 | 430,115 |
TOTAL PERU | | | 7,164,517 |
| Philippines - 0.2% | | | |
| ACEN Corp. | | 4,459,382 | 378,538 |
| Alliance Global Group, Inc. | | 1,191,088 | 186,329 |
| AREIT, Inc. | | 426,331 | 282,416 |
| Ayala Corp. | | 110,864 | 1,306,223 |
| Ayala Land, Inc. | | 2,922,797 | 1,633,032 |
| Bank of the Philippine Islands (BPI) | | 822,703 | 2,012,789 |
| BDO Unibank, Inc. | | 1,031,487 | 2,688,763 |
| Bloomberry Resorts Corp. (a) | | 1,968,499 | 259,318 |
| Century Pacific Food, Inc. | | 593,532 | 426,921 |
| Converge ICT Solutions, Inc. | | 1,333,535 | 366,757 |
| DigiPlus Interactive Corp. | | 581,100 | 200,772 |
| DMCI Holdings, Inc. | | 1,282,726 | 245,691 |
| GT Capital Holdings, Inc. | | 43,019 | 529,374 |
| International Container Terminal Services, Inc. | | 435,296 | 2,946,300 |
| JG Summit Holdings, Inc. | | 1,158,111 | 481,601 |
| Jollibee Food Corp. | | 193,204 | 876,722 |
| Manila Electric Co. | | 130,088 | 1,082,707 |
| Metropolitan Bank & Trust Co. | | 820,636 | 1,065,362 |
| PLDT, Inc. | | 33,114 | 810,544 |
| PUREGOLD Price Club, Inc. | | 546,582 | 304,940 |
| Robinsons Land Corp. | | 957,013 | 251,735 |
| Semirara Mining & Power Corp. | | 398,047 | 221,465 |
| SM Investments Corp. | | 90,845 | 1,458,965 |
| SM Prime Holdings, Inc. | | 4,422,957 | 2,317,069 |
| Universal Robina Corp. | | 381,751 | 637,758 |
| Wilcon Depot, Inc. | | 699,260 | 192,792 |
TOTAL PHILIPPINES | | | 23,164,883 |
| Poland - 0.3% | | | |
| Alior Bank SA | | 41,083 | 897,047 |
| Allegro.eu SA (a)(d) | | 246,146 | 2,159,677 |
| Asseco Poland SA | | 24,941 | 561,410 |
| Auto Partner SA (b) | | 41,058 | 218,484 |
| Bank Millennium SA (a) | | 283,798 | 588,831 |
| Bank Polska Kasa Opieki SA | | 77,114 | 2,700,989 |
| Budimex SA | | 5,534 | 692,657 |
| CCC SA (a) | | 17,897 | 788,715 |
| CD Projekt SA | | 27,819 | 1,117,208 |
| Cyfrowy Polsat SA (a)(b) | | 110,078 | 346,232 |
| Dino Polska SA (a)(d) | | 21,174 | 1,754,648 |
| ENEA SA (a) | | 122,003 | 339,545 |
| Grupa Kety SA | | 4,460 | 758,236 |
| InPost SA (a) | | 85,163 | 1,660,964 |
| Jastrzebska Spolka Weglowa SA (a)(b) | | 25,097 | 168,160 |
| KGHM Polska Miedz SA (Bearer) | | 59,373 | 2,216,800 |
| Kruk SA (b) | | 7,552 | 809,396 |
| LPP SA | | 479 | 1,736,379 |
| mBank SA (a) | | 6,661 | 934,895 |
| Orange Polska SA | | 299,719 | 581,654 |
| Orlen SA | | 238,508 | 3,103,837 |
| PGE Polska Grupa Energetyczna SA (a) | | 380,399 | 654,977 |
| Powszechna Kasa Oszczednosci Bank SA | | 367,970 | 5,129,655 |
| Powszechny Zaklad Ubezpieczen SA | | 256,727 | 2,546,265 |
| Santander Bank Polska SA | | 17,056 | 1,907,681 |
| Tauron Polska Energia SA (a) | | 457,531 | 423,497 |
| Text SA | | 10,058 | 149,007 |
| XTB SA (b)(d) | | 25,901 | 419,955 |
TOTAL POLAND | | | 35,366,801 |
| Portugal - 0.1% | | | |
| Banco Comercial Portugues SA (Reg.) | | 3,520,565 | 1,774,588 |
| Corticeira Amorim SGPS SA | | 27,793 | 253,343 |
| Energias de Portugal SA | | 1,344,267 | 5,281,562 |
| Galp Energia SGPS SA | | 194,825 | 3,320,800 |
| Jeronimo Martins SGPS SA | | 119,620 | 2,325,185 |
| Mota-Engil SGPS SA (b) | | 47,027 | 130,953 |
| NOS SGPS | | 106,680 | 408,465 |
| REN - Redes Energeticas Nacionais SGPS SA | | 181,422 | 452,899 |
| Sonae SGPS SA | | 345,907 | 342,021 |
| The Navigator Co. SA | | 125,409 | 482,359 |
TOTAL PORTUGAL | | | 14,772,175 |
| Qatar - 0.2% | | | |
| Barwa Real Estate Co. | | 894,249 | 701,449 |
| Doha Bank | | 1,093,632 | 538,556 |
| Dukhan Bank | | 811,569 | 822,491 |
| Estithmar Holding QPSC (a) | | 443,935 | 209,104 |
| Gulf International Services QSC | | 391,987 | 341,280 |
| Industries Qatar QSC | | 627,494 | 2,300,754 |
| Masraf al Rayan | | 2,751,403 | 1,792,455 |
| Mesaieed Petrochemical Holding Co. | | 2,370,248 | 1,029,863 |
| Ooredoo QSC | | 371,758 | 1,168,061 |
| Qatar Aluminum Manufacturing Co. | | 1,232,271 | 434,222 |
| Qatar Electricity & Water Co. | | 180,043 | 802,059 |
| Qatar Fuel Co. | | 255,025 | 1,073,753 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 1,162,490 | 1,366,508 |
| Qatar International Islamic Bank QSC | | 428,228 | 1,233,758 |
| Qatar Islamic Bank | | 751,155 | 4,229,244 |
| Qatar National Bank SAQ | | 1,937,396 | 9,232,030 |
| Qatar Navigation QPSC | | 401,357 | 1,262,164 |
| The Commercial Bank of Qatar | | 1,379,125 | 1,609,800 |
| United Development Co. | | 742,437 | 233,273 |
| Vodafone Qatar QSC | | 848,039 | 433,220 |
TOTAL QATAR | | | 30,814,044 |
| Romania - 0.0% | | | |
| NEPI Rockcastle PLC | | 253,685 | 1,999,025 |
| Russia - 0.0% | | | |
| Aeroflot Pjsc (a)(c) | | 402,869 | 0 |
| Alrosa Co. Ltd. (a)(c) | | 739,283 | 0 |
| Credit Bank of Moscow (a)(c) | | 4,537,000 | 0 |
| Detsky Mir PJSC (a)(c)(d) | | 227,830 | 0 |
| Gazprom OAO (a)(c) | | 3,442,771 | 0 |
| GMK Norilskiy Nickel PAO ADR (a)(c) | | 1,831,800 | 0 |
| Inter Rao Ues JSC (a)(c) | | 11,220,073 | 1 |
| LUKOIL PJSC (a)(c) | | 120,075 | 0 |
| Moscow Exchange MICEX-RTS OAO (a)(c) | | 449,874 | 0 |
| Novolipetsk Steel OJSC (a)(c) | | 409,801 | 0 |
| Ozon Holdings PLC ADR (a)(c) | | 17,054 | 0 |
| PhosAgro PJSC sponsored GDR (Reg. S) (a)(c) | | 277 | 0 |
| Polyus PJSC (a)(c) | | 10,038 | 0 |
| Rosneft Oil Co. OJSC (a)(c) | | 315,946 | 0 |
| Rostelecom PJSC (a)(c) | | 298,140 | 0 |
| Sberbank of Russia (a)(c) | | 3,156,853 | 0 |
| Segezha Group PJSC (a)(c)(d) | | 1,842,700 | 0 |
| Severstal PAO (a)(c) | | 63,766 | 0 |
| Sistema JSFC GDR (Reg. S) (a)(c) | | 40,315 | 0 |
| Surgutneftegas OJSC (a)(c) | | 2,091,286 | 0 |
| Tatneft PAO (a)(c) | | 399,435 | 0 |
| TKS Holding MKPAO JSC (a)(c) | | 2,047 | 0 |
| Unipro PJSC (a)(c) | | 8,778,000 | 1 |
| United Co. RUSAL International PJSC (a)(c) | | 983,490 | 0 |
| VK IPJSC (a)(c) | | 35,535 | 0 |
| VK IPJSC GDR (Reg. S) (a)(c) | | 4,260 | 0 |
| VTB Bank OJSC (a)(c) | | 192,769 | 0 |
TOTAL RUSSIA | | | 2 |
| Saudi Arabia - 1.2% | | | |
| Abdullah Al Othaim Markets Co. | | 209,731 | 658,952 |
| ACWA Power Co. | | 62,603 | 7,670,980 |
| Ades Holding Co. | | 152,006 | 800,564 |
| Advanced Petrochemicals Co. (a) | | 61,429 | 594,548 |
| Al Hammadi Co. for Development and Investment | | 39,187 | 416,839 |
| Al Masane Al Kobra Mining Co. | | 19,085 | 377,055 |
| Al Moammar Information Systems Co. (a) | | 7,537 | 377,281 |
| Al Rajhi Bank | | 835,599 | 19,578,963 |
| Al Rajhi Co. for Co-operative Insurance | | 17,181 | 819,777 |
| Al Rajhi Reit | | 149,851 | 340,743 |
| Al-Dawaa Medical Services Co. | | 16,362 | 384,250 |
| Aldrees Petroleum and Transport Services Co. | | 22,519 | 829,840 |
| Alinma Bank | | 535,629 | 4,007,555 |
| Alkhorayef Water & Power Technologies Co. | | 7,951 | 339,998 |
| Almarai Co. Ltd. | | 111,531 | 1,636,275 |
| Almunajem Foods Co. | | 10,203 | 317,307 |
| Arab National Bank | | 394,065 | 1,987,270 |
| Arabian Cement Co. | | 38,384 | 257,549 |
| Arabian Centres Co. Ltd. (d) | | 108,435 | 594,766 |
| Arabian Contracting Services Co. (a) | | 7,410 | 346,854 |
| Arabian Internet and Communications Services Co. Ltd. | | 11,745 | 798,073 |
| Arriyadh Development Co. | | 52,432 | 420,215 |
| Astra Industrial Group | | 17,395 | 824,430 |
| Bank Al-Jazira | | 230,343 | 1,008,291 |
| Bank Albilad | | 264,738 | 2,594,019 |
| Banque Saudi Fransi | | 266,551 | 2,214,339 |
| BinDawood Holding Co. | | 148,428 | 281,388 |
| Bupa Arabia for Cooperative Insurance Co. | | 35,393 | 1,897,955 |
| Catrion Catering Holding Co. | | 20,026 | 634,527 |
| Dallah Healthcare Co. | | 15,670 | 665,903 |
| Dar Al Arkan Real Estate Development Co. (a) | | 237,556 | 1,053,780 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 37,148 | 2,830,832 |
| East Pipes Integrated Co. for Industry | | 6,470 | 287,004 |
| Electrical Industries Co. | | 249,906 | 530,327 |
| Elm Co. | | 10,273 | 2,797,127 |
| Emaar The Economic City (a) | | 189,623 | 433,704 |
| Etihad Atheeb Telecommunication Co. | | 8,364 | 261,006 |
| Etihad Etisalat Co. | | 162,719 | 2,244,280 |
| Jadwa (REIT) Saudi Fund | | 98,022 | 296,491 |
| Jahez International Co. (a) | | 50,798 | 377,364 |
| Jamjoom Pharmaceuticals Factory Co. | | 10,427 | 469,197 |
| Jarir Marketing Co. | | 302,590 | 1,066,723 |
| Leejam Sports Co. JSC | | 11,581 | 585,880 |
| Middle East Healthcare Co. (a) | | 19,752 | 380,241 |
| Middle East Paper Co. (a) | | 27,954 | 297,723 |
| Mobile Telecommunications Co. Saudi Arabia | | 207,529 | 583,515 |
| Mouwasat Medical Services Co. | | 42,552 | 1,066,151 |
| Nahdi Medical Co. | | 18,447 | 606,108 |
| National Co. for Learning & Education | | 8,533 | 498,025 |
| National Gas & Industrialization Co. | | 17,529 | 507,803 |
| National Industrialization Co. (a) | | 163,652 | 465,374 |
| National Medical Care Co. | | 10,307 | 523,624 |
| Power & Water Utility Co. for Jubail & Yanbu | | 35,163 | 550,519 |
| Qassim Cement Co. | | 28,648 | 398,938 |
| Retal Urban Development Co. | | 118,247 | 456,528 |
| Riyad Bank | | 639,349 | 4,383,534 |
| Sabic Agriculture-Nutrients Co. | | 101,272 | 3,068,603 |
| Sahara International Petrochemical Co. | | 171,086 | 1,198,062 |
| SAL Saudi Logistics Services | | 12,141 | 891,575 |
| Saudi Arabian Mining Co. (a) | | 552,708 | 8,300,112 |
| Saudi Arabian Oil Co. (d) | | 1,802,958 | 12,961,596 |
| Saudi Aramco Base Oil Co. - Luberef | | 23,479 | 732,683 |
| Saudi Automotive Services Co. | | 16,194 | 349,260 |
| Saudi Awwal Bank | | 441,735 | 3,975,462 |
| Saudi Basic Industries Corp. | | 379,736 | 7,350,642 |
| Saudi Cement Co. | | 40,977 | 438,607 |
| Saudi Chemical Co. Holding | | 184,164 | 570,777 |
| Saudi Dairy & Foodstuffs Co. | | 7,583 | 724,844 |
| Saudi Electricity Co. | | 354,627 | 1,548,548 |
| Saudi Ground Services Co. | | 41,773 | 588,383 |
| Saudi Industrial Investment Group | | 205,378 | 975,569 |
| Saudi Investment Bank/The | | 283,487 | 994,850 |
| Saudi Kayan Petrochemical Co. (a) | | 387,762 | 803,256 |
| Saudi Pharmaceutical Industries & Medical Appliances Corp. (a) | | 31,022 | 276,709 |
| Saudi Real Estate Co. (a) | | 71,040 | 487,068 |
| Saudi Research & Marketing Group (a) | | 15,910 | 1,267,479 |
| Saudi Tadawul Group Holding Co. | | 22,711 | 1,444,042 |
| Saudi Telecom Co. | | 853,442 | 9,578,129 |
| Seera Group Holding (a) | | 71,082 | 435,308 |
| Southern Province Cement Co. | | 36,886 | 325,086 |
| The Co. for Cooperative Insurance | | 31,608 | 1,181,607 |
| The National Agriculture Development Co. (a) | | 69,356 | 489,372 |
| The Saudi National Bank | | 1,252,710 | 11,057,150 |
| The Savola Group (a) | | 242,429 | 1,665,380 |
| United Electronics Co. | | 20,710 | 556,943 |
| United International Transportation Co. | | 17,283 | 395,755 |
| Yamama Cement Co. | | 52,365 | 446,867 |
| Yanbu Cement Co. | | 49,189 | 301,235 |
| Yanbu National Petrochemical Co. | | 123,242 | 1,306,023 |
TOTAL SAUDI ARABIA | | | 154,315,286 |
| Singapore - 1.0% | | | |
| AIMS APAC (REIT) | | 301,267 | 288,638 |
| BW LPG Ltd. (d) | | 36,658 | 471,547 |
| CapitaLand Ascendas REIT | | 1,546,958 | 3,134,924 |
| Capitaland Ascott Trust unit | | 1,078,739 | 736,057 |
| Capitaland India Trust | | 498,582 | 410,678 |
| CapitaLand Integrated Commercial Trust | | 2,434,475 | 3,698,648 |
| CapitaLand Investment Ltd. | | 1,067,024 | 2,254,183 |
| CapitaRetail China Trust | | 703,062 | 401,003 |
| CDL Hospitality Trusts unit | | 427,385 | 289,723 |
| City Developments Ltd. | | 211,210 | 827,775 |
| ComfortDelgro Corp. Ltd. | | 956,734 | 1,061,142 |
| DBS Group Holdings Ltd. | | 842,730 | 24,434,794 |
| Digital Core (REIT) | | 442,838 | 275,072 |
| ESR-LOGOS (REIT) | | 3,111,076 | 658,106 |
| ESR-LOGOS (REIT) rights 11/1/24 (a) | | 124,443 | 1 |
| Far East Hospitality Trust unit | | 518,626 | 242,518 |
| Frasers Centrepoint Trust | | 589,980 | 995,478 |
| Frasers Logistics & Industrial Trust | | 1,241,705 | 1,000,665 |
| Genting Singapore Ltd. | | 2,523,862 | 1,589,550 |
| Grab Holdings Ltd. (a) | | 889,031 | 3,627,246 |
| Hafnia Ltd. | | 121,051 | 704,284 |
| iFast Corp. Ltd. | | 64,680 | 365,939 |
| Kenon Holdings Ltd. | | 10,636 | 304,378 |
| Keppel (REIT) | | 1,078,283 | 731,745 |
| Keppel DC (REIT) | | 586,571 | 1,010,350 |
| Keppel Infrastructure Trust | | 1,811,227 | 599,099 |
| Keppel Ltd. | | 617,496 | 2,972,908 |
| Lendlease Global Commercial (REIT) | | 819,869 | 354,918 |
| Mapletree Industrial (REIT) | | 890,410 | 1,607,829 |
| Mapletree Logistics Trust (REIT) | | 1,582,375 | 1,578,274 |
| Mapletree Pan Asia Commercial Trust | | 976,353 | 958,918 |
| NetLink NBN Trust | | 1,281,753 | 866,718 |
| Olam Group Ltd. | | 409,183 | 330,066 |
| Oversea-Chinese Banking Corp. Ltd. | | 1,413,531 | 16,217,587 |
| PARAGON REIT | | 563,814 | 372,467 |
| Parkway Life REIT | | 195,173 | 556,656 |
| Raffles Medical Group Ltd. (b) | | 405,668 | 269,992 |
| SATS Ltd. | | 380,387 | 1,128,527 |
| Sea Ltd. ADR Class A (a) | | 157,758 | 14,837,140 |
| Seatrium Ltd. (a) | | 952,161 | 1,357,222 |
| Sembcorp Industries Ltd. | | 378,317 | 1,435,277 |
| Sheng Siong Group Ltd. | | 369,943 | 444,732 |
| SIA Engineering Co. Ltd. | | 148,043 | 270,632 |
| Singapore Airlines Ltd. (b) | | 611,261 | 2,981,799 |
| Singapore Exchange Ltd. | | 370,170 | 3,171,985 |
| Singapore Post Ltd. | | 750,707 | 308,187 |
| Singapore Technologies Engineering Ltd. | | 679,033 | 2,328,066 |
| Singapore Telecommunications Ltd. | | 3,188,960 | 7,523,499 |
| Starhill Global (REIT) | | 726,259 | 279,869 |
| StarHub Ltd. | | 306,054 | 276,029 |
| STMicroelectronics NV (France) | | 290,446 | 7,906,214 |
| Suntec (REIT) (b) | | 860,057 | 771,965 |
| UMS Integration Ltd. (b) | | 303,973 | 233,060 |
| United Overseas Bank Ltd. | | 524,873 | 12,759,165 |
| UOL Group Ltd. | | 194,616 | 786,384 |
| Venture Corp. Ltd. | | 118,747 | 1,191,011 |
| Yangzijiang Financial Holding Ltd. | | 1,237,301 | 373,974 |
TOTAL SINGAPORE | | | 136,564,613 |
| South Africa - 1.0% | | | |
| Absa Group Ltd. | | 358,250 | 3,433,338 |
| Aeci Ltd. | | 56,601 | 309,941 |
| African Rainbow Minerals Ltd. | | 49,479 | 498,184 |
| Anglo American Platinum Ltd. | | 33,769 | 1,327,372 |
| Anglo American PLC (United Kingdom) | | 541,849 | 16,797,546 |
| Aspen Pharmacare Holdings Ltd. | | 166,491 | 1,691,391 |
| AVI Ltd. | | 153,757 | 964,163 |
| Barloworld Ltd. | | 79,940 | 376,502 |
| Bid Corp. Ltd. | | 141,451 | 3,335,013 |
| Bidvest Group Ltd./The | | 148,373 | 2,400,992 |
| Capitec Bank Holdings Ltd. | | 36,796 | 6,647,230 |
| Clicks Group Ltd. | | 100,697 | 2,158,134 |
| Dis-Chem Pharmacies Ltd. (d) | | 224,445 | 462,189 |
| Discovery Ltd. | | 229,348 | 2,351,839 |
| Equites Property Fund Ltd. | | 390,393 | 311,634 |
| Exxaro Resources Ltd. (b) | | 104,312 | 983,672 |
| FirstRand Ltd. | | 2,125,037 | 9,336,765 |
| Fortress Real Estate Investmen Class B (b) | | 528,150 | 563,718 |
| Foschini Group Ltd./The | | 139,917 | 1,222,184 |
| Gold Fields Ltd. | | 382,692 | 6,311,002 |
| Growthpoint Properties Ltd. | | 1,421,697 | 1,055,486 |
| Harmony Gold Mining Co. Ltd. | | 240,725 | 2,611,717 |
| Hyprop Investments Ltd. | | 175,477 | 417,113 |
| Impala Platinum Holdings Ltd. (a) | | 385,185 | 2,542,425 |
| Investec Ltd. | | 106,849 | 834,523 |
| JSE Ltd. | | 47,744 | 340,847 |
| Kumba Iron Ore Ltd. | | 27,052 | 512,301 |
| Life Healthcare Group Holdings Ltd. | | 672,883 | 611,198 |
| Momentum Group Ltd. | | 553,456 | 902,798 |
| Motus Holdings Ltd. | | 69,081 | 462,603 |
| Mr Price Group Ltd. | | 108,997 | 1,589,921 |
| MTN Group Ltd. | | 715,612 | 3,554,120 |
| MultiChoice Group Ltd. (a) | | 109,601 | 694,503 |
| Naspers Ltd. Class N | | 75,832 | 17,922,699 |
| Nedbank Group Ltd. | | 194,844 | 3,302,501 |
| Netcare Ltd. | | 626,605 | 527,068 |
| Ninety One Ltd. | | 124,881 | 266,710 |
| Northam Platinum Holdings Ltd. | | 152,839 | 1,130,776 |
| Old Mutual Ltd. | | 2,049,682 | 1,414,896 |
| Omnia Holdings Ltd. | | 80,442 | 306,955 |
| OUTsurance Group Ltd. | | 371,109 | 1,269,100 |
| Pan African Resources PLC | | 917,850 | 428,435 |
| Pepkor Holdings Ltd. (d) | | 1,004,558 | 1,303,990 |
| Pick 'n Pay Stores Ltd. (a) | | 322,533 | 467,459 |
| Redefine Properties Ltd. | | 2,930,899 | 812,575 |
| Remgro Ltd. | | 224,230 | 1,953,449 |
| Resilient Property Income Fund Ltd. | | 138,926 | 440,856 |
| Reunert Ltd. | | 83,811 | 382,932 |
| Sanlam Ltd. | | 764,706 | 3,820,534 |
| Santam Ltd. | | 19,971 | 421,535 |
| Sappi Ltd. | | 267,712 | 720,256 |
| Sasol Ltd. | | 244,180 | 1,372,418 |
| Scatec Solar AS (a)(d) | | 55,692 | 403,000 |
| Shoprite Holdings Ltd. (b) | | 209,861 | 3,624,384 |
| Sibanye-Stillwater Ltd. (a) | | 1,208,629 | 1,409,078 |
| Spar Group Ltd./The (a) | | 84,029 | 606,612 |
| Standard Bank Group Ltd. | | 563,782 | 7,761,884 |
| Super Group Ltd./South Africa | | 169,205 | 215,572 |
| Thungela Resources Ltd. | | 60,357 | 435,321 |
| Tiger Brands Ltd. | | 71,952 | 968,790 |
| Truworths International Ltd. | | 160,080 | 1,019,329 |
| Vodacom Group Ltd. | | 262,694 | 1,644,647 |
| Vukile Property Fund Ltd. | | 555,546 | 588,457 |
| Wilson Bayly Holmes-Ovcon Ltd. | | 32,462 | 396,121 |
| Woolworths Holdings Ltd. | | 400,433 | 1,484,541 |
TOTAL SOUTH AFRICA | | | 136,435,244 |
| Spain - 1.6% | | | |
| Acciona SA | | 10,676 | 1,363,345 |
| Acerinox SA | | 85,465 | 781,367 |
| ACS Actividades de Construccion y Servicios SA | | 78,351 | 3,749,957 |
| Aena SME SA (d) | | 31,415 | 6,936,848 |
| Almirall SA | | 42,090 | 411,822 |
| Amadeus IT Holding SA Class A | | 190,441 | 13,796,336 |
| AmRest Holdings NV (a) | | 36,794 | 193,036 |
| Atresmedia Corporacion de Medios de Comunicacion SA | | 73,422 | 347,811 |
| Banco Bilbao Vizcaya Argentaria SA | | 2,454,538 | 24,434,136 |
| Banco de Sabadell SA | | 2,354,270 | 4,580,093 |
| Banco Santander SA (Spain) | | 6,579,188 | 32,147,051 |
| Bankinter SA | | 287,383 | 2,341,380 |
| Befesa SA (b)(d) | | 19,415 | 451,095 |
| CaixaBank SA | | 1,550,733 | 9,449,800 |
| Cellnex Telecom SA (d) | | 225,897 | 8,280,746 |
| Cie Automotive SA | | 19,398 | 519,064 |
| Construcciones y Auxiliar de Ferrocarriles | | 9,728 | 384,113 |
| EDP Renovaveis SA | | 133,847 | 1,802,430 |
| eDreams ODIGEO SA (a) | | 45,071 | 318,179 |
| Enagas SA | | 101,468 | 1,437,041 |
| Ence Energia y Celulosa SA (b) | | 122,088 | 381,405 |
| Endesa SA | | 135,945 | 2,928,648 |
| Faes Farma SA | | 184,722 | 711,297 |
| Fluidra SA | | 40,870 | 1,098,961 |
| Gestamp Automocion SA (d) | | 93,193 | 273,701 |
| Grifols SA (a)(b) | | 128,475 | 1,431,725 |
| Iberdrola SA | | 2,572,417 | 38,180,710 |
| Indra Sistemas SA | | 42,781 | 753,868 |
| Industria de Diseno Textil SA | | 460,626 | 26,204,702 |
| Inmobiliaria Colonial SA | | 120,625 | 730,183 |
| Laboratorios Farmaceuticos ROVI SA | | 9,440 | 801,959 |
| Linea Directa Aseguradora SA Compania de Seguros y Reaseguros (b) | | 329,705 | 416,018 |
| Logista Integral SA | | 32,256 | 985,930 |
| MAPFRE SA (Reg.) | | 413,834 | 1,182,088 |
| Melia Hotels International SA | | 56,387 | 418,918 |
| Merlin Properties Socimi SA | | 163,485 | 1,824,544 |
| Pharma Mar SA | | 8,974 | 688,672 |
| Redeia Corp. SA | | 179,490 | 3,319,084 |
| Repsol SA | | 513,589 | 6,429,302 |
| Sacyr SA | | 241,962 | 804,321 |
| Solaria Energia y Medio Ambiente SA (a)(b) | | 39,662 | 415,029 |
| Tecnicas Reunidas SA (a) | | 23,054 | 278,355 |
| Telefonica SA (b) | | 1,685,720 | 7,910,499 |
| Unicaja Banco SA (b)(d) | | 502,332 | 629,466 |
| Vidrala SA | | 9,318 | 1,007,484 |
| Viscofan Envolturas Celulosicas SA | | 18,156 | 1,212,600 |
TOTAL SPAIN | | | 214,745,119 |
| Sweden - 2.2% | | | |
| AAK AB | | 77,406 | 2,215,845 |
| AcadeMedia AB (d) | | 47,617 | 293,625 |
| Addlife AB B Shares | | 51,100 | 649,388 |
| Addnode Group AB (B Shares) | | 55,864 | 558,401 |
| AddTech AB (B Shares) | | 112,246 | 3,112,048 |
| AFRY AB (B Shares) | | 49,622 | 743,779 |
| Alfa Laval AB | | 121,010 | 5,336,931 |
| Alimak Group AB (d) | | 34,664 | 397,571 |
| Alleima AB | | 85,431 | 520,786 |
| Ambea AB (d) | | 39,198 | 335,340 |
| AQ Group AB | | 31,802 | 401,758 |
| Arjo AB | | 111,843 | 368,452 |
| ASSA ABLOY AB (B Shares) | | 419,080 | 13,126,735 |
| Atea ASA | | 36,757 | 470,481 |
| Atlas Copco AB: | | | |
| (A Shares) | | 1,032,122 | 17,033,540 |
| (B Shares) | | 775,021 | 11,242,098 |
| Atrium Ljungberg AB (B Shares) | | 24,746 | 494,709 |
| Attendo AB (d) | | 58,164 | 258,760 |
| Avanza Bank Holding AB (b) | | 54,071 | 1,124,603 |
| Axfood AB | | 45,917 | 1,025,257 |
| Beijer Ref AB (B Shares) | | 153,050 | 2,296,206 |
| Betsson AB (B Shares) (a) | | 49,945 | 664,336 |
| Bilia AB (A Shares) | | 38,248 | 451,600 |
| Billerud AB | | 97,181 | 860,574 |
| BioArctic AB (a)(d) | | 17,590 | 242,523 |
| BioGaia AB | | 39,528 | 391,401 |
| Biotage AB (A Shares) | | 29,723 | 446,073 |
| Boliden AB | | 118,346 | 3,674,379 |
| BONESUPPORT Holding AB (a)(d) | | 25,504 | 801,896 |
| Boozt AB (a)(d) | | 27,656 | 309,148 |
| Bravida Holding AB (d) | | 102,602 | 757,871 |
| Bufab AB | | 12,328 | 441,767 |
| Bure Equity AB | | 24,010 | 859,935 |
| Camurus AB (a) | | 15,146 | 850,088 |
| Castellum AB (a) | | 164,948 | 2,056,712 |
| Catena AB | | 16,371 | 748,288 |
| Cibus Nordic Real Estate AB | | 27,748 | 447,685 |
| Clas Ohlson AB (B Shares) | | 18,774 | 308,537 |
| Coor Service Management Holding AB (d) | | 59,885 | 209,761 |
| Corem Property Group AB (b) | | 279,857 | 188,068 |
| Dios Fastigheter AB | | 50,876 | 378,423 |
| Dometic Group AB (d) | | 131,174 | 712,223 |
| Electrolux AB (B Shares) (a) | | 98,908 | 828,059 |
| Electrolux Professional AB | | 106,026 | 728,431 |
| Elekta AB (B Shares) | | 158,543 | 953,828 |
| Embracer Group AB (a) | | 331,703 | 956,080 |
| Epiroc AB: | | | |
| (A Shares) | | 271,446 | 5,301,424 |
| (B Shares) | | 172,352 | 2,958,659 |
| EQT AB | | 159,071 | 4,613,328 |
| Essity AB (B Shares) | | 253,887 | 7,167,756 |
| Evolution AB (d) | | 75,877 | 7,173,930 |
| Fabege AB (b) | | 99,981 | 795,753 |
| Fastighets AB Balder (a) | | 278,909 | 2,157,546 |
| Fortnox AB | | 212,266 | 1,294,967 |
| Getinge AB (B Shares) | | 97,375 | 1,714,987 |
| Granges AB | | 46,168 | 545,113 |
| H&M Hennes & Mauritz AB (B Shares) (b) | | 240,819 | 3,576,839 |
| Hemnet Group AB | | 37,155 | 1,166,134 |
| Hexagon AB (B Shares) | | 876,704 | 8,196,419 |
| Hexatronic Group AB (a) | | 70,535 | 287,647 |
| HEXPOL AB (B Shares) | | 124,207 | 1,176,257 |
| HMS Networks AB | | 17,469 | 648,618 |
| Holmen AB (B Shares) | | 33,827 | 1,334,088 |
| Hufvudstaden AB (A Shares) | | 51,715 | 609,637 |
| Husqvarna AB (B Shares) | | 149,732 | 966,589 |
| Industrivarden AB: | | | |
| (A Shares) | | 58,926 | 2,028,622 |
| (C Shares) | | 51,656 | 1,774,462 |
| Indutrade AB | | 114,558 | 3,103,035 |
| Instalco AB | | 111,853 | 339,930 |
| Investment AB Latour (B Shares) | | 61,366 | 1,689,868 |
| Investor AB (B Shares) | | 718,430 | 20,326,595 |
| INVISIO AB | | 18,730 | 471,126 |
| Inwido AB | | 27,639 | 501,700 |
| JM AB | | 36,700 | 617,606 |
| Kinnevik AB (B Shares) | | 103,821 | 736,473 |
| L E Lundbergforetagen AB (B Shares) | | 31,718 | 1,567,361 |
| Lifco AB (B Shares) | | 97,895 | 2,912,626 |
| Lindab International AB | | 33,840 | 708,907 |
| Loomis AB | | 30,486 | 954,534 |
| Medicover AB Class B | | 28,941 | 499,800 |
| Meko AB | | 22,536 | 303,313 |
| MIPS AB | | 11,652 | 570,321 |
| Modern Times Group MTG AB (B Shares) (a) | | 43,115 | 307,544 |
| Munters Group AB (d) | | 55,453 | 895,717 |
| Mycronic AB | | 33,928 | 1,315,144 |
| NCAB Group AB | | 77,508 | 475,761 |
| NCC AB (B Shares) | | 39,966 | 594,545 |
| New Wave Group AB (B Shares) | | 60,691 | 643,676 |
| Nibe Industrier AB (B Shares) (b) | | 655,522 | 3,164,850 |
| Nolato AB (B Shares) | | 89,674 | 469,220 |
| Nordnet AB | | 59,145 | 1,229,025 |
| Nordnet AB (B Shares) (a)(c) | | 492 | 0 |
| NP3 Fastigheter AB | | 14,994 | 349,007 |
| Nyfosa AB | | 72,480 | 731,293 |
| Pandox AB | | 39,868 | 692,995 |
| Paradox Interactive AB | | 19,398 | 365,947 |
| Peab AB | | 76,657 | 583,496 |
| Platzer Fastigheter Holding AB | | 30,378 | 256,606 |
| Ratos AB (B Shares) | | 99,451 | 317,361 |
| Saab AB (B Shares) | | 138,624 | 2,850,662 |
| Sagax AB | | 91,945 | 2,198,834 |
| Samhallsbyggnadsbolaget I Norden AB (B Shares) | | 460,895 | 244,754 |
| Sandvik AB | | 445,993 | 8,748,613 |
| Scandic Hotels Group AB (d) | | 65,504 | 422,674 |
| Sdiptech AB (a) | | 18,740 | 421,778 |
| Sectra AB (B Shares) | | 59,195 | 1,572,303 |
| Securitas AB (B Shares) | | 209,121 | 2,453,424 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 664,433 | 9,382,278 |
| Skanska AB (B Shares) | | 142,518 | 2,891,947 |
| SKF AB (B Shares) | | 143,007 | 2,701,879 |
| SkiStar AB | | 21,095 | 324,902 |
| SSAB AB: | | | |
| (A Shares) (b) | | 118,665 | 568,903 |
| (B Shares) | | 244,365 | 1,149,516 |
| Stillfront Group AB (a) | | 234,337 | 161,766 |
| Storskogen Group AB | | 597,457 | 494,696 |
| Surgical Science Sweden AB (a)(b) | | 21,865 | 257,753 |
| Svenska Cellulosa AB SCA (B Shares) | | 261,246 | 3,453,595 |
| Svenska Handelsbanken AB (A Shares) | | 610,822 | 6,346,831 |
| Svolder AB (B Shares) | | 55,015 | 310,328 |
| Sweco AB (B Shares) | | 85,030 | 1,434,119 |
| Swedbank AB (A Shares) | | 357,343 | 7,251,133 |
| Swedish Orphan Biovitrum AB (a) | | 83,669 | 2,615,012 |
| Tele2 AB (B Shares) | | 226,132 | 2,369,658 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 1,186,387 | 9,946,796 |
| Telia Co. AB | | 992,138 | 2,882,955 |
| Thule Group AB (d) | | 50,432 | 1,686,029 |
| Trelleborg AB (B Shares) | | 89,075 | 2,956,194 |
| Troax Group AB | | 18,276 | 372,225 |
| Truecaller AB (B Shares) (b) | | 109,089 | 486,339 |
| VBG Group AB (B Shares) | | 8,777 | 253,724 |
| Vimian Group AB (a) | | 82,224 | 340,331 |
| Vitec Software Group AB | | 14,396 | 629,100 |
| Vitrolife AB | | 32,840 | 728,028 |
| Volvo AB: | | | |
| (A Shares) | | 136,799 | 3,582,218 |
| (B Shares) | | 616,190 | 16,002,532 |
| Volvo Car AB (b) | | 316,958 | 681,987 |
| Wallenstam AB (B Shares) | | 152,526 | 719,358 |
| Wihlborgs Fastigheter AB | | 118,523 | 1,241,457 |
| Xvivo Perfusion AB (a) | | 11,426 | 482,583 |
| Yubico AB (a) | | 18,526 | 448,607 |
TOTAL SWEDEN | | | 288,525,977 |
| Switzerland - 3.7% | | | |
| ABB Ltd. (Reg.) | | 670,118 | 37,239,220 |
| Accelleron Industries Ltd. | | 41,267 | 2,211,611 |
| Adecco SA (Reg.) | | 71,546 | 2,241,949 |
| Allreal Holding AG | | 6,238 | 1,109,556 |
| ALSO Holding AG | | 2,700 | 719,125 |
| Arbonia AG (a) | | 31,188 | 439,893 |
| Aryzta AG (a) | | 545,067 | 963,201 |
| Autoneum Holding AG | | 2,168 | 290,222 |
| Avolta AG | | 39,771 | 1,581,234 |
| Bachem Holding AG (B Shares) | | 14,209 | 1,124,643 |
| Baloise Holdings AG | | 18,552 | 3,564,098 |
| Banque Cantonale Vaudoise | | 13,825 | 1,378,418 |
| Barry Callebaut AG | | 1,522 | 2,664,888 |
| Basilea Pharmaceutica AG (a) | | 6,591 | 326,669 |
| Belimo Holding AG (Reg.) | | 4,176 | 2,766,107 |
| BKW AG | | 9,171 | 1,610,009 |
| Bossard Holding AG Series A | | 2,851 | 685,059 |
| Bucher Industries AG | | 2,872 | 1,119,134 |
| Burckhardt Compression Holding AG | | 1,353 | 994,911 |
| Burkhalter Holding AG | | 3,870 | 397,509 |
| Bystronic AG | | 772 | 295,015 |
| Cembra Money Bank AG | | 14,396 | 1,296,148 |
| Chocoladefabriken Lindt & Spruengli AG | | 403 | 4,746,118 |
| Chocoladefabriken Lindt & Spruengli AG | | 47 | 5,464,420 |
| Clariant AG (Reg.) | | 100,663 | 1,397,660 |
| Comet Holding AG | | 3,260 | 1,081,570 |
| Compagnie Financiere Richemont SA Series A | | 228,915 | 33,330,137 |
| Daetwyler Holdings AG | | 3,395 | 571,632 |
| DKSH Holding AG | | 15,867 | 1,133,685 |
| DocMorris AG (a)(b) | | 5,903 | 232,415 |
| Dorma Kaba Holding AG | | 1,426 | 1,086,571 |
| Dottikon ES Holding AG (a) | | 1,711 | 470,572 |
| DSM-Firmenich AG | | 79,017 | 9,377,226 |
| EFG International | | 46,044 | 629,169 |
| Emmi AG | | 1,053 | 1,002,335 |
| Ems-Chemie Holding AG | | 2,966 | 2,282,331 |
| Flughafen Zuerich AG | | 8,757 | 2,062,618 |
| Forbo Holding AG (Reg.) | | 595 | 584,975 |
| Galderma Group AG (a) | | 25,035 | 2,342,746 |
| Galenica AG (d) | | 22,041 | 1,919,383 |
| Geberit AG (Reg.) | | 14,221 | 8,905,931 |
| Georg Fischer AG (Reg.) | | 33,311 | 2,418,620 |
| Givaudan SA | | 3,911 | 18,555,228 |
| Helvetia Holding AG (Reg.) | | 16,321 | 2,763,164 |
| Huber+Suhner AG | | 7,666 | 724,388 |
| Implenia AG | | 7,301 | 257,866 |
| INFICON Holding AG | | 762 | 914,171 |
| International Workplace Group PLC | | 336,268 | 692,027 |
| Interroll Holding AG | | 311 | 819,321 |
| Intershop Holding AG | | 2,372 | 333,462 |
| Julius Baer Group Ltd. | | 88,782 | 5,413,180 |
| Kardex Holding AG | | 2,778 | 846,059 |
| Komax Holding AG (Reg.) (b) | | 2,142 | 271,858 |
| Kuehne & Nagel International AG | | 20,147 | 5,030,043 |
| Landis+Gyr Group AG | | 10,782 | 867,754 |
| LEM Holding SA | | 228 | 304,158 |
| Logitech International SA (Reg.) | | 66,524 | 5,451,031 |
| Lonza Group AG | | 30,621 | 18,885,698 |
| Medacta Group SA (d) | | 3,609 | 479,779 |
| Medmix AG (d) | | 18,236 | 209,485 |
| Mobilezone Holding AG | | 31,679 | 505,514 |
| Mobimo Holding AG | | 3,706 | 1,148,000 |
| Novartis AG | | 834,899 | 90,591,787 |
| OC Oerlikon Corp. AG (Reg.) | | 84,061 | 384,118 |
| Orior AG | | 4,611 | 229,335 |
| Partners Group Holding AG | | 9,677 | 13,368,839 |
| PSP Swiss Property AG | | 19,551 | 2,775,696 |
| Sandoz Group AG | | 176,005 | 8,020,146 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 13,182 | 3,837,595 |
| (Reg.) | | 13,585 | 3,869,967 |
| Schweiter Technologies AG | | 598 | 273,880 |
| Sensirion Holding AG (a)(b)(d) | | 4,573 | 333,622 |
| SFS Group AG | | 7,535 | 1,078,485 |
| SGS SA (Reg.) | | 65,150 | 6,903,161 |
| Siegfried Holding AG | | 1,714 | 2,242,858 |
| Sig Group AG | | 130,756 | 2,814,839 |
| Sika AG | | 64,671 | 18,010,973 |
| SKAN Group AG | | 5,533 | 494,641 |
| Sonova Holding AG | | 21,777 | 7,969,023 |
| Stadler Rail AG | | 25,163 | 719,734 |
| Straumann Holding AG | | 47,869 | 6,311,022 |
| Sulzer AG (Reg.) | | 8,261 | 1,276,148 |
| Swatch Group AG (Bearer) | | 11,510 | 2,361,887 |
| Swatch Group AG (Bearer) (Reg.) | | 28,001 | 1,133,270 |
| Swiss Life Holding AG | | 11,989 | 9,779,459 |
| Swiss Prime Site AG | | 32,313 | 3,504,270 |
| Swisscom AG | | 10,657 | 6,491,323 |
| Swissquote Group Holding SA | | 4,632 | 1,578,061 |
| Tecan Group AG | | 5,425 | 1,369,521 |
| Temenos AG | | 26,605 | 1,840,830 |
| u-blox Holding AG | | 5,349 | 408,817 |
| UBS Group AG | | 1,393,485 | 42,826,810 |
| Valiant Holding AG | | 7,298 | 850,187 |
| VAT Group AG (d) | | 11,600 | 4,829,136 |
| Vetropack Holding AG | | 8,340 | 276,213 |
| Vontobel Holdings AG | | 13,196 | 858,798 |
| Ypsomed Holding AG | | 1,799 | 798,931 |
| Zehnder Group AG | | 5,864 | 327,306 |
| Zurich Insurance Group Ltd. | | 61,350 | 36,172,280 |
TOTAL SWITZERLAND | | | 497,443,887 |
| Taiwan - 5.6% | | | |
| Ability Opto-Electronics Technology Co. Ltd. | | 34,296 | 233,017 |
| Acbel Polytech, Inc. | | 520,355 | 514,865 |
| Accton Technology Corp. | | 219,289 | 3,696,862 |
| Acer, Inc. | | 1,224,834 | 1,522,724 |
| Acter Group Corp. Ltd. | | 47,899 | 525,397 |
| ADATA Technology Co. Ltd. | | 128,464 | 336,391 |
| Advanced Energy Solution Holding Co. Ltd. | | 16,648 | 265,554 |
| Advanced Wireless Semiconductor Co. | | 66,503 | 188,493 |
| Advantech Co. Ltd. | | 199,256 | 1,959,081 |
| Airoha Technology Corp. | | 15,670 | 298,199 |
| Alchip Technologies Ltd. | | 34,274 | 2,129,960 |
| Allied Supreme Corp. | | 21,915 | 225,691 |
| Allis Elelctric Co. Ltd. | | 83,771 | 287,595 |
| Andes Technology Corp. (a) | | 24,516 | 295,356 |
| AP Memory Technology Corp. | | 43,097 | 398,061 |
| Arcadyan Technology Corp. | | 85,239 | 416,003 |
| Ardentec Corp. | | 201,465 | 338,215 |
| ASE Technology Holding Co. Ltd. | | 1,413,234 | 6,686,228 |
| Asia Cement Corp. | | 999,347 | 1,456,896 |
| Asia Optical Co., Inc. | | 122,984 | 386,513 |
| Asia Vital Components Co. Ltd. | | 138,113 | 2,654,407 |
| ASMedia Technology, Inc. | | 16,736 | 828,215 |
| ASPEED Tech, Inc. | | 12,714 | 1,617,476 |
| ASUSTeK Computer, Inc. | | 302,462 | 5,358,239 |
| AUO Corp. | | 2,758,846 | 1,425,971 |
| AURAS Technology Co. Ltd. | | 26,450 | 533,203 |
| BES Engineering Corp. | | 647,426 | 218,559 |
| BizLink Holding, Inc. | | 66,353 | 959,628 |
| Bora Pharmaceuticals Co. Ltd. | | 24,258 | 545,528 |
| C Sun Manufacturing Ltd. | | 45,943 | 289,938 |
| Capital Securities Corp. | | 666,192 | 458,415 |
| Catcher Technology Co. Ltd. | | 260,276 | 1,900,501 |
| Cathay Financial Holding Co. Ltd. | | 4,078,093 | 8,640,760 |
| Cathay Real Estate Development Co. Ltd. | | 277,484 | 208,567 |
| Center Laboratories, Inc. | | 265,702 | 406,612 |
| Century Iron & Steel Industrial Co. Ltd. | | 76,349 | 487,109 |
| Chailease Holding Co. Ltd. | | 642,081 | 3,016,518 |
| Chang Hwa Commercial Bank | | 2,557,975 | 1,410,178 |
| Chang Wah Electromaterials, Inc. | | 179,663 | 302,994 |
| Chang Wah Technology Co. Ltd. | | 213,289 | 240,392 |
| Channel Well Technology Co. Ltd. | | 126,402 | 242,682 |
| Charoen Pokphand Enterprise Co. Ltd. | | 87,997 | 267,705 |
| Chenbro Micom Co. Ltd. | | 28,406 | 245,271 |
| Cheng Loong Corp. | | 436,062 | 323,673 |
| Cheng Shin Rubber Industry Co. Ltd. | | 756,181 | 1,089,605 |
| Cheng Uei Precision Industries Co. Ltd. | | 149,896 | 297,843 |
| Chenming Electronic Technology Corp. | | 58,000 | 283,463 |
| Chicony Electronics Co. Ltd. | | 278,442 | 1,408,782 |
| Chicony Power Technology Co. Ltd. | | 67,459 | 263,067 |
| Chin-Poon Industrial Co. Ltd. | | 210,059 | 247,505 |
| China Airlines Ltd. | | 1,256,085 | 878,820 |
| China Motor Co. Ltd. | | 123,987 | 263,844 |
| China Petrochemical Development Corp. (a) | | 1,662,605 | 413,855 |
| China Steel Chemical Corp. | | 85,063 | 257,474 |
| China Steel Corp. | | 5,083,785 | 3,567,194 |
| Chipbond Technology Corp. | | 262,056 | 513,355 |
| ChipMOS TECHNOLOGIES, Inc. | | 317,977 | 350,670 |
| Chong Hong Construction Co. Ltd. | | 90,865 | 246,402 |
| Chroma ATE, Inc. | | 164,390 | 2,084,633 |
| Chung Hsin Electric & Machinery Manufacturing Corp. | | 175,971 | 859,198 |
| Chung Hung Steel Co. Ltd. | | 532,983 | 340,896 |
| Chunghwa Telecom Co. Ltd. | | 1,600,283 | 6,094,356 |
| Cleanaway Co. Ltd. | | 39,119 | 223,507 |
| Clevo Co. Ltd. | | 155,500 | 267,448 |
| Co-Tech Development Corp. | | 128,984 | 236,369 |
| Compal Electronics, Inc. | | 1,813,484 | 1,997,232 |
| Compeq Manufacturing Co. Ltd. | | 434,996 | 826,558 |
| Coretronic Corp. | | 114,402 | 243,927 |
| CTBC Financial Holding Co. Ltd. | | 6,725,282 | 7,479,757 |
| CTCI Corp. | | 284,902 | 389,114 |
| Da-Li Construction Co. Ltd. | | 140,000 | 186,383 |
| Delpha Construction Co. Ltd. | | 174,905 | 212,815 |
| Delta Electronics, Inc. | | 831,992 | 10,309,298 |
| Depo Auto Parts Industries Co. Ltd. | | 46,965 | 351,509 |
| Dynamic Holding Co. Ltd. | | 113,314 | 232,487 |
| E Ink Holdings, Inc. | | 369,031 | 3,465,086 |
| E.SUN Financial Holdings Co. Ltd. | | 6,183,483 | 5,275,133 |
| ECLAT Textile Co. Ltd. | | 83,386 | 1,398,345 |
| EGiS Technology, Inc. (a) | | 28,340 | 164,779 |
| EirGenix, Inc. (a) | | 92,953 | 268,316 |
| Elan Microelectronics Corp. | | 129,693 | 584,590 |
| Elite Advanced Laser Corp. (a) | | 75,000 | 488,445 |
| Elite Material Co. Ltd. | | 127,424 | 1,631,144 |
| Elite Semiconductor Memory Technology, Inc. | | 129,314 | 268,871 |
| eMemory Technology, Inc. | | 27,406 | 2,673,497 |
| Ennoconn Corp. | | 50,865 | 457,839 |
| ENNOSTAR, Inc. | | 295,308 | 427,506 |
| Episil Technologies, Inc. (a) | | 140,131 | 238,774 |
| Eternal Materials Co. Ltd. | | 439,950 | 425,783 |
| Etron Technology, Inc. | | 184,296 | 212,207 |
| EVA Airways Corp. | | 1,133,722 | 1,313,602 |
| Evergreen Aviation Technologies Corp. | | 93,799 | 270,370 |
| Evergreen International Storage & Transport Corp. | | 235,047 | 224,781 |
| Evergreen Marine Corp. (Taiwan) | | 431,637 | 2,743,807 |
| Evergreen Steel Corp. | | 75,349 | 239,004 |
| Everlight Electronics Co. Ltd. | | 162,235 | 422,886 |
| Far Eastern Department Stores Co. Ltd. | | 329,823 | 263,006 |
| Far Eastern International Bank | | 1,108,805 | 454,862 |
| Far Eastern New Century Corp. | | 1,245,953 | 1,442,419 |
| Far EasTone Telecommunications Co. Ltd. | | 744,555 | 2,062,700 |
| Faraday Technology Corp. | | 102,151 | 728,170 |
| Farglory Land Development Co. Ltd. | | 108,446 | 227,501 |
| Feng Hsin Iron & Steel Co. | | 191,663 | 500,152 |
| Feng Tay Enterprise Co. Ltd. | | 216,255 | 953,746 |
| First Financial Holding Co. Ltd. | | 4,780,094 | 4,038,215 |
| Fitipower Integrated Technology, Inc. | | 43,638 | 333,382 |
| FLEXium Interconnect, Inc. | | 156,595 | 365,916 |
| FocalTech Systems Co. Ltd. | | 105,887 | 275,461 |
| Formosa Chemicals & Fibre Corp. | | 1,479,758 | 1,771,079 |
| Formosa Plastics Corp. | | 1,602,094 | 2,357,125 |
| Formosa Taffeta Co. Ltd. | | 457,534 | 282,412 |
| Fortune Electric Co. Ltd. | | 62,789 | 1,054,419 |
| Fositek Corp. | | 20,734 | 535,415 |
| Foxconn Technology Co. Ltd. | | 392,424 | 973,783 |
| Foxsemicon Integrated Technology, Inc. | | 37,141 | 391,532 |
| Fubon Financial Holding Co. Ltd. | | 3,500,143 | 9,809,346 |
| Fulgent Sun International Holding Co. Ltd. | | 86,129 | 287,909 |
| Fusheng Precision Co. Ltd. | | 43,987 | 406,530 |
| General Interface Solution Holding Ltd. (a) | | 139,852 | 246,683 |
| Genius Electronic Optical Co. Ltd. | | 36,938 | 510,724 |
| Getac Holdings Corp. | | 178,191 | 613,423 |
| Giant Manufacturing Co. Ltd. | | 135,636 | 767,212 |
| Gigabyte Technology Co. Ltd. | | 242,223 | 1,915,348 |
| Global Brands Manufacture Ltd. | | 139,852 | 252,752 |
| Global Mixed-mode Technology, Inc. | | 34,318 | 239,457 |
| Global Unichip Corp. | | 37,185 | 1,394,619 |
| GlobalWafers Co. Ltd. | | 110,512 | 1,443,231 |
| Gloria Material Technology Corp. | | 247,386 | 352,918 |
| Gold Circuit Electronics Ltd. | | 138,353 | 797,367 |
| Goldsun Development & Construction Co. Ltd. | | 364,975 | 606,203 |
| Grand Pacific Petrochemical Corp. (a) | | 574,481 | 215,920 |
| Grand Process Technology Corp. | | 8,802 | 428,415 |
| Grape King Bio Ltd. | | 83,283 | 391,080 |
| Great Tree Pharmacy Co. Ltd. | | 46,586 | 255,594 |
| Great Wall Enterprise Co. Ltd. | | 292,530 | 467,399 |
| Greatek Electronics, Inc. | | 164,544 | 295,442 |
| Gudeng Precision Industrial Co. Ltd. | | 30,511 | 506,654 |
| HannStar Board Corp. | | 134,548 | 232,114 |
| HannStar Display Corp. (a) | | 1,157,127 | 326,004 |
| HD Renewable Energy Co. Ltd. | | 30,000 | 207,142 |
| Highwealth Construction Corp. | | 578,765 | 729,361 |
| HIWIN Technologies Corp. | | 123,527 | 902,576 |
| Hiyes International Co. Ltd. | | 32,000 | 147,772 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 5,314,230 | 34,173,673 |
| Hota Industrial Manufacturing Co. Ltd. | | 131,932 | 227,125 |
| Hotai Finance Co. Ltd. | | 103,459 | 292,937 |
| Hotai Motor Co. Ltd. | | 129,251 | 2,609,656 |
| Hsin Kuang Steel Co. Ltd. | | 122,138 | 210,455 |
| HTC Corp. (a) | | 329,197 | 447,764 |
| Hua Nan Financial Holdings Co. Ltd. | | 3,770,246 | 2,982,696 |
| Huaku Development Co. Ltd. | | 111,503 | 407,319 |
| IBF Financial Holdings Co. Ltd. | | 1,107,826 | 507,435 |
| Innodisk Corp. | | 38,608 | 307,868 |
| Innolux Corp. | | 3,185,555 | 1,540,751 |
| International CSRC Investment Holdings Co. (a) | | 557,207 | 259,568 |
| International Games Systems Co. Ltd. | | 102,755 | 3,252,711 |
| Inventec Corp. | | 1,163,683 | 1,614,659 |
| ITE Tech, Inc. | | 79,349 | 331,920 |
| ITEQ Corp. | | 96,731 | 229,042 |
| J&V Energy Technology Co. Ltd. | | 33,000 | 208,230 |
| Jentech Precision Industrial Co. Ltd. | | 35,913 | 1,617,990 |
| Jpc Connectivity, Inc. | | 44,000 | 241,571 |
| Kaori Heat Treatment Co. Ltd. | | 32,318 | 316,387 |
| Kenda Rubber Industrial Co. Ltd. | | 339,153 | 314,537 |
| Kenmec Mechanical Engineering Co. Ltd. | | 83,569 | 226,209 |
| Kgi Financial Holding Co. Ltd. | | 6,789,853 | 3,510,031 |
| Kindom Development Co. Ltd. | | 200,355 | 282,121 |
| King Slide Works Co. Ltd. | | 24,472 | 922,358 |
| King Yuan Electronics Co. Ltd. | | 466,719 | 1,764,745 |
| King's Town Bank Co. Ltd. | | 326,603 | 502,640 |
| Kinik Co. | | 45,031 | 423,592 |
| Kinpo Electronics, Inc. | | 508,156 | 382,351 |
| Kinsus Interconnect Technology Corp. | | 132,226 | 434,324 |
| Kuo Toong International Co. Ltd. | | 94,755 | 178,398 |
| L&K Engineering Co. Ltd. | | 68,132 | 472,852 |
| LandMark Optoelectronics Corp. | | 38,000 | 375,345 |
| Largan Precision Co. Ltd. | | 42,075 | 2,956,560 |
| Lien Hwa Industrial Corp. | | 421,715 | 785,641 |
| Lite-On Technology Corp. | | 897,472 | 2,822,554 |
| Lotes Co. Ltd. | | 35,385 | 1,805,487 |
| Lotus Pharmaceutical Co. Ltd. | | 59,701 | 464,867 |
| Lumosa Therapeutics Co. Ltd. (a) | | 42,119 | 493,762 |
| Lumosa Therapeutics Co. Ltd. rights 11/4/24 (a) | | 759 | 3,684 |
| LuxNet Corp. | | 53,377 | 225,384 |
| M31 Technology Corp. | | 10,562 | 240,243 |
| Machvision, Inc. | | 21,494 | 236,905 |
| Macronix International Co. Ltd. | | 818,033 | 611,141 |
| Makalot Industrial Co. Ltd. | | 105,416 | 1,134,636 |
| Marketech International Corp. | | 50,009 | 235,140 |
| Materials Analysis Technology, Inc. | | 34,207 | 285,106 |
| MediaTek, Inc. | | 647,955 | 25,305,862 |
| Mega Financial Holding Co. Ltd. | | 5,077,776 | 6,206,893 |
| Mercuries Life Insurance Co. Ltd. (a) | | 1,364,538 | 291,249 |
| Merida Industry Co. Ltd. | | 99,777 | 545,232 |
| Merry Electronics Co. Ltd. | | 104,370 | 341,874 |
| Micro-Star International Co. Ltd. | | 320,308 | 1,757,838 |
| Microbio Co. Ltd. | | 225,648 | 266,603 |
| MiTAC Holdings Corp. | | 398,151 | 557,382 |
| MPI Corp. | | 36,207 | 894,674 |
| Nan Pao Resins Chemical Co. Ltd. | | 26,516 | 233,885 |
| Nan Ya Plastics Corp. | | 2,254,496 | 2,914,212 |
| Nan Ya Printed Circuit Board Corp. | | 101,821 | 412,386 |
| Nankang Rubber Tire Co. Ltd. (a) | | 196,443 | 290,125 |
| Nanya Technology Corp. (a) | | 523,486 | 680,093 |
| Nien Made Enterprise Co. Ltd. | | 76,261 | 1,140,085 |
| Novatek Microelectronics Corp. | | 247,650 | 3,838,986 |
| Nuvoton Technology Corp. | | 100,799 | 313,687 |
| Oneness Biotech Co. Ltd. | | 138,047 | 544,901 |
| Orient Semiconductor Electronics Ltd. | | 215,817 | 256,093 |
| Pan Jit International, Inc. | | 166,456 | 285,411 |
| Pan-International Industrial | | 250,122 | 290,103 |
| Parade Technologies Ltd. | | 33,274 | 726,726 |
| Pegatron Corp. | | 856,530 | 2,605,600 |
| Pegavision Corp. | | 21,538 | 250,467 |
| PharmaEssentia Corp. (a) | | 101,755 | 1,996,477 |
| Phihong Technology Co. Ltd. (a) | | 201,323 | 235,385 |
| Phison Electronics Corp. | | 69,481 | 1,000,397 |
| Phoenix Silicon International Corp. | | 87,000 | 325,308 |
| PixArt Imaging, Inc. | | 64,547 | 482,598 |
| Polaris Group (a) | | 174,588 | 269,102 |
| Pou Chen Corp. | | 961,020 | 1,127,253 |
| Powerchip Semiconductor Manufacturing Corp. (a) | | 1,323,402 | 733,105 |
| Powertech Technology, Inc. | | 294,572 | 1,150,772 |
| Poya International Co. Ltd. | | 26,656 | 415,652 |
| President Chain Store Corp. | | 239,783 | 2,208,818 |
| President Securities Corp. | | 346,405 | 276,372 |
| Primax Electronics Ltd. | | 200,443 | 501,919 |
| Promate Electronic Co. Ltd. | | 89,865 | 229,618 |
| Qisda Corp. | | 689,549 | 769,721 |
| Quanta Computer, Inc. | | 1,155,969 | 10,531,931 |
| Quanta Storage, Inc. | | 94,063 | 277,529 |
| Radiant Opto-Electronics Corp. | | 188,861 | 1,233,290 |
| Raydium Semiconductor Corp. | | 31,775 | 334,322 |
| Realtek Semiconductor Corp. | | 212,443 | 3,127,215 |
| RichWave Technology Corp. (a) | | 35,459 | 182,968 |
| Ruentex Development Co. Ltd. | | 659,967 | 950,539 |
| Ruentex Industries Ltd. | | 267,104 | 632,357 |
| Run Long Construction Co. Ltd. | | 176,429 | 264,583 |
| Sakura Development Co. Ltd. | | 142,942 | 224,573 |
| Sanyang Motor Co. Ltd. | | 253,562 | 549,513 |
| Scientech Corp. | | 23,450 | 322,712 |
| SDI Corp. | | 63,591 | 234,426 |
| SerComm Corp. | | 134,072 | 458,226 |
| Shihlin Electric & Engineering Corp. | | 99,843 | 626,606 |
| Shin Kong Financial Holding Co. Ltd. (a) | | 6,036,765 | 2,143,043 |
| Shin Zu Shing Co. Ltd. | | 67,908 | 364,475 |
| Shinfox Energy Co. Ltd. | | 47,201 | 170,488 |
| Shinkong Insurance Co. Ltd. | | 96,799 | 295,414 |
| Shinkong Synthetic Fiber Co. | | 670,804 | 317,708 |
| Shiny Chemical Industrial Co. Ltd. | | 60,836 | 317,639 |
| Sigurd Microelectronics Corp. | | 202,553 | 459,527 |
| Silicon Integrated System Corp. | | 160,744 | 382,719 |
| Simplo Technology Co. Ltd. | | 71,415 | 755,282 |
| SINBON Electronics Co. Ltd. | | 101,799 | 836,006 |
| Sino-American Silicon Products, Inc. | | 208,355 | 1,011,716 |
| Sinon Corp. | | 230,606 | 300,380 |
| Sinopac Financial Holdings Co. | | 4,566,410 | 3,252,150 |
| Sitronix Technology Corp. | | 56,899 | 391,088 |
| Solar Applied Materials Technology Corp. | | 243,364 | 468,334 |
| Solomon Technology Corp. | | 54,000 | 231,615 |
| Sporton International, Inc. | | 42,190 | 276,202 |
| Standard Foods Corp. | | 244,173 | 286,923 |
| Sunonwealth Electric Machine Industry Co. Ltd. | | 113,732 | 336,733 |
| Sunplus Technology Co. Ltd. (a) | | 248,716 | 224,545 |
| Supreme Electronics Co. Ltd. | | 217,201 | 442,935 |
| Synnex Technology International Corp. | | 529,100 | 1,165,938 |
| Systex Corp. | | 91,019 | 373,706 |
| Ta Chen Stainless Pipe Co. Ltd. | | 742,252 | 750,012 |
| Ta Ya Electric Wire & Cable Co. Ltd. | | 335,996 | 474,555 |
| Taichung Commercial Bank Co. Ltd. | | 1,589,103 | 877,200 |
| TaiMed Biologics, Inc. (a) | | 125,396 | 316,010 |
| Tainan Spinning Co. Ltd. | | 544,738 | 257,831 |
| Taishin Financial Holdings Co. Ltd. | | 4,938,941 | 2,632,702 |
| Taiwan Business Bank | | 2,983,899 | 1,440,031 |
| Taiwan Cogeneration Corp. | | 278,583 | 373,080 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 4,454,309 | 3,494,040 |
| Taiwan Fertilizer Co. Ltd. | | 286,506 | 509,439 |
| Taiwan Glass Industry Corp. (a) | | 597,043 | 360,467 |
| Taiwan High Speed Rail Corp. | | 778,401 | 708,279 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | | 125,966 | 600,457 |
| Taiwan Mask Corp. | | 111,909 | 189,461 |
| Taiwan Mobile Co. Ltd. | | 768,181 | 2,716,237 |
| Taiwan Paiho Ltd. | | 136,786 | 342,467 |
| Taiwan Secom Co. | | 123,292 | 523,684 |
| Taiwan Semiconductor Co. Ltd. | | 131,292 | 254,886 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 10,494,148 | 330,162,773 |
| Taiwan Surface Mounting Technology Co. Ltd. | | 121,182 | 399,425 |
| Taiwan Union Technology Corp. | | 104,578 | 519,529 |
| Taiwan-Asia Semiconductor Corp. | | 200,531 | 215,203 |
| Tatung Co. Ltd. (a) | | 649,801 | 889,770 |
| Tcc Group Holdings | | 2,926,813 | 2,917,018 |
| TCI Co. Ltd. | | 67,356 | 278,538 |
| TECO Electric & Machinery Co. Ltd. | | 601,131 | 921,795 |
| Test Research, Inc. | | 67,415 | 276,652 |
| The Shanghai Commercial & Savings Bank Ltd. | | 1,636,411 | 2,039,433 |
| Tong Hsing Electronics Industries Ltd. | | 97,930 | 388,858 |
| Tong Yang Industry Co. Ltd. | | 165,434 | 548,828 |
| Topco Scientific Co. Ltd. | | 76,689 | 742,743 |
| Topkey Corp. | | 38,097 | 273,020 |
| TPK Holding Co. Ltd. (a) | | 225,716 | 292,587 |
| Transcend Information, Inc. | | 91,843 | 274,592 |
| Tripod Technology Corp. | | 191,751 | 1,135,511 |
| TSEC Corp. | | 293,771 | 196,079 |
| TSRC Corp. | | 405,965 | 307,255 |
| TTY Biopharm Co. Ltd. | | 126,138 | 288,714 |
| Tung Ho Steel Enterprise Corp. | | 213,196 | 488,953 |
| TXC Corp. | | 140,918 | 512,320 |
| U-Ming Marine Transport Corp. | | 205,333 | 355,146 |
| Uni-President Enterprises Corp. | | 2,069,420 | 5,814,074 |
| Unimicron Technology Corp. | | 582,254 | 2,852,865 |
| Unitech Printed Circuit Board Corp. (a) | | 270,902 | 251,267 |
| Unitech Printed Circuit Board Corp. rights 12/2/24 (a) | | 12,950 | 1,744 |
| United Integrated Services Co. | | 74,371 | 774,987 |
| United Microelectronics Corp. | | 4,793,575 | 6,938,435 |
| United Renewable Energy Co. Ltd. (a) | | 685,720 | 237,882 |
| Universal Microwave Technology, Inc. | | 32,000 | 301,658 |
| UPI Semiconductor Corp. | | 31,318 | 238,192 |
| Vanguard International Semiconductor Corp. | | 428,568 | 1,269,127 |
| Vanguard International Semiconductor Corp. rights 10/18/24 (a) | | 35,104 | 9,343 |
| Via Technologies, Inc. | | 87,173 | 309,922 |
| VisEra Technologies Co. Ltd. | | 49,987 | 427,241 |
| Visual Photonics Epitaxy Co. Ltd. | | 81,437 | 351,865 |
| Voltronic Power Technology Corp. | | 28,457 | 1,877,548 |
| Wafer Works Corp. | | 481,512 | 435,668 |
| Wafer Works Corp. rights (a) | | 12,626 | 1,048 |
| Waffer Technology Corp. | | 72,371 | 158,304 |
| Waffer Technology Corp. rights 12/2/24 (a) | | 1,730 | 1,165 |
| Wah Lee Industrial Corp. | | 73,283 | 276,182 |
| Walsin Lihwa Corp. | | 1,203,171 | 1,106,303 |
| Walsin Technology Corp. | | 142,862 | 440,402 |
| Wan Hai Lines Ltd. | | 294,804 | 783,040 |
| Win Semiconductors Corp. (a) | | 150,232 | 558,084 |
| Winbond Electronics Corp. | | 1,464,530 | 869,665 |
| WinWay Technology Co. Ltd. | | 11,736 | 471,950 |
| Wisdom Marine Lines Co. Ltd. | | 192,641 | 438,609 |
| Wistron Corp. | | 1,179,639 | 3,977,876 |
| Wistron NeWeb Corp. | | 171,271 | 642,054 |
| Wiwynn Corp. | | 48,097 | 2,743,336 |
| Wowprime Corp. | | 38,716 | 288,459 |
| WPG Holding Co. Ltd. | | 674,795 | 1,538,173 |
| WT Microelectronics Co. Ltd. | | 289,681 | 978,029 |
| XinTec, Inc. | | 73,305 | 474,546 |
| Yageo Corp. | | 170,782 | 2,914,191 |
| Yang Ming Marine Transport Corp. | | 729,709 | 1,502,987 |
| Yankey Engineering Co. Ltd. | | 23,293 | 224,090 |
| YFY, Inc. | | 583,540 | 555,824 |
| Yieh Phui Enterprise Co. | | 545,653 | 256,982 |
| Yuanta Financial Holding Co. Ltd. | | 4,470,873 | 4,498,741 |
| Yulon Finance Corp. | | 123,987 | 538,692 |
| Yulon Motor Co. Ltd. | | 283,144 | 502,221 |
| Yungshin Construction & Development Co. Ltd. | | 34,000 | 222,964 |
| Zhen Ding Technology Holding Ltd. | | 281,726 | 974,640 |
| ZillTek Technology Corp. | | 17,670 | 188,852 |
TOTAL TAIWAN | | | 746,879,660 |
| Tanzania - 0.0% | | | |
| Helios Towers PLC (a)(b) | | 336,001 | 460,985 |
| Thailand - 0.5% | | | |
| Advanced Info Service PCL (For. Reg.) | | 173,466 | 1,410,960 |
| Advanced Information Service PCL NVDR | | 344,936 | 2,805,685 |
| Airports of Thailand PCL NVDR | | 1,986,128 | 3,598,985 |
| Amata Corp. PCL NVDR | | 456,588 | 395,062 |
| AP Thailand PCL NVDR | | 1,551,605 | 438,151 |
| B. Grimm Power PCL (For. Reg.) | | 206,599 | 135,492 |
| Bangchak Corp. PCL NVDR | | 422,703 | 428,050 |
| Bangkok Chain Hospital PCL NVDR | | 713,262 | 364,976 |
| Bangkok Commercial Asset Management PCL (For. Reg.) | | 410,600 | 100,829 |
| Bangkok Dusit Medical Services PCL: | | | |
| (For. Reg.) | | 1,692,244 | 1,378,393 |
| NVDR | | 3,193,753 | 2,601,426 |
| Bangkok Expressway and Metro PCL (For. Reg.) | | 2,692,438 | 628,312 |
| Banpu PCL NVDR | | 3,887,514 | 719,299 |
| Berli Jucker PCL NVDR | | 545,300 | 387,990 |
| BTS Group Holdings PCL: | | | |
| (For. Reg.) (a) | | 1,558,451 | 226,839 |
| NVDR (a) | | 3,081,834 | 451,794 |
| Bumrungrad Hospital PCL: | | | |
| (For. Reg.) | | 91,133 | 734,956 |
| NVDR | | 160,478 | 1,294,200 |
| Carabao Group PCL NVDR | | 197,815 | 466,685 |
| Central Pattana PCL: | | | |
| (For. Reg.) | | 480,405 | 893,134 |
| NVDR | | 415,985 | 773,369 |
| Central Plaza Hotel PCL NVDR | | 259,891 | 277,362 |
| Central Retail Corp. PCL (For. Reg.) | | 553,920 | 524,454 |
| CH. Karnchang PCL (For. Reg.) | | 380,045 | 216,304 |
| Charoen Pokphand Foods PCL: | | | |
| (For. Reg.) | | 690,011 | 507,492 |
| NVDR | | 1,110,287 | 816,598 |
| Chularat Hospital PCL NVDR unit | | 3,412,479 | 293,424 |
| Com7 PCL NVDR | | 554,799 | 458,933 |
| CP ALL PCL: | | | |
| (For. Reg.) | | 1,107,358 | 2,074,074 |
| NVDR | | 1,456,317 | 2,727,671 |
| CP Axtra PCL NVDR | | 1,019,557 | 1,017,262 |
| Delta Electronics PCL: | | | |
| (For. Reg.) | | 577,529 | 2,345,559 |
| NVDR | | 760,087 | 3,086,994 |
| Electricity Generating PCL (For. Reg.) | | 79,217 | 281,391 |
| Energy Absolute PCL NVDR | | 926,700 | 215,810 |
| Energy Earth PCL (For. Reg.) (a)(c) | | 7,600 | 0 |
| Gulf Energy Development PCL: | | | |
| (For. Reg.) | | 166,329 | 327,763 |
| NVDR | | 1,260,967 | 2,484,822 |
| Hana Microelectronics PCL (For. Reg.) | | 151,001 | 169,858 |
| Home Product Center PCL: | | | |
| (For. Reg.) | | 1,320,845 | 373,063 |
| NVDR | | 1,447,841 | 408,932 |
| i-Tail Corp. PCL | | 669,366 | 500,524 |
| Intouch Holdings PCL: | | | |
| (For. Reg.) | | 273,594 | 866,794 |
| NVDR | | 288,797 | 914,960 |
| IRPC PCL NVDR | | 7,206,095 | 328,286 |
| Kasikornbank PCL NVDR | | 274,051 | 1,186,911 |
| KCE Electronics PCL (For. Reg.) | | 221,476 | 234,140 |
| Krung Thai Bank PCL: | | | |
| (For. Reg.) | | 395,497 | 240,036 |
| NVDR | | 1,239,251 | 752,130 |
| Krungthai Card PCL: | | | |
| (For. Reg.) | | 241,151 | 340,255 |
| NVDR | | 226,566 | 319,677 |
| Land & House PCL: | | | |
| (For. Reg.) | | 1,618,397 | 278,078 |
| NVDR | | 3,139,358 | 539,415 |
| MBK PCL NVDR unit | | 703,830 | 414,287 |
| Mega Lifesciences PCL NVDR | | 244,317 | 284,435 |
| Minor International PCL: | | | |
| (For. Reg.) | | 331,628 | 262,663 |
| NVDR | | 1,221,610 | 967,565 |
| Muangthai Leasing PCL (For. Reg.) | | 191,001 | 285,885 |
| Ngern Tid Lor PCL NVDR | | 745,018 | 389,692 |
| Osotspa PCL NVDR | | 725,023 | 443,834 |
| Plan B Media PCL NVDR unit | | 1,228,830 | 270,747 |
| PTT Exploration and Production PCL: | | | |
| (For. Reg.) | | 309,482 | 1,161,501 |
| NVDR | | 312,656 | 1,173,414 |
| PTT Global Chemical PCL: | | | |
| (For. Reg.) | | 410,294 | 316,019 |
| NVDR | | 659,106 | 507,660 |
| PTT Oil & Retail Business PCL: | | | |
| (For. Reg.) | | 566,748 | 258,443 |
| NVDR | | 818,155 | 373,087 |
| PTT PCL: | | | |
| (For. Reg.) | | 2,300,916 | 2,284,227 |
| NVDR | | 1,995,611 | 1,981,137 |
| Quality Houses PCL NVDR | | 5,465,571 | 300,916 |
| Ratch Group PCL NVDR unit | | 620,492 | 592,356 |
| Sansiri PCL NVDR | | 8,254,307 | 446,260 |
| SCB X PCL: | | | |
| (For. Reg.) | | 175,618 | 590,181 |
| NVDR | | 207,381 | 696,924 |
| SCG Packaging PCL NVDR | | 619,143 | 466,524 |
| Siam Cement PCL: | | | |
| (For. Reg.) | | 163,786 | 1,018,855 |
| NVDR | | 178,575 | 1,110,852 |
| Siam Global House PCL NVDR | | 872,802 | 415,843 |
| Sri Trang Agro-Industry PCL NVDR | | 508,523 | 312,077 |
| Srisawad Corp. PCL (For. Reg.) | | 199,811 | 250,668 |
| Star Petroleum Refining PCL NVDR | | 1,176,938 | 233,773 |
| STARK Corp. PCL (a)(c) | | 4,002,200 | 1,185 |
| Supalai PCL (For. Reg.) | | 373,468 | 216,711 |
| Thai Airways International PCL (For. Reg.) (a)(c) | | 126,000 | 12,387 |
| Thai Oil PCL: | | | |
| (For. Reg.) | | 263,227 | 319,763 |
| NVDR | | 309,064 | 375,445 |
| Thai Union Frozen Products PCL (For. Reg.) | | 793,405 | 352,267 |
| TISCO Financial Group PCL NVDR | | 142,523 | 407,232 |
| TMBThanachart Bank PCL NVDR | | 11,976,616 | 631,456 |
| TOA Paint Thailand PCL NVDR | | 399,604 | 213,015 |
| True Corp. PCL (a) | | 1,596,389 | 580,918 |
| True Corp. PCL NVDR (a) | | 2,932,294 | 1,067,046 |
| WHA Corp. PCL: | | | |
| (For. Reg.) | | 1,644,189 | 284,057 |
| NVDR | | 2,481,180 | 428,658 |
TOTAL THAILAND | | | 68,043,524 |
| Turkey - 0.2% | | | |
| Akbank TAS | | 1,345,154 | 1,986,423 |
| Aksa Akrilik Kimya Sanayii | | 915,176 | 222,751 |
| Alarko Holding AS | | 94,631 | 238,476 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 93,539 | 523,316 |
| Anadolu Sigoria (a) | | 115,825 | 290,872 |
| Aselsan A/S | | 647,035 | 1,149,047 |
| Baticim Bati Anadolu Cimento Sanayii A/S (a) | | 65,475 | 308,983 |
| Bim Birlesik Magazalar A/S JSC | | 194,883 | 2,653,230 |
| Cimsa Cimento Sanayi Ve Ticaret A/S | | 292,432 | 297,510 |
| Coca-Cola Icecek Sanayi A/S | | 389,472 | 578,553 |
| Dogan Sirketler Grubu Holding A/S | | 933,323 | 353,554 |
| Dogus Otomotiv Servis ve Ticaret A/S | | 42,405 | 260,259 |
| Ege Endustri Ve Ticaret A/S | | 867 | 277,002 |
| Eldorado Gold Corp. (a) | | 87,728 | 1,526,033 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S (a) | | 1,003,731 | 294,982 |
| Enerjisa Enerji A/S (d) | | 157,287 | 253,615 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 626,718 | 870,619 |
| Ford Otomotiv Sanayi A/S | | 32,856 | 938,263 |
| Haci Omer Sabanci Holding A/S | | 481,056 | 1,168,770 |
| Hektas Ticaret A/S (a) | | 4,329,726 | 448,578 |
| Is Yatirim Menkul Degerler A/S | | 289,092 | 271,163 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D | | 555,081 | 399,483 |
| Koc Holding A/S | | 328,219 | 1,618,824 |
| Kontrolmatik Enerji Ve Muhendislik A/S | | 171,095 | 214,911 |
| Koza Altin Isletmeleri A/S (a) | | 563,127 | 330,661 |
| Mavi Jeans Class B (d) | | 146,448 | 325,677 |
| MIA Teknoloji A/S | | 144,175 | 177,226 |
| Migros Turk Ticaret A/S | | 43,968 | 521,932 |
| MLP Saglik Hizmetleri A/S (a)(d) | | 46,079 | 466,640 |
| Nuh Cimento Sanayi A/S | | 35,542 | 296,918 |
| Otokar Otomotiv ve Savunma Sanayi A.S. | | 20,788 | 251,774 |
| Oyak Cimento Fabrikalari A/S (a) | | 184,532 | 308,586 |
| Pegasus Hava Tasimaciligi A/S | | 107,071 | 723,702 |
| Petkim Petrokimya Holding A/S (a) | | 640,327 | 346,840 |
| Reysas Logistics | | 890,939 | 369,480 |
| Sasa Polyester Sanayi A/S | | 5,034,337 | 565,656 |
| Sok Marketler Ticaret A/S | | 180,989 | 207,584 |
| TAV Havalimanlari Holding A/S (a) | | 89,547 | 601,858 |
| Tofas Turk Otomobil Fabrikasi A/S | | 64,307 | 352,830 |
| Turk Hava Yollari AO (a) | | 235,232 | 1,870,735 |
| Turkcell Iletisim Hizmet A/S | | 534,786 | 1,322,723 |
| Turkiye Is Bankasi A/S Series C | | 3,781,287 | 1,297,766 |
| Turkiye Petrol Rafinerileri A/S | | 428,189 | 1,806,979 |
| Turkiye Sinai Kalkinma Bankasi A/S (a) | | 1,516,577 | 534,664 |
| Turkiye Sirgota A/S | | 969,320 | 365,493 |
| Turkiye Sise ve Cam Fabrikalari A/S | | 665,082 | 759,706 |
| Ulker Biskuvi Sanayi A/S (a) | | 93,892 | 344,166 |
| Yapi ve Kredi Bankasi A/S | | 1,470,112 | 1,050,295 |
TOTAL TURKEY | | | 32,345,108 |
| United Arab Emirates - 0.4% | | | |
| Abu Dhabi Commercial Bank PJSC | | 1,318,936 | 3,210,217 |
| Abu Dhabi Islamic Bank | | 656,883 | 2,253,366 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 1,491,468 | 1,465,866 |
| ADNOC Drilling Co. PJSC | | 1,373,078 | 1,895,293 |
| Agthia Group PJSC | | 173,475 | 358,941 |
| Air Arabia PJSC | | 1,293,542 | 1,014,253 |
| Ajman Bank PJSC (a) | | 710,212 | 336,442 |
| Aldar Properties PJSC | | 1,652,277 | 3,427,765 |
| Americana Restaurants International PLC | | 1,289,826 | 793,620 |
| Aramex Co. (a) | | 431,756 | 269,183 |
| Dana Gas PJSC (a) | | 3,427,320 | 629,842 |
| Dubai Financial Market PJSC | | 1,041,838 | 360,228 |
| Dubai Investments Ltd. | | 1,074,266 | 620,042 |
| Dubai Islamic Bank Pakistan Ltd. | | 1,353,641 | 2,303,333 |
| Emaar Properties PJSC | | 2,856,903 | 6,759,093 |
| Emirates Central Cooling Systems Corp. | | 1,033,324 | 492,320 |
| Emirates NBD Bank PJSC | | 822,891 | 4,256,661 |
| Emirates Telecommunications Corp. | | 1,514,046 | 7,304,255 |
| First Abu Dhabi Bank PJSC | | 1,915,526 | 6,852,619 |
| Gulf Navigation Holding PJSC (a) | | 242,783 | 394,608 |
| Multiply Group (a) | | 1,669,224 | 1,031,605 |
| National Central Cooling Co. | | 377,802 | 333,259 |
| NMC Health PLC (a)(c) | | 17,953 | 0 |
| Phoenix Group PLC | | 542,799 | 196,546 |
| Sharjah Islamic Bank | | 746,335 | 467,342 |
| Space42 PLC (a) | | 837,918 | 479,064 |
TOTAL UNITED ARAB EMIRATES | | | 47,505,763 |
| United Kingdom - 7.0% | | | |
| 3i Group PLC | | 411,076 | 16,857,289 |
| 4Imprint Group PLC | | 12,534 | 825,876 |
| A.G. Barr PLC | | 52,404 | 420,976 |
| AB Dynamics PLC | | 9,924 | 223,939 |
| Abrdn PLC | | 788,058 | 1,342,857 |
| Admiral Group PLC | | 112,136 | 3,707,384 |
| Advanced Medical Solutions Group PLC | | 109,356 | 319,386 |
| AJ Bell PLC | | 147,222 | 843,818 |
| Allfunds Group PLC (b) | | 163,835 | 1,002,440 |
| Alpha FX Group PLC | | 16,142 | 443,345 |
| Alphawave IP Group PLC (a)(b) | | 148,124 | 212,772 |
| AngloGold Ashanti PLC | | 179,891 | 5,018,803 |
| AO World PLC (a) | | 189,722 | 265,676 |
| Ashmore Group PLC | | 223,121 | 606,479 |
| Ashtead Group PLC | | 186,465 | 13,916,511 |
| Ashtead Technology Holdings PLC | | 37,584 | 267,514 |
| Associated British Foods PLC | | 142,448 | 4,079,523 |
| Assura PLC | | 1,360,689 | 706,027 |
| AstraZeneca PLC (United Kingdom) | | 659,091 | 93,784,434 |
| Auction Technology Group PLC (a)(b) | | 49,336 | 286,591 |
| Auto Trader Group PLC (d) | | 374,959 | 4,048,616 |
| Aviva PLC | | 1,117,002 | 6,526,082 |
| B&M European Value Retail SA | | 424,189 | 2,120,058 |
| Babcock International Group PLC | | 113,334 | 689,774 |
| BAE Systems PLC | | 1,288,560 | 20,768,120 |
| Balfour Beatty PLC | | 231,867 | 1,329,867 |
| Barclays PLC | | 6,277,920 | 19,244,983 |
| Barratt Developments PLC | | 602,019 | 3,465,284 |
| Beazley PLC | | 277,433 | 2,702,695 |
| Bellway PLC | | 51,066 | 1,867,422 |
| Berkeley Group Holdings PLC | | 44,524 | 2,540,755 |
| Big Yellow Group PLC | | 78,327 | 1,220,065 |
| Bodycote PLC | | 84,411 | 602,994 |
| Breedon Group PLC | | 137,965 | 782,755 |
| Bridgepoint Group PLC (d) | | 106,269 | 426,981 |
| British American Tobacco PLC (United Kingdom) | | 841,473 | 29,425,562 |
| British Land Co. PLC | | 388,294 | 1,995,733 |
| Britvic PLC | | 98,842 | 1,628,834 |
| BT Group PLC (b) | | 2,766,549 | 4,931,829 |
| Bunzl PLC | | 143,800 | 6,326,630 |
| Burberry Group PLC | | 153,927 | 1,564,650 |
| Bytes Technology Group PLC | | 105,699 | 617,137 |
| Central Asia Metals PLC | | 126,231 | 286,473 |
| Centrica PLC | | 2,198,270 | 3,324,938 |
| Chemring Group PLC | | 131,296 | 601,014 |
| CK Hutchison Holdings Ltd. | | 1,125,300 | 5,918,097 |
| Clarkson PLC | | 12,203 | 553,091 |
| Close Brothers Group PLC | | 67,926 | 199,699 |
| Coats Group PLC | | 706,639 | 863,795 |
| Coca-Cola Europacific Partners PLC | | 86,510 | 6,574,760 |
| Compass Group PLC | | 715,264 | 23,229,217 |
| Computacenter PLC | | 36,773 | 1,038,431 |
| ConvaTec Group PLC (d) | | 728,118 | 2,003,552 |
| Craneware PLC | | 13,441 | 343,164 |
| Cranswick PLC | | 25,062 | 1,638,431 |
| Crest Nicholson Holdings PLC | | 113,188 | 247,094 |
| Croda International PLC | | 56,424 | 2,695,607 |
| Currys PLC (a) | | 425,002 | 452,116 |
| CVS Group PLC | | 33,184 | 403,501 |
| DCC PLC (United Kingdom) | | 42,170 | 2,666,604 |
| Deliveroo PLC Class A (a)(d) | | 487,956 | 867,031 |
| Derwent London PLC | | 40,224 | 1,135,884 |
| Diageo PLC | | 943,411 | 29,134,210 |
| Diploma PLC | | 56,927 | 3,125,564 |
| Direct Line Insurance Group PLC | | 572,189 | 1,212,220 |
| Discoverie Group PLC | | 44,671 | 383,047 |
| Domino's Pizza UK & IRL PLC | | 162,221 | 630,038 |
| Dowlais Group PLC | | 618,063 | 390,352 |
| Dr. Martens Ltd. | | 286,241 | 201,894 |
| Drax Group PLC | | 165,264 | 1,327,611 |
| DS Smith PLC | | 580,410 | 4,082,575 |
| Dunelm Group PLC | | 52,451 | 751,402 |
| easyJet PLC | | 133,656 | 880,327 |
| Elementis PLC | | 278,663 | 479,336 |
| Empiric Student Property PLC | | 308,460 | 375,868 |
| Entain PLC | | 272,368 | 2,616,477 |
| Essentra PLC | | 151,380 | 289,672 |
| FDM Group Holdings PLC | | 49,961 | 228,055 |
| Fever-Tree Drinks PLC | | 48,111 | 460,933 |
| Firstgroup PLC | | 302,958 | 520,735 |
| Forterra PLC (d) | | 126,434 | 313,670 |
| Frasers Group PLC (a) | | 49,438 | 485,121 |
| Future PLC | | 46,355 | 524,503 |
| Games Workshop Group PLC | | 14,465 | 2,230,767 |
| Gamma Communications PLC | | 43,534 | 891,422 |
| GB Group PLC | | 114,875 | 503,923 |
| Genuit Group PLC | | 119,137 | 720,483 |
| Genus PLC | | 31,573 | 850,877 |
| Grafton Group PLC unit | | 80,289 | 1,036,943 |
| Grainger Trust PLC | | 308,832 | 903,967 |
| Great Portland Estates PLC | | 205,531 | 830,844 |
| Greatland Gold PLC (a) | | 4,216,979 | 348,005 |
| Greggs PLC | | 42,861 | 1,515,424 |
| Halfords Group PLC | | 144,516 | 312,316 |
| Halma PLC | | 161,779 | 5,162,997 |
| Hammerson PLC | | 194,901 | 722,280 |
| Harbour Energy PLC | | 247,649 | 882,631 |
| Hargreaves Lansdown PLC | | 148,131 | 2,078,162 |
| Hays PLC | | 709,213 | 707,819 |
| Hill & Smith Holdings PLC | | 35,377 | 928,303 |
| Hilton Food Group PLC | | 39,176 | 454,639 |
| Hiscox Ltd. | | 144,189 | 2,011,703 |
| Hollywood Bowl Group PLC | | 88,629 | 373,133 |
| Home (REIT) PLC (a)(c) | | 386,246 | 151,605 |
| Howden Joinery Group PLC | | 234,225 | 2,543,020 |
| HSBC Holdings PLC (United Kingdom) | | 7,859,131 | 72,131,287 |
| Hunting PLC | | 66,469 | 258,411 |
| Ibstock PLC (d) | | 201,838 | 521,821 |
| IG Group Holdings PLC | | 157,321 | 1,815,575 |
| IMI PLC | | 108,454 | 2,307,459 |
| Impax Asset Management Group PLC | | 45,998 | 208,186 |
| Imperial Brands PLC | | 336,431 | 10,152,824 |
| Inchcape PLC | | 154,179 | 1,423,452 |
| Indivior PLC (a) | | 50,380 | 445,318 |
| Informa PLC | | 560,066 | 5,839,524 |
| IntegraFin Holdings PLC | | 134,486 | 638,160 |
| InterContinental Hotel Group PLC | | 68,115 | 7,512,918 |
| Intermediate Capital Group PLC | | 122,569 | 3,258,921 |
| International Distributions Services PLC | | 267,440 | 1,162,836 |
| Intertek Group PLC | | 68,001 | 4,075,547 |
| Investec PLC | | 281,160 | 2,157,123 |
| IP Group PLC (a) | | 504,526 | 298,282 |
| ITV PLC | | 1,502,090 | 1,431,347 |
| J Sainsbury PLC | | 705,756 | 2,422,519 |
| J.D. Wetherspoon PLC | | 42,734 | 338,335 |
| JD Sports Fashion PLC | | 1,098,330 | 1,756,140 |
| Jet2 PLC | | 77,766 | 1,440,957 |
| John Wood Group PLC (a) | | 280,978 | 458,318 |
| Johnson Matthey PLC | | 87,659 | 1,681,915 |
| Johnson Service Group PLC | | 224,608 | 432,693 |
| Jupiter Fund Management PLC | | 237,789 | 246,827 |
| Just Eat Takeaway.com NV (a)(d) | | 79,353 | 904,162 |
| Just Group PLC | | 454,044 | 784,526 |
| Kainos Group PLC | | 38,703 | 372,795 |
| Keller Group PLC | | 30,781 | 649,338 |
| Kier Group PLC | | 223,749 | 411,997 |
| Kingfisher PLC | | 778,276 | 2,943,286 |
| Lancashire Holdings Ltd. | | 108,962 | 886,562 |
| Land Securities Group PLC | | 289,808 | 2,247,763 |
| Learning Technologies Group PLC | | 289,293 | 335,726 |
| Legal & General Group PLC | | 2,533,661 | 7,092,720 |
| Liontrust Asset Management PLC | | 33,225 | 207,784 |
| Lloyds Banking Group PLC | | 26,426,382 | 18,139,078 |
| London Stock Exchange Group PLC | | 201,052 | 27,249,763 |
| Londonmetric Properity PLC | | 914,129 | 2,286,724 |
| M&G PLC | | 938,549 | 2,347,206 |
| Man Group PLC | | 560,547 | 1,435,475 |
| Marks & Spencer Group PLC | | 869,570 | 4,219,061 |
| Marshalls PLC | | 108,854 | 477,230 |
| ME Group International PLC | | 125,022 | 342,570 |
| Melrose Industries PLC | | 573,968 | 3,515,489 |
| Mitchells & Butlers PLC (a) | | 117,575 | 379,776 |
| Mitie Group PLC | | 658,058 | 989,389 |
| Molten Ventures PLC (a) | | 70,475 | 308,972 |
| MONY Group PLC | | 238,091 | 577,172 |
| Moonpig Group PLC (a) | | 148,000 | 477,097 |
| Morgan Advanced Materials PLC | | 139,716 | 435,079 |
| Morgan Sindall PLC | | 20,750 | 1,002,015 |
| National Grid PLC | | 2,039,458 | 25,607,739 |
| NatWest Group PLC | | 2,828,852 | 13,403,808 |
| NCC Group Ltd. | | 158,775 | 316,107 |
| Next Fifteen Communications Group PLC | | 40,359 | 209,465 |
| Next PLC | | 51,019 | 6,440,493 |
| Ninety One PLC | | 152,574 | 325,009 |
| Ocado Group PLC (a)(b) | | 231,651 | 1,039,186 |
| OSB Group PLC | | 165,589 | 755,429 |
| Oxford Instruments PLC | | 25,399 | 704,141 |
| Oxford Nanopore Technologies Ltd. (a) | | 250,327 | 434,145 |
| Pagegroup PLC | | 138,578 | 638,636 |
| Paragon Banking Group PLC | | 92,094 | 814,629 |
| Pearson PLC | | 256,331 | 3,764,048 |
| Pennon Group PLC | | 126,876 | 890,803 |
| Pepco Group NV (a)(b) | | 77,944 | 333,663 |
| Persimmon PLC | | 140,468 | 2,657,125 |
| Pets At Home Group PLC | | 199,431 | 761,697 |
| Phoenix Group Holdings PLC | | 310,853 | 1,968,874 |
| Picton Property Income Ltd. | | 307,011 | 274,342 |
| Playtech Ltd. (a) | | 105,786 | 990,306 |
| Polar Capital Holdings PLC | | 46,241 | 285,010 |
| Premier Foods PLC | | 320,046 | 777,495 |
| Primary Health Properties PLC | | 623,745 | 766,889 |
| QinetiQ Group PLC | | 236,294 | 1,398,524 |
| Quilter PLC (b)(d) | | 662,116 | 1,224,300 |
| Rathbone Brothers PLC | | 29,225 | 627,065 |
| Reckitt Benckiser Group PLC | | 295,774 | 17,942,843 |
| RELX PLC (London Stock Exchange) | | 787,584 | 36,118,369 |
| Renew Holdings PLC | | 41,299 | 582,588 |
| Renewi PLC | | 41,329 | 324,013 |
| Renishaw PLC | | 15,846 | 643,628 |
| Rentokil Initial PLC | | 1,078,568 | 5,409,855 |
| Rightmove PLC | | 334,797 | 2,541,873 |
| Rolls-Royce Holdings PLC (a) | | 3,621,636 | 24,990,733 |
| Rotork PLC | | 363,808 | 1,409,213 |
| RS GROUP PLC | | 203,558 | 1,824,221 |
| RWS Holdings PLC | | 131,926 | 249,724 |
| Safestore Holdings PLC | | 93,840 | 978,906 |
| Sage Group PLC | | 431,485 | 5,393,532 |
| Savills PLC | | 63,043 | 873,063 |
| Schroders PLC | | 340,405 | 1,509,937 |
| Segro PLC | | 544,027 | 5,508,144 |
| Serco Group PLC | | 462,442 | 1,044,114 |
| Serica Energy PLC | | 146,787 | 270,852 |
| Severn Trent PLC | | 113,940 | 3,772,904 |
| Shaftesbury Capital PLC | | 621,880 | 1,088,155 |
| Smith & Nephew PLC | | 376,890 | 4,685,804 |
| Smiths Group PLC | | 143,388 | 2,826,993 |
| Softcat PLC | | 61,736 | 1,349,313 |
| Spectris PLC | | 42,746 | 1,386,790 |
| Spirax-Sarco Engineering PLC | | 31,160 | 2,593,571 |
| Spire Healthcare Group PLC (d) | | 135,508 | 377,419 |
| Spirent Communications PLC (a) | | 332,238 | 719,719 |
| SSE PLC (b) | | 461,495 | 10,479,266 |
| SSP Group PLC | | 349,678 | 727,289 |
| St. James's Place PLC | | 237,989 | 2,494,893 |
| Standard Chartered PLC (United Kingdom) | | 925,810 | 10,736,049 |
| SThree PLC | | 74,143 | 337,959 |
| Subsea 7 SA | | 92,708 | 1,418,407 |
| Supermarket Income (REIT) PLC | | 606,860 | 550,891 |
| Target Healthcare (REIT) PLC | | 334,030 | 390,658 |
| Tate & Lyle PLC | | 172,351 | 1,666,785 |
| Taylor Wimpey PLC | | 1,558,599 | 2,946,817 |
| Team17 Group PLC (a) | | 58,658 | 170,182 |
| Telecom Plus PLC | | 31,624 | 685,063 |
| Tesco PLC | | 2,908,837 | 12,844,469 |
| The PRS REIT PLC | | 286,434 | 390,764 |
| The Weir Group PLC | | 110,126 | 2,967,841 |
| THG PLC (a)(b) | | 320,122 | 192,934 |
| TORM PLC | | 22,282 | 580,627 |
| TP ICAP Group PLC | | 339,094 | 981,614 |
| Trainline PLC (a)(d) | | 201,937 | 1,013,429 |
| Travis Perkins PLC | | 94,256 | 982,030 |
| Tritax Big Box REIT PLC | | 927,500 | 1,687,506 |
| Trustpilot Group PLC (a)(d) | | 171,959 | 549,897 |
| Unilever PLC | | 1,057,079 | 64,483,965 |
| Unite Group PLC | | 158,857 | 1,793,358 |
| United Utilities Group PLC | | 288,076 | 3,801,866 |
| Urban Logistics REIT PLC | | 255,801 | 388,555 |
| Vesuvius PLC | | 97,922 | 451,399 |
| Victrex PLC | | 39,227 | 430,952 |
| Vistry Group PLC (a) | | 136,642 | 1,602,476 |
| Vodafone Group PLC | | 9,540,526 | 8,871,886 |
| Volex PLC | | 66,739 | 279,684 |
| Volution Group PLC | | 93,146 | 694,219 |
| Warehouse (REIT) PLC | | 272,661 | 303,064 |
| Watches of Switzerland Group PLC (a)(d) | | 106,351 | 558,137 |
| WH Smith PLC | | 57,733 | 982,658 |
| Whitbread PLC | | 76,753 | 2,981,941 |
| Wickes Group PLC | | 162,888 | 336,057 |
| Wise PLC (a) | | 287,887 | 2,620,784 |
| Workspace Group PLC | | 65,756 | 468,884 |
| WPP PLC | | 465,591 | 4,893,792 |
| Yellow Cake PLC (a)(d) | | 95,752 | 669,193 |
| YouGov PLC | | 46,922 | 280,737 |
| Zigup PLC | | 109,540 | 500,718 |
TOTAL UNITED KINGDOM | | | 941,026,187 |
| United States of America - 5.0% | | | |
| Alcon, Inc. (Switzerland) | | 212,720 | 19,603,101 |
| Bausch Health Cos., Inc. (Canada) (a) | | 137,693 | 1,266,776 |
| BP PLC | | 7,015,696 | 34,312,501 |
| Brookfield Renewable Corp. | | 60,645 | 1,856,786 |
| BRP, Inc. Subordinate Voting Shares | | 15,808 | 779,416 |
| Burford Capital Ltd. | | 84,387 | 1,142,535 |
| Carnival PLC (a) | | 58,362 | 1,165,500 |
| CSL Ltd. | | 205,182 | 38,524,014 |
| CyberArk Software Ltd. (a)(b) | | 19,137 | 5,291,763 |
| Diversified Energy Co. PLC (b) | | 23,306 | 281,136 |
| Energy Fuels, Inc. (a)(b) | | 83,012 | 501,405 |
| Experian PLC | | 387,945 | 18,893,902 |
| Ferrovial SE | | 220,899 | 8,861,633 |
| Fiverr International Ltd. (a)(b) | | 15,545 | 454,847 |
| GCC S.A.B. de CV | | 75,622 | 618,445 |
| GFL Environmental, Inc. | | 93,333 | 3,904,656 |
| GSK PLC | | 1,763,345 | 31,843,499 |
| Haleon PLC | | 3,302,553 | 15,872,287 |
| Holcim AG | | 220,624 | 21,736,657 |
| InMode Ltd. (a) | | 34,336 | 586,459 |
| James Hardie Industries PLC CDI (a) | | 184,006 | 5,868,550 |
| JBS SA | | 339,884 | 2,117,183 |
| Legend Biotech Corp. ADR (a) | | 31,690 | 1,426,684 |
| MDA Space Ltd. (a) | | 45,004 | 688,466 |
| Monday.com Ltd. (a) | | 15,860 | 4,660,778 |
| Nestle SA (Reg. S) | | 1,112,222 | 105,096,797 |
| PolyPeptide Group AG (a)(d) | | 7,049 | 235,089 |
| Primo Water Corp. | | 68,426 | 1,794,814 |
| QIAGEN NV (Germany) | | 96,226 | 4,087,357 |
| Reliance Worldwide Corp. Ltd. | | 337,706 | 1,149,818 |
| RHI Magnesita NV | | 8,658 | 358,366 |
| Riskified Ltd. (a)(b) | | 45,556 | 203,635 |
| Roche Holding AG: | | | |
| (Bearer) | | 19,834 | 6,734,212 |
| (participation certificate) | | 291,828 | 90,438,522 |
| Sanofi SA | | 483,616 | 51,108,454 |
| Schneider Electric SA | | 232,081 | 60,120,295 |
| Shell PLC (London) | | 2,673,890 | 89,274,022 |
| Signify NV (d) | | 58,098 | 1,423,176 |
| Sims Ltd. | | 74,052 | 615,371 |
| Sinch AB (a)(d) | | 291,530 | 866,829 |
| Stellantis NV (Italy) | | 898,716 | 12,313,577 |
| Swiss Re Ltd. | | 128,109 | 16,415,101 |
| Tenaris SA | | 195,237 | 3,216,622 |
| TI Fluid Systems PLC (d) | | 176,150 | 386,587 |
| Titan Cement International Trading SA | | 17,957 | 640,673 |
TOTAL UNITED STATES OF AMERICA | | | 668,738,296 |
| Zambia - 0.0% | | | |
| First Quantum Minerals Ltd. (a) | | 305,004 | 3,940,835 |
| TOTAL COMMON STOCKS (Cost $11,643,974,925) | | | 13,102,784,755 |
| | | | |
| Nonconvertible Preferred Stocks - 0.4% |
| | | Shares | Value ($) |
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 192,722 | 1,542,560 |
| Germany - 0.2% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 30,423 | 2,235,406 |
| Dr. Ing. h.c. F. Porsche AG Series F (d) | | 48,491 | 3,411,848 |
| Draegerwerk AG & Co. KGaA (non-vtg.) | | 5,540 | 269,067 |
| Fuchs Petrolub AG | | 30,530 | 1,422,010 |
| Henkel AG & Co. KGaA | | 65,584 | 5,677,157 |
| Jungheinrich AG | | 25,865 | 706,743 |
| Porsche Automobil Holding SE (Germany) | | 66,287 | 2,753,778 |
| Sartorius AG (non-vtg.) | | 11,318 | 2,926,361 |
| Sixt SE Preference Shares | | 4,372 | 272,974 |
| Sto SE & Co. KGaA | | 1,551 | 205,826 |
| Volkswagen AG | | 73,487 | 7,132,855 |
TOTAL GERMANY | | | 27,014,025 |
| Italy - 0.0% | | | |
| Danieli & C. Officine Meccaniche SpA | | 22,788 | 460,554 |
| Korea (South) - 0.2% | | | |
| Hyundai Motor Co. Ltd. | | 5,934 | 672,338 |
| Hyundai Motor Co. Ltd. Series 2 | | 24,504 | 2,840,371 |
| LG Chemical Ltd. | | 6,656 | 1,005,379 |
| Samsung Electronics Co. Ltd. | | 347,295 | 11,986,176 |
TOTAL KOREA (SOUTH) | | | 16,504,264 |
| Russia - 0.0% | | | |
| Surgutneftegas OJSC (a)(c) | | 1,961,555 | 0 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $55,183,362) | | | 45,521,403 |
| | | | |
| Government Obligations - 0.1% |
| | | Principal Amount (f) | Value ($) |
| United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (g) (Cost $10,438,829) | | 10,468,000 | 10,441,178 |
| | | | |
| Money Market Funds - 2.8% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.87% (h) | | 244,170,544 | 244,219,378 |
| Fidelity Securities Lending Cash Central Fund 4.87% (h)(i) | | 135,281,649 | 135,295,177 |
| TOTAL MONEY MARKET FUNDS (Cost $379,514,555) | | | 379,514,555 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.8% (Cost $12,089,111,671) | 13,538,261,891 |
NET OTHER ASSETS (LIABILITIES) - (0.8)% | (105,252,085) |
| NET ASSETS - 100.0% | 13,433,009,806 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 1,476 | Dec 2024 | 83,135,700 | 1,772,511 | 1,772,511 |
| ICE MSCI EAFE Index Contracts (United States) | 1,484 | Dec 2024 | 174,384,840 | (5,100,860) | (5,100,860) |
| TME S&P/TSX 60 Index Contracts (Canada) | 105 | Dec 2024 | 21,828,779 | 331,768 | 331,768 |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | (2,996,581) |
| The notional amount of futures purchased as a percentage of Net Assets is 2.1% |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $351,485,209 or 2.6% of net assets. |
| (e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $8,913,103. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 342,388,114 | 2,295,802,643 | 2,393,974,710 | 15,751,267 | 3,331 | - | 244,219,378 | 0.5% |
| Fidelity Securities Lending Cash Central Fund 4.87% | 105,473,115 | 484,639,056 | 454,816,994 | 1,771,877 | - | - | 135,295,177 | 0.6% |
| Total | 447,861,229 | 2,780,441,699 | 2,848,791,704 | 17,523,144 | 3,331 | - | 379,514,555 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 690,566,040 | 169,710,244 | 520,855,796 | - |
Consumer Discretionary | 1,465,328,906 | 378,384,769 | 1,086,944,137 | - |
Consumer Staples | 924,376,041 | 227,753,252 | 696,619,027 | 3,762 |
Energy | 646,938,781 | 274,015,530 | 372,923,122 | 129 |
Financials | 2,817,949,411 | 1,078,403,180 | 1,739,545,642 | 589 |
Health Care | 1,183,189,678 | 227,544,996 | 955,431,875 | 212,807 |
Industrials | 1,953,653,210 | 676,687,030 | 1,276,058,498 | 907,682 |
Information Technology | 1,673,965,096 | 332,901,922 | 1,341,063,173 | 1 |
Materials | 994,218,155 | 416,846,825 | 576,632,205 | 739,125 |
Real Estate | 382,015,617 | 147,885,469 | 233,968,129 | 162,019 |
Utilities | 416,105,223 | 205,678,917 | 210,426,304 | 2 |
|
| Government Obligations | 10,441,178 | - | 10,441,178 | - |
|
| Money Market Funds | 379,514,555 | 379,514,555 | - | - |
| Total Investments in Securities: | 13,538,261,891 | 4,515,326,689 | 9,020,909,086 | 2,026,116 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 2,104,279 | 2,104,279 | - | - |
| Total Assets | 2,104,279 | 2,104,279 | - | - |
| Liabilities | | | | |
Futures Contracts | (5,100,860) | (5,100,860) | - | - |
| Total Liabilities | (5,100,860) | (5,100,860) | - | - |
| Total Derivative Instruments: | (2,996,581) | (2,996,581) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 2,104,279 | (5,100,860) |
| Total Equity Risk | 2,104,279 | (5,100,860) |
| Total Value of Derivatives | 2,104,279 | (5,100,860) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $125,097,477) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $11,709,597,116) | $ | 13,158,747,336 | | |
Fidelity Central Funds (cost $379,514,555) | | 379,514,555 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $12,089,111,671) | | | $ | 13,538,261,891 |
| Foreign currency held at value (cost $17,705,839) | | | | 17,673,171 |
| Receivable for investments sold | | | | 2,335,531 |
| Receivable for fund shares sold | | | | 13,272,612 |
| Dividends receivable | | | | 27,395,290 |
| Reclaims receivable | | | | 21,520,228 |
| Distributions receivable from Fidelity Central Funds | | | | 1,450,433 |
| Other receivables | | | | 25 |
Total assets | | | | 13,621,909,181 |
| Liabilities | | | | |
| Payable for investments purchased | | | | |
Regular delivery | $ | 112,134 | | |
Delayed delivery | | 65,497 | | |
| Payable for fund shares redeemed | | 7,777,881 | | |
| Accrued management fee | | 693,230 | | |
| Payable for daily variation margin on futures contracts | | 1,585,819 | | |
| Deferred taxes | | 43,367,167 | | |
| Other payables and accrued expenses | | 1,188 | | |
| Collateral on securities loaned | | 135,296,459 | | |
| Total liabilities | | | | 188,899,375 |
| Net Assets | | | $ | 13,433,009,806 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 12,215,326,723 |
| Total accumulated earnings (loss) | | | | 1,217,683,083 |
| Net Assets | | | $ | 13,433,009,806 |
Net Asset Value, offering price and redemption price per share ($13,433,009,806 ÷ 945,052,656 shares) | | | $ | 14.21 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 382,491,051 |
| Interest | | | | 814,023 |
| Income from Fidelity Central Funds (including $1,771,877 from security lending) | | | | 17,523,144 |
| Income before foreign taxes withheld | | | $ | 400,828,218 |
| Less foreign taxes withheld | | | | (34,532,487) |
| Total income | | | | 366,295,731 |
| Expenses | | | | |
| Management fee | $ | 7,421,867 | | |
| Independent trustees' fees and expenses | | 32,475 | | |
| Interest | | 15,473 | | |
| Total expenses before reductions | | 7,469,815 | | |
| Expense reductions | | (368,827) | | |
| Total expenses after reductions | | | | 7,100,988 |
| Net Investment income (loss) | | | | 359,194,743 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $3,568,216) | | (169,303,534) | | |
| Redemptions in-kind | | 159,091,289 | | |
| Fidelity Central Funds | | 3,331 | | |
| Foreign currency transactions | | (3,256,880) | | |
| Futures contracts | | 43,711,652 | | |
| Total net realized gain (loss) | | | | 30,245,858 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $29,327,853) | | 1,971,716,901 | | |
| Assets and liabilities in foreign currencies | | (190,959) | | |
| Futures contracts | | 15,234,495 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 1,986,760,437 |
| Net gain (loss) | | | | 2,017,006,295 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 2,376,201,038 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 359,194,743 | $ | 295,393,381 |
| Net realized gain (loss) | | 30,245,858 | | (102,144,891) |
| Change in net unrealized appreciation (depreciation) | | 1,986,760,437 | | 742,480,360 |
| Net increase (decrease) in net assets resulting from operations | | 2,376,201,038 | | 935,728,850 |
| Distributions to shareholders | | (310,344,728) | | (218,213,495) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 4,454,246,562 | | 3,690,276,965 |
| Reinvestment of distributions | | 290,726,537 | | 204,119,321 |
| Cost of shares redeemed | | (3,222,230,026) | | (2,786,350,539) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 1,522,743,073 | | 1,108,045,747 |
| Total increase (decrease) in net assets | | 3,588,599,383 | | 1,825,561,102 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 9,844,410,423 | | 8,018,849,321 |
| End of period | $ | 13,433,009,806 | $ | 9,844,410,423 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 326,930,323 | | 296,975,955 |
| Issued in reinvestment of distributions | | 22,695,308 | | 17,551,102 |
| Redeemed | | (235,596,371) | | (224,337,969) |
| Net increase (decrease) | | 114,029,260 | | 90,189,088 |
| | | | | |
Financial Highlights
Fidelity® Total International Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.85 | $ | 10.82 | $ | 14.81 | $ | 11.54 | $ | 12.09 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .40 | | .38 | | .38 | | .35 | | .27 |
| Net realized and unrealized gain (loss) | | 2.33 | | .94 | | (4.00) | | 3.14 | | (.50) |
| Total from investment operations | | 2.73 | | 1.32 | | (3.62) | | 3.49 | | (.23) |
| Distributions from net investment income | | (.37) | | (.29) | | (.37) | | (.22) | | (.32) |
| Total distributions | | (.37) | | (.29) | | (.37) | | (.22) | | (.32) |
| Net asset value, end of period | $ | 14.21 | $ | 11.85 | $ | 10.82 | $ | 14.81 | $ | 11.54 |
Total Return C | | | | 12.29% | | (25.01)% | | 30.47% | | (1.97)% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | .06% | | .06% | | .06% | | .06% | | .06% |
| Expenses net of fee waivers, if any | | | | .06% | | .06% | | .06% | | .06% |
| Expenses net of all reductions | | .06% | | .06% | | .06% | | .06% | | .06% |
| Net investment income (loss) | | 2.90% | | 3.02% | | 3.04% | | 2.47% | | 2.41% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 13,433,010 | $ | 9,844,410 | $ | 8,018,849 | $ | 8,557,656 | $ | 4,656,266 |
Portfolio turnover rate F | | | | 4% G | | 3% G | | 5% | | 4% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
GPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
For the period ended October 31, 2024
1. Organization.
Fidelity Total International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, Futures transactions, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $2,772,364,628 |
| Gross unrealized depreciation | (1,485,922,323) |
| Net unrealized appreciation (depreciation) | $1,286,442,305 |
| Tax Cost | $12,252,151,355 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $322,454,946 |
| Capital loss carryforward | $(346,936,579) |
| Net unrealized appreciation (depreciation) on securities and other investments | $1,285,531,884 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Short-term | $(58,544,757) |
Long-term | (288,391,822) |
| Total capital loss carryforward | $(346,936,579) |
The tax character of distributions paid was as follows:
| | October 31, 2024 | October 31, 2023 |
| Ordinary Income | $310,344,728 | $218,213,495 |
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. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. 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. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. 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.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Total International Index Fund | 2,690,535,106 | 621,949,859 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Total International Index Fund | 32,466,426 | 159,091,289 | 455,539,618 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Total International Index Fund | 4,412,954 | 17,381,109 | 56,088,646 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .06% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Fidelity Total International Index Fund | Borrower | 49,876,000 | 5.58% | 15,473 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Total International Index Fund | 186,668 | 1,540 | - |
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $368,827.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Total International Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Total International Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements 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 are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of securities owned as of October 31, 2024 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/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 12, 2024
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates $10,960,485 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 74.23% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3860 and $0.0340 for the dividend paid December 18, 2023.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Total International Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
1.9879613.108
TI1-I-ANN-1224
Fidelity® U.S. Sustainability Index Fund
Annual Report
October 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® U.S. Sustainability Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 89.5% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 8.8% | | | |
| Diversified Telecommunication Services - 0.6% | | | |
| Verizon Communications, Inc. | | 583,958 | 24,602,151 |
| Entertainment - 0.9% | | | |
| Electronic Arts, Inc. | | 41,884 | 6,318,201 |
| Take-Two Interactive Software, Inc. (a) | | 26,713 | 4,320,026 |
| The Walt Disney Co. | | 269,126 | 25,889,921 |
| | | | 36,528,148 |
| Interactive Media & Services - 6.5% | | | |
| Alphabet, Inc.: | | | |
| Class A | | 846,485 | 144,842,048 |
| Class C | | 744,348 | 128,541,456 |
| | | | 273,383,504 |
| Media - 0.8% | | | |
| Charter Communications, Inc. Class A (a) | | 9,955 | 3,261,358 |
| Comcast Corp. Class A | | 538,203 | 23,503,325 |
| Fox Corp. Class A | | 36,696 | 1,541,232 |
| Interpublic Group of Companies, Inc. | | 41,039 | 1,206,547 |
| Omnicom Group, Inc. | | 24,449 | 2,469,349 |
| | | | 31,981,811 |
TOTAL COMMUNICATION SERVICES | | | 366,495,614 |
| CONSUMER DISCRETIONARY - 9.0% | | | |
| Automobile Components - 0.1% | | | |
| Aptiv PLC (a) | | 38,313 | 2,177,328 |
| Automobiles - 2.5% | | | |
| Rivian Automotive, Inc. Class A (a) | | 110,117 | 1,112,182 |
| Tesla, Inc. (a) | | 423,925 | 105,917,661 |
| | | | 107,029,843 |
| Broadline Retail - 0.3% | | | |
| eBay, Inc. | | 4,612 | 265,236 |
| MercadoLibre, Inc. (a) | | 6,203 | 12,636,628 |
| | | | 12,901,864 |
| Distributors - 0.1% | | | |
| Genuine Parts Co. | | 18,853 | 2,162,439 |
| LKQ Corp. | | 37,030 | 1,362,334 |
| Pool Corp. | | 5,936 | 2,146,695 |
| | | | 5,671,468 |
| Hotels, Restaurants & Leisure - 2.0% | | | |
| Booking Holdings, Inc. | | 4,935 | 23,077,294 |
| Darden Restaurants, Inc. | | 10,070 | 1,611,401 |
| Domino's Pizza, Inc. | | 5,369 | 2,221,316 |
| Doordash, Inc. (a) | | 44,590 | 6,987,253 |
| Hilton Worldwide Holdings, Inc. | | 35,575 | 8,354,789 |
| McDonald's Corp. | | 99,941 | 29,193,766 |
| Royal Caribbean Cruises Ltd. | | 35,505 | 7,326,457 |
| Yum! Brands, Inc. | | 33,714 | 4,421,928 |
| | | | 83,194,204 |
| Household Durables - 0.4% | | | |
| D.R. Horton, Inc. | | 43,396 | 7,333,924 |
| NVR, Inc. (a) | | 539 | 4,933,365 |
| PulteGroup, Inc. | | 38,600 | 4,999,858 |
| | | | 17,267,147 |
| Specialty Retail - 3.1% | | | |
| AutoZone, Inc. (a) | | 2,395 | 7,206,555 |
| Bath & Body Works, Inc. | | 30,033 | 852,337 |
| Best Buy Co., Inc. | | 27,382 | 2,476,154 |
| Burlington Stores, Inc. (a) | | 10,361 | 2,567,145 |
| CarMax, Inc. (a) | | 21,832 | 1,580,200 |
| Dick's Sporting Goods, Inc. | | 10,037 | 1,964,743 |
| Lowe's Companies, Inc. | | 79,683 | 20,863,400 |
| O'Reilly Automotive, Inc. (a) | | 7,051 | 8,130,790 |
| The Home Depot, Inc. | | 141,778 | 55,825,088 |
| TJX Companies, Inc. | | 157,951 | 17,853,202 |
| Tractor Supply Co. | | 15,022 | 3,988,491 |
| Ulta Beauty, Inc. (a) | | 6,797 | 2,507,957 |
| Williams-Sonoma, Inc. | | 23,522 | 3,155,006 |
| | | | 128,971,068 |
| Textiles, Apparel & Luxury Goods - 0.5% | | | |
| Deckers Outdoor Corp. (a) | | 23,856 | 3,838,192 |
| lululemon athletica, Inc. (a) | | 15,927 | 4,744,653 |
| NIKE, Inc. Class B | | 169,009 | 13,035,664 |
| | | | 21,618,509 |
TOTAL CONSUMER DISCRETIONARY | | | 378,831,431 |
| CONSUMER STAPLES - 4.6% | | | |
| Beverages - 1.8% | | | |
| Keurig Dr. Pepper, Inc. | | 147,197 | 4,850,141 |
| PepsiCo, Inc. | | 191,106 | 31,738,884 |
| The Coca-Cola Co. | | 570,531 | 37,261,380 |
| | | | 73,850,405 |
| Consumer Staples Distribution & Retail - 0.4% | | | |
| Albertsons Companies, Inc. | | 42,755 | 773,866 |
| Kroger Co. | | 74,988 | 4,182,081 |
| Target Corp. | | 64,113 | 9,619,515 |
| Walgreens Boots Alliance, Inc. | | 83,863 | 793,344 |
| | | | 15,368,806 |
| Food Products - 0.5% | | | |
| Bunge Global SA | | 20,829 | 1,750,053 |
| Campbell Soup Co. | | 29,585 | 1,380,140 |
| Conagra Brands, Inc. | | 90,118 | 2,608,015 |
| General Mills, Inc. | | 73,113 | 4,973,146 |
| Hormel Foods Corp. | | 40,119 | 1,225,635 |
| Kellanova | | 38,814 | 3,130,349 |
| Lamb Weston Holdings, Inc. | | 20,037 | 1,556,675 |
| McCormick & Co., Inc. (non-vtg.) | | 31,336 | 2,451,729 |
| The J.M. Smucker Co. | | 21,391 | 2,428,092 |
| | | | 21,503,834 |
| Household Products - 1.9% | | | |
| Church & Dwight Co., Inc. | | 41,384 | 4,134,675 |
| Colgate-Palmolive Co. | | 125,118 | 11,724,808 |
| Kimberly-Clark Corp. | | 54,638 | 7,331,327 |
| Procter & Gamble Co. | | 333,973 | 55,165,660 |
| The Clorox Co. | | 21,523 | 3,412,472 |
| | | | 81,768,942 |
TOTAL CONSUMER STAPLES | | | 192,491,987 |
| ENERGY - 1.5% | | | |
| Energy Equipment & Services - 0.4% | | | |
| Baker Hughes Co. Class A | | 127,696 | 4,862,664 |
| Halliburton Co. | | 104,169 | 2,889,648 |
| Schlumberger Ltd. | | 190,423 | 7,630,250 |
| | | | 15,382,562 |
| Oil, Gas & Consumable Fuels - 1.1% | | | |
| Cheniere Energy, Inc. | | 30,405 | 5,818,909 |
| HF Sinclair Corp. | | 22,094 | 853,049 |
| Marathon Petroleum Corp. | | 52,843 | 7,687,071 |
| ONEOK, Inc. | | 69,886 | 6,770,556 |
| Phillips 66 Co. | | 61,364 | 7,475,362 |
| Targa Resources Corp. | | 29,359 | 4,901,779 |
| The Williams Companies, Inc. | | 133,753 | 7,004,645 |
| Valero Energy Corp. | | 45,541 | 5,909,400 |
| | | | 46,420,771 |
TOTAL ENERGY | | | 61,803,333 |
| FINANCIALS - 11.3% | | | |
| Banks - 0.9% | | | |
| Citizens Financial Group, Inc. | | 65,296 | 2,750,268 |
| Huntington Bancshares, Inc. | | 175,268 | 2,732,428 |
| KeyCorp | | 130,304 | 2,247,744 |
| PNC Financial Services Group, Inc. | | 48,374 | 9,107,373 |
| Regions Financial Corp. | | 153,858 | 3,672,590 |
| Truist Financial Corp. | | 175,330 | 7,547,957 |
| U.S. Bancorp | | 202,977 | 9,805,819 |
| | | | 37,864,179 |
| Capital Markets - 3.5% | | | |
| Ameriprise Financial, Inc. | | 15,846 | 8,086,214 |
| Bank of New York Mellon Corp. | | 105,335 | 7,938,046 |
| BlackRock, Inc. | | 20,762 | 20,368,145 |
| Cboe Global Markets, Inc. | | 14,577 | 3,113,210 |
| Charles Schwab Corp. | | 226,586 | 16,049,086 |
| FactSet Research Systems, Inc. | | 5,271 | 2,393,350 |
| Franklin Resources, Inc. | | 41,195 | 855,620 |
| Intercontinental Exchange, Inc. | | 78,338 | 12,210,544 |
| LPL Financial | | 11,496 | 3,243,941 |
| MarketAxess Holdings, Inc. | | 5,184 | 1,500,353 |
| Moody's Corp. | | 23,044 | 10,462,898 |
| Morgan Stanley | | 172,020 | 19,997,325 |
| NASDAQ, Inc. | | 60,815 | 4,495,445 |
| Northern Trust Corp. | | 28,604 | 2,875,274 |
| Raymond James Financial, Inc. | | 27,395 | 4,060,487 |
| S&P Global, Inc. | | 45,478 | 21,845,812 |
| State Street Corp. | | 39,947 | 3,707,082 |
| T. Rowe Price Group, Inc. | | 30,978 | 3,403,243 |
| | | | 146,606,075 |
| Consumer Finance - 1.0% | | | |
| Ally Financial, Inc. | | 51,629 | 1,809,596 |
| American Express Co. | | 83,136 | 22,453,371 |
| Capital One Financial Corp. | | 46,310 | 7,538,805 |
| Discover Financial Services | | 36,540 | 5,423,632 |
| Synchrony Financial | | 61,546 | 3,393,646 |
| | | | 40,619,050 |
| Financial Services - 3.9% | | | |
| Equitable Holdings, Inc. | | 70,493 | 3,196,153 |
| Fidelity National Information Services, Inc. | | 88,391 | 7,931,324 |
| Fiserv, Inc. (a) | | 84,628 | 16,747,881 |
| MasterCard, Inc. Class A | | 121,323 | 60,611,758 |
| PayPal Holdings, Inc. (a) | | 140,833 | 11,168,057 |
| Visa, Inc. Class A | | 228,231 | 66,152,755 |
| | | | 165,807,928 |
| Insurance - 2.0% | | | |
| AFLAC, Inc. | | 68,359 | 7,163,340 |
| Allstate Corp. | | 39,613 | 7,388,617 |
| Arch Capital Group Ltd. (a) | | 54,001 | 5,322,339 |
| Assurant, Inc. | | 10,549 | 2,022,243 |
| Hartford Financial Services Group, Inc. | | 41,413 | 4,573,652 |
| Marsh & McLennan Companies, Inc. | | 60,457 | 13,194,136 |
| Principal Financial Group, Inc. | | 37,734 | 3,109,282 |
| Progressive Corp. | | 89,365 | 21,700,503 |
| Prudential Financial, Inc. | | 50,137 | 6,140,780 |
| The Travelers Companies, Inc. | | 31,611 | 7,774,409 |
| Willis Towers Watson PLC | | 14,719 | 4,447,935 |
| | | | 82,837,236 |
| Mortgage Real Estate Investment Trusts - 0.0% | | | |
| Annaly Capital Management, Inc. | | 93,821 | 1,783,537 |
TOTAL FINANCIALS | | | 475,518,005 |
| HEALTH CARE - 9.8% | | | |
| Biotechnology - 1.0% | | | |
| Amgen, Inc. | | 74,482 | 23,846,157 |
| Biogen, Inc. (a) | | 17,305 | 3,011,070 |
| Gilead Sciences, Inc. | | 161,958 | 14,385,110 |
| Neurocrine Biosciences, Inc. (a) | | 11,573 | 1,391,885 |
| | | | 42,634,222 |
| Health Care Equipment & Supplies - 0.8% | | | |
| Align Technology, Inc. (a) | | 10,042 | 2,058,911 |
| DexCom, Inc. (a) | | 53,557 | 3,774,697 |
| Edwards Lifesciences Corp. (a) | | 83,939 | 5,624,752 |
| GE Healthcare Technologies, Inc. | | 52,434 | 4,580,110 |
| Hologic, Inc. (a) | | 22,645 | 1,831,301 |
| IDEXX Laboratories, Inc. (a) | | 11,462 | 4,664,117 |
| Insulet Corp. (a) | | 9,657 | 2,235,885 |
| Solventum Corp. | | 19,195 | 1,393,173 |
| STERIS PLC | | 13,058 | 2,896,917 |
| Teleflex, Inc. | | 5,818 | 1,169,767 |
| The Cooper Companies, Inc. (a) | | 23,758 | 2,486,987 |
| Zimmer Biomet Holdings, Inc. | | 21,149 | 2,261,251 |
| | | | 34,977,868 |
| Health Care Providers & Services - 1.4% | | | |
| Cencora, Inc. | | 26,476 | 6,038,646 |
| Cigna Group | | 41,177 | 12,962,931 |
| DaVita, Inc. (a) | | 9,298 | 1,299,953 |
| Elevance Health, Inc. | | 32,803 | 13,310,145 |
| HCA Holdings, Inc. | | 28,315 | 10,157,723 |
| Henry Schein, Inc. (a) | | 17,452 | 1,225,654 |
| Humana, Inc. | | 17,317 | 4,464,842 |
| Labcorp Holdings, Inc. | | 13,277 | 3,030,741 |
| Molina Healthcare, Inc. (a) | | 8,050 | 2,585,821 |
| Quest Diagnostics, Inc. | | 19,587 | 3,032,655 |
| | | | 58,109,111 |
| Life Sciences Tools & Services - 1.2% | | | |
| Agilent Technologies, Inc. | | 42,614 | 5,553,030 |
| Avantor, Inc. (a) | | 108,543 | 2,428,107 |
| Bio-Techne Corp. | | 22,982 | 1,694,923 |
| Danaher Corp. | | 104,547 | 25,683,016 |
| IQVIA Holdings, Inc. (a) | | 24,912 | 5,127,388 |
| Mettler-Toledo International, Inc. (a) | | 3,060 | 3,952,755 |
| Waters Corp. (a) | | 9,234 | 2,983,598 |
| West Pharmaceutical Services, Inc. | | 10,867 | 3,346,275 |
| | | | 50,769,092 |
| Pharmaceuticals - 5.4% | | | |
| Bristol-Myers Squibb Co. | | 279,612 | 15,593,961 |
| Catalent, Inc. (a) | | 30,725 | 1,800,485 |
| Eli Lilly & Co. | | 123,389 | 102,380,789 |
| Johnson & Johnson | | 344,796 | 55,119,089 |
| Merck & Co., Inc. | | 368,622 | 37,717,403 |
| Zoetis, Inc. Class A | | 64,530 | 11,536,673 |
| | | | 224,148,400 |
TOTAL HEALTH CARE | | | 410,638,693 |
| INDUSTRIALS - 7.8% | | | |
| Aerospace & Defense - 0.8% | | | |
| Axon Enterprise, Inc. (a) | | 9,916 | 4,199,426 |
| GE Aerospace | | 162,278 | 27,876,115 |
| | | | 32,075,541 |
| Air Freight & Logistics - 0.4% | | | |
| C.H. Robinson Worldwide, Inc. | | 17,116 | 1,763,633 |
| Expeditors International of Washington, Inc. | | 19,847 | 2,361,793 |
| United Parcel Service, Inc. Class B | | 100,170 | 13,428,790 |
| | | | 17,554,216 |
| Building Products - 1.0% | | | |
| Allegion PLC | | 17,845 | 2,491,697 |
| Carrier Global Corp. | | 113,970 | 8,287,898 |
| Fortune Brands Innovations, Inc. | | 22,013 | 1,834,343 |
| Johnson Controls International PLC | | 94,373 | 7,129,880 |
| Lennox International, Inc. | | 6,664 | 4,015,526 |
| Owens Corning | | 15,435 | 2,728,754 |
| Trane Technologies PLC | | 36,361 | 13,459,388 |
| | | | 39,947,486 |
| Commercial Services & Supplies - 0.3% | | | |
| Cintas Corp. | | 47,276 | 9,729,874 |
| Veralto Corp. | | 29,668 | 3,031,773 |
| | | | 12,761,647 |
| Construction & Engineering - 0.2% | | | |
| EMCOR Group, Inc. | | 10,131 | 4,519,135 |
| Quanta Services, Inc. | | 20,046 | 6,046,475 |
| | | | 10,565,610 |
| Electrical Equipment - 0.6% | | | |
| Eaton Corp. PLC | | 59,747 | 19,810,910 |
| Rockwell Automation, Inc. | | 14,813 | 3,950,775 |
| | | | 23,761,685 |
| Ground Transportation - 0.9% | | | |
| CSX Corp. | | 259,174 | 8,718,613 |
| J.B. Hunt Transport Services, Inc. | | 12,066 | 2,179,361 |
| Knight-Swift Transportation Holdings, Inc. | | 32,431 | 1,689,006 |
| Old Dominion Freight Lines, Inc. | | 28,211 | 5,679,439 |
| Union Pacific Corp. | | 88,218 | 20,472,751 |
| | | | 38,739,170 |
| Industrial Conglomerates - 0.2% | | | |
| 3M Co. | | 79,567 | 10,221,972 |
| Machinery - 2.1% | | | |
| Caterpillar, Inc. | | 75,836 | 28,529,503 |
| CNH Industrial NV Class A | | 206,862 | 2,323,060 |
| Cummins, Inc. | | 19,560 | 6,434,849 |
| Deere & Co. | | 35,802 | 14,488,711 |
| Dover Corp. | | 18,893 | 3,577,012 |
| Fortive Corp. | | 44,302 | 3,164,492 |
| Graco, Inc. | | 28,275 | 2,302,999 |
| IDEX Corp. | | 10,450 | 2,242,988 |
| Illinois Tool Works, Inc. | | 37,826 | 9,877,503 |
| Ingersoll Rand, Inc. | | 63,145 | 6,061,920 |
| Pentair PLC | | 24,851 | 2,463,231 |
| Toro Co. | | 17,129 | 1,378,542 |
| Xylem, Inc. | | 33,254 | 4,049,672 |
| | | | 86,894,482 |
| Passenger Airlines - 0.0% | | | |
| Delta Air Lines, Inc. | | 10,754 | 615,344 |
| Professional Services - 0.7% | | | |
| Automatic Data Processing, Inc. | | 52,507 | 15,187,125 |
| Broadridge Financial Solutions, Inc. | | 16,347 | 3,446,928 |
| Dayforce, Inc. (a) | | 21,619 | 1,533,868 |
| Paychex, Inc. | | 40,534 | 5,647,602 |
| TransUnion | | 28,683 | 2,905,588 |
| | | | 28,721,111 |
| Trading Companies & Distributors - 0.6% | | | |
| Ferguson Enterprises, Inc. | | 34,607 | 6,808,581 |
| United Rentals, Inc. | | 11,218 | 9,117,990 |
| W.W. Grainger, Inc. | | 7,592 | 8,421,274 |
| | | | 24,347,845 |
TOTAL INDUSTRIALS | | | 326,206,109 |
| INFORMATION TECHNOLOGY - 31.3% | | | |
| Electronic Equipment, Instruments & Components - 0.1% | | | |
| Keysight Technologies, Inc. (a) | | 20,315 | 3,027,138 |
| Trimble, Inc. (a) | | 31,780 | 1,922,690 |
| | | | 4,949,828 |
| IT Services - 1.7% | | | |
| Accenture PLC Class A | | 92,847 | 32,015,503 |
| Akamai Technologies, Inc. (a) | | 20,963 | 2,118,940 |
| Gartner, Inc. (a) | | 13,042 | 6,553,605 |
| IBM Corp. | | 136,818 | 28,283,017 |
| Twilio, Inc. Class A (a) | | 27,542 | 2,221,262 |
| | | | 71,192,327 |
| Semiconductors & Semiconductor Equipment - 14.2% | | | |
| Advanced Micro Devices, Inc. (a) | | 227,391 | 32,760,221 |
| Applied Materials, Inc. | | 102,555 | 18,621,937 |
| Enphase Energy, Inc. (a) | | 20,399 | 1,693,933 |
| First Solar, Inc. (a) | | 15,547 | 3,023,581 |
| Intel Corp. | | 597,081 | 12,849,183 |
| Lam Research Corp. | | 154,460 | 11,484,101 |
| Marvell Technology, Inc. | | 119,207 | 9,549,673 |
| NVIDIA Corp. | | 3,524,486 | 467,910,766 |
| NXP Semiconductors NV | | 36,427 | 8,542,132 |
| Texas Instruments, Inc. | | 137,880 | 28,011,701 |
| | | | 594,447,228 |
| Software - 15.3% | | | |
| Adobe, Inc. (a) | | 65,899 | 31,504,994 |
| ANSYS, Inc. (a) | | 14,310 | 4,585,067 |
| Aspen Technology, Inc. (a) | | 6,602 | 1,549,687 |
| Atlassian Corp. PLC Class A, (a) | | 26,781 | 5,049,290 |
| Autodesk, Inc. (a) | | 35,679 | 10,125,700 |
| Cadence Design Systems, Inc. (a) | | 43,327 | 11,963,451 |
| DocuSign, Inc. (a) | | 44,243 | 3,069,579 |
| Fair Isaac Corp. (a) | | 4,681 | 9,329,748 |
| Gen Digital, Inc. | | 118,346 | 3,445,052 |
| HubSpot, Inc. (a) | | 8,857 | 4,913,775 |
| Intuit, Inc. | | 42,670 | 26,041,501 |
| Manhattan Associates, Inc. (a) | | 14,656 | 3,859,804 |
| Microsoft Corp. | | 1,007,216 | 409,282,222 |
| Palo Alto Networks, Inc. (a) | | 46,084 | 16,605,448 |
| PTC, Inc. (a) | | 28,071 | 5,202,398 |
| Salesforce, Inc. | | 148,828 | 43,364,014 |
| ServiceNow, Inc. (a) | | 31,178 | 29,088,762 |
| Synopsys, Inc. (a) | | 23,386 | 12,011,283 |
| Workday, Inc. Class A (a) | | 37,293 | 8,720,968 |
| Zscaler, Inc. (a) | | 14,274 | 2,580,596 |
| | | | 642,293,339 |
| Technology Hardware, Storage & Peripherals - 0.0% | | | |
| Western Digital Corp. (a) | | 10,542 | 688,498 |
TOTAL INFORMATION TECHNOLOGY | | | 1,313,571,220 |
| MATERIALS - 2.4% | | | |
| Chemicals - 1.4% | | | |
| Air Products & Chemicals, Inc. | | 29,260 | 9,086,108 |
| Ecolab, Inc. | | 37,936 | 9,322,013 |
| International Flavors & Fragrances, Inc. | | 35,252 | 3,505,106 |
| Linde PLC | | 68,885 | 31,421,893 |
| LyondellBasell Industries NV Class A | | 35,815 | 3,110,533 |
| PPG Industries, Inc. | | 32,518 | 4,048,816 |
| | | | 60,494,469 |
| Construction Materials - 0.4% | | | |
| CRH PLC | | 108,108 | 10,316,746 |
| Martin Marietta Materials, Inc. | | 8,769 | 5,194,229 |
| | | | 15,510,975 |
| Containers & Packaging - 0.3% | | | |
| Avery Dennison Corp. | | 11,139 | 2,306,107 |
| Ball Corp. | | 43,528 | 2,579,034 |
| International Paper Co. | | 46,441 | 2,579,333 |
| Smurfit Westrock PLC | | 73,004 | 3,759,706 |
| | | | 11,224,180 |
| Metals & Mining - 0.3% | | | |
| Newmont Corp. | | 159,127 | 7,230,731 |
| Nucor Corp. | | 32,121 | 4,556,043 |
| Steel Dynamics, Inc. | | 21,156 | 2,760,858 |
| | | | 14,547,632 |
TOTAL MATERIALS | | | 101,777,256 |
| REAL ESTATE - 2.1% | | | |
| Equity Real Estate Investment Trusts (REITs) - 2.0% | | | |
| American Tower Corp. | | 66,956 | 14,297,784 |
| BXP, Inc. | | 20,505 | 1,651,883 |
| Crown Castle, Inc. | | 62,098 | 6,674,914 |
| Digital Realty Trust, Inc. | | 45,561 | 8,120,337 |
| Equinix, Inc. | | 13,728 | 12,466,122 |
| Healthpeak Properties, Inc. | | 97,751 | 2,194,510 |
| Iron Mountain, Inc. | | 47,277 | 5,849,583 |
| Prologis, Inc. | | 129,541 | 14,630,361 |
| SBA Communications Corp. Class A | | 15,163 | 3,479,454 |
| Welltower, Inc. | | 77,471 | 10,449,288 |
| Weyerhaeuser Co. | | 82,525 | 2,571,479 |
| | | | 82,385,715 |
| Real Estate Management & Development - 0.1% | | | |
| CBRE Group, Inc. (a) | | 41,743 | 5,467,081 |
TOTAL REAL ESTATE | | | 87,852,796 |
| UTILITIES - 0.9% | | | |
| Electric Utilities - 0.3% | | | |
| Edison International | | 33,122 | 2,729,253 |
| Eversource Energy | | 39,253 | 2,584,810 |
| Exelon Corp. | | 123,058 | 4,836,179 |
| NRG Energy, Inc. | | 43,673 | 3,948,039 |
| | | | 14,098,281 |
| Gas Utilities - 0.1% | | | |
| Atmos Energy Corp. | | 20,514 | 2,846,933 |
| Multi-Utilities - 0.3% | | | |
| CMS Energy Corp. | | 40,309 | 2,805,909 |
| Consolidated Edison, Inc. | | 32,311 | 3,285,382 |
| NiSource, Inc. | | 51,425 | 1,808,103 |
| Sempra | | 73,739 | 6,147,620 |
| | | | 14,047,014 |
| Water Utilities - 0.2% | | | |
| American Water Works Co., Inc. | | 26,219 | 3,621,106 |
| Essential Utilities, Inc. | | 71,732 | 2,768,855 |
| | | | 6,389,961 |
TOTAL UTILITIES | | | 37,382,189 |
| TOTAL COMMON STOCKS (Cost $2,620,388,957) | | | 3,752,568,633 |
| | | | |
| U.S. Treasury Obligations - 0.2% |
| | | Principal Amount (b) | Value ($) |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (c) (Cost $8,600,965) | | 8,625,000 | 8,602,900 |
| | | | |
| Money Market Funds - 10.1% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 4.87% (d) (Cost $425,050,021) | | 424,965,028 | 425,050,021 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $3,054,039,943) | 4,186,221,554 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | 8,804,576 |
| NET ASSETS - 100.0% | 4,195,026,130 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| CME E-mini NASDAQ 100 Index Contracts (United States) | 220 | Dec 2024 | 88,095,700 | 1,306,680 | 1,306,680 |
| CME E-mini S&P 500 Index Contracts (United States) | 1,236 | Dec 2024 | 354,639,300 | 3,105,343 | 3,105,343 |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | 4,412,023 |
| The notional amount of futures purchased as a percentage of Net Assets is 10.6% |
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $380,567,268.
Legend
| (b) | Amount is stated in United States dollars unless otherwise noted. |
| (c) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $8,602,900. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 16,961,349 | 1,211,484,440 | 803,395,617 | 18,176,323 | (151) | - | 425,050,021 | 0.8% |
| Total | 16,961,349 | 1,211,484,440 | 803,395,617 | 18,176,323 | (151) | - | 425,050,021 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 366,495,614 | 366,495,614 | - | - |
Consumer Discretionary | 378,831,431 | 378,831,431 | - | - |
Consumer Staples | 192,491,987 | 192,491,987 | - | - |
Energy | 61,803,333 | 61,803,333 | - | - |
Financials | 475,518,005 | 475,518,005 | - | - |
Health Care | 410,638,693 | 410,638,693 | - | - |
Industrials | 326,206,109 | 326,206,109 | - | - |
Information Technology | 1,313,571,220 | 1,313,571,220 | - | - |
Materials | 101,777,256 | 101,777,256 | - | - |
Real Estate | 87,852,796 | 87,852,796 | - | - |
Utilities | 37,382,189 | 37,382,189 | - | - |
|
| U.S. Government and Government Agency Obligations | 8,602,900 | - | 8,602,900 | - |
|
| Money Market Funds | 425,050,021 | 425,050,021 | - | - |
| Total Investments in Securities: | 4,186,221,554 | 4,177,618,654 | 8,602,900 | - |
Derivative Instruments: Assets | | | | |
Futures Contracts | 4,412,023 | 4,412,023 | - | - |
| Total Assets | 4,412,023 | 4,412,023 | - | - |
| Total Derivative Instruments: | 4,412,023 | 4,412,023 | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 4,412,023 | 0 |
| Total Equity Risk | 4,412,023 | 0 |
| Total Value of Derivatives | 4,412,023 | 0 |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $2,628,989,922) | $ | 3,761,171,533 | | |
Fidelity Central Funds (cost $425,050,021) | | 425,050,021 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $3,054,039,943) | | | $ | 4,186,221,554 |
| Segregated cash with brokers for derivative instruments | | | | 14,408,613 |
| Receivable for fund shares sold | | | | 2,217,355 |
| Dividends receivable | | | | 2,390,626 |
| Distributions receivable from Fidelity Central Funds | | | | 1,776,667 |
Total assets | | | | 4,207,014,815 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 2,324,505 | | |
| Accrued management fee | | 391,615 | | |
| Payable for daily variation margin on futures contracts | | 9,272,565 | | |
| Total liabilities | | | | 11,988,685 |
| Net Assets | | | $ | 4,195,026,130 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 3,067,586,006 |
| Total accumulated earnings (loss) | | | | 1,127,440,124 |
| Net Assets | | | $ | 4,195,026,130 |
Net Asset Value, offering price and redemption price per share ($4,195,026,130 ÷ 164,367,712 shares) | | | $ | 25.52 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 42,443,480 |
| Interest | | | | 845,294 |
| Income from Fidelity Central Funds | | | | 18,176,323 |
| Total income | | | | 61,465,097 |
| Expenses | | | | |
| Management fee | $ | 4,033,182 | | |
| Independent trustees' fees and expenses | | 9,337 | | |
| Miscellaneous | | 1,922 | | |
| Total expenses before reductions | | 4,044,441 | | |
| Expense reductions | | (1,371) | | |
| Total expenses after reductions | | | | 4,043,070 |
| Net Investment income (loss) | | | | 57,422,027 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (3,580,076) | | |
| Fidelity Central Funds | | (151) | | |
| Futures contracts | | 45,049,848 | | |
| Total net realized gain (loss) | | | | 41,469,621 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 938,823,101 | | |
| Futures contracts | | 4,510,669 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 943,333,770 |
| Net gain (loss) | | | | 984,803,391 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 1,042,225,418 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 57,422,027 | $ | 33,324,339 |
| Net realized gain (loss) | | 41,469,621 | | (73,445,153) |
| Change in net unrealized appreciation (depreciation) | | 943,333,770 | | 280,924,535 |
| Net increase (decrease) in net assets resulting from operations | | 1,042,225,418 | | 240,803,721 |
| Distributions to shareholders | | (32,020,496) | | (31,003,717) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 1,708,050,544 | | 667,415,739 |
| Reinvestment of distributions | | 29,325,296 | | 28,625,159 |
| Cost of shares redeemed | | (976,068,420) | | (661,727,724) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 761,307,420 | | 34,313,174 |
| Total increase (decrease) in net assets | | 1,771,512,342 | | 244,113,178 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 2,423,513,788 | | 2,179,400,610 |
| End of period | $ | 4,195,026,130 | $ | 2,423,513,788 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 74,600,297 | | 35,494,418 |
| Issued in reinvestment of distributions | | 1,430,502 | | 1,672,031 |
| Redeemed | | (41,397,978) | | (36,785,982) |
| Net increase (decrease) | | 34,632,821 | | 380,467 |
| | | | | |
Financial Highlights
Fidelity® U.S. Sustainability Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 18.68 | $ | 16.85 | $ | 20.91 | $ | 14.29 | $ | 13.18 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .37 | | .27 | | .25 | | .23 | | .23 |
| Net realized and unrealized gain (loss) | | 6.71 | | 1.81 | | (4.10) | | 6.56 | | 1.08 |
| Total from investment operations | | 7.08 | | 2.08 | | (3.85) | | 6.79 | | 1.31 |
| Distributions from net investment income | | (.24) | | (.25) | | (.17) | | (.17) | | (.18) |
| Distributions from net realized gain | | - | | - | | (.04) | | - | | (.02) |
| Total distributions | | (.24) | | (.25) | | (.21) | | (.17) | | (.20) |
| Net asset value, end of period | $ | 25.52 | $ | 18.68 | $ | 16.85 | $ | 20.91 | $ | 14.29 |
Total Return C | | | | 12.47% | | (18.58)% | | 47.84% | | 9.99% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | .11% | | .11% | | .11% | | .11% | | .11% |
| Expenses net of fee waivers, if any | | | | .11% | | .11% | | .11% | | .11% |
| Expenses net of all reductions | | .11% | | .11% | | .11% | | .11% | | .11% |
| Net investment income (loss) | | 1.56% | | 1.48% | | 1.37% | | 1.28% | | 1.68% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 4,195,026 | $ | 2,423,514 | $ | 2,179,401 | $ | 1,868,457 | $ | 488,752 |
Portfolio turnover rate F | | | | 21% | | 9% | | 12% | | 10% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
For the period ended October 31, 2024
1. Organization.
Fidelity U.S. Sustainability Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,251,101,755 |
| Gross unrealized depreciation | (132,886,820) |
| Net unrealized appreciation (depreciation) | $1,118,214,935 |
| Tax Cost | $3,068,006,619 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $44,214,137 |
| Capital loss carryforward | $(34,988,948) |
| Net unrealized appreciation (depreciation) on securities and other investments | $1,118,214,935 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Short-term | $(32,991,076) |
Long-term | (1,997,872) |
| Total capital loss carryforward | $(34,988,948) |
The tax character of distributions paid was as follows:
| | October 31, 2024 | October 31, 2023 |
| Ordinary Income | $32,020,496 | $ 31,003,717 |
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities, and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity U.S. Sustainability Index Fund | 717,249,127 | 293,659,079 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .11% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,371.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity U.S. Sustainability Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity U.S. Sustainability Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements 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 are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2024
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates $815,555 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 96% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 97.11% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 1.70% of the dividend distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity U.S. Sustainability Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to derivatives and liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked equal to the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
1.9883815.107
USY-ANN-1224
Fidelity® International Sustainability Index Fund
Annual Report
October 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® International Sustainability Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 98.7% |
| | | Shares | Value ($) |
| Australia - 3.2% | | | |
| ANZ Group Holdings Ltd. | | 94,434 | 1,924,613 |
| APA Group unit | | 40,904 | 187,289 |
| Aristocrat Leisure Ltd. | | 17,833 | 717,594 |
| ASX Ltd. | | 6,108 | 260,122 |
| BlueScope Steel Ltd. | | 13,897 | 184,669 |
| Brambles Ltd. | | 44,118 | 531,182 |
| CAR Group Ltd. | | 11,379 | 280,277 |
| Cochlear Ltd. | | 2,078 | 384,718 |
| Coles Group Ltd. | | 42,400 | 489,360 |
| Computershare Ltd. | | 16,763 | 289,790 |
| Endeavour Group Ltd. | | 47,956 | 147,518 |
| Fortescue Ltd. | | 52,973 | 663,373 |
| Goodman Group unit | | 53,735 | 1,283,165 |
| Macquarie Group Ltd. | | 11,375 | 1,721,565 |
| Mineral Resources Ltd. | | 5,564 | 142,980 |
| Northern Star Resources Ltd. | | 36,387 | 422,249 |
| Orica Ltd. | | 15,633 | 177,575 |
| Pilbara Minerals Ltd. (a) | | 91,750 | 169,938 |
| QBE Insurance Group Ltd. | | 47,683 | 538,347 |
| Ramsay Health Care Ltd. | | 5,937 | 156,153 |
| REA Group Ltd. | | 1,683 | 248,806 |
| SEEK Ltd. | | 11,339 | 184,216 |
| Suncorp Group Ltd. | | 40,358 | 473,410 |
| The GPT Group | | 61,992 | 192,059 |
| Transurban Group unit | | 97,837 | 815,368 |
| WiseTech Global Ltd. | | 5,288 | 406,003 |
| Woodside Energy Group Ltd. | | 59,528 | 936,879 |
TOTAL AUSTRALIA | | | 13,929,218 |
| Austria - 0.2% | | | |
| Mondi PLC | | 10 | 161 |
| Mondi PLC | | 13,815 | 223,563 |
| OMV AG | | 4,668 | 193,457 |
| Verbund AG | | 2,150 | 175,867 |
| Voestalpine AG | | 3,357 | 69,563 |
TOTAL AUSTRIA | | | 662,611 |
| Belgium - 0.2% | | | |
| Ageas | | 5,061 | 263,584 |
| KBC Group NV | | 7,272 | 527,447 |
| Lotus Bakeries SA | | 13 | 169,972 |
| Warehouses de Pauw | | 5,489 | 130,280 |
TOTAL BELGIUM | | | 1,091,283 |
| Brazil - 1.3% | | | |
| Atacadao SA | | 19,400 | 25,136 |
| B3 SA - Brasil Bolsa Balcao | | 178,500 | 327,920 |
| Banco Bradesco SA (PN) | | 167,355 | 416,006 |
| Banco do Brasil SA | | 56,600 | 257,793 |
| CCR SA | | 33,100 | 70,140 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 58,458 | 114,976 |
| Companhia Paranaense de Energia-COPEL (PN-B) | | 32,300 | 54,812 |
| Companhia Siderurgica Nacional SA (CSN) | | 24,100 | 49,068 |
| Cosan SA | | 39,244 | 80,241 |
| CPFL Energia SA | | 6,800 | 38,547 |
| Energisa SA unit | | 7,300 | 54,489 |
| ENGIE Brasil Energia SA | | 6,000 | 43,042 |
| Equatorial Energia SA | | 36,023 | 200,152 |
| Gerdau SA | | 43,370 | 137,292 |
| Hapvida Participacoes e Investimentos SA (a)(b) | | 161,900 | 98,581 |
| Itau Unibanco Holding SA | | 152,900 | 926,250 |
| Klabin SA unit | | 27,330 | 98,619 |
| Localiza Rent a Car SA | | 28,871 | 209,857 |
| Natura & Co. Holding SA | | 29,113 | 69,044 |
| PRIO SA | | 25,300 | 179,348 |
| Raia Drogasil SA | | 40,980 | 172,543 |
| Rede D'Oregon Sao Luiz SA (b) | | 18,902 | 95,999 |
| Rumo SA | | 43,000 | 148,022 |
| Sendas Distribuidora SA (a) | | 42,200 | 54,676 |
| Telefonica Brasil SA | | 14,100 | 128,392 |
| TIM SA | | 28,900 | 82,887 |
| Totvs SA | | 17,700 | 91,364 |
| Ultrapar Participacoes SA | | 23,400 | 84,559 |
| Wheaton Precious Metals Corp. | | 14,194 | 937,364 |
| Yara International ASA | | 5,199 | 156,345 |
TOTAL BRAZIL | | | 5,403,464 |
| Burkina Faso - 0.0% | | | |
| Endeavour Mining PLC | | 5,932 | 132,710 |
| Canada - 7.7% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 15,718 | 1,356,691 |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 24,228 | 1,263,472 |
| Bank of Montreal | | 22,942 | 2,090,624 |
| Bank of Nova Scotia | | 38,447 | 1,979,578 |
| Brookfield Corp. (Canada) Class A | | 42,640 | 2,261,006 |
| CAE, Inc. (a) | | 9,893 | 174,079 |
| Cameco Corp. | | 13,642 | 712,890 |
| Canadian National Railway Co. | | 16,930 | 1,828,151 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 1,652 | 175,801 |
| CGI, Inc. Class A (sub. vtg.) | | 6,444 | 713,845 |
| Dollarama, Inc. | | 8,759 | 911,474 |
| Element Fleet Management Corp. | | 12,316 | 252,008 |
| Enbridge, Inc. | | 68,693 | 2,774,657 |
| FirstService Corp. | | 1,294 | 239,590 |
| Fortis, Inc. | | 15,554 | 672,832 |
| Gildan Activewear, Inc. | | 4,694 | 229,719 |
| Hydro One Ltd. (b) | | 10,438 | 336,076 |
| iA Financial Corp., Inc. | | 3,081 | 251,021 |
| Imperial Oil Ltd. | | 5,959 | 444,673 |
| Intact Financial Corp. | | 5,630 | 1,075,173 |
| Ivanhoe Mines Ltd. (a) | | 19,807 | 261,893 |
| Keyera Corp. | | 7,110 | 218,353 |
| Kinross Gold Corp. | | 38,801 | 391,535 |
| Metro, Inc. | | 6,817 | 404,853 |
| National Bank of Canada | | 10,650 | 1,015,779 |
| Nutrien Ltd. | | 15,497 | 738,928 |
| Open Text Corp. | | 8,484 | 254,456 |
| Parkland Corp. | | 4,531 | 105,436 |
| Pembina Pipeline Corp. | | 18,167 | 760,030 |
| RB Global, Inc. | | 5,796 | 491,153 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 11,494 | 417,461 |
| Shopify, Inc. Class A (a) | | 38,044 | 2,976,085 |
| Stantec, Inc. | | 3,602 | 292,175 |
| Sun Life Financial, Inc. | | 18,288 | 1,013,993 |
| TELUS Corp. | | 15,758 | 249,099 |
| The Toronto-Dominion Bank | | 55,098 | 3,045,853 |
| Thomson Reuters Corp. | | 4,973 | 814,017 |
| West Fraser Timber Co. Ltd. | | 1,664 | 150,284 |
| WSP Global, Inc. | | 3,952 | 706,384 |
TOTAL CANADA | | | 34,051,127 |
| Chile - 0.2% | | | |
| Antofagasta PLC | | 12,499 | 279,144 |
| Empresas CMPC SA | | 34,584 | 55,073 |
| Empresas COPEC SA | | 12,305 | 77,689 |
| Enel Americas SA | | 715,204 | 66,989 |
| Falabella SA (a) | | 26,959 | 96,769 |
| LATAM Airlines Group SA | | 4,763,524 | 63,717 |
| Lundin Mining Corp. | | 20,584 | 200,170 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 4,445 | 171,069 |
TOTAL CHILE | | | 1,010,620 |
| China - 9.3% | | | |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | | 4,100 | 9,400 |
| AAC Technology Holdings, Inc. | | 22,000 | 88,858 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 157,600 | 104,790 |
| (H Shares) | | 884,000 | 434,350 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 18,500 | 37,624 |
| Air China Ltd. (A Shares) (a) | | 21,400 | 22,064 |
| Airtac International Group | | 4,000 | 111,080 |
| Alibaba Group Holding Ltd. | | 478,700 | 5,855,609 |
| Alibaba Health Information Technology Ltd. (a) | | 182,000 | 92,041 |
| Angel Yeast Co. Ltd. (A Shares) | | 1,600 | 8,187 |
| Anhui Conch Cement Co. Ltd.: | | | |
| (A Shares) | | 7,400 | 27,820 |
| (H Shares) | | 40,500 | 117,646 |
| Anjoy Foods Group Co. Ltd. (A Shares) | | 500 | 6,022 |
| Asymchem Laboratories Tianjin Co. Ltd. (A Shares) | | 800 | 9,339 |
| Baidu, Inc. Class A (a) | | 71,362 | 814,300 |
| BeiGene Ltd. (a) | | 21,600 | 340,190 |
| Beijing Enterprises Water Group Ltd. | | 124,000 | 36,920 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | | 2,100 | 4,310 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 2,500 | 13,915 |
| Bilibili, Inc. Class Z (a) | | 7,280 | 160,845 |
| BOC Aviation Ltd. Class A (b) | | 6,400 | 49,639 |
| Bosideng International Holdings Ltd. | | 118,000 | 66,168 |
| By-Health Co. Ltd. (A Shares) | | 3,100 | 5,544 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 3,300 | 135,927 |
| (H Shares) | | 33,000 | 1,191,914 |
| China Construction Bank Corp.: | | | |
| (A Shares) | | 200 | 223 |
| (H Shares) | | 3,038,000 | 2,358,207 |
| China Eastern Airlines Corp. Ltd. (A Shares) (a) | | 31,200 | 16,842 |
| China Feihe Ltd. (b) | | 124,000 | 93,588 |
| China Jushi Co. Ltd. (A Shares) | | 7,357 | 11,687 |
| China Literature Ltd. (a)(b) | | 12,600 | 45,493 |
| China Mengniu Dairy Co. Ltd. | | 99,000 | 221,707 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 39,100 | 205,443 |
| (H Shares) | | 121,500 | 594,564 |
| China Merchants Holdings International Co. Ltd. | | 40,000 | 65,781 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 16,800 | 26,692 |
| China Minsheng Banking Corp. Ltd.: | | | |
| (A Shares) | | 147,700 | 78,454 |
| (H Shares) | | 101,500 | 37,699 |
| China National Building Materials Co. Ltd. (H Shares) | | 142,000 | 60,413 |
| China Overseas Land and Investment Ltd. | | 121,500 | 232,164 |
| China Resource Gas Group Ltd. | | 29,200 | 112,584 |
| China Resources Land Ltd. | | 101,500 | 338,344 |
| China Resources Pharmaceutical Group Ltd. (b) | | 59,000 | 41,732 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 2,340 | 14,814 |
| China Ruyi Holdings Ltd. (a) | | 200,000 | 49,110 |
| China Southern Airlines Ltd. (A Shares) (a) | | 20,200 | 17,505 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 52,700 | 35,217 |
| China Tourism Group Duty Free Corp. Ltd.: | | | |
| (A Shares) | | 2,700 | 25,750 |
| (H Shares) (b) | | 1,900 | 12,974 |
| China Vanke Co. Ltd.: | | | |
| (A Shares) (a) | | 18,900 | 24,704 |
| (H Shares) (a) | | 72,500 | 69,024 |
| China Yangtze Power Co. Ltd. (A Shares) | | 46,900 | 181,760 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 4,500 | 17,957 |
| Chow Tai Fook Jewellery Group Ltd. | | 64,800 | 61,376 |
| CITIC Pacific Ltd. | | 186,000 | 218,478 |
| Cmoc Group Ltd.: | | | |
| (A Shares) | | 32,500 | 34,488 |
| (H Shares) | | 117,000 | 96,848 |
| CNGR Advanced Material Co. Ltd. | | 1,680 | 9,056 |
| Contemporary Amperex Technology Co. Ltd. | | 8,340 | 289,354 |
| CSPC Innovation Pharmaceutical Co. Ltd. (A Shares) | | 2,760 | 9,913 |
| CSPC Pharmaceutical Group Ltd. | | 261,280 | 193,434 |
| ENN Energy Holdings Ltd. | | 24,500 | 172,610 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 4,800 | 12,377 |
| Far East Horizon Ltd. | | 62,000 | 43,275 |
| Fosun International Ltd. | | 75,500 | 42,864 |
| Ganfeng Lithium Group Co. Ltd. (H Shares) (b) | | 6,440 | 17,667 |
| Geely Automobile Holdings Ltd. | | 194,000 | 341,033 |
| GEM Co. Ltd. (A Shares) | | 9,500 | 9,311 |
| Genscript Biotech Corp. (a) | | 38,000 | 58,124 |
| Goldwind Science & Technology Co. Ltd.: | | | |
| (A Shares) | | 6,400 | 9,790 |
| (H Shares) | | 18 | 15 |
| Great Wall Motor Co. Ltd.: | | | |
| (A Shares) | | 5,300 | 19,509 |
| (H Shares) | | 71,500 | 113,698 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 2,600 | 10,209 |
| H World Group Ltd. ADR | | 6,441 | 236,320 |
| Haier Smart Home Co. Ltd. | | 77,400 | 280,902 |
| Haier Smart Home Co. Ltd. (A Shares) | | 11,300 | 46,423 |
| Haitian International Holdings Ltd. | | 20,000 | 55,320 |
| Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | | 700 | 6,192 |
| Hansoh Pharmaceutical Group Co. Ltd. (b) | | 38,000 | 88,599 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 6,400 | 22,388 |
| Huadong Medicine Co. Ltd. (A Shares) | | 3,200 | 14,856 |
| Huatai Securities Co. Ltd.: | | | |
| (A Shares) | | 13,500 | 33,443 |
| (H Shares) (b) | | 41,800 | 70,754 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 560 | 16,726 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 116,600 | 99,031 |
| (H Shares) | | 2,193,000 | 1,315,485 |
| Industrial Bank Co. Ltd. (A Shares) | | 39,500 | 101,500 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 11,700 | 45,965 |
| Innovent Biologics, Inc. (a)(b) | | 39,000 | 169,540 |
| JD Logistics, Inc. (a)(b) | | 63,500 | 129,215 |
| JD.com, Inc. Class A | | 77,300 | 1,567,584 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 12,200 | 13,550 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 38,000 | 38,238 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 11,800 | 77,380 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 6,300 | 13,948 |
| Jinduicheng Molybdenum Co. Ltd. (A Shares) | | 5,900 | 8,892 |
| Juneyao Airlines Co. Ltd. (A shares) | | 5,100 | 9,149 |
| Kanzhun Ltd. ADR | | 8,329 | 121,187 |
| KE Holdings, Inc. ADR | | 20,460 | 448,688 |
| Kingdee International Software Group Co. Ltd. (a) | | 91,000 | 95,264 |
| Kingsoft Corp. Ltd. | | 29,600 | 102,009 |
| Kuaishou Technology Class B (a)(b) | | 73,900 | 435,493 |
| Kuang-Chi Technologies Co. Ltd. (A Shares) | | 4,000 | 23,822 |
| Kunlun Energy Co. Ltd. | | 124,000 | 117,597 |
| Lenovo Group Ltd. | | 252,000 | 332,297 |
| Lepu Medical Technology Beijing Co. Ltd. (A Shares) | | 3,500 | 5,927 |
| Li Auto, Inc. Class A (a) | | 39,230 | 493,321 |
| Livzon Pharmaceutical Group, Inc. (A Shares) | | 2,000 | 10,297 |
| Longfor Properties Co. Ltd. (b) | | 64,080 | 103,810 |
| MINISO Group Holding Ltd. | | 12,232 | 61,299 |
| NetEase, Inc. | | 60,800 | 978,199 |
| NIO, Inc. (A Shares) (a) | | 43,719 | 224,866 |
| Nongfu Spring Co. Ltd. (H Shares) (b) | | 63,800 | 237,710 |
| Offshore Oil Enginering Co. Ltd. (A Shares) | | 8,100 | 6,173 |
| Orient Securities Co. Ltd. (A Shares) | | 13,100 | 19,386 |
| Pharmaron Beijing Co. Ltd. (A Shares) | | 2,750 | 11,290 |
| Pop Mart International Group Ltd. (b) | | 14,600 | 131,997 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (b) | | 259,000 | 148,739 |
| Prosus NV | | 44,601 | 1,879,704 |
| Prosus NV rights (a)(c) | | 44,601 | 4,851 |
| SF Holding Co. Ltd. (A Shares) | | 9,000 | 56,578 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 21,600 | 12,368 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 82,800 | 51,243 |
| Shanghai Electric Group Co. Ltd. (A Shares) (a) | | 23,300 | 29,522 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (A Shares) | | 3,800 | 14,201 |
| Shanghai M&G Stationery, Inc. (A Shares) | | 1,700 | 6,928 |
| Shanghai Pharmaceuticals Holding Co. Ltd.: | | | |
| (A Shares) | | 5,200 | 14,153 |
| (H Shares) | | 22,400 | 34,621 |
| Shanghai Putailai New Energy Technology Co. Ltd. | | 3,685 | 8,709 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 2,500 | 19,513 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 2,300 | 86,141 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 1,600 | 15,420 |
| Shenzhou International Group Holdings Ltd. | | 26,200 | 202,317 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) | | 4,600 | 10,994 |
| Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) | | 3,700 | 16,700 |
| Sinopharm Group Co. Ltd. (H Shares) | | 43,600 | 108,620 |
| Sinotruk Hong Kong Ltd. | | 22,000 | 59,380 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 3,780 | 48,161 |
| Sunny Optical Technology Group Co. Ltd. | | 22,500 | 146,362 |
| Sunwoda Electronic Co. Ltd. (A Shares) | | 3,400 | 10,813 |
| Tencent Holdings Ltd. | | 206,000 | 10,741,279 |
| Tianqi Lithium Corp. (A Shares) | | 2,700 | 13,588 |
| Tongcheng Travel Holdings Ltd. | | 37,600 | 85,067 |
| Vipshop Holdings Ltd. ADR | | 11,686 | 168,746 |
| Want Want China Holdings Ltd. | | 149,000 | 92,718 |
| Weichai Power Co. Ltd.: | | | |
| (A Shares) | | 13,200 | 24,774 |
| (H Shares) | | 62,000 | 93,686 |
| Western Mining Co. Ltd. (A Shares) | | 4,400 | 10,872 |
| WuXi AppTec Co. Ltd. | | 4,776 | 34,926 |
| WuXi AppTec Co. Ltd. (H Shares) (b) | | 11,180 | 74,351 |
| Wuxi Biologics (Cayman), Inc. (a)(b) | | 111,500 | 236,871 |
| Xiamen Tungsten Co. Ltd. (A Shares) | | 2,500 | 6,828 |
| XPeng, Inc. Class A (a) | | 39,016 | 220,451 |
| Yadea Group Holdings Ltd. (b) | | 39,884 | 68,890 |
| Yantai Jereh Oilfield Services (A Shares) | | 2,500 | 11,776 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 2,700 | 12,362 |
| Yum China Holdings, Inc. | | 12,301 | 542,597 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 3,320 | 26,657 |
| Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares) | | 9,400 | 7,609 |
| Yunnan Energy New Material Co. Ltd. | | 1,800 | 9,001 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 1,100 | 36,283 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 4,000 | 13,132 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 50,440 | 33,418 |
| Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) | | 4,200 | 10,912 |
| Zhejiang Leapmotor Technology Co. Ltd. (H Shares) (a)(b) | | 15,700 | 61,978 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares) | | 13,000 | 12,701 |
| ZTO Express, Inc. | | 13,456 | 310,337 |
TOTAL CHINA | | | 40,868,243 |
| Colombia - 0.0% | | | |
| Bancolombia SA | | 8,485 | 72,478 |
| Interconexion Electrica SA ESP | | 13,619 | 54,104 |
TOTAL COLOMBIA | | | 126,582 |
| Czech Republic - 0.0% | | | |
| Komercni Banka A/S | | 2,435 | 84,103 |
| MONETA Money Bank A/S (b) | | 7,614 | 37,943 |
TOTAL CZECH REPUBLIC | | | 122,046 |
| Denmark - 3.7% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 95 | 144,486 |
| Series B | | 142 | 224,611 |
| Coloplast A/S Series B | | 3,959 | 493,710 |
| DSV A/S | | 6,431 | 1,397,748 |
| Genmab A/S (a) | | 1,986 | 444,779 |
| Novo Nordisk A/S Series B | | 101,315 | 11,363,998 |
| Novonesis (NOVOZYMES) B Series B | | 11,093 | 695,077 |
| ORSTED A/S (a)(b) | | 5,974 | 349,062 |
| Pandora A/S | | 2,567 | 387,048 |
| Rockwool International A/S Series B | | 296 | 127,503 |
| Tryg A/S | | 10,789 | 254,081 |
| Vestas Wind Systems A/S (a) | | 31,652 | 603,203 |
TOTAL DENMARK | | | 16,485,306 |
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 70,948 | 115,952 |
| Commercial International Bank SAE GDR | | 4 | 6 |
TOTAL EGYPT | | | 115,958 |
| Finland - 0.9% | | | |
| Elisa Corp. (A Shares) | | 4,530 | 215,628 |
| Kesko Oyj | | 8,615 | 184,280 |
| Kone OYJ (B Shares) | | 10,764 | 588,471 |
| Metso Corp. | | 19,672 | 186,293 |
| Neste OYJ | | 13,409 | 215,295 |
| Nokia Corp. | | 169,099 | 800,181 |
| Orion Oyj (B Shares) | | 3,428 | 166,491 |
| Sampo Oyj (A Shares) | | 15,802 | 699,577 |
| Stora Enso Oyj (R Shares) | | 18,403 | 204,583 |
| UPM-Kymmene Corp. | | 16,930 | 495,932 |
| Wartsila Corp. | | 15,841 | 301,716 |
TOTAL FINLAND | | | 4,058,447 |
| France - 5.8% | | | |
| Aeroports de Paris SA | | 1,091 | 129,117 |
| AXA SA | | 57,151 | 2,145,970 |
| BNP Paribas SA | | 32,094 | 2,191,829 |
| Bouygues SA | | 6,007 | 192,299 |
| Carrefour SA | | 17,115 | 271,802 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 21,359 | 721,839 |
| Covivio | | 1,568 | 89,202 |
| Credit Agricole SA | | 33,111 | 507,529 |
| Danone SA | | 20,282 | 1,448,917 |
| Dassault Systemes SA | | 20,973 | 717,805 |
| Eiffage SA | | 2,304 | 214,178 |
| Eurazeo SA | | 1,445 | 109,947 |
| Gecina SA | | 1,335 | 142,383 |
| Getlink SE | | 9,547 | 161,846 |
| Hermes International SCA | | 998 | 2,251,482 |
| Kering SA | | 2,338 | 583,964 |
| L'Oreal SA | | 7,577 | 2,842,667 |
| LVMH Moet Hennessy Louis Vuitton SE | | 8,687 | 5,783,114 |
| Publicis Groupe SA | | 7,167 | 761,816 |
| Rexel SA | | 7,144 | 195,671 |
| TotalEnergies SE | | 67,659 | 4,245,988 |
TOTAL FRANCE | | | 25,709,365 |
| Germany - 2.2% | | | |
| adidas AG | | 5,093 | 1,219,729 |
| Beiersdorf AG | | 3,052 | 411,657 |
| Commerzbank AG | | 31,734 | 563,690 |
| Covestro AG (a)(b) | | 5,976 | 378,323 |
| Deutsche Borse AG | | 5,971 | 1,386,934 |
| Deutsche Lufthansa AG | | 18,980 | 131,890 |
| Evonik Industries AG | | 8,162 | 179,606 |
| GEA Group AG | | 4,887 | 240,701 |
| HeidelbergCement AG | | 4,326 | 476,207 |
| Henkel AG & Co. KGaA | | 3,196 | 249,261 |
| Knorr-Bremse AG | | 2,225 | 182,970 |
| LEG Immobilien AG | | 2,373 | 224,102 |
| Merck KGaA | | 4,050 | 669,619 |
| MTU Aero Engines AG | | 1,703 | 557,028 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 4,209 | 2,152,400 |
| Puma AG | | 3,307 | 150,291 |
| Symrise AG | | 4,208 | 506,244 |
| Zalando SE (a)(b) | | 7,055 | 211,958 |
TOTAL GERMANY | | | 9,892,610 |
| Greece - 0.2% | | | |
| Alpha Services and Holdings SA | | 70,766 | 106,188 |
| Eurobank Ergasias Services and Holdings SA | | 82,058 | 169,796 |
| Hellenic Telecommunications Organization SA | | 6,166 | 101,746 |
| Metlen Energy & Metals SA | | 3,294 | 114,873 |
| National Bank of Greece SA | | 27,343 | 213,550 |
TOTAL GREECE | | | 706,153 |
| Hong Kong - 1.4% | | | |
| AIA Group Ltd. | | 353,400 | 2,789,145 |
| CK Infrastructure Holdings Ltd. | | 20,000 | 141,528 |
| Hang Seng Bank Ltd. | | 23,900 | 292,349 |
| Hong Kong & China Gas Co. Ltd. | | 353,356 | 273,698 |
| Hong Kong Exchanges and Clearing Ltd. | | 37,700 | 1,509,522 |
| MTR Corp. Ltd. | | 49,656 | 180,668 |
| Orient Overseas International Ltd. | | 4,000 | 54,525 |
| Prudential PLC | | 86,136 | 717,069 |
| Sino Biopharmaceutical Ltd. | | 328,750 | 149,340 |
| Sino Land Ltd. | | 124,278 | 124,372 |
| Swire Pacific Ltd. (A Shares) | | 13,000 | 108,884 |
TOTAL HONG KONG | | | 6,341,100 |
| Hungary - 0.0% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 12,684 | 88,014 |
| India - 5.1% | | | |
| ABB India Ltd. | | 1,649 | 145,240 |
| Adani Green Energy Ltd. (a) | | 9,979 | 188,994 |
| APL Apollo Tubes Ltd. | | 5,245 | 94,722 |
| Ashok Leyland Ltd. | | 46,219 | 114,166 |
| Asian Paints Ltd. | | 12,066 | 420,224 |
| Astral Ltd. | | 4,238 | 89,048 |
| AU Small Finance Bank Ltd. (b) | | 11,456 | 83,276 |
| Axis Bank Ltd. | | 71,808 | 986,412 |
| Balkrishna Industries Ltd. | | 2,435 | 81,944 |
| Bharti Airtel Ltd. | | 80,656 | 1,543,754 |
| Britannia Industries Ltd. | | 3,391 | 230,541 |
| Cipla Ltd./India | | 16,518 | 303,869 |
| Colgate-Palmolive Ltd. | | 4,214 | 153,261 |
| Dabur India Ltd. | | 16,697 | 107,064 |
| Eicher Motors Ltd. | | 4,275 | 248,104 |
| GAIL India Ltd. | | 71,825 | 170,183 |
| GMR Airports Infrastructure Ltd. (a) | | 76,712 | 72,018 |
| Grasim Industries Ltd. | | 8,387 | 268,592 |
| Havells India Ltd. | | 8,076 | 157,165 |
| HCL Technologies Ltd. | | 29,850 | 624,583 |
| HDFC Bank Ltd. | | 134,055 | 2,755,388 |
| Hero Motocorp Ltd. | | 3,777 | 223,330 |
| Hindalco Industries Ltd. | | 42,575 | 345,462 |
| Hindustan Unilever Ltd. | | 26,046 | 781,980 |
| ICICI Prudential Life Insurance Co. Ltd. (b) | | 11,475 | 100,887 |
| Info Edge India Ltd. | | 2,213 | 195,257 |
| Infosys Ltd. | | 104,432 | 2,178,878 |
| InterGlobe Aviation Ltd. (a)(b) | | 5,954 | 286,019 |
| Kotak Mahindra Bank Ltd. | | 34,353 | 705,256 |
| Macrotech Developers Ltd. (b) | | 9,440 | 134,955 |
| Mahindra & Mahindra Ltd. | | 29,294 | 945,950 |
| Marico Ltd. | | 16,431 | 124,841 |
| Max Healthcare Institute Ltd. | | 24,370 | 294,172 |
| Nestle India Ltd. | | 10,660 | 286,673 |
| PI Industries Ltd. | | 2,384 | 126,811 |
| Pidilite Industries Ltd. | | 4,720 | 176,239 |
| Power Grid Corp. of India Ltd. | | 147,396 | 560,676 |
| Reliance Industries Ltd. | | 95,891 | 1,516,186 |
| Reliance Industries Ltd. (a) | | 95,891 | 1,505,343 |
| Shree Cement Ltd. | | 277 | 82,389 |
| Siemens Ltd. | | 2,780 | 229,974 |
| Sona Blw Precision Forgings Ltd. (b) | | 13,682 | 111,290 |
| SRF Ltd. | | 4,246 | 112,893 |
| Supreme Industries Ltd. | | 1,976 | 100,671 |
| Suzlon Energy Ltd. (a) | | 302,096 | 239,553 |
| Tata Consumer Products Ltd. | | 18,049 | 214,727 |
| The Indian Hotels Co. Ltd. | | 26,396 | 211,685 |
| Thermax Ltd. | | 1,316 | 77,022 |
| Torrent Pharmaceuticals Ltd. | | 3,190 | 121,251 |
| Trent Ltd. | | 5,755 | 486,301 |
| Tvs Motor Co. Ltd. | | 7,335 | 217,109 |
| Union Bank of India Ltd. | | 48,978 | 67,918 |
| UPL Ltd. | | 14,369 | 94,456 |
| Vedanta Ltd. | | 43,138 | 237,454 |
| Zomato Ltd. (a) | | 209,800 | 601,902 |
TOTAL INDIA | | | 22,534,058 |
| Indonesia - 0.3% | | | |
| Amman Mineral Internasional PT (a) | | 205,400 | 119,710 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 2,155,900 | 657,235 |
| PT Barito Pacific Tbk | | 898,927 | 56,913 |
| PT Chandra Asri Pacific Tbk | | 245,100 | 135,414 |
| PT Kalbe Farma Tbk | | 681,500 | 69,495 |
| PT Merdeka Copper Gold Tbk (a) | | 310,218 | 47,955 |
| PT Telkom Indonesia Persero Tbk | | 1,555,700 | 278,070 |
| PT Unilever Indonesia Tbk | | 234,500 | 29,350 |
TOTAL INDONESIA | | | 1,394,142 |
| Ireland - 0.3% | | | |
| AerCap Holdings NV | | 6,083 | 569,065 |
| Kerry Group PLC Class A | | 4,876 | 485,304 |
| Kingspan Group PLC (Ireland) | | 4,854 | 425,827 |
TOTAL IRELAND | | | 1,480,196 |
| Italy - 1.4% | | | |
| Coca-Cola HBC AG | | 6,787 | 237,166 |
| Enel SpA | | 256,089 | 1,942,199 |
| FinecoBank SpA | | 19,337 | 308,882 |
| Generali | | 32,084 | 891,679 |
| Intesa Sanpaolo SpA | | 459,766 | 1,967,804 |
| Mediobanca SpA | | 15,960 | 263,359 |
| Moncler SpA | | 6,815 | 377,619 |
| Nexi SpA (a)(b) | | 18,907 | 119,324 |
| Poste Italiane SpA (b) | | 14,401 | 202,701 |
TOTAL ITALY | | | 6,310,733 |
| Japan - 14.9% | | | |
| AEON Co. Ltd. | | 20,700 | 507,215 |
| Ajinomoto Co., Inc. | | 14,700 | 564,712 |
| Ana Holdings, Inc. | | 5,300 | 104,393 |
| Asahi Kasei Corp. | | 39,600 | 273,188 |
| Asics Corp. | | 21,483 | 375,241 |
| Astellas Pharma, Inc. | | 57,300 | 670,887 |
| Bandai Namco Holdings, Inc. | | 19,000 | 398,357 |
| Bridgestone Corp. | | 17,800 | 634,305 |
| Brother Industries Ltd. | | 7,400 | 144,132 |
| Chugai Pharmaceutical Co. Ltd. | | 21,100 | 1,003,969 |
| Concordia Financial Group Ltd. | | 33,100 | 163,954 |
| Dai Nippon Printing Co. Ltd. | | 12,600 | 218,690 |
| Daifuku Co. Ltd. | | 9,800 | 184,208 |
| Daiichi Sankyo Co. Ltd. | | 58,200 | 1,894,308 |
| Daikin Industries Ltd. | | 8,300 | 996,471 |
| Daiwa House Industry Co. Ltd. | | 17,700 | 527,967 |
| Daiwa Securities Group, Inc. | | 42,300 | 276,739 |
| DENSO Corp. | | 59,200 | 840,847 |
| Eisai Co. Ltd. | | 8,000 | 271,041 |
| ENEOS Holdings, Inc. | | 91,400 | 461,072 |
| FANUC Corp. | | 29,900 | 793,286 |
| Fast Retailing Co. Ltd. | | 6,000 | 1,918,329 |
| Fuji Electric Co. Ltd. | | 4,000 | 203,712 |
| FUJIFILM Holdings Corp. | | 35,100 | 834,970 |
| Fujitsu Ltd. | | 52,300 | 1,005,511 |
| Hankyu Hanshin Holdings, Inc. | | 7,200 | 195,768 |
| Hitachi Construction Machinery Co. Ltd. | | 3,500 | 75,938 |
| Hitachi Ltd. | | 146,000 | 3,668,230 |
| Hoya Corp. | | 11,000 | 1,471,735 |
| Ibiden Co. Ltd. | | 3,600 | 114,353 |
| Isuzu Motors Ltd. | | 18,600 | 240,531 |
| Itochu Corp. | | 37,400 | 1,850,097 |
| JFE Holdings, Inc. | | 18,100 | 217,913 |
| Kao Corp. | | 14,600 | 643,501 |
| KDDI Corp. | | 47,000 | 1,465,432 |
| Kikkoman Corp. | | 21,300 | 249,908 |
| Komatsu Ltd. | | 29,300 | 758,439 |
| Konami Group Corp. | | 3,200 | 293,312 |
| Kubota Corp. | | 31,700 | 405,034 |
| LY Corp. | | 82,600 | 225,315 |
| Marubeni Corp. | | 44,600 | 666,736 |
| MatsukiyoCocokara & Co. | | 11,200 | 152,484 |
| Mazda Motor Corp. | | 18,100 | 127,958 |
| McDonald's Holdings Co. (Japan) Ltd. | | 2,800 | 118,656 |
| Meiji Holdings Co. Ltd. | | 7,100 | 165,623 |
| Mitsubishi Chemical Group Corp. | | 42,800 | 230,953 |
| Mitsubishi Estate Co. Ltd. | | 35,700 | 527,933 |
| Mitsui Chemicals, Inc. | | 5,300 | 121,083 |
| Mitsui Fudosan Co. Ltd. | | 83,800 | 715,011 |
| Mizuho Financial Group, Inc. | | 75,900 | 1,576,519 |
| MS&AD Insurance Group Holdings, Inc. | | 40,500 | 895,833 |
| NEC Corp. | | 7,700 | 655,196 |
| Nippon Paint Holdings Co. Ltd. | | 29,400 | 225,012 |
| Nitori Holdings Co. Ltd. | | 2,500 | 318,387 |
| Nitto Denko Corp. | | 22,500 | 370,209 |
| Nomura Holdings, Inc. | | 95,300 | 488,689 |
| Nomura Research Institute Ltd. | | 11,900 | 355,970 |
| Obayashi Corp. | | 20,600 | 252,540 |
| OMRON Corp. | | 5,500 | 217,147 |
| Oriental Land Co. Ltd. | | 34,300 | 828,933 |
| ORIX Corp. | | 36,200 | 762,730 |
| Osaka Gas Co. Ltd. | | 11,600 | 248,572 |
| Pan Pacific International Holdings Ltd. | | 12,000 | 297,700 |
| Panasonic Holdings Corp. | | 73,900 | 608,200 |
| Rakuten Group, Inc. (a) | | 47,100 | 281,119 |
| Recruit Holdings Co. Ltd. | | 46,800 | 2,857,726 |
| Renesas Electronics Corp. | | 52,800 | 707,431 |
| Ricoh Co. Ltd. | | 17,400 | 188,489 |
| ROHM Co. Ltd. | | 10,400 | 114,658 |
| Secom Co. Ltd. | | 13,000 | 462,318 |
| Seiko Epson Corp. | | 9,100 | 165,399 |
| Sekisui Chemical Co. Ltd. | | 12,200 | 172,177 |
| Sekisui House Ltd. | | 18,900 | 456,465 |
| Seven & i Holdings Co. Ltd. | | 69,900 | 1,006,556 |
| SG Holdings Co. Ltd. | | 10,300 | 103,292 |
| Shimadzu Corp. | | 7,500 | 221,234 |
| Shin-Etsu Chemical Co. Ltd. | | 56,700 | 2,077,713 |
| Shiseido Co. Ltd. | | 12,700 | 274,128 |
| SoftBank Corp. | | 898,000 | 1,130,495 |
| SoftBank Group Corp. | | 32,400 | 1,931,639 |
| Sompo Holdings, Inc. | | 28,000 | 600,294 |
| Sony Group Corp. | | 196,500 | 3,457,912 |
| Subaru Corp. | | 19,100 | 341,111 |
| Sumitomo Electric Industries Ltd. | | 22,600 | 347,646 |
| Sumitomo Metal Mining Co. Ltd. | | 7,900 | 218,424 |
| Sumitomo Mitsui Financial Group, Inc. | | 118,200 | 2,507,559 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 20,700 | 453,958 |
| Sysmex Corp. | | 15,800 | 293,144 |
| T&D Holdings, Inc. | | 15,400 | 245,819 |
| TDK Corp. | | 61,500 | 722,951 |
| TIS, Inc. | | 6,400 | 159,593 |
| Tokio Marine Holdings, Inc. | | 59,200 | 2,132,157 |
| Tokyo Electron Ltd. | | 14,100 | 2,074,858 |
| Tokyo Gas Co. Ltd. | | 11,400 | 281,271 |
| Tokyu Corp. | | 15,900 | 196,022 |
| Toray Industries, Inc. | | 43,100 | 234,381 |
| Toto Ltd. | | 4,500 | 125,549 |
| Unicharm Corp. | | 12,800 | 412,736 |
| West Japan Railway Co. | | 13,900 | 247,055 |
| Yamaha Motor Co. Ltd. | | 27,000 | 236,008 |
| Yokogawa Electric Corp. | | 7,300 | 161,854 |
| Zensho Holdings Co. Ltd. | | 3,100 | 155,524 |
| ZOZO, Inc. | | 4,300 | 139,430 |
TOTAL JAPAN | | | 65,967,179 |
| Korea (South) - 1.7% | | | |
| AMOREPACIFIC Corp. | | 923 | 78,162 |
| CJ CheilJedang Corp. | | 255 | 50,619 |
| Coway Co. Ltd. | | 1,795 | 82,277 |
| Doosan Bobcat, Inc. | | 1,695 | 45,788 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 13,902 | 200,398 |
| Hana Financial Group, Inc. | | 9,258 | 400,740 |
| Hanjin Kal Corp. | | 801 | 49,049 |
| Hanwha Solutions Corp. | | 3,614 | 55,680 |
| HD Hyundai Co. Ltd. | | 1,410 | 81,622 |
| HD Hyundai Electric Co. Ltd. | | 685 | 160,852 |
| HMM Co. Ltd. | | 7,754 | 96,110 |
| HYBE Co. Ltd. | | 656 | 88,161 |
| Hyundai Engineering & Construction Co. Ltd. | | 2,549 | 51,505 |
| Hyundai Glovis Co. Ltd. | | 1,124 | 99,216 |
| Kakao Corp. | | 9,842 | 262,809 |
| KakaoBank Corp. | | 5,233 | 81,851 |
| KB Financial Group, Inc. | | 12,151 | 793,241 |
| Korea Zinc Co. Ltd. | | 162 | 117,117 |
| Korean Air Lines Co. Ltd. | | 5,952 | 103,079 |
| KRAFTON, Inc. (a) | | 913 | 218,986 |
| Kumho Petro Chemical Co. Ltd. | | 509 | 52,586 |
| LG Chemical Ltd. | | 1,577 | 355,741 |
| LG Corp. | | 3,035 | 166,393 |
| LG Display Co. Ltd. (a) | | 9,066 | 69,474 |
| LG Electronics, Inc. | | 3,359 | 217,022 |
| LG Energy Solution (a) | | 1,474 | 433,992 |
| LG H & H Co. Ltd. | | 293 | 70,373 |
| LG Uplus Corp. | | 6,599 | 47,985 |
| Lotte Chemical Corp. | | 592 | 40,827 |
| Mirae Asset Securities Co. Ltd. | | 7,869 | 51,474 |
| NAVER Corp. | | 4,108 | 504,144 |
| NCSOFT Corp. | | 476 | 74,973 |
| Netmarble Corp. (a)(b) | | 835 | 35,017 |
| POSCO Chemtech Co. Ltd. | | 951 | 153,234 |
| Samsung C&T Corp. | | 2,639 | 223,557 |
| Samsung E&A Co. Ltd. (a) | | 5,163 | 66,665 |
| Samsung SDI Co. Ltd. | | 1,741 | 409,541 |
| Shinhan Financial Group Co. Ltd. | | 13,707 | 512,261 |
| SK Biopharmaceuticals Co. Ltd. (a) | | 964 | 82,145 |
| SK Bioscience Co. Ltd. (a) | | 826 | 32,353 |
| SK Innovation Co., Ltd. (a) | | 1,958 | 165,995 |
| SK Square Co. Ltd. (a) | | 3,021 | 183,035 |
| SK Telecom Co. Ltd. | | 1,615 | 66,496 |
| SK, Inc. | | 1,170 | 125,613 |
| SKC Co. Ltd. (a) | | 582 | 63,009 |
| Woori Financial Group, Inc. | | 18,677 | 208,612 |
| Yuhan Corp. | | 1,693 | 169,555 |
TOTAL KOREA (SOUTH) | | | 7,699,334 |
| Kuwait - 0.2% | | | |
| Kuwait Finance House KSCP | | 320,005 | 752,523 |
| Mabanee Co. SAKC | | 21,807 | 59,390 |
TOTAL KUWAIT | | | 811,913 |
| Luxembourg - 0.1% | | | |
| Eurofins Scientific SA | | 4,258 | 209,257 |
| Malaysia - 0.7% | | | |
| AMMB Holdings Bhd | | 78,800 | 91,482 |
| Axiata Group Bhd | | 84,704 | 43,557 |
| CelcomDigi Bhd | | 113,900 | 88,336 |
| CIMB Group Holdings Bhd | | 218,205 | 395,678 |
| Gamuda Bhd | | 62,925 | 122,161 |
| IHH Healthcare Bhd | | 71,100 | 117,666 |
| Kuala Lumpur Kepong Bhd | | 15,030 | 73,231 |
| Malayan Banking Bhd | | 170,340 | 407,933 |
| Malaysia Airports Holdings Bhd | | 28,700 | 66,394 |
| Maxis Bhd | | 80,400 | 66,200 |
| MR DIY Group M Sdn Bhd (b) | | 105,400 | 52,526 |
| Nestle (Malaysia) Bhd | | 2,200 | 50,124 |
| Petronas Chemicals Group Bhd | | 90,200 | 111,095 |
| Petronas Dagangan Bhd | | 9,200 | 37,633 |
| Petronas Gas Bhd | | 25,300 | 99,690 |
| PPB Group Bhd | | 21,000 | 66,746 |
| Press Metal Aluminium Holdings | | 119,000 | 128,075 |
| Public Bank Bhd | | 457,100 | 459,972 |
| QL Resources Bhd | | 50,550 | 55,271 |
| RHB Bank Bhd | | 47,063 | 68,792 |
| SD Guthrie Bhd | | 63,200 | 66,278 |
| Sime Darby Bhd | | 83,900 | 44,246 |
| Telekom Malaysia Bhd | | 35,295 | 52,253 |
| YTL Corp. Bhd | | 106,700 | 47,698 |
| YTL Power International Bhd | | 77,900 | 54,262 |
TOTAL MALAYSIA | | | 2,867,299 |
| Mexico - 0.7% | | | |
| America Movil S.A.B. de CV Series L | | 586,700 | 463,566 |
| Arca Continental S.A.B. de CV | | 16,200 | 138,695 |
| CEMEX S.A.B. de CV unit | | 464,400 | 244,623 |
| Fibra Uno Administracion SA de CV | | 92,700 | 106,740 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 56,600 | 549,410 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 12,395 | 214,926 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 5,350 | 143,090 |
| Grupo Bimbo S.A.B. de CV Series A | | 41,900 | 130,163 |
| Grupo Financiero Banorte S.A.B. de CV | | 82,100 | 571,678 |
| Orbia Advance Corp. S.A.B. de CV | | 29,100 | 26,701 |
| Wal-Mart de Mexico SA de CV Series V | | 164,900 | 453,425 |
TOTAL MEXICO | | | 3,043,017 |
| Netherlands - 3.3% | | | |
| Akzo Nobel NV | | 5,371 | 342,742 |
| ASML Holding NV (Netherlands) | | 12,592 | 8,508,544 |
| ASR Nederland NV | | 4,965 | 235,308 |
| ING Groep NV (Certificaten Van Aandelen) | | 103,942 | 1,763,936 |
| JDE Peet's BV | | 3,827 | 86,170 |
| Koninklijke Ahold Delhaize NV | | 29,284 | 965,485 |
| Koninklijke KPN NV | | 123,740 | 483,611 |
| NN Group NV | | 8,456 | 415,658 |
| Universal Music Group NV | | 26,032 | 655,126 |
| Wolters Kluwer NV | | 7,857 | 1,322,136 |
TOTAL NETHERLANDS | | | 14,778,716 |
| New Zealand - 0.2% | | | |
| Mercury Nz Ltd. | | 22,842 | 89,908 |
| Meridian Energy Ltd. | | 42,234 | 149,989 |
| Spark New Zealand Ltd. | | 56,198 | 97,503 |
| Xero Ltd. (a) | | 4,561 | 443,127 |
TOTAL NEW ZEALAND | | | 780,527 |
| Norway - 0.6% | | | |
| Aker BP ASA | | 9,958 | 212,373 |
| DNB Bank ASA | | 26,800 | 553,532 |
| Equinor ASA | | 26,674 | 633,833 |
| Gjensidige Forsikring ASA | | 6,264 | 113,035 |
| Mowi ASA | | 14,501 | 249,215 |
| Norsk Hydro ASA | | 41,886 | 260,001 |
| Orkla ASA | | 22,572 | 208,685 |
| Salmar ASA | | 2,135 | 108,301 |
| Telenor ASA | | 19,439 | 238,742 |
TOTAL NORWAY | | | 2,577,717 |
| Peru - 0.1% | | | |
| Credicorp Ltd. (United States) | | 2,143 | 394,591 |
| Philippines - 0.1% | | | |
| Ayala Corp. | | 7,760 | 91,430 |
| JG Summit Holdings, Inc. | | 80,833 | 33,614 |
| PLDT, Inc. | | 2,320 | 56,787 |
| SM Investments Corp. | | 6,925 | 111,215 |
TOTAL PHILIPPINES | | | 293,046 |
| Poland - 0.3% | | | |
| Allegro.eu SA (a)(b) | | 18,370 | 161,178 |
| Budimex SA | | 400 | 50,066 |
| CD Projekt SA | | 1,996 | 80,159 |
| KGHM Polska Miedz SA (Bearer) | | 4,496 | 167,866 |
| mBank SA (a) | | 477 | 66,949 |
| Orlen SA | | 18,338 | 238,643 |
| Powszechna Kasa Oszczednosci Bank SA | | 27,581 | 384,491 |
| Santander Bank Polska SA | | 1,286 | 143,837 |
TOTAL POLAND | | | 1,293,189 |
| Portugal - 0.1% | | | |
| Galp Energia SGPS SA | | 14,752 | 251,448 |
| Jeronimo Martins SGPS SA | | 8,710 | 169,306 |
TOTAL PORTUGAL | | | 420,754 |
| Qatar - 0.2% | | | |
| Qatar Fuel Co. | | 19,349 | 81,467 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 87,334 | 102,661 |
| Qatar National Bank SAQ | | 145,686 | 694,219 |
TOTAL QATAR | | | 878,347 |
| Romania - 0.0% | | | |
| NEPI Rockcastle PLC | | 19,052 | 150,129 |
| Russia - 0.0% | | | |
| Gazprom OAO (a)(d) | | 372,050 | 0 |
| LUKOIL PJSC (a)(d) | | 13,192 | 0 |
| Moscow Exchange MICEX-RTS OAO (a)(d) | | 49,350 | 0 |
| Novolipetsk Steel OJSC (a)(d) | | 47,040 | 0 |
| PhosAgro PJSC sponsored GDR (Reg. S) (a)(d) | | 26 | 0 |
| Polyus PJSC (a)(d) | | 1,031 | 0 |
TOTAL RUSSIA | | | 0 |
| Saudi Arabia - 0.7% | | | |
| ACWA Power Co. | | 4,648 | 569,537 |
| Alinma Bank | | 38,668 | 289,312 |
| Bank Albilad | | 18,146 | 177,802 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 2,751 | 209,638 |
| Etihad Etisalat Co. | | 11,839 | 163,288 |
| Mobile Telecommunications Co. Saudi Arabia | | 13,594 | 38,223 |
| Saudi Arabian Oil Co. (b) | | 137,070 | 985,406 |
| Saudi Basic Industries Corp. | | 28,476 | 551,217 |
| Saudi Electricity Co. | | 26,942 | 117,648 |
| The Savola Group (a) | | 17,817 | 122,395 |
TOTAL SAUDI ARABIA | | | 3,224,466 |
| Singapore - 0.7% | | | |
| CapitaLand Ascendas REIT | | 116,800 | 236,696 |
| CapitaLand Integrated Commercial Trust | | 179,107 | 272,114 |
| CapitaLand Investment Ltd. | | 74,001 | 156,334 |
| Grab Holdings Ltd. (a) | | 66,512 | 271,369 |
| Keppel Ltd. | | 45,600 | 219,539 |
| Sembcorp Industries Ltd. | | 29,800 | 113,057 |
| Singapore Exchange Ltd. | | 27,200 | 233,077 |
| STMicroelectronics NV (France) | | 21,291 | 579,561 |
| United Overseas Bank Ltd. | | 40,000 | 972,362 |
TOTAL SINGAPORE | | | 3,054,109 |
| South Africa - 1.8% | | | |
| Absa Group Ltd. | | 26,327 | 252,308 |
| Anglo American Platinum Ltd. | | 2,504 | 98,426 |
| Anglo American PLC (United Kingdom) | | 39,971 | 1,239,118 |
| Aspen Pharmacare Holdings Ltd. | | 12,004 | 121,949 |
| Bid Corp. Ltd. | | 10,534 | 248,362 |
| Bidvest Group Ltd./The | | 10,641 | 172,194 |
| Capitec Bank Holdings Ltd. | | 2,744 | 495,706 |
| Clicks Group Ltd. | | 7,341 | 157,332 |
| Discovery Ltd. | | 17,292 | 177,320 |
| FirstRand Ltd. | | 159,210 | 699,520 |
| Gold Fields Ltd. | | 28,347 | 467,472 |
| Impala Platinum Holdings Ltd. (a) | | 28,721 | 189,574 |
| Kumba Iron Ore Ltd. | | 1,981 | 37,515 |
| MTN Group Ltd. | | 53,469 | 265,556 |
| Naspers Ltd. Class N | | 5,605 | 1,324,727 |
| Nedbank Group Ltd. | | 14,424 | 244,479 |
| Northam Platinum Holdings Ltd. | | 11,407 | 84,394 |
| Old Mutual Ltd. | | 145,210 | 100,238 |
| Pepkor Holdings Ltd. (b) | | 75,487 | 97,988 |
| Sanlam Ltd. | | 54,546 | 272,516 |
| Sasol Ltd. | | 18,278 | 102,732 |
| Shoprite Holdings Ltd. | | 16,176 | 279,366 |
| Sibanye-Stillwater Ltd. (a) | | 91,185 | 106,308 |
| Standard Bank Group Ltd. | | 42,291 | 582,243 |
| Vodacom Group Ltd. | | 18,556 | 116,173 |
| Woolworths Holdings Ltd. | | 30,664 | 113,682 |
TOTAL SOUTH AFRICA | | | 8,047,198 |
| Spain - 1.3% | | | |
| ACS Actividades de Construccion y Servicios SA | | 5,827 | 278,886 |
| Amadeus IT Holding SA Class A | | 14,125 | 1,023,274 |
| Banco de Sabadell SA | | 172,532 | 335,651 |
| Cellnex Telecom SA (b) | | 15,653 | 573,795 |
| Iberdrola SA | | 193,012 | 2,864,751 |
| Redeia Corp. SA | | 13,428 | 248,307 |
| Repsol SA | | 38,602 | 483,235 |
TOTAL SPAIN | | | 5,807,899 |
| Sweden - 2.2% | | | |
| Alfa Laval AB | | 9,172 | 404,515 |
| ASSA ABLOY AB (B Shares) | | 31,315 | 980,872 |
| Atlas Copco AB: | | | |
| (A Shares) | | 84,742 | 1,398,533 |
| (B Shares) | | 48,965 | 710,264 |
| Boliden AB | | 8,388 | 260,429 |
| Epiroc AB: | | | |
| (A Shares) | | 20,656 | 403,418 |
| (B Shares) | | 12,605 | 216,382 |
| EQT AB | | 11,842 | 343,438 |
| Essity AB (B Shares) | | 19,315 | 545,302 |
| Evolution AB (b) | | 5,661 | 535,230 |
| H&M Hennes & Mauritz AB (B Shares) | | 17,843 | 265,019 |
| Holmen AB (B Shares) | | 2,416 | 95,284 |
| Husqvarna AB (B Shares) | | 11,184 | 72,198 |
| Nibe Industrier AB (B Shares) | | 47,477 | 229,218 |
| Sandvik AB | | 33,782 | 662,669 |
| SKF AB (B Shares) | | 10,377 | 196,056 |
| Svenska Cellulosa AB SCA (B Shares) | | 19,109 | 252,615 |
| Svenska Handelsbanken AB (A Shares) | | 46,245 | 480,515 |
| Tele2 AB (B Shares) | | 16,892 | 177,013 |
| Telia Co. AB | | 74,756 | 217,226 |
| Volvo AB: | | | |
| (A Shares) | | 6,422 | 168,166 |
| (B Shares) | | 49,684 | 1,290,300 |
TOTAL SWEDEN | | | 9,904,662 |
| Switzerland - 5.3% | | | |
| ABB Ltd. (Reg.) | | 49,769 | 2,765,720 |
| Baloise Holdings AG | | 1,365 | 262,236 |
| Banque Cantonale Vaudoise | | 922 | 91,928 |
| Chocoladefabriken Lindt & Spruengli AG | | 34 | 400,417 |
| Chocoladefabriken Lindt & Spruengli AG | | 3 | 348,793 |
| Clariant AG (Reg.) | | 6,786 | 94,221 |
| DSM-Firmenich AG | | 5,843 | 693,409 |
| Geberit AG (Reg.) | | 1,060 | 663,827 |
| Givaudan SA | | 291 | 1,380,611 |
| Julius Baer Group Ltd. | | 6,520 | 397,535 |
| Kuehne & Nagel International AG | | 1,521 | 379,744 |
| Logitech International SA (Reg.) | | 4,939 | 404,706 |
| Lonza Group AG | | 2,269 | 1,399,420 |
| Novartis AG | | 62,080 | 6,736,070 |
| SGS SA (Reg.) | | 4,754 | 503,724 |
| Sig Group AG | | 9,705 | 208,924 |
| Sika AG | | 4,776 | 1,330,123 |
| Sonova Holding AG | | 1,607 | 588,062 |
| Swiss Life Holding AG | | 901 | 734,948 |
| Swiss Prime Site AG | | 2,431 | 263,636 |
| Swisscom AG | | 813 | 495,209 |
| Temenos AG | | 1,884 | 130,356 |
| VAT Group AG (b) | | 856 | 356,357 |
| Zurich Insurance Group Ltd. | | 4,620 | 2,723,976 |
TOTAL SWITZERLAND | | | 23,353,952 |
| Taiwan - 8.0% | | | |
| Acer, Inc. | | 91,000 | 113,132 |
| AUO Corp. | | 211,400 | 109,267 |
| Cathay Financial Holding Co. Ltd. | | 302,751 | 641,476 |
| Chailease Holding Co. Ltd. | | 47,527 | 223,283 |
| China Airlines Ltd. | | 89,000 | 62,269 |
| China Steel Corp. | | 373,000 | 261,727 |
| Chunghwa Telecom Co. Ltd. | | 121,000 | 460,804 |
| CTBC Financial Holding Co. Ltd. | | 499,000 | 554,980 |
| Delta Electronics, Inc. | | 61,000 | 755,857 |
| E.SUN Financial Holdings Co. Ltd. | | 455,602 | 388,674 |
| EVA Airways Corp. | | 85,000 | 98,486 |
| Evergreen Marine Corp. (Taiwan) | | 32,157 | 204,414 |
| Far Eastern New Century Corp. | | 92,000 | 106,507 |
| Far EasTone Telecommunications Co. Ltd. | | 56,000 | 155,141 |
| First Financial Holding Co. Ltd. | | 355,614 | 300,422 |
| Fubon Financial Holding Co. Ltd. | | 256,499 | 718,853 |
| Hotai Motor Co. Ltd. | | 9,180 | 185,350 |
| Hua Nan Financial Holdings Co. Ltd. | | 284,170 | 224,811 |
| Lite-On Technology Corp. | | 64,000 | 201,280 |
| MediaTek, Inc. | | 48,000 | 1,874,638 |
| Mega Financial Holding Co. Ltd. | | 377,242 | 461,127 |
| Nan Ya Plastics Corp. | | 150,000 | 193,893 |
| PharmaEssentia Corp. (a) | | 7,000 | 137,343 |
| President Chain Store Corp. | | 18,000 | 165,811 |
| Sinopac Financial Holdings Co. | | 338,051 | 240,756 |
| Taishin Financial Holdings Co. Ltd. | | 354,349 | 188,886 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 334,617 | 262,480 |
| Taiwan High Speed Rail Corp. | | 61,000 | 55,505 |
| Taiwan Mobile Co. Ltd. | | 58,000 | 205,084 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 776,000 | 24,414,194 |
| The Shanghai Commercial & Savings Bank Ltd. | | 122,000 | 152,047 |
| Uni-President Enterprises Corp. | | 153,000 | 429,856 |
| United Microelectronics Corp. | | 353,000 | 510,948 |
| Voltronic Power Technology Corp. | | 2,000 | 131,957 |
| Wan Hai Lines Ltd. | | 21,460 | 57,001 |
TOTAL TAIWAN | | | 35,248,259 |
| Thailand - 0.7% | | | |
| Advanced Info Service PCL (For. Reg.) | | 13,200 | 107,368 |
| Advanced Information Service PCL NVDR | | 24,900 | 202,535 |
| Airports of Thailand PCL: | | | |
| (For. Reg.) | | 32,000 | 57,986 |
| NVDR | | 104,400 | 189,179 |
| Bangkok Dusit Medical Services PCL: | | | |
| (For. Reg.) | | 93,300 | 75,996 |
| NVDR | | 261,600 | 213,083 |
| Bangkok Expressway and Metro PCL NVDR | | 234,900 | 54,817 |
| Bumrungrad Hospital PCL: | | | |
| (For. Reg.) | | 3,300 | 26,613 |
| NVDR | | 14,600 | 117,744 |
| Central Retail Corp. PCL NVDR | | 59,500 | 56,335 |
| Charoen Pokphand Foods PCL: | | | |
| (For. Reg.) | | 43,800 | 32,214 |
| NVDR | | 77,000 | 56,632 |
| CP ALL PCL: | | | |
| (For. Reg.) | | 24,300 | 45,514 |
| NVDR | | 152,800 | 286,193 |
| Delta Electronics PCL NVDR | | 96,800 | 393,141 |
| Gulf Energy Development PCL NVDR | | 94,400 | 186,022 |
| Home Product Center PCL: | | | |
| (For. Reg.) | | 20,800 | 5,875 |
| NVDR | | 174,600 | 49,314 |
| Intouch Holdings PCL: | | | |
| (For. Reg.) | | 4,300 | 13,623 |
| NVDR | | 27,900 | 88,392 |
| Kasikornbank PCL NVDR | | 19,800 | 85,754 |
| Minor International PCL: | | | |
| (For. Reg.) | | 45,699 | 36,195 |
| NVDR | | 62,568 | 49,556 |
| PTT Exploration and Production PCL: | | | |
| (For. Reg.) | | 16,200 | 60,799 |
| NVDR | | 28,200 | 105,836 |
| PTT Global Chemical PCL: | | | |
| (For. Reg.) | | 11,900 | 9,166 |
| NVDR | | 63,200 | 48,678 |
| PTT Oil & Retail Business PCL NVDR | | 92,200 | 42,044 |
| SCG Packaging PCL NVDR | | 39,600 | 29,839 |
| Siam Cement PCL: | | | |
| (For. Reg.) | | 1,500 | 9,331 |
| NVDR | | 20,800 | 129,389 |
| Thai Oil PCL NVDR | | 33,600 | 40,817 |
TOTAL THAILAND | | | 2,905,980 |
| Turkey - 0.2% | | | |
| Akbank TAS | | 98,032 | 144,766 |
| Haci Omer Sabanci Holding A/S | | 33,043 | 80,281 |
| Koc Holding A/S | | 24,071 | 118,722 |
| Turk Hava Yollari AO (a) | | 17,426 | 138,584 |
| Turkiye Is Bankasi A/S Series C | | 268,825 | 92,263 |
| Yapi ve Kredi Bankasi A/S | | 107,392 | 76,724 |
TOTAL TURKEY | | | 651,340 |
| United Arab Emirates - 0.5% | | | |
| Abu Dhabi Commercial Bank PJSC | | 91,458 | 222,604 |
| Abu Dhabi Islamic Bank | | 46,816 | 160,597 |
| Aldar Properties PJSC | | 121,489 | 252,037 |
| Emaar Properties PJSC | | 209,569 | 495,815 |
| Emirates Telecommunications Corp. | | 109,608 | 528,785 |
| First Abu Dhabi Bank PJSC | | 139,604 | 499,421 |
| NMC Health PLC (a)(d) | | 987 | 0 |
TOTAL UNITED ARAB EMIRATES | | | 2,159,259 |
| United Kingdom - 8.3% | | | |
| 3i Group PLC | | 30,655 | 1,257,092 |
| Admiral Group PLC | | 8,128 | 268,724 |
| Ashtead Group PLC | | 13,736 | 1,025,164 |
| Associated British Foods PLC | | 10,581 | 303,026 |
| AstraZeneca PLC (United Kingdom) | | 48,843 | 6,950,047 |
| Auto Trader Group PLC (b) | | 28,049 | 302,859 |
| Aviva PLC | | 84,747 | 495,134 |
| Barratt Developments PLC | | 43,444 | 250,068 |
| Berkeley Group Holdings PLC | | 3,207 | 183,007 |
| BT Group PLC | | 205,008 | 365,461 |
| Bunzl PLC | | 10,714 | 471,374 |
| Coca-Cola Europacific Partners PLC | | 6,442 | 489,592 |
| Croda International PLC | | 4,177 | 199,553 |
| DCC PLC (United Kingdom) | | 3,147 | 198,999 |
| HSBC Holdings PLC (United Kingdom) | | 582,497 | 5,346,171 |
| Informa PLC | | 42,045 | 438,382 |
| Intertek Group PLC | | 5,117 | 306,680 |
| J Sainsbury PLC | | 52,545 | 180,362 |
| Kingfisher PLC | | 57,069 | 215,824 |
| Land Securities Group PLC | | 22,212 | 172,277 |
| Legal & General Group PLC | | 188,058 | 526,449 |
| Lloyds Banking Group PLC | | 1,964,786 | 1,348,630 |
| M&G PLC | | 71,276 | 178,253 |
| National Grid PLC | | 151,143 | 1,897,774 |
| Phoenix Group Holdings PLC | | 22,096 | 139,951 |
| Reckitt Benckiser Group PLC | | 21,938 | 1,330,847 |
| RELX PLC (London Stock Exchange) | | 58,618 | 2,688,204 |
| Rentokil Initial PLC | | 79,996 | 401,242 |
| Sage Group PLC | | 31,856 | 398,198 |
| Schroders PLC | | 25,669 | 113,860 |
| Segro PLC | | 40,161 | 406,621 |
| Smiths Group PLC | | 10,906 | 215,019 |
| Spirax-Sarco Engineering PLC | | 2,321 | 193,186 |
| Taylor Wimpey PLC | | 106,991 | 202,286 |
| Tesco PLC | | 217,078 | 958,545 |
| Unilever PLC | | 78,919 | 4,814,219 |
| Vodafone Group PLC | | 713,150 | 663,169 |
| Whitbread PLC | | 5,606 | 217,799 |
| WPP PLC | | 34,142 | 358,864 |
TOTAL UNITED KINGDOM | | | 36,472,912 |
| United States of America - 2.4% | | | |
| Alcon, Inc. (Switzerland) | | 15,715 | 1,448,208 |
| CSL Ltd. | | 15,198 | 2,853,506 |
| James Hardie Industries PLC CDI (a) | | 13,595 | 433,589 |
| QIAGEN NV (Germany) | | 6,980 | 296,487 |
| Schneider Electric SA | | 17,139 | 4,439,837 |
| Swiss Re Ltd. | | 9,493 | 1,216,375 |
TOTAL UNITED STATES OF AMERICA | | | 10,688,002 |
| TOTAL COMMON STOCKS (Cost $389,356,492) | | | 436,197,039 |
| | | | |
| Nonconvertible Preferred Stocks - 0.2% |
| | | Shares | Value ($) |
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 14,054 | 112,489 |
| Germany - 0.2% | | | |
| Henkel AG & Co. KGaA | | 5,365 | 464,411 |
| Sartorius AG (non-vtg.) | | 825 | 213,310 |
TOTAL GERMANY | | | 677,721 |
| Korea (South) - 0.0% | | | |
| LG Chemical Ltd. | | 215 | 32,475 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $860,332) | | | 822,685 |
| | | | |
| Government Obligations - 0.0% |
| | | Principal Amount (e) | Value ($) |
| United States of America - 0.0% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (f) (Cost $99,721) | | 100,000 | 99,744 |
| | | | |
| Money Market Funds - 0.5% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 4.87% (g) (Cost $2,000,680) | | 2,000,280 | 2,000,680 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $392,317,225) | 439,120,148 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | 2,831,460 |
| NET ASSETS - 100.0% | 441,951,608 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 26 | Dec 2024 | 1,464,450 | 24,823 | 24,823 |
| ICE MSCI EAFE Index Contracts (United States) | 24 | Dec 2024 | 2,820,240 | (73,373) | (73,373) |
| TME S&P/TSX 60 Index Contracts (Canada) | 2 | Dec 2024 | 415,786 | 7,663 | 7,663 |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | (40,887) |
| The notional amount of futures purchased as a percentage of Net Assets is 1.0% |
Legend
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,865,790 or 1.8% of net assets. |
| (c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $99,744. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 4,832,504 | 54,474,468 | 57,306,148 | 261,883 | (144) | - | 2,000,680 | 0.0% |
| Total | 4,832,504 | 54,474,468 | 57,306,148 | 261,883 | (144) | - | 2,000,680 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 32,752,278 | 6,341,676 | 26,410,602 | - |
Consumer Discretionary | 48,835,437 | 9,619,406 | 39,216,031 | - |
Consumer Staples | 30,900,008 | 9,640,517 | 21,259,491 | - |
Energy | 18,022,138 | 7,513,656 | 10,508,482 | - |
Financials | 97,502,093 | 32,530,484 | 64,971,609 | - |
Health Care | 44,335,862 | 5,300,720 | 39,035,142 | - |
Industrials | 59,195,170 | 21,581,116 | 37,614,054 | - |
Information Technology | 56,585,691 | 14,057,115 | 42,528,576 | - |
Materials | 27,481,747 | 13,850,859 | 13,630,888 | - |
Real Estate | 8,146,234 | 3,030,761 | 5,115,473 | - |
Utilities | 13,263,066 | 5,961,191 | 7,301,875 | - |
|
| Government Obligations | 99,744 | - | 99,744 | - |
|
| Money Market Funds | 2,000,680 | 2,000,680 | - | - |
| Total Investments in Securities: | 439,120,148 | 131,428,181 | 307,691,967 | - |
Derivative Instruments: Assets | | | | |
Futures Contracts | 32,486 | 32,486 | - | - |
| Total Assets | 32,486 | 32,486 | - | - |
| Liabilities | | | | |
Futures Contracts | (73,373) | (73,373) | - | - |
| Total Liabilities | (73,373) | (73,373) | - | - |
| Total Derivative Instruments: | (40,887) | (40,887) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 32,486 | (73,373) |
| Total Equity Risk | 32,486 | (73,373) |
| Total Value of Derivatives | 32,486 | (73,373) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $390,316,545) | $ | 437,119,468 | | |
Fidelity Central Funds (cost $2,000,680) | | 2,000,680 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $392,317,225) | | | $ | 439,120,148 |
| Segregated cash with brokers for derivative instruments | | | | 129,016 |
| Foreign currency held at value (cost $1,139,841) | | | | 1,128,296 |
| Receivable for investments sold | | | | 43,614 |
| Receivable for fund shares sold | | | | 1,018,943 |
| Dividends receivable | | | | 854,344 |
| Reclaims receivable | | | | 1,020,446 |
| Distributions receivable from Fidelity Central Funds | | | | 25,178 |
Total assets | | | | 443,339,985 |
| Liabilities | | | | |
| Payable for investments purchased | | | | |
Regular delivery | $ | 103,818 | | |
Delayed delivery | | 4,851 | | |
| Payable for fund shares redeemed | | 109,658 | | |
| Accrued management fee | | 76,983 | | |
| Payable for daily variation margin on futures contracts | | 23,744 | | |
| Deferred taxes | | 1,069,153 | | |
| Other payables and accrued expenses | | 170 | | |
| Total liabilities | | | | 1,388,377 |
| Net Assets | | | $ | 441,951,608 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 428,455,287 |
| Total accumulated earnings (loss) | | | | 13,496,321 |
| Net Assets | | | $ | 441,951,608 |
Net Asset Value, offering price and redemption price per share ($441,951,608 ÷ 34,774,212 shares) | | | $ | 12.71 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 12,698,744 |
| Interest | | | | 26,171 |
| Income from Fidelity Central Funds | | | | 261,883 |
| Income before foreign taxes withheld | | | $ | 12,986,798 |
| Less foreign taxes withheld | | | | (1,112,357) |
| Total income | | | | 11,874,441 |
| Expenses | | | | |
| Management fee | $ | 857,904 | | |
| Independent trustees' fees and expenses | | 1,143 | | |
| Miscellaneous | | 2,998 | | |
| Total expenses before reductions | | 862,045 | | |
| Expense reductions | | (91) | | |
| Total expenses after reductions | | | | 861,954 |
| Net Investment income (loss) | | | | 11,012,487 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $120,317) | | (8,327,422) | | |
| Fidelity Central Funds | | (144) | | |
| Foreign currency transactions | | (11,921) | | |
| Futures contracts | | 1,421,517 | | |
| Total net realized gain (loss) | | | | (6,917,970) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $880,473) | | 82,185,023 | | |
| Assets and liabilities in foreign currencies | | (5,247) | | |
| Futures contracts | | 89,437 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 82,269,213 |
| Net gain (loss) | | | | 75,351,243 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 86,363,730 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 11,012,487 | $ | 10,579,026 |
| Net realized gain (loss) | | (6,917,970) | | (9,959,911) |
| Change in net unrealized appreciation (depreciation) | | 82,269,213 | | 41,609,910 |
| Net increase (decrease) in net assets resulting from operations | | 86,363,730 | | 42,229,025 |
| Distributions to shareholders | | (10,671,765) | | (8,331,104) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 87,294,885 | | 72,093,340 |
| Reinvestment of distributions | | 9,588,850 | | 7,520,386 |
| Cost of shares redeemed | | (94,321,102) | | (83,900,144) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 2,562,633 | | (4,286,418) |
| Total increase (decrease) in net assets | | 78,254,598 | | 29,611,503 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 363,697,010 | | 334,085,507 |
| End of period | $ | 441,951,608 | $ | 363,697,010 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 7,162,741 | | 6,485,020 |
| Issued in reinvestment of distributions | | 839,654 | | 721,034 |
| Redeemed | | (7,673,988) | | (7,589,054) |
| Net increase (decrease) | | 328,407 | | (383,000) |
| | | | | |
Financial Highlights
Fidelity® International Sustainability Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 10.56 | $ | 9.59 | $ | 13.60 | $ | 10.81 | $ | 10.89 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .31 | | .31 | | .29 | | .30 | | .24 |
| Net realized and unrealized gain (loss) | | 2.15 | | .90 | | (4.04) | | 2.63 | | (.08) |
| Total from investment operations | | 2.46 | | 1.21 | | (3.75) | | 2.93 | | .16 |
| Distributions from net investment income | | (.31) | | (.24) | | (.26) | | (.14) | | (.24) |
| Total distributions | | (.31) | | (.24) | | (.26) | | (.14) | | (.24) |
| Net asset value, end of period | $ | 12.71 | $ | 10.56 | $ | 9.59 | $ | 13.60 | $ | 10.81 |
Total Return C | | | | 12.68% | | (28.11)% | | 27.27% | | 1.48% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | .20% | | .20% | | .20% | | .20% | | .20% |
| Expenses net of fee waivers, if any | | | | .20% | | .20% | | .20% | | .20% |
| Expenses net of all reductions | | .20% | | .20% | | .20% | | .20% | | .20% |
| Net investment income (loss) | | 2.57% | | 2.77% | | 2.52% | | 2.28% | | 2.25% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 441,952 | $ | 363,697 | $ | 334,086 | $ | 404,608 | $ | 149,868 |
Portfolio turnover rate F | | | | 22% | | 23% | | 19% | | 11% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
For the period ended October 31, 2024
1. Organization.
Fidelity International Sustainability Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. The Fund did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $88,018,521 |
| Gross unrealized depreciation | (43,814,085) |
| Net unrealized appreciation (depreciation) | $44,204,436 |
| Tax Cost | $394,923,375 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $9,672,538 |
| Capital loss carryforward | $(39,279,948) |
| Net unrealized appreciation (depreciation) on securities and other investments | $44,172,883 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| Short-term | $(12,877,816) |
| Long-term | (26,402,132) |
| Total capital loss carryforward | $(39,279,948) |
The tax character of distributions paid was as follows:
| | October 31, 2024 | October 31, 2023 |
| Ordinary Income | $10,671,765 | $8,331,104 |
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. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. 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. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. 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.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity International Sustainability Index Fund | 66,130,146 | 60,336,803 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| | Amount ($) |
| Fidelity International Sustainability Index Fund | 3,578 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $91.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity International Sustainability Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Sustainability Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2024, 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
December 12, 2024
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates $349,854 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 83.65% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3321 and $0.0326 for the dividend paid December 18, 2023.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Sustainability Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the mapped group for 2023 and above the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
The Board noted that the fund has a unitary fee that covers expenses beyond portfolio management, unlike the majority of funds within the mapped group. The Board further considered that the fund's total net expense ratio ranked below the competitive medians.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
1.9883818.107
ISY-ANN-1224
Fidelity® SAI International Index Fund
Annual Report
October 31, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® SAI International Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 97.7% |
| | | Shares | Value ($) |
| Australia - 7.5% | | | |
| Ampol Ltd. | | 120,334 | 2,203,140 |
| ANZ Group Holdings Ltd. | | 1,519,526 | 30,968,721 |
| APA Group unit | | 671,926 | 3,076,583 |
| Aristocrat Leisure Ltd. | | 286,815 | 11,541,336 |
| ASX Ltd. | | 97,907 | 4,169,570 |
| BHP Group Ltd. | | 2,560,950 | 71,149,798 |
| BlueScope Steel Ltd. | | 222,222 | 2,952,971 |
| Brambles Ltd. | | 703,251 | 8,467,156 |
| CAR Group Ltd. | | 180,931 | 4,456,518 |
| Cochlear Ltd. | | 33,072 | 6,122,901 |
| Coles Group Ltd. | | 676,361 | 7,806,219 |
| Commonwealth Bank of Australia | | 845,101 | 78,826,294 |
| Computershare Ltd. | | 268,657 | 4,644,395 |
| Dexus unit unit | | 543,124 | 2,549,012 |
| Endeavour Group Ltd. | | 768,726 | 2,364,689 |
| Fortescue Ltd. | | 855,125 | 10,708,601 |
| Glencore PLC | | 5,236,802 | 27,465,144 |
| Goodman Group unit | | 863,120 | 20,610,870 |
| Insurance Australia Group Ltd. | | 1,196,889 | 5,877,272 |
| Macquarie Group Ltd. | | 183,266 | 27,736,645 |
| Medibank Private Ltd. | | 1,390,677 | 3,268,345 |
| Mineral Resources Ltd. | | 89,312 | 2,295,088 |
| Mirvac Group unit | | 1,992,525 | 2,785,424 |
| National Australia Bank Ltd. | | 1,561,903 | 39,586,634 |
| Northern Star Resources Ltd. | | 580,297 | 6,733,995 |
| Orica Ltd. | | 245,923 | 2,793,432 |
| Origin Energy Ltd. | | 869,931 | 5,492,827 |
| Pilbara Minerals Ltd. (a)(b) | | 1,443,978 | 2,674,518 |
| Pro Medicus Ltd. | | 29,002 | 3,673,838 |
| Qantas Airways Ltd. (a) | | 403,178 | 2,134,620 |
| QBE Insurance Group Ltd. | | 758,661 | 8,565,376 |
| Ramsay Health Care Ltd. | | 93,756 | 2,465,933 |
| REA Group Ltd. | | 26,686 | 3,945,126 |
| Reece Ltd. | | 114,170 | 1,701,202 |
| Rio Tinto Ltd. | | 187,452 | 14,718,270 |
| Rio Tinto PLC | | 569,261 | 36,790,215 |
| Santos Ltd. | | 1,640,015 | 7,296,203 |
| Scentre Group unit | | 2,623,330 | 6,014,423 |
| SEEK Ltd. | | 180,182 | 2,927,275 |
| Seven Group Holdings Ltd. | | 102,760 | 2,799,711 |
| Sonic Healthcare Ltd. | | 230,458 | 4,060,746 |
| South32 Ltd. | | 2,287,121 | 5,484,873 |
| Stockland Corp. Ltd. unit | | 1,205,440 | 4,076,346 |
| Suncorp Group Ltd. | | 642,476 | 7,536,410 |
| Telstra Group Ltd. | | 2,042,107 | 5,112,260 |
| The GPT Group | | 967,301 | 2,996,825 |
| The Lottery Corp. Ltd. | | 1,123,938 | 3,672,452 |
| Transurban Group unit | | 1,561,443 | 13,012,981 |
| Treasury Wine Estates Ltd. | | 409,743 | 3,042,075 |
| Vicinity Centres unit | | 1,953,933 | 2,777,750 |
| Washington H. Soul Pattinson & Co. Ltd. | | 118,480 | 2,596,285 |
| Wesfarmers Ltd. | | 573,026 | 25,208,043 |
| Westpac Banking Corp. | | 1,748,486 | 36,721,359 |
| WiseTech Global Ltd. | | 84,190 | 6,463,957 |
| Woodside Energy Group Ltd. | | 958,804 | 15,090,098 |
| Woolworths Group Ltd. | | 616,861 | 12,098,621 |
TOTAL AUSTRALIA | | | 642,311,371 |
| Austria - 0.2% | | | |
| Erste Group Bank AG | | 170,037 | 9,569,714 |
| Mondi PLC | | 222,898 | 3,607,069 |
| OMV AG | | 74,368 | 3,082,053 |
| Verbund AG | | 34,385 | 2,812,652 |
| Voestalpine AG (b) | | 54,097 | 1,120,978 |
TOTAL AUSTRIA | | | 20,192,466 |
| Belgium - 0.8% | | | |
| Ageas | | 80,681 | 4,201,985 |
| Anheuser-Busch InBev SA NV | | 453,762 | 26,904,191 |
| D'ieteren Group | | 10,848 | 2,342,283 |
| Elia Group SA/NV | | 14,850 | 1,410,972 |
| Groupe Bruxelles Lambert SA | | 41,932 | 3,019,483 |
| KBC Group NV | | 115,899 | 8,406,290 |
| Lotus Bakeries SA | | 206 | 2,693,400 |
| Sofina SA | | 7,783 | 1,901,454 |
| Syensqo SA | | 37,425 | 2,891,563 |
| UCB SA | | 63,842 | 12,277,723 |
| Warehouses de Pauw | | 90,408 | 2,145,807 |
TOTAL BELGIUM | | | 68,195,151 |
| Brazil - 0.0% | | | |
| Yara International ASA | | 83,608 | 2,514,275 |
| Burkina Faso - 0.0% | | | |
| Endeavour Mining PLC | | 92,713 | 2,074,171 |
| Chile - 0.1% | | | |
| Antofagasta PLC | | 199,130 | 4,447,225 |
| China - 0.5% | | | |
| BOC Hong Kong (Holdings) Ltd. | | 1,868,500 | 6,100,152 |
| Prosus NV | | 715,829 | 30,168,523 |
| Prosus NV rights (a)(c) | | 715,829 | 77,864 |
| SITC International Holdings Co. Ltd. | | 677,000 | 1,913,413 |
| Wharf Holdings Ltd. | | 540,000 | 1,530,037 |
| Wilmar International Ltd. | | 970,100 | 2,341,595 |
TOTAL CHINA | | | 42,131,584 |
| Denmark - 3.4% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 1,479 | 2,249,421 |
| Series B | | 2,299 | 3,636,477 |
| Carlsberg A/S Series B | | 48,239 | 5,331,071 |
| Coloplast A/S Series B | | 63,686 | 7,942,002 |
| Danske Bank A/S | | 348,299 | 10,269,557 |
| Demant A/S (a) | | 50,239 | 1,843,189 |
| DSV A/S | | 103,212 | 22,432,647 |
| Genmab A/S (a) | | 31,727 | 7,105,494 |
| Novo Nordisk A/S Series B | | 1,626,304 | 182,414,401 |
| Novonesis (NOVOZYMES) B Series B | | 177,936 | 11,149,298 |
| ORSTED A/S (a)(d) | | 95,525 | 5,581,549 |
| Pandora A/S | | 41,407 | 6,243,278 |
| Rockwool International A/S Series B | | 4,723 | 2,034,449 |
| Tryg A/S | | 171,191 | 4,031,548 |
| Vestas Wind Systems A/S (a) | | 509,949 | 9,718,271 |
| Zealand Pharma A/S (a) | | 32,266 | 3,719,336 |
TOTAL DENMARK | | | 285,701,988 |
| Finland - 1.0% | | | |
| Elisa Corp. (A Shares) | | 71,824 | 3,418,818 |
| Fortum Corp. | | 226,545 | 3,334,121 |
| Kesko Oyj | | 137,922 | 2,950,235 |
| Kone OYJ (B Shares) | | 171,633 | 9,383,230 |
| Metso Corp. | | 313,952 | 2,973,110 |
| Neste OYJ | | 213,634 | 3,430,111 |
| Nokia Corp. | | 2,692,893 | 12,742,839 |
| Nordea Bank Abp (Helsinki Stock Exchange) | | 1,593,182 | 18,651,363 |
| Orion Oyj (B Shares) | | 54,487 | 2,646,327 |
| Sampo Oyj (A Shares) | | 253,661 | 11,229,934 |
| Stora Enso Oyj (R Shares) | | 293,942 | 3,267,696 |
| UPM-Kymmene Corp. | | 269,518 | 7,895,020 |
| Wartsila Corp. | | 253,980 | 4,837,431 |
TOTAL FINLAND | | | 86,760,235 |
| France - 9.3% | | | |
| Accor SA | | 98,417 | 4,459,832 |
| Aeroports de Paris SA | | 17,490 | 2,069,893 |
| Air Liquide SA | | 236,053 | 42,324,634 |
| Air Liquide SA | | 55,880 | 10,019,362 |
| Airbus Group NV | | 300,057 | 45,771,064 |
| Alstom SA (a) | | 174,785 | 3,844,653 |
| Amundi SA (d) | | 31,002 | 2,242,541 |
| Arkema SA | | 28,421 | 2,484,016 |
| AXA SA | | 917,625 | 34,456,020 |
| bioMerieux SA | | 20,919 | 2,332,351 |
| BNP Paribas SA | | 513,919 | 35,097,600 |
| Bollore SA | | 360,063 | 2,246,162 |
| Bouygues SA | | 95,751 | 3,065,227 |
| Bureau Veritas SA | | 160,433 | 5,067,799 |
| Capgemini SA | | 78,445 | 13,608,705 |
| Carrefour SA | | 273,881 | 4,349,489 |
| Compagnie de St.-Gobain | | 229,055 | 20,771,841 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 342,978 | 11,591,121 |
| Covivio | | 28,183 | 1,603,312 |
| Credit Agricole SA | | 534,792 | 8,197,343 |
| Danone SA | | 325,994 | 23,288,538 |
| Dassault Aviation SA | | 9,967 | 2,008,949 |
| Dassault Systemes SA | | 337,932 | 11,565,784 |
| Edenred SA | | 126,033 | 4,051,080 |
| Eiffage SA | | 37,115 | 3,450,178 |
| Engie SA | | 745,202 | 12,490,716 |
| Engie SA | | 177,100 | 2,968,465 |
| EssilorLuxottica SA | | 150,105 | 35,169,804 |
| Eurazeo SA | | 23,051 | 1,753,907 |
| Gecina SA | | 23,230 | 2,477,570 |
| Getlink SE | | 152,752 | 2,589,541 |
| Hermes International SCA | | 15,993 | 36,080,104 |
| Ipsen SA | | 19,046 | 2,318,264 |
| Kering SA | | 37,591 | 9,389,129 |
| Klepierre SA | | 108,641 | 3,469,596 |
| L'Oreal SA | | 98,208 | 36,844,740 |
| L'Oreal SA | | 23,300 | 8,741,472 |
| La Francaise des Jeux SAEM (d) | | 51,455 | 2,191,792 |
| Legrand SA | | 132,425 | 14,946,604 |
| LVMH Moet Hennessy Louis Vuitton SE | | 138,905 | 92,471,913 |
| Orange SA | | 940,267 | 10,329,493 |
| Pernod Ricard SA | | 102,338 | 12,718,100 |
| Publicis Groupe SA | | 115,577 | 12,285,249 |
| Renault SA | | 97,064 | 4,423,859 |
| Rexel SA | | 114,274 | 3,129,913 |
| Safran SA | | 172,602 | 39,071,173 |
| Sartorius Stedim Biotech | | 14,745 | 2,939,926 |
| SEB SA | | 12,575 | 1,318,603 |
| Societe Generale Series A | | 364,930 | 10,481,332 |
| Sodexo SA | | 44,676 | 3,877,986 |
| Teleperformance | | 27,470 | 2,895,420 |
| Thales SA | | 47,767 | 7,697,660 |
| TotalEnergies SE | | 1,089,672 | 68,383,132 |
| Unibail-Rodamco-Westfield NV | | 59,818 | 4,872,219 |
| Veolia Environnement SA | | 348,346 | 11,059,882 |
| VINCI SA | | 252,605 | 28,296,994 |
| Vivendi SA | | 364,051 | 3,878,389 |
TOTAL FRANCE | | | 791,530,441 |
| Germany - 8.5% | | | |
| adidas AG | | 81,804 | 19,591,345 |
| Allianz SE | | 197,805 | 62,270,075 |
| BASF AG | | 450,693 | 21,909,367 |
| Bayer AG | | 496,091 | 13,368,132 |
| Bayerische Motoren Werke AG (BMW) | | 161,023 | 12,667,048 |
| Bechtle AG | | 41,357 | 1,410,763 |
| Beiersdorf AG | | 50,113 | 6,759,292 |
| Brenntag SE | | 65,619 | 4,271,204 |
| Carl Zeiss Meditec AG | | 20,324 | 1,273,388 |
| Commerzbank AG | | 508,485 | 9,032,197 |
| Continental AG | | 55,548 | 3,466,771 |
| Covestro AG (a)(d) | | 95,439 | 6,041,962 |
| CTS Eventim AG | | 31,510 | 3,305,824 |
| Daimler Truck Holding AG | | 249,338 | 10,308,974 |
| Deutsche Bank AG | | 956,893 | 16,262,402 |
| Deutsche Borse AG | | 95,944 | 22,285,709 |
| Deutsche Lufthansa AG | | 302,122 | 2,099,407 |
| Deutsche Post AG ADR | | 515,065 | 20,689,919 |
| Deutsche Telekom AG | | 1,762,594 | 53,289,425 |
| E.ON SE | | 1,133,709 | 15,310,078 |
| Evonik Industries AG | | 129,423 | 2,847,977 |
| Fresenius Medical Care AG & Co. KGaA | | 103,715 | 4,059,923 |
| Fresenius SE & Co. KGaA (a) | | 213,312 | 7,777,650 |
| GEA Group AG | | 78,319 | 3,857,471 |
| Hannover Reuck SE | | 30,449 | 7,998,697 |
| HeidelbergCement AG | | 68,954 | 7,590,477 |
| Henkel AG & Co. KGaA | | 52,475 | 4,092,613 |
| Infineon Technologies AG | | 659,446 | 20,854,741 |
| Knorr-Bremse AG | | 36,630 | 3,012,228 |
| LEG Immobilien AG | | 37,605 | 3,551,358 |
| Mercedes-Benz Group AG (Germany) | | 378,162 | 22,973,603 |
| Merck KGaA | | 65,263 | 10,790,454 |
| MTU Aero Engines AG | | 27,180 | 8,890,209 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 67,544 | 34,540,668 |
| Nemetschek SE | | 29,162 | 3,154,650 |
| Puma AG | | 53,313 | 2,422,873 |
| Rational AG | | 2,584 | 2,529,671 |
| Rheinmetall AG | | 21,996 | 11,321,854 |
| RWE AG | | 319,272 | 10,338,767 |
| SAP SE | | 527,300 | 123,116,693 |
| Scout24 AG (d) | | 37,872 | 3,260,605 |
| Siemens AG | | 383,774 | 74,663,180 |
| Siemens Energy AG (a) | | 322,899 | 13,181,789 |
| Siemens Healthineers AG (d) | | 142,400 | 7,430,342 |
| Symrise AG | | 67,051 | 8,066,581 |
| Talanx AG | | 32,599 | 2,515,856 |
| Vonovia SE | | 373,961 | 12,268,367 |
| Zalando SE (a)(d) | | 113,267 | 3,402,955 |
TOTAL GERMANY | | | 726,125,534 |
| Hong Kong - 1.8% | | | |
| AIA Group Ltd. | | 5,626,800 | 44,408,498 |
| CK Asset Holdings Ltd. | | 971,925 | 3,973,196 |
| CK Infrastructure Holdings Ltd. | | 318,000 | 2,250,290 |
| CLP Holdings Ltd. | | 829,500 | 7,046,272 |
| Futu Holdings Ltd. ADR (a) | | 28,322 | 2,690,307 |
| Hang Seng Bank Ltd. | | 382,300 | 4,676,367 |
| Henderson Land Development Co. Ltd. | | 733,021 | 2,350,567 |
| HKT Trust/HKT Ltd. unit | | 1,914,000 | 2,378,540 |
| Hong Kong & China Gas Co. Ltd. | | 5,654,074 | 4,379,453 |
| Hong Kong Exchanges and Clearing Ltd. | | 608,160 | 24,350,950 |
| Hongkong Land Holdings Ltd. | | 557,120 | 2,388,701 |
| Jardine Matheson Holdings Ltd. | | 80,761 | 3,103,166 |
| Link (REIT) | | 1,289,596 | 6,008,768 |
| MTR Corp. Ltd. | | 785,690 | 2,858,649 |
| Power Assets Holdings Ltd. | | 699,500 | 4,659,557 |
| Prudential PLC | | 1,385,168 | 11,531,316 |
| Sino Land Ltd. | | 1,965,661 | 1,967,151 |
| Sun Hung Kai Properties Ltd. | | 731,500 | 7,920,657 |
| Swire Pacific Ltd. (A Shares) | | 209,500 | 1,754,703 |
| Techtronic Industries Co. Ltd. | | 694,000 | 10,039,021 |
| WH Group Ltd. (d) | | 4,211,000 | 3,277,491 |
| Wharf Real Estate Investment Co. Ltd. | | 843,000 | 2,534,558 |
TOTAL HONG KONG | | | 156,548,178 |
| Ireland - 0.4% | | | |
| AerCap Holdings NV | | 97,958 | 9,163,971 |
| AIB Group PLC | | 916,710 | 4,880,058 |
| Bank of Ireland Group PLC | | 513,657 | 4,727,977 |
| Kerry Group PLC Class A | | 78,013 | 7,764,566 |
| Kingspan Group PLC (Ireland) | | 78,052 | 6,847,271 |
TOTAL IRELAND | | | 33,383,843 |
| Israel - 0.7% | | | |
| Azrieli Group | | 21,431 | 1,643,706 |
| Bank Hapoalim BM (Reg.) | | 641,710 | 6,710,087 |
| Bank Leumi le-Israel BM | | 766,106 | 7,811,904 |
| Check Point Software Technologies Ltd. (a) | | 44,841 | 7,766,910 |
| Elbit Systems Ltd. (Israel) | | 13,475 | 3,084,628 |
| Global-e Online Ltd. (a)(b) | | 50,595 | 1,944,872 |
| Icl Group Ltd. | | 390,823 | 1,616,463 |
| Israel Discount Bank Ltd. (Class A) | | 624,648 | 3,683,892 |
| Mizrahi Tefahot Bank Ltd. | | 78,260 | 3,238,966 |
| NICE Ltd. (a) | | 32,044 | 5,662,569 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 565,750 | 10,432,430 |
| Wix.com Ltd. (a) | | 26,694 | 4,461,101 |
TOTAL ISRAEL | | | 58,057,528 |
| Italy - 2.6% | | | |
| Amplifon SpA | | 62,875 | 1,757,682 |
| Banco BPM SpA | | 650,348 | 4,383,150 |
| Coca-Cola HBC AG | | 110,258 | 3,852,866 |
| Davide Campari Milano NV | | 310,875 | 2,087,141 |
| DiaSorin SpA | | 11,301 | 1,229,266 |
| Enel SpA | | 4,107,062 | 31,148,274 |
| Eni SpA | | 1,160,990 | 17,685,579 |
| Ferrari NV (Italy) | | 63,651 | 30,450,158 |
| FinecoBank SpA | | 308,534 | 4,928,401 |
| Generali | | 515,040 | 14,313,998 |
| Infrastrutture Wireless Italiane SpA (d) | | 169,705 | 1,910,575 |
| Intesa Sanpaolo SpA | | 7,385,754 | 31,611,112 |
| Leonardo SpA | | 204,362 | 4,883,816 |
| Mediobanca SpA | | 252,367 | 4,164,350 |
| Moncler SpA | | 111,014 | 6,151,284 |
| Nexi SpA (a)(d) | | 298,391 | 1,883,183 |
| Poste Italiane SpA (d) | | 230,840 | 3,249,185 |
| Prysmian SpA | | 136,489 | 9,623,560 |
| Recordati SpA | | 52,801 | 2,992,326 |
| Snam SpA | | 1,018,221 | 4,893,244 |
| Telecom Italia SpA (a) | | 5,031,563 | 1,273,586 |
| Terna - Rete Elettrica Nazionale | | 710,486 | 6,154,827 |
| UniCredit SpA | | 743,956 | 32,912,029 |
TOTAL ITALY | | | 223,539,592 |
| Japan - 22.0% | | | |
| Advantest Corp. | | 386,900 | 22,401,377 |
| AEON Co. Ltd. | | 330,200 | 8,090,940 |
| AGC, Inc. | | 98,830 | 3,028,658 |
| Aisin Seiki Co. Ltd. | | 267,870 | 2,785,145 |
| Ajinomoto Co., Inc. | | 234,400 | 9,004,652 |
| Ana Holdings, Inc. | | 80,700 | 1,589,526 |
| Asahi Group Holdings | | 729,600 | 8,759,048 |
| Asahi Kasei Corp. | | 633,500 | 4,370,318 |
| Asics Corp. | | 345,127 | 6,028,297 |
| Astellas Pharma, Inc. | | 913,800 | 10,699,071 |
| Bandai Namco Holdings, Inc. | | 300,000 | 6,289,840 |
| Bridgestone Corp. | | 288,300 | 10,273,605 |
| Brother Industries Ltd. | | 117,100 | 2,280,786 |
| Canon, Inc. | | 471,500 | 15,335,532 |
| Capcom Co. Ltd. | | 174,900 | 3,461,002 |
| Central Japan Railway Co. | | 390,100 | 8,078,672 |
| Chiba Bank Ltd. | | 267,700 | 1,953,598 |
| Chubu Electric Power Co., Inc. | | 325,360 | 3,740,066 |
| Chugai Pharmaceutical Co. Ltd. | | 339,100 | 16,134,883 |
| Concordia Financial Group Ltd. | | 530,600 | 2,628,221 |
| Dai Nippon Printing Co. Ltd. | | 196,040 | 3,402,545 |
| Dai-ichi Mutual Life Insurance Co. | | 457,000 | 11,393,157 |
| Daifuku Co. Ltd. | | 163,000 | 3,063,869 |
| Daiichi Sankyo Co. Ltd. | | 934,000 | 30,400,058 |
| Daikin Industries Ltd. | | 133,200 | 15,991,556 |
| Daito Trust Construction Co. Ltd. | | 29,600 | 3,270,904 |
| Daiwa House Industry Co. Ltd. | | 283,000 | 8,441,512 |
| Daiwa Securities Group, Inc. | | 673,600 | 4,406,883 |
| DENSO Corp. | | 954,900 | 13,562,917 |
| Dentsu Group, Inc. | | 102,300 | 3,157,772 |
| Disco Corp. | | 46,500 | 13,230,868 |
| East Japan Railway Co. | | 458,300 | 9,205,113 |
| Eisai Co. Ltd. | | 127,300 | 4,312,939 |
| ENEOS Holdings, Inc. | | 1,454,900 | 7,339,315 |
| FANUC Corp. | | 477,500 | 12,668,705 |
| Fast Retailing Co. Ltd. | | 96,400 | 30,821,154 |
| Fuji Electric Co. Ltd. | | 67,900 | 3,458,005 |
| FUJIFILM Holdings Corp. | | 565,300 | 13,447,538 |
| Fujitsu Ltd. | | 836,700 | 16,086,261 |
| Hamamatsu Photonics K.K. | | 141,800 | 1,874,972 |
| Hankyu Hanshin Holdings, Inc. | | 115,600 | 3,143,171 |
| Hikari Tsushin, Inc. | | 8,900 | 1,796,308 |
| Hitachi Construction Machinery Co. Ltd. | | 54,300 | 1,178,128 |
| Hitachi Ltd. | | 2,341,300 | 58,824,835 |
| Honda Motor Co. Ltd. | | 2,266,300 | 22,792,435 |
| Hoshizaki Corp. | | 54,900 | 1,804,466 |
| Hoya Corp. | | 177,200 | 23,708,305 |
| Hulic Co. Ltd. | | 193,900 | 1,795,586 |
| Ibiden Co. Ltd. | | 60,500 | 1,921,765 |
| Idemitsu Kosan Co. Ltd. | | 492,315 | 3,356,328 |
| INPEX Corp. | | 476,900 | 6,286,523 |
| Isuzu Motors Ltd. | | 303,300 | 3,922,211 |
| Itochu Corp. | | 600,200 | 29,690,592 |
| Japan Airlines Co. Ltd. | | 72,900 | 1,169,176 |
| Japan Exchange Group, Inc. | | 501,200 | 5,874,598 |
| Japan Post Bank Co. Ltd. | | 730,700 | 6,526,137 |
| Japan Post Holdings Co. Ltd. | | 971,400 | 8,962,226 |
| Japan Post Insurance Co. Ltd. | | 96,800 | 1,595,091 |
| Japan Real Estate Investment Corp. | | 647 | 2,353,432 |
| Japan Tobacco, Inc. | | 606,000 | 16,917,977 |
| JFE Holdings, Inc. | | 290,600 | 3,498,643 |
| Kajima Corp. | | 200,200 | 3,448,551 |
| Kansai Electric Power Co., Inc. | | 355,500 | 5,701,182 |
| Kao Corp. | | 235,300 | 10,370,939 |
| Kawasaki Kisen Kaisha Ltd. | | 198,500 | 2,742,087 |
| KDDI Corp. | | 774,800 | 24,157,796 |
| Keisei Electric Railway Co. | | 65,300 | 1,698,965 |
| Keyence Corp. | | 98,200 | 44,328,824 |
| Kikkoman Corp. | | 342,700 | 4,020,814 |
| Kirin Holdings Co. Ltd. | | 392,300 | 5,775,687 |
| Kobe Bussan Co. Ltd. | | 76,000 | 1,864,257 |
| Kokusai Electric Corp. | | 71,300 | 1,300,066 |
| Komatsu Ltd. | | 467,200 | 12,093,614 |
| Konami Group Corp. | | 50,700 | 4,647,156 |
| Kubota Corp. | | 505,100 | 6,453,706 |
| Kyocera Corp. | | 648,300 | 6,574,870 |
| Kyowa Kirin Co., Ltd. | | 122,700 | 2,022,313 |
| Lasertec Corp. | | 40,500 | 5,495,679 |
| LY Corp. | | 1,349,800 | 3,681,967 |
| M3, Inc. | | 222,900 | 2,290,863 |
| Makita Corp. | | 120,220 | 3,925,410 |
| Marubeni Corp. | | 719,500 | 10,755,974 |
| MatsukiyoCocokara & Co. | | 173,300 | 2,359,425 |
| Mazda Motor Corp. | | 287,100 | 2,029,652 |
| McDonald's Holdings Co. (Japan) Ltd. (b) | | 43,600 | 1,847,636 |
| Meiji Holdings Co. Ltd. | | 118,600 | 2,766,604 |
| Minebea Mitsumi, Inc. | | 183,310 | 3,227,077 |
| Mitsubishi Chemical Group Corp. | | 684,600 | 3,694,163 |
| Mitsubishi Corp. | | 1,688,200 | 30,884,061 |
| Mitsubishi Electric Corp. | | 960,400 | 16,895,867 |
| Mitsubishi Estate Co. Ltd. | | 577,800 | 8,544,523 |
| Mitsubishi HC Capital, Inc. | | 407,400 | 2,728,048 |
| Mitsubishi Heavy Industries Ltd. | | 1,618,400 | 22,846,875 |
| Mitsubishi UFJ Financial Group, Inc. | | 5,607,100 | 59,100,201 |
| Mitsui & Co. Ltd. | | 1,299,400 | 26,491,712 |
| Mitsui Chemicals, Inc. | | 86,200 | 1,969,310 |
| Mitsui Fudosan Co. Ltd. | | 1,348,300 | 11,504,176 |
| Mitsui OSK Lines Ltd. | | 173,900 | 5,920,524 |
| Mizuho Financial Group, Inc. | | 1,218,120 | 25,301,576 |
| MonotaRO Co. Ltd. | | 126,600 | 1,909,932 |
| MS&AD Insurance Group Holdings, Inc. | | 649,700 | 14,370,931 |
| Murata Manufacturing Co. Ltd. | | 854,400 | 14,927,320 |
| NEC Corp. | | 124,000 | 10,551,207 |
| Nexon Co. Ltd. | | 169,910 | 2,944,873 |
| Nidec Corp. | | 421,600 | 8,398,619 |
| Nintendo Co. Ltd. | | 524,600 | 27,710,937 |
| Nippon Building Fund, Inc. | | 3,865 | 3,315,209 |
| Nippon Paint Holdings Co. Ltd. | | 478,800 | 3,664,485 |
| Nippon Prologis REIT, Inc. | | 1,147 | 1,845,389 |
| Nippon Sanso Holdings Corp. | | 87,500 | 3,037,301 |
| Nippon Steel Corp. | | 437,200 | 8,748,101 |
| Nippon Telegraph & Telephone Corp. | | 15,089,200 | 14,558,596 |
| Nippon Yusen KK | | 232,800 | 7,794,013 |
| Nissan Motor Co. Ltd. | | 1,184,500 | 3,155,571 |
| Nissin Food Holdings Co. Ltd. | | 101,300 | 2,727,700 |
| Nitori Holdings Co. Ltd. | | 40,500 | 5,157,864 |
| Nitto Denko Corp. | | 357,000 | 5,873,986 |
| Nomura Holdings, Inc. | | 1,517,600 | 7,782,107 |
| Nomura Real Estate Holdings, Inc. | | 55,500 | 1,366,394 |
| Nomura Research Institute Ltd. | | 190,820 | 5,708,077 |
| NTT Data Corp. | | 318,700 | 5,041,907 |
| Obayashi Corp. | | 327,900 | 4,019,800 |
| OBIC Co. Ltd. | | 163,500 | 5,342,760 |
| Olympus Corp. | | 594,700 | 10,468,084 |
| OMRON Corp. | | 88,500 | 3,494,097 |
| Ono Pharmaceutical Co. Ltd. | | 188,900 | 2,359,398 |
| Oracle Corp. Japan | | 19,400 | 1,855,864 |
| Oriental Land Co. Ltd. | | 551,000 | 13,316,103 |
| ORIX Corp. | | 582,800 | 12,279,527 |
| Osaka Gas Co. Ltd. | | 186,330 | 3,992,803 |
| Otsuka Corp. | | 115,100 | 2,583,243 |
| Otsuka Holdings Co. Ltd. | | 211,300 | 12,764,795 |
| Pan Pacific International Holdings Ltd. | | 192,400 | 4,773,117 |
| Panasonic Holdings Corp. | | 1,177,400 | 9,690,049 |
| Rakuten Group, Inc. (a) | | 759,400 | 4,532,522 |
| Recruit Holdings Co. Ltd. | | 749,800 | 45,784,684 |
| Renesas Electronics Corp. | | 850,100 | 11,389,913 |
| Resona Holdings, Inc. | | 1,055,920 | 6,966,713 |
| Ricoh Co. Ltd. | | 277,000 | 3,000,652 |
| ROHM Co. Ltd. | | 173,300 | 1,910,604 |
| SBI Holdings, Inc. Japan | | 137,300 | 3,014,987 |
| Screen Holdings Co. Ltd. | | 41,000 | 2,617,469 |
| SCSK Corp. | | 79,000 | 1,474,116 |
| Secom Co. Ltd. | | 212,000 | 7,539,337 |
| Seiko Epson Corp. | | 145,800 | 2,650,012 |
| Sekisui Chemical Co. Ltd. | | 190,800 | 2,692,742 |
| Sekisui House Ltd. | | 301,300 | 7,276,868 |
| Seven & i Holdings Co. Ltd. | | 1,117,900 | 16,097,697 |
| SG Holdings Co. Ltd. | | 161,700 | 1,621,584 |
| Shimadzu Corp. | | 119,600 | 3,527,943 |
| SHIMANO, Inc. | | 38,600 | 5,670,715 |
| Shin-Etsu Chemical Co. Ltd. | | 909,700 | 33,335,014 |
| Shionogi & Co. Ltd. | | 381,900 | 5,454,583 |
| Shiseido Co. Ltd. | | 202,000 | 4,360,153 |
| Shizuoka Financial Group | | 219,700 | 1,753,105 |
| SMC Corp. | | 28,900 | 12,269,396 |
| SoftBank Corp. | | 14,420,000 | 18,153,386 |
| SoftBank Group Corp. | | 519,600 | 30,977,768 |
| Sompo Holdings, Inc. | | 475,200 | 10,187,853 |
| Sony Group Corp. | | 3,152,500 | 55,476,172 |
| Subaru Corp. | | 304,600 | 5,439,922 |
| Sumco Corp. | | 176,800 | 1,690,460 |
| Sumitomo Corp. | | 525,000 | 11,075,618 |
| Sumitomo Electric Industries Ltd. | | 360,800 | 5,550,029 |
| Sumitomo Metal Mining Co. Ltd. | | 124,830 | 3,451,373 |
| Sumitomo Mitsui Financial Group, Inc. | | 1,896,000 | 40,222,771 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 327,800 | 7,188,759 |
| Sumitomo Realty & Development Co. Ltd. | | 144,200 | 4,277,512 |
| Suntory Beverage & Food Ltd. | | 70,200 | 2,368,156 |
| Suzuki Motor Corp. | | 793,600 | 7,875,159 |
| Sysmex Corp. | | 254,200 | 4,716,280 |
| T&D Holdings, Inc. | | 247,200 | 3,945,867 |
| Taisei Corp. | | 84,000 | 3,537,366 |
| Takeda Pharmaceutical Co. Ltd. | | 803,403 | 22,415,920 |
| TDK Corp. | | 981,500 | 11,537,824 |
| Terumo Corp. | | 677,500 | 12,903,193 |
| TIS, Inc. | | 107,400 | 2,678,176 |
| Toho Co. Ltd. | | 56,470 | 2,156,486 |
| Tokio Marine Holdings, Inc. | | 948,900 | 34,175,739 |
| Tokyo Electric Power Co., Inc. (a) | | 770,900 | 3,113,293 |
| Tokyo Electron Ltd. | | 226,300 | 33,300,737 |
| Tokyo Gas Co. Ltd. | | 182,000 | 4,490,466 |
| Tokyu Corp. | | 252,400 | 3,111,691 |
| Toppan Holdings, Inc. | | 120,700 | 3,530,626 |
| Toray Industries, Inc. | | 700,300 | 3,808,282 |
| Toto Ltd. | | 71,500 | 1,994,837 |
| Toyota Industries Corp. | | 74,070 | 5,134,684 |
| Toyota Motor Corp. | | 5,184,350 | 89,328,405 |
| Toyota Tsusho Corp. | | 321,820 | 5,470,527 |
| Trend Micro, Inc. | | 64,000 | 3,348,634 |
| Unicharm Corp. | | 203,800 | 6,571,526 |
| West Japan Railway Co. | | 221,800 | 3,942,214 |
| Yakult Honsha Co. Ltd. | | 129,600 | 2,816,351 |
| Yamaha Motor Co. Ltd. | | 424,400 | 3,709,689 |
| Yaskawa Electric Corp. | | 121,200 | 3,473,532 |
| Yokogawa Electric Corp. | | 115,300 | 2,556,409 |
| Zensho Holdings Co. Ltd. | | 48,700 | 2,443,234 |
| ZOZO, Inc. | | 68,300 | 2,214,659 |
TOTAL JAPAN | | | 1,873,881,916 |
| Jordan - 0.0% | | | |
| Hikma Pharmaceuticals PLC | | 84,034 | 2,010,034 |
| Korea (South) - 0.0% | | | |
| Delivery Hero AG (a)(b)(d) | | 93,343 | 3,962,609 |
| Luxembourg - 0.1% | | | |
| ArcelorMittal SA (Netherlands) | | 236,852 | 5,843,179 |
| Eurofins Scientific SA | | 68,214 | 3,352,346 |
TOTAL LUXEMBOURG | | | 9,195,525 |
| Macau - 0.1% | | | |
| Galaxy Entertainment Group Ltd. | | 1,104,000 | 4,913,439 |
| Sands China Ltd. (a) | | 1,226,000 | 3,119,285 |
TOTAL MACAU | | | 8,032,724 |
| Netherlands - 4.0% | | | |
| ABN AMRO Bank NV GDR (Bearer) (d) | | 231,364 | 3,822,809 |
| Adyen BV (a)(d) | | 10,978 | 16,770,642 |
| AEGON NV | | 681,809 | 4,303,457 |
| Akzo Nobel NV | | 86,162 | 5,498,296 |
| Argenx SE (a) | | 30,011 | 17,696,167 |
| ASM International NV (Netherlands) | | 23,712 | 13,211,035 |
| ASML Holding NV (Netherlands) | | 201,777 | 136,342,797 |
| ASR Nederland NV (b) | | 80,035 | 3,793,120 |
| BE Semiconductor Industries NV | | 38,928 | 4,147,165 |
| Euronext NV (d) | | 40,564 | 4,474,122 |
| EXOR NV | | 50,215 | 5,309,197 |
| Heineken Holding NV | | 65,450 | 4,538,569 |
| Heineken NV (Bearer) | | 145,431 | 11,927,775 |
| IMCD NV | | 28,777 | 4,571,684 |
| ING Groep NV (Certificaten Van Aandelen) | | 1,668,095 | 28,308,226 |
| JDE Peet's BV | | 61,536 | 1,385,571 |
| Koninklijke Ahold Delhaize NV | | 473,071 | 15,597,010 |
| Koninklijke KPN NV | | 1,993,312 | 7,790,433 |
| Koninklijke Philips Electronics NV | | 403,442 | 10,614,083 |
| NN Group NV | | 136,720 | 6,720,529 |
| Randstad NV | | 54,800 | 2,524,428 |
| Universal Music Group NV | | 415,671 | 10,460,858 |
| Wolters Kluwer NV | | 125,492 | 21,117,157 |
TOTAL NETHERLANDS | | | 340,925,130 |
| New Zealand - 0.3% | | | |
| Auckland International Airport Ltd. | | 740,017 | 3,199,790 |
| Fisher & Paykel Healthcare Corp. Ltd. | | 295,770 | 6,338,675 |
| Mercury Nz Ltd. | | 361,857 | 1,424,300 |
| Meridian Energy Ltd. | | 672,203 | 2,387,241 |
| Spark New Zealand Ltd. | | 962,566 | 1,670,040 |
| Xero Ltd. (a) | | 73,231 | 7,114,799 |
TOTAL NEW ZEALAND | | | 22,134,845 |
| Norway - 0.5% | | | |
| Aker BP ASA | | 159,575 | 3,403,238 |
| DNB Bank ASA | | 452,206 | 9,339,940 |
| Equinor ASA | | 423,078 | 10,053,267 |
| Gjensidige Forsikring ASA | | 100,993 | 1,822,431 |
| Kongsberg Gruppen ASA | | 44,417 | 4,623,322 |
| Mowi ASA | | 235,011 | 4,038,911 |
| Norsk Hydro ASA | | 710,139 | 4,408,081 |
| Orkla ASA | | 353,982 | 3,272,665 |
| Salmar ASA | | 33,338 | 1,691,115 |
| Telenor ASA | | 310,937 | 3,818,802 |
TOTAL NORWAY | | | 46,471,772 |
| Poland - 0.0% | | | |
| InPost SA (a) | | 100,993 | 1,969,703 |
| Portugal - 0.2% | | | |
| Energias de Portugal SA | | 1,584,591 | 6,225,784 |
| Galp Energia SGPS SA | | 234,684 | 4,000,199 |
| Jeronimo Martins SGPS SA | | 142,997 | 2,779,589 |
TOTAL PORTUGAL | | | 13,005,572 |
| Singapore - 1.6% | | | |
| CapitaLand Ascendas REIT | | 1,887,289 | 3,824,608 |
| CapitaLand Integrated Commercial Trust | | 2,872,982 | 4,364,863 |
| CapitaLand Investment Ltd. | | 1,182,365 | 2,497,851 |
| DBS Group Holdings Ltd. | | 1,006,105 | 29,171,820 |
| Genting Singapore Ltd. | | 3,053,500 | 1,923,120 |
| Grab Holdings Ltd. (a) | | 1,066,489 | 4,351,275 |
| Keppel Ltd. | | 735,500 | 3,541,033 |
| Oversea-Chinese Banking Corp. Ltd. | | 1,709,964 | 19,618,593 |
| Sea Ltd. ADR Class A (a) | | 186,922 | 17,580,014 |
| Sembcorp Industries Ltd. | | 451,300 | 1,712,164 |
| Singapore Airlines Ltd. (b) | | 751,790 | 3,667,315 |
| Singapore Exchange Ltd. | | 432,900 | 3,709,518 |
| Singapore Technologies Engineering Ltd. | | 788,400 | 2,703,031 |
| Singapore Telecommunications Ltd. | | 3,752,700 | 8,853,493 |
| STMicroelectronics NV (France) | | 341,901 | 9,306,868 |
| United Overseas Bank Ltd. | | 638,472 | 15,520,648 |
TOTAL SINGAPORE | | | 132,346,214 |
| South Africa - 0.2% | | | |
| Anglo American PLC (United Kingdom) | | 641,660 | 19,891,728 |
| Spain - 2.7% | | | |
| Acciona SA | | 12,465 | 1,591,804 |
| ACS Actividades de Construccion y Servicios SA | | 92,735 | 4,438,390 |
| Aena SME SA (d) | | 37,872 | 8,362,639 |
| Amadeus IT Holding SA Class A | | 227,487 | 16,480,102 |
| Banco Bilbao Vizcaya Argentaria SA | | 2,910,262 | 28,970,722 |
| Banco de Sabadell SA | | 2,747,126 | 5,344,371 |
| Banco Santander SA (Spain) | | 7,824,079 | 38,229,804 |
| CaixaBank SA | | 1,835,068 | 11,182,470 |
| Cellnex Telecom SA (d) | | 267,559 | 9,807,957 |
| EDP Renovaveis SA | | 157,527 | 2,121,313 |
| Endesa SA | | 160,390 | 3,455,264 |
| Grifols SA (a)(b) | | 150,627 | 1,678,587 |
| Iberdrola SA | | 3,084,066 | 45,774,783 |
| Industria de Diseno Textil SA | | 550,831 | 31,336,404 |
| Redeia Corp. SA | | 204,920 | 3,789,329 |
| Repsol SA | | 614,744 | 7,695,599 |
| Telefonica SA (b) | | 2,004,267 | 9,405,330 |
TOTAL SPAIN | | | 229,664,868 |
| Sweden - 3.2% | | | |
| AddTech AB (B Shares) | | 131,245 | 3,638,800 |
| Alfa Laval AB | | 146,101 | 6,443,525 |
| ASSA ABLOY AB (B Shares) | | 506,126 | 15,853,254 |
| Atlas Copco AB: | | | |
| (A Shares) | | 1,356,436 | 22,385,829 |
| (B Shares) | | 788,115 | 11,432,034 |
| Beijer Ref AB (B Shares) | | 182,216 | 2,733,783 |
| Boliden AB | | 138,114 | 4,288,131 |
| Epiroc AB: | | | |
| (A Shares) | | 332,771 | 6,499,120 |
| (B Shares) | | 196,932 | 3,380,609 |
| EQT AB | | 188,612 | 5,470,068 |
| Essity AB (B Shares) | | 307,678 | 8,686,387 |
| Evolution AB (d) | | 90,923 | 8,596,482 |
| Fastighets AB Balder (a) | | 334,678 | 2,588,956 |
| Getinge AB (B Shares) | | 115,504 | 2,034,279 |
| H&M Hennes & Mauritz AB (B Shares) (b) | | 286,041 | 4,248,512 |
| Hexagon AB (B Shares) | | 1,048,401 | 9,801,636 |
| Holmen AB (B Shares) | | 38,490 | 1,517,990 |
| Husqvarna AB (B Shares) | | 177,049 | 1,142,932 |
| Industrivarden AB: | | | |
| (A Shares) | | 61,407 | 2,114,035 |
| (C Shares) | | 80,755 | 2,774,057 |
| Indutrade AB | | 137,978 | 3,737,413 |
| Investment AB Latour (B Shares) | | 74,765 | 2,058,844 |
| Investor AB (B Shares) | | 874,015 | 24,728,573 |
| L E Lundbergforetagen AB (B Shares) | | 38,377 | 1,896,419 |
| Lifco AB (B Shares) | | 117,713 | 3,502,262 |
| Nibe Industrier AB (B Shares) | | 765,274 | 3,694,731 |
| Saab AB (B Shares) | | 161,745 | 3,326,122 |
| Sagax AB | | 110,967 | 2,653,739 |
| Sandvik AB | | 538,409 | 10,561,448 |
| Securitas AB (B Shares) | | 248,347 | 2,913,626 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 801,317 | 11,315,179 |
| Skanska AB (B Shares) | | 171,818 | 3,486,497 |
| SKF AB (B Shares) | | 172,118 | 3,251,883 |
| Svenska Cellulosa AB SCA (B Shares) | | 306,015 | 4,045,428 |
| Svenska Handelsbanken AB (A Shares) | | 736,534 | 7,653,060 |
| Swedbank AB (A Shares) | | 428,718 | 8,699,460 |
| Swedish Orphan Biovitrum AB (a) | | 98,417 | 3,075,950 |
| Tele2 AB (B Shares) | | 270,813 | 2,837,874 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 1,400,854 | 11,744,910 |
| Telia Co. AB | | 1,191,348 | 3,461,820 |
| Trelleborg AB (B Shares) | | 107,582 | 3,570,399 |
| Volvo AB: | | | |
| (A Shares) | | 101,097 | 2,647,326 |
| (B Shares) | | 802,141 | 20,831,702 |
| Volvo Car AB (b) | | 376,140 | 809,326 |
TOTAL SWEDEN | | | 272,134,410 |
| Switzerland - 6.2% | | | |
| ABB Ltd. (Reg.) | | 798,615 | 44,379,945 |
| Adecco SA (Reg.) | | 85,050 | 2,665,107 |
| Avolta AG | | 46,239 | 1,838,392 |
| Bachem Holding AG (B Shares) (b) | | 17,043 | 1,348,954 |
| Baloise Holdings AG | | 21,971 | 4,220,936 |
| Banque Cantonale Vaudoise | | 15,210 | 1,516,509 |
| Barry Callebaut AG (b) | | 1,802 | 3,155,143 |
| BKW AG | | 10,665 | 1,872,288 |
| Chocoladefabriken Lindt & Spruengli AG | | 495 | 5,829,599 |
| Chocoladefabriken Lindt & Spruengli AG | | 54 | 6,278,270 |
| Clariant AG (Reg.) | | 108,952 | 1,512,749 |
| Compagnie Financiere Richemont SA Series A | | 271,461 | 39,524,856 |
| DSM-Firmenich AG | | 93,910 | 11,144,631 |
| Ems-Chemie Holding AG | | 3,543 | 2,726,331 |
| Galderma Group AG (a) | | 30,037 | 2,810,827 |
| Geberit AG (Reg.) | | 16,881 | 10,571,762 |
| Givaudan SA | | 4,663 | 22,122,993 |
| Helvetia Holding AG (Reg.) | | 18,743 | 3,173,211 |
| Julius Baer Group Ltd. | | 104,024 | 6,342,509 |
| Kuehne & Nagel International AG | | 24,391 | 6,089,630 |
| Logitech International SA (Reg.) | | 78,672 | 6,446,449 |
| Lonza Group AG | | 36,472 | 22,494,340 |
| Novartis AG | | 995,256 | 107,991,529 |
| Partners Group Holding AG | | 11,460 | 15,832,065 |
| Sandoz Group AG | | 206,758 | 9,421,490 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 20,565 | 5,986,962 |
| (Reg.) | | 11,851 | 3,376,001 |
| SGS SA (Reg.) | | 77,700 | 8,232,934 |
| Sig Group AG (b) | | 154,427 | 3,324,414 |
| Sika AG | | 76,985 | 21,440,441 |
| Sonova Holding AG | | 25,593 | 9,365,441 |
| Straumann Holding AG | | 56,364 | 7,430,998 |
| Swatch Group AG (Bearer) | | 14,606 | 2,997,195 |
| Swatch Group AG (Bearer) (Reg.) | | 26,597 | 1,076,446 |
| Swiss Life Holding AG | | 14,506 | 11,832,582 |
| Swiss Prime Site AG | | 39,038 | 4,233,581 |
| Swisscom AG | | 13,079 | 7,966,596 |
| Temenos AG | | 30,367 | 2,101,127 |
| UBS Group AG | | 1,660,824 | 51,043,100 |
| VAT Group AG (d) | | 13,634 | 5,675,899 |
| Zurich Insurance Group Ltd. | | 73,905 | 43,574,774 |
TOTAL SWITZERLAND | | | 530,969,006 |
| United Arab Emirates - 0.0% | | | |
| NMC Health PLC (a)(e) | | 55,366 | 1 |
| United Kingdom - 10.8% | | | |
| 3i Group PLC | | 491,520 | 20,156,113 |
| Admiral Group PLC | | 131,472 | 4,346,661 |
| Ashtead Group PLC | | 220,821 | 16,480,614 |
| Associated British Foods PLC | | 169,498 | 4,854,200 |
| AstraZeneca PLC (United Kingdom) | | 782,832 | 111,391,987 |
| Auto Trader Group PLC (d) | | 451,765 | 4,877,928 |
| Aviva PLC | | 1,351,820 | 7,898,006 |
| BAE Systems PLC | | 1,530,132 | 24,661,611 |
| Barclays PLC | | 7,454,641 | 22,852,225 |
| Barratt Developments PLC | | 696,023 | 4,006,381 |
| Berkeley Group Holdings PLC | | 51,505 | 2,939,124 |
| British American Tobacco PLC (United Kingdom) | | 1,008,506 | 35,266,557 |
| BT Group PLC | | 3,267,047 | 5,824,049 |
| Bunzl PLC | | 170,821 | 7,515,447 |
| Centrica PLC | | 2,648,028 | 4,005,208 |
| CK Hutchison Holdings Ltd. | | 1,354,000 | 7,120,860 |
| Coca-Cola Europacific Partners PLC | | 104,266 | 7,924,216 |
| Compass Group PLC | | 858,787 | 27,890,331 |
| Croda International PLC | | 66,986 | 3,200,197 |
| DCC PLC (United Kingdom) | | 49,928 | 3,157,179 |
| Diageo PLC | | 1,122,614 | 34,668,317 |
| Entain PLC | | 322,652 | 3,099,525 |
| Halma PLC | | 191,708 | 6,118,148 |
| Hargreaves Lansdown PLC | | 179,636 | 2,520,152 |
| HSBC Holdings PLC (United Kingdom) | | 9,351,026 | 85,823,934 |
| Imperial Brands PLC | | 410,041 | 12,374,228 |
| Informa PLC | | 673,213 | 7,019,250 |
| InterContinental Hotel Group PLC | | 81,448 | 8,983,515 |
| Intertek Group PLC | | 81,498 | 4,884,471 |
| J Sainsbury PLC | | 835,232 | 2,866,947 |
| JD Sports Fashion PLC | | 1,308,653 | 2,092,429 |
| Kingfisher PLC | | 928,738 | 3,512,303 |
| Land Securities Group PLC | | 357,339 | 2,771,536 |
| Legal & General Group PLC | | 3,008,037 | 8,420,687 |
| Lloyds Banking Group PLC | | 31,510,020 | 21,628,489 |
| London Stock Exchange Group PLC | | 241,448 | 32,724,870 |
| M&G PLC | | 1,141,904 | 2,855,774 |
| Melrose Industries PLC | | 664,413 | 4,069,455 |
| National Grid PLC | | 2,429,764 | 30,508,480 |
| NatWest Group PLC | | 3,356,416 | 15,903,538 |
| Next PLC | | 60,506 | 7,638,105 |
| Pearson PLC | | 303,831 | 4,461,554 |
| Persimmon PLC | | 161,509 | 3,055,142 |
| Phoenix Group Holdings PLC | | 354,030 | 2,242,348 |
| Reckitt Benckiser Group PLC | | 352,471 | 21,382,311 |
| RELX PLC (London Stock Exchange) | | 942,841 | 43,238,410 |
| Rentokil Initial PLC | | 1,274,806 | 6,394,140 |
| Rolls-Royce Holdings PLC (a) | | 4,294,682 | 29,635,018 |
| Sage Group PLC | | 506,646 | 6,333,039 |
| Schroders PLC | | 407,021 | 1,805,426 |
| Segro PLC | | 648,755 | 6,568,490 |
| Severn Trent PLC | | 136,291 | 4,513,014 |
| Smith & Nephew PLC | | 441,517 | 5,489,300 |
| Smiths Group PLC | | 174,351 | 3,437,450 |
| Spirax-Sarco Engineering PLC | | 37,172 | 3,093,974 |
| SSE PLC | | 564,084 | 12,808,776 |
| Standard Chartered PLC (United Kingdom) | | 1,095,282 | 12,701,311 |
| Taylor Wimpey PLC | | 1,787,524 | 3,379,642 |
| Tesco PLC | | 3,497,362 | 15,443,203 |
| Unilever PLC | | 1,259,815 | 76,851,273 |
| United Utilities Group PLC | | 344,332 | 4,544,301 |
| Vodafone Group PLC | | 11,412,258 | 10,612,439 |
| Whitbread PLC | | 90,966 | 3,534,132 |
| Wise PLC (a) | | 336,361 | 3,062,068 |
| WPP PLC | | 544,633 | 5,724,596 |
TOTAL UNITED KINGDOM | | | 917,164,404 |
| United States of America - 9.0% | | | |
| Alcon, Inc. (Switzerland) | | 252,331 | 23,253,432 |
| BP PLC | | 8,346,893 | 40,823,145 |
| CSL Ltd. | | 244,026 | 45,817,182 |
| CyberArk Software Ltd. (a) | | 21,788 | 6,024,818 |
| Experian PLC | | 464,033 | 22,599,579 |
| Ferrovial SE | | 263,484 | 10,569,982 |
| GSK PLC | | 2,093,106 | 37,798,513 |
| Haleon PLC | | 3,920,038 | 18,839,961 |
| Holcim AG | | 263,194 | 25,930,804 |
| James Hardie Industries PLC CDI (a) | | 217,857 | 6,948,168 |
| Monday.com Ltd. (a) | | 18,852 | 5,540,037 |
| Nestle SA (Reg. S) | | 1,323,011 | 125,014,807 |
| QIAGEN NV (Germany) | | 112,025 | 4,758,445 |
| Roche Holding AG: | | | |
| (Bearer) | | 16,163 | 5,487,802 |
| (participation certificate) | | 354,770 | 109,944,469 |
| Sanofi SA | | 575,523 | 60,821,169 |
| Schneider Electric SA | | 276,107 | 71,525,175 |
| Shell PLC (London) | | 3,181,999 | 106,238,420 |
| Stellantis NV (Italy) | | 1,068,604 | 14,641,263 |
| Swiss Re Ltd. | | 152,309 | 19,515,941 |
| Tenaris SA | | 238,453 | 3,928,626 |
TOTAL UNITED STATES OF AMERICA | | | 766,021,738 |
| TOTAL COMMON STOCKS (Cost $6,724,965,151) | | | 8,333,295,781 |
| | | | |
| Nonconvertible Preferred Stocks - 0.4% |
| | | Shares | Value ($) |
| Germany - 0.4% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 29,758 | 2,186,544 |
| Dr. Ing. h.c. F. Porsche AG Series F (d) | | 57,503 | 4,045,936 |
| Henkel AG & Co. KGaA | | 85,468 | 7,398,379 |
| Porsche Automobil Holding SE (Germany) | | 77,323 | 3,212,250 |
| Sartorius AG (non-vtg.) | | 13,234 | 3,421,759 |
| Volkswagen AG | | 104,127 | 10,106,860 |
| | | | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $36,526,223) | | | 30,371,728 |
| | | | |
| Government Obligations - 0.0% |
| | | Principal Amount (f) | Value ($) |
| United States of America - 0.0% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (g) (Cost $3,470,302) | | 3,480,000 | 3,471,083 |
| | | | |
| Money Market Funds - 0.9% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.87% (h) | | 42,585,927 | 42,594,444 |
| Fidelity Securities Lending Cash Central Fund 4.87% (h)(i) | | 34,480,084 | 34,483,532 |
| TOTAL MONEY MARKET FUNDS (Cost $77,077,976) | | | 77,077,976 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.0% (Cost $6,842,039,652) | 8,444,216,568 |
NET OTHER ASSETS (LIABILITIES) - 1.0% | 82,710,415 |
| NET ASSETS - 100.0% | 8,526,926,983 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE MSCI EAFE Index Contracts (United States) | 1,381 | Dec 2024 | 162,281,310 | (2,780,443) | (2,780,443) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 1.9% |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $110,869,203 or 1.3% of net assets. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,994,308. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 38,217,789 | 2,502,897,362 | 2,498,520,950 | 5,756,627 | 243 | - | 42,594,444 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.87% | 21,059,609 | 205,522,314 | 192,098,391 | 193,338 | - | - | 34,483,532 | 0.1% |
| Total | 59,277,398 | 2,708,419,676 | 2,690,619,341 | 5,949,965 | 243 | - | 77,077,976 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 367,337,063 | 97,686,003 | 269,651,060 | - |
Consumer Discretionary | 906,395,943 | 242,427,625 | 663,968,318 | - |
Consumer Staples | 716,245,333 | 121,127,643 | 595,117,690 | - |
Energy | 310,294,976 | 10,485,490 | 299,809,486 | - |
Financials | 1,765,990,142 | 473,747,703 | 1,292,242,439 | - |
Health Care | 1,114,642,272 | 200,020,705 | 914,621,566 | 1 |
Industrials | 1,466,409,833 | 429,580,494 | 1,036,829,339 | - |
Information Technology | 710,507,502 | 218,027,476 | 492,480,026 | - |
Materials | 544,929,576 | 174,712,059 | 370,217,517 | - |
Real Estate | 178,734,481 | 50,848,237 | 127,886,244 | - |
Utilities | 282,180,388 | 135,993,773 | 146,186,615 | - |
|
| Government Obligations | 3,471,083 | - | 3,471,083 | - |
|
| Money Market Funds | 77,077,976 | 77,077,976 | - | - |
| Total Investments in Securities: | 8,444,216,568 | 2,231,735,184 | 6,212,481,383 | 1 |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (2,780,443) | (2,780,443) | - | - |
| Total Liabilities | (2,780,443) | (2,780,443) | - | - |
| Total Derivative Instruments: | (2,780,443) | (2,780,443) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 0 | (2,780,443) |
| Total Equity Risk | 0 | (2,780,443) |
| Total Value of Derivatives | 0 | (2,780,443) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $32,223,587) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $6,764,961,676) | $ | 8,367,138,592 | | |
Fidelity Central Funds (cost $77,077,976) | | 77,077,976 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $6,842,039,652) | | | $ | 8,444,216,568 |
| Foreign currency held at value (cost $4,838,170) | | | | 4,790,760 |
| Receivable for fund shares sold | | | | 71,195,277 |
| Dividends receivable | | | | 21,438,521 |
| Reclaims receivable | | | | 23,263,797 |
| Distributions receivable from Fidelity Central Funds | | | | 175,182 |
| Prepaid expenses | | | | 9,771 |
| Receivable from investment adviser for expense reductions | | | | 102,930 |
Total assets | | | | 8,565,192,806 |
| Liabilities | | | | |
| Payable for investments purchased on a delayed delivery basis | $ | 77,864 | | |
| Payable for fund shares redeemed | | 2,632,975 | | |
| Accrued management fee | | 253,868 | | |
| Payable for daily variation margin on futures contracts | | 467,867 | | |
| Other payables and accrued expenses | | 349,717 | | |
| Collateral on securities loaned | | 34,483,532 | | |
| Total liabilities | | | | 38,265,823 |
| Net Assets | | | $ | 8,526,926,983 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 7,818,746,989 |
| Total accumulated earnings (loss) | | | | 708,179,994 |
| Net Assets | | | $ | 8,526,926,983 |
Net Asset Value, offering price and redemption price per share ($8,526,926,983 ÷ 586,697,272 shares) | | | $ | 14.53 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 233,389,241 |
| Interest | | | | 318,672 |
| Income from Fidelity Central Funds (including $193,338 from security lending) | | | | 5,949,965 |
| Income before foreign taxes withheld | | | $ | 239,657,878 |
| Less foreign taxes withheld | | | | (13,955,424) |
| Total income | | | | 225,702,454 |
| Expenses | | | | |
| Management fee | $ | 2,598,054 | | |
| Custodian fees and expenses | | 743,766 | | |
| Independent trustees' fees and expenses | | 18,736 | | |
| Registration fees | | 51,750 | | |
| Audit fees | | 86,206 | | |
| Legal | | 6,887 | | |
| Miscellaneous | | 24,233 | | |
| Total expenses before reductions | | 3,529,632 | | |
| Expense reductions | | (908,503) | | |
| Total expenses after reductions | | | | 2,621,129 |
| Net Investment income (loss) | | | | 223,081,325 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (29,364,882) | | |
| Fidelity Central Funds | | 243 | | |
| Foreign currency transactions | | (2,128,874) | | |
| Futures contracts | | 32,958,753 | | |
| Total net realized gain (loss) | | | | 1,465,240 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 1,004,927,413 | | |
| Assets and liabilities in foreign currencies | | (49,352) | | |
| Futures contracts | | (512,074) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 1,004,365,987 |
| Net gain (loss) | | | | 1,005,831,227 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 1,228,912,552 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 223,081,325 | $ | 118,233,131 |
| Net realized gain (loss) | | 1,465,240 | | 5,289,032 |
| Change in net unrealized appreciation (depreciation) | | 1,004,365,987 | | 212,273,737 |
| Net increase (decrease) in net assets resulting from operations | | 1,228,912,552 | | 335,795,900 |
| Distributions to shareholders | | (133,160,875) | | (99,352,487) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 3,474,808,836 | | 2,215,904,081 |
| Reinvestment of distributions | | 131,710,052 | | 98,336,677 |
| Cost of shares redeemed | | (856,115,640) | | (1,038,838,311) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 2,750,403,248 | | 1,275,402,447 |
| Total increase (decrease) in net assets | | 3,846,154,925 | | 1,511,845,860 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 4,680,772,058 | | 3,168,926,198 |
| End of period | $ | 8,526,926,983 | $ | 4,680,772,058 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 251,766,102 | | 171,776,026 |
| Issued in reinvestment of distributions | | 9,932,885 | | 8,419,236 |
| Redeemed | | (60,378,118) | | (86,009,290) |
| Net increase (decrease) | | 201,320,869 | | 94,185,972 |
| | | | | |
Financial Highlights
Fidelity® SAI International Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.15 | $ | 10.88 | $ | 14.52 | $ | 11.04 | $ | 12.19 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .43 | | .39 | | .42 | | .37 | | .28 |
| Net realized and unrealized gain (loss) | | 2.25 | | 1.27 | | (3.68) | | 3.36 | | (1.04) |
| Total from investment operations | | 2.68 | | 1.66 | | (3.26) | | 3.73 | | (.76) |
| Distributions from net investment income | | (.30) | | (.39) | | (.38) | | (.25) | | (.39) |
| Total distributions | | (.30) | | (.39) | | (.38) | | (.25) | | (.39) |
| Net asset value, end of period | $ | 14.53 | $ | 12.15 | $ | 10.88 | $ | 14.52 | $ | 11.04 |
Total Return C | | | | 15.43% | | (23.00)% | | 34.09% | | (6.51)% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | .05% | | .06% | | .05% | | .05% | | .05% |
| Expenses net of fee waivers, if any | | | | .04% | | .04% | | .04% | | .04% |
| Expenses net of all reductions | | .04% | | .04% | | .04% | | .04% | | .04% |
| Net investment income (loss) | | 3.00% | | 3.12% | | 3.28% | | 2.66% | | 2.51% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 8,526,927 | $ | 4,680,772 | $ | 3,168,926 | $ | 6,252,147 | $ | 3,657,921 |
Portfolio turnover rate F | | | | 18% | | 20% | | 10% | | 16% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
For the period ended October 31, 2024
1. Organization.
Fidelity SAI International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to partnerships, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,924,146,849 |
| Gross unrealized depreciation | (400,042,453) |
| Net unrealized appreciation (depreciation) | $1,524,104,396 |
| Tax Cost | $6,920,112,172 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $223,918,087 |
| Capital loss carryforward | $(1,038,847,014) |
| Net unrealized appreciation (depreciation) on securities and other investments | $1,523,108,921 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| Short-term | $(452,670,517) |
| Long-term | (586,176,497) |
| Total capital loss carryforward | $(1,038,847,014) |
Due to large subscriptions in the period, approximately $906,676,509 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $249,916,389 of those capital losses per year to offset capital gains.
The tax character of distributions paid was as follows:
| | October 31, 2024 | October 31, 2023 |
| Ordinary Income | $133,160,875 | $ 99,352,487 |
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. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. 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. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. 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.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI International Index Fund | 3,041,531,620 | 257,223,894 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .035% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity SAI International Index Fund | 11,155 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity SAI International Index Fund | 20,903 | - | - |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .035% of average net assets. This reimbursement will remain in place through February 28, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $908,465.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $38.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity International Fund |
| Fidelity SAI International Index Fund | 47% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity SAI International Index Fund | 55% |
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements 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 are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of securities owned as of October 31, 2024 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/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 17, 2024
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates $4,837,715 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 89.82% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3027 and $0.0157 for the dividend paid December 18, 2023.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI International Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.035% through February 28, 2025.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
1.9879602.108
SV7-ANN-1224
Fidelity Flex® Funds
Fidelity Flex® International Index Fund
Annual Report
October 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity Flex® International Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 97.2% |
| | | Shares | Value ($) |
| Australia - 4.7% | | | |
| Ampol Ltd. | | 22,326 | 408,757 |
| ANZ Group Holdings Ltd. | | 280,705 | 5,720,912 |
| APA Group unit | | 120,055 | 549,702 |
| Aristocrat Leisure Ltd. | | 52,986 | 2,132,138 |
| ASX Ltd. | | 18,043 | 768,398 |
| BHP Group Ltd. | | 473,248 | 13,148,050 |
| BlueScope Steel Ltd. | | 41,179 | 547,202 |
| Brambles Ltd. | | 129,932 | 1,564,384 |
| CAR Group Ltd. | | 33,715 | 830,435 |
| Cochlear Ltd. | | 6,124 | 1,133,788 |
| Coles Group Ltd. | | 124,998 | 1,442,664 |
| Commonwealth Bank of Australia | | 156,145 | 14,564,332 |
| Computershare Ltd. | | 49,392 | 853,862 |
| Dexus unit unit | | 100,827 | 473,205 |
| Endeavour Group Ltd. | | 142,789 | 439,235 |
| Fortescue Ltd. | | 158,013 | 1,978,773 |
| Glencore PLC | | 968,031 | 5,076,975 |
| Goodman Group unit | | 159,376 | 3,805,818 |
| Insurance Australia Group Ltd. | | 221,466 | 1,087,499 |
| Macquarie Group Ltd. | | 33,831 | 5,120,199 |
| Magellan Financial Group Ltd. warrants 4/16/27 (a) | | 50 | 4 |
| Medibank Private Ltd. | | 257,429 | 605,005 |
| Mineral Resources Ltd. | | 16,510 | 424,264 |
| Mirvac Group unit | | 368,644 | 515,341 |
| National Australia Bank Ltd. | | 288,553 | 7,313,413 |
| Northern Star Resources Ltd. | | 107,396 | 1,246,265 |
| Orica Ltd. | | 45,093 | 512,210 |
| Origin Energy Ltd. | | 160,910 | 1,016,001 |
| Pilbara Minerals Ltd. (a)(b) | | 267,015 | 494,562 |
| Pro Medicus Ltd. | | 5,367 | 679,866 |
| Qantas Airways Ltd. (a) | | 73,572 | 389,526 |
| QBE Insurance Group Ltd. | | 140,197 | 1,582,841 |
| Ramsay Health Care Ltd. | | 17,124 | 450,389 |
| REA Group Ltd. | | 4,918 | 727,053 |
| Reece Ltd. | | 21,141 | 315,014 |
| Rio Tinto Ltd. | | 34,634 | 2,719,377 |
| Rio Tinto PLC | | 105,218 | 6,800,032 |
| Santos Ltd. | | 303,039 | 1,348,179 |
| Scentre Group unit | | 482,007 | 1,105,082 |
| SEEK Ltd. | | 33,348 | 541,779 |
| Seven Group Holdings Ltd. | | 18,979 | 517,086 |
| Sonic Healthcare Ltd. | | 42,504 | 748,935 |
| South32 Ltd. | | 420,941 | 1,009,482 |
| Stockland Corp. Ltd. unit | | 222,913 | 753,808 |
| Suncorp Group Ltd. | | 118,743 | 1,392,886 |
| Telstra Group Ltd. | | 377,991 | 946,272 |
| The GPT Group | | 178,203 | 552,096 |
| The Lottery Corp. Ltd. | | 206,374 | 674,324 |
| Transurban Group unit | | 288,585 | 2,405,052 |
| Treasury Wine Estates Ltd. | | 75,720 | 562,172 |
| Vicinity Centres unit | | 360,490 | 512,480 |
| Washington H. Soul Pattinson & Co. Ltd. | | 21,734 | 476,263 |
| Wesfarmers Ltd. | | 105,861 | 4,656,942 |
| Westpac Banking Corp. | | 323,025 | 6,784,108 |
| WiseTech Global Ltd. | | 15,562 | 1,194,822 |
| Woodside Energy Group Ltd. | | 177,172 | 2,788,414 |
| Woolworths Group Ltd. | | 113,979 | 2,235,493 |
TOTAL AUSTRALIA | | | 118,643,166 |
| Austria - 0.1% | | | |
| Erste Group Bank AG | | 31,404 | 1,767,423 |
| Mondi PLC | | 2,793 | 44,932 |
| Mondi PLC | | 38,423 | 621,784 |
| OMV AG | | 13,671 | 566,571 |
| Verbund AG | | 6,344 | 518,932 |
| Voestalpine AG | | 10,151 | 210,345 |
TOTAL AUSTRIA | | | 3,729,987 |
| Belgium - 0.5% | | | |
| Ageas | | 14,953 | 778,774 |
| Anheuser-Busch InBev SA NV | | 83,742 | 4,965,182 |
| D'ieteren Group | | 2,011 | 434,212 |
| Elia Group SA/NV | | 2,763 | 262,526 |
| Groupe Bruxelles Lambert SA | | 7,729 | 556,558 |
| KBC Group NV | | 21,399 | 1,552,095 |
| Lotus Bakeries SA | | 38 | 496,841 |
| Sofina SA | | 1,455 | 355,469 |
| Syensqo SA | | 6,922 | 534,814 |
| UCB SA | | 11,795 | 2,268,346 |
| Warehouses de Pauw | | 16,929 | 401,805 |
TOTAL BELGIUM | | | 12,606,622 |
| Brazil - 1.5% | | | |
| Ambev SA | | 442,600 | 967,750 |
| Atacadao SA | | 56,900 | 73,722 |
| B3 SA - Brasil Bolsa Balcao | | 517,900 | 951,426 |
| Banco Bradesco SA | | 153,968 | 339,316 |
| Banco Bradesco SA (PN) | | 491,095 | 1,220,750 |
| Banco BTG Pactual SA unit | | 109,700 | 617,109 |
| Banco do Brasil SA | | 158,400 | 721,457 |
| BB Seguridade Participacoes SA | | 65,600 | 388,886 |
| BRF SA (a) | | 55,700 | 252,731 |
| Caixa Seguridade Participacoes | | 55,200 | 137,501 |
| CCR SA | | 98,800 | 209,362 |
| Centrais Eletricas Brasileiras SA (Electrobras) | | 107,600 | 706,736 |
| Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) | | 26,655 | 194,625 |
| Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | | 41,200 | 656,247 |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | | 169,786 | 333,939 |
| Companhia Paranaense de Energia-COPEL (PN-B) | | 101,900 | 172,921 |
| Companhia Siderurgica Nacional SA (CSN) | | 62,700 | 127,658 |
| Cosan SA | | 115,008 | 235,153 |
| CPFL Energia SA | | 21,300 | 120,743 |
| Embraer SA (a) | | 65,700 | 550,976 |
| Energisa SA unit | | 22,200 | 165,706 |
| ENGIE Brasil Energia SA | | 19,250 | 138,092 |
| Equatorial Energia SA | | 113,052 | 628,143 |
| Gerdau SA | | 129,846 | 411,040 |
| Hapvida Participacoes e Investimentos SA (a)(c) | | 461,473 | 280,992 |
| Hypera SA | | 35,600 | 136,096 |
| Inter & Co., Inc. Class A (b) | | 23,076 | 151,379 |
| Itau Unibanco Holding SA | | 451,650 | 2,736,042 |
| Itausa SA | | 501,961 | 921,276 |
| Klabin SA unit | | 74,980 | 270,560 |
| Localiza Rent a Car SA | | 85,711 | 623,013 |
| Natura & Co. Holding SA | | 83,993 | 199,198 |
| Nu Holdings Ltd. Class A (a) | | 276,720 | 4,175,705 |
| PagSeguro Digital Ltd. (a) | | 18,925 | 152,157 |
| Petroleo Brasileiro SA - Petrobras: | | | |
| (ON) | | 352,944 | 2,384,749 |
| (PN) (non-vtg.) | | 411,600 | 2,556,792 |
| PRIO SA | | 75,000 | 531,665 |
| Raia Drogasil SA | | 120,324 | 506,614 |
| Rede D'Oregon Sao Luiz SA (c) | | 75,361 | 382,743 |
| Rumo SA | | 121,500 | 418,248 |
| Sendas Distribuidora SA (a) | | 122,300 | 158,458 |
| StoneCo Ltd. Class A (a) | | 23,458 | 260,384 |
| Suzano SA | | 72,522 | 749,821 |
| Telefonica Brasil SA | | 39,000 | 355,128 |
| TIM SA | | 80,700 | 231,453 |
| Totvs SA | | 51,000 | 263,253 |
| Ultrapar Participacoes SA | | 66,900 | 241,751 |
| Vale SA | | 317,626 | 3,409,827 |
| Vibra Energia SA | | 92,778 | 358,054 |
| Weg SA | | 156,660 | 1,466,359 |
| Wheaton Precious Metals Corp. | | 42,341 | 2,796,175 |
| XP, Inc. Class A | | 34,620 | 604,465 |
| Yara International ASA | | 15,501 | 466,149 |
TOTAL BRAZIL | | | 38,110,495 |
| Burkina Faso - 0.0% | | | |
| Endeavour Mining PLC | | 16,961 | 379,451 |
| Canada - 7.5% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 46,515 | 4,014,919 |
| Air Canada (a) | | 16,332 | 221,342 |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 71,409 | 3,723,925 |
| AltaGas Ltd. | | 27,851 | 665,496 |
| ARC Resources Ltd. | | 55,626 | 921,274 |
| Bank of Montreal | | 68,044 | 6,200,612 |
| Bank of Nova Scotia | | 114,716 | 5,906,554 |
| Barrick Gold Corp. (Canada) | | 163,936 | 3,168,397 |
| BCE, Inc. | | 6,667 | 214,947 |
| Brookfield Asset Management Ltd. Class A | | 33,130 | 1,757,685 |
| Brookfield Corp. (Canada) Class A | | 126,950 | 6,731,582 |
| CAE, Inc. (a) | | 29,740 | 523,310 |
| Cameco Corp. | | 40,563 | 2,119,700 |
| Canadian Apartment Properties (REIT) unit | | 7,527 | 250,783 |
| Canadian Imperial Bank of Commerce | | 87,998 | 5,505,445 |
| Canadian National Railway Co. | | 50,107 | 5,410,700 |
| Canadian Natural Resources Ltd. | | 198,552 | 6,752,208 |
| Canadian Pacific Kansas City Ltd. | | 86,971 | 6,709,200 |
| Canadian Tire Ltd. Class A (non-vtg.) | | 4,842 | 515,272 |
| Canadian Utilities Ltd. Class A (non-vtg.) | | 12,496 | 319,950 |
| CCL Industries, Inc. Class B | | 14,060 | 820,162 |
| Cenovus Energy, Inc. (Canada) | | 129,915 | 2,089,128 |
| CGI, Inc. Class A (sub. vtg.) | | 19,023 | 2,107,306 |
| Constellation Software, Inc. | | 1,879 | 5,666,676 |
| Constellation Software, Inc. warrants 3/31/40 (a)(d) | | 1,367 | 0 |
| Descartes Systems Group, Inc. (Canada) (a) | | 7,990 | 830,074 |
| Dollarama, Inc. | | 26,472 | 2,754,715 |
| Element Fleet Management Corp. | | 37,818 | 773,825 |
| Emera, Inc. | | 26,935 | 1,017,547 |
| Empire Co. Ltd. Class A (non-vtg.) | | 12,624 | 364,209 |
| Enbridge, Inc. | | 203,150 | 8,205,664 |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 1,932 | 2,400,864 |
| FirstService Corp. | | 3,781 | 700,070 |
| Fortis, Inc. | | 46,036 | 1,991,416 |
| Franco-Nevada Corp. | | 17,962 | 2,384,269 |
| George Weston Ltd. | | 5,582 | 885,399 |
| Gildan Activewear, Inc. | | 13,931 | 681,767 |
| Great-West Lifeco, Inc. | | 26,147 | 877,357 |
| Hydro One Ltd. (c) | | 30,800 | 991,679 |
| iA Financial Corp., Inc. | | 8,844 | 720,554 |
| IGM Financial, Inc. | | 7,603 | 228,415 |
| Imperial Oil Ltd. | | 17,497 | 1,305,662 |
| Intact Financial Corp. | | 16,643 | 3,178,349 |
| Ivanhoe Mines Ltd. (a) | | 63,138 | 834,826 |
| Keyera Corp. | | 21,355 | 655,826 |
| Kinross Gold Corp. | | 114,296 | 1,153,344 |
| Loblaw Companies Ltd. | | 14,269 | 1,804,083 |
| Magna International, Inc. (sub. vtg.) | | 25,492 | 1,006,425 |
| Manulife Financial Corp. | | 166,463 | 4,862,319 |
| MEG Energy Corp. | | 25,620 | 468,294 |
| Metro, Inc. | | 20,008 | 1,188,251 |
| National Bank of Canada | | 31,660 | 3,019,678 |
| Nutrien Ltd. | | 46,174 | 2,201,668 |
| Onex Corp. (sub. vtg.) | | 6,103 | 439,288 |
| Open Text Corp. | | 24,891 | 746,542 |
| Pan American Silver Corp. | | 33,901 | 792,772 |
| Parkland Corp. | | 13,159 | 306,210 |
| Pembina Pipeline Corp. | | 54,115 | 2,263,941 |
| Power Corp. of Canada (sub. vtg.) | | 52,657 | 1,664,405 |
| Quebecor, Inc. Class B (sub. vtg.) | | 14,864 | 370,119 |
| RB Global, Inc. | | 17,146 | 1,452,952 |
| Restaurant Brands International, Inc. | | 25,141 | 1,748,594 |
| Restaurant Brands International, Inc. | | 2,900 | 201,695 |
| Rogers Communications, Inc. Class B (non-vtg.) | | 33,528 | 1,217,733 |
| Royal Bank of Canada | | 132,036 | 15,968,357 |
| Saputo, Inc. | | 23,732 | 452,704 |
| Shopify, Inc. Class A (a) | | 112,863 | 8,828,986 |
| Stantec, Inc. | | 10,586 | 858,680 |
| Sun Life Financial, Inc. | | 53,954 | 2,991,524 |
| Suncor Energy, Inc. | | 119,050 | 4,494,034 |
| TC Energy Corp. | | 96,813 | 4,502,898 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 42,961 | 1,998,789 |
| TELUS Corp. | | 45,950 | 726,369 |
| TFI International, Inc. (Canada) | | 7,459 | 998,194 |
| The Toronto-Dominion Bank | | 163,057 | 9,013,895 |
| Thomson Reuters Corp. | | 14,684 | 2,403,584 |
| TMX Group Ltd. | | 25,719 | 803,332 |
| Toromont Industries Ltd. | | 7,613 | 672,531 |
| Tourmaline Oil Corp. | | 32,804 | 1,512,327 |
| West Fraser Timber Co. Ltd. | | 5,158 | 465,844 |
| WSP Global, Inc. | | 11,635 | 2,079,651 |
TOTAL CANADA | | | 189,779,072 |
| Chile - 0.2% | | | |
| Antofagasta PLC | | 36,714 | 819,944 |
| Banco de Chile | | 4,203,276 | 489,658 |
| Banco de Credito e Inversiones | | 8,362 | 245,271 |
| Banco Santander Chile | | 6,247,511 | 310,225 |
| Cencosud SA | | 119,300 | 247,430 |
| Empresas CMPC SA | | 105,401 | 167,844 |
| Empresas COPEC SA | | 36,269 | 228,987 |
| Enel Americas SA | | 2,030,971 | 190,228 |
| Enel Chile SA | | 2,461,434 | 130,622 |
| Falabella SA (a) | | 81,504 | 292,557 |
| LATAM Airlines Group SA | | 13,836,898 | 185,083 |
| Lundin Mining Corp. | | 61,558 | 598,625 |
| Sociedad Quimica y Minera de Chile SA (PN-B) | | 13,449 | 517,595 |
TOTAL CHILE | | | 4,424,069 |
| China - 8.3% | | | |
| 360 Security Technology, Inc. (A Shares) | | 34,900 | 47,413 |
| 37 Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | | 13,600 | 31,180 |
| AAC Technology Holdings, Inc. | | 66,000 | 266,574 |
| Accelink Technologies Co. Ltd. (A Shares) | | 4,200 | 26,833 |
| ACM Research Shanghai, Inc. (A Shares) | | 1,252 | 18,765 |
| Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 3,634 | 98,123 |
| AECC Aero-Engine Control Co. Ltd. (A Shares) | | 7,300 | 24,584 |
| AECC Aviation Power Co. Ltd. | | 14,300 | 85,939 |
| Agricultural Bank of China Ltd.: | | | |
| (A Shares) | | 503,900 | 335,047 |
| (H Shares) | | 2,608,000 | 1,281,432 |
| Aier Eye Hospital Group Co. Ltd. (A Shares) | | 52,495 | 106,762 |
| Air China Ltd.: | | | |
| (A Shares) (a) | | 33,600 | 34,643 |
| (H Shares) (a) | | 58,000 | 32,644 |
| Airtac International Group | | 13,278 | 368,731 |
| Akeso, Inc. (a)(c) | | 56,000 | 451,357 |
| Alibaba Group Holding Ltd. | | 1,418,844 | 17,355,747 |
| Alibaba Health Information Technology Ltd. (a) | | 522,000 | 263,985 |
| Aluminum Corp. of China Ltd.: | | | |
| (A shares) | | 106,100 | 113,603 |
| (H Shares) | | 318,000 | 202,614 |
| Amlogic Shanghai Co. Ltd. (A Shares) | | 2,262 | 22,104 |
| Angel Yeast Co. Ltd. (A Shares) | | 3,600 | 18,422 |
| Anhui Conch Cement Co. Ltd.: | | | |
| (A Shares) | | 14,900 | 56,016 |
| (H Shares) | | 123,500 | 358,748 |
| Anhui Gujing Distillery Co. Ltd.: | | | |
| (A Shares) | | 1,300 | 34,481 |
| (B Shares) | | 12,300 | 188,323 |
| Anhui Jianghuai Automobile Group Corp. Ltd. (A Shares) | | 12,200 | 70,188 |
| Anhui Kouzi Distillery Co. Ltd. (A Shares) | | 2,300 | 12,527 |
| Anhui Yingjia Distillery Co. Ltd. (A Shares) | | 3,600 | 30,437 |
| Anjoy Foods Group Co. Ltd. (A Shares) | | 1,600 | 19,269 |
| Anker Innovations Technology Co. Ltd. (A Shares) | | 3,110 | 35,041 |
| Anta Sports Products Ltd. | | 118,800 | 1,267,975 |
| Asymchem Laboratories Tianjin Co. Ltd. (A Shares) | | 1,760 | 20,545 |
| Autobio Diagnostics Co. Ltd. | | 3,300 | 20,868 |
| Autohome, Inc. ADR Class A | | 6,285 | 176,609 |
| Avary Holding Shenzhen Co. Ltd. (A Shares) | | 11,800 | 62,096 |
| AviChina Industry & Technology Co. Ltd. (H Shares) | | 249,000 | 133,746 |
| Avicopter PLC (A Shares) | | 3,500 | 20,659 |
| BAIC BluePark New Energy Technology Co. Ltd. (A Shares) (a) | | 34,900 | 40,476 |
| Baidu, Inc. Class A (a) | | 212,692 | 2,426,992 |
| Bank of Beijing Co. Ltd. (A Shares) | | 200,100 | 158,989 |
| Bank of Changsha Co. Ltd. (A Shares) | | 20,100 | 24,086 |
| Bank of Chengdu Co. Ltd. (A Shares) | | 19,800 | 42,890 |
| Bank of China Ltd.: | | | |
| (A Shares) | | 495,300 | 335,546 |
| (H Shares) | | 6,974,000 | 3,310,069 |
| Bank of Communications Co. Ltd.: | | | |
| (A Shares) | | 182,400 | 182,334 |
| (H Shares) | | 869,000 | 658,168 |
| Bank of Hangzhou Co. Ltd. (A Shares) | | 31,400 | 61,173 |
| Bank of Jiangsu Co. Ltd. (A Shares) | | 96,460 | 119,493 |
| Bank of Nanjing Co. Ltd. (A Shares) | | 52,100 | 75,097 |
| Bank of Ningbo Co. Ltd. (A Shares) | | 37,780 | 135,783 |
| Bank of Shanghai Co. Ltd. (A Shares) | | 70,918 | 77,287 |
| Bank of Suzhou Co. Ltd. | | 15,800 | 16,962 |
| Baoshan Iron & Steel Co. Ltd. (A Shares) | | 116,500 | 106,876 |
| BeiGene Ltd. (a) | | 64,677 | 1,018,634 |
| Beijing Enlight Media Co. Ltd. (A Shares) | | 13,000 | 16,171 |
| Beijing Enterprises Holdings Ltd. | | 48,000 | 157,265 |
| Beijing Enterprises Water Group Ltd. | | 378,000 | 112,545 |
| Beijing Kingsoft Office Software, Inc. (A Shares) | | 2,593 | 93,712 |
| Beijing New Building Materials PLC (A Shares) | | 9,000 | 39,446 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | | 5,800 | 11,903 |
| Beijing Roborock Technology Co. Ltd. (A Shares) | | 1,022 | 33,876 |
| Beijing Tiantan Biological Products Corp. Ltd. (A Shares) | | 11,400 | 34,481 |
| Beijing Tongrentang Co. Ltd. (A Shares) | | 6,300 | 35,066 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) | | 5,356 | 53,671 |
| Beijing Yanjing Brewery Co. Ltd. (A Shares) | | 11,400 | 16,281 |
| Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) | | 284,000 | 216,651 |
| Bethel Automotive Safety Systems Co. Ltd. (A Shares) | | 3,980 | 27,112 |
| Bilibili, Inc. Class Z (a) | | 21,666 | 478,690 |
| Bloomage Biotechnology Corp. Ltd. (A Shares) | | 2,867 | 24,208 |
| BOC Aviation Ltd. Class A (c) | | 19,600 | 152,018 |
| BOC Hong Kong (Holdings) Ltd. | | 343,500 | 1,121,435 |
| BOC International China Co. Ltd. | | 17,200 | 28,014 |
| BOE Technology Group Co. Ltd. (A Shares) | | 217,500 | 142,704 |
| Bosideng International Holdings Ltd. | | 362,000 | 202,990 |
| By-Health Co. Ltd. (A Shares) | | 8,700 | 15,560 |
| BYD Co. Ltd.: | | | |
| (A Shares) | | 12,800 | 527,234 |
| (H Shares) | | 94,000 | 3,395,150 |
| BYD Electronic International Co. Ltd. | | 73,000 | 312,836 |
| C&D International Investment Group Ltd. | | 64,922 | 122,852 |
| Caitong Securities Co. Ltd. | | 22,200 | 25,795 |
| Cambricon Technologies Corp. Ltd. (A Shares) (a) | | 2,337 | 148,783 |
| Cathay Biotech, Inc. (A Shares) | | 2,616 | 17,322 |
| CGN Power Co. Ltd.: | | | |
| (A Shares) | | 71,600 | 40,585 |
| (H Shares) (c) | | 1,010,000 | 363,033 |
| Changchun High & New Technology Industry Group, Inc. (A Shares) | | 1,800 | 26,376 |
| Changjiang Securities Co. Ltd. (A Shares) | | 27,600 | 27,401 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) | | 1,400 | 26,992 |
| Chaozhou Three-Circle Group Co. (A Shares) | | 11,700 | 61,078 |
| Chifeng Jilong Gold Mining Co. Ltd. (A Shares) | | 10,500 | 27,781 |
| China CITIC Bank Corp. Ltd.: | | | |
| (A Shares) | | 79,900 | 73,395 |
| (H Shares) | | 719,000 | 448,114 |
| China Coal Energy Co. Ltd. (H Shares) | | 192,000 | 239,516 |
| China Communications Services Corp. Ltd. (H Shares) | | 210,000 | 112,822 |
| China Construction Bank Corp.: | | | |
| (A Shares) | | 291,400 | 324,893 |
| (H Shares) | | 8,639,000 | 6,705,908 |
| China CSSC Holdings Ltd. (A Shares) | | 24,300 | 125,415 |
| China Eastern Airlines Corp. Ltd. (A Shares) (a) | | 82,200 | 44,371 |
| China Energy Engineering Corp. Ltd. (A Shares) | | 251,700 | 82,773 |
| China Everbright Bank Co. Ltd.: | | | |
| (A Shares) | | 99,400 | 48,204 |
| (H Shares) | | 503,000 | 170,024 |
| China Feihe Ltd. (c) | | 340,000 | 256,613 |
| China Galaxy Securities Co. Ltd.: | | | |
| (A Shares) | | 31,200 | 63,850 |
| (H Shares) | | 352,000 | 313,343 |
| China Gas Holdings Ltd. | | 246,800 | 211,940 |
| China Great Wall Securities Co. Ltd. (A Shares) | | 14,800 | 17,766 |
| China Greatwall Technology Group Co. Ltd. (A Shares) (a) | | 20,200 | 44,926 |
| China Hongqiao Group Ltd. | | 271,000 | 435,414 |
| China International Capital Corp. Ltd. | | 2,100 | 10,452 |
| China International Capital Corp. Ltd. (H Shares) (c) | | 182,400 | 329,652 |
| China Jushi Co. Ltd. (A Shares) | | 19,415 | 30,841 |
| China Life Insurance Co. Ltd.: | | | |
| (A Shares) | | 8,900 | 52,389 |
| (H Shares) | | 716,000 | 1,517,736 |
| China Literature Ltd. (a)(c) | | 39,800 | 143,701 |
| China Longyuan Power Grid Corp. Ltd. (H Shares) | | 298,000 | 264,984 |
| China Mengniu Dairy Co. Ltd. | | 297,000 | 665,120 |
| China Merchants Bank Co. Ltd.: | | | |
| (A Shares) | | 104,300 | 548,024 |
| (H Shares) | | 376,000 | 1,839,967 |
| China Merchants Energy Shipping Co. Ltd. (A Shares) | | 40,500 | 38,244 |
| China Merchants Expressway Network & Technology Holdings Co. Ltd. (A Shares) | | 31,600 | 51,601 |
| China Merchants Holdings International Co. Ltd. | | 113,219 | 186,190 |
| China Merchants Securities Co. Ltd. (A Shares) | | 41,250 | 111,563 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 52,400 | 83,254 |
| China Minmetals Rare Earth Co. Ltd. (A Shares) | | 6,400 | 27,279 |
| China Minsheng Banking Corp. Ltd.: | | | |
| (A Shares) | | 45,200 | 24,009 |
| (H Shares) | | 788,900 | 293,012 |
| China National Building Materials Co. Ltd. (H Shares) | | 419,000 | 178,260 |
| China National Chemical Engineering Co. Ltd. (A Shares) | | 31,300 | 35,581 |
| China National Medicines Corp. Ltd. (A Shares) | | 2,700 | 11,990 |
| China National Nuclear Power Co. Ltd. (A Shares) | | 106,100 | 149,856 |
| China National Software & Service Co. Ltd. (A Shares) (a) | | 5,780 | 36,875 |
| China Northern Rare Earth Group High-Tech Co. Ltd. | | 20,800 | 62,596 |
| China Oilfield Services Ltd. (H Shares) | | 166,000 | 155,321 |
| China Overseas Land and Investment Ltd. | | 357,500 | 683,117 |
| China Pacific Insurance (Group) Co. Ltd. | | 33,300 | 172,265 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 254,000 | 882,105 |
| China Petroleum & Chemical Corp.: | | | |
| (A Shares) | | 183,700 | 159,570 |
| (H Shares) | | 2,264,000 | 1,275,290 |
| China Power International Development Ltd. | | 395,805 | 169,919 |
| China Railway Group Ltd.: | | | |
| (A Shares) | | 102,100 | 91,997 |
| (H Shares) | | 422,000 | 210,586 |
| China Railway Signal & Communications Corp. (A Shares) | | 44,331 | 39,089 |
| China Resource Gas Group Ltd. | | 85,500 | 329,656 |
| China Resources Beer Holdings Co. Ltd. | | 149,500 | 553,792 |
| China Resources Land Ltd. | | 302,000 | 1,006,698 |
| China Resources Microelectronics Ltd. (A Shares) | | 7,782 | 55,037 |
| China Resources Mixc Lifestyle Services Ltd. (c) | | 64,200 | 264,852 |
| China Resources Pharmaceutical Group Ltd. (c) | | 186,000 | 131,563 |
| China Resources Power Holdings Co. Ltd. | | 178,000 | 428,179 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) | | 6,760 | 42,796 |
| China Ruyi Holdings Ltd. (a) | | 584,000 | 143,401 |
| China Shenhua Energy Co. Ltd.: | | | |
| (A Shares) | | 38,900 | 218,872 |
| (H Shares) | | 320,500 | 1,387,741 |
| China Southern Airlines Ltd.: | | | |
| (A Shares) (a) | | 11,600 | 10,052 |
| (H Shares) (a) | | 112,000 | 48,954 |
| China State Construction Engineering Corp. Ltd. (A Shares) | | 243,600 | 206,253 |
| China State Construction International Holdings Ltd. | | 184,000 | 270,065 |
| China Taiping Insurance Group Ltd. | | 131,800 | 227,019 |
| China Three Gorges Renewables Group Co. Ltd. (A Shares) | | 159,400 | 106,518 |
| China Tourism Group Duty Free Corp. Ltd. (A Shares) | | 11,000 | 104,906 |
| China Tower Corp. Ltd. (H Shares) (c) | | 4,140,000 | 558,615 |
| China United Network Communications Ltd. (A Shares) | | 192,000 | 134,606 |
| China Vanke Co. Ltd.: | | | |
| (A Shares) (a) | | 32,600 | 42,611 |
| (H Shares) (a)(b) | | 234,100 | 222,878 |
| China XD Electric Co. Ltd. (A Shares) | | 25,600 | 29,707 |
| China Yangtze Power Co. Ltd. (A Shares) | | 137,200 | 531,716 |
| China Zheshang Bank Co. Ltd. | | 109,300 | 43,620 |
| Chongqing Brewery Co. Ltd. (A Shares) | | 2,800 | 22,860 |
| Chongqing Changan Automobile Co. Ltd. (A Shares) | | 46,588 | 86,689 |
| Chongqing Rural Commercial Bank Co. Ltd. (H Shares) | | 63,000 | 34,167 |
| Chongqing Zhifei Biological Products Co. Ltd. (A Shares) | | 13,950 | 55,667 |
| Chow Tai Fook Jewellery Group Ltd. | | 191,000 | 180,906 |
| CITIC Pacific Ltd. | | 541,000 | 635,464 |
| CITIC Pacific Special Steel Group Co. Ltd. | | 17,600 | 29,958 |
| CITIC Securities Co. Ltd.: | | | |
| (A Shares) | | 53,525 | 211,132 |
| (H Shares) | | 168,725 | 465,992 |
| Cmoc Group Ltd.: | | | |
| (A Shares) | | 65,000 | 68,976 |
| (H Shares) | | 399,000 | 330,278 |
| CNGR Advanced Material Co. Ltd. | | 4,620 | 24,905 |
| CNOOC Energy Technology & Services Ltd. (A Shares) | | 33,900 | 20,788 |
| CNPC Capital Co. Ltd. (A Shares) | | 49,300 | 61,258 |
| Contemporary Amperex Technology Co. Ltd. | | 25,380 | 880,553 |
| COSCO Shipping Development Co. Ltd. (A Shares) | | 37,900 | 14,116 |
| COSCO Shipping Energy Transportation Co. Ltd.: | | | |
| (A Shares) | | 62,000 | 114,080 |
| (H Shares) | | 54,000 | 51,682 |
| COSCO SHIPPING Holdings Co. Ltd.: | | | |
| (A Shares) | | 59,870 | 122,595 |
| (H Shares) | | 285,550 | 422,881 |
| CRRC Corp. Ltd.: | | | |
| (A Shares) | | 137,300 | 160,413 |
| (H Shares) | | 442,000 | 286,093 |
| CSC Financial Co. Ltd. (A Shares) | | 22,900 | 81,827 |
| CSPC Innovation Pharmaceutical Co. Ltd. (A Shares) | | 7,520 | 27,009 |
| CSPC Pharmaceutical Group Ltd. | | 783,760 | 580,244 |
| Daqin Railway Co. Ltd. (A Shares) | | 161,400 | 147,718 |
| Datang International Power Generation Co. Ltd. (A Shares) | | 63,300 | 26,225 |
| Dong-E-E-Jiao Co. Ltd. (A Shares) | | 3,400 | 28,151 |
| Dongfang Electric Corp. Ltd. (A Shares) | | 16,800 | 37,222 |
| Dongxing Securities Co. Ltd. (A Shares) | | 15,200 | 23,496 |
| East Money Information Co. Ltd. (A Shares) | | 88,340 | 287,517 |
| Eastroc Beverage Group Co. Ltd. (A Shares) | | 2,210 | 65,807 |
| Ecovacs Robotics Co. Ltd. Class A | | 3,500 | 25,657 |
| Empyrean Technology Co. Ltd. (A Shares) | | 2,600 | 36,501 |
| ENN Energy Holdings Ltd. | | 73,800 | 519,943 |
| ENN Natural Gas Co. Ltd. (A Shares) | | 13,300 | 34,296 |
| Eoptolink Technology, Inc. Ltd. (A Shares) | | 3,700 | 67,059 |
| Eve Energy Co. Ltd. (A shares) | | 10,771 | 73,502 |
| Everbright Securities Co. Ltd. (A Shares) | | 18,900 | 46,009 |
| Everdisplay Optronics Shanghai Co. Ltd. (A Shares) (a) | | 54,746 | 19,411 |
| Far East Horizon Ltd. | | 181,000 | 126,336 |
| FAW Jiefang Group Co. Ltd. (A Shares) | | 12,800 | 15,500 |
| Flat Glass Group Co. Ltd. | | 2,000 | 4,076 |
| Flat Glass Group Co. Ltd. (A Shares) | | 10,000 | 40,426 |
| Focus Media Information Technology Co. Ltd. (A Shares) | | 71,800 | 72,757 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 25,892 | 159,346 |
| Fosun International Ltd. | | 231,500 | 131,432 |
| Founder Securities Co. Ltd. (A Shares) | | 44,500 | 54,095 |
| Foxconn Industrial Internet Co. Ltd. (A Shares) | | 72,100 | 241,731 |
| Fuyao Glass Industries Group Co. Ltd.: | | | |
| (A Shares) | | 6,700 | 53,591 |
| (H Shares) (c) | | 61,600 | 435,734 |
| GalaxyCore, Inc. (A Shares) | | 10,259 | 22,204 |
| Ganfeng Lithium Group Co. Ltd. (A Shares) | | 9,760 | 46,570 |
| GCL Technology Holdings Ltd. (a) | | 2,036,000 | 449,564 |
| GD Power Development Co. Ltd. (A Shares) | | 92,000 | 62,563 |
| Geely Automobile Holdings Ltd. | | 560,000 | 984,424 |
| GEM Co. Ltd. (A Shares) | | 24,900 | 24,404 |
| Genscript Biotech Corp. (a) | | 106,000 | 162,135 |
| GF Securities Co. Ltd.: | | | |
| (A Shares) | | 27,300 | 62,118 |
| (H Shares) | | 28,000 | 39,777 |
| Giant Biogene Holding Co. Ltd. (c) | | 28,400 | 192,619 |
| Gigadevice Semiconductor Beijing, Inc. (A Shares) (a) | | 3,240 | 40,875 |
| Ginlong Technologies Co. Ltd. (A Shares) | | 2,650 | 26,891 |
| GoerTek, Inc. (A Shares) | | 19,800 | 64,979 |
| Goldwind Science & Technology Co. Ltd. (H Shares) | | 33,616 | 28,555 |
| Goneo Group Co. Ltd. (A Shares) | | 2,900 | 29,703 |
| Gotion High-tech Co. Ltd. (A Shares) | | 8,400 | 26,826 |
| Great Wall Motor Co. Ltd.: | | | |
| (A Shares) | | 19,300 | 71,041 |
| (H Shares) | | 204,000 | 324,397 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 14,400 | 88,071 |
| GRG Banking Equipment Co. Ltd. (A Shares) | | 10,900 | 18,834 |
| Guangdong Haid Group Co. Ltd. (A Shares) | | 8,000 | 49,330 |
| Guangdong Investment Ltd. | | 270,000 | 171,876 |
| Guanghui Energy Co. Ltd. (A Shares) | | 30,500 | 32,726 |
| Guangzhou Automobile Group Co. Ltd. | | 37,700 | 42,327 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) (b) | | 226,000 | 79,221 |
| Guangzhou Baiyun International Airport Co. Ltd. (A Shares) | | 8,900 | 12,120 |
| Guangzhou Baiyunshan Pharma Health (A Shares) | | 7,200 | 28,270 |
| Guangzhou Haige Communications Group (A Shares) | | 11,300 | 17,959 |
| Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) | | 11,760 | 31,294 |
| Guolian Securities Co. Ltd. | | 11,900 | 20,566 |
| Guosen Securities Co. Ltd. (A Shares) | | 53,100 | 86,087 |
| Guotai Junan Securities Co. Ltd. (H Shares) (b)(c) | | 88,800 | 130,100 |
| Guoyuan Securities Co. Ltd. (A Shares) | | 23,710 | 28,218 |
| H World Group Ltd. ADR | | 18,997 | 697,000 |
| Haidilao International Holding Ltd. (c) | | 155,000 | 312,623 |
| Haier Smart Home Co. Ltd. | | 229,800 | 833,996 |
| Haier Smart Home Co. Ltd. (A Shares) | | 33,800 | 138,858 |
| Hainan Airlines Co. Ltd. (A Shares) (a) | | 205,600 | 39,952 |
| Hainan Airport Infrastructure Co. Ltd. (A Shares) (a) | | 62,700 | 31,044 |
| Haitian International Holdings Ltd. | | 59,000 | 163,193 |
| Haitong Securities Co. Ltd.: | | | |
| (A Shares) | | 8,400 | 13,914 |
| (H Shares) | | 380,800 | 317,170 |
| Hangzhou First Applied Material Co. Ltd. (A Shares) | | 14,582 | 38,265 |
| Hangzhou Greatstar Industrial Co. Ltd. (A Shares) | | 5,400 | 21,741 |
| Hangzhou Silan Microelectronics Co. Ltd. (A Shares) (a) | | 10,200 | 44,343 |
| Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | | 2,300 | 20,344 |
| Hansoh Pharmaceutical Group Co. Ltd. (c) | | 110,000 | 256,471 |
| Hebei Yangyuan Zhihui Beverage Co. Ltd. (A Shares) | | 7,800 | 22,675 |
| Heilongjiang Agriculture Co. Ltd. (A Shares) | | 10,400 | 22,641 |
| Henan Shenhuo Coal & Power Co. Ltd. (A Shares) | | 11,600 | 29,116 |
| Henan Shuanghui Investment & Development Co. Ltd. (A Shares) | | 17,100 | 59,817 |
| Hengan International Group Co. Ltd. | | 56,500 | 166,837 |
| Hengli Petrochemical Co. Ltd. (A Shares) | | 35,600 | 68,731 |
| Hengtong Optic-electric Co. Ltd. (A Shares) | | 13,900 | 33,835 |
| Hengyi Petrochemical Co. Ltd. (A Shares) | | 20,200 | 18,127 |
| Hisense Electric Co. Ltd. (A Shares) | | 7,700 | 24,137 |
| Hisense Home Appliances Group Co. Ltd.: | | | |
| (A Shares) | | 10,900 | 42,941 |
| (H Shares) | | 25,000 | 79,207 |
| Hithink RoyalFlush Information Network Co. Ltd. (A Shares) | | 3,000 | 86,493 |
| HLA Group Corp. Ltd. (A Shares) | | 26,800 | 21,438 |
| Hoshine Silicon Industry Co. Ltd. (A Shares) | | 4,200 | 34,875 |
| Hua Hong Semiconductor Ltd. (c) | | 63,000 | 176,205 |
| Huadian Power International Corp. Ltd.: | | | |
| (A Shares) | | 23,100 | 18,722 |
| (H Shares) | | 26,000 | 12,918 |
| Huadong Medicine Co. Ltd. (A Shares) | | 9,600 | 44,568 |
| Huafon Chemical Co. Ltd. (A Shares) (d) | | 22,600 | 25,749 |
| Huagong Tech Co. Ltd. (A Shares) | | 6,700 | 36,950 |
| Huaibei Mining Holdings Co. Ltd. (A Shares) | | 16,300 | 35,422 |
| Hualan Biological Engineer, Inc. (A Shares) | | 7,410 | 17,166 |
| Huaneng Lancang River Hydropower, Inc. (A Shares) | | 30,400 | 41,624 |
| Huaneng Power International, Inc.: | | | |
| (A Shares) | | 61,600 | 62,824 |
| (H Shares) | | 372,000 | 199,317 |
| Huatai Securities Co. Ltd.: | | | |
| (A Shares) | | 26,000 | 64,408 |
| (H Shares) (c) | | 140,400 | 237,651 |
| Huaxia Bank Co. Ltd. (A Shares) | | 67,600 | 67,161 |
| Huayu Automotive Systems Co. Ltd. (A Shares) | | 14,200 | 30,117 |
| Hubei Jumpcan Pharmaceutical Co. Ltd. (A Shares) | | 5,500 | 23,336 |
| Huizhou Desay SV Automotive Co. Ltd. | | 2,900 | 49,557 |
| Humanwell Healthcare Group Co. Ltd. (A Shares) | | 8,000 | 24,211 |
| Hunan Valin Steel Co. Ltd. (A Shares) | | 31,000 | 20,442 |
| Hundsun Technologies, Inc. (A Shares) | | 9,408 | 35,374 |
| Hwatsing Technology Co. Ltd. (A Shares) | | 1,107 | 29,931 |
| Hygon Information Technology Co. Ltd. (A Shares) | | 12,824 | 231,200 |
| IEIT Systems Co. Ltd. (A Shares) | | 7,145 | 46,699 |
| iFlytek Co. Ltd. (A Shares) | | 13,100 | 84,349 |
| IMEIK Technology Development Co. Ltd. (A Shares) | | 1,800 | 53,762 |
| Industrial & Commercial Bank of China Ltd.: | | | |
| (A Shares) | | 847,100 | 719,460 |
| (H Shares) | | 5,734,000 | 3,439,578 |
| Industrial Bank Co. Ltd. (A Shares) | | 151,700 | 389,812 |
| Industrial Securities Co. Ltd. (A Shares) | | 38,270 | 35,116 |
| Ingenic Semiconductor Co. Ltd. (A Shares) | | 3,000 | 30,687 |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | | 35,600 | 139,859 |
| Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) | | 231,700 | 55,654 |
| Inner Mongolia Dian Tou Energy Corp. Ltd. | | 10,700 | 30,208 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) | | 41,800 | 24,995 |
| Inner Mongolia Yitai Coal Co. Ltd. (B Shares) | | 114,600 | 265,668 |
| Inner Mongolia Yuan Xing Energy Co. Ltd. (A Shares) | | 23,400 | 22,204 |
| Innovent Biologics, Inc. (a)(c) | | 114,000 | 495,578 |
| iQIYI, Inc. ADR (a) | | 44,477 | 116,085 |
| iSoftStone Information Technology Group Co. Ltd. (A Shares) | | 5,650 | 53,728 |
| JA Solar Technology Co. Ltd. (A Shares) | | 17,276 | 46,990 |
| JCET Group Co. Ltd. (A Shares) | | 9,700 | 54,091 |
| JCHX Mining Management Co. Ltd. (A Shares) | | 3,300 | 18,529 |
| JD Health International, Inc. (a)(c) | | 103,000 | 368,673 |
| JD Logistics, Inc. (a)(c) | | 185,300 | 377,063 |
| JD.com, Inc. Class A | | 230,473 | 4,673,814 |
| Jiangsu Eastern Shenghong Co. Ltd. | | 30,100 | 33,431 |
| Jiangsu Expressway Co. Ltd. (H Shares) | | 116,000 | 116,727 |
| Jiangsu Hengli Hydraulic Co. Ltd. | | 7,076 | 51,456 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 35,732 | 234,317 |
| Jiangsu King's Luck Brewery JSC Ltd. (A Shares) | | 6,500 | 40,162 |
| Jiangsu Nhwa Pharmaceutical Co. Ltd. (A Shares) | | 6,100 | 22,716 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd. | | 13,500 | 19,087 |
| Jiangsu Yanghe Brewery JSC Ltd. (A Shares) | | 9,100 | 102,855 |
| Jiangsu Yangnong Chemical Co. Ltd. (A Shares) | | 2,630 | 21,372 |
| Jiangsu Yoke Technology Co. Ltd. (A Shares) | | 2,200 | 19,604 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) | | 4,700 | 22,387 |
| Jiangsu Zhongtian Technology Co. Ltd. (A Shares) | | 15,900 | 35,202 |
| Jiangxi Copper Co. Ltd.: | | | |
| (A Shares) | | 9,800 | 29,849 |
| (H Shares) | | 103,000 | 173,257 |
| Jinduicheng Molybdenum Co. Ltd. (A Shares) | | 18,700 | 28,184 |
| Jinko Solar Co. Ltd. (A Shares) | | 55,295 | 73,669 |
| Jointown Pharmaceutical Group (A Shares) | | 19,374 | 14,077 |
| Juneyao Airlines Co. Ltd. (A shares) | | 15,300 | 27,448 |
| Kangmei Pharmaceutical Co. Ltd. rights (a)(d) | | 751 | 0 |
| Kanzhun Ltd. ADR | | 24,612 | 358,105 |
| KE Holdings, Inc. ADR | | 60,363 | 1,323,761 |
| Kingdee International Software Group Co. Ltd. (a) | | 284,000 | 297,307 |
| Kingsoft Corp. Ltd. | | 87,200 | 300,513 |
| Kuaishou Technology Class B (a)(c) | | 218,800 | 1,289,390 |
| Kuang-Chi Technologies Co. Ltd. (A Shares) | | 10,200 | 60,746 |
| Kunlun Energy Co. Ltd. | | 362,000 | 343,307 |
| Kunlun Tech Co. Ltd. (A Shares) | | 6,500 | 37,020 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 7,300 | 1,567,343 |
| Lb Group Co. Ltd. (A Shares) | | 12,900 | 34,169 |
| Lenovo Group Ltd. | | 752,000 | 991,615 |
| Lens Technology Co. Ltd. (A Shares) | | 26,400 | 83,316 |
| Lepu Medical Technology Beijing Co. Ltd. (A Shares) | | 13,000 | 22,014 |
| Li Auto, Inc. Class A (a) | | 115,598 | 1,453,656 |
| Li Ning Co. Ltd. | | 216,500 | 441,749 |
| Liaoning Port Co. Ltd. (A Shares) | | 69,500 | 15,052 |
| Lingyi iTech Guangdong Co. (A Shares) | | 48,400 | 60,985 |
| Livzon Pharmaceutical Group, Inc. (A Shares) | | 4,500 | 23,168 |
| Longfor Properties Co. Ltd. (c) | | 188,801 | 305,859 |
| LONGi Green Energy Technology Co. Ltd. | | 42,652 | 118,416 |
| Luxshare Precision Industry Co. Ltd. (A Shares) | | 40,393 | 237,900 |
| Luzhou Laojiao Co. Ltd. (A Shares) | | 8,200 | 156,292 |
| Mango Excellent Media Co. Ltd. (A Shares) | | 10,000 | 35,243 |
| Maxscend Microelectronics Co. Ltd. (A Shares) | | 3,324 | 44,540 |
| Meihua Holdings Group Co. Ltd. (A Shares) | | 19,100 | 25,410 |
| Meituan Class B (a)(c) | | 464,980 | 10,987,651 |
| Metallurgical Corp. China Ltd. (A Shares) | | 117,700 | 55,240 |
| Midea Group Co. Ltd.: | | | |
| (A Shares) | | 19,000 | 190,396 |
| (H Shares) | | 34,000 | 316,928 |
| MINISO Group Holding Ltd. | | 34,712 | 173,954 |
| MMG Ltd. (a) | | 404,000 | 142,201 |
| Montage Technology Co. Ltd. (A Shares) | | 5,827 | 55,951 |
| Muyuan Foodstuff Co. Ltd. (A Shares) (a) | | 29,140 | 178,755 |
| Nanjing Iron & Steel Co. Ltd. | | 32,500 | 19,826 |
| Nanjing Securities Co. Ltd. (A Shares) | | 14,200 | 18,098 |
| NARI Technology Co. Ltd. (A Shares) | | 45,080 | 164,663 |
| National Silicon Industry Group Co. Ltd. (A Shares) | | 15,982 | 50,300 |
| NAURA Technology Group Co. Ltd. | | 2,900 | 159,582 |
| NetEase, Inc. | | 180,290 | 2,900,650 |
| New China Life Insurance Co. Ltd. | | 19,900 | 134,248 |
| New China Life Insurance Co. Ltd. (H Shares) | | 66,400 | 224,084 |
| New Hope Liuhe Co. Ltd. (A Shares) (a) | | 22,500 | 30,999 |
| New Oriental Education & Technology Group, Inc. | | 138,890 | 869,182 |
| Ninestar Corp. (A Shares) (a) | | 8,400 | 33,211 |
| Ningbo Deye Technology Co. Ltd. (A Shares) | | 3,444 | 45,833 |
| Ningbo Joyson Electronic Corp. (A shares) | | 6,800 | 15,890 |
| Ningbo Orient Wires & Cables Co. Ltd. (A Shares) | | 4,200 | 33,399 |
| Ningbo Sanxing Medical Electric Co. Ltd. | | 7,500 | 32,594 |
| Ningbo Tuopu Group Co. Ltd. (A Shares) | | 8,555 | 51,972 |
| Ningxia Baofeng Energy Group Co. Ltd. | | 67,700 | 151,190 |
| NIO, Inc. (A Shares) (a) | | 134,844 | 693,562 |
| Nongfu Spring Co. Ltd. (H Shares) (c) | | 187,400 | 698,226 |
| Offshore Oil Enginering Co. Ltd. (A Shares) | | 26,800 | 20,424 |
| OFILM Group Co. Ltd. (A Shares) (a) | | 14,600 | 36,086 |
| Oppein Home Group, Inc. (A Shares) | | 2,560 | 25,326 |
| Orient Securities Co. Ltd. (A Shares) | | 33,540 | 49,635 |
| Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a) | | 57,900 | 23,402 |
| PDD Holdings, Inc. ADR (a) | | 64,792 | 7,813,267 |
| People's Insurance Co. of China Group Ltd.: | | | |
| (A Shares) | | 50,300 | 50,256 |
| (H Shares) | | 862,000 | 435,099 |
| PetroChina Co. Ltd.: | | | |
| (A Shares) | | 112,700 | 128,118 |
| (H Shares) | | 1,972,000 | 1,480,804 |
| Pharmaron Beijing Co. Ltd.: | | | |
| (A Shares) | | 1,825 | 7,493 |
| (H Shares) (c) | | 17,100 | 33,079 |
| PICC Property & Casualty Co. Ltd. (H Shares) | | 646,000 | 979,963 |
| Ping An Bank Co. Ltd. (A Shares) | | 114,600 | 183,460 |
| Ping An Insurance Group Co. of China Ltd.: | | | |
| (A Shares) | | 59,000 | 464,041 |
| (H Shares) | | 626,000 | 3,878,561 |
| Pingdingshan Tianan Coal Mining Co. Ltd. A Shares | | 12,400 | 17,681 |
| Piotech, Inc. (A Shares) | | 1,639 | 37,029 |
| Poly Developments & Holdings (A Shares) | | 67,100 | 101,999 |
| Pop Mart International Group Ltd. (c) | | 50,000 | 452,044 |
| Postal Savings Bank of China Co. Ltd. | | 148,000 | 108,443 |
| Postal Savings Bank of China Co. Ltd. (H Shares) (c) | | 758,000 | 435,306 |
| Power Construction Corp. of China Ltd. (A Shares) | | 84,100 | 65,100 |
| Prosus NV | | 132,248 | 5,573,575 |
| Prosus NV rights (a)(e) | | 132,248 | 14,385 |
| Qifu Technology, Inc. ADR | | 10,836 | 355,529 |
| Qinghai Salt Lake Potash Co. Ltd. Class A (a) | | 29,500 | 74,366 |
| Range Intelligent Computing Technology Group Co. Ltd. (A Shares) | | 8,600 | 38,636 |
| Rockchip Electronics Co. Ltd. | | 2,700 | 33,433 |
| Rongsheng Petrochemical Co. Ltd. (A Shares) | | 50,650 | 67,104 |
| SAIC Motor Corp. Ltd. (A Shares) | | 39,400 | 71,260 |
| Sailun Group Co. Ltd. A Shares | | 15,100 | 30,739 |
| Sanan Optoelectronics Co. Ltd. (A Shares) | | 28,900 | 55,687 |
| Sany Heavy Industry Co. Ltd. (A Shares) | | 47,400 | 121,638 |
| Satellite Chemical Co. Ltd. (A Shares) | | 16,009 | 42,533 |
| SDIC Capital Co. Ltd. | | 29,800 | 33,212 |
| SDIC Power Holdings Co. Ltd. (A Shares) | | 42,700 | 91,275 |
| Seres Group Co. Ltd. (A Shares) (a) | | 8,000 | 131,043 |
| SF Holding Co. Ltd. (A Shares) | | 26,900 | 169,106 |
| SG Micro Corp. (A Shares) | | 2,457 | 30,761 |
| Shaanxi Coal Industry Co. Ltd. (A Shares) | | 53,600 | 185,934 |
| Shan Xi Hua Yang Group New Energy Co. Ltd. | | 19,300 | 20,295 |
| Shandong Gold Mining Co. Ltd.: | | | |
| (A Shares) | | 15,240 | 56,063 |
| (H Shares) (c) | | 77,250 | 153,039 |
| Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares) | | 3,700 | 23,644 |
| Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) | | 9,460 | 30,473 |
| Shandong Linglong Tyre Co. Ltd. (A Shares) | | 7,300 | 19,945 |
| Shandong Nanshan Aluminum Co. Ltd. (A Shares) | | 55,000 | 31,493 |
| Shandong Sun Paper Industry JSC Ltd. (A Shares) | | 14,200 | 25,971 |
| Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | | 230,000 | 142,341 |
| Shanghai Baosight Software Co. Ltd. | | 90,943 | 137,653 |
| Shanghai Baosight Software Co. Ltd. (A Shares) | | 2,500 | 9,441 |
| Shanghai Electric Group Co. Ltd. (A Shares) (a) | | 71,900 | 91,099 |
| Shanghai Electric Power Co. Ltd. (A Shares) | | 12,000 | 16,101 |
| Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) | | 28,000 | 53,246 |
| Shanghai Friendess Electronic Technology Corp. Ltd. (A Shares) | | 1,211 | 32,162 |
| Shanghai International Airport Co. Ltd. (A Shares) | | 5,200 | 25,551 |
| Shanghai International Port Group Co. Ltd. (A Shares) | | 34,200 | 28,634 |
| Shanghai Lingang Holdings Corp. Ltd. (A Shares) | | 10,480 | 16,692 |
| Shanghai M&G Stationery, Inc. (A Shares) | | 5,400 | 22,007 |
| Shanghai Pharmaceuticals Holding Co. Ltd.: | | | |
| (A Shares) | | 14,600 | 39,737 |
| (H Shares) | | 63,900 | 98,764 |
| Shanghai Pudong Development Bank Co. Ltd. (A Shares) | | 167,700 | 232,270 |
| Shanghai Putailai New Energy Technology Co. Ltd. | | 9,286 | 21,947 |
| Shanghai RAAS Blood Products Co. Ltd. (A Shares) | | 34,700 | 35,890 |
| Shanghai Rural Commercial Bank Co. Ltd. (A Shares) | | 55,000 | 59,934 |
| Shanghai United Imaging Healthcare Co. Ltd. (A Shares) | | 4,195 | 72,062 |
| Shanghai Zhangjiang High Ltd. (A Shares) | | 9,700 | 38,991 |
| Shanjin International Gold Co. (A Shares) | | 16,720 | 42,119 |
| Shanxi Coal International Energy Group Co. Ltd. (A Shares) | | 10,100 | 18,857 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) | | 13,900 | 28,472 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) | | 6,860 | 193,741 |
| Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) | | 28,430 | 32,900 |
| Shenergy Co. Ltd. (A Shares) | | 28,900 | 35,023 |
| Shengyi Technology Co. Ltd. | | 10,900 | 31,381 |
| Shennan Circuits Co. Ltd. (A Shares) | | 2,640 | 38,690 |
| Shenwan Hongyuan Group Co. Ltd. (A Shares) | | 146,000 | 109,180 |
| Shenzhen Capchem Technology Co. Ltd. (A Shares) | | 3,180 | 17,178 |
| Shenzhen Energy Group Co. Ltd. (A Shares) | | 23,640 | 22,135 |
| Shenzhen Goodix Technology Co. Ltd. (A Shares) | | 2,100 | 26,446 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 7,250 | 56,587 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 7,700 | 288,386 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd. | | 3,700 | 35,659 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) | | 6,700 | 30,300 |
| Shenzhen Transsion Holdings Co. Ltd. (A Shares) | | 6,540 | 87,578 |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 4,200 | 15,043 |
| Shenzhou International Group Holdings Ltd. | | 77,300 | 596,911 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) | | 8,440 | 20,172 |
| Sichuan Chuantou Energy Co. Ltd. (A Shares) | | 24,400 | 57,395 |
| Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) | | 8,900 | 40,170 |
| Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) | | 33,520 | 36,041 |
| Sieyuan Electric Co. Ltd. (A Shares) | | 4,200 | 45,089 |
| Silergy Corp. | | 31,000 | 482,512 |
| Sinolink Securities Co. Ltd. (A Shares) | | 14,700 | 18,892 |
| Sinoma International Engineering Co. Ltd. (A Shares) | | 16,200 | 23,503 |
| Sinopharm Group Co. Ltd. (H Shares) | | 124,000 | 308,920 |
| Sinotruk Hong Kong Ltd. | | 63,000 | 170,042 |
| SITC International Holdings Co. Ltd. | | 127,000 | 358,942 |
| Smoore International Holdings Ltd. (c) | | 174,000 | 227,166 |
| Soochow Securities Co. Ltd. (A Shares) | | 25,070 | 28,670 |
| Southwest Securities Co. Ltd. (A Shares) | | 36,400 | 24,592 |
| Spring Airlines Co. Ltd. (A Shares) | | 5,000 | 38,660 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 11,880 | 151,363 |
| Sunny Optical Technology Group Co. Ltd. | | 66,700 | 433,883 |
| Sunwoda Electronic Co. Ltd. (A Shares) | | 13,000 | 41,344 |
| SUPCON Technology Co. Ltd. (A Shares) | | 4,536 | 30,693 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) | | 7,900 | 34,771 |
| Suzhou Maxwell Technologies Co. Ltd. (A Shares) | | 1,528 | 24,915 |
| Suzhou TFC Optical Communication Co. Ltd. (A Shares) | | 2,800 | 49,925 |
| TAL Education Group ADR (a) | | 38,421 | 427,242 |
| TBEA Co. Ltd. (A Shares) | | 26,750 | 53,118 |
| TCL Technology Group Corp. (A Shares) | | 97,940 | 72,965 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd. (A Shares) | | 21,575 | 38,453 |
| Tencent Holdings Ltd. | | 611,000 | 31,858,842 |
| Tencent Music Entertainment Group ADR | | 70,060 | 779,768 |
| Tian Di Science & Technology Co. Ltd. (A Shares) | | 20,100 | 17,359 |
| Tianqi Lithium Corp. (A Shares) | | 8,300 | 41,772 |
| Tianshan Aluminum Group Co. Ltd. | | 21,500 | 24,978 |
| Tianshui Huatian Technology Co. Ltd. (A Shares) | | 14,800 | 28,437 |
| Tingyi (Cayman Islands) Holding Corp. | | 184,000 | 268,436 |
| Tongcheng Travel Holdings Ltd. | | 116,400 | 263,347 |
| TongFu Microelectronics Co. Ltd. (A Shares) | | 9,600 | 36,232 |
| Tongkun Group Co. Ltd. (A Shares) | | 14,900 | 24,656 |
| Tongling Nonferrous Metals Group Co. Ltd. (A Shares) | | 58,200 | 27,689 |
| Tongwei Co. Ltd. (A Shares) | | 25,800 | 111,817 |
| Topsports International Holdings Ltd. (c) | | 194,000 | 64,640 |
| TravelSky Technology Ltd. (H Shares) | | 87,000 | 121,938 |
| Trina Solar Co. Ltd. (A Shares) | | 10,581 | 37,252 |
| Trip.com Group Ltd. (a) | | 51,600 | 3,320,693 |
| Tsingtao Brewery Co. Ltd.: | | | |
| (A Shares) | | 4,000 | 37,686 |
| (H Shares) | | 58,000 | 373,467 |
| Unigroup Guoxin Microelectronics Co. Ltd. | | 4,599 | 43,092 |
| Unisplendour Corp. Ltd. (A Shares) | | 16,320 | 59,883 |
| Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) | | 12,400 | 25,870 |
| Victory Giant Technology Huizhou Co. Ltd. (A Shares) | | 4,700 | 29,397 |
| Vipshop Holdings Ltd. ADR | | 34,592 | 499,508 |
| Wanda Film Holding Co. Ltd. (A Shares) (a) | | 12,700 | 21,540 |
| Wanhua Chemical Group Co. Ltd. (A Shares) | | 17,600 | 186,262 |
| Want Want China Holdings Ltd. | | 435,000 | 270,686 |
| Weichai Power Co. Ltd.: | | | |
| (A Shares) | | 33,700 | 63,250 |
| (H Shares) | | 187,000 | 282,569 |
| Weihai Guangwei Composites Co. Ltd. (A Shares) | | 3,520 | 17,298 |
| Wens Foodstuffs Group Co. Ltd. (A Shares) | | 35,360 | 92,567 |
| Western Mining Co. Ltd. (A Shares) | | 13,000 | 32,120 |
| Western Securities Co. Ltd. (A Shares) | | 22,700 | 26,111 |
| Western Superconducting Technologies Co. Ltd. (A Shares) | | 4,070 | 28,808 |
| Wharf Holdings Ltd. | | 98,000 | 277,673 |
| Will Semiconductor Ltd. | | 6,850 | 103,011 |
| Wilmar International Ltd. | | 178,000 | 429,650 |
| Wingtech Technology Co. Ltd. (A Shares) | | 5,900 | 36,085 |
| Wintime Energy Group Co. Ltd. (A Shares) | | 143,100 | 28,224 |
| Wuhan Guide Infrared Co. Ltd. (A Shares) | | 27,290 | 33,981 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 21,800 | 449,954 |
| WUS Printed Circuit Kunshan Co. Ltd. (A Shares) | | 10,540 | 59,780 |
| WuXi AppTec Co. Ltd. | | 9,260 | 67,716 |
| WuXi AppTec Co. Ltd. (H Shares) (c) | | 37,464 | 249,148 |
| Wuxi Biologics (Cayman), Inc. (a)(c) | | 331,000 | 703,177 |
| XCMG Construction Machinery Co. Ltd. (A Shares) | | 67,100 | 73,137 |
| Xiamen C&D, Inc. (A Shares) | | 20,500 | 26,846 |
| Xiamen Tungsten Co. Ltd. (A Shares) | | 6,000 | 16,386 |
| Xiaomi Corp. Class B (a)(c) | | 1,433,200 | 4,915,727 |
| Xinjiang Daqo New Energy Co. Ltd. (A Shares) | | 8,381 | 38,251 |
| Xinyi Solar Holdings Ltd. | | 442,968 | 227,183 |
| XPeng, Inc. Class A (a) | | 115,602 | 653,184 |
| Yadea Group Holdings Ltd. (c) | | 110,993 | 191,713 |
| Yankuang Ener-A: | | | |
| (A Shares) | | 27,365 | 59,309 |
| (H Shares) | | 304,200 | 395,809 |
| Yantai Jereh Oilfield Services (A Shares) | | 5,300 | 24,966 |
| Yealink Network Technology Corp. Ltd. | | 6,030 | 33,010 |
| Yifeng Pharmacy Chain Co. Ltd. | | 6,432 | 21,448 |
| Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) | | 9,200 | 42,123 |
| Yonyou Network Technology Co. Ltd. (A Shares) (a) | | 16,720 | 26,691 |
| Youngor Fashion Co. Ltd. (A Shares) | | 20,800 | 21,970 |
| YTO Express Group Co. Ltd. (A Shares) | | 15,900 | 36,675 |
| Yum China Holdings, Inc. | | 36,382 | 1,604,810 |
| Yunnan Aluminium Co. Ltd. (A Shares) | | 17,100 | 34,091 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 11,300 | 90,730 |
| Yunnan Chihong Zinc & Germanium Co. Ltd. (A Shares) | | 22,900 | 18,536 |
| Yunnan Energy New Material Co. Ltd. | | 4,400 | 22,002 |
| Yunnan Tin Co. Ltd. (A Shares) | | 8,900 | 19,042 |
| Yunnan Yuntianhua Co. Ltd. (Series A) | | 9,300 | 30,087 |
| Yutong Bus Co. Ltd. | | 13,000 | 44,259 |
| Zangge Mining Co. Ltd. (Series A) | | 8,700 | 35,003 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) | | 3,100 | 102,252 |
| Zhaojin Mining Industry Co. Ltd. (H Shares) | | 142,500 | 249,722 |
| Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a) | | 34,940 | 23,187 |
| Zhejiang China Commodities City Group Co. Ltd. (A Shares) | | 32,700 | 49,050 |
| Zhejiang Chint Electric Co. Ltd. (A Shares) | | 10,200 | 33,485 |
| Zhejiang Dahua Technology Co. Ltd. (A Shares) | | 17,200 | 39,658 |
| Zhejiang Dingli Machinery Co. Ltd. (A Shares) | | 2,800 | 19,952 |
| Zhejiang Expressway Co. Ltd. (H Shares) | | 145,640 | 96,492 |
| Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) | | 9,190 | 23,876 |
| Zhejiang Huayou Cobalt Co. Ltd. (A Shares) | | 10,240 | 44,626 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) | | 7,100 | 35,923 |
| Zhejiang Juhua Co. Ltd. (A Shares) | | 14,500 | 42,642 |
| Zhejiang Leapmotor Technology Co. Ltd. (H Shares) (a)(c) | | 46,800 | 184,748 |
| Zhejiang Longsheng Group Co. Ltd. (A Shares) | | 19,700 | 27,848 |
| Zhejiang NHU Co. Ltd. (A Shares) | | 18,232 | 58,091 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 9,100 | 27,866 |
| Zhejiang Supor Cookware Co. Ltd. | | 3,000 | 22,054 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd. (A Shares) | | 10,800 | 31,384 |
| Zhejiang Weiming Enviroment Protection Co. Ltd. (A Shares) | | 8,840 | 25,455 |
| Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) | | 11,500 | 24,090 |
| Zhejiang Zheneng Electric Power Co. Ltd. (A Shares) | | 56,200 | 46,379 |
| Zheshang Securities Co. Ltd. | | 23,300 | 42,271 |
| Zhongji Innolight Co. Ltd. (A Shares) | | 6,240 | 123,255 |
| Zhongjin Gold Co. Ltd. (A Shares) | | 25,600 | 50,846 |
| Zhongsheng Group Holdings Ltd. Class H | | 79,000 | 121,485 |
| Zhongtai Securities Co. Ltd. (A Shares) | | 36,900 | 35,293 |
| Zhuzhou CRRC Times Electric Co. Ltd.: | | | |
| (A Shares) | | 6,975 | 47,690 |
| (H Shares) | | 41,600 | 159,639 |
| Zijin Mining Group Co. Ltd.: | | | |
| (A Shares) | | 111,000 | 260,278 |
| (H Shares) | | 536,000 | 1,141,718 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. (A Shares) | | 34,900 | 34,096 |
| ZTE Corp.: | | | |
| (A Shares) | | 5,600 | 23,759 |
| (H Shares) | | 103,400 | 257,349 |
| ZTO Express, Inc. | | 39,653 | 914,522 |
TOTAL CHINA | | | 210,111,585 |
| Colombia - 0.0% | | | |
| Bancolombia SA | | 26,232 | 224,071 |
| Interconexion Electrica SA ESP | | 40,224 | 159,796 |
TOTAL COLOMBIA | | | 383,867 |
| Czech Republic - 0.0% | | | |
| CEZ A/S | | 15,110 | 585,500 |
| Komercni Banka A/S | | 7,050 | 243,501 |
| MONETA Money Bank A/S (c) | | 23,172 | 115,472 |
TOTAL CZECH REPUBLIC | | | 944,473 |
| Denmark - 2.1% | | | |
| A.P. Moller - Maersk A/S: | | | |
| Series A | | 272 | 413,687 |
| Series B | | 425 | 672,250 |
| Carlsberg A/S Series B | | 8,955 | 989,650 |
| Coloplast A/S Series B | | 11,758 | 1,466,289 |
| Danske Bank A/S | | 64,309 | 1,896,144 |
| Demant A/S (a) | | 9,317 | 341,826 |
| DSV A/S | | 19,069 | 4,144,558 |
| Genmab A/S (a) | | 5,861 | 1,312,614 |
| Novo Nordisk A/S Series B | | 300,535 | 33,709,512 |
| Novonesis (NOVOZYMES) B Series B | | 32,888 | 2,060,730 |
| ORSTED A/S (a)(c) | | 17,707 | 1,034,624 |
| Pandora A/S | | 7,667 | 1,156,017 |
| Rockwool International A/S Series B | | 875 | 376,909 |
| Tryg A/S | | 31,780 | 748,419 |
| Vestas Wind Systems A/S (a) | | 94,253 | 1,796,211 |
| Zealand Pharma A/S (a) | | 5,967 | 687,822 |
TOTAL DENMARK | | | 52,807,262 |
| Egypt - 0.0% | | | |
| Commercial International Bank SAE | | 201,745 | 329,716 |
| Commercial International Bank SAE GDR | | 11,946 | 18,469 |
| Eastern Co. SAE | | 125,942 | 70,239 |
| Talaat Moustafa Group Holding | | 79,324 | 95,788 |
TOTAL EGYPT | | | 514,212 |
| Finland - 0.6% | | | |
| Elisa Corp. (A Shares) | | 13,314 | 633,746 |
| Fortum Corp. | | 41,652 | 613,003 |
| Kesko Oyj | | 25,443 | 544,241 |
| Kone OYJ (B Shares) | | 31,720 | 1,734,142 |
| Metso Corp. | | 58,071 | 549,930 |
| Neste OYJ | | 39,204 | 629,460 |
| Nokia Corp. | | 497,629 | 2,354,793 |
| Nordea Bank Abp (Helsinki Stock Exchange) | | 294,259 | 3,444,887 |
| Orion Oyj (B Shares) | | 10,123 | 491,654 |
| Sampo Oyj (A Shares) | | 46,837 | 2,073,541 |
| Stora Enso Oyj (R Shares) | | 54,419 | 604,965 |
| UPM-Kymmene Corp. | | 49,891 | 1,461,462 |
| Wartsila Corp. | | 47,040 | 895,947 |
TOTAL FINLAND | | | 16,031,771 |
| France - 5.8% | | | |
| Accor SA | | 18,129 | 821,528 |
| Aeroports de Paris SA | | 3,242 | 383,682 |
| Air Liquide SA | | 53,950 | 9,673,311 |
| Airbus Group NV | | 55,451 | 8,458,564 |
| Alstom SA (a) | | 32,144 | 707,055 |
| Amundi SA (c) | | 5,622 | 406,669 |
| Arkema SA | | 5,351 | 467,681 |
| AXA SA | | 169,548 | 6,366,380 |
| bioMerieux SA | | 3,850 | 429,253 |
| BNP Paribas SA | | 94,947 | 6,484,313 |
| Bollore SA | | 66,662 | 415,854 |
| Bouygues SA | | 17,666 | 565,533 |
| Bureau Veritas SA | | 29,770 | 940,383 |
| Capgemini SA | | 14,498 | 2,515,125 |
| Carrefour SA | | 50,889 | 808,165 |
| Compagnie de St.-Gobain | | 42,326 | 3,838,331 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 63,424 | 2,143,447 |
| Covivio | | 5,144 | 292,639 |
| Credit Agricole SA | | 98,741 | 1,513,511 |
| Danone SA | | 60,246 | 4,303,887 |
| Dassault Aviation SA | | 1,860 | 374,902 |
| Dassault Systemes SA | | 62,467 | 2,137,944 |
| Edenred SA | | 23,226 | 746,554 |
| Eiffage SA | | 6,839 | 635,747 |
| Engie SA | | 170,454 | 2,857,068 |
| EssilorLuxottica SA | | 27,734 | 6,498,114 |
| Eurazeo SA | | 4,303 | 327,407 |
| Gecina SA | | 4,289 | 457,439 |
| Getlink SE | | 28,355 | 480,691 |
| Hermes International SCA | | 2,955 | 6,666,461 |
| Ipsen SA | | 3,530 | 429,669 |
| Kering SA | | 6,944 | 1,734,407 |
| Klepierre SA | | 19,956 | 637,322 |
| L'Oreal SA | | 22,449 | 8,422,202 |
| La Francaise des Jeux SAEM (c) | | 9,488 | 404,154 |
| Legrand SA | | 24,485 | 2,763,584 |
| LVMH Moet Hennessy Louis Vuitton SE | | 25,666 | 17,086,384 |
| Orange SA | | 173,765 | 1,908,930 |
| Pernod Ricard SA | | 18,896 | 2,348,309 |
| Publicis Groupe SA | | 21,375 | 2,272,054 |
| Renault SA | | 18,030 | 821,748 |
| Rexel SA | | 21,125 | 578,604 |
| Safran SA | | 31,899 | 7,220,840 |
| Sartorius Stedim Biotech | | 2,724 | 543,124 |
| SEB SA | | 2,288 | 239,918 |
| Societe Generale Series A | | 67,409 | 1,936,087 |
| Sodexo SA | | 8,215 | 713,082 |
| Teleperformance | | 5,077 | 535,131 |
| Thales SA | | 8,833 | 1,423,439 |
| TotalEnergies SE | | 201,329 | 12,634,543 |
| Unibail-Rodamco-Westfield NV | | 11,086 | 902,963 |
| Veolia Environnement SA | | 64,397 | 2,044,586 |
| VINCI SA | | 46,676 | 5,228,679 |
| Vivendi SA | | 66,906 | 712,778 |
TOTAL FRANCE | | | 146,260,175 |
| Germany - 5.3% | | | |
| adidas AG | | 15,117 | 3,620,390 |
| Allianz SE | | 36,553 | 11,507,080 |
| BASF AG | | 83,319 | 4,050,355 |
| Bayer AG | | 91,684 | 2,470,603 |
| Bayerische Motoren Werke AG (BMW) | | 29,737 | 2,339,293 |
| Bechtle AG | | 7,623 | 260,035 |
| Beiersdorf AG | | 9,238 | 1,246,031 |
| Brenntag SE | | 12,097 | 787,405 |
| Carl Zeiss Meditec AG | | 3,781 | 236,896 |
| Commerzbank AG | | 93,978 | 1,669,327 |
| Continental AG | | 10,239 | 639,020 |
| Covestro AG (a)(c) | | 17,674 | 1,118,889 |
| CTS Eventim AG | | 5,843 | 613,010 |
| Daimler Truck Holding AG | | 46,082 | 1,905,278 |
| Deutsche Bank AG | | 176,775 | 3,004,292 |
| Deutsche Borse AG | | 17,731 | 4,118,527 |
| Deutsche Lufthansa AG | | 55,268 | 384,050 |
| Deutsche Post AG ADR | | 95,173 | 3,823,055 |
| Deutsche Telekom AG | | 325,706 | 9,847,240 |
| E.ON SE | | 209,606 | 2,830,607 |
| Evonik Industries AG | | 24,078 | 529,841 |
| Fresenius Medical Care AG & Co. KGaA | | 19,117 | 748,335 |
| Fresenius SE & Co. KGaA (a) | | 39,479 | 1,439,459 |
| GEA Group AG | | 14,418 | 710,134 |
| Hannover Reuck SE | | 5,629 | 1,478,691 |
| HeidelbergCement AG | | 12,716 | 1,399,781 |
| Henkel AG & Co. KGaA | | 9,637 | 751,606 |
| Infineon Technologies AG | | 121,920 | 3,855,676 |
| Knorr-Bremse AG | | 6,744 | 554,585 |
| LEG Immobilien AG | | 6,938 | 655,214 |
| Mercedes-Benz Group AG (Germany) | | 69,852 | 4,243,557 |
| Merck KGaA | | 12,063 | 1,994,472 |
| MTU Aero Engines AG | | 5,028 | 1,644,591 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 12,483 | 6,383,560 |
| Nemetschek SE | | 5,407 | 584,912 |
| Puma AG | | 9,864 | 448,281 |
| Rational AG | | 477 | 466,971 |
| Rheinmetall AG | | 4,067 | 2,093,380 |
| RWE AG | | 59,088 | 1,913,406 |
| SAP SE | | 97,448 | 22,752,656 |
| Scout24 AG (c) | | 7,046 | 606,628 |
| Siemens AG | | 70,919 | 13,797,282 |
| Siemens Energy AG (a) | | 59,682 | 2,436,414 |
| Siemens Healthineers AG (c) | | 26,313 | 1,372,996 |
| Symrise AG | | 12,416 | 1,493,709 |
| Talanx AG | | 6,029 | 465,293 |
| Volkswagen AG | | 1 | 100 |
| Vonovia SE | | 69,082 | 2,266,341 |
| Zalando SE (a)(c) | | 20,945 | 629,264 |
TOTAL GERMANY | | | 134,188,518 |
| Greece - 0.1% | | | |
| Alpha Services and Holdings SA | | 206,179 | 309,382 |
| Eurobank Ergasias Services and Holdings SA | | 242,615 | 502,024 |
| Ff Group (a)(d) | | 256 | 0 |
| Hellenic Telecommunications Organization SA | | 17,567 | 289,876 |
| Jumbo SA | | 10,906 | 290,644 |
| Metlen Energy & Metals SA | | 10,034 | 349,918 |
| National Bank of Greece SA | | 81,582 | 637,159 |
| OPAP SA | | 16,896 | 288,177 |
| Piraeus Financial Holdings SA | | 99,476 | 372,009 |
| Public Power Corp. of Greece | | 19,713 | 258,386 |
TOTAL GREECE | | | 3,297,575 |
| Hong Kong - 1.2% | | | |
| AIA Group Ltd. | | 1,039,800 | 8,206,433 |
| CK Asset Holdings Ltd. | | 179,745 | 734,791 |
| CK Infrastructure Holdings Ltd. | | 59,000 | 417,507 |
| CLP Holdings Ltd. | | 153,500 | 1,303,921 |
| Futu Holdings Ltd. ADR (a) | | 5,287 | 502,212 |
| Hang Seng Bank Ltd. | | 70,500 | 862,369 |
| Henderson Land Development Co. Ltd. | | 135,010 | 432,934 |
| HKT Trust/HKT Ltd. unit | | 352,000 | 437,433 |
| Hong Kong & China Gas Co. Ltd. | | 1,046,865 | 810,866 |
| Hong Kong Exchanges and Clearing Ltd. | | 112,349 | 4,498,495 |
| Hongkong Land Holdings Ltd. | | 102,609 | 439,945 |
| Jardine Matheson Holdings Ltd. | | 14,935 | 573,863 |
| Link (REIT) | | 239,060 | 1,113,881 |
| MTR Corp. Ltd. | | 142,891 | 519,894 |
| Orient Overseas International Ltd. | | 12,000 | 163,575 |
| Power Assets Holdings Ltd. | | 129,000 | 859,304 |
| Prudential PLC | | 255,977 | 2,130,970 |
| Sino Biopharmaceutical Ltd. | | 956,250 | 434,393 |
| Sino Land Ltd. | | 366,688 | 366,966 |
| Sun Hung Kai Properties Ltd. | | 135,500 | 1,467,189 |
| Swire Pacific Ltd. (A Shares) | | 38,500 | 322,463 |
| Techtronic Industries Co. Ltd. | | 128,500 | 1,858,810 |
| WH Group Ltd. (c) | | 778,266 | 605,737 |
| Wharf Real Estate Investment Co. Ltd. | | 155,000 | 466,022 |
TOTAL HONG KONG | | | 29,529,973 |
| Hungary - 0.1% | | | |
| MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | | 38,270 | 265,556 |
| OTP Bank PLC | | 20,870 | 1,038,856 |
| Richter Gedeon PLC | | 13,067 | 377,452 |
TOTAL HUNGARY | | | 1,681,864 |
| India - 5.5% | | | |
| ABB India Ltd. | | 4,934 | 434,574 |
| Adani Enterprises Ltd. | | 13,820 | 483,348 |
| Adani Green Energy Ltd. (a) | | 29,403 | 556,868 |
| Adani Ports & Special Economic Zone Ltd. | | 50,508 | 824,050 |
| Adani Power Ltd. (a) | | 72,084 | 506,100 |
| Ambuja Cements Ltd. | | 56,856 | 391,951 |
| APL Apollo Tubes Ltd. | | 15,305 | 276,400 |
| Apollo Hospitals Enterprise Ltd. | | 9,371 | 780,670 |
| Ashok Leyland Ltd. | | 137,563 | 339,795 |
| Asian Paints Ltd. | | 35,813 | 1,247,265 |
| Astral Ltd. | | 12,339 | 259,264 |
| AU Small Finance Bank Ltd. (c) | | 34,221 | 248,760 |
| Aurobindo Pharma Ltd. | | 24,626 | 408,191 |
| Avenue Supermarts Ltd. (a)(c) | | 15,265 | 712,436 |
| Axis Bank Ltd. | | 213,412 | 2,931,597 |
| Bajaj Auto Ltd. | | 6,277 | 733,097 |
| Bajaj Finance Ltd. | | 25,979 | 2,121,925 |
| Bajaj Finserv Ltd. | | 35,585 | 738,419 |
| Bajaj Holdings & Investment Ltd. | | 2,512 | 305,266 |
| Balkrishna Industries Ltd. | | 7,336 | 246,876 |
| Bank of Baroda | | 94,974 | 282,426 |
| Bharat Electronics Ltd. | | 341,672 | 1,153,316 |
| Bharat Forge Ltd. | | 23,927 | 400,490 |
| Bharat Heavy Electricals Ltd. | | 97,978 | 277,347 |
| Bharat Petroleum Corp. Ltd. | | 141,577 | 522,235 |
| Bharti Airtel Ltd. | | 238,964 | 4,573,765 |
| Bosch Ltd. | | 682 | 284,482 |
| Britannia Industries Ltd. | | 10,050 | 683,261 |
| Canara Bank Ltd. | | 167,601 | 203,646 |
| Cg Power & Industrial Soluti | | 57,013 | 476,129 |
| Cholamandalam Investment and Finance Co. Ltd. | | 39,052 | 588,696 |
| Cipla Ltd./India | | 48,831 | 898,307 |
| Coal India Ltd. | | 172,780 | 926,760 |
| Colgate-Palmolive Ltd. | | 12,700 | 461,891 |
| Container Corp. of India Ltd. | | 22,455 | 225,789 |
| Cummins India Ltd. | | 12,895 | 534,871 |
| Dabur India Ltd. | | 49,915 | 320,064 |
| Divi's Laboratories Ltd. | | 11,076 | 774,087 |
| Dixon Technologies India Ltd. | | 3,074 | 512,851 |
| DLF Ltd. | | 69,209 | 672,740 |
| Dr. Reddy's Laboratories Ltd. | | 54,435 | 823,350 |
| Eicher Motors Ltd. | | 12,737 | 739,206 |
| GAIL India Ltd. | | 213,237 | 505,246 |
| GMR Airports Infrastructure Ltd. (a) | | 221,574 | 208,017 |
| Godrej Consumer Products Ltd. | | 38,193 | 581,924 |
| Godrej Properties Ltd. (a) | | 11,665 | 397,017 |
| Grasim Industries Ltd. | | 24,517 | 785,152 |
| Havells India Ltd. | | 23,474 | 456,823 |
| HCL Technologies Ltd. | | 88,610 | 1,854,081 |
| HDFC Asset Management Co. Ltd. (c) | | 8,975 | 457,995 |
| HDFC Bank Ltd. | | 397,518 | 8,170,650 |
| HDFC Standard Life Insurance Co. Ltd. (c) | | 89,993 | 768,656 |
| Hero Motocorp Ltd. | | 11,137 | 658,518 |
| Hindalco Industries Ltd. | | 126,298 | 1,024,806 |
| Hindustan Aeronautics Ltd. | | 18,769 | 944,467 |
| Hindustan Petroleum Corp. Ltd. | | 89,575 | 405,021 |
| Hindustan Unilever Ltd. | | 76,737 | 2,303,876 |
| ICICI Bank Ltd. | | 485,935 | 7,453,827 |
| ICICI Lombard General Insurance Co. Ltd. (c) | | 22,560 | 512,487 |
| ICICI Prudential Life Insurance Co. Ltd. (c) | | 33,887 | 297,930 |
| IDFC Bank Ltd. (a) | | 336,792 | 263,102 |
| Indian Oil Corp. Ltd. | | 263,132 | 443,466 |
| Indian Railway Catering & Tourism Corp. Ltd. | | 22,033 | 214,599 |
| Indus Towers Ltd. (a) | | 113,231 | 456,867 |
| IndusInd Bank Ltd. | | 26,919 | 336,763 |
| Info Edge India Ltd. | | 6,609 | 583,123 |
| Infosys Ltd. | | 309,955 | 6,466,927 |
| InterGlobe Aviation Ltd. (a)(c) | | 17,494 | 840,380 |
| ITC Ltd. | | 279,591 | 1,622,114 |
| Jindal Stainless Ltd. | | 31,101 | 248,993 |
| Jindal Steel & Power Ltd. | | 33,402 | 364,533 |
| Jio Financial Services Ltd. (a) | | 265,592 | 1,015,815 |
| JSW Energy Ltd. | | 32,091 | 258,688 |
| JSW Steel Ltd. | | 56,804 | 648,546 |
| Jubilant Foodworks Ltd. | | 34,070 | 232,760 |
| Kotak Mahindra Bank Ltd. | | 102,023 | 2,094,499 |
| Larsen & Toubro Ltd. | | 62,846 | 2,699,586 |
| Ltimindtree Ltd. (c) | | 6,917 | 468,053 |
| Lupin Ltd. | | 21,329 | 553,404 |
| Macrotech Developers Ltd. (c) | | 27,787 | 397,244 |
| Mahindra & Mahindra Ltd. | | 87,024 | 2,810,143 |
| Mankind Pharma Ltd. (a) | | 9,437 | 298,625 |
| Marico Ltd. | | 48,738 | 370,307 |
| Maruti Suzuki India Ltd. | | 11,737 | 1,540,467 |
| Max Healthcare Institute Ltd. | | 72,111 | 870,456 |
| Mphasis BFL Ltd. | | 9,556 | 325,717 |
| MRF Ltd. | | 216 | 314,139 |
| Muthoot Finance Ltd. | | 11,064 | 253,311 |
| Nestle India Ltd. | | 31,560 | 848,724 |
| NHPC Ltd. | | 277,088 | 271,279 |
| NMDC Ltd. | | 94,060 | 247,015 |
| NTPC Ltd. | | 407,378 | 1,970,266 |
| Oil & Natural Gas Corp. Ltd. | | 294,111 | 927,521 |
| Oil India Ltd. | | 46,093 | 258,297 |
| Oracle Financial Services Software Ltd. | | 2,059 | 265,728 |
| Page Industries Ltd. | | 568 | 291,044 |
| PB Fintech Ltd. (a) | | 27,662 | 558,881 |
| Persistent Systems Ltd. | | 10,071 | 641,218 |
| Petronet LNG Ltd. | | 70,400 | 277,798 |
| Phoenix Mills Ltd. | | 18,333 | 331,159 |
| PI Industries Ltd. | | 7,105 | 377,933 |
| Pidilite Industries Ltd. | | 14,209 | 530,548 |
| Polycab India Ltd. | | 4,933 | 378,331 |
| Power Finance Corp. Ltd. | | 139,274 | 748,194 |
| Power Grid Corp. of India Ltd. | | 433,794 | 1,650,100 |
| Prestige Estates Projs. Ltd. | | 16,120 | 312,949 |
| Punjab National Bank | | 208,851 | 242,574 |
| Rail Vikas Nigam Ltd. | | 48,450 | 270,259 |
| REC Ltd. | | 123,482 | 762,379 |
| Reliance Industries Ltd. (a) | | 284,073 | 4,459,514 |
| Reliance Industries Ltd. | | 284,073 | 4,491,635 |
| Samvardhana Motherson International Ltd. | | 253,095 | 542,262 |
| SBI Cards & Payment Services Ltd. | | 26,269 | 214,523 |
| SBI Life Insurance Co. Ltd. (c) | | 41,791 | 804,571 |
| Shree Cement Ltd. | | 823 | 244,789 |
| Shriram Finance Ltd. | | 26,412 | 980,578 |
| Siemens Ltd. | | 8,348 | 690,583 |
| Solar Industries India Ltd. | | 2,557 | 310,074 |
| Sona Blw Precision Forgings Ltd. (c) | | 40,864 | 332,389 |
| SRF Ltd. | | 12,287 | 326,688 |
| State Bank of India | | 166,461 | 1,619,832 |
| Sun Pharmaceutical Industries Ltd. | | 89,560 | 1,965,365 |
| Sundaram Finance Ltd. | | 6,204 | 354,559 |
| Supreme Industries Ltd. | | 5,934 | 302,318 |
| Suzlon Energy Ltd. (a) | | 884,182 | 701,129 |
| Tata Communications Ltd. | | 10,894 | 229,392 |
| Tata Consultancy Services Ltd. | | 84,396 | 3,969,637 |
| Tata Consumer Products Ltd. | | 55,184 | 656,518 |
| Tata Elxsi Ltd. | | 3,203 | 266,857 |
| Tata Motors Ltd. | | 186,607 | 1,845,688 |
| Tata Power Co. Ltd./The | | 133,716 | 696,985 |
| Tata Steel Ltd. | | 699,958 | 1,230,160 |
| Tech Mahindra Ltd. | | 50,081 | 953,217 |
| The Indian Hotels Co. Ltd. | | 79,457 | 637,212 |
| Thermax Ltd. | | 3,906 | 228,607 |
| Titan Co. Ltd. | | 33,167 | 1,284,683 |
| Torrent Pharmaceuticals Ltd. | | 9,328 | 354,554 |
| Torrent Power Ltd. | | 15,810 | 342,007 |
| Trent Ltd. | | 16,919 | 1,429,667 |
| Tube Investments of India Ltd. | | 9,934 | 528,127 |
| Tvs Motor Co. Ltd. | | 22,049 | 652,629 |
| Ultratech Cement Ltd. | | 10,777 | 1,415,153 |
| Union Bank of India Ltd. | | 142,517 | 197,630 |
| United Spirits Ltd. | | 27,136 | 466,925 |
| UPL Ltd. | | 42,945 | 282,304 |
| Varun Beverages Ltd. | | 105,698 | 744,601 |
| Vedanta Ltd. | | 127,011 | 699,136 |
| Vodafone Idea Ltd. (a) | | 2,182,931 | 209,892 |
| Wipro Ltd. | | 121,694 | 792,136 |
| Yes Bank Ltd. (a) | | 1,295,353 | 312,693 |
| Zomato Ltd. (a) | | 617,697 | 1,772,130 |
| Zydus Lifesciences Ltd. | | 23,272 | 276,416 |
TOTAL INDIA | | | 138,639,643 |
| Indonesia - 0.5% | | | |
| Amman Mineral Internasional PT (a) | | 608,700 | 354,758 |
| PT Adaro Energy Indonesia Tbk | | 1,352,600 | 311,319 |
| PT Astra International Tbk | | 1,885,500 | 612,123 |
| PT Bank Central Asia Tbk | | 5,173,800 | 3,348,466 |
| PT Bank Mandiri (Persero) Tbk | | 3,481,900 | 1,478,133 |
| PT Bank Negara Indonesia (Persero) Tbk | | 1,390,800 | 463,882 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 6,361,410 | 1,939,302 |
| PT Barito Pacific Tbk | | 2,591,948 | 164,101 |
| PT Chandra Asri Pacific Tbk | | 722,400 | 399,115 |
| PT Charoen Pokphand Indonesia Tbk | | 681,600 | 228,184 |
| PT GoTo Gojek Tokopedia Tbk (a) | | 84,196,900 | 363,439 |
| PT Indah Kiat Pulp & Paper Tbk | | 233,900 | 120,140 |
| PT Indofood CBP Sukses Makmur Tbk | | 219,600 | 170,896 |
| PT Indofood Sukses Makmur Tbk | | 418,500 | 202,483 |
| PT Kalbe Farma Tbk | | 1,969,600 | 200,846 |
| PT Merdeka Copper Gold Tbk (a) | | 911,361 | 140,883 |
| PT Sumber Alfaria Trijaya Tbk | | 1,754,600 | 367,814 |
| PT Telkom Indonesia Persero Tbk | | 4,612,500 | 824,451 |
| PT Unilever Indonesia Tbk | | 715,400 | 89,539 |
| PT United Tractors Tbk | | 139,800 | 244,024 |
TOTAL INDONESIA | | | 12,023,898 |
| Ireland - 0.2% | | | |
| AerCap Holdings NV | | 18,091 | 1,692,413 |
| AIB Group PLC | | 169,893 | 904,417 |
| Bank of Ireland Group PLC | | 95,139 | 875,711 |
| Kerry Group PLC Class A | | 14,420 | 1,435,210 |
| Kingspan Group PLC (Ireland) | | 14,393 | 1,262,655 |
TOTAL IRELAND | | | 6,170,406 |
| Israel - 0.4% | | | |
| Azrieli Group | | 3,917 | 300,424 |
| Bank Hapoalim BM (Reg.) | | 117,229 | 1,225,813 |
| Bank Leumi le-Israel BM | | 140,354 | 1,431,175 |
| Check Point Software Technologies Ltd. (a) | | 8,289 | 1,435,738 |
| Elbit Systems Ltd. (Israel) | | 2,446 | 559,926 |
| Global-e Online Ltd. (a) | | 9,320 | 358,261 |
| Icl Group Ltd. | | 72,663 | 300,538 |
| Israel Discount Bank Ltd. (Class A) | | 113,445 | 669,047 |
| Mizrahi Tefahot Bank Ltd. | | 14,382 | 595,231 |
| NICE Ltd. (a) | | 5,672 | 1,002,312 |
| NICE Ltd. sponsored ADR (a) | | 209 | 36,303 |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 104,537 | 1,927,662 |
| Wix.com Ltd. (a) | | 4,916 | 821,562 |
TOTAL ISRAEL | | | 10,663,992 |
| Italy - 1.6% | | | |
| Amplifon SpA | | 11,688 | 326,740 |
| Banco BPM SpA | | 119,697 | 806,722 |
| Coca-Cola HBC AG | | 20,346 | 710,973 |
| Davide Campari Milano NV | | 57,420 | 385,504 |
| DiaSorin SpA | | 2,127 | 231,364 |
| Enel SpA | | 758,962 | 5,756,026 |
| Eni SpA | | 214,442 | 3,266,635 |
| Ferrari NV (Italy) | | 11,762 | 5,626,852 |
| FinecoBank SpA | | 56,924 | 909,282 |
| Generali | | 95,122 | 2,643,632 |
| Infrastrutture Wireless Italiane SpA (c) | | 31,898 | 359,114 |
| Intesa Sanpaolo SpA (b) | | 1,364,120 | 5,838,449 |
| Leonardo SpA | | 37,622 | 899,086 |
| Mediobanca SpA | | 46,421 | 766,001 |
| Moncler SpA | | 20,565 | 1,139,506 |
| Nexi SpA (a)(c) | | 55,179 | 348,242 |
| Poste Italiane SpA (c) | | 42,457 | 597,603 |
| Prysmian SpA | | 25,243 | 1,779,832 |
| Recordati SpA | | 9,815 | 556,233 |
| Snam SpA | | 188,485 | 905,799 |
| Telecom Italia SpA (a) | | 911,853 | 230,808 |
| Terna - Rete Elettrica Nazionale | | 131,467 | 1,138,878 |
| UniCredit SpA | | 137,466 | 6,081,388 |
TOTAL ITALY | | | 41,304,669 |
| Japan - 13.6% | | | |
| Advantest Corp. | | 71,500 | 4,139,825 |
| AEON Co. Ltd. (b) | | 61,100 | 1,497,142 |
| AGC, Inc. | | 18,300 | 560,806 |
| Aisin Seiki Co. Ltd. | | 49,600 | 515,710 |
| Ajinomoto Co., Inc. | | 43,300 | 1,663,402 |
| Ana Holdings, Inc. | | 14,800 | 291,512 |
| Asahi Group Holdings | | 134,800 | 1,618,311 |
| Asahi Kasei Corp. | | 116,500 | 803,697 |
| Asics Corp. | | 63,833 | 1,114,964 |
| Astellas Pharma, Inc. | | 168,900 | 1,977,537 |
| Bandai Namco Holdings, Inc. | | 55,500 | 1,163,620 |
| Bridgestone Corp. | | 53,300 | 1,899,352 |
| Brother Industries Ltd. | | 21,600 | 420,709 |
| Canon, Inc. | | 87,100 | 2,832,927 |
| Capcom Co. Ltd. | | 32,200 | 637,189 |
| Central Japan Railway Co. | | 71,900 | 1,488,994 |
| Chiba Bank Ltd. | | 49,700 | 362,696 |
| Chubu Electric Power Co., Inc. | | 60,500 | 695,457 |
| Chugai Pharmaceutical Co. Ltd. | | 62,700 | 2,983,359 |
| Concordia Financial Group Ltd. | | 97,600 | 483,442 |
| Dai Nippon Printing Co. Ltd. | | 36,200 | 628,301 |
| Dai-ichi Mutual Life Insurance Co. | | 84,400 | 2,104,119 |
| Daifuku Co. Ltd. | | 30,200 | 567,662 |
| Daiichi Sankyo Co. Ltd. | | 172,600 | 5,617,827 |
| Daikin Industries Ltd. | | 24,600 | 2,953,396 |
| Daito Trust Construction Co. Ltd. | | 5,500 | 607,769 |
| Daiwa House Industry Co. Ltd. | | 52,200 | 1,557,056 |
| Daiwa Securities Group, Inc. | | 125,000 | 817,786 |
| DENSO Corp. | | 176,500 | 2,506,917 |
| Dentsu Group, Inc. | | 18,900 | 583,401 |
| Disco Corp. | | 8,600 | 2,446,999 |
| East Japan Railway Co. | | 84,600 | 1,699,220 |
| Eisai Co. Ltd. | | 23,400 | 792,795 |
| ENEOS Holdings, Inc. | | 268,800 | 1,355,975 |
| FANUC Corp. | | 88,300 | 2,342,716 |
| Fast Retailing Co. Ltd. | | 17,800 | 5,691,043 |
| Fuji Electric Co. Ltd. | | 12,500 | 636,599 |
| FUJIFILM Holdings Corp. | | 104,400 | 2,483,501 |
| Fujitsu Ltd. | | 154,600 | 2,972,315 |
| Hamamatsu Photonics K.K. | | 26,400 | 349,078 |
| Hankyu Hanshin Holdings, Inc. | | 21,300 | 579,148 |
| Hikari Tsushin, Inc. | | 1,700 | 343,115 |
| Hitachi Construction Machinery Co. Ltd. | | 9,900 | 214,797 |
| Hitachi Ltd. | | 432,700 | 10,871,527 |
| Honda Motor Co. Ltd. | | 418,600 | 4,209,907 |
| Hoshizaki Corp. | | 10,100 | 331,969 |
| Hoya Corp. | | 32,800 | 4,388,445 |
| Hulic Co. Ltd. | | 36,100 | 334,299 |
| Ibiden Co. Ltd. | | 11,200 | 355,765 |
| Idemitsu Kosan Co. Ltd. | | 90,730 | 618,546 |
| INPEX Corp. | | 88,100 | 1,161,339 |
| Isuzu Motors Ltd. | | 56,400 | 729,353 |
| Itochu Corp. | | 110,900 | 5,485,982 |
| Japan Airlines Co. Ltd. | | 13,300 | 213,306 |
| Japan Exchange Group, Inc. | | 92,800 | 1,087,715 |
| Japan Post Bank Co. Ltd. | | 135,000 | 1,205,732 |
| Japan Post Holdings Co. Ltd. | | 179,400 | 1,655,161 |
| Japan Post Insurance Co. Ltd. | | 17,600 | 290,016 |
| Japan Real Estate Investment Corp. | | 121 | 440,132 |
| Japan Tobacco, Inc. | | 112,000 | 3,126,755 |
| JFE Holdings, Inc. | | 54,000 | 650,126 |
| Kajima Corp. | | 36,800 | 633,899 |
| Kansai Electric Power Co., Inc. | | 65,700 | 1,053,636 |
| Kao Corp. | | 43,500 | 1,917,279 |
| Kawasaki Kisen Kaisha Ltd. | | 36,800 | 508,357 |
| KDDI Corp. | | 143,200 | 4,464,890 |
| Keisei Electric Railway Co. | | 12,100 | 314,816 |
| Keyence Corp. | | 18,200 | 8,215,729 |
| Kikkoman Corp. | | 63,000 | 739,163 |
| Kirin Holdings Co. Ltd. | | 72,500 | 1,067,391 |
| Kobe Bussan Co. Ltd. | | 14,000 | 343,416 |
| Kokusai Electric Corp. | | 13,200 | 240,685 |
| Komatsu Ltd. | | 86,300 | 2,233,902 |
| Konami Group Corp. | | 9,400 | 861,603 |
| Kubota Corp. | | 93,400 | 1,193,380 |
| Kyocera Corp. | | 120,100 | 1,218,019 |
| Kyowa Kirin Co., Ltd. | | 22,900 | 377,432 |
| Lasertec Corp. | | 7,500 | 1,017,718 |
| LY Corp. | | 250,500 | 683,311 |
| M3, Inc. | | 41,530 | 426,826 |
| Makita Corp. | | 22,100 | 721,607 |
| Marubeni Corp. | | 132,900 | 1,986,753 |
| MatsukiyoCocokara & Co. | | 31,900 | 434,308 |
| Mazda Motor Corp. | | 53,700 | 379,632 |
| McDonald's Holdings Co. (Japan) Ltd. | | 8,100 | 343,253 |
| Meiji Holdings Co. Ltd. | | 22,100 | 515,531 |
| Minebea Mitsumi, Inc. | | 33,700 | 593,271 |
| Mitsubishi Chemical Group Corp. | | 125,700 | 678,288 |
| Mitsubishi Corp. | | 311,900 | 5,705,923 |
| Mitsubishi Electric Corp. | | 177,500 | 3,122,674 |
| Mitsubishi Estate Co. Ltd. | | 106,700 | 1,577,883 |
| Mitsubishi HC Capital, Inc. | | 75,100 | 502,888 |
| Mitsubishi Heavy Industries Ltd. | | 299,100 | 4,222,380 |
| Mitsubishi UFJ Financial Group, Inc. | | 1,036,100 | 10,920,747 |
| Mitsui & Co. Ltd. | | 240,100 | 4,895,075 |
| Mitsui Chemicals, Inc. | | 16,100 | 367,818 |
| Mitsui Fudosan Co. Ltd. | | 249,100 | 2,125,410 |
| Mitsui OSK Lines Ltd. | | 32,000 | 1,089,458 |
| Mizuho Financial Group, Inc. | | 225,110 | 4,675,761 |
| MonotaRO Co. Ltd. | | 23,400 | 353,021 |
| MS&AD Insurance Group Holdings, Inc. | | 120,100 | 2,656,532 |
| Murata Manufacturing Co. Ltd. | | 157,900 | 2,758,689 |
| NEC Corp. | | 22,900 | 1,948,570 |
| Nexon Co. Ltd. | | 31,300 | 542,490 |
| Nidec Corp. | | 77,900 | 1,551,832 |
| Nintendo Co. Ltd. | | 97,000 | 5,123,829 |
| Nippon Building Fund, Inc. | | 713 | 611,577 |
| Nippon Paint Holdings Co. Ltd. | | 88,500 | 677,333 |
| Nippon Prologis REIT, Inc. | | 212 | 341,083 |
| Nippon Sanso Holdings Corp. | | 16,100 | 558,863 |
| Nippon Steel Corp. | | 80,900 | 1,618,759 |
| Nippon Telegraph & Telephone Corp. | | 2,788,000 | 2,689,961 |
| Nippon Yusen KK | | 43,100 | 1,442,964 |
| Nissan Motor Co. Ltd. | | 217,200 | 578,632 |
| Nissin Food Holdings Co. Ltd. | | 18,600 | 500,841 |
| Nitori Holdings Co. Ltd. | | 7,500 | 955,160 |
| Nitto Denko Corp. | | 66,000 | 1,085,947 |
| Nomura Holdings, Inc. | | 280,200 | 1,436,839 |
| Nomura Real Estate Holdings, Inc. | | 10,100 | 248,659 |
| Nomura Research Institute Ltd. | | 35,300 | 1,055,943 |
| NTT Data Corp. | | 59,100 | 934,976 |
| Obayashi Corp. | | 60,200 | 738,005 |
| OBIC Co. Ltd. | | 30,300 | 990,126 |
| Olympus Corp. | | 109,900 | 1,934,492 |
| OMRON Corp. | | 16,300 | 643,546 |
| Ono Pharmaceutical Co. Ltd. | | 34,700 | 433,410 |
| Oracle Corp. Japan | | 3,600 | 344,387 |
| Oriental Land Co. Ltd. | | 101,800 | 2,460,216 |
| ORIX Corp. | | 107,700 | 2,269,226 |
| Osaka Gas Co. Ltd. | | 34,600 | 741,432 |
| Otsuka Corp. | | 21,500 | 482,534 |
| Otsuka Holdings Co. Ltd. | | 39,100 | 2,362,061 |
| Pan Pacific International Holdings Ltd. | | 35,690 | 885,408 |
| Panasonic Holdings Corp. | | 217,600 | 1,790,857 |
| Rakuten Group, Inc. (a) | | 139,700 | 833,807 |
| Recruit Holdings Co. Ltd. | | 138,600 | 8,463,267 |
| Renesas Electronics Corp. | | 157,200 | 2,106,216 |
| Resona Holdings, Inc. | | 195,100 | 1,287,224 |
| Ricoh Co. Ltd. | | 51,000 | 552,467 |
| ROHM Co. Ltd. | | 32,500 | 358,307 |
| SBI Holdings, Inc. Japan | | 25,400 | 557,762 |
| Screen Holdings Co. Ltd. | | 7,600 | 485,189 |
| SCSK Corp. | | 14,400 | 268,700 |
| Secom Co. Ltd. | | 39,200 | 1,394,066 |
| Seiko Epson Corp. | | 27,000 | 490,743 |
| Sekisui Chemical Co. Ltd. | | 35,200 | 496,774 |
| Sekisui House Ltd. | | 55,700 | 1,345,242 |
| Seven & i Holdings Co. Ltd. | | 206,600 | 2,975,028 |
| SG Holdings Co. Ltd. | | 29,400 | 294,833 |
| Shimadzu Corp. | | 22,000 | 648,953 |
| SHIMANO, Inc. | | 7,100 | 1,043,059 |
| Shin-Etsu Chemical Co. Ltd. | | 168,100 | 6,159,850 |
| Shionogi & Co. Ltd. | | 70,600 | 1,008,362 |
| Shiseido Co. Ltd. | | 37,500 | 809,434 |
| Shizuoka Financial Group | | 40,100 | 319,980 |
| SMC Corp. | | 5,300 | 2,250,097 |
| SoftBank Corp. | | 2,664,400 | 3,354,222 |
| SoftBank Group Corp. | | 96,000 | 5,723,375 |
| Sompo Holdings, Inc. | | 87,800 | 1,882,352 |
| Sony Group Corp. | | 582,600 | 10,252,313 |
| Subaru Corp. | | 56,000 | 1,000,117 |
| Sumco Corp. | | 32,800 | 313,615 |
| Sumitomo Corp. | | 97,000 | 2,046,352 |
| Sumitomo Electric Industries Ltd. | | 66,900 | 1,029,094 |
| Sumitomo Metal Mining Co. Ltd. | | 23,100 | 638,682 |
| Sumitomo Mitsui Financial Group, Inc. | | 350,400 | 7,433,575 |
| Sumitomo Mitsui Trust Holdings, Inc. | | 60,600 | 1,328,977 |
| Sumitomo Realty & Development Co. Ltd. | | 26,500 | 786,089 |
| Suntory Beverage & Food Ltd. | | 13,000 | 438,547 |
| Suzuki Motor Corp. | | 146,700 | 1,455,753 |
| Sysmex Corp. | | 47,100 | 873,866 |
| T&D Holdings, Inc. | | 45,400 | 724,686 |
| Taisei Corp. | | 15,600 | 656,939 |
| Takeda Pharmaceutical Co. Ltd. | | 148,477 | 4,142,689 |
| TDK Corp. | | 181,480 | 2,133,351 |
| Terumo Corp. | | 125,200 | 2,384,472 |
| TIS, Inc. | | 19,800 | 493,742 |
| Toho Co. Ltd. | | 10,400 | 397,157 |
| Tokio Marine Holdings, Inc. | | 175,300 | 6,313,634 |
| Tokyo Electric Power Co., Inc. (a) | | 141,600 | 571,854 |
| Tokyo Electron Ltd. | | 41,800 | 6,150,998 |
| Tokyo Gas Co. Ltd. | | 33,800 | 833,944 |
| Tokyu Corp. | | 46,600 | 574,504 |
| Toppan Holdings, Inc. | | 22,200 | 649,378 |
| Toray Industries, Inc. | | 129,600 | 704,774 |
| Toto Ltd. | | 13,200 | 368,278 |
| Toyota Industries Corp. | | 13,700 | 949,712 |
| Toyota Motor Corp. | | 958,000 | 16,506,720 |
| Toyota Tsusho Corp. | | 59,600 | 1,013,124 |
| Trend Micro, Inc. | | 11,900 | 622,637 |
| Unicharm Corp. | | 37,700 | 1,215,636 |
| West Japan Railway Co. | | 40,900 | 726,946 |
| Yakult Honsha Co. Ltd. | | 23,800 | 517,200 |
| Yamaha Motor Co. Ltd. | | 78,500 | 686,170 |
| Yaskawa Electric Corp. | | 22,400 | 641,973 |
| Yokogawa Electric Corp. | | 21,400 | 474,477 |
| Zensho Holdings Co. Ltd. | | 9,100 | 456,539 |
| ZOZO, Inc. | | 12,600 | 408,561 |
TOTAL JAPAN | | | 346,302,957 |
| Jordan - 0.0% | | | |
| Hikma Pharmaceuticals PLC | | 15,707 | 375,700 |
| Korea (South) - 2.8% | | | |
| Alteogen, Inc. (a) | | 3,703 | 1,005,847 |
| AMOREPACIFIC Corp. | | 2,201 | 186,387 |
| Celltrion Pharm, Inc. | | 1,814 | 81,392 |
| Celltrion, Inc. | | 14,206 | 1,873,977 |
| CJ CheilJedang Corp. | | 751 | 149,077 |
| Cosmo AM&T Co. Ltd. (a) | | 2,249 | 167,411 |
| Coway Co. Ltd. | | 5,161 | 236,563 |
| Db Insurance Co. Ltd. | | 4,315 | 341,218 |
| Delivery Hero AG (a)(c) | | 17,246 | 732,129 |
| Doosan Bobcat, Inc. | | 5,023 | 135,688 |
| Doosan Heavy Industries & Construction Co. Ltd. (a) | | 41,834 | 603,038 |
| Ecopro BM Co. Ltd. (a) | | 4,562 | 558,548 |
| Ecopro Co. Ltd. (a) | | 9,318 | 529,957 |
| Ecopro Materials Co. Ltd. | | 1,662 | 133,783 |
| Enchem Co. Ltd. (a) | | 1,254 | 156,976 |
| GS Holdings Corp. | | 4,309 | 128,769 |
| Hana Financial Group, Inc. | | 27,154 | 1,175,383 |
| Hanjin Kal Corp. | | 2,108 | 129,083 |
| Hankook Tire Co. Ltd. | | 7,005 | 178,992 |
| Hanmi Pharm Co. Ltd. | | 598 | 138,492 |
| Hanmi Semiconductor Co. Ltd. | | 4,081 | 266,370 |
| Hanwha Aerospace Co. Ltd. | | 2,977 | 790,274 |
| Hanwha Ocean Co. Ltd. (a) | | 8,563 | 165,355 |
| Hanwha Solutions Corp. | | 10,086 | 155,392 |
| HD Hyundai Co. Ltd. | | 4,050 | 234,445 |
| HD Hyundai Electric Co. Ltd. | | 2,178 | 511,438 |
| HD Hyundai Heavy Industries Co. Ltd. (a) | | 2,070 | 273,457 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | | 3,962 | 525,933 |
| HLB, Inc. (a) | | 10,915 | 519,544 |
| HMM Co. Ltd. | | 24,574 | 304,593 |
| HYBE Co. Ltd. | | 2,137 | 287,194 |
| Hyundai Engineering & Construction Co. Ltd. | | 7,842 | 158,457 |
| Hyundai Glovis Co. Ltd. | | 3,540 | 312,477 |
| Hyundai Mobis | | 5,632 | 1,015,571 |
| Hyundai Motor Co. Ltd. | | 12,643 | 1,953,786 |
| Hyundai Steel Co. | | 7,914 | 145,135 |
| Industrial Bank of Korea | | 26,530 | 271,110 |
| Kakao Corp. | | 28,967 | 773,501 |
| KakaoBank Corp. | | 15,655 | 244,866 |
| KB Financial Group, Inc. | | 35,760 | 2,334,481 |
| Kia Corp. | | 22,406 | 1,486,538 |
| Korea Aerospace Industries Ltd. | | 6,844 | 289,595 |
| Korea Electric Power Corp. (a) | | 24,017 | 402,846 |
| Korea Investment Holdings Co. Ltd. | | 3,916 | 218,046 |
| Korea Zinc Co. Ltd. | | 483 | 349,183 |
| Korean Air Lines Co. Ltd. | | 16,905 | 292,767 |
| KRAFTON, Inc. (a) | | 2,681 | 643,046 |
| KT Corp. | | 2,737 | 87,555 |
| KT&G Corp. | | 9,722 | 774,789 |
| Kum Yang Co. Ltd. (a) | | 3,455 | 103,213 |
| Kumho Petro Chemical Co. Ltd. | | 1,552 | 160,340 |
| L&F Co. Ltd. (a) | | 2,327 | 197,759 |
| LG Chemical Ltd. | | 4,609 | 1,039,702 |
| LG Corp. | | 8,842 | 484,759 |
| LG Display Co. Ltd. (a) | | 28,294 | 216,822 |
| LG Electronics, Inc. | | 9,920 | 640,922 |
| LG Energy Solution (a) | | 4,349 | 1,280,482 |
| LG H & H Co. Ltd. | | 654 | 157,079 |
| LG Innotek Co. Ltd. | | 1,348 | 171,676 |
| LG Uplus Corp. | | 19,327 | 140,536 |
| Lotte Chemical Corp. | | 1,792 | 123,585 |
| LS Electric Co. Ltd. | | 1,424 | 149,732 |
| Meritz Financial Holdings Co. | | 8,913 | 661,806 |
| Mirae Asset Securities Co. Ltd. | | 23,761 | 155,428 |
| NAVER Corp. | | 12,112 | 1,486,414 |
| NCSOFT Corp. | | 1,293 | 203,655 |
| Netmarble Corp. (a)(c) | | 2,683 | 112,515 |
| NH Investment & Securities Co. Ltd. | | 11,655 | 112,598 |
| Orion Corp./Republic of Korea | | 2,360 | 170,645 |
| POSCO | | 6,723 | 1,625,223 |
| POSCO Chemtech Co. Ltd. | | 2,890 | 465,663 |
| POSCO ICT Co. Ltd. | | 5,042 | 98,825 |
| Posco International Corp. | | 5,032 | 189,448 |
| S-Oil Corp. | | 4,291 | 178,577 |
| Samsung Biologics Co. Ltd. (a)(c) | | 1,663 | 1,206,688 |
| Samsung C&T Corp. | | 8,288 | 702,101 |
| Samsung E&A Co. Ltd. (a) | | 14,523 | 187,522 |
| Samsung Electro-Mechanics Co. Ltd. | | 5,298 | 451,938 |
| Samsung Electronics Co. Ltd. | | 444,993 | 18,956,727 |
| Samsung Fire & Marine Insurance Co. Ltd. | | 2,871 | 698,327 |
| Samsung Heavy Industries Co. Ltd. (a) | | 62,007 | 429,113 |
| Samsung Life Insurance Co. Ltd. | | 7,453 | 547,156 |
| Samsung SDI Co. Ltd. | | 5,114 | 1,202,982 |
| Samsung SDS Co. Ltd. | | 3,925 | 406,123 |
| Shinhan Financial Group Co. Ltd. | | 40,402 | 1,509,912 |
| SK Biopharmaceuticals Co. Ltd. (a) | | 2,921 | 248,906 |
| SK Bioscience Co. Ltd. (a) | | 2,408 | 94,317 |
| SK Hynix, Inc. | | 50,951 | 6,692,037 |
| SK Innovation Co., Ltd. (a) | | 5,813 | 492,814 |
| SK Square Co. Ltd. (a) | | 8,790 | 532,565 |
| SK Telecom Co. Ltd. | | 5,061 | 208,380 |
| SK, Inc. | | 3,383 | 363,203 |
| SKC Co. Ltd. (a) | | 1,744 | 188,811 |
| Woori Financial Group, Inc. | | 58,786 | 656,609 |
| Yuhan Corp. | | 5,257 | 526,492 |
TOTAL KOREA (SOUTH) | | | 71,060,581 |
| Kuwait - 0.2% | | | |
| Boubyan Bank KSC | | 136,708 | 248,803 |
| Gulf Bank | | 180,000 | 184,344 |
| Kuwait Finance House KSCP | | 954,936 | 2,245,626 |
| Mabanee Co. SAKC | | 62,871 | 171,224 |
| Mobile Telecommunication Co. | | 185,919 | 276,514 |
| National Bank of Kuwait | | 737,682 | 2,045,107 |
TOTAL KUWAIT | | | 5,171,618 |
| Luxembourg - 0.1% | | | |
| ArcelorMittal SA (Netherlands) | | 43,872 | 1,082,330 |
| Eurofins Scientific SA | | 12,679 | 623,104 |
| Reinet Investments SCA | | 12,871 | 359,042 |
TOTAL LUXEMBOURG | | | 2,064,476 |
| Macau - 0.1% | | | |
| Galaxy Entertainment Group Ltd. | | 204,000 | 907,918 |
| Sands China Ltd. (a) | | 226,000 | 575,007 |
TOTAL MACAU | | | 1,482,925 |
| Malaysia - 0.4% | | | |
| AMMB Holdings Bhd | | 231,900 | 269,221 |
| Axiata Group Bhd | | 251,360 | 129,257 |
| CelcomDigi Bhd | | 325,600 | 252,521 |
| CIMB Group Holdings Bhd | | 646,443 | 1,172,214 |
| Gamuda Bhd | | 181,063 | 351,510 |
| Genting Bhd | | 205,700 | 184,791 |
| Genting Malaysia Bhd | | 281,400 | 143,598 |
| Hong Leong Bank Bhd | | 60,000 | 279,919 |
| IHH Healthcare Bhd | | 203,200 | 336,284 |
| Inari Amertron Bhd | | 266,100 | 172,506 |
| IOI Corp. Bhd | | 236,200 | 202,888 |
| Kuala Lumpur Kepong Bhd | | 47,144 | 229,699 |
| Malayan Banking Bhd | | 505,998 | 1,211,771 |
| Malaysia Airports Holdings Bhd | | 85,716 | 198,293 |
| Maxis Bhd | | 219,600 | 180,816 |
| MISC Bhd | | 126,400 | 216,212 |
| MR DIY Group M Sdn Bhd (c) | | 313,700 | 156,333 |
| Nestle (Malaysia) Bhd | | 6,600 | 150,372 |
| Petronas Chemicals Group Bhd | | 259,100 | 319,121 |
| Petronas Dagangan Bhd | | 28,800 | 117,809 |
| Petronas Gas Bhd | | 72,500 | 285,674 |
| PPB Group Bhd | | 63,140 | 200,682 |
| Press Metal Aluminium Holdings | | 347,900 | 374,431 |
| Public Bank Bhd | | 1,359,700 | 1,368,243 |
| QL Resources Bhd | | 157,200 | 171,882 |
| RHB Bank Bhd | | 143,896 | 210,334 |
| SD Guthrie Bhd | | 193,516 | 202,939 |
| Sime Darby Bhd | | 247,800 | 130,681 |
| Sunway Bhd | | 211,900 | 210,497 |
| Telekom Malaysia Bhd | | 103,921 | 153,853 |
| Tenaga Nasional Bhd | | 242,100 | 774,512 |
| YTL Corp. Bhd | | 302,700 | 135,316 |
| YTL Power International Bhd | | 225,400 | 157,003 |
TOTAL MALAYSIA | | | 10,651,182 |
| Mexico - 0.6% | | | |
| Alfa SA de CV Series A | | 333,709 | 241,824 |
| America Movil S.A.B. de CV Series L | | 1,726,600 | 1,364,229 |
| Arca Continental S.A.B. de CV | | 47,500 | 406,668 |
| Banco del Bajio SA (c) | | 77,700 | 172,723 |
| CEMEX S.A.B. de CV unit | | 1,416,080 | 745,920 |
| Coca-Cola FEMSA S.A.B. de CV unit | | 49,120 | 408,779 |
| Fibra Uno Administracion SA de CV | | 264,000 | 303,984 |
| Fomento Economico Mexicano S.A.B. de CV unit | | 167,700 | 1,627,845 |
| Gruma S.A.B. de CV Series B | | 16,790 | 290,027 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 36,390 | 630,994 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 16,790 | 449,062 |
| Grupo Aeroportuario Norte S.A.B. de CV | | 26,300 | 220,303 |
| Grupo Bimbo S.A.B. de CV Series A | | 123,200 | 382,724 |
| Grupo Carso SA de CV Series A1 | | 53,100 | 319,271 |
| Grupo Comercial Chedraui S.A.B. de CV | | 27,200 | 172,108 |
| Grupo Financiero Banorte S.A.B. de CV | | 242,200 | 1,686,485 |
| Grupo Financiero Inbursa S.A.B. de CV Series O (a) | | 170,900 | 383,745 |
| Grupo Mexico SA de CV Series B | | 290,900 | 1,521,993 |
| Industrias Penoles SA de CV (a) | | 18,620 | 292,484 |
| Kimberly-Clark de Mexico SA de CV Series A | | 140,700 | 202,020 |
| Operadora de Sites Mexicanos, SA de CV | | 121,600 | 106,532 |
| Orbia Advance Corp. S.A.B. de CV | | 85,900 | 78,819 |
| Prologis Property Mexico SA | | 93,573 | 313,180 |
| Promotora y Operadora de Infraestructura S.A.B. de CV | | 17,710 | 154,473 |
| Southern Copper Corp. | | 8,025 | 879,139 |
| Wal-Mart de Mexico SA de CV Series V | | 488,600 | 1,343,500 |
TOTAL MEXICO | | | 14,698,831 |
| Netherlands - 2.5% | | | |
| ABN AMRO Bank NV GDR (Bearer) (c) | | 43,027 | 710,932 |
| Adyen BV (a)(c) | | 2,029 | 3,099,620 |
| AEGON NV | | 126,646 | 799,367 |
| Akzo Nobel NV | | 15,938 | 1,017,059 |
| Argenx SE (a) | | 5,548 | 3,271,412 |
| ASM International NV (Netherlands) | | 4,384 | 2,442,526 |
| ASML Holding NV (Netherlands) | | 37,290 | 25,197,237 |
| ASR Nederland NV | | 14,697 | 696,539 |
| BE Semiconductor Industries NV | | 7,172 | 764,064 |
| Euronext NV (c) | | 7,527 | 830,212 |
| EXOR NV | | 9,252 | 978,207 |
| Heineken Holding NV | | 12,146 | 842,253 |
| Heineken NV (Bearer) | | 26,851 | 2,202,231 |
| IMCD NV | | 5,351 | 850,091 |
| ING Groep NV (Certificaten Van Aandelen) | | 308,230 | 5,230,784 |
| JDE Peet's BV | | 11,406 | 256,822 |
| Koninklijke Ahold Delhaize NV | | 87,415 | 2,882,047 |
| Koninklijke KPN NV | | 368,547 | 1,440,387 |
| Koninklijke Philips Electronics NV | | 74,546 | 1,961,217 |
| Nebius Group NV Class A (a)(d) | | 15,310 | 0 |
| NN Group NV | | 25,261 | 1,241,715 |
| Randstad NV | | 10,136 | 466,927 |
| Universal Music Group NV | | 77,469 | 1,949,600 |
| Wolters Kluwer NV | | 23,190 | 3,902,296 |
TOTAL NETHERLANDS | | | 63,033,545 |
| New Zealand - 0.2% | | | |
| Auckland International Airport Ltd. | | 139,047 | 601,231 |
| Fisher & Paykel Healthcare Corp. Ltd. | | 54,728 | 1,172,881 |
| Mercury Nz Ltd. | | 67,814 | 266,922 |
| Meridian Energy Ltd. | | 120,746 | 428,814 |
| Spark New Zealand Ltd. | | 173,176 | 300,458 |
| Xero Ltd. (a) | | 13,568 | 1,318,207 |
TOTAL NEW ZEALAND | | | 4,088,513 |
| Norway - 0.3% | | | |
| Aker BP ASA | | 29,417 | 627,373 |
| DNB Bank ASA | | 83,539 | 1,725,429 |
| Equinor ASA | | 78,134 | 1,856,636 |
| Gjensidige Forsikring ASA | | 18,725 | 337,895 |
| Kongsberg Gruppen ASA | | 8,247 | 858,422 |
| Mowi ASA | | 43,311 | 744,345 |
| Norsk Hydro ASA | | 130,977 | 813,020 |
| Orkla ASA | | 65,349 | 604,170 |
| Salmar ASA | | 6,170 | 312,982 |
| Telenor ASA | | 57,104 | 701,328 |
TOTAL NORWAY | | | 8,581,600 |
| Peru - 0.1% | | | |
| Compania de Minas Buenaventura SAA sponsored ADR | | 15,088 | 197,049 |
| Credicorp Ltd. (United States) | | 6,329 | 1,165,359 |
TOTAL PERU | | | 1,362,408 |
| Philippines - 0.2% | | | |
| Ayala Corp. | | 23,480 | 276,646 |
| Ayala Land, Inc. | | 622,200 | 347,637 |
| Bank of the Philippine Islands (BPI) | | 172,336 | 421,630 |
| BDO Unibank, Inc. | | 221,316 | 576,901 |
| International Container Terminal Services, Inc. | | 94,390 | 638,879 |
| JG Summit Holdings, Inc. | | 245,551 | 102,113 |
| Jollibee Food Corp. | | 41,990 | 190,542 |
| Manila Electric Co. | | 25,690 | 213,815 |
| Metropolitan Bank & Trust Co. | | 169,313 | 219,805 |
| PLDT, Inc. | | 6,865 | 168,037 |
| SM Investments Corp. | | 20,535 | 329,791 |
| SM Prime Holdings, Inc. | | 948,300 | 496,789 |
| Universal Robina Corp. | | 79,190 | 132,296 |
TOTAL PHILIPPINES | | | 4,114,881 |
| Poland - 0.2% | | | |
| Alior Bank SA | | 8,401 | 183,436 |
| Allegro.eu SA (a)(c) | | 54,257 | 476,049 |
| Bank Polska Kasa Opieki SA | | 17,267 | 604,793 |
| Budimex SA | | 1,166 | 145,941 |
| CD Projekt SA | | 6,164 | 247,546 |
| Dino Polska SA (a)(c) | | 4,573 | 378,955 |
| InPost SA (a) | | 18,669 | 364,108 |
| KGHM Polska Miedz SA (Bearer) | | 13,016 | 485,976 |
| LPP SA | | 104 | 377,001 |
| mBank SA (a) | | 1,362 | 191,161 |
| Orlen SA | | 54,182 | 705,100 |
| PGE Polska Grupa Energetyczna SA (a) | | 85,219 | 146,731 |
| Powszechna Kasa Oszczednosci Bank SA | | 81,722 | 1,139,239 |
| Powszechny Zaklad Ubezpieczen SA | | 56,185 | 557,253 |
| Santander Bank Polska SA | | 3,818 | 427,036 |
TOTAL POLAND | | | 6,430,325 |
| Portugal - 0.1% | | | |
| Energias de Portugal SA | | 292,662 | 1,149,855 |
| Galp Energia SGPS SA | | 43,508 | 741,596 |
| Jeronimo Martins SGPS SA | | 26,320 | 511,611 |
TOTAL PORTUGAL | | | 2,403,062 |
| Qatar - 0.2% | | | |
| Barwa Real Estate Co. | | 203,040 | 159,265 |
| Dukhan Bank | | 176,694 | 179,072 |
| Industries Qatar QSC | | 139,091 | 509,988 |
| Masraf al Rayan | | 563,098 | 366,841 |
| Mesaieed Petrochemical Holding Co. | | 530,798 | 230,630 |
| Ooredoo QSC | | 76,256 | 239,596 |
| Qatar Electricity & Water Co. | | 40,963 | 182,483 |
| Qatar Fuel Co. | | 55,739 | 234,682 |
| Qatar Gas Transport Co. Ltd. (Nakilat) | | 253,800 | 298,342 |
| Qatar International Islamic Bank QSC | | 93,066 | 268,130 |
| Qatar Islamic Bank | | 165,297 | 930,675 |
| Qatar National Bank SAQ | | 430,536 | 2,051,579 |
| The Commercial Bank of Qatar | | 300,629 | 350,913 |
TOTAL QATAR | | | 6,002,196 |
| Romania - 0.0% | | | |
| NEPI Rockcastle PLC | | 54,601 | 430,253 |
| Russia - 0.0% | | | |
| Alrosa Co. Ltd. (a)(d) | | 120,680 | 0 |
| Gazprom OAO (a)(d) | | 601,730 | 0 |
| GMK Norilskiy Nickel PAO ADR (a)(d) | | 249,900 | 0 |
| GMK Norilskiy Nickel PAO ADR sponsored ADR (a)(d) | | 6,705 | 0 |
| Inter Rao Ues JSC (a)(d) | | 1,756,400 | 0 |
| LUKOIL PJSC (a)(d) | | 21,149 | 0 |
| Moscow Exchange MICEX-RTS OAO (a)(d) | | 72,930 | 0 |
| Novolipetsk Steel OJSC (a)(d) | | 71,070 | 0 |
| Ozon Holdings PLC ADR (a)(d) | | 2,304 | 0 |
| PhosAgro PJSC sponsored GDR (Reg. S) (a)(d) | | 42 | 0 |
| Polyus PJSC (a)(d) | | 1,749 | 0 |
| Rosneft Oil Co. OJSC (a)(d) | | 55,210 | 0 |
| Sberbank of Russia (a)(d) | | 551,355 | 0 |
| Severstal PAO (a)(d) | | 7,553 | 0 |
| Severstal PAO GDR (Reg. S) (a)(d) | | 2,375 | 0 |
| Surgutneftegas OJSC (a)(d) | | 351,800 | 0 |
| Tatneft PAO (a)(d) | | 71,609 | 0 |
| TKS Holding MKPAO JSC (a)(d) | | 393 | 0 |
| United Co. RUSAL International PJSC (a)(d) | | 141,950 | 0 |
| VK IPJSC (a)(d) | | 3,049 | 0 |
| VK IPJSC GDR (Reg. S) (a)(d) | | 3,849 | 0 |
| VTB Bank OJSC (a)(d) | | 30,582 | 0 |
TOTAL RUSSIA | | | 0 |
| Saudi Arabia - 1.1% | | | |
| ACWA Power Co. | | 13,674 | 1,675,526 |
| Ades Holding Co. | | 30,738 | 161,887 |
| Advanced Petrochemicals Co. (a) | | 11,516 | 111,459 |
| Al Rajhi Bank | | 182,835 | 4,284,016 |
| Al Rajhi Co. for Co-operative Insurance | | 3,782 | 180,455 |
| Alinma Bank | | 114,523 | 856,857 |
| Almarai Co. Ltd. | | 22,983 | 337,184 |
| Arab National Bank | | 83,305 | 420,107 |
| Arabian Internet and Communications Services Co. Ltd. | | 2,254 | 153,159 |
| Bank Al-Jazira | | 47,383 | 207,412 |
| Bank Albilad | | 57,514 | 563,547 |
| Banque Saudi Fransi | | 54,522 | 452,935 |
| Bupa Arabia for Cooperative Insurance Co. | | 7,698 | 412,806 |
| Dallah Healthcare Co. | | 3,356 | 142,615 |
| Dar Al Arkan Real Estate Development Co. (a) | | 50,163 | 222,519 |
| Dr Sulaiman Al Habib Medical Services Group Co. | | 8,176 | 623,045 |
| Elm Co. | | 2,240 | 609,906 |
| Etihad Etisalat Co. | | 35,182 | 485,243 |
| Jarir Marketing Co. | | 55,124 | 194,329 |
| Mobile Telecommunications Co. Saudi Arabia | | 44,703 | 125,693 |
| Mouwasat Medical Services Co. | | 9,397 | 235,444 |
| Nahdi Medical Co. | | 3,481 | 114,374 |
| Power & Water Utility Co. for Jubail & Yanbu | | 7,158 | 112,067 |
| Riyad Bank | | 137,308 | 941,417 |
| Sabic Agriculture-Nutrients Co. | | 21,790 | 660,250 |
| Sahara International Petrochemical Co. | | 34,510 | 241,663 |
| SAL Saudi Logistics Services | | 2,178 | 159,942 |
| Saudi Arabian Mining Co. (a) | | 120,758 | 1,813,444 |
| Saudi Arabian Oil Co. (c) | | 405,974 | 2,918,577 |
| Saudi Aramco Base Oil Co. - Luberef | | 4,588 | 143,173 |
| Saudi Awwal Bank | | 94,162 | 847,425 |
| Saudi Basic Industries Corp. | | 83,979 | 1,625,602 |
| Saudi Electricity Co. | | 78,035 | 340,755 |
| Saudi Industrial Investment Group | | 33,304 | 158,198 |
| Saudi Investment Bank/The | | 57,326 | 201,176 |
| Saudi Kayan Petrochemical Co. (a) | | 69,524 | 144,020 |
| Saudi Research & Marketing Group (a) | | 3,310 | 263,693 |
| Saudi Tadawul Group Holding Co. | | 4,405 | 280,085 |
| Saudi Telecom Co. | | 186,561 | 2,093,763 |
| The Co. for Cooperative Insurance | | 6,899 | 257,907 |
| The Saudi National Bank | | 274,220 | 2,420,426 |
| The Savola Group (a) | | 52,327 | 359,463 |
| Yanbu National Petrochemical Co. | | 25,846 | 273,896 |
TOTAL SAUDI ARABIA | | | 28,827,460 |
| Singapore - 1.0% | | | |
| CapitaLand Ascendas REIT | | 350,058 | 709,396 |
| CapitaLand Integrated Commercial Trust | | 559,313 | 849,753 |
| CapitaLand Investment Ltd. | | 218,445 | 461,485 |
| DBS Group Holdings Ltd. | | 185,758 | 5,386,017 |
| Genting Singapore Ltd. | | 568,500 | 358,046 |
| Grab Holdings Ltd. (a) | | 196,765 | 802,801 |
| Keppel Ltd. | | 135,700 | 653,322 |
| Oversea-Chinese Banking Corp. Ltd. | | 315,452 | 3,619,213 |
| Sea Ltd. ADR Class A (a) | | 34,543 | 3,248,769 |
| Sembcorp Industries Ltd. | | 83,500 | 316,786 |
| Singapore Airlines Ltd. | | 137,800 | 672,204 |
| Singapore Exchange Ltd. | | 80,500 | 689,804 |
| Singapore Technologies Engineering Ltd. | | 145,500 | 498,847 |
| Singapore Telecommunications Ltd. | | 693,800 | 1,636,836 |
| STMicroelectronics NV (France) | | 63,231 | 1,721,208 |
| United Overseas Bank Ltd. | | 117,803 | 2,863,679 |
TOTAL SINGAPORE | | | 24,488,166 |
| South Africa - 1.0% | | | |
| Absa Group Ltd. | | 79,031 | 757,404 |
| Anglo American Platinum Ltd. | | 7,531 | 296,024 |
| Anglo American PLC (United Kingdom) | | 118,593 | 3,676,433 |
| Aspen Pharmacare Holdings Ltd. | | 35,416 | 359,793 |
| Bid Corp. Ltd. | | 31,122 | 733,768 |
| Bidvest Group Ltd./The | | 31,780 | 514,268 |
| Capitec Bank Holdings Ltd. | | 8,127 | 1,468,150 |
| Clicks Group Ltd. | | 22,384 | 479,733 |
| Discovery Ltd. | | 50,533 | 518,188 |
| Exxaro Resources Ltd. | | 22,350 | 210,763 |
| FirstRand Ltd. | | 471,049 | 2,069,646 |
| Gold Fields Ltd. | | 83,527 | 1,377,450 |
| Harmony Gold Mining Co. Ltd. | | 53,169 | 576,851 |
| Impala Platinum Holdings Ltd. (a) | | 84,218 | 555,883 |
| Kumba Iron Ore Ltd. | | 5,976 | 113,171 |
| MTN Group Ltd. | | 157,651 | 782,981 |
| Naspers Ltd. Class N | | 16,634 | 3,931,403 |
| Nedbank Group Ltd. | | 43,110 | 730,691 |
| Northam Platinum Holdings Ltd. | | 33,342 | 246,680 |
| Old Mutual Ltd. | | 450,585 | 311,039 |
| OUTsurance Group Ltd. | | 79,424 | 271,610 |
| Pepkor Holdings Ltd. (c) | | 220,145 | 285,764 |
| Remgro Ltd. | | 47,009 | 409,534 |
| Sanlam Ltd. | | 167,160 | 835,145 |
| Sasol Ltd. | | 53,927 | 303,098 |
| Shoprite Holdings Ltd. | | 46,749 | 807,374 |
| Sibanye-Stillwater Ltd. (a) | | 266,076 | 310,204 |
| Standard Bank Group Ltd. | | 124,874 | 1,719,206 |
| Vodacom Group Ltd. | | 58,737 | 367,734 |
| Woolworths Holdings Ltd. | | 88,484 | 328,040 |
TOTAL SOUTH AFRICA | | | 25,348,028 |
| Spain - 1.7% | | | |
| Acciona SA | | 2,326 | 297,035 |
| ACS Actividades de Construccion y Servicios SA | | 17,190 | 822,731 |
| Aena SME SA (c) | | 6,997 | 1,545,030 |
| Amadeus IT Holding SA Class A | | 42,015 | 3,043,741 |
| Banco Bilbao Vizcaya Argentaria SA | | 537,733 | 5,352,959 |
| Banco de Sabadell SA | | 508,970 | 990,171 |
| Banco Santander SA (Spain) | | 1,445,358 | 7,062,269 |
| CaixaBank SA (b) | | 338,981 | 2,065,670 |
| Cellnex Telecom SA (c) | | 49,448 | 1,812,624 |
| EDP Renovaveis SA | | 29,207 | 393,312 |
| Endesa SA | | 29,429 | 633,986 |
| Grifols SA (a) | | 27,920 | 311,140 |
| Iberdrola SA | | 569,855 | 8,457,987 |
| Industria de Diseno Textil SA | | 101,761 | 5,789,115 |
| Redeia Corp. SA | | 37,720 | 697,509 |
| Repsol SA | | 113,534 | 1,421,262 |
| Telefonica SA (b) | | 370,302 | 1,737,699 |
TOTAL SPAIN | | | 42,434,240 |
| Sweden - 2.0% | | | |
| AddTech AB (B Shares) | | 24,142 | 669,343 |
| Alfa Laval AB | | 27,013 | 1,191,360 |
| ASSA ABLOY AB (B Shares) | | 93,537 | 2,929,835 |
| Atlas Copco AB: | | | |
| (A Shares) | | 250,174 | 4,128,726 |
| (B Shares) | | 146,176 | 2,120,362 |
| Beijer Ref AB (B Shares) | | 33,721 | 505,915 |
| Boliden AB | | 25,534 | 792,774 |
| Epiroc AB: | | | |
| (A Shares) | | 61,945 | 1,209,805 |
| (B Shares) | | 35,899 | 616,256 |
| EQT AB | | 34,924 | 1,012,855 |
| Essity AB (B Shares) | | 56,866 | 1,605,445 |
| Evolution AB (c) | | 16,804 | 1,588,765 |
| Fastighets AB Balder (a) | | 61,811 | 478,149 |
| Getinge AB (B Shares) | | 21,244 | 374,153 |
| H&M Hennes & Mauritz AB (B Shares) (b) | | 53,112 | 788,862 |
| Hexagon AB (B Shares) | | 193,891 | 1,812,712 |
| Holmen AB (B Shares) | | 7,031 | 277,292 |
| Husqvarna AB (B Shares) | | 33,205 | 214,353 |
| Industrivarden AB: | | | |
| (A Shares) | | 11,129 | 383,134 |
| (C Shares) | | 15,163 | 520,872 |
| Indutrade AB | | 25,366 | 687,089 |
| Investment AB Latour (B Shares) | | 13,799 | 379,990 |
| Investor AB: | | | |
| (A Shares) | | 4,514 | 127,948 |
| (B Shares) | | 156,885 | 4,438,759 |
| L E Lundbergforetagen AB (B Shares) | | 7,138 | 352,728 |
| Lifco AB (B Shares) | | 21,660 | 644,440 |
| Nibe Industrier AB (B Shares) | | 141,482 | 683,073 |
| Saab AB (B Shares) | | 29,910 | 615,069 |
| Sagax AB | | 20,469 | 489,509 |
| Sandvik AB | | 99,505 | 1,951,893 |
| Securitas AB (B Shares) | | 45,682 | 535,945 |
| Skandinaviska Enskilda Banken AB (A Shares) | | 148,012 | 2,090,037 |
| Skanska AB (B Shares) | | 31,667 | 642,580 |
| SKF AB (B Shares) | | 31,867 | 602,074 |
| Svenska Cellulosa AB SCA (B Shares) | | 56,718 | 749,795 |
| Svenska Handelsbanken AB (A Shares) | | 136,039 | 1,413,532 |
| Swedbank AB (A Shares) | | 79,186 | 1,606,826 |
| Swedish Orphan Biovitrum AB (a) | | 18,243 | 570,171 |
| Tele2 AB (B Shares) | | 50,253 | 526,606 |
| Telefonaktiebolaget LM Ericsson (B Shares) | | 258,892 | 2,170,578 |
| Telia Co. AB | | 219,156 | 636,824 |
| Trelleborg AB (B Shares) | | 19,847 | 658,676 |
| Volvo AB: | | | |
| (A Shares) | | 18,395 | 481,691 |
| (B Shares) | | 148,495 | 3,856,434 |
| Volvo Car AB (b) | | 71,604 | 154,068 |
TOTAL SWEDEN | | | 50,287,303 |
| Switzerland - 3.9% | | | |
| ABB Ltd. (Reg.) | | 147,575 | 8,200,911 |
| Adecco SA (Reg.) | | 15,731 | 492,943 |
| Avolta AG | | 8,732 | 347,171 |
| Bachem Holding AG (B Shares) | | 3,198 | 253,122 |
| Baloise Holdings AG | | 4,048 | 777,677 |
| Banque Cantonale Vaudoise | | 2,819 | 281,068 |
| Barry Callebaut AG | | 333 | 583,054 |
| BKW AG | | 1,982 | 347,949 |
| Chocoladefabriken Lindt & Spruengli AG | | 92 | 1,083,481 |
| Chocoladefabriken Lindt & Spruengli AG | | 10 | 1,162,643 |
| Clariant AG (Reg.) | | 20,202 | 280,496 |
| Compagnie Financiere Richemont SA Series A | | 50,155 | 7,302,593 |
| DSM-Firmenich AG | | 17,359 | 2,060,054 |
| Ems-Chemie Holding AG | | 658 | 506,330 |
| Galderma Group AG (a) | | 5,550 | 519,363 |
| Geberit AG (Reg.) | | 3,125 | 1,957,038 |
| Givaudan SA | | 862 | 4,089,646 |
| Helvetia Holding AG (Reg.) | | 3,471 | 587,644 |
| Julius Baer Group Ltd. | | 19,138 | 1,166,874 |
| Kuehne & Nagel International AG | | 4,508 | 1,125,499 |
| Logitech International SA (Reg.) | | 14,578 | 1,194,533 |
| Lonza Group AG | | 6,740 | 4,156,938 |
| Novartis AG | | 183,894 | 19,953,654 |
| Partners Group Holding AG | | 2,116 | 2,923,268 |
| Sandoz Group AG | | 38,211 | 1,741,188 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 3,782 | 1,101,030 |
| (Reg.) | | 2,213 | 630,419 |
| SGS SA (Reg.) | | 14,354 | 1,520,921 |
| Sig Group AG | | 28,547 | 614,543 |
| Sika AG | | 14,227 | 3,962,241 |
| Sonova Holding AG | | 4,728 | 1,730,153 |
| Straumann Holding AG | | 10,415 | 1,373,108 |
| Swatch Group AG (Bearer) | | 2,598 | 533,117 |
| Swatch Group AG (Bearer) (Reg.) | | 5,503 | 222,720 |
| Swiss Life Holding AG | | 2,680 | 2,186,083 |
| Swiss Prime Site AG | | 7,238 | 784,944 |
| Swisscom AG | | 2,416 | 1,471,618 |
| Temenos AG | | 5,609 | 388,093 |
| UBS Group AG | | 306,770 | 9,428,146 |
| VAT Group AG (c) | | 2,528 | 1,052,419 |
| Zurich Insurance Group Ltd. | | 13,649 | 8,047,522 |
TOTAL SWITZERLAND | | | 98,142,214 |
| Taiwan - 5.4% | | | |
| Accton Technology Corp. | | 47,000 | 792,345 |
| Acer, Inc. | | 274,000 | 340,639 |
| Advantech Co. Ltd. | | 44,674 | 439,234 |
| Alchip Technologies Ltd. | | 7,000 | 435,015 |
| ASE Technology Holding Co. Ltd. | | 306,500 | 1,450,099 |
| Asia Cement Corp. | | 216,000 | 314,895 |
| Asia Vital Components Co. Ltd. | | 30,000 | 576,573 |
| ASUSTeK Computer, Inc. | | 66,000 | 1,169,217 |
| AUO Corp. | | 600,600 | 310,433 |
| Catcher Technology Co. Ltd. | | 57,000 | 416,207 |
| Cathay Financial Holding Co. Ltd. | | 888,872 | 1,883,363 |
| Chailease Holding Co. Ltd. | | 141,317 | 663,912 |
| Chang Hwa Commercial Bank | | 569,366 | 313,884 |
| Cheng Shin Rubber Industry Co. Ltd. | | 169,000 | 243,517 |
| China Airlines Ltd. | | 271,000 | 189,605 |
| China Steel Corp. | | 1,097,000 | 769,744 |
| Chunghwa Telecom Co. Ltd. | | 355,000 | 1,351,946 |
| Compal Electronics, Inc. | | 389,000 | 428,415 |
| CTBC Financial Holding Co. Ltd. | | 1,464,000 | 1,628,239 |
| Delta Electronics, Inc. | | 182,000 | 2,255,181 |
| E Ink Holdings, Inc. | | 80,000 | 751,175 |
| E.SUN Financial Holdings Co. Ltd. | | 1,340,510 | 1,143,590 |
| ECLAT Textile Co. Ltd. | | 18,000 | 301,852 |
| eMemory Technology, Inc. | | 6,000 | 585,309 |
| EVA Airways Corp. | | 253,000 | 293,142 |
| Evergreen Marine Corp. (Taiwan) | | 96,343 | 612,428 |
| Far Eastern New Century Corp. | | 275,000 | 318,363 |
| Far EasTone Telecommunications Co. Ltd. | | 166,000 | 459,883 |
| Feng Tay Enterprise Co. Ltd. | | 46,584 | 205,449 |
| First Financial Holding Co. Ltd. | | 1,050,004 | 887,042 |
| Formosa Chemicals & Fibre Corp. | | 330,000 | 394,967 |
| Formosa Plastics Corp. | | 357,000 | 525,246 |
| Fortune Electric Co. Ltd. | | 14,000 | 235,103 |
| Fubon Financial Holding Co. Ltd. | | 764,432 | 2,142,363 |
| Gigabyte Technology Co. Ltd. | | 50,000 | 395,369 |
| Global Unichip Corp. | | 8,000 | 300,039 |
| GlobalWafers Co. Ltd. | | 25,000 | 326,488 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 1,163,800 | 7,483,929 |
| Hotai Motor Co. Ltd. | | 28,400 | 573,413 |
| Hua Nan Financial Holdings Co. Ltd. | | 830,033 | 656,651 |
| Innolux Corp. | | 711,156 | 343,963 |
| Inventec Corp. | | 252,000 | 349,661 |
| Kgi Financial Holding Co. Ltd. | | 1,484,313 | 767,319 |
| Largan Precision Co. Ltd. | | 9,000 | 632,419 |
| Lite-On Technology Corp. | | 197,000 | 619,566 |
| MediaTek, Inc. | | 142,000 | 5,545,805 |
| Mega Financial Holding Co. Ltd. | | 1,106,619 | 1,352,692 |
| Micro-Star International Co. Ltd. | | 67,000 | 367,693 |
| Nan Ya Plastics Corp. | | 481,000 | 621,751 |
| Nanya Technology Corp. (a) | | 112,000 | 145,506 |
| Nien Made Enterprise Co. Ltd. | | 17,000 | 254,146 |
| Novatek Microelectronics Corp. | | 54,000 | 837,090 |
| Pegatron Corp. | | 186,000 | 565,820 |
| PharmaEssentia Corp. (a) | | 23,000 | 451,270 |
| Pou Chen Corp. | | 211,000 | 247,498 |
| President Chain Store Corp. | | 53,000 | 488,222 |
| Quanta Computer, Inc. | | 252,000 | 2,295,950 |
| Realtek Semiconductor Corp. | | 46,000 | 677,132 |
| Ruentex Development Co. Ltd. | | 144,575 | 208,229 |
| Shin Kong Financial Holding Co. Ltd. (a) | | 1,326,548 | 470,923 |
| Sinopac Financial Holdings Co. | | 1,000,453 | 712,512 |
| Synnex Technology International Corp. | | 115,000 | 253,417 |
| Taishin Financial Holdings Co. Ltd. | | 1,090,021 | 581,036 |
| Taiwan Business Bank | | 635,017 | 306,459 |
| Taiwan Cooperative Financial Holding Co. Ltd. | | 988,836 | 775,661 |
| Taiwan High Speed Rail Corp. | | 181,000 | 164,695 |
| Taiwan Mobile Co. Ltd. | | 170,000 | 601,109 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 2,299,000 | 72,330,231 |
| Tcc Group Holdings | | 633,667 | 631,546 |
| The Shanghai Commercial & Savings Bank Ltd. | | 361,312 | 450,297 |
| Uni-President Enterprises Corp. | | 451,000 | 1,267,093 |
| Unimicron Technology Corp. | | 128,000 | 627,161 |
| United Microelectronics Corp. | | 1,054,000 | 1,525,607 |
| Vanguard International Semiconductor Corp. | | 92,000 | 272,441 |
| Vanguard International Semiconductor Corp. rights 10/18/24 (a) | | 7,504 | 1,997 |
| Voltronic Power Technology Corp. | | 6,000 | 395,871 |
| Walsin Lihwa Corp. | | 258,162 | 237,377 |
| Wan Hai Lines Ltd. | | 65,145 | 173,034 |
| Winbond Electronics Corp. | | 309,437 | 183,749 |
| Wistron Corp. | | 256,000 | 863,261 |
| Wiwynn Corp. | | 10,629 | 606,252 |
| WPG Holding Co. Ltd. | | 149,400 | 340,552 |
| Yageo Corp. | | 38,099 | 650,114 |
| Yang Ming Marine Transport Corp. | | 163,000 | 335,732 |
| Yuanta Financial Holding Co. Ltd. | | 964,074 | 970,083 |
| Zhen Ding Technology Holding Ltd. | | 62,000 | 214,491 |
TOTAL TAIWAN | | | 137,278,697 |
| Thailand - 0.4% | | | |
| Advanced Info Service PCL (For. Reg.) | | 27,500 | 223,683 |
| Advanced Information Service PCL NVDR | | 83,300 | 677,556 |
| Airports of Thailand PCL: | | | |
| (For. Reg.) | | 171,900 | 311,493 |
| NVDR | | 228,500 | 414,056 |
| Bangkok Dusit Medical Services PCL: | | | |
| (For. Reg.) | | 292,100 | 237,926 |
| NVDR | | 740,800 | 603,408 |
| Bangkok Expressway and Metro PCL: | | | |
| (For. Reg.) | | 154,900 | 36,148 |
| NVDR | | 567,000 | 132,316 |
| Bumrungrad Hospital PCL: | | | |
| (For. Reg.) | | 10,800 | 87,098 |
| NVDR | | 41,200 | 332,264 |
| Central Pattana PCL: | | | |
| (For. Reg.) | | 74,500 | 138,505 |
| NVDR | | 112,800 | 209,710 |
| Central Retail Corp. PCL: | | | |
| (For. Reg.) | | 96,317 | 91,193 |
| NVDR | | 55,200 | 52,264 |
| Charoen Pokphand Foods PCL: | | | |
| (For. Reg.) | | 110,100 | 80,977 |
| NVDR | | 236,900 | 174,236 |
| CP ALL PCL: | | | |
| (For. Reg.) | | 143,900 | 269,524 |
| NVDR | | 401,900 | 752,756 |
| CP Axtra PCL NVDR | | 198,446 | 197,999 |
| Delta Electronics PCL: | | | |
| (For. Reg.) | | 16,000 | 64,982 |
| NVDR | | 275,400 | 1,118,501 |
| Gulf Energy Development PCL: | | | |
| (For. Reg.) | | 68,700 | 135,378 |
| NVDR | | 214,600 | 422,884 |
| Home Product Center PCL: | | | |
| (For. Reg.) | | 187,500 | 52,958 |
| NVDR | | 373,400 | 105,464 |
| Intouch Holdings PCL: | | | |
| (For. Reg.) | | 16,900 | 53,542 |
| NVDR | | 77,200 | 244,583 |
| Kasikornbank PCL NVDR | | 54,400 | 235,606 |
| Krung Thai Bank PCL: | | | |
| (For. Reg.) | | 95,600 | 58,022 |
| NVDR | | 225,500 | 136,861 |
| Krungthai Card PCL: | | | |
| (For. Reg.) | | 27,500 | 38,802 |
| NVDR | | 52,500 | 74,076 |
| Minor International PCL: | | | |
| (For. Reg.) | | 98,681 | 78,159 |
| NVDR | | 220,141 | 174,361 |
| PTT Exploration and Production PCL: | | | |
| (For. Reg.) | | 33,000 | 123,851 |
| NVDR | | 96,000 | 360,293 |
| PTT Global Chemical PCL NVDR | | 203,800 | 156,972 |
| PTT Oil & Retail Business PCL NVDR | | 269,300 | 122,803 |
| PTT PCL: | | | |
| (For. Reg.) | | 314,700 | 312,417 |
| NVDR | | 618,700 | 614,213 |
| SCB X PCL: | | | |
| (For. Reg.) | | 31,400 | 105,523 |
| NVDR | | 47,100 | 158,284 |
| SCG Packaging PCL NVDR | | 114,200 | 86,050 |
| Siam Cement PCL: | | | |
| (For. Reg.) | | 25,900 | 161,115 |
| NVDR | | 48,100 | 299,213 |
| Thai Oil PCL: | | | |
| (For. Reg.) | | 22,133 | 26,887 |
| NVDR | | 93,266 | 113,298 |
| TMBThanachart Bank PCL NVDR | | 2,309,200 | 121,751 |
| True Corp. PCL (a) | | 319,517 | 116,271 |
| True Corp. PCL NVDR (a) | | 641,386 | 233,397 |
TOTAL THAILAND | | | 11,129,629 |
| Turkey - 0.2% | | | |
| Akbank TAS | | 286,313 | 422,806 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | | 18,579 | 103,943 |
| Aselsan A/S | | 122,441 | 217,439 |
| Bim Birlesik Magazalar A/S JSC | | 42,557 | 579,391 |
| Coca-Cola Icecek Sanayi A/S | | 77,239 | 114,737 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | | 135,364 | 188,044 |
| Ford Otomotiv Sanayi A/S | | 6,558 | 187,276 |
| Haci Omer Sabanci Holding A/S | | 98,528 | 239,383 |
| Koc Holding A/S | | 71,147 | 350,907 |
| Pegasus Hava Tasimaciligi A/S | | 19,530 | 132,005 |
| Sasa Polyester Sanayi A/S | | 972,196 | 109,236 |
| Tofas Turk Otomobil Fabrikasi A/S | | 10,330 | 56,677 |
| Turk Hava Yollari AO (a) | | 53,374 | 424,469 |
| Turkcell Iletisim Hizmet A/S | | 112,887 | 279,211 |
| Turkiye Is Bankasi A/S Series C | | 818,929 | 281,062 |
| Turkiye Petrol Rafinerileri A/S | | 92,915 | 392,106 |
| Turkiye Sise ve Cam Fabrikalari A/S | | 128,366 | 146,629 |
| Yapi ve Kredi Bankasi A/S | | 317,659 | 226,946 |
TOTAL TURKEY | | | 4,452,267 |
| United Arab Emirates - 0.3% | | | |
| Abu Dhabi Commercial Bank PJSC | | 273,954 | 666,789 |
| Abu Dhabi Islamic Bank | | 135,504 | 464,832 |
| Abu Dhabi National Oil Co. for Distribution PJSC | | 301,822 | 296,641 |
| ADNOC Drilling Co. PJSC | | 298,722 | 412,333 |
| Aldar Properties PJSC | | 359,182 | 745,148 |
| Americana Restaurants International PLC | | 279,030 | 171,685 |
| Dubai Islamic Bank Pakistan Ltd. | | 273,380 | 465,179 |
| Emaar Properties PJSC | | 615,976 | 1,457,326 |
| Emirates NBD Bank PJSC | | 176,596 | 913,498 |
| Emirates Telecommunications Corp. | | 323,601 | 1,561,158 |
| First Abu Dhabi Bank PJSC | | 412,746 | 1,476,561 |
| Multiply Group (a) | | 318,641 | 196,925 |
| NMC Health PLC (a)(d) | | 2,259 | 0 |
TOTAL UNITED ARAB EMIRATES | | | 8,828,075 |
| United Kingdom - 6.7% | | | |
| 3i Group PLC | | 90,806 | 3,723,747 |
| Admiral Group PLC | | 24,193 | 799,857 |
| AngloGold Ashanti PLC | | 39,251 | 1,095,069 |
| Ashtead Group PLC | | 40,806 | 3,045,489 |
| Associated British Foods PLC | | 31,400 | 899,255 |
| AstraZeneca PLC (United Kingdom) | | 144,665 | 20,584,904 |
| Auto Trader Group PLC (c) | | 83,733 | 904,106 |
| Aviva PLC | | 250,049 | 1,460,911 |
| BAE Systems PLC | | 282,800 | 4,557,975 |
| Barclays PLC | | 1,377,315 | 4,222,163 |
| Barratt Developments PLC | | 128,797 | 741,369 |
| Berkeley Group Holdings PLC | | 9,522 | 543,371 |
| British American Tobacco PLC (United Kingdom) | | 186,290 | 6,514,395 |
| BT Group PLC (b) | | 604,058 | 1,076,833 |
| Bunzl PLC | | 31,594 | 1,390,011 |
| Centrica PLC | | 486,375 | 735,654 |
| CK Hutchison Holdings Ltd. | | 250,000 | 1,314,782 |
| Coca-Cola Europacific Partners PLC | | 19,245 | 1,462,620 |
| Compass Group PLC | | 158,658 | 5,152,645 |
| Croda International PLC | | 12,416 | 593,164 |
| DCC PLC (United Kingdom) | | 9,196 | 581,506 |
| Diageo PLC | | 207,360 | 6,403,646 |
| Entain PLC | | 59,510 | 571,677 |
| Halma PLC | | 35,494 | 1,132,752 |
| Hargreaves Lansdown PLC | | 33,248 | 466,443 |
| HSBC Holdings PLC (United Kingdom) | | 1,727,823 | 15,858,000 |
| Imperial Brands PLC | | 75,799 | 2,287,464 |
| Informa PLC | | 124,810 | 1,301,331 |
| InterContinental Hotel Group PLC | | 15,040 | 1,658,875 |
| Intertek Group PLC | | 15,000 | 899,005 |
| J Sainsbury PLC | | 154,691 | 530,979 |
| JD Sports Fashion PLC | | 241,927 | 386,821 |
| Kingfisher PLC | | 171,842 | 649,872 |
| Land Securities Group PLC | | 66,158 | 513,124 |
| Legal & General Group PLC | | 556,357 | 1,557,464 |
| Lloyds Banking Group PLC | | 5,822,233 | 3,996,383 |
| London Stock Exchange Group PLC | | 44,609 | 6,046,121 |
| M&G PLC | | 214,360 | 536,090 |
| Melrose Industries PLC | | 122,700 | 751,524 |
| National Grid PLC | | 448,990 | 5,637,586 |
| NatWest Group PLC | | 620,184 | 2,938,587 |
| Next PLC | | 11,184 | 1,411,836 |
| Pearson PLC | | 55,976 | 821,970 |
| Persimmon PLC | | 29,965 | 566,825 |
| Phoenix Group Holdings PLC | | 65,441 | 414,489 |
| Reckitt Benckiser Group PLC | | 65,132 | 3,951,170 |
| RELX PLC (London Stock Exchange) | | 174,217 | 7,989,540 |
| Rentokil Initial PLC | | 235,977 | 1,183,608 |
| Rolls-Royce Holdings PLC (a) | | 793,728 | 5,477,040 |
| Sage Group PLC | | 93,405 | 1,167,556 |
| Schroders PLC | | 76,018 | 337,194 |
| Segro PLC | | 120,067 | 1,215,650 |
| Severn Trent PLC | | 25,311 | 838,125 |
| Smith & Nephew PLC | | 81,731 | 1,016,147 |
| Smiths Group PLC | | 32,274 | 636,304 |
| Spirax-Sarco Engineering PLC | | 6,877 | 572,400 |
| SSE PLC | | 102,083 | 2,318,021 |
| Standard Chartered PLC (United Kingdom) | | 202,364 | 2,346,691 |
| Taylor Wimpey PLC | | 331,468 | 626,701 |
| Tesco PLC | | 646,448 | 2,854,502 |
| Unilever PLC | | 232,799 | 14,201,212 |
| United Utilities Group PLC | | 63,968 | 844,214 |
| Vodafone Group PLC | | 2,097,397 | 1,950,403 |
| Vodafone Group PLC sponsored ADR | | 1,083 | 10,039 |
| Whitbread PLC | | 16,794 | 652,466 |
| Wise PLC (a) | | 62,259 | 566,776 |
| WPP PLC | | 100,254 | 1,053,762 |
TOTAL UNITED KINGDOM | | | 170,548,211 |
| United States of America - 5.7% | | | |
| Alcon, Inc. (Switzerland) | | 46,620 | 4,296,242 |
| BP PLC | | 1,542,190 | 7,542,572 |
| Brookfield Renewable Corp. | | 12,748 | 390,309 |
| BRP, Inc. Subordinate Voting Shares | | 3,371 | 166,208 |
| CNH Industrial NV | | 111 | 1,250 |
| CSL Ltd. | | 45,116 | 8,470,770 |
| CyberArk Software Ltd. (a) | | 4,033 | 1,115,205 |
| Experian PLC | | 85,760 | 4,176,729 |
| Ferrovial SE | | 48,690 | 1,953,259 |
| GFL Environmental, Inc. | | 20,495 | 857,424 |
| GSK PLC | | 386,799 | 6,985,039 |
| Haleon PLC | | 724,468 | 3,481,841 |
| Holcim AG | | 48,618 | 4,790,017 |
| James Hardie Industries PLC CDI (a) | | 40,267 | 1,284,246 |
| JBS SA | | 72,200 | 449,743 |
| Legend Biotech Corp. ADR (a) | | 6,696 | 301,454 |
| Monday.com Ltd. (a) | | 3,493 | 1,026,488 |
| Nestle SA (Reg. S) | | 244,464 | 23,100,050 |
| QIAGEN NV (Germany) | | 20,615 | 875,656 |
| Roche Holding AG: | | | |
| (Bearer) | | 3,008 | 1,021,302 |
| (participation certificate) | | 65,534 | 20,309,217 |
| Sanofi SA | | 106,353 | 11,239,366 |
| Schneider Electric SA | | 51,024 | 13,217,704 |
| Shell PLC (London) | | 587,927 | 19,629,307 |
| Stellantis NV (Italy) | | 197,458 | 2,705,431 |
| Swiss Re Ltd. | | 28,138 | 3,605,431 |
| Tenaris SA | | 44,133 | 727,112 |
TOTAL UNITED STATES OF AMERICA | | | 143,719,372 |
| Zambia - 0.0% | | | |
| First Quantum Minerals Ltd. (a) | | 66,530 | 859,608 |
| TOTAL COMMON STOCKS (Cost $2,208,640,615) | | | 2,466,825,068 |
| | | | |
| Nonconvertible Preferred Stocks - 0.4% |
| | | Shares | Value ($) |
| Colombia - 0.0% | | | |
| Bancolombia SA (PN) | | 39,124 | 313,151 |
| Germany - 0.2% | | | |
| Bayerische Motoren Werke AG (BMW) (non-vtg.) | | 5,506 | 404,567 |
| Dr. Ing. h.c. F. Porsche AG Series F (c) | | 10,576 | 744,132 |
| Henkel AG & Co. KGaA | | 15,868 | 1,373,584 |
| Porsche Automobil Holding SE (Germany) | | 14,203 | 590,039 |
| Sartorius AG (non-vtg.) | | 2,429 | 628,038 |
| Volkswagen AG | | 19,204 | 1,863,994 |
TOTAL GERMANY | | | 5,604,354 |
| Korea (South) - 0.2% | | | |
| AMOREPACIFIC Corp. | | 2,030 | 48,783 |
| Hyundai Motor Co. Ltd. | | 2,154 | 244,054 |
| Hyundai Motor Co. Ltd. Series 2 | | 3,367 | 390,284 |
| LG Chemical Ltd. | | 714 | 107,849 |
| LG H & H Co. Ltd. | | 569 | 60,076 |
| Samsung Electronics Co. Ltd. | | 77,577 | 2,677,411 |
TOTAL KOREA (SOUTH) | | | 3,528,457 |
| Russia - 0.0% | | | |
| Surgutneftegas OJSC (a)(d) | | 352,900 | 0 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $12,738,688) | | | 9,445,962 |
| | | | |
| Government Obligations - 0.1% |
| | | Principal Amount (f) | Value ($) |
| United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (g) (Cost $1,846,839) | | 1,852,000 | 1,847,255 |
| | | | |
| Money Market Funds - 2.6% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.87% (h) | | 53,095,972 | 53,106,591 |
| Fidelity Securities Lending Cash Central Fund 4.87% (h)(i) | | 11,672,717 | 11,673,884 |
| TOTAL MONEY MARKET FUNDS (Cost $64,780,475) | | | 64,780,475 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $2,288,006,617) | 2,542,898,760 |
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (6,392,686) |
| NET ASSETS - 100.0% | 2,536,506,074 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 318 | Dec 2024 | 17,911,350 | 73,708 | 73,708 |
| ICE MSCI EAFE Index Contracts (United States) | 317 | Dec 2024 | 37,250,670 | (971,577) | (971,577) |
| TME S&P/TSX 60 Index Contracts (Canada) | 22 | Dec 2024 | 4,573,649 | 5,474 | 5,474 |
| | | | | | |
| TOTAL FUTURES CONTRACTS | | | | | (892,395) |
| The notional amount of futures purchased as a percentage of Net Assets is 2.4% |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $60,348,314 or 2.4% of net assets. |
| (e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,847,255. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 77,429,952 | 497,329,427 | 521,651,284 | 3,344,777 | (1,504) | - | 53,106,591 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.87% | 10,750,416 | 86,633,590 | 85,710,122 | 68,643 | - | - | 11,673,884 | 0.0% |
| Total | 88,180,368 | 583,963,017 | 607,361,406 | 3,413,420 | (1,504) | - | 64,780,475 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 137,092,195 | 29,949,721 | 107,142,474 | - |
Consumer Discretionary | 274,177,059 | 66,160,615 | 208,016,444 | - |
Consumer Staples | 177,538,125 | 40,554,676 | 136,983,449 | - |
Energy | 126,697,511 | 48,871,399 | 77,826,112 | - |
Financials | 569,876,152 | 211,019,677 | 358,856,475 | - |
Health Care | 231,812,748 | 39,467,877 | 192,344,871 | - |
Industrials | 342,923,373 | 110,447,174 | 232,476,199 | - |
Information Technology | 321,707,592 | 59,496,426 | 262,211,166 | - |
Materials | 170,445,046 | 69,913,503 | 100,505,794 | 25,749 |
Real Estate | 45,691,442 | 15,138,571 | 30,552,871 | - |
Utilities | 78,309,787 | 37,362,851 | 40,946,936 | - |
|
| Government Obligations | 1,847,255 | - | 1,847,255 | - |
|
| Money Market Funds | 64,780,475 | 64,780,475 | - | - |
| Total Investments in Securities: | 2,542,898,760 | 793,162,965 | 1,749,710,046 | 25,749 |
Derivative Instruments: Assets | | | | |
Futures Contracts | 79,182 | 79,182 | - | - |
| Total Assets | 79,182 | 79,182 | - | - |
| Liabilities | | | | |
Futures Contracts | (971,577) | (971,577) | - | - |
| Total Liabilities | (971,577) | (971,577) | - | - |
| Total Derivative Instruments: | (892,395) | (892,395) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 79,182 | (971,577) |
| Total Equity Risk | 79,182 | (971,577) |
| Total Value of Derivatives | 79,182 | (971,577) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $10,964,065) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $2,223,226,142) | $ | 2,478,118,285 | | |
Fidelity Central Funds (cost $64,780,475) | | 64,780,475 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $2,288,006,617) | | | $ | 2,542,898,760 |
| Segregated cash with brokers for derivative instruments | | | | 105,474 |
| Cash | | | | 14,865 |
| Foreign currency held at value (cost $2,552,858) | | | | 2,507,271 |
| Receivable for investments sold | | | | 148,256 |
| Receivable for fund shares sold | | | | 3,223,540 |
| Dividends receivable | | | | 4,895,086 |
| Reclaims receivable | | | | 3,578,095 |
| Distributions receivable from Fidelity Central Funds | | | | 181,506 |
Total assets | | | | 2,557,552,853 |
| Liabilities | | | | |
| Payable for investments purchased | | | | |
Regular delivery | $ | 24,292 | | |
Delayed delivery | | 14,385 | | |
| Payable for fund shares redeemed | | 2,576,227 | | |
| Payable for daily variation margin on futures contracts | | 347,825 | | |
| Deferred taxes | | 6,410,407 | | |
| Collateral on securities loaned | | 11,673,643 | | |
| Total liabilities | | | | 21,046,779 |
| Net Assets | | | $ | 2,536,506,074 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 2,321,784,207 |
| Total accumulated earnings (loss) | | | | 214,721,867 |
| Net Assets | | | $ | 2,536,506,074 |
Net Asset Value, offering price and redemption price per share ($2,536,506,074 ÷ 185,311,348 shares) | | | $ | 13.69 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 67,549,988 |
| Interest | | | | 275,897 |
| Income from Fidelity Central Funds (including $68,643 from security lending) | | | | 3,413,420 |
| Income before foreign taxes withheld | | | $ | 71,239,305 |
| Less foreign taxes withheld | | | | (5,777,953) |
| Total income | | | | 65,461,352 |
| Expenses | | | | |
| Independent trustees' fees and expenses | $ | 5,671 | | |
| Proxy fee | | 7,176 | | |
| Total expenses before reductions | | 12,847 | | |
| Expense reductions | | (706) | | |
| Total expenses after reductions | | | | 12,141 |
| Net Investment income (loss) | | | | 65,449,211 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $44,721) | | (32,742,561) | | |
| Fidelity Central Funds | | (1,504) | | |
| Foreign currency transactions | | 167,394 | | |
| Futures contracts | | 11,196,118 | | |
| Total net realized gain (loss) | | | | (21,380,553) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $4,771,396) | | 363,057,771 | | |
| Assets and liabilities in foreign currencies | | (19,910) | | |
| Futures contracts | | 3,891,646 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 366,929,507 |
| Net gain (loss) | | | | 345,548,954 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 410,998,165 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 65,449,211 | $ | 48,180,929 |
| Net realized gain (loss) | | (21,380,553) | | (15,851,419) |
| Change in net unrealized appreciation (depreciation) | | 366,929,507 | | 116,007,737 |
| Net increase (decrease) in net assets resulting from operations | | 410,998,165 | | 148,337,247 |
| Distributions to shareholders | | (49,799,346) | | (35,599,173) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 956,579,332 | | 654,140,985 |
| Reinvestment of distributions | | 36,508,132 | | 24,757,989 |
| Cost of shares redeemed | | (466,312,128) | | (418,912,908) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 526,775,336 | | 259,986,066 |
| Total increase (decrease) in net assets | | 887,974,155 | | 372,724,140 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,648,531,919 | | 1,275,807,779 |
| End of period | $ | 2,536,506,074 | $ | 1,648,531,919 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 72,976,603 | | 54,718,431 |
| Issued in reinvestment of distributions | | 2,968,142 | | 2,220,447 |
| Redeemed | | (35,468,260) | | (35,235,613) |
| Net increase (decrease) | | 40,476,485 | | 21,703,265 |
| | | | | |
Financial Highlights
Fidelity Flex® International Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.38 | $ | 10.36 | $ | 14.06 | $ | 11.04 | $ | 11.59 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .39 | | .37 | | .37 | | .35 | | .27 |
| Net realized and unrealized gain (loss) | | 2.26 | | .94 | | (3.76) | | 2.87 | | (.52) |
| Total from investment operations | | 2.65 | | 1.31 | | (3.39) | | 3.22 | | (.25) |
| Distributions from net investment income | | (.34) | | (.29) | | (.31) | | (.20) | | (.30) |
| Total distributions | | (.34) | | (.29) | | (.31) | | (.20) | | (.30) |
| Net asset value, end of period | $ | 13.69 | $ | 11.38 | $ | 10.36 | $ | 14.06 | $ | 11.04 |
Total Return C | | | | 12.72% | | (24.60)% | | 29.31% | | (2.24)% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | -% F | | .01% | | -% F | | -% F | | -% F |
Expenses net of fee waivers, if any F | | | | -% | | -% | | -% | | -% |
Expenses net of all reductions F | | -% | | -% | | -% | | -% | | -% |
| Net investment income (loss) | | 2.98% | | 3.09% | | 3.10% | | 2.56% | | 2.46% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 2,536,506 | $ | 1,648,532 | $ | 1,275,808 | $ | 1,272,152 | $ | 575,120 |
Portfolio turnover rate G | | | | 3% | | 4% | | 5% | | 4% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount represents less than .005%.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
For the period ended October 31, 2024
1. Organization.
Fidelity Flex International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards, partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $468,929,861 |
| Gross unrealized depreciation | (245,553,281) |
| Net unrealized appreciation (depreciation) | $223,376,580 |
| Tax Cost | $2,319,527,654 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $61,531,956 |
| Capital loss carryforward | $(63,576,147) |
| Net unrealized appreciation (depreciation) on securities and other investments | $223,176,761 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Short-term | $(8,658,452) |
Long-term | (54,917,695) |
| Total capital loss carryforward | $(63,576,147) |
The tax character of distributions paid was as follows:
| | October 31, 2024 | October 31, 2023 |
| Ordinary Income | $49,799,346 | $ 35,599,173 |
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. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. 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. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. 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.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Flex International Index Fund | 665,183,998 | 77,460,427 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
| | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Flex International Index Fund | - | - |
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $706.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Flex International Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Flex International Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2024, 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
December 16, 2024
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates $2,500,628 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 71.59% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3524 and $0.0297 for the dividend paid December 18, 2023.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Flex International Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be renewed through September 30, 2025.
1.9881635.107
ZEI-ANN-1224
Fidelity® SAI International Value Index Fund
Annual Report
October 31, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® SAI International Value Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 98.9% |
| | | Shares | Value ($) |
| Australia - 3.9% | | | |
| AGL Energy Ltd. | | 1,054,633 | 7,241,123 |
| BlueScope Steel Ltd. | | 765,279 | 10,169,320 |
| Fortescue Ltd. | | 2,945,338 | 36,884,024 |
| Qantas Airways Ltd. (a) | | 1,376,328 | 7,286,949 |
| Rio Tinto Ltd. | | 645,741 | 50,701,996 |
| Rio Tinto PLC | | 1,851,790 | 119,677,532 |
| Sonic Healthcare Ltd. | | 835,731 | 14,725,857 |
TOTAL AUSTRALIA | | | 246,686,801 |
| Austria - 0.4% | | | |
| OMV AG | | 245,298 | 10,165,952 |
| Verbund AG | | 145,161 | 11,873,996 |
| Voestalpine AG (b) | | 183,324 | 3,798,773 |
TOTAL AUSTRIA | | | 25,838,721 |
| Belgium - 1.1% | | | |
| Anheuser-Busch InBev SA NV | | 890,621 | 52,806,179 |
| Solvay SA Class A | | 127,212 | 5,128,172 |
| Syensqo SA | | 127,611 | 9,859,594 |
TOTAL BELGIUM | | | 67,793,945 |
| Brazil - 0.1% | | | |
| Yara International ASA | | 283,842 | 8,535,748 |
| China - 0.6% | | | |
| BOC Hong Kong (Holdings) Ltd. | | 6,257,500 | 20,429,061 |
| ENN Energy Holdings Ltd. | | 1,298,900 | 9,151,134 |
| Wilmar International Ltd. | | 4,573,300 | 11,038,879 |
TOTAL CHINA | | | 40,619,074 |
| Denmark - 0.3% | | | |
| A.P. Moller - Maersk A/S Series B | | 12,061 | 19,077,663 |
| Finland - 0.9% | | | |
| Fortum Corp. | | 765,265 | 11,262,602 |
| Nokia Corp. | | 9,234,633 | 43,698,520 |
TOTAL FINLAND | | | 54,961,122 |
| France - 11.2% | | | |
| Arkema SA | | 109,151 | 9,539,875 |
| BNP Paribas SA | | 1,750,457 | 119,545,765 |
| Bouygues SA | | 322,645 | 10,328,667 |
| Capgemini SA | | 270,022 | 46,843,645 |
| Carrefour SA | | 859,798 | 13,654,403 |
| Compagnie de St.-Gobain | | 876,308 | 79,467,945 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 1,243,280 | 42,017,299 |
| Credit Agricole SA | | 1,734,768 | 26,590,689 |
| Eiffage SA | | 124,425 | 11,566,438 |
| Elis SA | | 335,987 | 7,601,773 |
| Engie SA | | 3,050,445 | 51,130,087 |
| Eurazeo SA | | 76,589 | 5,827,512 |
| Ipsen SA | | 67,049 | 8,161,152 |
| Orange SA | | 3,191,004 | 35,055,419 |
| Renault SA | | 323,839 | 14,759,521 |
| Rexel SA | | 392,078 | 10,738,838 |
| Rubis SCA | | 168,379 | 4,117,308 |
| SCOR SE | | 281,657 | 6,050,855 |
| Societe Generale Series A | | 1,256,764 | 36,096,132 |
| Sopra Steria Group | | 25,301 | 4,838,220 |
| Teleperformance | | 98,791 | 10,412,865 |
| TotalEnergies SE | | 824,744 | 51,757,389 |
| VINCI SA | | 890,603 | 99,765,988 |
TOTAL FRANCE | | | 705,867,785 |
| Germany - 13.3% | | | |
| BASF AG | | 1,552,730 | 75,482,271 |
| Bayer AG | | 1,709,205 | 46,057,837 |
| Bayerische Motoren Werke AG (BMW) | | 580,803 | 45,689,495 |
| Brenntag SE | | 223,426 | 14,543,013 |
| Continental AG | | 187,885 | 11,725,971 |
| Daimler Truck Holding AG | | 902,045 | 37,295,391 |
| Deutsche Bank AG | | 3,470,116 | 58,974,642 |
| Deutsche Lufthansa AG | | 1,027,756 | 7,141,746 |
| Deutsche Post AG ADR | | 1,607,468 | 64,571,236 |
| Deutsche Telekom AG | | 5,629,189 | 170,190,215 |
| Fresenius Medical Care AG & Co. KGaA | | 347,351 | 13,597,051 |
| Fresenius SE & Co. KGaA (a) | | 725,540 | 26,454,190 |
| HeidelbergCement AG | | 234,495 | 25,813,280 |
| Infineon Technologies AG | | 2,271,584 | 71,838,020 |
| KION Group AG | | 121,004 | 4,691,012 |
| Mercedes-Benz Group AG (Germany) | | 1,339,901 | 81,399,913 |
| Merck KGaA | | 224,812 | 37,169,966 |
| RWE AG | | 1,177,265 | 38,122,569 |
| TUI AG (a) | | 785,592 | 6,532,010 |
TOTAL GERMANY | | | 837,289,828 |
| Hong Kong - 1.3% | | | |
| CK Asset Holdings Ltd. | | 3,165,000 | 12,938,412 |
| Henderson Land Development Co. Ltd. | | 2,272,930 | 7,288,569 |
| Jardine Matheson Holdings Ltd. | | 359,333 | 13,807,034 |
| Sino Land Ltd. | | 6,168,000 | 6,172,675 |
| Sun Hung Kai Properties Ltd. | | 2,621,500 | 28,385,511 |
| Swire Pacific Ltd. (A Shares) | | 904,900 | 7,579,146 |
| Wharf Real Estate Investment Co. Ltd. | | 2,691,000 | 8,090,742 |
TOTAL HONG KONG | | | 84,262,089 |
| Israel - 0.3% | | | |
| Icl Group Ltd. | | 1,254,917 | 5,190,397 |
| Israel Discount Bank Ltd. (Class A) | | 2,149,558 | 12,677,124 |
TOTAL ISRAEL | | | 17,867,521 |
| Italy - 4.0% | | | |
| Banca Monte dei Paschi di Siena SpA | | 1,600,028 | 8,757,846 |
| Banco BPM SpA | | 2,634,529 | 17,755,932 |
| BPER Banca | | 1,847,049 | 11,251,114 |
| Buzzi SpA | | 150,635 | 5,895,439 |
| Eni SpA | | 3,772,569 | 57,468,254 |
| Hera SpA | | 1,379,393 | 5,281,530 |
| Ryanair Holdings PLC sponsored ADR (b) | | 434,827 | 19,245,443 |
| UniCredit SpA | | 2,762,355 | 122,204,413 |
TOTAL ITALY | | | 247,859,971 |
| Japan - 26.2% | | | |
| Aisin Seiki Co. Ltd. | | 1,112,000 | 11,561,882 |
| Alfresa Holdings Corp. | | 318,100 | 4,589,567 |
| Ana Holdings, Inc. | | 271,800 | 5,353,572 |
| Asahi Group Holdings | | 2,645,900 | 31,764,754 |
| Asahi Kasei Corp. | | 2,426,000 | 16,736,215 |
| Bridgestone Corp. | | 1,018,200 | 36,283,677 |
| Brother Industries Ltd. | | 448,600 | 8,737,493 |
| Canon, Inc. | | 1,670,600 | 54,336,247 |
| Central Japan Railway Co. | | 1,791,700 | 37,104,736 |
| Chubu Electric Power Co., Inc. | | 1,319,900 | 15,172,463 |
| Electric Power Development Co. Ltd. | | 294,400 | 4,919,839 |
| Honda Motor Co. Ltd. | | 8,449,500 | 84,977,575 |
| Ibiden Co. Ltd. | | 244,800 | 7,776,000 |
| INPEX Corp. | | 1,688,300 | 22,255,265 |
| Isuzu Motors Ltd. | | 1,031,900 | 13,344,312 |
| Japan Post Holdings Co. Ltd. | | 2,461,100 | 22,706,334 |
| JFE Holdings, Inc. | | 1,113,000 | 13,399,827 |
| Kajima Corp. | | 782,200 | 13,473,809 |
| Kansai Electric Power Co., Inc. | | 1,404,600 | 22,525,682 |
| Kawasaki Kisen Kaisha Ltd. | | 1,174,700 | 16,227,355 |
| KDDI Corp. | | 2,353,000 | 73,365,120 |
| Kobe Steel Ltd. | | 690,800 | 7,445,238 |
| Komatsu Ltd. | | 1,693,900 | 43,847,115 |
| Kuraray Co. Ltd. | | 574,300 | 7,782,609 |
| Kyocera Corp. | | 2,442,600 | 24,772,138 |
| Kyushu Electric Power Co., Inc. | | 825,500 | 9,244,602 |
| Marubeni Corp. | | 2,915,500 | 43,584,493 |
| Mazda Motor Corp. | | 1,043,700 | 7,378,431 |
| Medipal Holdings Corp. | | 362,500 | 5,743,349 |
| Mitsubishi Chemical Group Corp. | | 2,489,400 | 13,433,026 |
| Mitsubishi Corp. | | 2,386,400 | 43,656,986 |
| Mitsui & Co. Ltd. | | 5,266,000 | 107,361,362 |
| Mitsui OSK Lines Ltd. | | 631,000 | 21,482,752 |
| Mizuho Financial Group, Inc. | | 4,417,100 | 91,747,604 |
| NEC Corp. | | 421,800 | 35,891,122 |
| NGK Insulators Ltd. | | 444,600 | 5,477,069 |
| Nippon Express Holdings, Inc. | | 141,900 | 6,995,947 |
| Nippon Steel Corp. | | 1,698,400 | 33,983,933 |
| Nippon Yusen KK | | 802,200 | 26,857,204 |
| Nissan Motor Co. Ltd. | | 3,944,020 | 10,507,078 |
| Oji Holdings Corp. | | 1,662,200 | 6,181,064 |
| Ono Pharmaceutical Co. Ltd. | | 816,000 | 10,191,998 |
| Osaka Gas Co. Ltd. | | 713,100 | 15,280,779 |
| Panasonic Holdings Corp. | | 4,014,300 | 33,037,848 |
| Renesas Electronics Corp. | | 2,831,000 | 37,930,646 |
| Ricoh Co. Ltd. | | 1,060,900 | 11,492,391 |
| Seiko Epson Corp. | | 563,100 | 10,234,718 |
| Shionogi & Co. Ltd. | | 1,408,900 | 20,122,970 |
| Sojitz Corp. | | 391,200 | 7,994,849 |
| Subaru Corp. | | 1,048,800 | 18,730,763 |
| Sumitomo Corp. | | 2,127,200 | 44,876,293 |
| Sumitomo Electric Industries Ltd. | | 1,381,300 | 21,247,936 |
| Sumitomo Heavy Industries Ltd. | | 213,700 | 4,761,870 |
| Sumitomo Metal Mining Co. Ltd. | | 475,500 | 13,146,905 |
| Suzuki Motor Corp. | | 3,416,800 | 33,906,054 |
| Taiheiyo Cement Corp. | | 205,600 | 4,479,057 |
| Takeda Pharmaceutical Co. Ltd. | | 2,768,300 | 77,238,933 |
| Tohoku Electric Power Co., Inc. | | 875,400 | 8,586,705 |
| Tokyo Electric Power Co., Inc. (a) | | 1,342,200 | 5,420,497 |
| Tokyo Gas Co. Ltd. | | 620,000 | 15,297,192 |
| Tosoh Corp. | | 566,400 | 7,037,861 |
| Toyota Industries Corp. | | 328,700 | 22,786,159 |
| Toyota Motor Corp. | | 6,221,400 | 107,197,187 |
| Toyota Tsusho Corp. | | 1,237,600 | 21,037,612 |
| Yamaha Motor Co. Ltd. | | 1,827,600 | 15,975,090 |
| Yokohama Rubber Co. Ltd. | | 242,100 | 4,962,603 |
TOTAL JAPAN | | | 1,642,959,762 |
| Luxembourg - 0.5% | | | |
| ArcelorMittal SA (Netherlands) | | 785,960 | 19,389,767 |
| Eurofins Scientific SA | | 224,747 | 11,045,089 |
TOTAL LUXEMBOURG | | | 30,434,856 |
| Netherlands - 2.1% | | | |
| ABN AMRO Bank NV GDR (Bearer) (c) | | 725,929 | 11,994,469 |
| EXOR NV | | 154,526 | 16,337,926 |
| Heineken Holding NV | | 195,439 | 13,552,534 |
| Koninklijke Ahold Delhaize NV | | 1,630,046 | 53,742,132 |
| NN Group NV | | 496,433 | 24,402,374 |
| Randstad NV | | 210,842 | 9,712,692 |
TOTAL NETHERLANDS | | | 129,742,127 |
| Norway - 0.7% | | | |
| Equinor ASA | | 1,361,301 | 32,347,517 |
| Norsk Hydro ASA | | 2,309,372 | 14,335,079 |
TOTAL NORWAY | | | 46,682,596 |
| Singapore - 4.6% | | | |
| DBS Group Holdings Ltd. | | 3,412,248 | 98,937,471 |
| Oversea-Chinese Banking Corp. Ltd. | | 6,677,686 | 76,613,780 |
| Singapore Airlines Ltd. (b) | | 2,348,900 | 11,458,194 |
| STMicroelectronics NV (Italy) | | 1,140,566 | 31,053,486 |
| United Overseas Bank Ltd. | | 2,670,200 | 64,910,028 |
| Venture Corp. Ltd. | | 468,300 | 4,696,963 |
TOTAL SINGAPORE | | | 287,669,922 |
| Spain - 3.4% | | | |
| ACS Actividades de Construccion y Servicios SA | | 326,156 | 15,610,152 |
| Banco Santander SA (Spain) | | 26,949,008 | 131,677,515 |
| Repsol SA | | 2,118,837 | 26,524,407 |
| Telefonica SA (b) | | 8,384,598 | 39,346,009 |
TOTAL SPAIN | | | 213,158,083 |
| Sweden - 0.5% | | | |
| SKF AB (B Shares) | | 652,007 | 12,318,588 |
| SSAB AB (B Shares) (b) | | 1,456,208 | 6,850,139 |
| Trelleborg AB (B Shares) | | 327,608 | 10,872,556 |
TOTAL SWEDEN | | | 30,041,283 |
| Switzerland - 3.1% | | | |
| Adecco SA (Reg.) | | 292,786 | 9,174,673 |
| Avolta AG | | 180,448 | 7,174,337 |
| Swatch Group AG (Bearer) | | 68,765 | 14,110,786 |
| UBS Group AG | | 5,288,228 | 162,526,282 |
TOTAL SWITZERLAND | | | 192,986,078 |
| United Kingdom - 11.3% | | | |
| Barclays PLC | | 25,548,183 | 78,318,035 |
| British American Tobacco PLC (United Kingdom) | | 3,469,719 | 121,332,985 |
| BT Group PLC | | 9,867,437 | 17,590,331 |
| Centrica PLC | | 9,078,498 | 13,731,454 |
| CK Hutchison Holdings Ltd. | | 4,664,000 | 24,528,575 |
| DCC PLC (United Kingdom) | | 169,392 | 10,711,440 |
| Drax Group PLC | | 670,661 | 5,387,603 |
| easyJet PLC | | 1,112,835 | 7,329,700 |
| HSBC Holdings PLC (United Kingdom) | | 10,228,317 | 93,875,731 |
| Imperial Brands PLC | | 1,377,810 | 41,579,587 |
| International Consolidated Airlines Group SA CDI | | 4,232,796 | 11,510,877 |
| J Sainsbury PLC | | 2,912,852 | 9,998,411 |
| Kingfisher PLC | | 3,196,725 | 12,089,381 |
| Lloyds Banking Group PLC | | 86,316,322 | 59,247,553 |
| NatWest Group PLC | | 11,699,400 | 55,434,682 |
| Shaftesbury Capital PLC | | 3,391,308 | 5,934,055 |
| Standard Chartered PLC (United Kingdom) | | 3,615,125 | 41,922,380 |
| Tesco PLC | | 9,831,120 | 43,410,999 |
| Vodafone Group PLC | | 39,074,861 | 36,336,329 |
| WPP PLC | | 1,690,638 | 17,770,168 |
TOTAL UNITED KINGDOM | | | 708,040,276 |
| United States of America - 9.1% | | | |
| BP PLC | | 26,407,707 | 129,155,320 |
| GSK PLC | | 7,210,178 | 130,205,544 |
| QIAGEN NV (Germany) | | 389,285 | 16,535,518 |
| Roche Holding AG (participation certificate) | | 193,008 | 59,813,857 |
| Sanofi SA | | 1,541,509 | 162,906,400 |
| Signify NV (c) | | 223,297 | 5,469,912 |
| Stellantis NV (Italy) | | 3,838,868 | 52,597,478 |
| Tenaris SA | | 768,665 | 12,664,121 |
TOTAL UNITED STATES OF AMERICA | | | 569,348,150 |
| TOTAL COMMON STOCKS (Cost $5,774,005,709) | | | 6,207,723,401 |
| | | | |
| Government Obligations - 0.0% |
| | | Principal Amount (d) | Value ($) |
| United States of America - 0.0% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (e) (Cost $1,625,458) | | 1,630,000 | 1,625,823 |
| | | | |
| Money Market Funds - 2.0% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.87% (f) | | 72,751,192 | 72,765,742 |
| Fidelity Securities Lending Cash Central Fund 4.87% (f)(g) | | 53,960,252 | 53,965,648 |
| TOTAL MONEY MARKET FUNDS (Cost $126,731,390) | | | 126,731,390 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.9% (Cost $5,902,362,557) | 6,336,080,614 |
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (58,689,783) |
| NET ASSETS - 100.0% | 6,277,390,831 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE MSCI EAFE Index Contracts (United States) | 591 | Dec 2024 | 69,448,410 | (2,307,673) | (2,307,673) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 1.1% |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $17,464,381 or 0.3% of net assets. |
| (d) | Amount is stated in United States dollars unless otherwise noted. |
| (e) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,625,823. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 4,868,220 | 1,497,845,658 | 1,429,948,158 | 2,392,981 | 22 | - | 72,765,742 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.87% | 27,003,300 | 495,972,028 | 469,009,680 | 479,465 | - | - | 53,965,648 | 0.2% |
| Total | 31,871,520 | 1,993,817,686 | 1,898,957,838 | 2,872,446 | 22 | - | 126,731,390 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 389,653,591 | 17,590,331 | 372,063,260 | - |
Consumer Discretionary | 687,206,627 | 119,578,504 | 567,628,123 | - |
Consumer Staples | 392,880,863 | 77,293,077 | 315,587,786 | - |
Energy | 342,338,225 | 10,165,952 | 332,172,273 | - |
Financials | 1,476,813,249 | 468,233,591 | 1,008,579,658 | - |
Health Care | 644,559,278 | 99,365,915 | 545,193,363 | - |
Industrials | 1,026,697,689 | 219,134,030 | 807,563,659 | - |
Information Technology | 394,139,609 | 35,891,706 | 358,247,903 | - |
Materials | 530,877,141 | 100,001,184 | 430,875,957 | - |
Real Estate | 68,809,964 | 5,934,055 | 62,875,909 | - |
Utilities | 253,747,165 | 89,777,062 | 163,970,103 | - |
|
| Government Obligations | 1,625,823 | - | 1,625,823 | - |
|
| Money Market Funds | 126,731,390 | 126,731,390 | - | - |
| Total Investments in Securities: | 6,336,080,614 | 1,369,696,797 | 4,966,383,817 | - |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (2,307,673) | (2,307,673) | - | - |
| Total Liabilities | (2,307,673) | (2,307,673) | - | - |
| Total Derivative Instruments: | (2,307,673) | (2,307,673) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 0 | (2,307,673) |
| Total Equity Risk | 0 | (2,307,673) |
| Total Value of Derivatives | 0 | (2,307,673) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $51,038,311) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $5,775,631,167) | $ | 6,209,349,224 | | |
Fidelity Central Funds (cost $126,731,390) | | 126,731,390 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $5,902,362,557) | | | $ | 6,336,080,614 |
| Segregated cash with brokers for derivative instruments | | | | 605,019 |
| Foreign currency held at value (cost $1,247,424) | | | | 1,242,068 |
| Receivable for fund shares sold | | | | 167,180 |
| Dividends receivable | | | | 28,689,300 |
| Reclaims receivable | | | | 13,404,826 |
| Distributions receivable from Fidelity Central Funds | | | | 365,674 |
| Prepaid expenses | | | | 6,682 |
Total assets | | | | 6,380,561,363 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 47,480,287 | | |
| Payable for fund shares redeemed | | 172,554 | | |
| Accrued management fee | | 804,689 | | |
| Payable for daily variation margin on futures contracts | | 385,523 | | |
| Other payables and accrued expenses | | 361,831 | | |
| Collateral on securities loaned | | 53,965,648 | | |
| Total liabilities | | | | 103,170,532 |
| Net Assets | | | $ | 6,277,390,831 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 5,936,216,631 |
| Total accumulated earnings (loss) | | | | 341,174,200 |
| Net Assets | | | $ | 6,277,390,831 |
Net Asset Value, offering price and redemption price per share ($6,277,390,831 ÷ 629,678,859 shares) | | | $ | 9.97 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends: | | | | |
| Unaffiliated issuers | | | $ | 239,017,672 |
| Foreign Tax Reclaims | | | | 13,289,994 |
| Interest | | | | 293,165 |
| Income from Fidelity Central Funds (including $479,465 from security lending) | | | | 2,872,446 |
| Income before foreign taxes withheld | | | $ | 255,473,277 |
| Less foreign taxes withheld | | | | (17,850,504) |
| Total income | | | | 237,622,773 |
| Expenses | | | | |
| Management fee | $ | 7,853,225 | | |
| Custodian fees and expenses | | 517,073 | | |
| Independent trustees' fees and expenses | | 13,388 | | |
| Registration fees | | 159,160 | | |
| Audit fees | | 49,460 | | |
| Legal | | 3,607 | | |
| Miscellaneous | | 19,791 | | |
| Total expenses | | | | 8,615,704 |
| Net Investment income (loss) | | | | 229,007,069 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 274,302,633 | | |
| Fidelity Central Funds | | 22 | | |
| Foreign currency transactions | | 255,827 | | |
| Futures contracts | | 6,843,342 | | |
| Total net realized gain (loss) | | | | 281,401,824 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 292,755,383 | | |
| Assets and liabilities in foreign currencies | | (680,181) | | |
| Futures contracts | | (690,505) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 291,384,697 |
| Net gain (loss) | | | | 572,786,521 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 801,793,590 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 229,007,069 | $ | 190,930,449 |
| Net realized gain (loss) | | 281,401,824 | | (14,713,486) |
| Change in net unrealized appreciation (depreciation) | | 291,384,697 | | 665,072,184 |
| Net increase (decrease) in net assets resulting from operations | | 801,793,590 | | 841,289,147 |
| Distributions to shareholders | | (235,417,408) | | (199,830,507) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 1,838,610,166 | | 28,673,028 |
| Reinvestment of distributions | | 230,467,224 | | 196,381,215 |
| Cost of shares redeemed | | (117,491,924) | | (1,255,801,776) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 1,951,585,466 | | (1,030,747,533) |
| Total increase (decrease) in net assets | | 2,517,961,648 | | (389,288,893) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 3,759,429,183 | | 4,148,718,076 |
| End of period | $ | 6,277,390,831 | $ | 3,759,429,183 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 188,556,279 | | 3,212,167 |
| Issued in reinvestment of distributions | | 25,607,469 | | 23,546,908 |
| Redeemed | | (11,985,624) | | (141,228,215) |
| Net increase (decrease) | | 202,178,124 | | (114,469,140) |
| | | | | |
Financial Highlights
Fidelity® SAI International Value Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 8.79 | $ | 7.65 | $ | 10.03 | $ | 7.16 | $ | 9.19 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .43 | | .39 | | .42 | | .38 | | .24 |
| Net realized and unrealized gain (loss) | | 1.30 | | 1.14 | | (1.99) | | 2.63 | | (1.95) |
| Total from investment operations | | 1.73 | | 1.53 | | (1.57) | | 3.01 | | (1.71) |
| Distributions from net investment income | | (.55) | | (.39) | | (.46) | | (.14) | | (.32) |
| Distributions from net realized gain | | - | | - | | (.35) | | - | | - |
| Total distributions | | (.55) | | (.39) | | (.81) | | (.14) | | (.32) |
| Net asset value, end of period | $ | 9.97 | $ | 8.79 | $ | 7.65 | $ | 10.03 | $ | 7.16 |
Total Return C | | | | 20.25% | | (16.93)% | | 42.33% | | (19.36)% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | .16% | | .17% | | .16% | | .17% | | .18% |
| Expenses net of fee waivers, if any | | | | .17% | | .16% | | .17% | | .18% |
| Expenses net of all reductions | | .16% | | .17% | | .16% | | .17% | | .18% |
| Net investment income (loss) | | 4.36% | | 4.33% | | 4.82% | | 3.84% | | 3.04% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 6,277,391 | $ | 3,759,429 | $ | 4,148,718 | $ | 5,985,049 | $ | 2,258,397 |
Portfolio turnover rate F | | | | 62% | | 79% | | 60% | | 57% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
For the period ended October 31, 2024
1. Organization.
Fidelity SAI International Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $746,456,057 |
| Gross unrealized depreciation | (400,220,985) |
| Net unrealized appreciation (depreciation) | $346,235,072 |
| Tax Cost | $5,989,845,542 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $247,666,315 |
| Capital loss carryforward | $(251,105,942) |
| Net unrealized appreciation (depreciation) on securities and other investments | $344,613,827 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Short-term | $(158,981,183) |
Long-term | (92,124,759) |
| Total capital loss carryforward | $(251,105,942) |
The tax character of distributions paid was as follows:
| | October 31, 2024 | October 31, 2023 |
| Ordinary Income | $235,417,408 | $199,830,507 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI International Value Index Fund | 4,975,797,850 | 3,055,444,446 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| | Amount ($) |
| Fidelity SAI International Value Index Fund | 9,460 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity SAI International Value Index Fund | 7,918 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity SAI International Value Index Fund | 50,895 | - | - |
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity International Fund | Strategic Advisers International Fund |
| Fidelity SAI International Value Index Fund | 86% | 10% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity SAI International Value Index Fund | 96% |
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Value Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Value Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements 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 are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of securities owned as of October 31, 2024 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/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 12, 2024
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates $1,419,830 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 74.97% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.5817 and $0.0365 for the dividend paid December 11, 2023.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI International Value Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked equal to the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 28, 2025.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
1.9885501.106
IIV-ANN-1224
Fidelity® SAI International Quality Index Fund
Annual Report
October 31, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® SAI International Quality Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 98.2% |
| | | Shares | Value ($) |
| Australia - 5.7% | | | |
| Aristocrat Leisure Ltd. | | 275,469 | 11,084,777 |
| BHP Group Ltd. | | 1,529,308 | 42,488,122 |
| Fortescue Ltd. | | 736,335 | 9,221,012 |
| JB Hi-Fi Ltd. | | 47,540 | 2,551,105 |
| Medibank Private Ltd. | | 1,197,492 | 2,814,325 |
| Pro Medicus Ltd. | | 22,703 | 2,875,910 |
| REA Group Ltd. (a) | | 22,404 | 3,312,096 |
| Rio Tinto PLC | | 205,138 | 13,257,664 |
| Technology One Ltd. | | 130,281 | 2,076,418 |
TOTAL AUSTRALIA | | | 89,681,429 |
| Austria - 0.2% | | | |
| Verbund AG | | 36,270 | 2,966,842 |
| Denmark - 5.7% | | | |
| Carlsberg A/S Series B | | 38,040 | 4,203,942 |
| Demant A/S (b) | | 40,376 | 1,481,332 |
| Genmab A/S (b) | | 28,994 | 6,493,418 |
| Novo Nordisk A/S Series B | | 519,279 | 58,244,929 |
| Novonesis (NOVOZYMES) B Series B | | 153,218 | 9,600,492 |
| Pandora A/S | | 35,655 | 5,376,001 |
| Ringkjoebing Landbobank A/S | | 11,613 | 1,911,863 |
| Rockwool International A/S Series B | | 4,196 | 1,807,442 |
| Sydbank A/S | | 23,736 | 1,128,349 |
TOTAL DENMARK | | | 90,247,768 |
| Finland - 0.8% | | | |
| Elisa Corp. (A Shares) | | 65,484 | 3,117,034 |
| Kone OYJ (B Shares) | | 175,378 | 9,587,971 |
TOTAL FINLAND | | | 12,705,005 |
| France - 8.3% | | | |
| Gaztransport et Technigaz SA | | 9,512 | 1,380,247 |
| Hermes International SCA | | 14,689 | 33,138,289 |
| L'Oreal SA | | 94,125 | 35,312,919 |
| La Francaise des Jeux SAEM (c) | | 48,335 | 2,058,892 |
| Legrand SA | | 114,029 | 12,870,276 |
| LVMH Moet Hennessy Louis Vuitton SE | | 69,014 | 45,944,038 |
TOTAL FRANCE | | | 130,704,661 |
| Germany - 6.4% | | | |
| Allianz SE | | 37,526 | 11,813,386 |
| CTS Eventim AG | | 25,463 | 2,671,412 |
| Deutsche Borse AG | | 82,616 | 19,189,904 |
| Hannover Reuck SE | | 26,219 | 6,887,512 |
| Nemetschek SE | | 24,609 | 2,662,121 |
| Rational AG | | 2,620 | 2,564,915 |
| SAP SE | | 238,741 | 55,742,466 |
TOTAL GERMANY | | | 101,531,716 |
| Hong Kong - 1.7% | | | |
| CK Infrastructure Holdings Ltd. | | 263,000 | 1,861,089 |
| Hong Kong Exchanges and Clearing Ltd. | | 518,200 | 20,748,919 |
| Power Assets Holdings Ltd. | | 593,000 | 3,950,132 |
TOTAL HONG KONG | | | 26,560,140 |
| Italy - 2.7% | | | |
| Azimut Holding SpA | | 46,717 | 1,156,582 |
| Banca Generali SpA | | 24,897 | 1,103,309 |
| Banca Mediolanum S.p.A. | | 97,034 | 1,201,145 |
| Buzzi SpA | | 41,041 | 1,606,232 |
| Ferrari NV (Italy) | | 54,809 | 26,220,212 |
| FinecoBank SpA | | 265,514 | 4,241,217 |
| Moncler SpA | | 89,560 | 4,962,518 |
| Reply SpA | | 9,760 | 1,489,487 |
| Reply SpA rights (b) | | 9,760 | 1 |
TOTAL ITALY | | | 41,980,703 |
| Japan - 18.8% | | | |
| BayCurrent Consulting, Inc. | | 58,800 | 1,910,945 |
| Capcom Co. Ltd. | | 146,000 | 2,889,116 |
| Chugai Pharmaceutical Co. Ltd. | | 277,400 | 13,199,105 |
| Daiichi Sankyo Co. Ltd. | | 846,600 | 27,555,342 |
| Daito Trust Construction Co. Ltd. | | 28,500 | 3,149,350 |
| Disco Corp. | | 38,600 | 10,983,043 |
| Hoya Corp. | | 152,600 | 20,416,972 |
| INPEX Corp. | | 405,100 | 5,340,051 |
| Japan Exchange Group, Inc. | | 454,200 | 5,323,708 |
| Japan Tobacco, Inc. | | 478,200 | 13,350,126 |
| Keyence Corp. | | 86,400 | 39,002,142 |
| Lasertec Corp. | | 34,400 | 4,667,935 |
| MonotaRO Co. Ltd. | | 106,800 | 1,611,222 |
| MS&AD Insurance Group Holdings, Inc. | | 580,400 | 12,838,061 |
| Nexon Co. Ltd. | | 193,700 | 3,357,200 |
| Nintendo Co. Ltd. | | 508,200 | 26,844,640 |
| OBIC Co. Ltd. | | 143,000 | 4,672,873 |
| Ono Pharmaceutical Co. Ltd. | | 203,800 | 2,545,501 |
| Oracle Corp. Japan | | 14,500 | 1,387,115 |
| Recruit Holdings Co. Ltd. | | 687,200 | 41,962,170 |
| Rohto Pharmaceutical Co. Ltd. | | 94,500 | 2,125,056 |
| Shionogi & Co. Ltd. | | 351,900 | 5,026,101 |
| Sompo Holdings, Inc. | | 430,700 | 9,233,814 |
| Tokio Marine Holdings, Inc. | | 860,100 | 30,977,503 |
| Trend Micro, Inc. | | 61,300 | 3,207,364 |
| USS Co. Ltd. | | 192,200 | 1,609,631 |
| ZOZO, Inc. (a) | | 51,000 | 1,653,699 |
TOTAL JAPAN | | | 296,839,785 |
| Netherlands - 7.1% | | | |
| Adyen BV (b)(c) | | 13,494 | 20,614,233 |
| ASM International NV (Netherlands) | | 19,988 | 11,136,225 |
| ASML Holding NV (Netherlands) | | 74,651 | 50,442,450 |
| BE Semiconductor Industries NV | | 35,038 | 3,732,747 |
| Universal Music Group NV | | 332,679 | 8,372,265 |
| Wolters Kluwer NV | | 108,059 | 18,183,620 |
TOTAL NETHERLANDS | | | 112,481,540 |
| Norway - 0.1% | | | |
| Gjensidige Forsikring ASA | | 82,616 | 1,490,816 |
| Singapore - 0.2% | | | |
| Singapore Exchange Ltd. | | 358,800 | 3,074,556 |
| Spain - 2.7% | | | |
| Amadeus IT Holding SA Class A | | 195,885 | 14,190,722 |
| Enagas SA | | 102,526 | 1,452,025 |
| Industria de Diseno Textil SA (a) | | 487,864 | 27,754,254 |
TOTAL SPAIN | | | 43,397,001 |
| Sweden - 2.6% | | | |
| Atlas Copco AB (A Shares) | | 1,720,542 | 28,394,822 |
| Avanza Bank Holding AB (a) | | 51,961 | 1,080,717 |
| Evolution AB (c) | | 83,744 | 7,917,730 |
| Fortnox AB | | 209,452 | 1,277,800 |
| Hemnet Group AB | | 35,751 | 1,122,068 |
| Nordnet AB | | 71,092 | 1,477,281 |
TOTAL SWEDEN | | | 41,270,418 |
| Switzerland - 15.9% | | | |
| ABB Ltd. (Reg.) | | 703,764 | 39,108,967 |
| Belimo Holding AG (Reg.) | | 4,279 | 2,834,333 |
| Compagnie Financiere Richemont SA Series A | | 230,171 | 33,513,012 |
| Ems-Chemie Holding AG | | 2,949 | 2,269,250 |
| Geberit AG (Reg.) | | 14,536 | 9,103,201 |
| Givaudan SA | | 3,453 | 16,382,307 |
| Kuehne & Nagel International AG | | 24,153 | 6,030,209 |
| Logitech International SA (Reg.) | | 69,248 | 5,674,238 |
| Novartis AG | | 446,300 | 48,426,354 |
| Partners Group Holding AG | | 9,520 | 13,151,943 |
| Schindler Holding AG (participation certificate) | | 26,204 | 7,628,609 |
| SGS SA (Reg.) | | 67,743 | 7,177,910 |
| Sonova Holding AG | | 20,742 | 7,590,277 |
| Swisscom AG | | 11,037 | 6,722,786 |
| Swissquote Group Holding SA | | 4,665 | 1,589,303 |
| Temenos AG | | 27,783 | 1,922,337 |
| VAT Group AG (c) | | 11,740 | 4,887,418 |
| Zurich Insurance Group Ltd. | | 63,638 | 37,521,297 |
TOTAL SWITZERLAND | | | 251,533,751 |
| United Kingdom - 10.3% | | | |
| Admiral Group PLC | | 114,541 | 3,786,897 |
| Auto Trader Group PLC (c) | | 392,895 | 4,242,280 |
| Beazley PLC | | 288,287 | 2,808,433 |
| Britvic PLC | | 108,478 | 1,787,628 |
| Computacenter PLC | | 33,667 | 950,721 |
| Diageo PLC | | 962,657 | 29,728,560 |
| Games Workshop Group PLC | | 14,328 | 2,209,639 |
| Hargreaves Lansdown PLC | | 152,620 | 2,141,139 |
| IMI PLC | | 113,644 | 2,417,881 |
| Imperial Brands PLC | | 380,810 | 11,492,094 |
| InterContinental Hotel Group PLC | | 73,828 | 8,143,048 |
| RELX PLC (London Stock Exchange) | | 829,801 | 38,054,429 |
| Rightmove PLC | | 350,504 | 2,661,125 |
| Rotork PLC | | 373,122 | 1,445,291 |
| Sage Group PLC | | 433,295 | 5,416,156 |
| Unilever PLC | | 704,644 | 42,984,715 |
| Wise PLC (b) | | 204,972 | 1,865,966 |
TOTAL UNITED KINGDOM | | | 162,136,002 |
| United States of America - 9.0% | | | |
| Experian PLC | | 401,590 | 19,558,448 |
| GSK PLC | | 1,782,057 | 32,181,411 |
| Haleon PLC | | 2,087,376 | 10,032,067 |
| Nestle SA (Reg. S) | | 324,879 | 30,698,676 |
| Roche Holding AG (participation certificate) | | 161,356 | 50,004,791 |
TOTAL UNITED STATES OF AMERICA | | | 142,475,393 |
| TOTAL COMMON STOCKS (Cost $1,506,081,799) | | | 1,551,077,526 |
| | | | |
| Government Obligations - 0.0% |
| | | Principal Amount (d) | Value ($) |
| United States of America - 0.0% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (e) (Cost $362,986) | | 364,000 | 363,067 |
| | | | |
| Money Market Funds - 3.4% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.87% (f) | | 22,893,056 | 22,897,635 |
| Fidelity Securities Lending Cash Central Fund 4.87% (f)(g) | | 31,027,139 | 31,030,242 |
| TOTAL MONEY MARKET FUNDS (Cost $53,927,877) | | | 53,927,877 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.6% (Cost $1,560,372,662) | 1,605,368,470 |
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (24,784,344) |
| NET ASSETS - 100.0% | 1,580,584,126 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE MSCI EAFE Index Contracts (United States) | 252 | Dec 2024 | 29,612,520 | (1,095,833) | (1,095,833) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 1.9% |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $39,720,553 or 2.5% of net assets. |
| (d) | Amount is stated in United States dollars unless otherwise noted. |
| (e) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $363,067. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 77,319 | 759,045,269 | 736,224,905 | 858,933 | (48) | - | 22,897,635 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.87% | - | 100,019,418 | 68,989,176 | 39,332 | - | - | 31,030,242 | 0.1% |
| Total | 77,319 | 859,064,687 | 805,214,081 | 898,265 | (48) | - | 53,927,877 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 65,312,022 | 16,294,425 | 49,017,597 | - |
Consumer Discretionary | 228,327,567 | 115,910,527 | 112,417,040 | - |
Consumer Staples | 181,715,783 | 1,787,628 | 179,928,155 | - |
Energy | 6,720,298 | 1,380,247 | 5,340,051 | - |
Financials | 221,172,178 | 47,022,472 | 174,149,706 | - |
Health Care | 276,041,443 | 1,481,332 | 274,560,111 | - |
Industrials | 257,140,079 | 93,227,248 | 163,912,831 | - |
Information Technology | 206,443,639 | 84,704,282 | 121,739,357 | - |
Materials | 94,825,079 | 29,858,281 | 64,966,798 | - |
Real Estate | 3,149,350 | - | 3,149,350 | - |
Utilities | 10,230,088 | 4,418,867 | 5,811,221 | - |
|
| Government Obligations | 363,067 | - | 363,067 | - |
|
| Money Market Funds | 53,927,877 | 53,927,877 | - | - |
| Total Investments in Securities: | 1,605,368,470 | 450,013,186 | 1,155,355,284 | - |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (1,095,833) | (1,095,833) | - | - |
| Total Liabilities | (1,095,833) | (1,095,833) | - | - |
| Total Derivative Instruments: | (1,095,833) | (1,095,833) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 0 | (1,095,833) |
| Total Equity Risk | 0 | (1,095,833) |
| Total Value of Derivatives | 0 | (1,095,833) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $28,769,898) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,506,444,785) | $ | 1,551,440,593 | | |
Fidelity Central Funds (cost $53,927,877) | | 53,927,877 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,560,372,662) | | | $ | 1,605,368,470 |
| Segregated cash with brokers for derivative instruments | | | | 576,773 |
| Foreign currency held at value (cost $1,064,161) | | | | 1,057,084 |
| Receivable for fund shares sold | | | | 220,990 |
| Dividends receivable | | | | 2,070,402 |
| Reclaims receivable | | | | 3,033,224 |
| Distributions receivable from Fidelity Central Funds | | | | 93,828 |
| Prepaid expenses | | | | 1,442 |
| Other receivables | | | | 19 |
Total assets | | | | 1,612,422,232 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 194,543 | | |
| Accrued management fee | | 203,972 | | |
| Payable for daily variation margin on futures contracts | | 160,886 | | |
| Other payables and accrued expenses | | 248,463 | | |
| Collateral on securities loaned | | 31,030,242 | | |
| Total liabilities | | | | 31,838,106 |
| Net Assets | | | $ | 1,580,584,126 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,532,529,996 |
| Total accumulated earnings (loss) | | | | 48,054,130 |
| Net Assets | | | $ | 1,580,584,126 |
Net Asset Value, offering price and redemption price per share ($1,580,584,126 ÷ 122,380,142 shares) | | | $ | 12.92 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 24,363,355 |
| Foreign Tax Reclaims | | | | 1,483,188 |
| Interest | | | | 45,053 |
| Income from Fidelity Central Funds (including $39,332 from security lending) | | | | 898,265 |
| Income before foreign taxes withheld | | | $ | 26,789,861 |
| Less foreign taxes withheld | | | | (3,115,402) |
| Total income | | | | 23,674,459 |
| Expenses | | | | |
| Management fee | $ | 1,431,195 | | |
| Custodian fees and expenses | | 114,425 | | |
| Independent trustees' fees and expenses | | 2,077 | | |
| Registration fees | | 183,321 | | |
| Audit fees | | 48,447 | | |
| Legal | | 375 | | |
| Miscellaneous | | 2,687 | | |
| Total expenses | | | | 1,782,527 |
| Net Investment income (loss) | | | | 21,891,932 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 6,591,777 | | |
| Fidelity Central Funds | | (48) | | |
| Foreign currency transactions | | 124,654 | | |
| Futures contracts | | 2,760,933 | | |
| Total net realized gain (loss) | | | | 9,477,316 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 33,554,256 | | |
| Assets and liabilities in foreign currencies | | 16,760 | | |
| Futures contracts | | (974,296) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 32,596,720 |
| Net gain (loss) | | | | 42,074,036 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 63,965,968 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 21,891,932 | $ | 8,117,389 |
| Net realized gain (loss) | | 9,477,316 | | 8,530,196 |
| Change in net unrealized appreciation (depreciation) | | 32,596,720 | | 29,770,364 |
| Net increase (decrease) in net assets resulting from operations | | 63,965,968 | | 46,417,949 |
| Distributions to shareholders | | (8,058,495) | | (10,237,046) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 1,304,268,941 | | 27,624,215 |
| Reinvestment of distributions | | 7,924,506 | | 10,187,269 |
| Cost of shares redeemed | | (64,802,260) | | (112,997,465) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 1,247,391,187 | | (75,185,981) |
| Total increase (decrease) in net assets | | 1,303,298,660 | | (39,005,078) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 277,285,466 | | 316,290,544 |
| End of period | $ | 1,580,584,126 | $ | 277,285,466 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 101,364,496 | | 2,453,321 |
| Issued in reinvestment of distributions | | 675,576 | | 930,344 |
| Redeemed | | (5,113,840) | | (9,827,124) |
| Net increase (decrease) | | 96,926,232 | | (6,443,459) |
| | | | | |
Financial Highlights
Fidelity® SAI International Quality Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 10.89 | $ | 9.92 | $ | 14.51 | $ | 11.07 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .29 | | .28 | | .32 | | .24 | | .08 |
| Net realized and unrealized gain (loss) | | 2.05 | | 1.02 | | (3.44) | | 3.32 | | .99 |
| Total from investment operations | | 2.34 | | 1.30 | | (3.12) | | 3.56 | | 1.07 |
| Distributions from net investment income | | (.31) | | (.33) | | (.24) | | (.10) | | - |
| Distributions from net realized gain | | - | | - | | (1.24) | | (.02) | | - |
| Total distributions | | (.31) | | (.33) | | (1.47) D | | (.12) | | - |
| Net asset value, end of period | $ | 12.92 | $ | 10.89 | $ | 9.92 | $ | 14.51 | $ | 11.07 |
Total Return E,F | | | | 13.13% | | (23.94)% | | 32.28% | | 10.70% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | |
| Expenses before reductions | | .18% | | .20% | | .19% | | .19% | | .23% I,J |
| Expenses net of fee waivers, if any | | | | .20% | | .19% | | .19% | | .20% I |
| Expenses net of all reductions | | .18% | | .20% | | .19% | | .19% | | .20% I |
| Net investment income (loss) | | 2.27% | | 2.49% | | 2.70% | | 1.78% | | 1.55% I |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,580,584 | $ | 277,285 | $ | 316,291 | $ | 588,201 | $ | 473,547 |
Portfolio turnover rate K | | | | 38% | | 47% | | 78% | | 30% L |
AFor the period May 12, 2020 (commencement of operations) through October 31, 2020.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LAmount not annualized.
Notes to Financial Statements
For the period ended October 31, 2024
1. Organization.
Fidelity SAI International Quality Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $140,795,573 |
| Gross unrealized depreciation | (98,610,482) |
| Net unrealized appreciation (depreciation) | $42,185,091 |
| Tax Cost | $1,563,183,379 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $23,863,282 |
| Capital loss carryforward | $(16,937,229) |
| Net unrealized appreciation (depreciation) on securities and other investments | $42,181,186 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Short-term | $(16,937,229) |
Long-term | - |
| Total capital loss carryforward | $(16,937,229) |
The tax character of distributions paid was as follows:
| | October 31, 2024 | October 31, 2023 |
| Ordinary Income | $8,058,495 | $10,237,046 |
| Long-term Capital Gains | - | - |
| Total | $8,058,495 | $10,237,046 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI International Quality Index Fund | 1,597,197,518 | 360,909,275 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity SAI International Quality Index Fund | 1,263 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity SAI International Quality Index Fund | 4,308 | - | - |
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity International Fund | Strategic Advisers International Fund |
| Fidelity SAI International Quality Index Fund | 49% | 34% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity SAI International Quality Index Fund | 83% |
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Quality Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Quality Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2024 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the four years in the period ended October 31, 2024 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements 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 are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 13, 2024
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates $108,364 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 99.56% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3328 and $0.0231 for the dividend paid December 11, 2023.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI International Quality Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked equal to the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
The Board considered that, when compared to a subset of the similar sales load structure group that excludes funds in a fund complex with a unique at-cost service model, the fund's total expense ratio would not be above the competitive median for 2023.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 28, 2025.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
1.9900585.104
IQI-ANN-1224
Fidelity® SAI International Momentum Index Fund
Annual Report
October 31, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
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. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® SAI International Momentum Index Fund
Schedule of Investments October 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 98.9% |
| | | Shares | Value ($) |
| Australia - 4.9% | | | |
| Ansell Ltd. | | 32,581 | 662,527 |
| Aristocrat Leisure Ltd. | | 142,341 | 5,727,752 |
| Bendigo & Adelaide Bank Ltd. | | 126,864 | 1,022,122 |
| CAR Group Ltd. | | 84,196 | 2,073,835 |
| Cochlear Ltd. | | 14,621 | 2,706,910 |
| Coles Group Ltd. | | 85,921 | 991,657 |
| Commonwealth Bank of Australia | | 98,898 | 9,224,652 |
| JB Hi-Fi Ltd. | | 24,660 | 1,323,312 |
| Medibank Private Ltd. | | 576,282 | 1,354,368 |
| NEXTDC Ltd. (a) | | 134,248 | 1,434,048 |
| Origin Energy Ltd. | | 371,863 | 2,347,978 |
| Pro Medicus Ltd. | | 12,247 | 1,551,393 |
| Technology One Ltd. | | 67,661 | 1,078,381 |
| Telix Pharmaceuticals Ltd. (a) | | 63,442 | 866,912 |
| Wesfarmers Ltd. | | 97,036 | 4,268,720 |
| WiseTech Global Ltd. | | 40,941 | 3,143,376 |
TOTAL AUSTRALIA | | | 39,777,943 |
| Belgium - 0.8% | | | |
| Lotus Bakeries SA | | 92 | 1,202,877 |
| UCB SA | | 27,199 | 5,230,754 |
TOTAL BELGIUM | | | 6,433,631 |
| Denmark - 5.1% | | | |
| ALK-Abello A/S (a) | | 29,697 | 694,601 |
| Ambu A/S Series B (a) | | 40,915 | 757,116 |
| Bavarian Nordic A/S (a) | | 17,670 | 553,206 |
| Danske Bank A/S | | 127,636 | 3,763,333 |
| NKT A/S (a) | | 11,992 | 1,119,154 |
| Novo Nordisk A/S Series B | | 262,914 | 29,489,758 |
| Pandora A/S | | 18,264 | 2,753,815 |
| Rockwool International A/S Series B | | 2,126 | 915,782 |
| Zealand Pharma A/S (a) | | 11,145 | 1,284,696 |
TOTAL DENMARK | | | 41,331,461 |
| Finland - 0.6% | | | |
| Kemira Oyj | | 25,313 | 537,468 |
| Konecranes Oyj | | 15,903 | 1,095,859 |
| Orion Oyj (B Shares) | | 24,337 | 1,182,000 |
| Wartsila Corp. | | 104,736 | 1,994,854 |
TOTAL FINLAND | | | 4,810,181 |
| France - 10.0% | | | |
| Accor SA | | 37,873 | 1,716,240 |
| Air Liquide SA | | 70,891 | 12,710,856 |
| Bollore SA | | 154,391 | 963,129 |
| Capgemini SA | | 24,304 | 4,216,279 |
| Engie SA | | 201,752 | 3,381,670 |
| EssilorLuxottica SA | | 42,955 | 10,064,414 |
| Gaztransport et Technigaz SA | | 4,884 | 708,697 |
| Hermes International SCA | | 2,722 | 6,140,814 |
| L'Oreal SA | | 39,727 | 14,904,397 |
| Nexans SA | | 9,767 | 1,354,567 |
| Publicis Groupe SA | | 52,230 | 5,551,784 |
| Safran SA | | 76,130 | 17,233,221 |
| Sodexo SA | | 17,070 | 1,481,718 |
| TotalEnergies SE | | 12,459 | 781,873 |
TOTAL FRANCE | | | 81,209,659 |
| Germany - 7.7% | | | |
| adidas AG | | 36,968 | 8,853,514 |
| Beiersdorf AG | | 20,565 | 2,773,828 |
| CTS Eventim AG | | 13,073 | 1,371,534 |
| Deutsche Telekom AG | | 374,747 | 11,329,922 |
| E.ON SE | | 469,797 | 6,344,334 |
| Hannover Reuck SE | | 13,164 | 3,458,073 |
| HeidelbergCement AG | | 28,534 | 3,141,031 |
| LEG Immobilien AG | | 16,544 | 1,562,390 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 29,860 | 15,269,815 |
| Nemetschek SE | | 12,634 | 1,366,705 |
| Scout24 AG (b) | | 16,189 | 1,393,799 |
| Siemens Energy AG (a) | | 114,199 | 4,661,975 |
| Talanx AG | | 11,839 | 913,685 |
TOTAL GERMANY | | | 62,440,605 |
| Ireland - 0.2% | | | |
| AIB Group PLC | | 242,555 | 1,291,229 |
| Glanbia PLC | | 41,977 | 696,322 |
TOTAL IRELAND | | | 1,987,551 |
| Israel - 0.3% | | | |
| Nova Ltd. (a) | | 6,545 | 1,229,996 |
| Tower Semiconductor Ltd. (a) | | 25,051 | 1,053,558 |
TOTAL ISRAEL | | | 2,283,554 |
| Italy - 4.6% | | | |
| A2A SpA | | 353,303 | 807,041 |
| Banca Popolare di Sondrio SCARL | | 101,215 | 755,813 |
| Banco BPM SpA | | 338,246 | 2,279,676 |
| BPER Banca | | 237,055 | 1,443,997 |
| Buzzi SpA | | 19,551 | 765,172 |
| Coca-Cola HBC AG | | 42,942 | 1,500,569 |
| Hera SpA | | 178,054 | 681,747 |
| Leonardo SpA | | 90,345 | 2,159,053 |
| Mediobanca SpA | | 133,378 | 2,200,893 |
| Prada SpA | | 114,200 | 876,772 |
| Prysmian SpA | | 66,695 | 4,702,528 |
| Recordati SpA | | 22,402 | 1,269,561 |
| Reply SpA | | 5,011 | 764,735 |
| Reply SpA rights (a) | | 5,011 | 0 |
| UniCredit SpA | | 369,212 | 16,333,649 |
| Unipol Gruppo SpA | | 101,949 | 1,267,530 |
TOTAL ITALY | | | 37,808,736 |
| Japan - 26.5% | | | |
| Advantest Corp. | | 37,000 | 2,142,287 |
| AEON Co. Ltd. | | 194,600 | 4,768,313 |
| Asics Corp. | | 171,300 | 2,992,079 |
| Chubu Electric Power Co., Inc. | | 163,300 | 1,877,160 |
| Chugai Pharmaceutical Co. Ltd. | | 56,800 | 2,702,629 |
| Cosmo Energy Holdings Co. Ltd. | | 15,800 | 779,884 |
| Daiichi Sankyo Co. Ltd. | | 434,600 | 14,145,466 |
| Daiwa Securities Group, Inc. | | 311,500 | 2,037,922 |
| Disco Corp. | | 19,800 | 5,633,789 |
| ENEOS Holdings, Inc. | | 677,000 | 3,415,160 |
| Fast Retailing Co. Ltd. | | 38,600 | 12,341,250 |
| Fujikura Ltd. | | 62,100 | 2,282,377 |
| Hitachi Ltd. | | 720,200 | 18,094,924 |
| Honda Motor Co. Ltd. | | 504,900 | 5,077,836 |
| Idemitsu Kosan Co. Ltd. | | 223,000 | 1,520,289 |
| Invincible Investment Corp. | | 1,704 | 694,071 |
| Isetan Mitsukoshi Holdings Ltd. | | 83,600 | 1,243,986 |
| Itochu Corp. | | 299,700 | 14,825,509 |
| Japan Tobacco, Inc. | | 245,600 | 6,856,527 |
| Kansai Electric Power Co., Inc. | | 182,100 | 2,920,352 |
| Kawasaki Heavy Industries Ltd. | | 37,500 | 1,435,813 |
| Kewpie Corp. | | 26,200 | 619,586 |
| Konami Group Corp. | | 23,300 | 2,135,675 |
| Kyushu Electric Power Co., Inc. | | 105,900 | 1,185,952 |
| Mitsubishi Gas Chemical Co., Inc. | | 44,600 | 775,122 |
| Mitsubishi Heavy Industries Ltd. | | 685,200 | 9,672,935 |
| Mitsui Fudosan Co. Ltd. | | 535,600 | 4,569,930 |
| MS&AD Insurance Group Holdings, Inc. | | 297,500 | 6,580,502 |
| NEC Corp. | | 60,900 | 5,182,004 |
| NHK Spring Co. Ltd. | | 45,700 | 559,361 |
| Nippon Sanso Holdings Corp. | | 45,800 | 1,589,810 |
| Nomura Holdings, Inc. | | 656,800 | 3,368,007 |
| Osaka Gas Co. Ltd. | | 91,500 | 1,960,723 |
| Otsuka Holdings Co. Ltd. | | 119,500 | 7,219,087 |
| Resonac Holdings Corp. | | 41,300 | 982,337 |
| Sanrio Co. Ltd. | | 46,100 | 1,250,643 |
| Santen Pharmaceutical Co. Ltd. | | 81,300 | 972,255 |
| Sanwa Holdings Corp. | | 46,800 | 1,185,634 |
| Screen Holdings Co. Ltd. | | 21,300 | 1,359,807 |
| SCSK Corp. | | 33,200 | 619,502 |
| Skylark Holdings Co. Ltd. | | 50,800 | 786,804 |
| Sumitomo Corp. | | 254,200 | 5,362,709 |
| Sumitomo Mitsui Financial Group, Inc. | | 567,300 | 12,035,009 |
| Taiheiyo Cement Corp. | | 26,700 | 581,667 |
| TDK Corp. | | 261,400 | 3,072,835 |
| Tohoku Electric Power Co., Inc. | | 112,300 | 1,101,539 |
| Tokio Marine Holdings, Inc. | | 441,600 | 15,904,738 |
| Tokyo Electron Ltd. | | 91,600 | 13,479,220 |
| Toyo Suisan Kaisha Ltd. | | 22,800 | 1,339,358 |
| Yamazaki Baking Co. Ltd. | | 36,300 | 737,203 |
| Yokogawa Electric Corp. | | 52,100 | 1,155,151 |
TOTAL JAPAN | | | 215,132,728 |
| Jordan - 0.1% | | | |
| Hikma Pharmaceuticals PLC | | 35,032 | 837,941 |
| Netherlands - 2.2% | | | |
| ASM International NV (Netherlands) | | 10,262 | 5,717,428 |
| ASML Holding NV (Netherlands) | | 2,906 | 1,963,614 |
| Fugro NV (Certificaten Van Aandelen) | | 25,335 | 580,375 |
| Koninklijke Vopak NV | | 14,747 | 677,574 |
| Wolters Kluwer NV | | 52,301 | 8,800,947 |
TOTAL NETHERLANDS | | | 17,739,938 |
| New Zealand - 1.0% | | | |
| Contact Energy Ltd. | | 176,161 | 896,313 |
| Fisher & Paykel Healthcare Corp. Ltd. | | 132,104 | 2,831,133 |
| Meridian Energy Ltd. | | 277,377 | 985,068 |
| The a2 Milk Co. Ltd. (a) | | 161,388 | 610,476 |
| Xero Ltd. (a) | | 30,326 | 2,946,340 |
TOTAL NEW ZEALAND | | | 8,269,330 |
| Norway - 0.3% | | | |
| Frontline PLC | | 31,106 | 599,204 |
| Kongsberg Gruppen ASA | | 19,839 | 2,065,022 |
TOTAL NORWAY | | | 2,664,226 |
| Singapore - 2.6% | | | |
| DBS Group Holdings Ltd. | | 202,500 | 5,871,448 |
| Oversea-Chinese Banking Corp. Ltd. | | 865,600 | 9,931,118 |
| SATS Ltd. | | 202,300 | 600,181 |
| Sembcorp Industries Ltd. | | 196,400 | 745,112 |
| Singapore Airlines Ltd. (c) | | 288,600 | 1,407,823 |
| Singapore Exchange Ltd. | | 177,100 | 1,517,569 |
| Singapore Technologies Engineering Ltd. | | 329,600 | 1,130,034 |
TOTAL SINGAPORE | | | 21,203,285 |
| Spain - 4.7% | | | |
| ACS Actividades de Construccion y Servicios SA | | 42,278 | 2,023,467 |
| Banco Bilbao Vizcaya Argentaria SA | | 1,299,882 | 12,939,907 |
| Banco de Sabadell SA | | 1,209,287 | 2,352,596 |
| Bankinter SA | | 131,441 | 1,070,882 |
| CaixaBank SA | | 874,455 | 5,328,722 |
| Industria de Diseno Textil SA | | 250,470 | 14,249,069 |
TOTAL SPAIN | | | 37,964,643 |
| Sweden - 2.8% | | | |
| AAK AB | | 40,980 | 1,173,104 |
| Essity AB (B Shares) | | 134,586 | 3,799,641 |
| Fastighets AB Balder (a) | | 144,707 | 1,119,404 |
| Investor AB (B Shares) | | 390,342 | 11,043,976 |
| Lagercrantz Group AB (B Shares) | | 44,520 | 868,292 |
| Saab AB (B Shares) | | 73,448 | 1,510,384 |
| Tele2 AB (B Shares) | | 125,552 | 1,315,671 |
| Telia Co. AB | | 523,252 | 1,520,466 |
| Wihlborgs Fastigheter AB | | 60,326 | 631,879 |
TOTAL SWEDEN | | | 22,982,817 |
| Switzerland - 5.4% | | | |
| ABB Ltd. (Reg.) | | 355,786 | 19,771,433 |
| Accelleron Industries Ltd. | | 17,088 | 915,793 |
| DSM-Firmenich AG | | 22,703 | 2,694,245 |
| Givaudan SA | | 1,791 | 8,497,165 |
| Logitech International SA (Reg.) | | 35,552 | 2,913,160 |
| Novartis AG | | 52,898 | 5,739,765 |
| PSP Swiss Property AG | | 10,239 | 1,453,652 |
| Siegfried Holding AG | | 836 | 1,093,949 |
| Sulzer AG (Reg.) | | 3,824 | 590,726 |
TOTAL SWITZERLAND | | | 43,669,888 |
| United Kingdom - 13.1% | | | |
| 3i Group PLC | | 217,291 | 8,910,608 |
| Admiral Group PLC | | 56,860 | 1,879,877 |
| Auto Trader Group PLC (b) | | 115,885 | 1,251,267 |
| BAE Systems PLC | | 629,009 | 10,137,933 |
| Britvic PLC | | 53,332 | 878,867 |
| Bunzl PLC | | 60,129 | 2,645,438 |
| Cranswick PLC | | 12,198 | 797,446 |
| HSBC Holdings PLC (United Kingdom) | | 1,963,723 | 18,023,095 |
| Informa PLC | | 297,130 | 3,098,024 |
| InterContinental Hotel Group PLC | | 36,042 | 3,975,344 |
| Intermediate Capital Group PLC | | 65,551 | 1,742,900 |
| Londonmetric Properity PLC | | 455,538 | 1,139,543 |
| Marks & Spencer Group PLC | | 456,762 | 2,216,161 |
| NatWest Group PLC | | 1,084,035 | 5,136,429 |
| Next PLC | | 26,403 | 3,333,040 |
| RELX PLC (London Stock Exchange) | | 174,842 | 8,018,202 |
| Rolls-Royce Holdings PLC (a) | | 1,878,911 | 12,965,235 |
| Shaftesbury Capital PLC | | 420,717 | 736,164 |
| Subsea 7 SA | | 51,295 | 784,799 |
| Tesco PLC | | 1,546,762 | 6,829,993 |
| Unilever PLC | | 202,709 | 12,365,661 |
TOTAL UNITED KINGDOM | | | 106,866,026 |
| United States of America - 6.0% | | | |
| Alcon, Inc. (Switzerland) | | 45,871 | 4,227,218 |
| Ferrovial SE | | 71,692 | 2,876,012 |
| GSK PLC | | 768,532 | 13,878,593 |
| Holcim AG | | 118,863 | 11,710,803 |
| Shell PLC (London) | | 475,317 | 15,869,561 |
TOTAL UNITED STATES OF AMERICA | | | 48,562,187 |
| TOTAL COMMON STOCKS (Cost $648,797,599) | | | 803,976,330 |
| | | | |
| Government Obligations - 0.0% |
| | | Principal Amount (d) | Value ($) |
| United States of America - 0.0% | | | |
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (e) (Cost $204,429) | | 205,000 | 204,475 |
| | | | |
| Money Market Funds - 0.6% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.87% (f) | | 4,116,960 | 4,117,784 |
| Fidelity Securities Lending Cash Central Fund 4.87% (f)(g) | | 617,938 | 618,000 |
| TOTAL MONEY MARKET FUNDS (Cost $4,735,784) | | | 4,735,784 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $653,737,812) | 808,916,589 |
NET OTHER ASSETS (LIABILITIES) - 0.5% | 4,196,085 |
| NET ASSETS - 100.0% | 813,112,674 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| ICE MSCI EAFE Index Contracts (United States) | 77 | Dec 2024 | 9,048,270 | (270,517) | (270,517) |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 1.1% |
Legend
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,645,066 or 0.3% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Amount is stated in United States dollars unless otherwise noted. |
| (e) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $204,475. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.87% | 94,176 | 112,348,209 | 108,324,609 | 178,024 | 8 | - | 4,117,784 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.87% | - | 21,413,495 | 20,795,495 | 15,945 | - | - | 618,000 | 0.0% |
| Total | 94,176 | 133,761,704 | 129,120,104 | 193,969 | 8 | - | 4,735,784 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2024, 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 | 32,005,106 | 15,214,407 | 16,790,699 | - |
Consumer Discretionary | 78,952,069 | 29,674,696 | 49,277,373 | - |
Consumer Staples | 65,061,986 | 12,822,654 | 52,239,332 | - |
Energy | 25,137,041 | 2,770,274 | 22,366,767 | - |
Financials | 186,254,140 | 35,464,460 | 150,789,680 | - |
Health Care | 109,961,884 | 27,195,456 | 82,766,428 | - |
Industrials | 164,135,899 | 40,011,936 | 124,123,963 | - |
Information Technology | 61,340,507 | 15,877,488 | 45,463,019 | - |
Materials | 43,985,676 | 27,345,884 | 16,639,792 | - |
Real Estate | 11,907,033 | 6,643,032 | 5,264,001 | - |
Utilities | 25,234,989 | 7,833,122 | 17,401,867 | - |
|
| Government Obligations | 204,475 | - | 204,475 | - |
|
| Money Market Funds | 4,735,784 | 4,735,784 | - | - |
| Total Investments in Securities: | 808,916,589 | 225,589,193 | 583,327,396 | - |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (270,517) | (270,517) | - | - |
| Total Liabilities | (270,517) | (270,517) | - | - |
| Total Derivative Instruments: | (270,517) | (270,517) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. 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) | 0 | (270,517) |
| Total Equity Risk | 0 | (270,517) |
| Total Value of Derivatives | 0 | (270,517) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements
| Statement of Assets and Liabilities |
As of October 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $586,163) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $649,002,028) | $ | 804,180,805 | | |
Fidelity Central Funds (cost $4,735,784) | | 4,735,784 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $653,737,812) | | | $ | 808,916,589 |
| Segregated cash with brokers for derivative instruments | | | | 73,929 |
| Foreign currency held at value (cost $155,823) | | | | 155,894 |
| Receivable for fund shares sold | | | | 344,415 |
| Dividends receivable | | | | 2,442,561 |
| Reclaims receivable | | | | 2,178,573 |
| Distributions receivable from Fidelity Central Funds | | | | 16,993 |
| Prepaid expenses | | | | 919 |
Total assets | | | | 814,129,873 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 162,498 | | |
| Accrued management fee | | 104,428 | | |
| Payable for daily variation margin on futures contracts | | 47,865 | | |
| Other payables and accrued expenses | | 84,408 | | |
| Collateral on securities loaned | | 618,000 | | |
| Total liabilities | | | | 1,017,199 |
| Net Assets | | | $ | 813,112,674 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 868,655,893 |
| Total accumulated earnings (loss) | | | | (55,543,219) |
| Net Assets | | | $ | 813,112,674 |
Net Asset Value, offering price and redemption price per share ($813,112,674 ÷ 56,466,711 shares) | | | $ | 14.40 |
| Statement of Operations |
| Year ended October 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 23,135,281 |
| Interest | | | | 34,422 |
| Income from Fidelity Central Funds (including $15,945 from security lending) | | | | 193,969 |
| Income before foreign taxes withheld | | | $ | 23,363,672 |
| Less foreign taxes withheld | | | | (1,814,481) |
| Total income | | | | 21,549,191 |
| Expenses | | | | |
| Management fee | $ | 1,133,898 | | |
| Custodian fees and expenses | | 112,612 | | |
| Independent trustees' fees and expenses | | 1,986 | | |
| Registration fees | | 29,506 | | |
| Audit fees | | 48,440 | | |
| Legal | | 564 | | |
| Miscellaneous | | 3,218 | | |
| Total expenses | | | | 1,330,224 |
| Net Investment income (loss) | | | | 20,218,967 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 32,719,681 | | |
| Fidelity Central Funds | | 8 | | |
| Foreign currency transactions | | (122,556) | | |
| Futures contracts | | 1,063,155 | | |
| Total net realized gain (loss) | | | | 33,660,288 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 111,479,130 | | |
| Assets and liabilities in foreign currencies | | 39,460 | | |
| Futures contracts | | (90,979) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 111,427,611 |
| Net gain (loss) | | | | 145,087,899 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 165,306,866 |
| Statement of Changes in Net Assets |
| |
| | Year ended October 31, 2024 | | Year ended October 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 20,218,967 | $ | 16,753,785 |
| Net realized gain (loss) | | 33,660,288 | | (9,881,709) |
| Change in net unrealized appreciation (depreciation) | | 111,427,611 | | 84,392,993 |
| Net increase (decrease) in net assets resulting from operations | | 165,306,866 | | 91,265,069 |
| Distributions to shareholders | | (22,706,126) | | (14,027,534) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 129,678,316 | | 22,436,695 |
| Reinvestment of distributions | | 22,529,949 | | 13,948,304 |
| Cost of shares redeemed | | (79,330,209) | | (86,550,078) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 72,878,056 | | (50,165,079) |
| Total increase (decrease) in net assets | | 215,478,796 | | 27,072,456 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 597,633,878 | | 570,561,422 |
| End of period | $ | 813,112,674 | $ | 597,633,878 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 9,219,357 | | 1,859,042 |
| Issued in reinvestment of distributions | | 1,812,546 | | 1,243,164 |
| Redeemed | | (5,658,951) | | (7,493,979) |
| Net increase (decrease) | | 5,372,952 | | (4,391,773) |
| | | | | |
Financial Highlights
Fidelity® SAI International Momentum Index Fund |
| |
| Years ended October 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.70 | $ | 10.28 | $ | 14.51 | $ | 11.33 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .37 | | .32 | | .30 | | .28 | | .08 |
| Net realized and unrealized gain (loss) | | 2.77 | | 1.37 | | (4.17) | | 3.05 | | 1.25 |
| Total from investment operations | | 3.14 | | 1.69 | | (3.87) | | 3.33 | | 1.33 |
| Distributions from net investment income | | (.44) | | (.27) | | (.27) D | | (.09) | | - |
| Distributions from net realized gain | | - | | - | | (.10) D | | (.05) | | - |
| Total distributions | | (.44) | | (.27) | | (.36) E | | (.15) E | | - |
| Net asset value, end of period | $ | 14.40 | $ | 11.70 | $ | 10.28 | $ | 14.51 | $ | 11.33 |
Total Return F,G | | | | 16.53% | | (27.34)% | | 29.56% | | 13.30% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | |
| Expenses before reductions | | .18% | | .18% | | .18% | | .19% | | .24% J,K |
| Expenses net of fee waivers, if any | | | | .18% | | .18% | | .19% | | .20% J |
| Expenses net of all reductions | | .18% | | .18% | | .18% | | .19% | | .20% J |
| Net investment income (loss) | | 2.67% | | 2.71% | | 2.47% | | 2.03% | | 1.55% J |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 813,113 | $ | 597,634 | $ | 570,561 | $ | 1,035,573 | $ | 372,738 |
Portfolio turnover rate L | | | | 63% | | 113% | | 73% | | 29% M |
AFor the period May 12, 2020 (commencement of operations) through October 31, 2020.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAudit fees are not annualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
MAmount not annualized.
Notes to Financial Statements
For the period ended October 31, 2024
1. Organization.
Fidelity SAI International Momentum Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $171,628,810 |
| Gross unrealized depreciation | (24,834,227) |
| Net unrealized appreciation (depreciation) | $146,794,583 |
| Tax Cost | $662,122,006 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $24,674,603 |
| Capital loss carryforward | $(226,896,579) |
| Net unrealized appreciation (depreciation) on securities and other investments | $146,678,756 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Short-term | $(226,896,579) |
Long-term | - |
| Total capital loss carryforward | $(226,896,579) |
The tax character of distributions paid was as follows:
| | October 31, 2024 | October 31, 2023 |
| Ordinary Income | $22,706,126 | $14,027,534 |
| Total | $22,706,126 | $ 14,027,534 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI International Momentum Index Fund | 531,237,735 | 463,748,332 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity SAI International Momentum Index Fund | 1,175 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity SAI International Momentum Index Fund | 1,695 | - | - |
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity International Fund | Strategic Advisers International Fund |
| Fidelity SAI International Momentum Index Fund | 50% | 18% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity SAI International Momentum Index Fund | 68% |
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Momentum Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Momentum Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2024, the related statement of operations for the year ended October 31, 2024, the statement of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2024 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2024 and the financial highlights for each of the four years in the period ended October 31, 2024 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements 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 are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 13, 2024
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates 69.10% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.4631 and $0.0259 for the dividend paid December 11, 2023.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI International Momentum Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked equal to the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 28, 2025.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
1.9900587.104
IMI-ANN-1224
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Salem Street Trust
|
By: | /s/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer (Principal Executive Officer) |
|
|
Date: | December 20, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By: | /s/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer (Principal Executive Officer) |
|
|
Date: | December 20, 2024 |
|
By: | /s/Stephanie Caron |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |
|
|
Date: | December 20, 2024 |
